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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One) 

☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to ______________                 

Commission File No. 001-37811

BOK FINANCIAL CORP

(Exact name of registrant as specified in its charter) 

Oklahoma									73-1373454
(State or other jurisdiction of Incorporation or Organization)									(IRS Employer Identification No.)
Bank of Oklahoma Tower
Boston Avenue at Second Street
Tulsa,			Oklahoma						74192
(Address of Principal Executive Offices)									(Zip Code)

 

(918) 588-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.00006 per share

BOKF

Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes  ý  No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ý       Accelerated filer       ¨            

Non-accelerated filer   ¨    Smaller reporting company ☐

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  ☐  No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 64,127,824 shares of common stock ($.00006 par value) as of June 30, 2024.

BOK Financial Corporation

Form 10-Q

Quarter Ended June 30, 2024

Index

Glossary of Defined Terms			1
Part I.  Financial Information
Management's Discussion and Analysis (Item 2)			2
Market Risk (Item 3)			39
Controls and Procedures (Item 4)			43
Consolidated Financial Statements – Unaudited (Item 1)			44
Six-Month Financial Summary – Unaudited (Item 2)			94
Quarterly Financial Summary – Unaudited (Item 2)			95
Quarterly Earnings Trend – Unaudited			98
Part II.  Other Information
Item 1.  Legal Proceedings			99
Item 1A. Risk Factors			99
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds			99
Item 5. Other Information			99
Item 6.  Exhibits			100
Signatures			101

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GLOSSARY OF DEFINED TERMS

The following items may be used throughout this report, including the consolidated financial statements and related notes.

Table Link Similar Tables

Term						Definition
AFS						Available For Sale
AOCI						Accumulated Other Comprehensive Income
ASU						Accounting Standards Update
ATM						Automated Teller Machine
Board						Board of Directors of BOK Financial Corporation
BOK Financial						BOK Financial Corporation
BOKF						BOK Financial Corporation
BOKF Insurance						BOK Financial Insurance, Inc.
BOKFI						BOK Financial Insurance, Inc.
CECL						Current Expected Credit Losses
Company						BOK Financial Corporation
EFT						Electronic Funds Transfer
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
GAAP						Generally Accepted Accounting Principles in the United States of America
GDP						Gross Domestic Product
GNMA						Government National Mortgage Association
MSR						Mortgage Servicing Rights
Nasdaq						National Association of Securities Dealers Automated Quotations
NYMEX						New York Mercantile Exchange
PPNR						Pre-Provision Net Revenue
RMHFS						Residential Mortgages Held for Sale
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SVaR						Stressed Value at Risk
TransFund						BOKF's electronic funds transfer network
USDC						United States District Court
VA						U.S. Department of Veterans Affairs
VaR						Value at Risk
WTI						West Texas Intermediate

- 1 -

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Management's Discussion and Analysis of Financial Condition and Results of Operations

Performance Summary

BOK Financial reported net income of $163.7 million or $2.54 per diluted share for the second quarter of 2024 compared to $83.7 million or $1.29 per diluted share for the first quarter of 2024. Excluding the gain on conversion of Visa shares, the additional FDIC special assessment expense, and the contribution of Visa shares to the BOKF Foundation, net income would have been $131.1 million or $2.02 per share for the second quarter of 2024, both of which are non-GAAP measures1. PPNR1, also a non-GAAP measure, increased $104.1 million to $219.0 million compared to the first quarter of 2024.

Highlights of the second quarter of 2024 compared to the first quarter of 2024 included:

•Net interest income totaled $296.0 million, an increase of $2.4 million over the prior quarter. Net interest margin was 2.56% for the second quarter of 2024 compared to 2.61% for the prior quarter. The pace of demand deposit migration and deposit repricing has slowed compared to the previous quarter and was offset by improving yields on the available for sale securities portfolio. For the second quarter of 2024, our core net interest margin excluding trading activities1, a non-GAAP measure, was 2.94% compared to 2.97% in the prior quarter.

•Fees and commissions revenue totaled $200.0 million, consistent with the prior quarter. Higher fiduciary and asset management revenue and transaction card revenue was offset by lower brokerage and trading revenue.

•Other operating expense totaled $336.7 million, a decrease of $3.7 million. Personnel expense decreased $11.6 million due to lower incentive compensation, including deferred compensation plans, regular compensation, and employee benefits. Non-personnel expense increased $7.9 million, largely due to our contribution of converted Visa shares valued at $10.0 million to the BOKF Foundation.

•Other gains and losses, net increased $53.1 million to $57.4 million. The second quarter of 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. The gain offsets losses of $45.2 million on the repositioning of the available for sale securities portfolio realized in the first quarter of 2024.

•Period end outstanding loan balances totaled $24.6 billion at June 30, 2024, growing $381 million over March 31, 2024, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. Average loan balances increased $437 million to $24.4 billion.

•The provision for credit losses of $8.0 million in the second quarter of 2024 reflects continued loan growth and a stable economic forecast. Net charge-offs were $6.9 million or 0.11% of average loans on an annualized basis in the second quarter. The resulting combined allowance for credit losses totaled $330 million or 1.34% of outstanding loans at June 30, 2024. The combined allowance for credit losses was $329 million or 1.36% of outstanding loans at March 31, 2024.

•Nonperforming assets not guaranteed by U.S. government agencies were $86 million, a $27 million decrease compared to March 31, 2024. Potential problem loans increased by $6.0 million while other loans especially mentioned increased by $123 million compared to March 31, 2024.

•Period end deposits were $36.2 billion at June 30, 2024, an $858 million increase over March 31, 2024. Average deposits increased $627 million, including an $872 million increase in average interest-bearing deposits, partially offset by a $244 million reduction in demand deposit balances. The loan to deposit ratio was 68% at June 30, 2024, unchanged from the prior quarter.

•Assets under management or administration totaled $107.5 billion at June 30, 2024, increasing $1.9 billion compared to March 31, 2024.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.

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•The Company's tangible common equity ratio1, a non-GAAP measure, was 8.38% at June 30, 2024 and 8.21% at March 31, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio1 would be 8.06% at June 30, 2024 and 7.92% at March 31, 2024.

•The common equity Tier 1 capital ratio at June 30, 2024 was 12.10%. Other regulatory capital ratios include the Tier 1 capital ratio at 12.11%, total capital ratio at 13.25%, and leverage ratio at 9.39%. At March 31, 2024, the common equity Tier 1 capital ratio was 11.99%, the Tier 1 capital ratio was 12.00%, total capital ratio was 13.15%, and leverage ratio was 9.42%.

•The Company repurchased 412,176 shares of common stock at an average price of $90.38 per share in the second quarter of 2024 and 616,630 shares at an average price of $83.89 in the first quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

•The Company paid a regular cash dividend of $35.3 million or $0.55 per common share during the second quarter of 2024. On July 30, 2024, the board of directors approved a quarterly cash dividend of $0.55 per common share payable on or about August 30, 2024 to shareholders of record as of August 15, 2024.

Highlights of the six months ended June 30, 2024 compared to the six months ended June 30, 2023 included:

•Net interest income totaled $589.6 million for the six months ended June 30, 2024 and $674.6 million for the six months ended June 30, 2023. Net interest income decreased $71.6 million from changes in interest rates and decreased $13.6 million from changes in earning assets. Net interest margin was 2.59% compared to 3.22%. In response to rising inflation, the Federal Reserve increased the federal funds rate 525 basis points since the beginning of 2022. The resulting impact on market interest rates increased net interest margin at first as our earning assets, led by our significant percentage of variable-rate commercial loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. Throughout 2023 and into the second quarter of 2024, we have experienced margin compression reflecting deposit repricing activity and demand deposit migration into interest-bearing accounts. Loan yields increased 55 basis points while funding costs increased 125 basis points. Average earning assets increased $3.7 billion to $45.4 billion driven largely by higher average loan balances and trading securities balances. Total interest-bearing deposits increased $5.6 billion, offset by a decrease of $3.2 billion in demand deposit balances. Other borrowed funds increased $930 million.

•Fees and commissions revenue totaled $400.6 million for the six months ended June 30, 2024, a $14.1 million increase over the six months ended June 30, 2023. Fiduciary and asset management revenue increased $9.2 million led by growth in trust fees and Cavanal Hill fund fees. Mortgage banking revenue increased $8.1 million, primarily due to higher production volume. Deposit service charges increased $5.2 million due to growth in commercial service charges. Brokerage and trading revenue decreased $5.2 million, largely due to decreased customer hedging revenue, primarily attributed to our energy and interest rate derivative customers. The prior period included $6.2 million of insurance brokerage revenue recognized prior to the sale of BOKFI. This decrease was fully offset by an increase of $6.9 million in investment banking revenue driven by growth in underwriting fees and financial advisory fees. Other revenue decreased $4.3 million, primarily due to a reduction in fees earned on derivative counterparty margin.

•Total operating expense was $677.1 million for the six months ended June 30, 2024, an increase of $52.6 million compared to the six months ended June 30, 2023. Personnel expense increased $20.9 million. Regular compensation increased $11.7 million, largely related to annual merit increases, salary adjustments, and business expansion in 2023. Employee benefits expense increased $5.8 million related to higher employee healthcare costs and retirement plan costs. Incentive compensation expense was up $3.4 million, primarily due to higher loan and trading volumes and deferred compensation expense, which is largely offset by changes in fair value of deferred compensation investments. Non-personnel expense increased $31.6 million to $283.3 million. Charitable contributions to the BOKF Foundation increased $12.5 million, largely due to the donation of Visa shares valued at $10.0 million. FDIC insurance costs grew due to recognition of $7.6 million in additional special assessment expense during 2024. Other expense also increased $6.7 million due to higher operational losses.

•The provision for expected credit losses was $16.0 million for the six months ended June 30, 2024, reflecting growth in loan balances and a stable economic forecast. A $33.0 million provision for expected credit losses was recorded for the six months ended June 30, 2023.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.

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Results of Operations

Net Interest Income and Net Interest Margin

Net interest income is the interest earned on debt securities, loans and other interest-earning assets less interest paid for interest-bearing deposits and other borrowings. The net interest margin is calculated by dividing tax-equivalent net interest income by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest spread due to interest revenue earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest income totaled $298.2 million for the second quarter of 2024, compared to $295.7 million for the prior quarter. Net interest income increased $2.5 million from changes in interest rates and increased $49 thousand from changes in earning assets. Table 1 shows the effect on net interest income from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets increased $1.2 billion compared to the first quarter of 2024. Average loan balances increased $437 million, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, increased $218 million while the average balance of trading securities increased $552 million.

Total average deposits increased $627 million over the first quarter of 2024, including an $872 million increase in interest-bearing deposits, partially offset by a $244 million decrease in demand deposits. Funds purchased and repurchase agreements grew $580 million while other borrowings increased $307 million.

Net interest margin was 2.56% compared to 2.61% in the first quarter of 2024. The pace of demand deposit migration and deposit repricing has slowed compared to the previous quarter and was offset by improving yields on the available for sale securities portfolio. For the second quarter of 2024, our core net interest margin excluding trading activities1, a non-GAAP measure, was 2.94% compared to 2.97% in the prior quarter. The tax-equivalent yield on earning assets was 5.80%, an increase of 7 basis points. The available for sale securities portfolio yield increased 23 basis points to 3.71%. Loan yields grew 1 basis point to 7.41%. The yield on trading securities decreased 6 basis points to 5.06% and the yield on interest-bearing cash and cash equivalents increased 90 basis points to 5.86%.

Funding costs were 4.15%, a 7 basis point increase over the prior quarter. The cost of interest-bearing deposits increased 7 basis points to 3.76%. The cost of funds purchased and repurchase agreements increased 23 basis points to 4.28% while the cost of other borrowings increased 2 basis points to 5.58%. The benefit to net interest margin from assets funded by non-interest liabilities was 91 basis points, a decrease of 5 basis points.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 81% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that is asset sensitive, which means that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

The effectiveness of these strategies is reflected in the overall change in net interest income due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.

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Table 1 – Volume/Rate Analysis

(In thousands)

Table Link Similar Tables

						Three Months Ended June 30, 2024 / Mar. 31, 2024																		Six Months Ended June 30, 2024 / 2023
												Change Due To1																		Change Due To1
						Change						Volume						Yield/Rate						Change						Volume						Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents						$	771					$	(459)					$	1,230					$	(1,277)					$	(2,841)					$	1,564
Trading securities						6,556						7,358						(802)						61,201						47,624						13,577
Investment securities						(265)						(207)						(58)						(2,233)						(2,041)						(192)
Available for sale securities						10,323						3,014						7,309						53,548						11,811						41,737
Fair value option securities						(1)						(6)						5						(6,620)						(5,504)						(1,116)
Restricted equity securities						334						639						(305)						5,813						4,517						1,296
Residential mortgage loans held for sale						425						380						45						200						(2)						202
Loans						8,558						7,998						560						119,112						53,795						65,317
Total tax-equivalent interest revenue						26,701						18,717						7,984						229,744						107,359						122,385
Interest expense:
Transaction deposits						11,341						6,851						4,490						211,695						61,896						149,799
Savings deposits						(8)						(22)						14						1,662						(195)						1,857
Time deposits						1,296						1,562						(266)						51,580						28,463						23,117
Funds purchased and repurchase agreements						6,880						6,002						878						(24,147)						(24,256)						109
Other borrowings						4,653						4,276						377						73,829						55,064						18,765
Subordinated debentures						(6)						—						(6)						330						5						325
Total interest expense						24,156						18,669						5,487						314,949						120,977						193,972
Tax-equivalent net interest income						2,545						48						2,497						(85,205)						(13,618)						(71,587)
Change in tax-equivalent adjustment						96																		(189)
Net interest income						$	2,449																	$	(85,016)

1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.

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Other Operating Revenue

Other operating revenue was $259.7 million for the second quarter of 2024, an increase of $98.0 million over the first quarter of 2024. The second quarter of 2024 included $53.8 million pre-tax gain on the conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. The prior quarter included $45.2 million of losses from repositioning the available for sale securities portfolio.

Table 2 – Other Operating Revenue 

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Brokerage and trading revenue						$	53,017					$	59,179					$	(6,162)					(10)		%																						$	112,196					$	117,402					$	(5,206)					(4)		%
Transaction card revenue						27,246						25,493						1,753						7		%																						52,739						51,624						1,115						2		%
Fiduciary and asset management revenue						57,576						55,305						2,271						4		%																						112,881						103,654						9,227						9		%
Deposit service charges and fees						29,572						28,685						887						3		%																						58,257						53,068						5,189						10		%
Mortgage banking revenue						18,628						18,967						(339)						(2)		%																						37,595						29,508						8,087						27		%
Other revenue						13,988						12,935						1,053						8		%																						26,923						31,220						(4,297)						(14)		%
Total fees and commissions revenue						200,027						200,564						(537)						—		%																						400,591						386,476						14,115						4		%
Other gains, net						57,375						4,269						53,106						N/A																								61,644						14,869						46,775						N/A
Loss on derivatives, net						(1,091)						(8,633)						7,542						N/A																								(9,724)						(9,503)						(221)						N/A
Loss on fair value option securities, net						(94)						(305)						211						N/A																								(399)						(5,120)						4,721						N/A
Change in fair value of mortgage servicing rights						3,453						10,977						(7,524)						N/A																								14,430						3,202						11,228						N/A
Gain (loss) on available for sale securities, net						34						(45,171)						45,205						N/A																								(45,137)						(3,010)						(42,127)						N/A
Total other operating revenue						$	259,704					$	161,701					$	98,003					61		%																						$	421,405					$	386,914					$	34,491					9		%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 40% of combined net interest income before provision for credit losses and fees and commissions revenue for the second quarter of 2024. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest income or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $6.2 million compared to the first quarter of 2024.

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Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $27.7 million, a $9.8 million decrease compared to the prior quarter, driven by margin compression due to market conditions in the second quarter of 2024.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange and equity derivatives to our customers. Customer hedging revenue totaled $6.8 million for the second quarter of 2024 and was relatively consistent with the prior quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $13.7 million, an increase of $3.0 million over the first quarter of 2024, largely related to the timing and volume of completed underwriting and loan syndication transactions.

Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions and interchange fees from our corporate card program. Transaction card revenue totaled $27.2 million for the second quarter of 2024, a $1.8 million increase, primarily due to growth in the volume of transactions processed during the quarter.

Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was $57.6 million for the second quarter of 2024, a $2.3 million increase over the first quarter of 2024, led by higher seasonal tax preparation fee income.

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A distribution of assets under management or administration and related fiduciary and asset management revenue follows:

Table 3 – Assets Under Management or Administration

(Dollars in thousands)

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			Three Months Ended
			June 30, 2024																		March 31, 2024
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	11,479,779					$	30,098					1.05		%				$	11,288,591					$	27,938					0.99		%
Institutional			20,019,267						8,552						0.17		%				19,680,708						11,770						0.24		%
Total managed fiduciary assets			31,499,046						38,650						0.49		%				30,969,299						39,708						0.51		%
Non-managed assets:
Fiduciary			30,418,648						15,808						0.21		%				29,395,993						12,951						0.18		%
Non-fiduciary			20,031,316						3,118						0.06		%				19,384,953						2,646						0.05		%
Safekeeping and brokerage assets under administration			25,528,020						—						—		%				25,780,658						—						—		%
Total non-managed assets			75,977,984						18,926						0.10		%				74,561,604						15,597						0.08		%
Total assets under management or administration			$	107,477,030					$	57,576					0.21		%				$	105,530,903					$	55,305					0.21		%

Table Link Similar Tables

			Six Months Ended
			June 30, 2024																		June 30, 2023
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	11,479,779					$	58,036					1.01		%				$	10,687,370					$	51,580					0.97		%
Institutional			20,019,267						20,322						0.20		%				18,705,828						18,326						0.20		%
Total managed fiduciary assets			31,499,046						78,358						0.50		%				29,393,198						69,906						0.48		%
Non-managed assets:
Fiduciary			30,418,648						28,759						0.19		%				28,480,670						28,085						0.20		%
Non-fiduciary			20,031,316						5,764						0.06		%				20,910,245						5,663						0.05		%
Safekeeping and brokerage assets under administration			25,528,020						—						—		%				24,834,827						—						—		%
Total non-managed assets			75,977,984						34,523						0.09		%				74,225,742						33,748						0.09		%
Total assets under management or administration			$	107,477,030					$	112,881					0.21		%				$	103,618,940					$	103,654					0.20		%

1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $21 billion, $20 billion, and $19 billion of such assets are excluded from assets under management or administration at June 30, 2024, March 31, 2024, and June 30, 2023, respectively.

2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.

3    Annualized revenue divided by period end balance.

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A summary of changes in assets under management or administration for the three and six months ended June 30, 2024 and 2023 follows:

Table 4 – Changes in Assets Under Management or Administration

(In thousands)

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						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Beginning balance						$	105,530,903					$	102,310,119					$	104,736,999					$	99,735,040
Net inflows (outflows)						532,450						(288,434)						(1,431,258)						(805,352)
Net change in fair value						1,413,677						1,597,255						4,171,289						4,689,252
Ending balance						$	107,477,030					$	103,618,940					$	107,477,030					$	103,618,940

Assets under management as of June 30, 2024 consist of 42% fixed income, 35% equities, 15% cash, and 8% alternative investments.

Deposit Service Charges

Deposit service charges and fees increased $887 thousand or 3% over the first quarter of 2024, primarily due to growth in commercial service charges and check card fees.

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Mortgage Banking Revenue

Mortgage banking revenue was relatively consistent with the first quarter of 2024. Mortgage production volume increased $63 million to $235 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 104 basis points to 1.01%.

Table 5 – Mortgage Banking Revenue 

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Mortgage production revenue						$	2,369					$	3,525					$	(1,156)					(33)		%																						$	5,894					$	(917)					$	6,811					743		%
Mortgage loans funded for sale						$	240,038					$	139,176																																			$	379,214					$	353,409
Add: Current period end outstanding commitments						62,960						67,951																																				62,960						55,031
Less: Prior period end outstanding commitments						67,951						34,783																																				34,783						45,492
Total mortgage production volume						$	235,047					$	172,344					$	62,703					36		%																						$	407,391					$	362,948					$	44,443					12		%
Mortgage loan refinances to mortgage loans funded for sale						7		%				10		%				(300)		bps																												8		%				9		%				(100)		bps
Realized margin on funded mortgage loans						0.97		%				1.46		%				(49)		bps																												1.15		%				(0.57)		%				172		bps
Production revenue as a percentage of production volume						1.01		%				2.05		%				(104)		bps																												1.45		%				(0.25)		%				170		bps
Primary mortgage interest rates:
Average						7.00		%				6.73		%				27		bps																												6.86		%				6.45		%				41		bps
Period end						6.86		%				6.79		%				7		bps																												6.86		%				6.70		%				16		bps
Mortgage servicing revenue						$	16,259					$	15,442					$	817					5		%																						$	31,701					$	30,425					$	1,276					4		%
Average outstanding principal balance of mortgage loans serviced for others						$	22,287,559					$	21,088,898					$	1,198,661					6		%																						$	21,688,229					$	20,964,181					$	724,048					3		%
Average mortgage servicing revenue rates						0.29		%				0.29		%				—		bp																												0.29		%				0.29		%				—		bp

Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

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Net Gains on Other Assets, Securities and Derivatives

Other gains, net, were $57.4 million for the second quarter of 2024 compared to $4.3 million in the first quarter of 2024. The second quarter of 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. The gain offsets losses of $45.2 million on the repositioning of the available for sale securities portfolio realized in the first quarter of 2024. We donated 35,620 of the converted Visa shares valued at $10.0 million to the BOKF Foundation during the second quarter of 2024, allowing us to further invest in the communities we serve.

As discussed in the Market Risk section following, the fair value of our MSRs changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

Table 6 – Gain (Loss) on Mortgage Servicing Rights

(In thousands)

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						Three Months Ended												Six Months Ended
						June 30, 2024						Mar. 31, 2024						June 30, 2024												June 30, 2023
Loss on mortgage hedge derivative contracts, net						$	(3,484)					$	(9,357)					$	(12,841)											$	(9,810)
Loss on fair value option securities, net						(94)						(305)						(399)												(5,120)
Loss on economic hedge of mortgage servicing rights, net						(3,578)						(9,662)						(13,240)												(14,930)
Gain on change in fair value of mortgage servicing rights						3,453						10,977						14,430												3,202
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue						(125)						1,315						1,190												(11,728)
Net interest expense on fair value option securities1						(96)						(155)						(251)												(45)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges						$	(221)					$	1,160					$	939											$	(11,773)

1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the second quarter of 2024 totaled $336.7 million, a decrease of $3.7 million compared to the first quarter of 2024. Our efficiency ratio1 was 59.83% for the second quarter of 2024, compared to 67.13% in the prior quarter.

Table 7 – Other Operating Expense

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Regular compensation						$	112,056					$	113,913					$	(1,857)					(2)		%																						$	225,969					$	214,315					$	11,654					5		%
Incentive compensation:
Cash-based						42,861						49,956						(7,095)						(14)		%																						92,817						90,066						2,751						3		%
Share-based						4,989						3,305						1,684						51		%																						8,294						9,823						(1,529)						(16)		%
Deferred compensation						2,171						4,450						(2,279)						N/A																								6,621						4,395						2,226						N/A
Total incentive compensation						50,021						57,711						(7,690)						(13)		%																						107,732						104,284						3,448						3		%
Employee benefits						29,013						31,029						(2,016)						(7)		%																						60,042						54,198						5,844						11		%
Total personnel expense						191,090						202,653						(11,563)						(6)		%																						393,743						372,797						20,946						6		%
Business promotion						8,250						7,978						272						3		%																						16,228						16,209						19						—		%
Charitable contributions to BOKF Foundation						13,610						—						13,610						N/A																								13,610						1,142						12,468						N/A
Professional fees and services						13,331						12,010						1,321						11		%																						25,341						25,825						(484)						(2)		%
Net occupancy and equipment						30,245						30,293						(48)						—		%																						60,538						58,564						1,974						3		%
FDIC and other insurance						7,317						8,740						(1,423)						(16)		%																						16,057						14,289						1,768						12		%
FDIC special assessment						1,190						6,454						(5,264)						(82)		%																						7,644						—						7,644						N/A
Data processing and communications						46,131						45,564						567						1		%																						91,695						90,109						1,586						2		%
Printing, postage and supplies						3,789						3,997						(208)						(5)		%																						7,786						7,621						165						2		%
Amortization of intangible assets						2,898						3,003						(105)						(4)		%																						5,901						6,865						(964)						(14)		%
Mortgage banking costs						8,532						6,355						2,177						34		%																						14,887						14,082						805						6		%
Other expense						10,307						13,337						(3,030)						(23)		%																						23,644						16,982						6,662						39		%
Total other operating expense						$	336,690					$	340,384					$	(3,694)					(1)		%																						$	677,074					$	624,485					$	52,589					8		%
Average number of employees (full-time equivalent)						4,967						4,936						31						1		%																						4,952						4,820						132						3		%

Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense

Personnel expense decreased $11.6 million compared to the first quarter of 2024. Cash-based incentive compensation decreased $7.1 million due to a shift in the timing of expense recognition as commercial incentive compensation plans move to being primarily share-based rather than cash-based awards. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments, decreased $2.3 million, directly related to market movements. Employee benefits expense decreased $2.0 million due to a seasonal decrease in payroll taxes, partially offset by higher healthcare costs. Regular compensation decreased $1.9 million. A greater amount of compensation expense was capitalized during the second quarter due to an annual update of standards costs for loan originations coupled with an increase in mortgage loan production volume. Share-based compensation was up $1.7 million reflecting changes in assumptions of certain performance-based equity awards.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.

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Non-personnel Operating Expense

Non-personnel expense was $145.6 million, an increase of $7.9 million. In addition to the $10.0 million share donation previously mentioned, we also made a $3.6 million contribution to the BOKF Foundation in the second quarter of 2024. Mortgage banking costs increased $2.2 million due to higher seasonal prepayments, and a rise in professional fees and services expense of $1.3 million was primarily due to project related expense. In the second quarter of 2024, we recognized $1.2 million of expense related to the FDIC special assessment compared to $6.5 million of expense in the prior quarter. Other expense decreased $3.0 million due to lower operational losses.

Income Taxes

The effective tax rate was 22.41% for the second quarter of 2024, 21.70% for the first quarter of 2024 and 22.49% for the second quarter of 2023. When compared to the first quarter of 2024, the effective tax rate increased due to higher forecasted and actual pre-tax income. The effective rate for the six months ended June 30, 2024 and June 30, 2023 was 22.17% and 22.25%, respectively.

Lines of Business

We operate three principal lines of business: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking includes lending, treasury and cash management services and customer risk management products for small businesses, middle market and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network and all mortgage banking activities. Wealth Management provides fiduciary services, private banking services and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.

In addition to our lines of business, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each line of business borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies and certain executive compensation costs that are not attributed to the lines of business. The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the lines of business if the accruals are settled.

We allocate resources and evaluate the performance of our lines of business using the net direct contribution, which includes the allocation of funds and capital costs. Credit costs are attributed to the lines of business based on net loans charged off or recovered. The difference between credit costs attributed to the lines of business and the consolidated provision for credit losses is attributed to Funds Management. In addition, we measure the performance of our business lines after allocations of certain indirect expenses and taxes based on statutory rates.

Net interest income in our lines of business reflects our internal funds transfer pricing methodology. The funds transfer pricing methodology is the process by which the Company allocates interest income and expense to the lines of business and transfers the primary interest rate risk and liquidity risk to the Funds Management unit. The funds transfer pricing methodology considers the interest rate and liquidity risk characteristics of assets and liabilities. Periodically, the methodology and assumptions utilized in transfer pricing are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the lines of business.

Economic capital is assigned to the business units by a capital allocation model that reflects management's assessment of risk. This model assigns capital based upon credit, operating, interest rate and other market risk inherent in our business lines and recognizes the diversification benefits among the units. The level of assigned economic capital is a combination of the risk taken by each business line based on its actual exposures and calibrated to its own loss history where possible. Average invested capital includes economic capital and amounts we have invested in the lines of business.

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As shown in Table 8, net income attributable to our lines of business was consistent with the first quarter of 2024. Net interest income increased $1.9 million largely as a result of deposit repricing activity. Net loans charged off increased $1.4 million to $7.4 million. Operating revenue was relatively unchanged compared to the prior quarter and operating expense decreased $1.4 million. The increase in net income attributed to Funds Management and other is largely due to the $53.8 million pre-tax gain recognized on the conversion of our Visa B shares. The prior quarter included losses of $45.2 million on the repositioning of the available for sale securities portfolio.

Table 8 – Net Income by Line of Business

(Dollars in thousands)

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						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Commercial Banking						$	119,563					$	121,797					$	(2,234)					(2)		%																						$	241,360					$	287,448					$	(46,088)					(16)		%
Consumer Banking						24,117						24,731						(614)						(2)		%																						48,848						44,114						4,734						11		%
Wealth Management						27,497						25,228						2,269						9		%																						52,725						83,886						(31,161)						(37)		%
Subtotal						171,177						171,756						(579)						—		%																						342,933						415,448						(72,515)						(17)		%
Funds Management and other						(7,464)						(88,053)						80,589						N/A																								(95,517)						(101,772)						6,255						N/A
Total						$	163,713					$	83,703					$	80,010					96		%																						$	247,416					$	313,676					$	(66,260)					(21)		%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

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Commercial Banking

Commercial Banking contributed $119.6 million to consolidated net income in the second quarter of 2024, a decrease of $2.2 million or 2% compared to the first quarter of 2024.

Table 9 – Commercial Banking

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Net interest income from external sources						$	283,328					$	282,756					$	572					—		%																						$	566,084					$	587,970					$	(21,886)					(4)		%
Net interest expense from internal sources						(79,593)						(78,761)						(832)						(1)		%																						(158,354)						(139,134)						(19,220)						(14)		%
Total net interest income						203,735						203,995						(260)						—		%																						407,730						448,836						(41,106)						(9)		%
Net loans charged off						6,134						4,160						1,974						47		%																						10,294						6,076						4,218						69		%
Net interest income after net loans charged off						197,601						199,835						(2,234)						(1)		%																						397,436						442,760						(45,324)						(10)		%
Fees and commissions revenue						53,720						50,630						3,090						6		%																						104,350						115,539						(11,189)						(10)		%
Other gains (losses), net						816						(624)						1,440						231		%																						192						10,134						(9,942)						(98)		%
Other operating revenue						54,536						50,006						4,530						9		%																						104,542						125,673						(21,131)						(17)		%
Personnel expense						45,964						45,319						645						1		%																						91,283						88,874						2,409						3		%
Non-personnel expense						30,150						24,776						5,374						22		%																						54,926						61,819						(6,893)						(11)		%
Other operating expense						76,114						70,095						6,019						9		%																						146,209						150,693						(4,484)						(3)		%
Net direct contribution						176,023						179,746						(3,723)						(2)		%																						355,769						417,740						(61,971)						(15)		%
Gain on financial instruments, net						168						167						1						1		%																						335						173						162						94		%
Gain on repossessed assets, net						—						—						—						N/A																								—						1,267						(1,267)						N/A
Corporate expense allocations						17,381						18,397						(1,016)						(6)		%																						35,778						39,122						(3,344)						(9)		%
Income before taxes						158,810						161,516						(2,706)						(2)		%																						320,326						380,058						(59,732)						(16)		%
Federal and state income tax						39,247						39,719						(472)						(1)		%																						78,966						92,610						(13,644)						(15)		%
Net income						$	119,563					$	121,797					$	(2,234)					(2)		%																						$	241,360					$	287,448					$	(46,088)					(16)		%
Average assets						$	30,305,613					$	29,806,817					$	498,796					2		%																						$	30,056,215					$	28,166,923					$	1,889,292					7		%
Average loans						20,403,837						20,067,170						336,667						2		%																						20,235,503						18,955,834						1,279,669						7		%
Average deposits						16,189,003						15,730,241						458,762						3		%																						15,959,622						15,338,818						620,804						4		%
Average invested capital						2,154,515						2,176,950						(22,435)						(1)		%																						2,168,600						2,146,562						22,038						1		%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest income was consistent compared to the first quarter of 2024. Net loans charged-off were $6.1 million in the second quarter of 2024 compared to $4.2 million in the first quarter of 2024.

Fees and commissions revenue increased $3.1 million or 6%. Transaction card revenue increased $1.9 million driven by an increase in transaction volume processed during the quarter. Other gains (losses), net increased $1.4 million related to gains on alternative investments. Operating expense increased $6.0 million or 9% compared to the first quarter of 2024, primarily due to an increase in other expense. Personnel expense was consistent with the prior quarter.

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Average outstanding balance of loans attributed to Commercial Banking increased $337 million or 2% over the first quarter of 2024 to $20.4 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment. 

Average deposits attributed to Commercial Banking increased $459 million or 3% over the first quarter of 2024 to $16.2 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

Consumer Banking

Consumer Banking provides retail banking services through four primary distribution channels: traditional branches, the 24-hour ExpressBank call center, internet banking and mobile banking. Consumer Banking also conducts mortgage banking activities through offices located outside of our Consumer Banking markets.

Consumer Banking contributed $24.1 million to consolidated net income for the second quarter of 2024, consistent with the prior quarter.

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Table 10 – Consumer Banking

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Net interest income from external sources						$	6,192					$	7,350					$	(1,158)					(16)		%																						$	13,542					$	38,974					$	(25,432)					(65)		%
Net interest income from internal sources						58,972						56,785						2,187						4		%																						115,757						96,324						19,433						20		%
Total net interest income						65,164						64,135						1,029						2		%																						129,299						135,298						(5,999)						(4)		%
Net loans charged off						1,247						1,808						(561)						(31)		%																						3,055						2,313						742						32		%
Net interest income after net loans charged off						63,917						62,327						1,590						3		%																						126,244						132,985						(6,741)						(5)		%
Fees and commissions revenue						36,252						36,207						45						—		%																						72,459						62,942						9,517						15		%
Other losses, net						—						—						—						N/A																								—						(55)						55						N/A
Other operating revenue						36,252						36,207						45						—		%																						72,459						62,887						9,572						15		%
Personnel expense						24,016						25,236						(1,220)						(5)		%																						49,252						43,830						5,422						12		%
Non-personnel expense						31,112						28,211						2,901						10		%																						59,323						58,708						615						1		%
Total other operating expense						55,128						53,447						1,681						3		%																						108,575						102,538						6,037						6		%
Net direct contribution						45,041						45,087						(46)						—		%																						90,128						93,334						(3,206)						(3)		%
Loss on financial instruments, net						(3,577)						(9,663)						6,086						63		%																						(13,240)						(14,930)						1,690						11		%
Change in fair value of mortgage servicing rights						3,453						10,977						(7,524)						(69)		%																						14,430						3,202						11,228						351		%
Gain on repossessed assets, net						9						107						(98)						(92)		%																						116						14						102						729		%
Corporate expense allocations						13,392						14,172						(780)						(6)		%																						27,564						23,940						3,624						15		%
Income before taxes						31,534						32,336						(802)						(2)		%																						63,870						57,680						6,190						11		%
Federal and state income tax						7,417						7,605						(188)						(2)		%																						15,022						13,566						1,456						11		%
Net income						$	24,117					$	24,731					$	(614)					(2)		%																						$	48,848					$	44,114					$	4,734					11		%
Average assets						$	9,630,470					$	9,391,981					$	238,489					3		%																						$	9,511,225					$	9,765,186					$	(253,961)					(3)		%
Average loans						1,975,106						1,913,586						61,520						3		%																						1,944,346						1,754,945						189,401						11		%
Average deposits						8,073,782						7,901,167						172,615						2		%																						7,987,475						8,116,885						(129,410)						(2)		%
Average invested capital						307,077						295,202						11,875						4		%																						303,479						268,143						35,336						13		%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest income from Consumer Banking activities increased by $1.0 million or 2%. Operating revenue was relatively unchanged from the prior quarter. Operating expense increased $1.7 million or 3%, primarily due to an increase in mortgage banking costs resulting from higher seasonal prepayments.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $221 thousand compared to a net benefit of $1.2 million for the first quarter of 2024.

Average loans increased $62 million or 3% to $2.0 billion over the previous quarter. Average deposits attributed to the Consumer Banking segment increased $173 million to 2% to $8.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Wealth Management

Wealth Management contributed $27.5 million to consolidated net income in the second quarter of 2024, an increase of $2.3 million or 9% compared to the first quarter of 2024.

Table 11 – Wealth Management

(Dollars in thousands)

Table Link Similar Tables

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2024						Mar. 31, 2024																											June 30, 2024						June 30, 2023
Net interest income from external sources						$	2,612					$	6,999					$	(4,387)					(63)		%																						$	9,611					$	25,355					$	(15,744)					(62)		%
Net interest income from internal sources						26,889						21,399						5,490						26		%																						48,288						44,087						4,201						10		%
Total net interest income						29,501						28,398						1,103						4		%																						57,899						69,442						(11,543)						(17)		%
Net loans recovered						—						(15)						15						100		%																						(15)						(69)						54						78		%
Net interest income after net loans recovered						29,501						28,413						1,088						4		%																						57,914						69,511						(11,597)						(17)		%
Fees and commissions revenue						113,208						118,704						(5,496)						(5)		%																						231,912						231,961						(49)						—		%
Other gains (losses), net						—						—						—						N/A																								—						(7)						7						N/A
Other operating revenue						113,208						118,704						(5,496)						(5)		%																						231,912						231,954						(42)						—		%
Personnel expense						63,669						63,549						120						—		%																						127,218						121,285						5,933						5		%
Non-personnel expense						26,545						35,739						(9,194)						(26)		%																						62,284						45,057						17,227						38		%
Other operating expense						90,214						99,288						(9,074)						(9)		%																						189,502						166,342						23,160						14		%
Net direct contribution						52,495						47,829						4,666						10		%																						100,324						135,123						(34,799)						(26)		%
Corporate expense allocations						16,484						14,779						1,705						12		%																						31,263						25,310						5,953						24		%
Income before taxes						36,011						33,050						2,961						9		%																						69,061						109,813						(40,752)						(37)		%
Federal and state income tax						8,514						7,822						692						9		%																						16,336						25,927						(9,591)						(37)		%
Net income						$	27,497					$	25,228					$	2,269					9		%																						$	52,725					$	83,886					$	(31,161)					(37)		%
Average assets						$	16,452,098					$	15,759,328					$	692,770					4		%																						$	16,105,713					$	12,309,730					$	3,795,983					31		%
Average loans						2,199,747						2,198,803						944						—		%																						2,199,275						2,216,345						(17,070)						(1)		%
Average deposits						9,551,307						9,237,965						313,342						3		%																						9,394,636						7,488,587						1,906,049						25		%
Average invested capital						319,376						323,172						(3,796)						(1)		%																						325,242						304,200						21,042						7		%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Combined net interest income and fee revenue decreased $4.4 million or 3% compared to the first quarter of 2024. Total revenue from institutional trading activities decreased $7.9 million, largely due to compressed margins driven by market conditions during the second quarter. Other revenue decreased $2.0 million. Investment banking revenue increased $2.7 million, primarily due to increased underwriting fees. Fiduciary and asset management revenue grew $2.3 million driven by seasonal tax preparation fee income. Non-personnel expense decreased $9.2 million as the prior quarter included an increased level of operational losses. Personnel expense was consistent with the prior quarter.

Average outstanding loans attributed to the Wealth Management segment were mostly unchanged from the previous quarter. Average Wealth Management deposits increased $313 million or 3% to $9.6 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Financial Condition

Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity and comply with regulatory requirements. Securities are classified as trading, held for investment, or available for sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of June 30, 2024 and December 31, 2023.

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers and others. Trading securities decreased $228 million to $5.2 billion during the second quarter of 2024. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques.

At June 30, 2024, the carrying value of investment (held-to-maturity) securities was $2.1 billion, including a $287 thousand allowance for expected credit losses, compared to $2.2 billion at March 31, 2024 with a $299 thousand allowance for expected credit losses. The fair value of investment securities was $1.9 billion at June 30, 2024, a $76 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of available for sale securities totaled $13.4 billion at June 30, 2024, a $147 million increase compared to March 31, 2024. At June 30, 2024, the available for sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities was 3.4 years as of June 30, 2024, consistent with the measure as of March 31, 2024. Management estimates the duration extends to 4.0 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.5 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.1 years, extends to 3.5 years in an upward shock of 200 basis points, and contracts to 2.6 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the available for sale securities portfolio on our tangible equity ratio under various shock scenarios.

On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements (the "Exchange Offer"). The Exchange Offer opened on April 8, 2024 and expired on May 3, 2024. The Company tendered all of its 252,233 Class B-1 Visa shares under the Exchange Offer and received the equivalent of 200,212 shares of Visa common stock and 126,116 Visa B-2 shares in return. Following the receipt of the Visa common stock, the Company donated 35,620 shares valued at $10.0 million to the BOKF Foundation. This contribution is reported as Charitable contributions to BOKF Foundation in the Consolidated Statement of Earnings with a corresponding gain of $10.0 million in Other gains, net. The Company also sold 31,120 Visa shares realizing a pre-tax gain of $8.7 million. At June 30, 2024, the Company held the equivalent of 133,472 Visa common shares for which the Company recorded an unrealized gain of $34.9 million. These shares are subject to hold restrictions under the Exchange Offer which expire during the third quarter 2024. The Company also recognized income of $174 thousand for dividends received. The B-2 shares carry over the restrictions associated with the former B-1 shares. See Note 6 to the Consolidated Financial Statements.

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Bank-Owned Life Insurance

We have approximately $412 million of bank-owned life insurance at June 30, 2024. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $317 million is held in separate accounts and $95 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio's investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of June 30, 2024, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $286 million. Since the underlying fair value of the investments held in separate accounts at June 30, 2024 was below the net book value of the investments, $29 million of cash surrender value was supported by the stable value wrap. The remaining $2 million of fair value held in separate accounts is not supported by the stable value wrap. The stable value wrap is provided by an investment grade financial institution.

Loans

The aggregate loan portfolio before allowance for loan losses totaled $24.6 billion at June 30, 2024, growing $381 million over March 31, 2024, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans.

Table 12 – Loans

(In thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Commercial:
Healthcare						$	4,231,058					$	4,245,939					$	4,143,233					$	4,083,134					$	3,991,387
Services						3,577,144						3,529,421						3,576,223						3,566,361						3,585,169
Energy						3,451,485						3,443,719						3,437,101						3,490,602						3,508,752
General business						4,363,722						3,913,788						3,647,212						3,579,742						3,449,208
Total commercial						15,623,409						15,132,867						14,803,769						14,719,839						14,534,516
Commercial real estate:
Multifamily						1,997,282						1,960,839						1,872,760						1,734,688						1,502,971
Industrial						1,214,991						1,343,970						1,475,165						1,432,629						1,349,709
Office						876,897						901,105						909,442						981,876						1,005,660
Retail						547,706						543,735						592,632						608,073						617,886
Residential construction and land development						88,252						83,906						95,052						100,465						106,370
Other commercial real estate						358,447						403,122						392,596						383,569						388,205
Total commercial real estate						5,083,575						5,236,677						5,337,647						5,241,300						4,970,801
Loans to individuals:
Residential mortgage						2,281,226						2,192,584						2,160,640						2,090,992						1,993,690
Residential mortgage guaranteed by U.S. government agencies						131,825						139,456						149,807						161,092						186,170
Personal						1,433,546						1,470,976						1,453,105						1,510,795						1,552,482
Total loans to individuals						3,846,597						3,803,016						3,763,552						3,762,879						3,732,342
Total						$	24,553,581					$	24,172,560					$	23,904,968					$	23,724,018					$	23,237,659

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Commercial

Commercial loans represent loans for working capital, facilities acquisition or expansion, purchases of equipment and other needs of commercial customers primarily located within our geographical footprint. These loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer's industry and market. While commercial loans are generally secured by the customer's assets including real property, inventory, accounts receivable, operating equipment, interests in mineral rights and other property and may also include personal guarantees of the owners and related parties, the primary source of repayment of the loans is the ongoing cash flow from operations of the customer's business. In addition, revolving lines of credit are generally governed by a borrowing base. Inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with commercial lending policies.

Commercial loans totaled $15.6 billion or 64% of the loan portfolio at June 30, 2024, a $491 million increase over March 31, 2024, primarily due to growth in general business and services loans.

Approximately 70% of loans in this segment are located within our geographic footprint based on collateral location. Loans for which the collateral location is less relevant, such as unsecured loans and reserve-based energy loans, are categorized by the borrower's primary operating location. The largest concentration of loans in this segment outside of our footprint is California, totaling 5% of the segment.

Supporting the energy industry with loans to producers and other energy-related entities has been a hallmark of the Company since its founding and represents a large portion of our commercial loan portfolio. In addition, energy production and related industries have a significant impact on the economy in our primary markets. Loans collateralized by oil and gas properties are subject to a semi-annual engineering review by our internal staff of petroleum engineers. This review is used as the basis for developing the expected cash flows supporting the loan amount. The projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Loans are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current pricing levels and with existing conventional equipment and operating methods and costs. As part of our evaluation of credit quality, we analyze rigorous stress tests over a range of commodity prices and take proactive steps to mitigate risk when appropriate.

Outstanding energy loan balances totaled $3.5 billion or 14% of total loans at June 30, 2024, a $7.8 million increase compared to March 31, 2024. Approximately $2.7 billion of energy loans were to oil and gas producers, a $24 million increase over March 31, 2024. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil, and 30% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $538 million at June 30, 2024, a $67 million decrease compared to March 31, 2024. Loans to borrowers that provide services to the energy industry totaled $220 million at June 30, 2024, an increase of $42 million compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $43 million, a $7.5 million increase compared to March 31, 2024.

Unfunded energy loan commitments were $4.4 billion at June 30, 2024, a $20 million increase compared to March 31, 2024.

The healthcare sector of the loan portfolio totaled $4.2 billion or 17% of total loans. Healthcare loans decreased $15 million compared to March 31, 2024. Healthcare sector loans consist primarily of loans for the development and operation of senior housing and care facilities including independent living, assisted living and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities that serves to help diversify risks specific to a single facility.

The services sector of the loan portfolio totaled $3.6 billion or 15% of total loans, a $48 million increase compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.6 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

General business loans totaled $4.4 billion or 18% of total loans, an increase of $450 million compared to the prior quarter. General business loans consist of $2.7 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

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We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At June 30, 2024, the outstanding principal balance of these loans totaled $6.0 billion, including $2.4 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 21% of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

Commercial Real Estate

Commercial real estate represents loans for the construction of buildings or other improvements to real estate and property held by borrowers for investment purposes generally within our geographical footprint. We require collateral values in excess of the loan amounts, demonstrated cash flows in excess of expected debt service requirements, equity investment in the project and a portion of the project already sold, leased or permanent financing already secured. The expected cash flows from all significant new or renewed income producing property commitments are stress tested to reflect the risks in varying interest rates, vacancy rates and rental rates. As with commercial loans, inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with applicable lending policies.

Outstanding commercial real estate loan balances totaled $5.1 billion or 21% of total loans at June 30, 2024, a decrease of $153 million compared to March 31, 2024. Loans secured by industrial facilities decreased by $129 million to $1.2 billion. Other commercial real estate loans decreased by $45 million to $358 million and loans secured by office facilities decreased by $24 million to $877 million. The decline in these portfolios was partially offset by a $36 million increase in loans secured by multifamily properties.

Approximately 66% of loans in this segment are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 10% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $1.6 billion at June 30, 2024, a decrease of $88 million compared to March 31, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to Individuals

Loans to individuals include residential mortgage and personal loans. Residential mortgage loans provide funds for our customers to purchase or refinance their primary residence or to borrow against the equity in their home. These loans are secured by a first or second mortgage on the customer's primary residence. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment as well as unsecured loans. These loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.

In general, we sell the majority of our conforming fixed-rate mortgage loan originations in the secondary market and retain the majority of our non-conforming and adjustable-rate mortgage loans. Our mortgage loan portfolio does not include payment option adjustable-rate mortgage loans or adjustable-rate mortgage loans with initial rates that are below market. Home equity loans are primarily first-lien and fully amortizing.

Residential mortgage loans guaranteed by U.S. government agencies have limited credit exposure because of the agency guarantee. This amount includes residential mortgage loans previously sold into GNMA mortgage pools that the Company may repurchase when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet.

Loans to individuals totaled $3.8 billion or 16% of the loan portfolio, an increase of $44 million compared to March 31, 2024. Approximately 91% of the loans in this segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower's primary location.

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The Company secondarily evaluates loan portfolio performance based on the primary geographical market managing the loan. Loans attributed to a geographical market may not represent the location of the borrower or the collateral. All permanent mortgage loans serviced by our mortgage banking unit and held for investment by the Company are centrally managed by the Oklahoma market.

Table 13 – Loans Managed by Primary Geographical Market

(In thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Texas:
Commercial						$	7,879,143					$	7,515,070					$	7,384,107					$	7,249,963					$	7,223,820
Commercial real estate						1,754,087						1,935,728						1,987,037						1,873,477						1,748,796
Loans to individuals						908,920						964,464						914,134						961,299						974,911
Total Texas						10,542,150						10,415,262						10,285,278						10,084,739						9,947,527
Oklahoma:
Commercial						3,619,136						3,478,146						3,275,907						3,384,627						3,251,547
Commercial real estate						556,971						605,419						606,515						601,087						573,559
Loans to individuals						2,273,240						2,176,268						2,147,782						2,100,974						2,079,311
Total Oklahoma						6,449,347						6,259,833						6,030,204						6,086,688						5,904,417
Colorado:
Commercial						2,220,887						2,244,416						2,273,179						2,219,460						2,179,473
Commercial real estate						806,522						766,100						769,329						710,552						683,973
Loans to individuals						217,990						221,291						228,257						227,569						223,200
Total Colorado						3,245,399						3,231,807						3,270,765						3,157,581						3,086,646
Arizona:
Commercial						1,104,875						1,149,394						1,143,682						1,173,491						1,177,778
Commercial real estate						1,045,837						1,007,972						1,003,331						1,014,151						926,750
Loans to individuals						208,419						218,664						248,873						260,282						242,102
Total Arizona						2,359,131						2,376,030						2,395,886						2,447,924						2,346,630
Kansas/Missouri:
Commercial						336,232						320,609						331,179						307,725						309,148
Commercial real estate						482,249						497,036						511,947						547,708						516,299
Loans to individuals						157,750						141,767						144,958						132,137						138,960
Total Kansas/Missouri						976,231						959,412						988,084						987,570						964,407
New Mexico:
Commercial						318,711						317,651						291,736						297,714						287,443
Commercial real estate						367,678						352,559						389,106						405,989						425,472
Loans to individuals						67,747						67,814						67,485						69,418						64,803
Total New Mexico						754,136						738,024						748,327						773,121						777,718
Arkansas:
Commercial						144,425						107,581						103,979						86,859						105,307
Commercial real estate						70,231						71,863						70,382						88,336						95,952
Loans to individuals						12,531						12,748						12,063						11,200						9,055
Total Arkansas						227,187						192,192						186,424						186,395						210,314
Total BOK Financial loans						$	24,553,581					$	24,172,560					$	23,904,968					$	23,724,018					$	23,237,659

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Off-Balance Sheet Commitments

We enter into certain off-balance sheet arrangements in the normal course of business as shown in Table 14. Loan commitments may be unconditional obligations to provide financing or conditional obligations that depend on the borrower's financial condition, collateral value or other factors. Standby letters of credit are unconditional commitments to guarantee the performance of our customer to a third party. Since some of these commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

We have off-balance sheet commitments related to certain residential mortgage loans sold into mortgage-backed securities as part of our mortgage banking activities. We retain off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA.

We also have off-balance sheet credit risk related to certain residential mortgage loans primarily originated under community development loan programs that were sold to a U.S. government agency with full recourse prior to 2007. We are obligated to repurchase these loans for the life of these loans in the event of foreclosure for the unpaid principal and interest at the time of foreclosure. The majority of our conforming fixed-rate loan originations are sold in the secondary market, and we only retain repurchase obligations under standard underwriting representations and warranties.

Table 14 – Off-Balance Sheet Credit Commitments

(In thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Loan commitments						$	14,114,288					$	14,433,786					$	14,793,025					$	14,404,610					$	14,979,253
Standby letters of credit						736,527						733,903						710,543						759,563						721,908
Unpaid principal balance of residential mortgage loans sold with recourse						36,582						37,891						39,333						40,369						42,041
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs						942,658						950,115						959,256						970,469						988,212

Customer Hedging Programs

 

We offer programs that permit our customers to hedge various risks, including fluctuations in energy, interest rates, foreign exchange rates and other commodities with derivative contracts. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to the customer contracts except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk and profit.

The customer hedging programs create credit risk for potential amounts due to the Company from our customers and from the counterparties. Customer credit risk is monitored through existing credit policies and procedures. The effects of changes in commodity prices, interest rates or foreign exchange rates are evaluated across a range of possible scenarios to determine the maximum exposure we are willing to have individually to any customer. Customers may also be required to provide cash margin or other collateral in conjunction with our credit agreements to further limit our credit risk.

Counterparty credit risk is evaluated through existing policies and procedures. This evaluation considers the total relationship between BOK Financial and each of the counterparties. Individual limits are established by management, approved by Credit Administration and reviewed by the Asset/Liability Committee. Margin collateral is required if the exposure between the Company and any counterparty exceeds established limits. Based on declines in the counterparties' credit ratings, these limits may be reduced and additional margin collateral may be required.

A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorates such that either the fair value of underlying collateral no longer supports the contract or the customer or the counterparty's ability to provide margin collateral becomes impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.

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Derivative contracts are carried at fair value. At June 30, 2024, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $339 million compared to $463 million at March 31, 2024. At June 30, 2024, the net fair value of our derivative contracts included $196 million for energy contracts, $107 million for interest rate swaps and $35 million for foreign exchange contracts. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $327 million at June 30, 2024 and $460 million at March 31, 2024.

At June 30, 2024, total derivative assets were reduced by $143 million of cash collateral received from counterparties and total derivative liabilities were reduced by $54 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement. Derivative contracts executed with customers may be secured by non-cash collateral in conjunction with a credit agreement with that customer, such as proven producing oil and gas properties. Access to this collateral in an event of default is reasonably assured.

A table showing the notional and fair value of derivative assets and liabilities on both a gross and net basis is presented in Note 3 to the Consolidated Financial Statements.

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at June 30, 2024 follows in Table 15.

Table 15 – Fair Value of Derivative Contracts

(In thousands)

Table Link Similar Tables

Customers						$	114,636
Banks and other financial institutions						22,496
Exchanges and clearing organizations						58,942
Fair value of customer risk management program asset derivative contracts, net						$	196,074

 

At June 30, 2024, our largest derivative exposure was to an exchange for $61 million of net derivative positions, net of cash margin.

Our customer hedging program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $64.01 per barrel of oil would decrease the fair value of derivative assets by $84 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $99.07 per barrel of oil would increase the fair value of derivative assets by $752 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At June 30, 2024, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of June 30, 2024, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.

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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience

(Dollars in thousands)

Table Link Similar Tables

			Three Months Ended
			June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Allowance for loan losses:
Beginning balance			$	281,623					$	277,123					$	272,114					$	262,714					$	249,460
Loans charged off			(7,940)						(7,060)						(5,007)						(10,593)						(8,049)
Recoveries of loans previously charged off			995						1,600						911						4,062						1,346
Net loans charged off			(6,945)						(5,460)						(4,096)						(6,531)						(6,703)
Provision for credit losses			13,148						9,960						9,105						15,931						19,957
Ending balance			$	287,826					$	281,623					$	277,123					$	272,114					$	262,714
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance			$	47,319					$	48,977					$	52,604					$	59,940					$	62,943
Provision for credit losses			(4,983)						(1,658)						(3,627)						(7,336)						(3,003)
Ending balance			$	42,336					$	47,319					$	48,977					$	52,604					$	59,940
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance			$	3,224					$	3,492					$	2,962					$	4,443					$	4,381
Net loans charged off			(2)						(3)						—						(7)						(16)
Provision for credit losses			(153)						(265)						530						(1,474)						78
Ending balance			$	3,069					$	3,224					$	3,492					$	2,962					$	4,443
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance			$	299					$	336					$	344					$	465					$	497
Provision for credit losses			(12)						(37)						(8)						(121)						(32)
Ending balance			$	287					$	299					$	336					$	344					$	465
Total provision for credit losses			$	8,000					$	8,000					$	6,000					$	7,000					$	17,000
Average loans by portfolio segment :
Commercial			$	15,516,238					$	14,992,639					$	14,680,001					$	14,527,676					$	14,316,474
Commercial real estate			5,048,704						5,188,152						5,293,021						5,172,876						4,896,230
Loans to individuals			3,820,211						3,767,776						3,732,086						3,713,756						3,676,350
Net charge-offs (annualized) to average loans			0.11		%				0.09		%				0.07		%				0.11		%				0.12		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial			0.15		%				0.09		%				0.08		%				0.18		%				0.06		%
Commercial real estate			0.01		%				0.10		%				—		%				(0.07)		%				0.32		%
Loans to individuals			0.08		%				0.10		%				0.11		%				0.10		%				0.08		%
Recoveries to gross charge-offs			12.53		%				22.66		%				18.19		%				38.35		%				16.72		%
Provision for loan losses (annualized) to average loans			0.22		%				0.17		%				0.15		%				0.27		%				0.35		%
Allowance for loan losses to loans outstanding at period end			1.17		%				1.17		%				1.16		%				1.15		%				1.13		%
Accrual for unfunded loan commitments to loan commitments			0.30		%				0.33		%				0.33		%				0.37		%				0.40		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end			1.34		%				1.36		%				1.36		%				1.37		%				1.39		%

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Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments

Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.

Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans, increased $100 million over March 31, 2024. Non-pass grade commercial real estate loans increased $41 million and non-pass grade healthcare loans increased $30 million. Non-pass grade energy loans increased $15 million and non-pass grade general business loans increased $13 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.

The provision for credit losses of $8.0 million in the second quarter of 2024 reflects continued loan growth and a stable economic forecast. The allowance for loan losses totaled $288 million or 1.17% of outstanding loans at June 30, 2024. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 342% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million or 1.34% of outstanding loans and 393% of nonaccruing loans at June 30, 2024.

The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $177 million in quantitative reserve, while a 100% upside case would result in $17 million less quantitative reserve at June 30, 2024. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

The Company recorded an $8.0 million provision for credit losses in the first quarter of 2024. The allowance for loan losses was $282 million or 1.17% of outstanding loans at March 31, 2024. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 255% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $329 million or 1.36% of outstanding loans and 298% of nonaccruing loans.

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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at June 30, 2024 follows:

Table Link Similar Tables

			Base			Downside			Upside
Scenario probability weighting			50%			35%			15%
Economic outlook			Geopolitical conflicts remain isolated. There are two rate cuts over the next four quarters, bringing the federal funds target range to 4.75% to 5.00% by the end of the second quarter of 2025. Core inflation continues to improve from the previous peaks and reaches 2.8% by the second quarter of 2025. Job openings continue to normalize and overall hiring levels decline, causing the national unemployment rate to modestly increase over the next four quarters. Inflation pressures ease and help stabilize real household income. A restrictive credit environment slows economic activity and results in below-trend GDP growth.			Geopolitical conflicts remain isolated. The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are ten rate cuts over the next four quarters bringing the target range to 2.75% to 3.00% by the end of the second quarter of 2025. Tight monetary conditions result in declines in consumer spending while a restrictive credit environment decreases private sector investment. This pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.			Geopolitical conflicts remain isolated. There are four rate cuts over the next four quarters, bringing the target range to 4.25% to 4.50% by the end of the second quarter of 2025. Core inflation continues to improve from the previous peaks and reaches 2.5% by the second quarter of 2025. Labor force participants continue to re-enter the job market to help fill the elevated level of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This supports consumer spending and produces GDP growth consistent with pre-pandemic levels.
Macro-economic factors			–GDP is forecasted to grow by 1.7% over the next 12 months. –Civilian unemployment rate of 4.0% in the third quarter of 2024 increases to 4.1% by the second quarter of 2025. –WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of June 2024 and are expected to average $72.97 per barrel over the next 12 months.			–GDP is forecasted to contract 1.8% over the next twelve months. –Civilian unemployment rate of 4.6% in the third quarter of 2024 increases to 6.3% in the second quarter of 2025. –WTI oil prices are projected to average $50.80 over the next 12 months, with a peak of $57.16 in the third quarter of 2024 and falling 19% over the following three quarters.			–GDP is forecasted to grow by 2.2% over the next 12 months. –Civilian unemployment rate of 3.9% in the third quarter of 2024 increases to 4.0% by the second quarter of 2025. –WTI oil prices are projected to average $72.63 per barrel over the next 12 months.

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Net Loans Charged Off

Net loans charged off totaled $6.9 million or 0.11% of average loans in the second quarter. Net charge-offs were primarily composed of a single healthcare loan. Net charge-offs of loans to individuals include deposit account overdraft losses. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter of 2024.

Accrual for Off-Balance Sheet Credit Risk Associated with Mortgage Banking Activities

The accrual for off-balance sheet credit risk associated with mortgage banking activities includes consideration of credit risk related to certain residential mortgage loans sold into mortgage-backed securities in excess of amounts guaranteed by the VA and mortgage loans originated under community development loan programs that were sold to a U.S. government agency with full recourse.

We use publicly available long-term national data to estimate total loss given default for our off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA. This result is combined with probability of default output from our mortgage servicing rights model to estimate total expected loss. Then, we estimate the VA's guarantee percentage to determine our portion of the credit risk. Qualitative adjustment may be used, if necessary.

Allowance for Credit Losses Related to Held-to-Maturity (Investment) Securities

The expected credit losses principles apply to all financial assets measured at cost, including our held-to-maturity (investment) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets are based on the probability of default and loss given default assumptions that align with similarly graded loans. Qualitative adjustment may be used, if necessary.

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Nonperforming Assets

As more fully described in Note 4 to the Consolidated Financial Statements, loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. Real estate and other repossessed assets are assets acquired in partial or total forgiveness of loans. The assets are carried at the lower of cost as determined by fair value at the date of foreclosure or current fair value, less estimated selling costs. A summary of nonperforming assets follows in Table 17.

Table 17 – Nonperforming Assets

(Dollars in thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Nonaccruing loans:
Commercial:
Healthcare						$	20,845					$	49,307					$	81,529					$	41,836					$	36,753
Energy						28,668						14,991						17,843						19,559						20,037
Services						3,165						3,319						3,616						2,820						4,541
General business						5,756						7,003						7,143						6,483						11,946
Total commercial						58,434						74,620						110,131						70,698						73,277
Commercial real estate						12,883						22,087						7,320						7,418						17,395
Loans to individuals:
Residential mortgage						12,627						13,449						18,056						30,954						29,973
Residential mortgage guaranteed by U.S. government agencies						6,617						9,217						9,709						10,436						11,473
Personal						122						142						253						79						133
Total loans to individuals						19,366						22,808						28,018						41,469						41,579
Total nonaccruing loans						90,683						119,515						145,469						119,585						132,251
Real estate and other repossessed assets						2,334						2,860						2,875						3,753						4,227
Total nonperforming assets						$	93,017					$	122,375					$	148,344					$	123,338					$	136,478
Total nonperforming assets excluding those guaranteed by U.S. government agencies						$	86,400					$	113,158					$	138,635					$	112,902					$	125,005
Allowance for loan losses to nonaccruing loans1						342.38		%				255.33		%				204.13		%				249.31		%				217.52		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1						392.74		%				298.23		%				240.20		%				297.50		%				267.15		%
Nonperforming assets to outstanding loans and repossessed assets						0.38		%				0.51		%				0.62		%				0.52		%				0.59		%
Nonperforming assets to outstanding loans and repossessed assets1						0.35		%				0.47		%				0.58		%				0.48		%				0.54		%
Nonaccruing loans to outstanding loans						0.37		%				0.49		%				0.61		%				0.50		%				0.57		%
Nonaccruing commercial loans to outstanding commercial loans						0.37		%				0.49		%				0.74		%				0.48		%				0.50		%
Nonaccruing commercial real estate loans to outstanding commercial real estate loans						0.25		%				0.42		%				0.14		%				0.14		%				0.35		%
Nonaccruing loans to individuals to outstanding loans to individuals1						0.34		%				0.37		%				0.51		%				0.86		%				0.85		%

1     Excludes residential mortgages guaranteed by U.S. government agencies.

Nonaccruing loans decreased $29 million compared to March 31, 2024. New nonaccruing loans identified in the second quarter totaled $24 million, offset by $42 million in payments received and $7.9 million of charge-offs. Nonaccruing healthcare loans decreased $28 million and nonaccruing commercial real estate loans decreased $9.2 million, partially offset by a $14 million increase in nonaccruing energy loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

A rollforward of nonperforming assets for the three and six months ended June 30, 2024 follows in Table 18.

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Table 18 – Rollforward of Nonperforming Assets

(In thousands)

Table Link Similar Tables

						Three Months Ended
						June 30, 2024
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, March 31, 2024						$	74,620					$	22,087					$	22,808					$	119,515											$	2,860					$	122,375
Additions						18,820						2,724						2,818						24,362												—						24,362
Payments						(28,615)						(11,723)						(1,498)						(41,836)												—						(41,836)
Charge-offs						(6,391)						(205)						(1,344)						(7,940)												—						(7,940)
Net gains (losses) and write-downs						—						—						—						—												33						33
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(768)						(768)												—						(768)
Proceeds from sales						—						—						—						—												(559)						(559)
Net transfers to nonaccruing loans						—						—						(1,977)						(1,977)												—						(1,977)
Return to accrual status						—						—						(673)						(673)												—						(673)
Balance, June 30, 2024						$	58,434					$	12,883					$	19,366					$	90,683											$	2,334					$	93,017
						Six Months Ended
						June 30, 2024
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, Dec. 31, 2023						$	110,131					$	7,320					$	28,018					$	145,469											$	2,875					$	148,344
Additions						23,762						18,766						6,069						48,597												—						48,597
Payments						(34,731)						(11,748)						(3,931)						(50,410)												—						(50,410)
Charge-offs						(10,631)						(1,455)						(2,914)						(15,000)												—						(15,000)
Net gains (losses) and write-downs						—						—						—						—												142						142
Foreclosure of nonperforming loans						—						—						(77)						(77)												77						—
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(1,326)						(1,326)												—						(1,326)
Proceeds from sales						—						—						—						—												(760)						(760)
Net transfers to nonaccruing loans						—						—						(1,982)						(1,982)												—						(1,982)
Return to accrual status						(30,097)						—						(4,491)						(34,588)												—						(34,588)
Balance, June 30, 2024						$	58,434					$	12,883					$	19,366					$	90,683											$	2,334					$	93,017

We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $2.3 million at June 30, 2024, largely unchanged compared to March 31, 2024. Real estate and other repossessed assets were composed primarily of $2.1 million of land for commercial real estate development.

Liquidity and Capital

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the second quarter of 2024, approximately 70% of our funding was provided by deposit accounts, 18% from borrowed funds, 10% from equity and less than 1% from long-term subordinated debt. 

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Subsidiary Bank

Deposits and borrowed funds are the primary sources of liquidity for BOKF, NA, the wholly owned subsidiary bank of BOK Financial. We compete for retail and commercial deposits by offering a broad range of products and services and focusing on customer convenience. Retail deposit growth is supported through personal and small business checking, online bill paying services, mobile banking services, an extensive network of branch locations and ATMs and our ExpressBank call center. Commercial deposit growth is supported by offering treasury management and lockbox services. We also acquire brokered deposits when the cost of funds is advantageous to other funding sources.

Average deposits for the second quarter of 2024 totaled $35.7 billion, a $627 million increase compared to the first quarter of 2024. Interest-bearing transaction account balances grew by $742 million, partially offset by a $244 million decrease in demand deposit balances. Time deposit balances increased $140 million.

Table 19 – Average Deposits by Line of Business

(In thousands)

Table Link Similar Tables

			Three Months Ended
			June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Commercial Banking			$	16,189,003					$	15,730,241					$	15,493,326					$	15,115,313					$	14,822,093
Consumer Banking			8,073,782						7,901,167						7,890,032						7,936,186						7,986,674
Wealth Management			9,551,307						9,237,965						8,085,643						7,886,962						7,544,143
Subtotal			33,814,092						32,869,373						31,469,001						30,938,461						30,352,910
Funds Management and other			1,839,131						2,156,518						2,207,212						2,349,436						2,016,802
Total			$	35,653,223					$	35,025,891					$	33,676,213					$	33,287,897					$	32,369,712

Average Commercial Banking deposit balances increased $459 million compared to the first quarter of 2024. Interest-bearing transaction account balances increased $640 million while demand deposit balances decreased $200 million. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is our energy customers representing 8% of our total deposits.

Average Consumer Banking deposit balances increased $173 million over the prior quarter. A $244 million increase in time deposit balances was partially offset by a $60 million decrease in interest-bearing transaction deposit balances.

Average Wealth Management deposits increased $313 million over the first quarter of 2024. Interest-bearing transaction account balances increased $246 million and time deposit balances increased $114 million. Demand deposit balances decreased $47 million.

Average brokered deposits were 5% of total deposits during the second quarter of 2024. Excluding the reciprocal component, brokered deposits represented 1% of total deposits. Beginning in the first quarter of 2024, reciprocal deposit balances exceeded the $5 billion general threshold as defined by the FDIC. Reciprocal deposit balances in excess of the $5 billion general threshold are included as brokered deposits for regulatory reporting purposes. Growth in brokered deposits during the quarter was entirely related to reciprocal deposit balances. Average interest-bearing transaction accounts for the second quarter included $1.3 billion of brokered deposits, a $771 million increase over the first quarter of 2024. Average time deposits for the second quarter of 2024 included $384 million of brokered deposits, a $236 million decrease compared to the first quarter of 2024. Period end brokered interest-bearing transaction accounts increased $737 million to $1.6 billion at June 30, 2024 and brokered time deposits decreased $250 million to $242 million at June 30, 2024.

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The distribution of our period end deposit account balances among principal markets follows in Table 20.

Table 20 – Period End Deposits by Principal Market Area

(In thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Oklahoma:
Demand						$	3,721,009					$	3,365,529					$	3,586,091					$	4,019,019					$	4,273,136
Interest-bearing:
Transaction						12,115,793						12,362,193						10,929,704						9,970,955						9,979,534
Savings						496,289						509,775						500,313						508,619						531,536
Time						2,157,778						2,136,583						1,984,336						2,019,749						1,945,916
Total interest-bearing						14,769,860						15,008,551						13,414,353						12,499,323						12,456,986
Total Oklahoma						18,490,869						18,374,080						17,000,444						16,518,342						16,730,122
Texas:
Demand						2,448,433						2,201,561						2,306,334						2,599,998						2,876,568
Interest-bearing:
Transaction						5,425,670						5,125,834						5,035,856						5,046,288						4,532,093
Savings						150,812						157,108						155,652						154,863						162,704
Time						626,724						605,526						492,753						436,218						377,424
Total interest-bearing						6,203,206						5,888,468						5,684,261						5,637,369						5,072,221
Total Texas						8,651,639						8,090,029						7,990,595						8,237,367						7,948,789
Colorado:
Demand						1,244,848						1,316,971						1,633,672						1,598,622						1,726,130
Interest-bearing:
Transaction						1,921,671						1,951,232						1,921,605						1,888,026						1,825,295
Savings						61,184						63,675						67,646						63,129						66,968
Time						261,237						237,656						201,393						185,030						148,840
Total interest-bearing						2,244,092						2,252,563						2,190,644						2,136,185						2,041,103
Total Colorado						3,488,940						3,569,534						3,824,316						3,734,807						3,767,233
New Mexico:
Demand						661,677						683,643						794,467						853,571						912,218
Interest-bearing:
Transaction						1,323,750						1,085,946						886,089						1,049,903						712,541
Savings						92,910						95,944						95,453						97,753						102,729
Time						314,133						298,556						258,195						217,535						179,548
Total interest-bearing						1,730,793						1,480,446						1,239,737						1,365,191						994,818
Total New Mexico						2,392,470						2,164,089						2,034,204						2,218,762						1,907,036
Arizona:
Demand						448,587						502,143						524,167						522,142						592,144
Interest-bearing:
Transaction						1,227,895						1,181,539						1,174,715						903,535						800,970
Savings						11,542						12,024						11,636						12,340						14,489
Time						56,102						46,962						41,884						36,689						31,248
Total interest-bearing						1,295,539						1,240,525						1,228,235						952,564						846,707
Total Arizona						1,744,126						1,742,668						1,752,402						1,474,706						1,438,851

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Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Kansas/Missouri:
Demand						291,045						316,041						326,496						351,236						363,534
Interest-bearing:
Transaction						1,040,114						985,706						966,166						981,091						1,014,247
Savings						14,998						13,095						13,821						14,331						16,316
Time						32,921						30,411						23,955						22,437						16,176
Total interest-bearing						1,088,033						1,029,212						1,003,942						1,017,859						1,046,739
Total Kansas/Missouri						1,379,078						1,345,253						1,330,438						1,369,095						1,410,273
Arkansas:
Demand						24,579						28,168						25,266						29,635						38,818
Interest-bearing:
Transaction						52,149						55,735						49,966						57,381						43,301
Savings						2,754						2,776						2,564						2,898						3,195
Time						15,040						11,215						9,506						9,559						7,225
Total interest-bearing						69,943						69,726						62,036						69,838						53,721
Total Arkansas						94,522						97,894						87,302						99,473						92,539
Total BOK Financial deposits						$	36,241,644					$	35,383,547					$	34,019,701					$	33,652,552					$	33,294,843

Estimated uninsured deposits totaled $18.3 billion or 50% of our total deposits at June 30, 2024. In addition to insured deposits, we also hold $4.5 billion of collateralized deposits. Municipalities, Native American tribal governments and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $13.0 billion or 36% of total deposits at June 30, 2024.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at June 30, 2024. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $7.1 billion during the quarter, compared to $6.8 billion in the first quarter of 2024.

At June 30, 2024, management estimates a total potential secured borrowing capacity of approximately $24.5 billion. This includes current available secured capacity of $20.4 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.1 billion of other sources that could be converted into additional secured capacity.

A summary of other borrowings for BOK Financial on a consolidated basis follows in Table 21.

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Table 21 – Borrowed Funds

(Dollars in thousands)

Table Link Similar Tables

												Three Months Ended June 30, 2024																								Three Months Ended Mar. 31, 2023
						June 30, 2024						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter						Mar. 31, 2024						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter
Funds purchased						$	598,315					$	509,514					4.86		%				$	600,178					$	899,447					$	582,505					4.76		%				$	899,447
Repurchase agreements						215,443						1,328,809						4.05		%				1,627,169						362,070						675,539						3.43		%				362,070
Other borrowings:
Federal Home Loan Banks advances						6,500,000						7,125,275						5.57		%				6,600,000						6,700,000						6,819,232						5.56		%				6,700,000
GNMA repurchase liability						14,722						12,031						4.58		%				14,722						10,414						10,953						4.00		%				10,805
Other						13,816						13,922						6.90		%				14,067						14,238						14,448						5.26		%				14,800
Total other borrowings						6,528,538						7,151,228						5.58		%										6,724,652						6,844,633						5.56		%
Subordinated debentures1						131,156						131,156						7.07		%				131,156						131,154						131,154						7.09		%				131,154
Total other borrowed funds and subordinated debentures						$	7,473,452					$	9,120,707					5.34		%										$	8,117,323					$	8,233,831					5.35		%

1 Parent Company only.

BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.

Parent Company

At June 30, 2024, cash and interest-bearing cash and cash equivalents held by the parent company totaled $200 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At June 30, 2024, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $383 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at June 30, 2024 was $5.2 billion, a $100 million increase compared to March 31, 2024. Net income less cash dividends paid increased equity $128 million during the second quarter of 2024. Changes in interest rates resulted in a $4.6 million improvement in the accumulated other comprehensive loss compared to March 31, 2024. We also repurchased $37 million of common stock, excluding a 1% excise tax on corporate stock repurchases, during the second quarter of 2024. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase and stock and cash dividends.

On November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law and other regulatory compliance limitations. As of June 30, 2024, the Company had repurchased 3,457,020 shares under this authorization. The Company repurchased 412,176 shares of common stock at an average price of $90.38 per share in the second quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. These capital requirements include quantitative measures of assets, liabilities and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.

A summary of minimum capital requirements, including a capital conservation buffer follows in Table 22. A bank which falls below these levels, including the capital conservation buffer, would be subject to regulatory restrictions on capital distributions (including, but not limited to, dividends and share repurchases) and executive bonus payments.

In March 2020, in response to the impact on the financial markets by the COVID-19 pandemic, the banking agencies issued an interim final rule permitting banking organizations that implement the CECL model the option to delay for two years an estimate of the CECL methodology's effect on regulatory capital, followed by a three-year transition period. The estimate includes the implementation date adjustment as of January 1, 2020 plus an estimate of the impact of the change for a two year period following implementation of CECL. We elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 3 basis points to the Company's common equity Tier 1 capital at June 30, 2024.

Capital and other performance ratios for BOK Financial on a consolidated basis are presented in Table 22.

Table 22 – Capital and Performance Ratios

Table Link Similar Tables

						Minimum Capital Requirement						Capital Conservation Buffer						Minimum Capital Requirement Including Capital Conservation Buffer						June 30, 2024						Mar. 31, 2024						June 30, 2023
Capital:
Common equity Tier 1						4.50		%				2.50		%				7.00		%				12.10		%				11.99		%				12.12		%
Tier 1 capital						6.00		%				2.50		%				8.50		%				12.11		%				12.00		%				12.13		%
Total capital						8.00		%				2.50		%				10.50		%				13.25		%				13.15		%				13.24		%
Tier 1 Leverage						4.00		%				N/A						4.00		%				9.39		%				9.42		%				9.75		%
Average total equity to average assets																								10.06		%				10.30		%				10.32		%
Tangible common equity ratio1																								8.38		%				8.21		%				7.79		%
Adjusted common tangible equity ratio1																								8.06		%				7.92		%				7.49		%
Performance Ratios:
Return on average equity																								12.79		%				6.53		%				12.28		%
Return on average tangible common equity1																								16.27		%				8.31		%				15.86		%

1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.

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Explanation and Reconciliation of Non-GAAP Measures

Table 23 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.

Table 23 – Non-GAAP Measures

(Dollars in thousands)

Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity						$	5,229,130					$	5,128,751					$	5,142,442					$	4,814,019					$	4,863,854
Less: Goodwill and intangible assets, net						1,098,777						1,101,643						1,104,728						1,110,553						1,113,995
Tangible common equity						$	4,130,353					$	4,027,108					$	4,037,714					$	3,703,466					$	3,749,859
Add: Unrealized loss on investment securities, net						(204,636)						(185,978)						(171,903)						(246,395)						(189,152)
Add: Tax effect on unrealized loss on investment securities, net						48,128						43,740						40,430						57,949						44,486
Adjusted tangible common equity						$	3,973,845					$	3,884,870					$	3,906,241					$	3,515,020					$	3,605,193
Total assets						$	50,403,457					$	50,160,380					$	49,824,830					$	48,931,397					$	49,237,920
Less: Goodwill and intangible assets, net						1,098,777						1,101,643						1,104,728						1,110,553						1,113,995
Tangible assets						$	49,304,680					$	49,058,737					$	48,720,102					$	47,820,844					$	48,123,925
Tangible common equity ratio						8.38		%				8.21		%				8.29		%				7.74		%				7.79		%
Adjusted tangible common equity ratio						8.06		%				7.92		%				8.02		%				7.35		%				7.49		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity						$	5,146,785					$	5,152,061					$	4,933,917					$	4,902,119					$	4,941,352
Less: Average goodwill and intangible assets, net						1,100,139						1,103,090						1,107,949						1,112,217						1,115,652
Average tangible common equity						$	4,046,646					$	4,048,971					$	3,825,968					$	3,789,902					$	3,825,700
Net Income						$	163,713					$	83,703					$	82,575					$	134,495					$	151,308
Return on average tangible common equity						16.27		%				8.31		%				8.56		%				14.08		%				15.86		%
Reconciliation of pre-provision net revenue:
Net income before taxes						$	211,035					$	106,889					$	111,475					$	167,735					$	195,637
Add: Provision for expected credit losses						8,000						8,000						6,000						7,000						17,000
Less: Net income (loss) attributable to non-controlling interests						19						(9)						(53)						(16)						328
Pre-provision net revenue						$	219,016					$	114,898					$	117,528					$	174,751					$	212,309
Reconciliation of adjusted net income and earnings per share:
Net income						$	163,713					$	83,703					$	82,575					$	134,495					$	151,308
Add: FDIC special assessment, net of tax						910						4,936						33,478						—						—
Less: Gain on converted Visa shares, net of tax						41,160						—						—						—						—
Add: Related contribution of Visa shares to BOKF Foundation, net of tax						7,648						—						—						—						—
Less: Loss on repositioning of available for sale securities, net of tax						—						(34,547)						(21,129)						—						(2,302)
Less: Gain on sale of BOKF Insurance, net of tax						—						—						23,715						—						—
Adjusted net income						$	131,111					$	123,186					$	113,467					$	134,495					$	153,610
Earnings per share						$	2.54					$	1.29					$	1.26					$	2.04					$	2.27
Add: FDIC special assessment, net of tax						0.01						0.08						0.52						—						—
Less: Gain on converted Visa shares, net of tax						0.65						—						—						—						—
Add: Related contribution of Visa shares to BOKF Foundation, net of tax						0.12						—						—						—						—
Less: Loss on repositioning of available for sale securities, net of tax						—						(0.54)						(0.33)						—						(0.03)
Less: Gain on sale of BOKF Insurance, net of tax						—						—						0.37						—						—
Adjusted earnings per share						$	2.02					$	1.91					$	1.74					$	2.04					$	2.30

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Table Link Similar Tables

						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Calculation of efficiency ratio and efficiency ratio excluding adjustments:
Total other operating expense						$	336,690					$	340,384					$	384,083					$	324,313					$	318,673
Less: Amortization of intangible assets						2,898						3,003						3,543						3,474						3,474
Numerator for efficiency ratio						$	333,792					$	337,381					$	380,540					$	320,839					$	315,199
Less: FDIC special assessment						1,190						6,454						43,773						—						—
Less: Expenses related to sale of BOKF Insurance						—						—						3,436						—						—
Less: Related contribution of converted Visa shares to BOKF Foundation						10,000						—						—						—						—
Adjusted numerator for efficiency ratio						$	322,602					$	330,927					$	333,331					$	320,839					$	315,199
Net interest income						$	296,021					$	293,572					$	296,675					$	300,896					$	322,261
Tax-equivalent adjustment						2,196						2,100						2,112						2,214						2,200
Tax-equivalent net interest income						298,217						295,672						298,787						303,110						324,461
Total other operating revenue						259,704						161,701						204,883						198,152						209,049
Less: Gain (loss) on available for sale securities, net						34						(45,171)						(27,626)						—						(3,010)
Denominator for efficiency ratio						$	557,887					$	502,544					$	531,296					$	501,262					$	536,520
Less: Gain on sale of BOKF Insurance						—						—						31,007						—						—
Less: Gain on converted Visa shares						53,817						—						—						—						—
Adjusted denominator for efficiency ratio						$	504,070					$	502,544					$	500,289					$	501,262					$	536,520
Efficiency ratio						59.83		%				67.13		%				71.62		%				64.01		%				58.75		%
Efficiency ratio excluding adjustments						64.00		%				65.85		%				66.63		%				64.01		%				58.75		%
Information on net interest income and net interest margin excluding trading activities:
Net interest income						$	296,021					$	293,572					$	296,675					$	300,896					$	322,261
Less: Trading activities net interest income						(275)						(498)						(3,305)						(7,343)						(3,461)
Net interest income excluding trading activities						$	296,296					$	294,070					$	299,980					$	308,239					$	325,722
Tax-equivalent adjustment						2,196						2,100						2,112						2,214						2,200
Tax-equivalent net interest income excluding trading activities						$	298,492					$	296,170					$	302,092					$	310,453					$	327,922
Average interest-earning assets						$	46,019,346					$	44,846,886					$	44,327,237					$	44,012,300					$	42,731,533
Less: Average trading activities interest-earning assets						5,922,891						5,371,209						5,448,403						5,444,587						4,274,803
Average interest-earning assets excluding trading activities						$	40,096,455					$	39,475,677					$	38,878,834					$	38,567,713					$	38,456,730
Net interest margin on average interest-earning assets						2.56		%				2.61		%				2.64		%				2.69		%				3.00		%
Net interest margin on average trading activities interest-earning assets						(0.05)		%				(0.07)		%				(0.20)		%				(0.49)		%				(0.34)		%
Net interest margin on average interest-earning assets excluding trading activities						2.94		%				2.97		%				3.03		%				3.14		%				3.36		%

Explanation of Non-GAAP Measures

The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that do not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.

Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results

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of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items and provides a useful measure for determining the Company's expenses that are core to our business operations and are expected to recur over time.

The efficiency ratio measures the Company's ability to use its assets and manage its liabilities effectively in the current period.

Net interest income and net interest margin excluding trading activities remove the effect of trading activities on these metrics allowing management and investors to assess the performance of the Company's core lending and deposit activities without the associated volatility from trading activities.

Market Risk

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange rates, commodity prices or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading. Market risk excludes changes in fair value due to the credit of the individual issuers of financial instruments.

BOK Financial is subject to market risk primarily through the effect of changes in interest rates on both its assets held for purposes other than trading and trading assets. The effects of other changes, such as foreign exchange rates, commodity prices or equity prices do not pose significant market risk to BOK Financial. BOK Financial has no material investments in assets that are affected by changes in foreign exchange rates or equity prices. Energy and agricultural product derivative contracts, which are affected by changes in commodity prices, are matched against offsetting contracts as previously discussed.

The Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected variation in net interest income, net income and economic value of equity due to specified changes in interest rates. These limits also set maximum levels for short-term borrowings, short-term assets, public funds and brokered deposits and establish minimum levels for unpledged assets, among other things. Further, the Board has approved market risk limits for fixed income trading, mortgage pipeline and mortgage servicing assets inclusive of economic hedge benefits. Exposure is measured daily and compliance is reviewed monthly. Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure. These plans are subject to escalation to and approval by the Board.

The simulations used to manage market risk are based on numerous assumptions regarding the effects of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, models cannot precisely estimate or precisely predict the impact of higher or lower interest rates. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes, market conditions and management strategies, among other factors.

Interest Rate Risk – Other than Trading

 

As previously noted in the Net Interest Income section of this report, management has implemented strategies to manage the Company's balance sheet exposure to changes in interest rates over a twelve-month period within established policy limits. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest income. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest income variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 6.5%. Management also reviews alternative rate changes and time periods.

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The Company's primary interest rate exposures include the Federal Funds rate, which affects short-term borrowings, and the prime lending rate, SOFR, which is the basis for much of the variable rate loan pricing. Additionally, residential mortgage rates directly affect the prepayment speeds for residential mortgage-backed securities and mortgage servicing rights. Derivative financial instruments and other financial instruments used for purposes other than trading are included in this simulation. In addition, the impact on the level and composition of demand deposit accounts and other core deposit balances resulting from a significant increase in short-term market interest rates and the overall interest rate environment is likely to be material. The simulation incorporates assumptions regarding the effects of such changes based on a combination of historical analysis and expected behavior. The impact of planned growth and new business activities is factored into the simulation model.

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest income. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.94% or $11.6 million for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest income over the next twelve months would be (0.27)%, or ($3.3 million) for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest income would decrease approximately 5.99%, or $73.7 million.

Table 24 – Interest Rate Sensitivity

(Dollars in thousands)

Table Link Similar Tables

						June 30, 2024																								Mar. 31, 2024
						200 bp Increase						100 bp Increase						100 bp Decrease						200 bp Decrease						200 bp Increase						100 bp Increase						100 bp Decrease						200 bp Decrease
Anticipated impact over the next twelve months on net interest income						$	(39,800)					$	(9,500)					$	3,000					$	12,300					$	(29,900)					$	(4,600)					$	(2,500)					$	900
						(3.21)		%				(0.76)		%				0.24		%				0.99		%				(2.31)		%				(0.35)		%				(0.20)		%				0.07		%
Anticipated impact over months twelve through twenty-four						$	(23,000)					$	11,100					$	(26,400)					$	(39,900)					$	(3,400)					$	20,800					$	(38,600)					$	(62,500)
						(1.70)		%				0.82		%				(1.95)		%				(2.95)		%				(0.24)		%				1.46		%				(2.70)		%				(4.37)		%

BOK Financial is also subjected to market risk through changes in the fair value of mortgage servicing rights. Changes in the fair value of mortgage servicing rights are highly dependent on changes in primary mortgage rates offered to borrowers, intermediate-term interest rates that affect the value of custodial funds, and assumptions about servicing revenues, servicing costs and discount rates. As primary mortgage rates increase, prepayment speeds slow and the value of our mortgage servicing rights increases. As primary mortgage rates fall, prepayment speeds increase and the value of our mortgage servicing rights decreases.

We maintain a portfolio of financial instruments which may include debt securities issued by the U.S. government or its agencies and interest rate derivative contracts, held as an economic hedge of the changes in the fair value of our mortgage servicing rights. Composition of this portfolio will change based on our assessment of market risk. Changes in the fair value of residential mortgage-backed securities are highly dependent on changes in secondary mortgage rates required by investors, and interest rate derivative contracts are highly dependent on changes in other market interest rates. While primary and secondary mortgage rates generally move in the same direction, the spread between them may widen and narrow due to market conditions and government intervention. Changes in the forward-looking spread between the primary and secondary rates can cause significant earnings volatility.

Management performs a stress test to measure market risk due to changes in interest rates inherent in its MSR portfolio and hedges. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $20 million market risk limit for mortgage servicing rights, net of economic hedges.

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Table 25 – MSR Asset and Hedge Sensitivity Analysis

(In thousands)

Table Link Similar Tables

						June 30, 2024												Mar. 31, 2024
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
MSR Asset						$	8,731					$	(10,254)					$	8,840					$	(10,181)
MSR Hedge						(8,840)						9,007						(9,131)						9,295
Net Exposure						$	(109)					$	(1,247)					$	(291)					$	(886)

Trading Activities

The Company bears market risk by originating RMHFS. RMHFS are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a loan to sale of the closed loan to an investor. Primary mortgage interest rate changes during this period affect the value of RMHFS commitments and loans. We use forward sale contracts to mitigate market risk on all closed mortgage loans held for sale and on an estimate of mortgage loan commitments that are expected to result in closed loans.

A variety of methods are used to monitor market risk of mortgage origination activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and revenue sensitivity limits.

Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity that may result. The Board has approved a $7 million market risk limit for the mortgage production pipeline, net of forward sale contracts.

Table 26 – Mortgage Pipeline Sensitivity Analysis

(In thousands)

Table Link Similar Tables

						Three Months Ended																											Six Months Ended June 30,
						June 30, 2024												Mar. 31, 2024																		2024												2023
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp																		Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
Average1						$	(64)					$	(57)					$	(36)					$	(19)																	$	(50)					$	(38)					$	(87)					$	(37)
Low2						23						32						93						126																		93						126						—						61
High3						(173)						(108)						(240)						(151)																		(240)						(151)						(186)						(168)
Period End						(138)						(65)						(154)						52																		(138)						(65)						(88)						(99)

1    Average represents the simple average of each daily value observed during the reporting period.

2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

BOK Financial enters into trading activities both as an intermediary for customers and for its own account. As an intermediary, we take positions in securities, generally residential mortgage-backed securities, government agency securities and municipal bonds. These securities are purchased for resale to customers, which include individuals, corporations, foundations and financial institutions. On a limited basis, we may also take trading positions in U.S. Treasury securities, residential mortgage-backed securities and municipal bonds to enhance returns on securities portfolios. Both of these activities involve interest rate risk, liquidity risk and price risk.

A variety of methods are used to monitor and manage the market risk of trading activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and position limits for each trading activity. Risk management tools include VaR, stress testing and sensitivity analysis. Economic hedges in either the futures or cash markets may be used to reduce the risk associated with some trading programs. Basis risk can result when trading asset values and the instruments used to hedge them move at different rates.

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. BOK Financial utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. For Market Risk Rule purposes, the Company calculates VaR using a historical simulation approach and measures the potential trading losses using a 10-day holding period and a 99% confidence level.

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Due to inherent limitations of the VaR methodology, including its reliance on past market behavior, which might not be indicative of future market performance, VaR is only one of several tools used to measure and manage market risk. Other tools used to actively manage market risk include stress testing (SVaR) and sensitivity analysis.

SVaR is calculated using the same internal models as used for the VaR-based measure. SVaR is calculated over a ten-day holding period at a one-tail, 99% confidence level and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company's trading portfolio.

The trading portfolio's VaR and SVaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and SVaR based measures for the three months ended June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023.

Table 27 – VaR and SVaR Measures

(In thousands)

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						Three Months Ended
						June 30, 2024												Mar. 31, 2024															June 30, 2023												Mar. 31, 2023
						10 day 99% VaR						10 day 99% SVaR						10 day 99% VaR						10 day 99% SVaR															10 day 99% VaR						10 day 99% SVaR						10 day 99% VaR						10 day 99% SVaR
Average1						$	3,711					$	6,232					$	5,053					$	6,388														$	4,429					$	7,239					$	4,059					$	7,461
Low						1,776						3,763						2,634						4,190															3,046						4,171						1,944						3,156
High						6,862						9,751						8,149						8,268															7,913						14,861						8,487						15,571
Period End						2,200						6,795						4,677						4,931															5,863						5,863						4,036						8,907

1    Average represents the simple average of each daily value observed during the reporting period.

The Company monitors the accuracy of internal VaR models and modeling processes by back-testing model performance. The Company updates historical data used by the VaR model on a regular basis, and model validators independent of business lines perform regular validations to access model input, processing and reporting components. These models are required to be independently validated and approved prior to implementation.

Limit Structure

Beyond VaR and SVaR described above, Management also performs a sensitivity analysis to measure market risk from changes in interest rates on its trading portfolio. Applicable interest rates are shocked up and down 50 basis points, calculating an estimated change in fair value, net of economic hedging activity that may result. The Board has approved an $11 million market risk limit for the trading portfolio, net of economic hedges.

Table 28 – Trading Sensitivity Analysis

(In thousands)

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						Three Months Ended																											Six Months Ended June 30,
						June 30, 2024												Mar. 31, 2024																		2024												2023
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp																		Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
Average1						$	(3,287)					$	5,130					$	(3,745)					$	5,197																	$	(3,516)					$	5,163					$	49					$	477
Low2						3,920						8,936						1,684						8,685																		3,920						8,936						4,513						6,202
High3						(6,602)						(1,827)						(6,898)						(59)																		(6,898)						(1,827)						(4,758)						(4,538)
Period End						(1,608)						3,479						(5,454)						7,069																		(1,608)						3,479						(3,693)						4,886

1    Average represents the simple average of each daily value observed during the reporting period.

2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

BOK Financial has an internal independent Model Risk Management staff that validates models to verify they are conceptually sound, computationally accurate, are performing as expected and are in line with their intended use. Model Risk Management staff also enforces the Company's model risk governance program that defines roles and responsibilities, including the authority to levy findings requiring remediation and to restrict model usage.

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Model Validation

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings" or "Unapproved."

Controls and Procedures

 

As required by Rule 13a-15(b), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their reports, of the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.

Forward-Looking Statements

This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally and the related responses of the government, consumers, and others, on our business, financial condition and results of operations. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "plans," "outlook," "projects," "will," "intends," variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, consumer or business responses to changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.

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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)						Three Months Ended												Six Months Ended
						June 30,												June 30,
Interest revenue						2024						2023						2024						2023
Loans						$	447,114					$	399,182					$	885,791					$	767,052
Residential mortgage loans held for sale						1,348						1,092						2,271						2,071
Trading securities						74,801						47,821						143,038						81,830
Investment securities						7,564						8,586						15,393						17,514
Available for sale securities						123,828						94,589						237,316						183,325
Fair value option securities						194						3,116						389						7,009
Restricted equity securities						9,192						6,429						18,050						12,237
Interest-bearing cash and cash equivalents						7,776						9,552						14,781						16,058
Total interest revenue						671,817						570,367						1,317,029						1,087,096
Interest expense
Deposits						254,753						136,666						496,877						231,940
Borrowed funds						118,737						109,221						225,941						176,259
Subordinated debentures						2,306						2,219						4,618						4,288
Total interest expense						375,796						248,106						727,436						412,487
Net interest income						296,021						322,261						589,593						674,609
Provision for credit losses						8,000						17,000						16,000						33,000
Net interest income after provision for credit losses						288,021						305,261						573,593						641,609
Other operating revenue
Brokerage and trading revenue						53,017						65,006						112,196						117,402
Transaction card revenue						27,246						26,003						52,739						51,624
Fiduciary and asset management revenue						57,576						52,997						112,881						103,654
Deposit service charges and fees						29,572						27,100						58,257						53,068
Mortgage banking revenue						18,628						15,141						37,595						29,508
Other revenue						13,988						14,250						26,923						31,220
Total fees and commissions						200,027						200,497						400,591						386,476
Other gains, net						57,375						12,618						61,644						14,869
Loss on derivatives, net						(1,091)						(8,159)						(9,724)						(9,503)
Loss on fair value option securities, net						(94)						(2,158)						(399)						(5,120)
Change in fair value of mortgage servicing rights						3,453						9,261						14,430						3,202
Gain (loss) on available for sale securities, net						34						(3,010)						(45,137)						(3,010)
Total other operating revenue						259,704						209,049						421,405						386,914
Other operating expense
Personnel						191,090						190,652						393,743						372,797
Business promotion						8,250						7,640						16,228						16,209
Charitable contributions to BOKF Foundation						13,610						1,142						13,610						1,142
Professional fees and services						13,331						12,777						25,341						25,825
Net occupancy and equipment						30,245						30,105						60,538						58,564
FDIC and other insurance						7,317						6,974						16,057						14,289
FDIC special assessment						1,190						—						7,644						—
Data processing and communications						46,131						45,307						91,695						90,109
Printing, postage and supplies						3,789						3,728						7,786						7,621
Amortization of intangible assets						2,898						3,474						5,901						6,865
Mortgage banking costs						8,532						8,300						14,887						14,082
Other expense						10,307						8,574						23,644						16,982
Total other operating expense						336,690						318,673						677,074						624,485
Net income before taxes						211,035						195,637						317,924						404,038
Federal and state income taxes						47,303						44,001						70,498						89,906
Net income						163,732						151,636						247,426						314,132
Net income attributable to non-controlling interests						19						328						10						456
Net income attributable to BOK Financial Corporation shareholders						$	163,713					$	151,308					$	247,416					$	313,676
Earnings per share:
Basic						$	2.54					$	2.27					$	3.83					$	4.70
Diluted						$	2.54					$	2.27					$	3.83					$	4.70
Average shares used in computation:
Basic						63,714,204						65,994,132						64,002,154						66,162,048
Diluted						63,714,204						65,994,132						64,002,154						66,162,048
Dividends declared per share						$	0.55					$	0.54					$	1.10					$	1.08

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2024						2023						2024						2023
Net income						$	163,732					$	151,636					$	247,426					$	314,132
Other comprehensive income (loss) before income taxes:
Net change in unrealized gain (loss)						(5,943)						(160,408)						(77,749)						(36,363)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						12,027						16,033						24,210						32,084
Loss (gain) on available for sale securities, net						(34)						3,010						45,137						3,010
Other comprehensive income (loss) before income taxes						6,050						(141,365)						(8,402)						(1,269)
Federal and state income taxes						1,424						(33,247)						(2,000)						(1,552)
Other comprehensive income (loss), net of income taxes						4,626						(108,118)						(6,402)						283
Comprehensive income						168,358						43,518						241,024						314,415
Comprehensive income attributable to non-controlling interests						19						328						10						456
Comprehensive income attributable to BOK Financial Corporation shareholders						$	168,339					$	43,190					$	241,014					$	313,959

See accompanying notes to consolidated financial statements.

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Consolidated Balance Sheets

(In thousands, except share data)

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						June 30, 2024						Dec. 31, 2023
						(Unaudited)						(Footnote 1)
Assets
Cash and due from banks						$	897,811					$	947,613
Interest-bearing cash and cash equivalents						178,352						400,652
Trading securities						5,212,791						5,193,505
Investment securities, net of allowance (fair value: June 30, 2024 – $1,924,532; December 31, 2023 – $2,072,586)						2,128,881						2,244,153
Available for sale securities						12,793,784						12,286,681
Fair value option securities						19,050						20,671
Restricted equity securities						475,209						423,099
Residential mortgage loans held for sale						107,465						56,935
Loans						24,553,581						23,904,968
Allowance for loan losses						(287,826)						(277,123)
Loans, net of allowance						24,265,755						23,627,845
Premises and equipment, net						632,388						622,223
Receivables						334,019						317,922
Goodwill						1,044,749						1,044,749
Intangible assets, net						54,028						59,979
Mortgage servicing rights						333,246						293,884
Real estate and other repossessed assets, net of allowance (June 30, 2024 – $5,355; December 31, 2023 – $5,355)						2,334						2,875
Derivative contracts, net						225,076						410,304
Cash surrender value of bank-owned life insurance						412,278						409,548
Receivable on unsettled securities sales						14,673						391,910
Other assets						1,271,568						1,070,282
Total assets						$	50,403,457					$	49,824,830
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits						$	8,840,178					$	9,196,493
Interest-bearing deposits:
Transaction						23,107,042						20,964,101
Savings						830,489						847,085
Time						3,463,935						3,012,022
Total deposits						36,241,644						34,019,701
Funds purchased and repurchase agreements						813,758						1,122,748
Other borrowings						6,528,538						7,701,552
Subordinated debentures						131,156						131,150
Accrued interest, taxes and expense						305,839						338,996
Derivative contracts, net						287,509						587,473
Due on unsettled securities purchases						347,663						254,057
Other liabilities						515,380						523,734
Total liabilities						45,171,487						44,679,411
Shareholders' equity:
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: June 30, 2024 – 76,822,776; December 31, 2023 – 76,593,292)						5						5
Capital surplus						1,416,807						1,406,745
Retained earnings						5,387,949						5,211,512
Treasury stock (shares at cost: June 30, 2024 – 12,694,952; December 31, 2023 – 11,626,115)						(970,129)						(876,720)
Accumulated other comprehensive income (loss)						(605,502)						(599,100)
Total shareholders' equity						5,229,130						5,142,442
Non-controlling interests						2,840						2,977
Total equity						5,231,970						5,145,419
Total liabilities and equity						$	50,403,457					$	49,824,830

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Changes in Equity (Unaudited)

(In thousands)

Table Link Similar Tables

						Common Stock												Capital Surplus						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Income (Loss)						Total Shareholders' Equity						Non- Controlling Interests						Total Equity
						Shares						Amount																		Shares						Amount
Balance, March 31, 2024						76,793						$	5					$	1,411,293					$	5,259,646					12,278						$	(932,065)					$	(610,128)					$	5,128,751					$	2,884					$	5,131,635
Net income						—						—						—						163,713						—						—						—						163,713						19						163,732
Other comprehensive income						—						—						—						—						—						—						4,626						4,626						—						4,626
Repurchase of common stock						—						—						—						—						412						(37,626)						—						(37,626)						—						(37,626)
Share-based compensation plans:
Non-vested shares awarded,      net						30						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						5						(438)						—						(438)						—						(438)
Share-based compensation						—						—						5,514						—						—						—						—						5,514						—						5,514
Cash dividends on common      stock						—						—						—						(35,410)						—						—						—						(35,410)						—						(35,410)
Capital calls and distributions,      net						—						—						—						—						—						—						—						—						(63)						(63)
Balance, June 30, 2024						76,823						$	5					$	1,416,807					$	5,387,949					12,695						$	(970,129)					$	(605,502)					$	5,229,130					$	2,840					$	5,231,970
Balance, December 31, 2023						76,593						$	5					$	1,406,745					$	5,211,512					11,626						$	(876,720)					$	(599,100)					$	5,142,442					$	2,977					$	5,145,419
Net income						—						—						—						247,416						—						—						—						247,416						10						247,426
Other comprehensive loss						—						—						—						—						—						—						(6,402)						(6,402)						—						(6,402)
Repurchase of common stock						—						—						—						—						1,029						(89,779)						—						(89,779)						—						(89,779)
Share-based compensation      plans:
Non-vested shares awarded,      net						230						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						40						(3,630)						—						(3,630)						—						(3,630)
Share-based compensation						—						—						10,062						—						—						—						—						10,062						—						10,062
Cash dividends on common      stock						—						—						—						(70,979)						—						—						—						(70,979)						—						(70,979)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(147)						(147)
Balance, June 30, 2024						76,823						$	5					$	1,416,807					$	5,387,949					12,695						$	(970,129)					$	(605,502)					$	5,229,130					$	2,840					$	5,231,970

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						Common Stock												Capital Surplus						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Income (Loss)						Total Shareholders' Equity						Non- Controlling Interests						Total Equity
						Shares						Amount																		Shares						Amount
Balance, March 31, 2023						76,556						$	5					$	1,397,096					$	4,950,176					9,955						$	(743,937)					$	(728,554)					$	4,874,786					$	3,241					$	4,878,027
Net income						—						—						—						151,308						—						—						—						151,308						328						151,636
Other comprehensive loss						—						—						—						—						—						—						(108,118)						(108,118)						—						(108,118)
Repurchase of common stock						—						—						—						—						266						(22,590)						—						(22,590)						—						(22,590)
Share-based compensation      plans:
Non-vested shares awarded,      net						36						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						2						(194)						—						(194)						—						(194)
Share-based compensation						—						—						4,413						—						—						—						—						4,413						—						4,413
Cash dividends on common      stock						—						—						—						(35,751)						—						—						—						(35,751)						—						(35,751)
Capital calls and distributions,      net						—						—						—						—						—						—						—						—						(26)						(26)
Balance, June 30, 2023						76,592						$	5					$	1,401,509					$	5,065,733					10,223						$	(766,721)					$	(836,672)					$	4,863,854					$	3,543					$	4,867,397
Balance, December 31, 2022						76,423						$	5					$	1,390,395					$	4,824,164					9,465						$	(694,960)					$	(836,955)					$	4,682,649					$	4,709					$	4,687,358
Net income						—						—						—						313,676						—						—						—						313,676						456						314,132
Other comprehensive income						—						—						—						—						—						—						283						283						—						283
Repurchase of common stock						—						—						—						—						713						(67,066)						—						(67,066)						—						(67,066)
Share-based compensation      plans:
Non-vested shares awarded,      net						169						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						45						(4,695)						—						(4,695)						—						(4,695)
Share-based compensation						—						—						11,114						—						—						—						—						11,114						—						11,114
Cash dividends on common      stock						—						—						—						(72,107)						—						—						—						(72,107)						—						(72,107)
Capital calls and distributions,      net						—						—						—						—						—						—						—						—						(1,622)						(1,622)
Balance, June 30, 2023						76,592						$	5					$	1,401,509					$	5,065,733					10,223						$	(766,721)					$	(836,672)					$	4,863,854					$	3,543					$	4,867,397

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Table Link Similar Tables

						Six Months Ended
						June 30,
						2024						2023
Cash Flows From Operating Activities:
Net income						$	247,426					$	314,132
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses						16,000						33,000
Change in fair value of mortgage servicing rights due to market assumption changes						(14,430)						(3,202)
Change in the fair value of mortgage servicing rights due to principal payments						13,459						13,829
Net unrealized (gains) losses from derivative contracts						(108,051)						(25,310)
Share-based compensation						10,062						11,114
Depreciation and amortization						52,076						56,583
Net amortization of discounts and premiums						(20,111)						(8,733)
Net losses (gains) on financial instruments and other losses (gains), net						(16,615)						(11,617)
Net loss (gain) on mortgage loans held for sale						(4,613)						2,153
Mortgage loans originated for sale						(379,214)						(353,409)
Proceeds from sale of mortgage loans held for sale						334,578						332,944
Capitalized mortgage servicing rights						(6,970)						(6,603)
Charitable contributions to BOKF Foundation						13,610						—
Change in trading and fair value option securities						(17,671)						(893,843)
Change in receivables						264,352						(82,491)
Change in other assets						69,808						44,365
Change in other liabilities						189,069						17,318
Net cash provided by (used in) operating activities						642,765						(559,770)
Cash Flows From Investing Activities:
Proceeds from maturities or redemptions of investment securities						113,747						140,043
Proceeds from maturities or redemptions of available for sale securities						940,442						656,703
Purchases of investment securities						—						(2,504)
Purchases of available for sale securities						(2,244,168)						(1,266,764)
Proceeds from sales of available for sale securities						737,830						135,489
Change in amount receivable on unsettled available for sale securities transactions						95,997						(10,548)
Loans originated, net of principal collected						(651,931)						(678,700)
Net proceeds from derivative asset contracts						15,651						156,205
Net change in restricted equity securities						(52,110)						(30,435)
Proceeds from disposition of assets						12,600						29,136
Purchases of assets						(87,269)						(97,875)
Net cash provided by (used in) investing activities						(1,119,211)						(969,250)
Cash Flows From Financing Activities:
Net change in demand deposits, transaction deposits and savings accounts						1,770,030						(2,430,397)
Net change in time deposits						451,913						1,244,535
Net change in other borrowed funds						(1,490,267)						2,208,867
Net payments on derivative liability contracts						(20,415)						(151,457)
Net change in derivative margin accounts						(188,326)						707,266
Change in amount due on unsettled available for sale securities transactions						(154,203)						139,688
Issuance of common and treasury stock, net						(3,630)						(4,695)
Repurchase of common stock						(89,779)						(67,066)
Dividends paid						(70,979)						(72,107)
Net cash provided by (used in) financing activities						204,344						1,574,634
Net increase (decrease) in cash and cash equivalents						(272,102)						45,614
Cash and cash equivalents at beginning of period						1,348,265						1,401,716
Cash and cash equivalents at end of period						$	1,076,163					$	1,447,330
Supplemental Cash Flow Information:
Cash paid for interest						$	742,708					$	401,187
Cash paid for taxes						$	39,008					$	123,821
Net loans and bank premises transferred to repossessed real estate and other assets						$	77					$	225
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period						$	8,263					$	7,768
Conveyance of other real estate owned guaranteed by U.S. government agencies						$	1,840					$	2,569
Right-of-use assets obtained in exchange for operating lease liabilities						$	18,236					$	64,899

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of BOK Financial have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

The unaudited consolidated financial statements include accounts of BOK Financial and its subsidiaries, principally BOKF, NA, BOK Financial Securities, Inc. and BOK Financial Private Wealth, Inc. Operating divisions of BOKF, NA include Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, BOK Financial in Arizona, Arkansas, Colorado and Kansas/Missouri, BOK Financial Mortgage and the TransFund electronic funds network.

Certain reclassifications have been made to conform to the current period presentation.

The financial information should be read in conjunction with BOK Financial's 2023 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2023 have been derived from the audited financial statements included in BOK Financial's 2023 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

FASB ASU 2023-01, Leases (Topic 842): Common Control Arrangements

On March 27, 2023, the FASB issued ASU 2023-01 which, in part, amends the accounting for leasehold improvement in common-control arrangements. Under previous guidance, a lessee is generally required to amortize leasehold improvements that it owns over the shorter of the useful life of those improvements or the lease term. However, due to the nature of leasehold improvements made under leases between entities under common control, ASU 2023-01 requires a lessee in a common-control arrangement to amortize such leasehold improvements that it owns over the improvements' useful life to the common control group, regardless of the lease term. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of ASU 2023-01 did not have a material impact on the Company's financial statements.

FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

The FASB issued ASU 2023-07 on November 27, 2023 which is intended to improve reportable segment disclosure requirements. Under previous guidance, while entities were required to disclose segment revenue and measure of profit or loss, there has been limited disclosure around the reporting of segment expenses. In addition to enhanced disclosures about significant segment expenses, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the requirements of the expanded segment disclosures but does not expect the additional disclosures to have a material impact on the reported segment information.

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FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The FASB issued ASU 2023-09 on December 14, 2023 which amends income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance requires the entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact ASU 2023-09 will have on its income tax disclosures.

FASB ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards

The FASB issued ASU 2024-01 on March 21, 2024 which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those periods. Adoption of ASU 2024-01 is not expected to have a material impact on the Company's financial statements.

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(2) Securities

Trading Securities

 

The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):

 

Table Link Similar Tables

						June 30, 2024												December 31, 2023
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
U.S. government securities						$	71,169					$	33					$	10,959					$	28
Residential agency mortgage-backed securities						5,023,892						5,742						5,105,137						98,124
Municipal securities						56,780						152						37,413						323
Other trading securities						60,950						83						39,996						160
Total trading securities						$	5,212,791					$	6,010					$	5,193,505					$	98,635

Investment Securities

 

The amortized cost and fair values of investment securities are as follows (in thousands):

Table Link Similar Tables

						June 30, 2024
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	107,188					$	107,188					$	109,700					$	2,976					$	(464)
Mortgage-backed securities:
Residential agency						2,129,826						1,990,626						1,786,096						91						(204,621)
Commercial agency						17,258						16,066						15,030						—						(1,036)
Other debt securities						15,288						15,288						13,706						—						(1,582)
Total investment securities						2,269,560						2,129,168						1,924,532						3,067						(207,703)
Allowance for credit losses						(287)						(287)						—						—						—
Investment securities, net of allowance						$	2,269,273					$	2,128,881					$	1,924,532					$	3,067					$	(207,703)

1    Carrying value includes $140 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available for Sale securities portfolio to the Investment securities portfolio.

Table Link Similar Tables

						December 31, 2023
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	120,705					$	120,705					$	125,525					$	5,014					$	(194)
Mortgage-backed securities:
Residential agency						2,255,340						2,092,083						1,917,810						125						(174,398)
Commercial agency						17,258						15,914						15,067						—						(847)
Other debt securities						15,787						15,787						14,184						—						(1,603)
Total investment securities						2,409,090						2,244,489						2,072,586						5,139						(177,042)
Allowance for credit losses						(336)						(336)						—						—						—
Investment securities, net of allowance						$	2,408,754					$	2,244,153					$	2,072,586					$	5,139					$	(177,042)

1    Carrying value includes $165 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available for Sale securities portfolio to the Investment securities portfolio.

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The amortized cost and fair values of investment securities at June 30, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):

Table Link Similar Tables

						Less than One Year						One to Five Years						Six to Ten Years						Over Ten Years						Total						Weighted Average Maturity1
Fixed maturity debt securities:
Carrying value						$	18,247					$	101,521					$	18,761					$	13					$	138,542					3.10
Fair value						18,397						102,988						17,038						13						138,436
Residential mortgage-backed securities:
Carrying value																														$	1,990,626					2
Fair value																														1,786,096
Total investment securities:
Carrying value																														$	2,129,168
Fair value																														1,924,532

1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.

2The average expected lives of residential mortgage-backed securities were 4.9 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities

(dollars in thousands):

Table Link Similar Tables

						June 30, 2024
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Investment:
Municipal securities						25						$	16,795					$	150					$	7,679					$	314					$	24,474					$	464
Mortgage-backed securities:
Residential agency						116						—						—						1,785,118						204,621						1,785,118						204,621
Commercial agency						2						—						—						15,030						1,036						15,030						1,036
Other debt securities						3						—						—						8,693						1,582						8,693						1,582
Total investment securities						146						$	16,795					$	150					$	1,816,520					$	207,553					$	1,833,315					$	207,703

Table Link Similar Tables

						December 31, 2023
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Investment:
Municipal securities						13						$	1,931					$	5					$	6,600					$	189					$	8,531					$	194
Mortgage-backed securities:
Residential agency						116						—						—						1,916,732						174,398						1,916,732						174,398
Commercial agency						2						—						—						15,067						847						15,067						847
Other debt securities						3						—						—						8,672						1,603						8,672						1,603
Total investment securities						134						$	1,931					$	5					$	1,947,071					$	177,037					$	1,949,002					$	177,042

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Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):

Table Link Similar Tables

						June 30, 2024
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	923					$	—					$	(77)
Municipal securities						301,294						278,043						—						(23,251)
Mortgage-backed securities:
Residential agency						8,401,476						8,108,567						12,321						(305,230)
Residential non-agency						870,162						828,049						10,441						(52,554)
Commercial agency						3,868,588						3,577,729						816						(291,675)
Other debt securities						500						473						—						(27)
Total available for sale securities						$	13,443,020					$	12,793,784					$	23,578					$	(672,814)

Table Link Similar Tables

						December 31, 2023
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	925					$	—					$	(75)
Municipal securities						544,707						502,833						1						(41,875)
Mortgage-backed securities:
Residential agency						7,066,645						6,834,720						36,983						(268,908)
Residential non-agency						833,535						799,877						12,865						(46,523)
Commercial agency						4,456,918						4,147,853						2,972						(312,037)
Other debt securities						500						473						—						(27)
Total available for sale securities						$	12,903,305					$	12,286,681					$	52,821					$	(669,445)

The amortized cost and fair values of available for sale securities at June 30, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):

Table Link Similar Tables

			Less than One Year						One to Five Years						Six to Ten Years						Over Ten Years						Total						Weighted Average Maturity1
Fixed maturity debt securities:
Amortized cost			$	415,221					$	2,459,948					$	852,408					$	443,805					$	4,171,382					5.08
Fair value			411,548						2,242,456						780,072						423,092						3,857,168
Residential mortgage-backed securities:
Amortized cost																											$	9,271,637					2
Fair value																											8,936,615
Total available for sale securities:
Amortized cost																											$	13,443,020
Fair value																											12,793,784

1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.

2The average expected lives of residential mortgage-backed securities were 4.3 years based upon current prepayment assumptions.

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Sales of available for sale securities resulted in gains and losses as follows (in thousands):

Table Link Similar Tables

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Proceeds			$	1,836					$	135,489					$	737,830					$	135,489
Gross realized gains			222						703						455						703
Gross realized losses			(188)						(3,713)						(45,592)						(3,713)
Related federal and state income tax expense (benefit)			8						(708)						(10,616)						(708)

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $12.6 billion at June 30, 2024 and $13.9 billion at December 31, 2023. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities

(Dollars in thousands)

Table Link Similar Tables

						June 30, 2024
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available for sale:
U.S. Treasury						1						$	—					$	—					$	923					$	77					$	923					$	77
Municipal securities						130						11,009						58						257,764						23,193						268,773						23,251
Mortgage-backed securities:
Residential agency						793						3,033,904						24,223						3,650,900						281,007						6,684,804						305,230
Residential non-agency						41						166,281						1,108						515,977						51,446						682,258						52,554
Commercial agency						240						183,004						2,009						3,151,499						289,666						3,334,503						291,675
Other debt securities						1						—						—						473						27						473						27
Total available for sale securities						1,206						$	3,394,198					$	27,398					$	7,577,536					$	645,416					$	10,971,734					$	672,814

Table Link Similar Tables

						December 31, 2023
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available for sale:
U.S. Treasury						1						$	—					$	—					$	925					$	75					$	925					$	75
Municipal securities						190						6,799						410						494,955						41,465						501,754						41,875
Mortgage-backed securities:
Residential agency						630						690,118						3,689						3,717,975						265,219						4,408,093						268,908
Residential non-agency						32						116,077						1,244						451,370						45,279						567,447						46,523
Commercial agency						269						392,828						2,626						3,421,757						309,411						3,814,585						312,037
Other debt securities						1						—						—						473						27						473						27
Total available for sale securities						1,123						$	1,205,822					$	7,969					$	8,087,455					$	661,476					$	9,293,277					$	669,445

Based on evaluations of impaired securities as of June 30, 2024, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.

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Fair Value Option Securities

 

Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights. 

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):

Table Link Similar Tables

						June 30, 2024												December 31, 2023
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities						$	19,050					$	(1,805)					$	20,671					$	(1,406)

(3) Derivatives

 

Derivative instruments may be used by the Company as part of its internal risk management programs or may be offered to customers. All derivative instruments are carried at fair value, and changes in fair value are reported in earnings as they occur. Credit risk is also considered in determining fair value. Deterioration in the credit rating of customer or other counterparties reduce the fair value of asset contracts. Deterioration of our credit rating could decrease the fair value of our derivative liabilities.

When bilateral netting agreements or similar arrangements exist between the Company and its counterparties that create a single legal claim or obligation to pay or receive the net amount in settlement of the individual derivative contracts, the Company reports derivative assets and liabilities on a net by derivative contract type by counterparty basis.

Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.

 

None of these derivative contracts have been designated as hedging instruments for accounting purposes.

Customer Risk Management Programs

 

BOK Financial offers programs to permit its customers to manage various risks, including fluctuations in energy, interest rates, foreign exchange rates and other commodities with derivative contracts. Customers may also manage interest rate risk through interest rate swaps used by borrowers to modify interest rate terms of their loans. Derivative contracts are executed between the customers and BOK Financial. Offsetting contracts are executed between BOK Financial and other selected counterparties to minimize the risk of changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to customer contracts, except for a fixed pricing spread or fee paid to BOK Financial as profit and compensation for administrative costs and credit risk which is recognized over the life of the contracts and included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.

 

Trading

BOK Financial may offer derivative instruments such as to-be-announced securities to mortgage banking customers to enable them to manage their market risk or to mitigate the Company's market risk of holding trading securities. Changes in the fair value of derivative instruments for trading purposes or used to mitigate the market risk of holding trading securities are included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.

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Internal Risk Management Programs

 

BOK Financial may use derivative contracts in managing its interest rate sensitivity, as part of its economic hedge of the change in the fair value of mortgage servicing rights. Changes in the fair value of derivative instruments used in managing interest rate sensitivity and as part of the economic hedge of changes in the fair value of mortgage servicing rights are included in Other operating revenue – Gain (loss) on derivatives, net in the Consolidated Statements of Earnings.

As discussed in Note 5, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 5 for additional discussion of notional, fair value and impact on earnings of these contracts.

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at June 30, 2024 (in thousands):

Table Link Similar Tables

						Assets
						Notional1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	2,964,667					$	109,692					$	(2,691)					$	107,001					$	(103,743)					$	3,258
Energy contracts						7,472,357						631,285						(435,236)						196,049						(38,770)						157,279
Foreign exchange contracts						35,606						35,451						—						35,451						(22)						35,429
Equity option contracts						1,593						158						—						158						(50)						108
Total customer risk management programs						10,474,223						776,586						(437,927)						338,659						(142,585)						196,074
Trading						25,238,831						82,976						(59,454)						23,522						(1,520)						22,002
Internal risk management programs						456,976						7,284						(284)						7,000						—						7,000
Total derivative contracts						$	36,170,030					$	866,846					$	(497,665)					$	369,181					$	(144,105)					$	225,076
						Liabilities
						Notional1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	2,964,667					$	109,685					$	(2,691)					$	106,994					$	—					$	106,994
Energy contracts						7,851,998						619,809						(435,236)						184,573						(54,007)						130,566
Foreign exchange contracts						35,590						35,419						—						35,419						(34)						35,385
Equity option contracts						1,593						158						—						158						—						158
Total customer risk management programs						10,853,848						765,071						(437,927)						327,144						(54,041)						273,103
Trading						24,337,408						83,121						(59,454)						23,667						(10,545)						13,122
Internal risk management programs						79,617						1,568						(284)						1,284						—						1,284
Total derivative contracts						$	35,270,873					$	849,760					$	(497,665)					$	352,095					$	(64,586)					$	287,509

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2023 (in thousands):

Table Link Similar Tables

						Assets
						Notional 1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	2,754,476					$	108,450					$	(6,810)					$	101,640					$	(94,608)					$	7,032
Energy contracts						7,846,190						836,425						(399,148)						437,277						(169,141)						268,136
Foreign exchange contracts						54,999						53,863						—						53,863						(872)						52,991
Equity option contracts						3,316						54						—						54						(44)						10
Total customer risk management programs						10,658,981						998,792						(405,958)						592,834						(264,665)						328,169
Trading						16,264,818						118,545						(37,111)						81,434						(6,996)						74,438
Internal risk management programs						425,014						7,697						—						7,697						—						7,697
Total derivative contracts						$	27,348,813					$	1,125,034					$	(443,069)					$	681,965					$	(271,661)					$	410,304
						Liabilities
						Notional 1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	2,754,476					$	108,402					$	(6,810)					$	101,592					$	—					$	101,592
Energy contracts						8,254,004						831,467						(399,148)						432,319						(6,441)						425,878
Foreign exchange contracts						54,405						53,065						—						53,065						—						53,065
Equity option contracts						3,316						54						—						54						—						54
Total customer risk management programs						11,066,201						992,988						(405,958)						587,030						(6,441)						580,589
Trading						20,644,156						224,648						(37,111)						187,537						(181,917)						5,620
Internal risk management programs						2,244						1,264						—						1,264						—						1,264
Total derivative contracts						$	31,712,601					$	1,218,900					$	(443,069)					$	775,831					$	(188,358)					$	587,473

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):

Table Link Similar Tables

						Three Months Ended
						June 30, 2024												June 30, 2023
						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net
Customer risk management programs:
Interest rate contracts						$	547					$	—					$	2,339					$	—
Energy contracts						6,162						—						11,250						—
Foreign exchange contracts						56						—						53						—
Equity option contracts						—						—						—						—
Total customer risk management programs						6,765						—						13,642						—
Trading1						32,576						—						64,172						—
Internal risk management programs						—						(1,091)						—						(8,159)
Total derivative contracts						$	39,341					$	(1,091)					$	77,814					$	(8,159)

1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

Table Link Similar Tables

						Six Months Ended
						June 30, 2024												June 30, 2023
						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net
Customer risk management programs:
Interest rate contracts						3,007						—						4,109						—
Energy contracts						9,977						—						17,803						—
Foreign exchange contracts						106						—						84						—
Equity option contracts						—						—						—						—
Total customer risk management programs						13,090						—						21,996						—
Trading1						116,282						—						1,079						—
Internal risk management programs						—						(9,724)						—						(9,503)
Total derivative contracts						$	129,372					$	(9,724)					$	23,075					$	(9,503)

1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

(4) Loans and Allowances for Credit Losses

Loans

Loans are either secured or unsecured based on the type of loan and the financial condition of the borrower. Repayment is generally expected from cash flow or proceeds from the sale of selected assets of the borrower. BOK Financial is exposed to risk of loss on loans due to the borrower's difficulties, which may arise from any number of factors, including problems within the respective industry or local economic conditions. Access to collateral, in the event of borrower default, is reasonably assured through adherence to applicable lending laws and through sound lending standards and credit review procedures. Accounting policies for all loans, excluding residential mortgage loans guaranteed by U.S. government agencies, are as follows.

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Interest is accrued at the applicable interest rate on the principal amount outstanding. Loans are placed on nonaccruing status when, in the opinion of management, full collection of principal or interest is uncertain. Internally risk graded loans are individually evaluated for nonaccruing status quarterly. Non-risk graded loans are generally placed on nonaccruing status when more than 90 days past due or within 60 days of being notified of the borrower's bankruptcy filing. Interest previously accrued but not collected is charged against interest income when the loan is placed on nonaccruing status. Accrued but not paid interest receivable is included in Receivables in the Consolidated Balance Sheets. Payments on nonaccruing loans are applied to principal or recognized as interest income, according to management's judgment as to the collectability of principal. Loans may be returned to accruing status when, in the opinion of management, full collection of principal and interest, including principal previously charged off, is probable based on improvements in the borrower's financial condition or a sustained period of performance.

For loans acquired with no evidence of credit deterioration, discounts are accreted on either an individual basis for loans with unique characteristics or on a pool basis for groups of homogeneous loans. Accretion is discontinued when a loan with an individually attributed discount is placed on nonaccruing status.

Modifications of loans to existing borrowers generally consist of interest rate reductions, extension of payment terms, or a combination of these. Modifications may arise either voluntarily through negotiations with the borrower or involuntarily through court order. Payment deferrals up to six months are generally considered to be short-term modifications. Generally, principal and accrued but unpaid interest are not voluntarily forgiven. A change to the allowance for credit losses is generally not recorded upon modification because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance methodology.

Performing loans may be renewed under the current collateral value, debt service ratio and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing. 

Occasionally, loans, other than residential mortgage loans, may be held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value with gains or losses recognized in Other gains (losses), net in the Consolidated Statements of Earnings.

All loans are charged off when the loan balance or a portion of the loan balance is no longer supported by the paying capacity of the borrower or when the required cash flow is reduced in a modification. The charge-off amount is determined through a quarterly evaluation of available cash resources and collateral values. Internally risk graded loans are evaluated quarterly, and charge-offs are taken in the quarter in which the loss is identified. Non-risk graded loans that are past due between 60 days and 180 days, based on the loan product type, are charged off. Loans to borrowers whose personal obligation has been discharged through Chapter 7 bankruptcy proceedings are charged off within 60 days of notice of the bankruptcy filing, regardless of payment status.

Loan origination and commitment fees and direct loan acquisition and origination costs are deferred and amortized as an adjustment to yield over the life of the loan or over the commitment period, as applicable. Amortization does not anticipate loan prepayments. Net unamortized fees are recognized in full at time of payoff.

Qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. Under certain performance conditions specified in government programs, the Company may have the right, but not the obligation to repurchase loans from GNMA pools. These loans no longer qualify for sale accounting and are recognized in the Consolidated Balance Sheets. We do not expect to receive all principal and interest based on the loan's contractual terms. A portion of the principal balance continues to be guaranteed; however, interest accrues at a curtailed rate as specified in the programs. The carrying value of these loans is reduced based on an estimate of the expected cash flows discounted at the original note rate plus a liquidity spread. Guaranteed loans may be modified in accordance with U.S. government agency guidelines. Interest continues to accrue based on the modified rate. Guaranteed loans may either be resold into GNMA pools after a performance period specified by the programs or foreclosed and conveyed to the guarantors.

Loans are disaggregated into portfolio segments and further disaggregated into classes. The portfolio segment is the level at which the Company develops and documents a systematic method for determining its allowance for credit losses. Classes are a further disaggregation of portfolio segments based on the risk characteristics of the loans and the Company's method for monitoring and assessing credit risk. 

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Portfolio segments of the loan portfolio are as follows (in thousands):

Table Link Similar Tables

						June 30, 2024																								December 31, 2023
						Fixed Rate						Variable Rate						Non-accrual						Total						Fixed Rate						Variable Rate						Non-accrual						Total
Commercial						$	3,604,024					$	11,960,951					$	58,434					$	15,623,409					$	3,558,563					$	11,135,075					$	110,131					$	14,803,769
Commercial real estate						756,055						4,314,637						12,883						5,083,575						791,757						4,538,570						7,320						5,337,647
Loans to individuals						2,428,707						1,398,524						19,366						3,846,597						2,282,914						1,452,620						28,018						3,763,552
Total						$	6,788,786					$	17,674,112					$	90,683					$	24,553,581					$	6,633,234					$	17,126,265					$	145,469					$	23,904,968

Credit Commitments

 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At June 30, 2024, outstanding commitments totaled $14.1 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

The amount of collateral obtained, if deemed necessary, is based upon management's credit evaluation of the borrower.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At June 30, 2024, outstanding standby letters of credit totaled $737 million. 

Allowances for Credit Losses and Accrual for Off-balance Sheet Credit Risk from Unfunded Loans Commitments

The allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments represent the portion of the amortized cost basis of loans that we do not expect to collect over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. The appropriateness of the allowance for credit losses, including industry and product adjustments, is assessed quarterly by a senior management Allowance Committee. This review is based on an ongoing evaluation of the estimated expected credit losses in the portfolio and on unused commitments to provide financing. A well-documented methodology has been developed and is applied by an independent Credit Administration department to assure consistency across the Company.

The allowance for loan losses consists of specific allowances attributed to certain individual loans, generally nonaccruing loans, with dissimilar risk characteristics that have not yet been charged down to amounts we expect to recover and general allowances for estimated credit losses on pools of loans that share similar risk characteristics.

When full collection of principal or interest is uncertain, the loan's risk characteristics have changed, and we exclude the loan from the general allowance pool, typically designating it as nonaccruing. For these loans, a specific allowance reflects the expected credit loss.

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We measure specific allowances for loans excluded from the general allowance pool by an evaluation of estimated future cash flows discounted at the loan's initial effective interest rate or the fair value of collateral for certain collateral dependent loans. For a non-collateral dependent loan, the specific allowance is the amount by which the loan's amortized cost basis exceeds its net realizable value. We measure the specific allowance for collateral dependent loans as the amount by which the loan's amortized cost basis exceeds its fair value. When repayment is expected to be provided substantially through the sale of collateral, we deduct estimated selling costs from the collateral's fair value. Generally, for real property held as collateral for loans, third-party appraisals that conform to Uniform Standards of Professional Appraisal Practice serve as the basis for the fair value of real property held as collateral. These appraised values are on an "as-is" basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. For energy loans, our internal staff of engineers generally determines collateral value of mineral rights based on projected cash flows from proven oil and gas reserves under existing economic and operating conditions. For real property held as collateral for other loans, third-party appraisals that conform to Uniform Standards of Professional Appraisal Practice generally serve as the basis for the fair value. These appraised values are on an "as-is" basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. Our special assets staff generally determines the value of other collateral based on projected liquidation cash flows under current market conditions. We evaluate collateral values and available cash resources quarterly. Historical statistics may be used to estimate specific allowances in limited situations, such as when a collateral dependent loan is removed from the general allowance pool near the end of a reporting period until an appraisal of collateral value is received or a full assessment of future cash flows is completed.

General allowances estimate expected credit losses on pools of loans sharing similar risk characteristics that are expected to occur over the loan's estimated remaining life. The loan's estimated remaining life represents the contractual term adjusted for amortization, estimates of prepayments and borrower-owned extension options. Approximately 90% of the committed dollars in the loan portfolio is risk graded loans with general allowance model inputs that include probability of default, loss given default and exposure at default. Probability of default is based on the migration of loans from performing to nonperforming using historical life of loan analysis periods. Loss given default is based on the aggregate losses incurred, net of estimated recoveries. Exposure at default represents an estimate of the outstanding amount of credit exposure at the time a default may occur.

Charge-off migration is used to calculate the general allowance for the majority of non-risk graded loans to individuals. The expected credit loss on less than 10% of the committed dollars in the portfolio is calculated using charge-off migration.

The expected credit loss on approximately 1% of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.

    

In estimating the expected credit losses for general allowances on performing risk-graded loans, each portfolio class is assigned relevant economic loss drivers which best explain variations in portfolio net loss rates. The probability of default estimates for each portfolio class are adjusted for current and forecasted economic conditions. The result is applied to the exposure at default and loss given default to calculate the lifetime expected credit loss estimate. Selection of relevant economic loss drivers is re-evaluated periodically and involves statistical analysis as well as management judgment. The unemployment rate factors significantly in the allowance for loan losses calculation, affecting commercial and loans to individuals segments. Other primary factors impacting the commercial portfolio include BBB corporate spreads, real gross domestic product growth rate, and energy commodity prices. The primary commercial real estate variables are vacancy rate and BBB corporate spreads. In addition to the unemployment rate, the forecast for loans to individuals is tied to a home price index. The forecasts may include regional economic factors when localized conditions diverge from national conditions.

An Economic Forecast Committee, consisting of senior management with members largely independent of the allowance process, develops a twelve-month forward-looking forecast for the relevant economic loss drivers. Management develops these forecasts based on external data as well as a view of future economic conditions which may include adjustments for regional conditions. The forecast includes three economic scenarios and probability weights for each scenario. The base forecast represents management's view of the most likely outcome, while the downside forecast reflects reasonably possible worsening economic conditions, and the upside forecast projects reasonably possible improving conditions.

At the end of the one-year reasonable and supportable forecast period, we transition from shorter-term expected losses to long-term loss averages for the loan's estimated remaining life. The difference between short-term loss forecasts and long-term loss averages is run-off over the reversion horizon, up to three years, depending on the forecasted economic scenarios.

General allowances also consider the estimated impact of factors that are not captured in the modeled results or historical experience. These factors may increase or decrease modeled results by amounts determined by the Allowance Committee.

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Factors not captured in modeled results or historical experience may include for example, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macro-economic factors, or economic conditions that impact loss given default assumptions.

The accrual for off-balance sheet credit risk is maintained at a level that is appropriate to cover estimated losses associated with credit instruments that are not currently recognized as assets such as loan commitments, standby letters of credit or guarantees that are not unconditionally cancelable by the bank. This accrual is included in other liabilities in the Consolidated Balance Sheets. The appropriateness of the accrual is determined in the same manner as the allowance for loan losses, with the added consideration of commitment usage over the remaining life for those loans that the bank can not unconditionally cancel.

A provision for credit losses is charged against or credited to earnings in amounts necessary to maintain an appropriate Allowance for Credit Losses. Recoveries of loans previously charged off are added to the allowance when received.

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):

Table Link Similar Tables

						Three Months Ended
						June 30, 2024
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	146,267					$	97,479											$	37,877											$	281,623
Provision for loan losses						10,441						(1,042)												3,749												13,148
Loans charged off						(6,391)						(205)												(1,344)												(7,940)
Recoveries of loans previously charged off						420						24												551												995
Ending balance						$	150,737					$	96,256											$	40,833											$	287,826
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	17,790					$	27,865											$	1,664											$	47,319
Provision for off-balance sheet credit risk						(474)						(4,551)												42												(4,983)
Ending balance						$	17,316					$	23,314											$	1,706											$	42,336

Table Link Similar Tables

						Six Months Ended
						June 30, 2024
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	141,232					$	94,718											$	41,173											$	277,123
Provision for loan losses						18,752						2,953												1,403												23,108
Loans charged off						(10,631)						(1,455)												(2,914)												(15,000)
Recoveries of loans previously charged off						1,384						40												1,171												2,595
Ending balance						$	150,737					$	96,256											$	40,833											$	287,826
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	19,762					$	27,439											$	1,776											$	48,977
Provision for off-balance sheet credit risk						(2,446)						(4,125)												(70)												(6,641)
Ending balance						$	17,316					$	23,314											$	1,706											$	42,336

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Table Link Similar Tables

						Three Months Ended
						June 30, 2023
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	139,898					$	66,003											$	43,559											$	249,460
Provision for loan losses						5,420						14,300												237												19,957
Loans charged off						(2,797)						(4,000)												(1,252)												(8,049)
Recoveries of loans previously charged off						748						44												554												1,346
Ending balance						$	143,269					$	76,347											$	43,098											$	262,714
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	20,608					$	40,211											$	2,124											$	62,943
Provision for off-balance sheet credit risk						(314)						(2,530)												(159)												(3,003)
Ending balance						$	20,294					$	37,681											$	1,965											$	59,940

Table Link Similar Tables

						Six Months Ended
						June 30, 2023
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	131,586					$	57,648											$	46,470											$	235,704
Provision for loan losses						11,750						24,726												(1,994)												34,482
Loans charged off						(2,809)						(6,208)												(2,699)												(11,716)
Recoveries of loans previously charged off						2,742						181												1,321												4,244
Ending balance						$	143,269					$	76,347											$	43,098											$	262,714
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	18,246					$	40,490											$	2,183											$	60,919
Provision for off-balance sheet credit risk						2,048						(2,809)												(218)												(979)
Ending balance						$	20,294					$	37,681											$	1,965											$	59,940

An $8.0 million provision for credit losses was necessary for the second quarter of 2024, reflecting continued loan growth and a stable economic outlook.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at June 30, 2024 is as follows (in thousands):

Table Link Similar Tables

						Collectively Measured for General Allowances												Individually Measured for Specific Allowances												Total
						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance
Commercial						$	15,564,975					$	148,523					$	58,434					$	2,214					$	15,623,409					$	150,737
Commercial real estate						5,070,692						96,256						12,883						—						5,083,575						96,256
Loans to individuals						3,827,231						40,833						19,366						—						3,846,597						40,833
Total						$	24,462,898					$	285,612					$	90,683					$	2,214					$	24,553,581					$	287,826

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2023 is as follows (in thousands):

Table Link Similar Tables

						Collectively Measured for General Allowances												Individually Measured for Specific Allowances												Total
						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance
Commercial						$	14,693,638					$	138,540					$	110,131					$	2,692					$	14,803,769					$	141,232
Commercial real estate						5,330,327						94,718						7,320						—						5,337,647						94,718
Loans to individuals						3,735,534						41,173						28,018						—						3,763,552						41,173
Total						$	23,759,499					$	274,431					$	145,469					$	2,692					$	23,904,968					$	277,123

Credit Quality Indicators

The Company utilizes risk grading as primary credit quality indicators as it influences the probability of default which is a key attribute in the expected credit losses calculation. Substantially all commercial as well as commercial real estate loans and certain loans to individuals are risk graded based on a quarterly evaluation of the borrowers' ability to repay the loans. Certain commercial loans and most loans to individuals are small, homogeneous pools that are not risk-graded. The credit quality of these loans is based on past due days in accordance with regulatory guidelines.

We have included in the credit quality indicator "pass" loans that are in compliance with the original terms of the agreement and currently exhibit no factors that cause management to have doubts about the borrowers' ability to remain in compliance with the original terms of the agreement, which is consistent with the regulatory guideline of "pass." This also includes past due residential mortgages that are guaranteed by agencies of the U.S. government that continue to accrue interest based on criteria of the guarantors' programs.

Other loans especially mentioned ("Special Mention") are currently performing in compliance with the original terms of the agreement but may have a potential weakness that deserves management's close attention, consistent with regulatory guidelines. Non-graded loans 30 to 59 days past due are categorized as Special Mention.

The risk grading process identifies certain loans that have a well-defined weakness (for example, inadequate debt service coverage or liquidity or marginal capitalization; repayment may depend on collateral or other risk mitigation) that may jeopardize liquidation of the debt and represent a greater risk due to deterioration in the financial condition of the borrower. This is consistent with the regulatory guideline for "substandard." Because the borrowers are still performing in accordance with the original terms of the loan agreements, these loans remain on accruing status. Non-graded loans 60 to 89 days past due are categorized as Accruing Substandard.

Nonaccruing loans represent loans for which full collection of principal and interest is uncertain. This includes certain loans considered "substandard" and all loans considered "doubtful" by regulatory guidelines. Non-graded loans 90 or more days past due are categorized as Nonaccrual.

The probability of default is lowest for pass graded loans and increases for Special Mention and Accruing Substandard.

Vintage represents the year of origination, except for revolving loans which are considered in aggregate. Loans that were once revolving but have converted to term loans without additional underwriting appear in a separate vintage column.

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The following table summarizes the Company’s loan portfolio at June 30, 2024 by the risk grade categories and vintage (in thousands): 

Table Link Similar Tables

			Origination Year
			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial:
Healthcare
Pass			$	275,268		$	625,281		$	921,843		$	565,653		$	379,669		$	992,889		$	262,814		$	12		$	4,023,429
Special Mention			—			15,000			31,907			1,178			—			49,823			505			—			98,413
Accruing Substandard			—			—			110			18,287			58,103			10,896			975			—			88,371
Nonaccrual			—			1,375			237			—			—			19,233			—			—			20,845
Total healthcare			275,268			641,656			954,097			585,118			437,772			1,072,841			264,294			12			4,231,058
Loans charged off, year-to-date			—			—			—			—			—			6,840			—			—			6,840
Services
Pass			330,400			735,946			506,992			350,009			211,087			691,191			704,785			459			3,530,869
Special Mention			—			1,814			1,035			898			—			8,330			1,758			—			13,835
Accruing Substandard			—			—			17,437			147			1,607			8,929			436			719			29,275
Nonaccrual			—			—			—			1,361			363			—			1,441			—			3,165
Total services			330,400			737,760			525,464			352,415			213,057			708,450			708,420			1,178			3,577,144
Loans charged off, year-to-date			—			—			—			—			10			—			9			—			19
Energy
Pass			55,874			103,305			78,634			2,707			7,288			20,140			3,123,257			—			3,391,205
Special Mention			—			—			—			—			—			—			17,662			—			17,662
Accruing Substandard			—			—			—			—			—			—			13,950			—			13,950
Nonaccrual			—			—			—			—			—			80			28,588			—			28,668
Total energy			55,874			103,305			78,634			2,707			7,288			20,220			3,183,457			—			3,451,485
Loans charged off, year-to-date			—			—			—			—			—			—			—			—			—
General business
Pass			543,566			741,365			376,769			191,698			128,816			346,596			1,918,875			1,733			4,249,418
Special Mention			2,488			15,760			5,201			11,765			535			1,764			9,307			—			46,820
Accruing Substandard			—			4,090			38,900			1,542			1,193			6,539			9,301			163			61,728
Nonaccrual			—			994			66			—			—			35			4,658			3			5,756
Total general business			546,054			762,209			420,936			205,005			130,544			354,934			1,942,141			1,899			4,363,722
Loans charged off, year-to-date			—			27			1,399			—			—			158			2,182			6			3,772
Total commercial			1,207,596			2,244,930			1,979,131			1,145,245			788,661			2,156,445			6,098,312			3,089			15,623,409
Commercial real estate:
Pass			39,377			449,401			2,084,982			919,126			343,462			1,025,082			136,787			—			4,998,217
Special Mention			—			403			14,907			32,131			—			16,949			—			—			64,390
Accruing Substandard			—			—			—			—			—			8,085			—			—			8,085
Nonaccrual			—			2,885			—			—			—			9,998			—			—			12,883
Total commercial real estate			39,377			452,689			2,099,889			951,257			343,462			1,060,114			136,787			—			5,083,575
Loans charged off, year-to-date			—			—			—			—			—			1,455			—			—			1,455

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Table Link Similar Tables

			Origination Year
			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Loans to individuals:
Residential mortgage
Pass			249,631			377,061			308,510			330,796			332,439			267,548			378,185			21,123			2,265,293
Special Mention			—			42			193			176			—			155			1,575			—			2,141
Accruing Substandard			—			49			—			3			—			—			1,113			—			1,165
Nonaccrual			—			107			433			434			510			8,218			2,377			548			12,627
Total residential mortgage			249,631			377,259			309,136			331,409			332,949			275,921			383,250			21,671			2,281,226
Loans charged off, year-to-date			—			—			—			—			—			5			9			—			14
Residential mortgage guaranteed by U.S. government agencies
Pass			—			893			3,466			2,727			3,982			114,140			—			—			125,208
Nonaccrual			—			—			—			—			280			6,337			—			—			6,617
Total residential mortgage guaranteed by U.S. government agencies			—			893			3,466			2,727			4,262			120,477			—			—			131,825
Personal
Pass			148,880			180,029			187,435			133,383			110,809			171,280			499,184			92			1,431,092
Special Mention			—			28			35			65			15			2			1			—			146
Accruing Substandard			—			30			12			3			7			144			1,990			—			2,186
Nonaccrual			—			26			44			11			9			8			24			—			122
Total personal			148,880			180,113			187,526			133,462			110,840			171,434			501,199			92			1,433,546
Loans charged off, year-to-date1			2,732			51			45			26			—			—			26			20			2,900
Total loans to individuals			398,511			558,265			500,128			467,598			448,051			567,832			884,449			21,763			3,846,597
Total loans			$	1,645,484		$	3,255,884		$	4,579,148		$	2,564,100		$	1,580,174		$	3,784,391		$	7,119,548		$	24,852		$	24,553,581

1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2023 by the risk grade categories and vintage (in thousands): 

Table Link Similar Tables

			Origination Year
			2023			2022			2021			2020			2019			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial:
Healthcare
Pass			650,768			895,602			590,736			409,001			331,897			809,858			281,378			15			3,969,255
Special Mention			—			—			—			21,791			—			31,235			5			—			53,031
Accruing Substandard			—			2,128			18,508			6,911			—			10,896			975			—			39,418
Nonaccrual			—			—			—			30,290			23,129			28,110			—			—			81,529
Total healthcare			650,768			897,730			609,244			467,993			355,026			880,099			282,358			15			4,143,233
Loans charged off, year-to-date			—			—			—			—			2,500			—			—			—			2,500
Services
Pass			900,090			526,776			401,872			228,818			106,112			643,477			730,729			595			3,538,469
Special Mention			—			1,085			1,520			1,341			534			4,522			81			—			9,083
Accruing Substandard			—			13,712			178			326			3,972			3,746			3,108			13			25,055
Nonaccrual			—			—			1,635			338			—			—			1,643			—			3,616
Total services			900,090			541,573			405,205			230,823			110,618			651,745			735,561			608			3,576,223
Loans charged off, year-to-date			—			—			3,060			—			—			—			2,642			—			5,702
Energy
Pass			$	190,122		$	100,006		$	43,769		$	7,876		$	9,562		$	11,583		$	3,025,590		$	—		$	3,388,508
Special Mention			—			—			—			—			—			—			13,950			—			13,950
Accruing Substandard			—			—			—			—			—			—			16,800			—			16,800
Nonaccrual			—			—			—			—			—			99			17,744			—			17,843
Total energy			190,122			100,006			43,769			7,876			9,562			11,682			3,074,084			—			3,437,101
General business
Pass			942,468			436,832			224,735			138,951			101,100			287,744			1,389,128			2,164			3,523,122
Special Mention			10,264			16,167			8,420			1,253			321			8,295			897			—			45,617
Accruing Substandard			4,401			33,194			1,716			27			—			—			31,992			—			71,330
Nonaccrual			—			1,134			—			—			—			48			5,956			5			7,143
Total general business			957,133			487,327			234,871			140,231			101,421			296,087			1,427,973			2,169			3,647,212
Loans charged off, year-to-date			—			—			4,598			2			—			48			10			38			4,696
Total commercial			2,698,113			2,026,636			1,293,089			846,923			576,627			1,839,613			5,519,976			2,792			14,803,769
Commercial real estate:
Pass			396,891			1,941,913			1,194,759			416,647			513,555			705,092			136,095			—			5,304,952
Special Mention			—			476			—			—			—			19,171			—			—			19,647
Accruing Substandard			2,992			—			3			—			—			2,733			—			—			5,728
Nonaccrual			—			—			—			—			7,170			150			—			—			7,320
Total commercial real estate			399,883			1,942,389			1,194,762			416,647			520,725			727,146			136,095			—			5,337,647
Loans charged off, year-to-date			—			—			—			—			—			8,446			—			—			8,446

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Table Link Similar Tables

			Origination Year
			2023			2022			2021			2020			2019			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Loans to individuals:
Residential mortgage
Pass			426,089			320,733			342,927			349,742			54,801			243,356			375,739			23,895			2,137,282
Special Mention			157			140			131			1,361			18			134			2,982			93			5,016
Accruing Substandard			—			150			—			—			37			49			50			—			286
Nonaccrual			79			1,419			237			544			344			12,381			2,387			665			18,056
Total residential mortgage			426,325			322,442			343,295			351,647			55,200			255,920			381,158			24,653			2,160,640
Loans charged off, year-to-date			—			—			51			4			—			17			—			1			73
Residential mortgage guaranteed by U.S. government agencies
Pass			633			1,788			2,220			4,297			6,441			124,719			—			—			140,098
Nonaccrual			—			—			—			280			375			9,054			—			—			9,709
Total residential mortgage guaranteed by U.S. government agencies			633			1,788			2,220			4,577			6,816			133,773			—			—			149,807
Personal
Pass			218,401			229,580			149,291			136,215			75,348			137,629			503,841			145			1,450,450
Special Mention			66			39			106			30			8			—			1,918			3			2,170
Accruing Substandard			—			64			12			9			144			—			3			—			232
Nonaccrual			4			51			9			16			3			12			158			—			253
Total personal			218,471			229,734			149,418			136,270			75,503			137,641			505,920			148			1,453,105
Loans charged off, year-to-date1			5,636			82			96			43			—			10			6			26			5,899
Total loans to individuals			645,429			553,964			494,933			492,494			137,519			527,334			887,078			24,801			3,763,552
Total loans			$	3,743,425		$	4,522,989		$	2,982,784		$	1,756,064		$	1,234,871		$	3,094,093		$	6,543,149		$	27,593		$	23,904,968

1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at June 30, 2024 follows (in thousands): 

Table Link Similar Tables

			As of June 30, 2024
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	20,845					$	10,930					$	9,915					$	1,700
Services			3,165						1,521						1,644						441
Energy			28,668						28,668						—						—
General business			5,756						5,618						138						73
Total commercial			58,434						46,737						11,697						2,214
Commercial real estate			12,883						12,883						—						—
Loans to individuals:
Residential mortgage			12,627						12,627						—						—
Residential mortgage guaranteed by U.S. government agencies			6,617						6,617						—						—
Personal			122						122						—						—
Total loans to individuals			19,366						19,366						—						—
Total			$	90,683					$	78,986					$	11,697					$	2,214

A summary of nonaccruing loans at December 31, 2023 follows (in thousands): 

Table Link Similar Tables

			As of December 31, 2023
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	81,529					$	40,372					$	41,157					$	1,478
Services			3,616						1,684						1,932						1,214
Energy			17,843						17,843						—						—
General business			7,143						7,143						—						—
Total commercial			110,131						67,042						43,089						2,692
Commercial real estate			7,320						7,320						—						—
Loans to individuals:
Residential mortgage			18,056						18,056						—						—
Residential mortgage guaranteed by U.S. government agencies			9,709						9,709						—						—
Personal			253						253						—						—
Total loans to individuals			28,018						28,018						—						—
Total			$	145,469					$	102,380					$	43,089					$	2,692

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the six months ended June 30, 2024, the Company had $114 million of loan modifications to borrowers experiencing financial difficulty, including $90 million of healthcare loans and $14 million of energy loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension or a combination. Approximately $110 million of the modifications are term extensions of commercial loans, and $4.1 million are combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the six months ended June 30, 2024, $1.1 million of residential mortgage loans guaranteed by U.S. government agencies that were modified in the previous twelve months defaulted. A payment default is defined as being 30 or more days past due after modification.

For the six months ended June 30, 2023, the Company had $58 million of loan modifications to borrowers experiencing financial difficulty, including $37 million of healthcare loans, $11 million of residential mortgage loans guaranteed by U.S. government agencies and $10 million of general business loans. Approximately $26 million and $11 million of the modifications are combination modifications to healthcare loans and residential mortgage loans guaranteed by U.S. government agencies, respectively. Approximately $20 million of the modifications are term extensions of healthcare and general business loans. During the six months ended June 30, 2023, $4.4 million of residential mortgage loans were modified and subsequently defaulted with $4.3 million of these defaulted loans being guaranteed by U.S. government agencies.

Past Due Loans

Past due status for all loan classes is based on the actual number of days since the last payment was due according to the contractual terms of the loans, as modified for short-term payment deferral forbearance.

A summary of loans currently performing and past due as of June 30, 2024 is as follows (in thousands):

Table Link Similar Tables

												Past Due																								Past Due 90 Days or More and Accruing
						Current						30 to 59 Days						60 to 89 Days						90 Days or More						Total
Commercial:
Healthcare						$	4,214,505					$	1,375					$	4,415					$	10,763					$	4,231,058					$	—
Services						3,575,551						—						1,158						435						3,577,144						72
Energy						3,451,485						—						—						—						3,451,485						—
General business						4,354,147						1,044						163						8,368						4,363,722						2,794
Total commercial						15,595,688						2,419						5,736						19,566						15,623,409						2,866
Commercial real estate						5,073,416						—						3,021						7,138						5,083,575						—
Loans to individuals:
Residential mortgage						2,267,945						9,907						1,615						1,759						2,281,226						97
Residential mortgage guaranteed by U.S. government agencies						40,693						23,918						15,796						51,418						131,825						46,579
Personal						1,432,561						933						52						—						1,433,546						—
Total loans to individuals						3,741,199						34,758						17,463						53,177						3,846,597						46,676
Total						$	24,410,303					$	37,177					$	26,220					$	79,881					$	24,553,581					$	49,542

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A summary of loans currently performing and past due as of December 31, 2023 is as follows (in thousands):

Table Link Similar Tables

												Past Due																								Past Due 90 Days or More and Accruing
						Current						30 to 59 Days						60 to 89 Days						90 Days or More						Total
Commercial:
Healthcare						$	4,071,336					$	18,019					$	30,290					$	23,588					$	4,143,233					$	—
Services						3,575,787						2						—						434						3,576,223						—
Energy						3,437,101						—						—						—						3,437,101						—
General business						3,639,775						412						1,157						5,868						3,647,212						—
Total commercial						14,723,999						18,433						31,447						29,890						14,803,769						—
Commercial real estate						5,327,481						2,992						—						7,174						5,337,647						3
Loans to individuals:
Residential mortgage						2,149,927						6,340						1,494						2,879						2,160,640						36
Residential mortgage guaranteed by U.S. government agencies						54,122						25,085						17,053						53,547						149,807						48,201
Personal						1,450,302						2,561						88						154						1,453,105						131
Total loans to individuals						3,654,351						33,986						18,635						56,580						3,763,552						48,368
Total						$	23,705,831					$	55,411					$	50,082					$	93,644					$	23,904,968					$	48,371

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(5) Mortgage Banking Activities

Residential Mortgage Loan Production

The Company originates, markets and services conventional and government-sponsored residential mortgage loans. Generally, conforming fixed-rate residential mortgage loans are held for sale in the secondary market, and non-conforming and adjustable-rate residential mortgage loans are retained for investment. Residential mortgage loans originated for sale by the Company are carried at fair value based on sales commitments and market quotes. Changes in the fair value of mortgage loans held for sale are included in Other operating revenue – Mortgage banking revenue. Residential mortgage loans held for sale also includes the fair value of residential mortgage loan commitments and forward sales commitments, which are considered derivative contracts that have not been designated as hedging instruments for accounting purposes. The volume of mortgage loans originated for sale and secondary market prices are the primary drivers of originating and marketing revenue.

Residential mortgage loan commitments are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a residential mortgage loan to when the closed loan is sold to an investor. Residential mortgage loan commitments are subject to both credit and interest rate risk. Credit risk is managed through underwriting policies and procedures, including collateral requirements, which are generally accepted by the secondary loan markets. Exposure to interest rate fluctuations is partially managed through forward sales of residential mortgage-backed securities and forward sales contracts. These latter contracts set the price for loans that will be delivered in the next 60 to 90 days.

The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):

Table Link Similar Tables

						June 30, 2024												December 31, 2023
						Unpaid Principal Balance/ Notional						Fair Value						Unpaid Principal Balance/ Notional						Fair Value
Residential mortgage loans held for sale						$	105,922					$	105,706					$	56,922					$	56,457
Residential mortgage loan commitments						62,960						1,945						34,783						1,379
Forward sales contracts						127,010						(186)						75,448						(901)
												$	107,465											$	56,935

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of June 30, 2024 or December 31, 2023. No credit losses were recognized on residential mortgage loans held for sale for the six month period ended June 30, 2024 and 2023.

Mortgage banking revenue was as follows (in thousands):

Table Link Similar Tables

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Production revenue:
Net realized gains (losses) on sale of mortgage loans						$	2,338					$	(296)					$	4,364					$	(2,027)
Net change in unrealized gain (loss) on mortgage loans held for sale						631						(496)						249						(126)
Net change in the fair value of mortgage loan commitments						(528)						(865)						566						775
Net change in the fair value of forward sales contracts						(72)						1,373						715						461
Total production revenue (loss)						2,369						(284)						5,894						(917)
Servicing revenue						16,259						15,425						31,701						30,425
Total mortgage banking revenue						$	18,628					$	15,141					$	37,595					$	29,508

Production revenue includes gain (loss) on residential mortgage loans held for sale and changes in the fair value of derivative contracts not designated as hedging instruments for accounting purposes related to residential mortgage loan commitments and forward sales contracts. Servicing revenue includes servicing fee income and late charges on loans serviced for others.

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Residential Mortgage Servicing

Mortgage servicing rights may be originated or purchased. Both originated and purchased mortgage servicing rights are initially recognized at fair value. The Company has elected to carry all mortgage servicing rights at fair value. Changes in the fair value are recognized in earnings as they occur. The unpaid principal balance of loans serviced for others is the primary driver of servicing revenue.

The following represents a summary of mortgage servicing rights (dollars in thousands):

Table Link Similar Tables

						June 30, 2024						December 31, 2023
Number of residential mortgage loans serviced for others						125,698						115,967
Outstanding principal balance of residential mortgage loans serviced for others						$	22,188,347					$	20,382,192
Weighted average interest rate						3.68		%				3.64		%
Remaining term (in months)						278						280

The following represents activity in capitalized mortgage servicing rights (in thousands):

Table Link Similar Tables

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Beginning Balance						$	319,330					$	299,803					$	293,884					$	277,608
Additions						4,454						4,103						6,970						6,603
Acquisitions						14,021						—						31,421						31,138
Change in fair value due to principal payments						(8,012)						(8,445)						(13,459)						(13,829)
Change in fair value due to market assumption changes						3,453						9,261						14,430						3,202
Ending Balance						$	333,246					$	304,722					$	333,246					$	304,722

Changes in the fair value of mortgage servicing rights due to market assumption changes are included in Other operating revenue in the Consolidated Statements of Earnings. Changes in fair value due to principal payments are included in Mortgage banking costs. 

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:

Table Link Similar Tables

						June 30, 2024						December 31, 2023
Discount rate – risk-free rate plus a market premium						9.91%						9.72%
Prepayment rate – based upon loan interest rate, original term and loan type						6.75%						7.34%
Loan servicing costs – annually per loan based upon loan type:
Performing loans						$73 - $94						$69 - $94
Delinquent loans						$150 - $500						$150 - $500
Loans in foreclosure						$875 - $8,000						$875 - $8,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life						4.38%						3.90%
Primary/secondary mortgage rate spread						115 bps						105 bps
Delinquency rate						2.48%						2.06%

Changes in primary residential mortgage interest rates directly affect the prepayment speeds used in valuing our mortgage servicing rights. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. The prepayment model is updated periodically for changes in market conditions and adjusted to better correlate with actual performance of BOK Financial's servicing portfolio.

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(6) Commitments and Contingent Liabilities

Litigation Contingencies

As a member of Visa, BOK Financial is obligated for a proportionate share of certain covered litigation losses incurred by Visa under a retrospective responsibility plan. A contingent liability was recognized for the Company’s share of Visa’s covered litigation liabilities. Visa funded an escrow account to cover litigation claims, including covered litigation losses under the retrospective responsibility plan, with proceeds from its initial public offering in 2008 and from available cash.

On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements (the "Exchange Offer"). The Exchange Offer opened on April 8, 2024 and expired on May 3, 2024. The Company tendered all of its 252,233 Class B-1 Visa shares under the Exchange Offer and received the equivalent of 200,212 shares of Visa common shares and 126,116 Visa B-2 shares in return. Conversion of the Class B-1 shares did not reduce our proportionate share of the covered litigation losses which may dilute our remaining Class B-2 shares if the escrow fund is not adequate to cover final litigation costs.

BOKF, NA is subject to litigation related to its role as Indenture Trustee for multiple municipal bonds to which Christopher Brogdon acted as borrower. The principal amount of the bonds remaining unpaid at this time is $33 million. Mr. Brogdon is obligated to pay the bonds in full by virtue of a Judgment in the USDC of New Jersey which allows the SEC to pursue collection to satisfy the Judgment, which the SEC continues to pursue. The remaining cases are (i) Robert Elliot & Marvin Loeb on behalf of a class of persons purchasing bonds in multiple municipal bond issuances v. BOKF, NA, USDC District of New Jersey, Case No. 2:16-cv-05218-KM-JBC (commenced 11/20/2015); and (ii) Burn Rose, LLC et al v. BOKF, NA d/b/a BOK, Tulsa County District Court Case, No. CJ-2016-03325 (commenced 9/22/2016). In the New Jersey Class Action and the Tulsa County Burn Rose action, the claimants allege that BOKF, NA was complicit in the fraud committed by Mr. Brogdon. BOKF, NA has multiple defenses to the claims, including the defense that it is exculpated by the terms of the various bond indentures. No action has been taken in the class action by the plaintiffs to establish the class and the amount of the damages, if any, cannot be reasonably estimated. Approximately $3 million is claimed as damages in the Burn Rose action. Management is advised that a loss on the claims in both the Class Action and the Burn Rose action is not probable.

In the ordinary course of business, BOK Financial and its subsidiaries are subject to legal actions and complaints. Management believes, based upon the opinion of counsel, that the actions and liability or loss, if any, resulting from the final outcomes of the proceedings, will not have a material effect on the Company's financial condition, results of operations or cash flows.

Alternative Investment Commitments

The Company invests in several tax credit entities and other funds as permitted by banking regulations. Consolidation of these investments is based on the variable interest model.

At June 30, 2024, the Company has $412 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. These investments are recognized in Other assets on the Consolidated Balance Sheets. This investment balance also includes $107 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On July 30, 2024, the Company declared a quarterly cash dividend of $0.55 per common share payable on or about August 30, 2024 to shareholders of record as of August 15, 2024.

Dividends declared were $0.55 and $1.10 per share during the three and six months ended June 30, 2024 and $0.54 and $1.08 per share during the three and six months ended June 30, 2023.

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Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on AFS securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. Gains and losses in AOCI are net of deferred income taxes.

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):

Table Link Similar Tables

						Unrealized Gain (Loss) on
						Available for Sale Securities						Investment Securities Transferred from AFS																		Total
Balance, Dec. 31, 2022						$	(664,618)					$	(172,337)																	(836,955)
Net change in unrealized gain (loss)						(36,363)						—																		(36,363)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						—						32,084																		32,084
Loss on available for sale securities, net						3,010						—																		3,010
Other comprehensive income (loss), before income taxes						(33,353)						32,084																		(1,269)
Federal and state income taxes						(8,839)						7,287																		(1,552)
Other comprehensive income (loss), net of income taxes						(24,514)						24,797																		283
Balance, June 30, 2023						$	(689,132)					$	(147,540)																	$	(836,672)
Balance, Dec. 31, 2023						$	(473,212)					$	(125,888)																	$	(599,100)
Net change in unrealized gain (loss)						(77,749)						—																		(77,749)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						—						24,210																		24,210
Loss on available for sale securities, net						45,137						—																		45,137
Other comprehensive income (loss), before income taxes						(32,612)						24,210																		(8,402)
Federal and state income taxes						(7,695)						5,695																		(2,000)
Other comprehensive income (loss), net of income taxes						(24,917)						18,515																		(6,402)
Balance, June 30, 2024						$	(498,129)					$	(107,373)																	$	(605,502)

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(8) Earnings Per Share

 

Table Link Similar Tables

(In thousands, except share and per share amounts)						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Numerator:
Net income attributable to BOK Financial Corp. shareholders						$	163,713					$	151,308					$	247,416					$	313,676
Less: Earnings allocated to participating securities						1,602						1,202						2,278						2,457
Numerator for basic earnings per share – income available to common shareholders						162,111						150,106						245,138						311,219
Effect of reallocating undistributed earnings of participating securities						—						—						—						—
Numerator for diluted earnings per share – income available to common shareholders						$	162,111					$	150,106					$	245,138					$	311,219
Denominator:
Weighted average shares outstanding						64,343,898						66,521,728						64,578,226						66,684,603
Less: Participating securities included in weighted average shares outstanding						629,694						527,596						576,072						522,555
Denominator for basic earnings per common share						63,714,204						65,994,132						64,002,154						66,162,048
Dilutive effect of employee stock compensation plans						—						—						—						—
Denominator for diluted earnings per common share						63,714,204						65,994,132						64,002,154						66,162,048
Basic earnings per share						$	2.54					$	2.27					$	3.83					$	4.70
Diluted earnings per share						$	2.54					$	2.27					$	3.83					$	4.70

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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2024 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	283,328					$	6,192					$	2,612					$	3,889					$	296,021
Net interest income (expense) from internal sources						(79,593)						58,972						26,889						(6,268)						—
Net interest income						203,735						65,164						29,501						(2,379)						296,021
Net loans charged off and provision for credit losses						6,134						1,247						—						619						8,000
Net interest income after provision for credit losses						197,601						63,917						29,501						(2,998)						288,021
Other operating revenue						54,536						36,252						113,208						55,708						259,704
Other operating expense						76,114						55,128						90,214						115,234						336,690
Net direct contribution						176,023						45,041						52,495						(62,524)						211,035
Gain (loss) on financial instruments, net						168						(3,577)						—						3,409						—
Change in fair value of mortgage servicing rights						—						3,453						—						(3,453)						—
Gain on repossessed assets, net						—						9						—						(9)						—
Corporate expense allocations						17,381						13,392						16,484						(47,257)						—
Net income before taxes						158,810						31,534						36,011						(15,320)						211,035
Federal and state income taxes						39,247						7,417						8,514						(7,875)						47,303
Net income						119,563						24,117						27,497						(7,445)						163,732
Net income attributable to non-controlling interests						—						—						—						19						19
Net income attributable to BOK Financial Corp. shareholders						$	119,563					$	24,117					$	27,497					$	(7,464)					$	163,713
Average assets						$	30,305,613					$	9,630,470					$	16,452,098					$	(5,192,982)					$	51,195,199

Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2024 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	566,084					$	13,542					$	9,611					$	356					$	589,593
Net interest income (expense) from internal sources						(158,354)						115,757						48,288						(5,691)						—
Net interest income						407,730						129,299						57,899						(5,335)						589,593
Net loans charged off and provision for credit losses						10,294						3,055						(15)						2,666						16,000
Net interest income after provision for credit losses						397,436						126,244						57,914						(8,001)						573,593
Other operating revenue						104,542						72,459						231,912						12,492						421,405
Other operating expense						146,209						108,575						189,502						232,788						677,074
Net direct contribution						355,769						90,128						100,324						(228,297)						317,924
Gain (loss) on financial instruments, net						335						(13,240)						—						12,905						—
Change in fair value of mortgage servicing rights						—						14,430						—						(14,430)						—
Gain on repossessed assets, net						—						116						—						(116)						—
Corporate expense allocations						35,778						27,564						31,263						(94,605)						—
Net income (loss) before taxes						320,326						63,870						69,061						(135,333)						317,924
Federal and state income taxes						78,966						15,022						16,336						(39,826)						70,498
Net income (loss)						241,360						48,848						52,725						(95,507)						247,426
Net income attributable to non-controlling interests						—						—						—						10						10
Net income attributable to BOK Financial Corp. shareholders						$	241,360					$	48,848					$	52,725					$	(95,517)					$	247,416
Average assets						$	30,056,215					$	9,511,225					$	16,105,713					$	(5,061,768)					$	50,611,385

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2023 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	299,712					$	17,828					$	4,415					$	306					$	322,261
Net interest income (expense) from internal sources						(77,975)						50,260						29,426						(1,711)						—
Net interest income						221,737						68,088						33,841						(1,405)						322,261
Net loans charged off and provision for credit losses						6,000						1,129						(45)						9,916						17,000
Net interest income after provision for credit losses						215,737						66,959						33,886						(11,321)						305,261
Other operating revenue						68,828						32,277						123,043						(15,099)						209,049
Other operating expense						77,559						52,340						84,587						104,187						318,673
Net direct contribution						207,006						46,896						72,342						(130,607)						195,637
Gain (loss) on financial instruments, net						231						(10,257)						—						10,026						—
Change in fair value of mortgage servicing rights						—						9,261						—						(9,261)						—
Gain on repossessed assets, net						408						—						—						(408)						—
Corporate expense allocations						21,404						12,318						12,784						(46,506)						—
Net income before taxes						186,241						33,582						59,558						(83,744)						195,637
Federal and state income taxes						45,462						7,898						14,056						(23,415)						44,001
Net income						140,779						25,684						45,502						(60,329)						151,636
Net income attributable to non-controlling interests						—						—						—						328						328
Net income attributable to BOK Financial Corp. shareholders						$	140,779					$	25,684					$	45,502					$	(60,657)					$	151,308
Average assets						$	28,170,869					$	9,597,723					$	12,949,258					$	(2,809,743)					$	47,908,107

Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2023 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	587,970					$	38,974					$	25,355					$	22,310					$	674,609
Net interest income (expense) from internal sources						(139,134)						96,324						44,087						(1,277)						—
Net interest income						448,836						135,298						69,442						21,033						674,609
Net loans charged off and provision for credit losses						6,076						2,313						(69)						24,680						33,000
Net interest income after provision for credit losses						442,760						132,985						69,511						(3,647)						641,609
Other operating revenue						125,673						62,887						231,954						(33,600)						386,914
Other operating expense						150,693						102,538						166,342						204,912						624,485
Net direct contribution						417,740						93,334						135,123						(242,159)						404,038
Gain (loss) on financial instruments, net						173						(14,930)						—						14,757						—
Change in fair value of mortgage servicing rights						—						3,202						—						(3,202)						—
Gain on repossessed assets, net						1,267						14						—						(1,281)						—
Corporate expense allocations						39,122						23,940						25,310						(88,372)						—
Net income before taxes						380,058						57,680						109,813						(143,513)						404,038
Federal and state income taxes						92,610						13,566						25,927						(42,197)						89,906
Net income						287,448						44,114						83,886						(101,316)						314,132
Net income attributable to non-controlling interests						—						—						—						456						456
Net income attributable to BOK Financial Corp. shareholders						$	287,448					$	44,114					$	83,886					$	(101,772)					$	313,676
Average assets						$	28,166,923					$	9,765,186					$	12,309,730					$	(3,291,232)					$	46,950,607

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(10) Fees and Commissions Revenue

Fees and commissions revenue is generated through the sales of products, consisting primarily of financial instruments, and the performance of services for customers under contractual obligations. Revenue from providing services for customers is recognized at the time services are provided in an amount that reflects the consideration we expect to be entitled to for those services. Revenue is recognized based on the application of five steps:

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when (or as) the Company satisfies a performance obligation

For contracts with multiple performance obligations, individual performance obligations are accounted for separately if the customer can benefit from the good or service on its own or with other resources readily available to the customer, and the promise to transfer goods and services to the customer is separately identifiable in the contract. The transaction price is allocated to the performance obligations based on relative standalone selling prices.

Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for products or services of others.

 

Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications. Insurance brokerage revenues represents fees and commissions earned on placement of insurance products with carriers for property and casualty and health coverage.

 

Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer's transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes BOKF, NA. Electronic funds transfer fees are recognized as electronic transactions processed on behalf of its members. 

 

Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.

 

Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charge and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2024 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	27,695					$	—					$	27,695					$	27,695					$	—
Customer hedging revenue			3,408						—						3,047						310						6,765						6,765						—
Retail brokerage revenue			—						—						4,838						—						4,838						—						4,838
Investment banking revenue			4,106						—						9,613						—						13,719						3,942						9,777
Brokerage and trading revenue			7,514						—						45,193						310						53,017						38,402						14,615
TransFund EFT network revenue			21,883						776						(19)						—						22,640						—						22,640
Merchant services revenue			2,502						8						—						—						2,510						—						2,510
Corporate card revenue			1,868						—						161						67						2,096						—						2,096
Transaction card revenue			26,253						784						142						67						27,246						—						27,246
Personal trust revenue			—						—						26,770						—						26,770						—						26,770
Corporate trust revenue			—						—						8,646						—						8,646						—						8,646
Institutional trust & retirement plan services revenue			—						—						16,519						—						16,519						—						16,519
Investment management services and other revenue			—						—						5,641						—						5,641						—						5,641
Fiduciary and asset management revenue			—						—						57,576						—						57,576						—						57,576
Commercial account service charge revenue			15,395						552						603						—						16,550						—						16,550
Overdraft fee revenue			27						5,374						32						—						5,433						—						5,433
Check card revenue			—						6,049						—						—						6,049						—						6,049
Automated service charge and other deposit fee revenue			259						1,189						92						—						1,540						—						1,540
Deposit service charges and fees			15,681						13,164						727						—						29,572						—						29,572
Mortgage production revenue			—						2,369						—						—						2,369						2,369						—
Mortgage servicing revenue			—						16,964						—						(705)						16,259						16,259						—
Mortgage banking revenue			—						19,333						—						(705)						18,628						18,628						—
Other revenue			4,272						2,971						9,570						(2,825)						13,988						8,400						5,588
Total fees and commissions revenue			$	53,720					$	36,252					$	113,208					$	(3,153)					$	200,027					$	65,430					$	134,597

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2024 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	65,152					$	—					$	65,152					$	65,152					$	—
Customer hedging revenue			7,151						—						5,067						872						13,090						13,090						—
Retail brokerage revenue			—						—						9,531						—						9,531						—						9,531
Investment banking revenue			7,925						—						16,498						—						24,423						7,036						17,387
Brokerage and trading revenue			15,076						—						96,248						872						112,196						85,278						26,918
TransFund EFT network revenue			42,349						1,602						(37)						—						43,914						—						43,914
Merchant services revenue			4,682						17						—						—						4,699						—						4,699
Corporate card revenue			3,606						—						340						180						4,126						—						4,126
Transaction card revenue			50,637						1,619						303						180						52,739						—						52,739
Personal trust revenue			—						—						51,115						—						51,115						—						51,115
Corporate trust revenue			—						—						17,906						—						17,906						—						17,906
Institutional trust & retirement plan services revenue			—						—						32,667						—						32,667						—						32,667
Investment management services and other revenue			—						—						11,193						—						11,193						—						11,193
Fiduciary and asset management revenue			—						—						112,881						—						112,881						—						112,881
Commercial account service charge revenue			30,295						1,083						1,149						—						32,527						—						32,527
Overdraft fee revenue			63						10,768						62						—						10,893						—						10,893
Check card revenue			—						11,719						—						—						11,719						—						11,719
Automated service charge and other deposit fee revenue			528						2,425						165						—						3,118						—						3,118
Deposit service charges and fees			30,886						25,995						1,376						—						58,257						—						58,257
Mortgage production revenue			—						5,894						—						—						5,894						5,894						—
Mortgage servicing revenue			—						33,079						—						(1,378)						31,701						31,701						—
Mortgage banking revenue			—						38,973						—						(1,378)						37,595						37,595						—
Other revenue			7,751						5,872						21,104						(7,804)						26,923						16,312						10,611
Total fees and commissions revenue			$	104,350					$	72,459					$	231,912					$	(8,130)					$	400,591					$	139,185					$	261,406

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2023 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	36,921					$	—					$	36,921					$	36,921					$	—
Customer hedging revenue			12,839						—						(159)						962						13,642						13,642						—
Retail brokerage revenue			—						—						3,321						—						3,321						—						3,321
Insurance brokerage revenue			—						—						2,857						—						2,857						—						2,857
Investment banking revenue			3,514						—						4,751						—						8,265						3,452						4,813
Brokerage and trading revenue			16,353						—						47,691						962						65,006						54,015						10,991
TransFund EFT network revenue			20,483						907						(17)						2						21,375						—						21,375
Merchant services revenue			2,494						10						—						—						2,504						—						2,504
Corporate card revenue			1,834						—						184						106						2,124						—						2,124
Transaction card revenue			24,811						917						167						108						26,003						—						26,003
Personal trust revenue			—						—						25,315						—						25,315						—						25,315
Corporate trust revenue			—						—						7,201						—						7,201						—						7,201
Institutional trust & retirement plan services revenue			—						—						13,707						—						13,707						—						13,707
Investment management services and other revenue			—						—						6,775						(1)						6,774						—						6,774
Fiduciary and asset management revenue			—						—						52,998						(1)						52,997						—						52,997
Commercial account service charge revenue			13,364						530						488						(2)						14,380						—						14,380
Overdraft fee revenue			32						5,066						42						1						5,141						—						5,141
Check card revenue			—						5,976						—						(1)						5,975						—						5,975
Automated service charge and other deposit fee revenue			267						1,233						103						1						1,604						—						1,604
Deposit service charges and fees			13,663						12,805						633						(1)						27,100						—						27,100
Mortgage production revenue			—						(284)						—						—						(284)						(284)						—
Mortgage servicing revenue			—						15,993						—						(568)						15,425						15,425						—
Mortgage banking revenue			—						15,709						—						(568)						15,141						15,141						—
Other revenue			4,877						2,930						21,561						(15,118)						14,250						8,166						6,084
Total fees and commissions revenue			$	59,704					$	32,361					$	123,050					$	(14,618)					$	200,497					$	77,322					$	123,175

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2023 (in thousands):

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			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	64,519					$	—					$	64,519					$	64,519					$	—
Customer hedging revenue			19,326						—						(59)						2,729						21,996						21,996						—
Retail brokerage revenue			—						—						7,165						—						7,165						—						7,165
Insurance brokerage revenue			—						—						6,163						—						6,163						—						6,163
Investment banking revenue			7,212						—						10,347						—						17,559						7,050						10,509
Brokerage and trading revenue			26,538						—						88,135						2,729						117,402						93,565						23,837
TransFund EFT network revenue			40,982						1,815						(34)						4						42,767						—						42,767
Merchant services revenue			4,644						18						—						—						4,662						—						4,662
Corporate card revenue			3,619						—						361						215						4,195						—						4,195
Transaction card revenue			49,245						1,833						327						219						51,624						—						51,624
Personal trust revenue			—						—						48,842						—						48,842						—						48,842
Corporate trust revenue			—						—						14,861						—						14,861						—						14,861
Institutional trust & retirement plan services revenue			—						—						26,960						—						26,960						—						26,960
Investment management services and other revenue			—						—						13,013						(22)						12,991						—						12,991
Fiduciary and asset management revenue			—						—						103,676						(22)						103,654						—						103,654
Commercial account service charge revenue			26,235						1,029						965						(2)						28,227						—						28,227
Overdraft fee revenue			57						9,894						62						1						10,014						—						10,014
Check card revenue			—						11,614						—						—						11,614						—						11,614
Automated service charge and other deposit fee revenue			504						2,546						162						1						3,213						—						3,213
Deposit service charges and fees			26,796						25,083						1,189						—						53,068						—						53,068
Mortgage production revenue			—						(917)						—						—						(917)						(917)						—
Mortgage servicing revenue			—						31,551						—						(1,126)						30,425						30,425						—
Mortgage banking revenue			—						30,634						—						(1,126)						29,508						29,508						—
Other revenue			12,960						5,392						38,634						(25,766)						31,220						16,727						14,493
Total fees and commissions revenue			$	115,539					$	62,942					$	231,961					$	(23,966)					$	386,476					$	139,800					$	246,676

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

(11) Fair Value Measurements

Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Company's financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.

For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows:

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.

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Significant Other Observable Inputs (Level 2) - Fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and is based on one or more of the following:

•Quoted prices for similar, but not identical, assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in inactive markets;

•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;

•Other inputs derived from or corroborated by observable market inputs.

Significant Unobservable Inputs (Level 3) - Fair value is based upon model-based valuation techniques for which at least one significant assumption is not observable in the market.

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and six months ended June 30, 2024 and 2023, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and six months ended June 30, 2024 and 2023 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at June 30, 2024 or December 31, 2023.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of June 30, 2024 (in thousands):

						Total						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Trading securities:
U.S. government securities						$	71,169					$	69,955					$	1,214					$	—
Residential agency mortgage-backed securities						5,023,892						—						5,023,892						—
Municipal securities						56,780						—						56,780						—
Other trading securities						60,950						—						60,950						—
Total trading securities						5,212,791						69,955						5,142,836						—
Available for sale securities:
U.S. Treasury						923						923						—						—
Municipal securities						278,043						—						278,043						—
Residential agency mortgage-backed securities						8,108,567						—						8,108,567						—
Residential non-agency mortgage-backed securities						828,049						—						828,049						—
Commercial agency mortgage-backed securities						3,577,729						—						3,577,729						—
Other debt securities						473						—						—						473
Total available for sale securities						12,793,784						923						12,792,388						473
Fair value option securities — Residential agency mortgage-backed securities						19,050						—						19,050						—
Residential mortgage loans held for sale1						107,465						—						100,364						7,101
Mortgage servicing rights2						333,246						—						—						333,246
Derivative contracts, net of cash collateral3						225,076						3,699						221,377						—
Liabilities:
Derivative contracts, net of cash collateral3						287,509						658						286,851						—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 79.41% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.

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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2023 (in thousands):

						Total						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Trading securities:
U.S. government securities						$	10,959					$	9,017					$	1,942					$	—
Residential agency mortgage-backed securities						5,105,137						—						5,105,137						—
Municipal securities						37,413						—						37,413						—
Other trading securities						39,996						—						39,996						—
Total trading securities						5,193,505						9,017						5,184,488						—
Available for sale securities:
U.S. Treasury						925						925						—						—
Municipal securities						502,833						—						502,833						—
Residential agency mortgage-backed securities						6,834,720						—						6,834,720						—
Residential non-agency mortgage-backed securities						799,877						—						799,877						—
Commercial agency mortgage-backed securities						4,147,853						—						4,147,853						—
Other debt securities						473						—						—						473
Total available for sale securities						12,286,681						925						12,285,283						473
Fair value option securities — Residential agency mortgage-backed securities						20,671						—						20,671						—
Residential mortgage loans held for sale1						56,935						—						49,749						7,186
Mortgage servicing rights2						293,884						—						—						293,884
Derivative contracts, net of cash collateral3						410,304						—						410,304						—
Liabilities:
Derivative contracts, net of cash collateral3						587,473						2,607						584,866						—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 77.74% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.

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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:

Securities

The fair values of trading, available for sale and fair value option securities are based on quoted prices for identical instruments in active markets, when available. If quoted prices for identical instruments are not available, fair values are based on significant other observable inputs such as quoted prices of comparable instruments or interest rates and credit spreads, yield curves, volatilities, prepayment speeds and loss severities. The Company has elected to carry all residential mortgage-backed securities guaranteed by U.S. government agencies held as economic hedges against changes in the fair value of mortgage servicing rights at fair value with changes in the fair value recognized in earnings.

The fair value of certain available for sale municipal and other debt securities may be based on significant unobservable inputs. These significant unobservable inputs include limited observed trades, projected cash flows, current credit rating of the issuers and, when applicable, the insurers of the debt and observed trades of similar debt. Discount rates are primarily based on references to interest rate spreads on comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar securities. A summary of significant inputs used to value these securities follows. A management committee composed of senior members from the Company's Corporate Treasury, Risk Management and Finance departments assesses the appropriateness of these inputs quarterly.

Derivatives

All derivative instruments are carried on the balance sheet at fair value. Fair values for exchange-traded contracts are based on quoted prices. Fair values for over-the-counter interest rate, commodity and foreign exchange contracts are based on valuations provided either by third-party dealers in the contracts, quotes provided by independent pricing services or a third-party provided pricing model that uses significant other observable market inputs.

Credit risk is considered in determining the fair value of derivative instruments. Management determines fair value adjustments based on various risk factors including, but not limited to, current fair value, probability of default and loss given default.

We also consider our own credit risk in determining the fair value of derivative contracts. Changes in our credit rating would affect the fair value of our derivative liabilities. In the event of a credit downgrade, the fair value of our derivative liabilities would increase.

Residential Mortgage Loans Held for Sale

Residential mortgage loans held for sale are carried on the balance sheet at fair value. The Company has elected to carry all residential mortgage loans originated for sale at fair value. Changes in the fair value of these financial instruments are recognized in earnings. The fair values of residential mortgage loans held for sale are based upon quoted market prices of such loans sold in securitization transactions, including related unfunded loan commitments and forward sales contracts. The fair value of mortgage loans that were unable to be sold to U.S. government agencies were determined using quoted prices of loans that are sold in securitization transactions with a liquidity discount applied.

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Fair Value of Assets and Liabilities Measured on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis include collateral for certain nonaccruing loans and real property and other assets acquired to satisfy loans, which are based primarily on comparisons to completed sales of similar assets.

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2024 for which the fair value was adjusted during the six months ended June 30, 2024 (in thousands):

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																					Fair Value Adjustments for the
			Carrying Value at June 30, 2024																		Three Months Ended June 30, 2024 Recognized in:												Six Months Ended June 30, 2024 Recognized in:
			Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs						Gross charge-offs against allowance for loan losses						Other gains (losses), net						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	65					$	10,065					$	6,349					$	—					$	10,033					$	—

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2023 for which the fair value was adjusted during the six months ended June 30, 2023 (in thousands):

Table Link Similar Tables

																					Fair Value Adjustments for the
			Carrying Value at June 30, 2023																		Three Months Ended June 30, 2023 Recognized in:												Six Months Ended June 30, 2023 Recognized in:
			Quoted Prices in Active Markets for Identical Instruments						Significant Other Observable Inputs						Significant Unobservable Inputs						Gross charge-offs against allowance for loan losses						Other gains (losses), net						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	—					$	12,048					$	6,797					$	—					$	8,787					$	—
Real estate and other repossessed assets			—						547						—						—						—						—						(101)

The fair value of collateral-dependent nonaccruing loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent nonaccruing loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.

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A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2024 follows (dollars in thousands):

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Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

10,065

Discounted cash flows

Management knowledge of industry and non-real estate collateral

4% - 90% (45%)1

1    Represents fair value as a percentage of the unpaid principal balance.    

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2023 follows (dollars in thousands):

Table Link Similar Tables

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

12,048

Discounted cash flows

Management knowledge of industry and non-real estate collateral

44% - 62% (58%)1

1    Represents fair value as a percentage of the unpaid principal balance.

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Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of June 30, 2024 (in thousands):

						Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and due from banks						$	897,811					$	897,811					$	897,811					$	—					$	—
Interest-bearing cash and cash equivalents						178,352						178,352						178,352						—						—
Trading securities:
U.S. government securities						71,169						71,169						69,955						1,214						—
Residential agency mortgage-backed securities						5,023,892						5,023,892						—						5,023,892						—
Municipal securities						56,780						56,780						—						56,780						—
Other trading securities						60,950						60,950						—						60,950						—
Total trading securities						5,212,791						5,212,791						69,955						5,142,836						—
Investment securities:
Municipal securities						107,188						109,700						—						11,989						97,711
Residential agency mortgage-backed securities						1,990,626						1,786,096						—						1,786,096						—
Commercial agency mortgage-backed securities						16,066						15,030						—						15,030						—
Other debt securities						15,288						13,706						—						13,706						—
Total investment securities						2,129,168						1,924,532						—						1,826,821						97,711
Allowance for credit losses						(287)						—						—						—						—
Investment securities, net of allowance						2,128,881						1,924,532						—						1,826,821						97,711
Available for sale securities:
U.S. Treasury						923						923						923						—						—
Municipal securities						278,043						278,043						—						278,043						—
Residential agency mortgage-backed securities						8,108,567						8,108,567						—						8,108,567						—
Residential non-agency mortgage-backed securities						828,049						828,049						—						828,049						—
Commercial agency mortgage-backed securities						3,577,729						3,577,729						—						3,577,729						—
Other debt securities						473						473						—						—						473
Total available for sale securities						12,793,784						12,793,784						923						12,792,388						473
Fair value option securities — Residential agency mortgage-backed securities						19,050						19,050						—						19,050						—
Residential mortgage loans held for sale						107,465						107,465						—						100,364						7,101
Loans:
Commercial						15,623,409						15,594,663						—						—						15,594,663
Commercial real estate						5,083,575						4,988,792						—						—						4,988,792
Loans to individuals						3,846,597						3,712,068						—						—						3,712,068
Total loans						24,553,581						24,295,523						—						—						24,295,523
Allowance for loan losses						(287,826)						—						—						—						—
Loans, net of allowance						24,265,755						24,295,523						—						—						24,295,523
Mortgage servicing rights						333,246						333,246						—						—						333,246
Derivative instruments with positive fair value, net of cash collateral						225,076						225,076						3,699						221,377						—
Deposits with no stated maturity						32,777,709						32,777,709						—						32,777,709						—
Time deposits						3,463,935						3,439,777						—						—						3,439,777
Other borrowed funds						7,342,296						7,342,295						—						—						7,342,295
Subordinated debentures						131,156						119,428						—						119,428						—
Derivative instruments with negative fair value, net of cash collateral						287,509						287,509						658						286,851						—

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2023 (in thousands):

						Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Instruments (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and due from banks						$	947,613					$	947,613					$	947,613					$	—					$	—
Interest-bearing cash and cash equivalents						400,652						400,652						400,652						—						—
Trading securities:
U.S. government securities						10,959						10,959						9,017						1,942						—
Residential agency mortgage-backed securities						5,105,137						5,105,137						—						5,105,137						—
Municipal securities						37,413						37,413						—						37,413						—
Other trading securities						39,996						39,996						—						39,996						—
Total trading securities						5,193,505						5,193,505						9,017						5,184,488						—
Investment securities:
Municipal securities						120,705						125,525						—						12,305						113,220
Residential agency mortgage-backed securities						2,092,083						1,917,810						—						1,917,810						—
Commercial agency mortgage-backed securities						15,914						15,067						—						15,067						—
Other debt securities						15,787						14,184						—						14,184						—
Total investment securities						2,244,489						2,072,586						—						1,959,366						113,220
Allowance for credit losses						(336)						—						—						—						—
Investment securities, net of allowance						2,244,153						2,072,586						—						1,959,366						113,220
Available for sale securities:
U.S. Treasury						925						925						925						—						—
Municipal securities						502,833						502,833						—						502,833						—
Residential agency mortgage-backed securities						6,834,720						6,834,720						—						6,834,720						—
Residential non-agency mortgage-backed securities						799,877						799,877						—						799,877						—
Commercial agency mortgage-backed securities						4,147,853						4,147,853						—						4,147,853						—
Other debt securities						473						473						—						—						473
Total available for sale securities						12,286,681						12,286,681						925						12,285,283						473
Fair value option securities — Residential agency mortgage-backed securities						20,671						20,671						—						20,671						—
Residential mortgage loans held for sale						56,935						56,935						—						49,749						7,186
Loans:
Commercial						14,803,769						14,862,873						—						—						14,862,873
Commercial real estate						5,337,647						5,270,657						—						—						5,270,657
Loans to individuals						3,763,552						3,634,855						—						—						3,634,855
Total loans						23,904,968						23,768,385						—						—						23,768,385
Allowance for loan losses						(277,123)						—						—						—						—
Loans, net of allowance						23,627,845						23,768,385						—						—						23,768,385
Mortgage servicing rights						293,884						293,884						—						—						293,884
Derivative instruments with positive fair value, net of cash collateral						410,304						410,304						—						410,304						—
Deposits with no stated maturity						31,007,679						31,007,679						—						—						31,007,679
Time deposits						3,012,022						2,993,685						—						—						2,993,685
Other borrowed funds						8,824,300						8,824,299						—						—						8,824,299
Subordinated debentures						131,150						115,798						—						115,798						—
Derivative instruments with negative fair value, net of cash collateral						587,473						587,473						2,607						584,866						—

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.

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(12) Subsequent Events

The Company evaluated events from the date of the consolidated financial statements on June 30, 2024 through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Six-Month Financial Summary – Unaudited

Consolidated Daily Average Balances, Average Yields and Rates

Table Link Similar Tables

(In thousands, except per share data)						Six Months Ended
						June 30, 2024																		June 30, 2023
						Average Balance						Revenue/ Expense						Yield/ Rate						Average Balance						Revenue/ Expense						Yield/ Rate
Assets
Interest-bearing cash and cash equivalents						$	550,720					$	14,781					5.40		%				$	662,788					$	16,058					4.89		%
Trading securities						5,647,050						143,156						5.09		%				3,656,819						81,955						4.51		%
Investment securities						2,180,560						15,443						1.42		%				2,440,778						17,676						1.45		%
Available for sale securities						12,646,923						237,509						3.59		%				11,886,960						183,961						2.94		%
Fair value option securities						19,625						389						3.63		%				272,769						7,009						5.13		%
Restricted equity securities						432,838						18,050						8.34		%				334,431						12,237						7.32		%
Residential mortgage loans held for sale						69,387						2,271						6.39		%				69,385						2,071						5.82		%
Loans						24,166,860						889,726						7.40		%				22,683,791						770,614						6.85		%
Allowance for loan losses						(280,847)																		(245,938)
Loans, net of allowance						23,886,013						889,726						7.49		%				22,437,853						770,614						6.92		%
Total earning assets						45,433,116						1,321,325						5.77		%				41,761,783						1,091,581						5.18		%
Receivable on unsettled securities sales						239,367																		170,570
Cash and other assets						4,938,902																		5,018,254
Total assets						$	50,611,385																	$	46,950,607
Liabilities and equity
Interest-bearing deposits:
Transaction						$	22,635,232					$	418,903					3.72		%				$	18,503,496					$	207,208					2.26		%
Savings						837,870						2,400						0.58		%				942,575						738						0.16		%
Time						3,357,258						75,574						4.53		%				1,778,532						23,994						2.72		%
Total interest-bearing deposits						26,830,360						496,877						3.72		%				21,224,603						231,940						2.20		%
Funds purchased and repurchase agreements						1,548,183						32,208						4.18		%				2,720,397						56,355						4.18		%
Other borrowings						6,997,931						193,733						5.57		%				4,895,893						119,904						4.94		%
Subordinated debentures						131,155						4,618						7.08		%				131,159						4,288						6.59		%
Total interest-bearing liabilities						35,507,629						727,436						4.12		%				28,972,052						412,487						2.87		%
Non-interest bearing demand deposits						8,509,197																		11,698,414
Due on unsettled securities purchases						425,568																		376,876
Other liabilities						1,016,686																		1,010,011
Total equity						5,152,305																		4,893,254
Total liabilities and equity						$	50,611,385																	$	46,950,607
Tax-equivalent net interest income												$	593,889					1.65		%										$	679,094					2.31		%
Tax-equivalent net interest income to earning assets																		2.59		%																3.22		%
Less tax-equivalent adjustment												4,296																		4,485
Net interest income												589,593																		674,609
Provision for credit losses												16,000																		33,000
Other operating revenue												421,405																		386,914
Other operating expense												677,074																		624,485
Income before taxes												317,924																		404,038
Federal and state income taxes												70,498																		89,906
Net income												247,426																		314,132
Net income attributable to non-controlling interests												10																		456
Net income attributable to BOK Financial Corporation shareholders												$	247,416																	$	313,676
Earnings Per Average Common Share Equivalent:
Net income:
Basic												$	3.83																	$	4.70
Diluted												$	3.83																	$	4.70

Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.

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Quarterly Financial Summary – Unaudited

Consolidated Daily Average Balances, Average Yields and Rates

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(In thousands, except per share data)						Three Months Ended
						June 30, 2024																		March 31, 2024
						Average Balance						Revenue/ Expense						Yield/ Rate						Average Balance						Revenue/ Expense						Yield/ Rate
Assets
Interest-bearing cash and cash equivalents						$	533,760					$	7,776					5.86		%				$	567,680					$	7,005					4.96		%
Trading securities						5,922,891						74,856						5.06		%				5,371,209						68,300						5.12		%
Investment securities, net of allowance						2,151,079						7,589						1.41		%				2,210,040						7,854						1.42		%
Available for sale securities						12,755,865						123,916						3.71		%				12,537,981						113,593						3.48		%
Fair value option securities						19,170						194						3.68		%				20,080						195						3.59		%
Restricted equity securities						453,303						9,192						8.11		%				412,376						8,858						8.59		%
Residential mortgage loans held for sale						81,371						1,348						6.50		%				57,402						923						6.25		%
Loans						24,385,153						449,142						7.41		%				23,948,567						440,584						7.40		%
Allowance for loan losses						(283,246)																		(278,449)
Loans, net of allowance						24,101,907						449,142						7.49		%				23,670,118						440,584						7.48		%
Total earning assets						46,019,346						674,013						5.80		%				44,846,886						647,312						5.73		%
Receivable on unsettled securities sales						171,344																		307,389
Cash and other assets						5,004,509																		4,873,297
Total assets						$	51,195,199																	$	50,027,572
Liabilities and equity
Interest-bearing deposits:
Transaction						$	23,006,204					$	215,122					3.76		%				$	22,264,259					$	203,781					3.68		%
Savings						832,704						1,196						0.58		%				843,037						1,204						0.57		%
Time						3,427,336						38,435						4.51		%				3,287,179						37,139						4.54		%
Total interest-bearing deposits						27,266,244						254,753						3.76		%				26,394,475						242,124						3.69		%
Funds purchased and repurchase agreements						1,838,323						19,544						4.28		%				1,258,044						12,664						4.05		%
Other borrowings						7,151,228						99,193						5.58		%				6,844,633						94,540						5.56		%
Subordinated debentures						131,156						2,306						7.07		%				131,154						2,312						7.09		%
Total interest-bearing liabilities						36,386,951						375,796						4.15		%				34,628,306						351,640						4.08		%
Non-interest bearing demand deposits						8,386,979																		8,631,416
Due on unsettled securities purchases						351,199																		499,936
Other liabilities						920,427																		1,112,947
Total equity						5,149,643																		5,154,967
Total liabilities and equity						$	51,195,199																	$	50,027,572
Tax-equivalent net interest income												$	298,217					1.65		%										$	295,672					1.65		%
Tax-equivalent net interest income to earning assets																		2.56		%																2.61		%
Less tax-equivalent adjustment												2,196																		2,100
Net interest income												296,021																		293,572
Provision for credit losses												8,000																		8,000
Other operating revenue												259,704																		161,701
Other operating expense												336,690																		340,384
Income before taxes												211,035																		106,889
Federal and state income taxes												47,303																		23,195
Net income												163,732																		83,694
Net income (loss) attributable to non-controlling interests												19																		(9)
Net income attributable to BOK Financial Corporation shareholders												$	163,713																	$	83,703
Earnings Per Average Common Share Equivalent:
Basic												$	2.54																	$	1.29
Diluted												$	2.54																	$	1.29

Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.

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Table Link Similar Tables

(In thousands, except per share data)						Three Months Ended
						December 31, 2023																		September 30, 2023
						Average Balance						Revenue /Expense						Yield / Rate						Average Balance						Revenue / Expense						Yield / Rate
Assets
Interest-bearing cash and cash equivalents						$	605,839					$	8,096					5.30		%				$	598,734					$	8,199					5.43		%
Trading securities						5,448,403						69,013						5.05		%				5,444,587						65,301						4.76		%
Investment securities, net of allowance						2,264,194						8,058						1.42		%				2,331,595						8,309						1.43		%
Available for sale securities						12,063,398						105,556						3.27		%				11,925,800						99,238						3.11		%
Fair value option securities						20,086						199						3.57		%				41,741						552						4.61		%
Restricted equity securities						432,780						8,670						8.01		%				445,532						8,776						7.88		%
Residential mortgage loans held for sale						61,146						1,036						6.59		%				77,208						1,234						6.27		%
Loans						23,705,108						439,808						7.36		%				23,414,308						427,649						7.25		%
Allowance for loan losses						(273,717)																		(267,205)
Loans, net of allowance						23,431,391						439,808						7.45		%				23,147,103						427,649						7.33		%
Total earning assets						44,327,237						640,436						5.64		%				44,012,300						619,258						5.49		%
Receivable on unsettled securities sales						276,856																		268,344
Cash and other assets						5,109,577																		5,038,908
Total assets						$	49,713,670																	$	49,319,552
Liabilities and equity
Interest-bearing deposits:
Transaction						$	20,449,370					$	177,475					3.44		%				$	19,415,599					$	155,385					3.18		%
Savings						845,705						1,132						0.53		%				874,530						1,043						0.47		%
Time						3,002,252						31,242						4.13		%				2,839,947						28,380						3.96		%
Total interest-bearing deposits						24,297,327						209,849						3.43		%				23,130,076						184,808						3.17		%
Funds purchased and repurchase agreements						2,476,973						29,915						4.79		%				2,699,027						32,748						4.81		%
Other borrowings						7,120,963						99,542						5.55		%				6,968,309						96,271						5.48		%
Subordinated debentures						131,151						2,343						7.09		%				131,151						2,321						7.02		%
Total interest-bearing liabilities						34,026,414						341,649						3.98		%				32,928,563						316,148						3.81		%
Non-interest bearing demand deposits						9,378,886																		10,157,821
Due on unsettled securities purchases						363,358																		435,927
Other liabilities						1,008,035																		891,675
Total equity						4,936,977																		4,905,566
Total liabilities and equity						$	49,713,670																	$	49,319,552
Tax-equivalent net interest income												$	298,787					1.66		%										$	303,110					1.68		%
Tax-equivalent net interest income to earning assets																		2.64		%																2.69		%
Less tax-equivalent adjustment												2,112																		2,214
Net interest income												296,675																		300,896
Provision for credit losses												6,000																		7,000
Other operating revenue												204,883																		198,152
Other operating expense												384,083																		324,313
Income before taxes												111,475																		167,735
Federal and state income taxes												28,953																		33,256
Net income												82,522																		134,479
Net income (loss) attributable to non-controlling interests												(53)																		(16)
Net income attributable to BOK Financial Corporation shareholders												$	82,575																	$	134,495
Earnings Per Average Common Share Equivalent:
Basic												$	1.26																	$	2.04
Diluted												$	1.26																	$	2.04

Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.

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Table Link Similar Tables

(In thousands, except per share data)						Three Months Ended
						June 30, 2023
						Average Balance						Revenue / Expense						Yield / Rate
Assets
Interest-bearing cash and cash equivalents						$	708,475					$	9,552					5.41		%
Trading securities						4,274,803						47,882						4.50		%
Investment securities, net of allowance						2,408,122						8,659						1.44		%
Available for sale securities						12,033,597						94,849						3.00		%
Fair value option securities						245,469						3,116						5.07		%
Restricted equity securities						351,944						6,429						7.31		%
Residential mortgage loans held for sale						72,959						1,092						5.85		%
Loans						22,889,054						400,988						7.03		%
Allowance for loan losses						(252,890)
Loans, net of allowance						22,636,164						400,988						7.10		%
Total earning assets						42,731,533						572,567						5.29		%
Receivable on unsettled securities sales						163,903
Cash and other assets						5,012,671
Total assets						$	47,908,107
Liabilities and equity
Interest-bearing deposits:
Transaction						$	18,368,592					$	119,272					2.60		%
Savings						926,882						490						0.21		%
Time						2,076,037						16,904						3.27		%
Total interest-bearing deposits						21,371,511						136,666						2.56		%
Funds purchased and repurchase agreements						3,670,994						41,905						4.58		%
Other borrowings						5,275,291						67,316						5.12		%
Subordinated debentures						131,153						2,219						6.79		%
Total interest-bearing liabilities						30,448,949						248,106						3.27		%
Non-interest bearing demand deposits						10,998,201
Due on unsettled securities purchases						436,353
Other liabilities						1,079,692
Total equity						4,944,912
Total liabilities and equity						$	47,908,107
Tax-equivalent net interest income												$	324,461					2.02		%
Tax-equivalent net interest income to earning assets																		3.00		%
Less tax-equivalent adjustment												2,200
Net interest income												322,261
Provision for credit losses												17,000
Other operating revenue												209,049
Other operating expense												318,673
Income before taxes												195,637
Federal and state income taxes												44,001
Net income												151,636
Net income attributable to non-controlling interests												328
Net income attributable to BOK Financial Corporation shareholders												$	151,308
Earnings Per Average Common Share Equivalent:
Basic												$	2.27
Diluted												$	2.27

Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.

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Quarterly Earnings Trends – Unaudited

(In thousands, except share and per share data)

Table Link Similar Tables

						Three Months Ended
						June 30, 2024						Mar. 31, 2024						Dec. 31, 2023						Sep. 30, 2023						June 30, 2023
Interest revenue						$	671,817					$	645,212					$	638,324					$	617,044					$	570,367
Interest expense						375,796						351,640						341,649						316,148						248,106
Net interest income						296,021						293,572						296,675						300,896						322,261
Provision for credit losses						8,000						8,000						6,000						7,000						17,000
Net interest income after provision for credit losses						288,021						285,572						290,675						293,896						305,261
Other operating revenue
Brokerage and trading revenue						53,017						59,179						60,896						62,312						65,006
Transaction card revenue						27,246						25,493						28,847						26,387						26,003
Fiduciary and asset management revenue						57,576						55,305						51,408						52,256						52,997
Deposit service charges and fees						29,572						28,685						27,770						27,676						27,100
Mortgage banking revenue						18,628						18,967						12,834						13,356						15,141
Other revenue						13,988						12,935						15,035						15,865						14,250
Total fees and commissions						200,027						200,564						196,790						197,852						200,497
Other gains, net						57,375						4,269						40,452						1,474						12,618
Gain (loss) on derivatives, net						(1,091)						(8,633)						8,592						(9,010)						(8,159)
Gain (loss) on fair value option securities, net						(94)						(305)						1,031						(203)						(2,158)
Change in fair value of mortgage servicing rights						3,453						10,977						(14,356)						8,039						9,261
Gain (loss) on available for sale securities, net						34						(45,171)						(27,626)						—						(3,010)
Total other operating revenue						259,704						161,701						204,883						198,152						209,049
Other operating expense
Personnel						191,090						202,653						203,022						190,791						190,652
Business promotion						8,250						7,978						8,629						6,958						7,640
Charitable contributions to BOKF Foundation						13,610						—						1,542						23						1,142
Professional fees and services						13,331						12,010						16,288						13,224						12,777
Net occupancy and equipment						30,245						30,293						30,355						32,583						30,105
FDIC and other insurance						7,317						8,740						8,495						7,996						6,974
FDIC special assessment						1,190						6,454						43,773						—						—
Data processing and communications						46,131						45,564						45,584						45,672						45,307
Printing, postage and supplies						3,789						3,997						3,844						3,760						3,728
Amortization of intangible assets						2,898						3,003						3,543						3,474						3,474
Mortgage banking costs						8,532						6,355						8,085						8,357						8,300
Other expense						10,307						13,337						10,923						11,475						8,574
Total other operating expense						336,690						340,384						384,083						324,313						318,673
Net income before taxes						211,035						106,889						111,475						167,735						195,637
Federal and state income taxes						47,303						23,195						28,953						33,256						44,001
Net income						163,732						83,694						82,522						134,479						151,636
Net income (loss) attributable to non-controlling interests						19						(9)						(53)						(16)						328
Net income attributable to BOK Financial Corporation shareholders						$	163,713					$	83,703					$	82,575					$	134,495					$	151,308
Earnings per share:
Basic						$2.54						$1.29						$1.26						$2.04						$2.27
Diluted						$2.54						$1.29						$1.26						$2.04						$2.27
Average shares used in computation:
Basic						63,714,204						64,290,105						64,750,171						65,548,307						65,994,132
Diluted						63,714,204						64,290,105						64,750,171						65,548,307						65,994,132

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PART II. Other Information

Item 1. Legal Proceedings

 

See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.

Item 1A. Risk Factors

There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended June 30, 2024.

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Period						Total Number of Shares Purchased2						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1						Maximum Number of Shares that May Yet Be Purchased Under the Plans
April 1 to April 30, 2024						55,000						$	90.47					55,000						1,900,156
May 1 to May 31, 2024						206,176						$	91.74					206,176						1,693,980
June 1 to June 30, 2024						155,774						$	88.60					151,000						1,542,980
Total						416,950												412,176

1On November 1, 2022, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of June 30, 2024, the Company had repurchased 3,457,020 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations and other factors.

2The Company may repurchase mature shares from employees to cover the exercise price and taxes in connection with employee equity compensation.

Item 5. Other Information

Trading Plans

No Company director or officer (as defined in Exchange Act Rule 16a-1(f)) has adopted, modified or terminated any trading arrangements during the second quarter of 2024.

Certain of our officers or directors have made elections to participate in, and are participating in, our dividend reinvestment plan and 401(k) plan, and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes on issuances of shares to such officers or directors, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).

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Item 6. Exhibits

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31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101			Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements. The XBRL instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104			Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)

Items 3 and 4 are not applicable and have been omitted.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BOK FINANCIAL CORPORATION

(Registrant)

Date:        July 31, 2024                                                                  

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/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President and
Chief Financial Officer

    

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/s/ Michael J. Rogers
Michael J. Rogers
Senior Vice President and
Chief Accounting Officer

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