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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, 2025

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: 63,611,097 shares of common stock ($.00006 par value) as of June 30, 2025.

BOK Financial Corporation

Form 10-Q

Quarter Ended June 30, 2025

Index

Glossary of Defined Terms			1
Part I.  Financial Information
Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 2)			2
Market Risk (Item 3)			36
Controls and Procedures (Item 4)			41
Consolidated Financial Statements – Unaudited (Item 1)			42
Six-Month Financial Summary – Unaudited (Item 2)			91
Quarterly Financial Summary – Unaudited (Item 2)			92
Quarterly Earnings Trends – Unaudited			95
Part II.  Other Information
Item 1.  Legal Proceedings			96
Item 1A. Risk Factors			96
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds			96
Item 5. Other Information			96
Item 6.  Exhibits			97
Signatures			98

---

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
CODM						Chief Operating Decision Maker
Company						BOK Financial Corporation
EFT						Electronic Funds Transfer
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
FHLB						Federal Home Loan Bank
FTE						Full Time Equivalent
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
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
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 $140.0 million, or $2.19 per diluted share, for the second quarter of 2025 compared to $119.8 million, or $1.86 per diluted share, for the first quarter of 2025. PPNR1, a non-GAAP measure, was $180.7 million for the second quarter of 2025, compared to $154.8 million in the first quarter of 2025.

Highlights of the second quarter of 2025 compared to the first quarter of 2025 included:

•Net interest income totaled $328.2 million, an increase of $11.9 million over the prior quarter. Net interest margin expanded to 2.80% for the second quarter of 2025, compared to 2.78% for the prior quarter. For the second quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.12% compared to 3.05% in the prior quarter.

•Fees and commissions revenue totaled $197.3 million, an increase of $13.2 million over the prior quarter with broad-based growth across our fee income lines. Brokerage and trading revenue increased $7.1 million, fiduciary and asset management revenue grew $3.0 million, and transaction card revenue increased $2.5 million.

•Other operating expense totaled $354.5 million, an increase of $7.0 million compared to the prior quarter. Personnel expense was relatively unchanged and non-personnel expense increased $6.4 million, led by higher operational losses combined with increased costs related to ongoing technology projects.

•Other gains (losses), net, were a net gain of $8.1 million for the second quarter of 2025, compared to a net loss of $725 thousand in the first quarter of 2025. Net gains on merchant banking investments were $5.2 million and net gains on investments related to deferred compensation were $3.4 million for the second quarter of 2025. The prior quarter included net gains on merchant banking investments of $678 thousand and net losses of $1.1 million on investments related to deferred compensation.

•Period end outstanding loan balances totaled $24.3 billion at June 30, 2025, an increase of $602 million compared to March 31, 2025. Growth in commercial real estate loans and loans to individuals was slightly offset by a decrease in energy portfolio balances. Average loan balances increased $108 million to $24.2 billion.

•No provision for expected credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter. Net charge-offs in the second quarter remained historically low at $561 thousand, or less than 0.01% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $330 million, or 1.36% of outstanding loans, at June 30, 2025. The combined allowance for credit losses was $331 million, or 1.40% of outstanding loans, at March 31, 2025.

•Nonperforming assets not guaranteed by U.S. government agencies were $74 million, a $4.4 million decrease compared to March 31, 2025. Potential problem loans decreased by $10 million while other loans especially mentioned increased by $22 million compared to March 31, 2025.

•Period end deposits were relatively unchanged at $38.2 billion at June 30, 2025. Average deposits decreased $222 million, including a $198 million reduction in demand deposit balances and a $25 million decrease in average interest-bearing deposits. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025.

•Assets under management or administration totaled $117.9 billion at June 30, 2025, increasing $3.9 billion compared to March 31, 2025, primarily driven by improvements in the equity markets during the second quarter.

•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.63% at June 30, 2025, and 9.48% at March 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio1 would be 9.40% at June 30, 2025, and 9.23% at March 31, 2025.

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

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•The common equity Tier 1 capital ratio at June 30, 2025, was 13.59%. Other regulatory capital ratios include the Tier 1 capital ratio at 13.60%, total capital ratio at 14.48%, and leverage ratio at 9.88%. At March 31, 2025, the common equity Tier 1 capital ratio was 13.31%, the Tier 1 capital ratio was 13.31%, the total capital ratio was 14.54%, and the leverage ratio was 10.02%.

•The Company repurchased 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025 and 10,000 shares of common stock at an average price of $98.45 per share in the first quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position. On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022 under which 869,682 shares remain. The new repurchase authorization does not have an expiration date, may be suspended at any time, does not include specific price targets, may be executed from time to time through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and other transactions or arrangements as officers may determine.

•The Company paid a regular cash dividend of $36.3 million, or $0.57 per common share, during the second quarter of 2025. On July 29, 2025, the board of directors approved a quarterly cash dividend of $0.57 per common share payable on or about August 27, 2025, to shareholders of record as of August 13, 2025.

Highlights of the six months ended June 30, 2025, compared to the six months ended June 30, 2024, included:

•Net interest income totaled $644.4 million for the six months ended June 30, 2025, and $589.6 million for the six months ended June 30, 2024. Net interest income increased $41.6 million from changes in interest rates and increased $14.1 million from changes in earning assets. Net interest margin was 2.79% compared to 2.59% reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. The AFS securities portfolio yield increased 26 basis points while loan yields decreased 69 basis points. Funding costs decreased 71 basis points. Average earning assets increased $866 million to $46.3 billion, driven largely by higher average trading securities and AFS securities balances. Total interest-bearing deposits increased $3.4 billion, partially offset by a decrease of $452 million in demand deposit balances. Other borrowed funds decreased $2.4 billion.

•Fees and commissions revenue totaled $381.4 million for the six months ended June 30, 2025, a $19.1 million decrease compared to the six months ended June 30, 2024. Brokerage and trading revenue decreased $43.0 million, largely due to a shift in fee revenue to interest income combined with lower trading volumes and compressed trading margins. Fiduciary and asset management revenue increased $12.1 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue increased $3.9 million led by growth in the volume of transactions processed. Other revenue increased $3.3 million, primarily related to higher fees earned on derivative counterparty margin and deposit service charges increased $3.3 million due to growth in commercial service charges.

•Other gains (losses), net, were a net gain of $7.4 million for the six months ended June 30, 2025, compared to a net gain of $61.6 million for the six months ended June 30, 2024. The six months ended June 30, 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares. Gain on merchant banking investments was $5.9 million and gains on investments related to deferred compensation were $2.3 million for the six months ended June 30, 2025. The six months ended June 30, 2024, included net gains on merchant banking investments of $1.3 million and a gain of $5.7 million on investments related to deferred compensation. The six months ended June 30, 2024 also included a loss of $45.1 million on the repositioning of the AFS securities portfolio.

•Total operating expense was $702.0 million for the six months ended June 30, 2025, an increase of $25.0 million compared to the six months ended June 30, 2024. Personnel expense increased $35.2 million. Regular compensation increased $15.9 million, largely related to annual merit increases, salary adjustments, and business expansion. Incentive compensation expense was up $10.1 million, primarily due to cash-based incentive compensation costs. Employee benefits expense increased $9.2 million related to higher employee healthcare costs and an increase in payroll taxes. Non-personnel expense decreased $10.2 million to $273.1 million. The six months ended June 30, 2024 included charitable contributions to the BOKF Foundation of $13.6 million and FDIC insurance special assessment costs of $7.6 million. These decreases in expense were partially offset by increases in data processing expense, net occupancy and equipment expense, and professional fees and services expense.

•No provision for expected credit losses was necessary for the six months ended June 30, 2025. A $16.0 million provision for expected credit losses was recorded for the six months ended June 30, 2024.

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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 $330.7 million for the second quarter of 2025, up from $318.8 million in the prior quarter. Net interest income increased $7.9 million from changes in interest rates and increased $4.0 million 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 $1.4 billion over the first quarter of 2025. The average balance of trading securities increased $995 million, while average AFS securities grew by $256 million. Average loan balances increased $108 million due to growth in commercial real estate loans and loans to individuals, largely offset by a decrease in commercial loan balances. Average fair value options securities increased $71 million and restricted equity securities increased $42 million.

Total average deposits decreased $222 million compared to the first quarter of 2025, including a $198 million decrease in demand deposits and a $25 million decrease in interest-bearing deposits. Average funds purchased and repurchase agreements decreased $154 million, while average other borrowings increased $1.4 billion.

Net interest margin was 2.80% compared to 2.78% in the first quarter of 2025. For the second quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.12% compared to 3.05% in the prior quarter. The tax-equivalent yield on earning assets was 5.47%, an increase of 2 basis points. The yield on the AFS securities portfolio increased 7 basis points to 3.89%. Loan yields were unchanged at 6.71%. The yield on trading securities decreased 2 basis points to 5.05%. The yield on fair value option securities increased 218 basis points to 5.90% and the yield on restricted equity securities expanded 22 basis points to 7.73%.

Funding costs were 3.40%, a 2 basis point decrease compared to the prior quarter. The cost of interest-bearing deposits decreased 7 basis points to 3.17%. The cost of funds purchased and repurchase agreements increased 45 basis points to 3.50% while the cost of other borrowings decreased 8 basis points to 4.49%. The cost of subordinated debentures was down 6 basis points to 6.38%. All outstanding subordinated debentures were called during the second quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 73 basis points, a decrease of 2 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 82% 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, 2025 / Mar. 31, 2025																		Six Months Ended June 30, 2025 / 2024
												Change Due To1																		Change Due To1
						Change						Volume						Yield/Rate						Change						Volume						Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents						$	(603)					$	(610)					$	7					$	(2,926)					$	(403)					$	(2,523)
Trading securities						12,617						12,902						(285)						17,203						18,262						(1,059)
Investment securities						(246)						(230)						(16)						(1,673)						(1,643)						(30)
Available-for-sale securities						3,787						1,427						2,360						21,424						4,414						17,010
Fair value option securities						1,141						844						297						1,108						752						356
Restricted equity securities						1,004						877						127						(3,964)						(3,170)						(794)
Residential mortgage loans held for sale						371						352						19						50						163						(113)
Loans						5,818						3,815						2,003						(86,434)						(2,682)						(83,752)
Total tax-equivalent interest revenue						23,889						19,377						4,512						(55,212)						15,693						(70,905)
Interest expense:
Transaction deposits						(305)						1,135						(1,440)						(10,166)						54,402						(64,568)
Savings deposits						(13)						20						(33)						(77)						40						(117)
Time deposits						(2,311)						(145)						(2,166)						(7,119)						2,586						(9,705)
Funds purchased and repurchase agreements						(208)						(1,213)						1,005						(18,360)						(12,758)						(5,602)
Other borrowings						15,275						16,038						(763)						(74,188)						(42,125)						(32,063)
Subordinated debentures						(496)						(490)						(6)						(946)						(534)						(412)
Total interest expense						11,942						15,345						(3,403)						(110,856)						1,611						(112,467)
Tax-equivalent net interest income						11,947						4,032						7,915						55,644						14,082						41,562
Change in tax-equivalent adjustment						32																		820
Net interest income						$	11,915																	$	54,824

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 $207.1 million for the second quarter of 2025, an increase of $21.1 million over the first quarter of 2025, from broad-based growth across our fee income lines combined with net gains on merchant banking activities.

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, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Brokerage and trading revenue						$	38,125					$	31,068					$	7,057					23		%																						$	69,193					$	112,196					$	(43,003)					(38)		%
Transaction card revenue						29,561						27,092						2,469						9		%																						56,653						52,739						3,914						7		%
Fiduciary and asset management revenue						63,964						60,972						2,992						5		%																						124,936						112,881						12,055						11		%
Deposit service charges and fees						31,319						30,275						1,044						3		%																						61,594						58,257						3,337						6		%
Mortgage banking revenue						18,993						19,815						(822)						(4)		%																						38,808						37,595						1,213						3		%
Other revenue						15,368						14,894						474						3		%																						30,262						26,923						3,339						12		%
Total fees and commissions revenue						197,330						184,116						13,214						7		%																						381,446						400,591						(19,145)						(5)		%
Other gains (losses), net						8,140						(725)						8,865						N/A																								7,415						61,644						(54,229)						N/A
Gain (loss) on derivatives, net						5,535						9,565						(4,030)						N/A																								15,100						(9,724)						24,824						N/A
Gain (loss) on fair value option securities, net						1,112						325						787						N/A																								1,437						(399)						1,836						N/A
Change in fair value of mortgage servicing rights						(5,019)						(7,240)						2,221						N/A																								(12,259)						14,430						(26,689)						N/A
Gain (loss) on available-for-sale securities, net						—						—						—						N/A																								—						(45,137)						45,137						N/A
Total other operating revenue						$	207,098					$	186,041					$	21,057					11		%																						$	393,139					$	421,405					$	(28,266)					(7)		%

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 38% of combined net interest income before provision for credit losses and fees and commissions revenue for the second quarter of 2025. 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.

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Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage, and investment banking, increased $7.1 million compared to the first quarter of 2025.

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 $14.4 million, a $6.3 million increase compared to the prior quarter, driven by steady customer demand and higher mortgage origination volumes from seasonal production. Interest rate levels and curve steepness can result in a shift from trading revenue to net interest income from trading securities. See further discussion on a total revenue basis in the Wealth Management discussion in Management's Discussion and Analysis - Segment Reporting following.

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 $7.5 million for the second quarter of 2025, a decrease of $879 thousand compared to the prior quarter, primarily attributed to our energy derivative customers. 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 $11.1 million, an increase of $1.5 million over the prior quarter, largely related to the timing and volume of completed 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 $29.6 million for the second quarter of 2025, a $2.5 million increase, primarily due to growth in transaction volumes 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 non-managed relationships. Fiduciary and asset management revenue was $64.0 million for the second quarter of 2025, an increase of $3.0 million over the first quarter of 2025, 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, 2025																		March 31, 2025
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	12,870,191					$	29,969					0.93		%				$	12,382,640					$	28,012					0.90		%
Institutional			25,129,138						12,706						0.20		%				24,090,880						12,786						0.21		%
Total managed fiduciary assets			37,999,329						42,675						0.45		%				36,473,520						40,798						0.45		%
Non-managed assets:
Fiduciary			33,057,806						18,596						0.23		%				31,586,317						17,652						0.22		%
Non-fiduciary			20,758,866						2,693						0.05		%				20,170,128						2,522						0.05		%
Safekeeping and brokerage assets under administration			26,054,969						—						—		%				25,726,598						—						—		%
Total non-managed assets			79,871,641						21,289						0.11		%				77,483,043						20,174						0.10		%
Total assets under management or administration			$	117,870,970					$	63,964					0.22		%				$	113,956,563					$	60,972					0.21		%

Table Link Similar Tables

			Six Months Ended
			June 30, 2025																		June 30, 2024
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	12,870,191					$	57,981					0.90		%				$	11,479,779					$	58,036					1.01		%
Institutional			25,129,138						25,492						0.20		%				20,019,267						20,322						0.20		%
Total managed fiduciary assets			37,999,329						83,473						0.44		%				31,499,046						78,358						0.50		%
Non-managed assets:
Fiduciary			33,057,806						36,248						0.22		%				30,418,648						28,759						0.19		%
Non-fiduciary			20,758,866						5,215						0.05		%				20,031,316						5,764						0.06		%
Safekeeping and brokerage assets under administration			26,054,969						—						—		%				25,528,020						—						—		%
Total non-managed assets			79,871,641						41,463						0.10		%				75,977,984						34,523						0.09		%
Total assets under management or administration			$	117,870,970					$	124,936					0.21		%				$	107,477,030					$	112,881					0.21		%

1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $22 billion, $20 billion, and $21 billion of such assets are excluded from assets under management or administration at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

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

3    Annualized revenue divided by period end asset balance.

A summary of changes in assets under management or administration for the three and six months ended June 30, 2025, and 2024 follows:

Table 4 – Changes in Assets Under Management or Administration

(In thousands)

Table Link Similar Tables

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Beginning balance						$	113,956,563					$	105,530,903					$	114,615,237					$	104,736,999
Net inflows (outflows)						935,068						532,449						1,426,858						(1,431,258)
Net change in fair value						2,979,339						1,413,678						1,828,875						4,171,289
Ending balance						$	117,870,970					$	107,477,030					$	117,870,970					$	107,477,030

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Assets under management as of June 30, 2025, consist of 42% fixed income, 36% equities, 14% cash, and 8% alternative investments.

Deposit Service Charges

Deposit service charges and fees totaled $31.3 million for the second quarter of 2025, an increase of $1.0 million over the first quarter of 2025, primarily due to growth in commercial service charges and check card fees.

Mortgage Banking Revenue

Mortgage banking revenue was relatively unchanged from the first quarter of 2025. Mortgage production volume increased $39.6 million to $223 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, was 0.76% for the second quarter of 2025, compared to 1.43% for the first quarter of 2025.

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, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Mortgage production revenue						$	1,707					$	2,629					$	(922)					(35)		%																						$	4,336					$	5,894					$	(1,558)					(26)		%
Mortgage loans funded for sale						$	219,154					$	159,816																																			$	378,970					$	379,214
Add: Current period end outstanding commitments						64,508						60,429																																				64,508						62,960
Less: Prior period end outstanding commitments						60,429						36,590																																				36,590						34,783
Total mortgage production volume						$	223,233					$	183,655					$	39,578					22		%																						$	406,888					$	407,391					$	(503)					—		%

Table Link Similar Tables

Mortgage loan refinances to mortgage loans funded for sale						16		%				12		%				400		bps																												15		%				8		%				700		bps
Realized margin on funded mortgage loans						0.66		%				0.91		%				(25)		bps																												0.77		%				1.15		%				(38)		bps
Production revenue as a percentage of production volume						0.76		%				1.43		%				(67)		bps																												1.07		%				1.45		%				(38)		bps
Primary mortgage interest rates1:
Average						6.79		%				6.83		%				(4)		bps																												6.81		%				6.86		%				(5)		bps
Period end						6.77		%				6.65		%				12		bps																												6.77		%				6.86		%				(9)		bps

Table Link Similar Tables

Mortgage servicing revenue						$	17,286					$	17,186					$	100					1		%																						$	34,472					$	31,701					$	2,771					9		%
Average outstanding principal balance of mortgage loans serviced for others						$	22,687,658					$	23,089,324					$	(401,666)					(2)		%																						$	22,888,491					$	21,688,229					$	1,200,262					6		%

Average mortgage servicing revenue rates						0.31		%				0.30		%				1		bp																												0.30		%				0.29		%				1		bp

1    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 and Losses on Other Assets, Securities, and Derivatives

Other gains (losses), net, were a net gain of $8.1 million for the second quarter of 2025, compared to a net loss of $725 thousand in the prior quarter. Net gains on merchant banking investments were $5.2 million and net gains on investments related to deferred compensation were $3.4 million for the second quarter of 2025. During the second quarter of 2025, a loss of $956 thousand was realized on the redemption of our subordinated debentures. The prior quarter included a net gain on merchant banking investments of $678 thousand and a net loss of $1.1 million on investments related to deferred compensation.

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, 2025						Mar. 31, 2025						June 30, 2025												June 30, 2024
Gain (loss) on derivatives, net						$	5,230					$	9,183					$	14,413											$	(12,841)
Gain (loss) on fair value option securities, net						1,112						325						1,437												(399)
Gain (loss) on economic hedge of mortgage servicing rights, net						6,342						9,508						15,850												(13,240)
Change in fair value of mortgage servicing rights						(5,019)						(7,240)						(12,259)												14,430
Gain on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue						1,323						2,268						3,591												1,190
Net interest income (expense) related to fair value option securities1						229						(71)						158												(251)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges						$	1,552					$	2,197					$	3,749											$	939

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 2025 totaled $354.5 million, an increase of $7.0 million over the first quarter of 2025. Our efficiency ratio1 was 65.42% for the second quarter of 2025, compared to 68.31% in the prior quarter.

Table 7 – Other Operating Expense

(Dollars in thousands)

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						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Regular compensation						$	121,521					$	120,323					$	1,198					1		%																						$	241,844					$	225,969					$	15,875					7		%
Incentive compensation:
Cash-based						50,745						52,179						(1,434)						(3)		%																						102,924						92,817						10,107						11		%
Share-based						6,080						6,266						(186)						(3)		%																						12,346						8,294						4,052						49		%
Deferred compensation						3,281						(746)						4,027						N/A																								2,535						6,621						(4,086)						N/A
Total incentive compensation						60,106						57,699						2,407						4		%																						117,805						107,732						10,073						9		%
Employee benefits						33,084						36,163						(3,079)						(9)		%																						69,247						60,042						9,205						15		%
Total personnel expense						214,711						214,185						526						—		%																						428,896						393,743						35,153						9		%
Business promotion						9,139						8,818						321						4		%																						17,957						16,228						1,729						11		%
Charitable contributions to BOKF Foundation						—						—						—						N/A																								—						13,610						(13,610)						(100)		%
Professional fees and services						15,402						13,269						2,133						16		%																						28,671						25,341						3,330						13		%
Net occupancy and equipment						32,657						32,992						(335)						(1)		%																						65,649						60,538						5,111						8		%
FDIC and other insurance						6,439						6,587						(148)						(2)		%																						13,026						16,057						(3,031)						(19)		%
FDIC special assessment						(523)						523						(1,046)						N/A																								—						7,644						(7,644)						N/A
Data processing and communications						49,597						47,578						2,019						4		%																						97,175						91,695						5,480						6		%
Printing, postage, and supplies						4,067						3,639						428						12		%																						7,706						7,786						(80)						(1)		%
Amortization of intangible assets						2,656						2,652						4						—		%																						5,308						5,901						(593)						(10)		%
Mortgage banking costs						6,711						7,689						(978)						(13)		%																						14,400						14,887						(487)						(3)		%
Other expense						13,647						9,597						4,050						42		%																						23,244						23,644						(400)						(2)		%
Total other operating expense						$	354,503					$	347,529					$	6,974					2		%																						$	702,032					$	677,074					$	24,958					4		%
Average number of employees (FTE)						5,043						5,030						13						—		%																						5,037						4,952						85						2		%

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

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

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Personnel Expense

Personnel expense was $214.7 million, consistent with the first quarter of 2025. Employee benefits expense decreased $3.1 million, primarily due to a seasonal decrease in payroll taxes. Cash-based incentive compensation decreased $1.4 million. Regular compensation costs grew $1.2 million reflecting the full quarter impact of standard annual merit increases effective for most employees in March. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments included in Other gains (losses), net, increased $4.0 million.

Non-personnel Operating Expense

Non-personnel expense was $139.8 million, an increase of $6.4 million. Other expense increased by $4.1 million due to higher operational losses. Professional fees and services expense increased $2.1 million and data processing expense increased $2.0 million, largely related to ongoing technology project costs. In the second quarter of 2025, the FDIC updated their estimate of the special assessment, resulting in a benefit of $523 thousand, compared to $523 thousand of expense in the prior quarter.

Income Taxes

The effective tax rate was 22.51% for the second quarter of 2025, 22.61% for the first quarter of 2025, and 22.41% for the second quarter of 2024. When compared to the first quarter of 2025, the effective tax rate decreased due to a decrease in forecasted pre-tax income. The effective tax rate for the six months ended June 30, 2025 and June 30, 2024 was 22.56% and 22.17%, respectively.

Reportable Segments

We operate three principal segments: 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 loan origination and servicing activities. Wealth Management provides fiduciary services, private banking services, insurance, 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 reportable segments, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each segment 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 segments. The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the applicable segment if the accruals are settled.

We allocate resources and evaluate the performance of our reportable segments using net income before taxes, which includes the allocation of cost of funds, capital costs, and certain indirect allocations. Credit costs are attributed to the segments based on net loans charged off or recovered. The difference between credit costs attributed to the segments and the consolidated provision for credit losses is attributed to Funds Management.

Net interest income in our segments 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 segments 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 segments.

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Non-personnel expense includes other segment items comprised of business promotion, charitable contributions to BOKF Foundation, professional fees and services, net occupancy and equipment, FDIC and other insurance, data processing and communications, printing, postage, and supplies, amortization of intangible assets, mortgage banking costs, and other miscellaneous expenses. Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

Economic capital is assigned to the segments 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 segments and recognizes the diversification benefits among the segments. The level of assigned economic capital is a combination of the risk taken by each segment 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 segment.

As shown in Table 8, net income before taxes attributable to our segments increased $12.2 million compared to the first quarter of 2025. Net interest income decreased $1.2 million, due to lower commercial deposit balances and lower spreads earned on deposits, partially offset by loan growth. Other operating revenue increased $15.3 million, primarily driven by broad-based growth across our fee income lines coupled with increased gains on merchant banking investments. Other operating expense remained consistent at $227.9 million and corporate expense allocations increased $2.3 million.

Table 8 – Net Income Before Taxes by Segment

(Dollars in thousands)

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			Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
			June 30, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Commercial Banking			$	141,575					$	139,983					$	1,592					1		%																						$	281,558					$	320,347					$	(38,789)					(12)		%
Consumer Banking			24,746						22,122						2,624						12		%																						46,868						63,870						(17,002)						(27)		%
Wealth Management			40,749						32,726						8,023						25		%																						73,475						69,061						4,414						6		%
Segment total			207,070						194,831						12,239						6		%																						401,901						453,278						(51,377)						(11)		%
Funds Management and other			(26,309)						(40,068)						13,759						N/A																								(66,377)						(135,354)						68,977						N/A
BOK Financial Corporation			$	180,761					$	154,763					$	25,998					17		%																						$	335,524					$	317,924					$	17,600					6		%

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

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Commercial Banking

Commercial Banking contributed $141.6 million to consolidated net income before taxes in the second quarter of 2025, an increase of $1.6 million, or 1%, over the first quarter of 2025.

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, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Net interest income from external sources						$	235,765					$	231,423					$	4,342					2		%																						$	467,188					$	560,342					$	(93,154)					(17)		%
Net interest expense from internal sources						(59,939)						(53,165)						(6,774)						(13)		%																						(113,104)						(152,591)						39,487						26		%
Net interest income						175,826						178,258						(2,432)						(1)		%																						354,084						407,751						(53,667)						(13)		%
Net loans charged off						29						148						(119)						(80)		%																						177						10,294						(10,117)						(98)		%
Net interest income after net loans charged off						175,797						178,110						(2,313)						(1)		%																						353,907						397,457						(43,550)						(11)		%
Other operating revenue						64,432						55,521						8,911						16		%																						119,953						104,877						15,076						14		%
Personnel expense						49,506						48,051						1,455						3		%																						97,557						91,283						6,274						7		%
Non-personnel expense						29,613						28,183						1,430						5		%																						57,796						54,926						2,870						5		%
Total other operating expense						79,119						76,234						2,885						4		%																						155,353						146,209						9,144						6		%
Corporate allocations						19,535						17,414						2,121						12		%																						36,949						35,778						1,171						3		%
Net income before taxes						$	141,575					$	139,983					$	1,592					1		%																						$	281,558					$	320,347					$	(38,789)					(12)		%
Average assets						$	21,318,236					$	21,400,745					$	(82,509)					—		%																						$	21,359,263					$	21,806,587					$	(447,324)					(2)		%
Average loans						19,894,391						19,965,166						(70,775)						—		%																						19,929,583						20,235,503						(305,920)						(2)		%
Average deposits						17,424,707						17,769,083						(344,376)						(2)		%																						17,595,944						15,959,622						1,636,322						10		%
Average invested capital						2,148,937						2,147,530						1,407						—		%																						2,151,522						2,168,600						(17,078)						(1)		%

Net interest income decreased $2.4 million, or 1%, primarily related to lower average deposit balances during the quarter. Other operating revenue increased $8.9 million over the prior quarter, driven by increased gains on merchant banking activities, higher loan syndication fees, and growth in transaction card revenue.

Other operating expense increased $2.9 million, or 4%, compared to the first quarter of 2025. Personnel expense increased $1.5 million, or 3%, primarily attributable to increased incentive compensation and the full quarter impact of annual merit increases that were effective for most employees in March. Non-personnel expense increased $1.4 million, or 5%, largely related to ongoing technology project costs.

Average outstanding loan balances attributed to Commercial Banking were consistent with the prior quarter at $19.9 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition and Results of Operations 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 declined by $344 million, or 2%, compared to the first quarter of 2025, to $17.4 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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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 $24.7 million to consolidated net income before taxes for the second quarter of 2025, an increase of $2.6 million, or 12%, over the prior quarter.

Table 10 – Consumer Banking

(Dollars in thousands)

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						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Six Months Ended												Increase (Decrease)						% Increase (Decrease)
						June 30, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Net interest income from external sources						$	13,463					$	8,740					$	4,723					54		%																						$	22,203					$	13,336					$	8,867					66		%
Net interest income from internal sources						44,651						48,512						(3,861)						(8)		%																						93,163						115,963						(22,800)						(20)		%
Net interest income						58,114						57,252						862						2		%																						115,366						129,299						(13,933)						(11)		%
Net loans charged off						1,018						1,517						(499)						(33)		%																						2,535						3,055						(520)						(17)		%
Net interest income after net loans charged off						57,096						55,735						1,361						2		%																						112,831						126,244						(13,413)						(11)		%
Other operating revenue						38,165						39,058						(893)						(2)		%																						77,223						73,765						3,458						5		%
Personnel expense						25,527						25,837						(310)						(1)		%																						51,364						49,252						2,112						4		%
Non-personnel expense						29,949						31,399						(1,450)						(5)		%																						61,348						59,323						2,025						3		%
Total other operating expense						55,476						57,236						(1,760)						(3)		%																						112,712						108,575						4,137						4		%
Corporate allocations						15,039						15,435						(396)						(3)		%																						30,474						27,564						2,910						11		%
Net income before taxes						$	24,746					$	22,122					$	2,624					12		%																						$	46,868					$	63,870					$	(17,002)					(27)		%
Average assets						$	8,310,875					$	8,201,821					$	109,054					1		%																						$	8,256,649					$	8,018,132					$	238,517					3		%
Average loans						2,304,939						2,206,553						98,386						4		%																						2,256,018						1,944,346						311,672						16		%
Average deposits						8,266,824						8,154,762						112,062						1		%																						8,211,102						7,987,475						223,627						3		%
Average invested capital						331,030						322,204						8,826						3		%																						327,209						303,479						23,730						8		%

Net interest income from Consumer Banking was relatively consistent with the first quarter of 2025 and net loans charged off decreased $499 thousand, resulting in an increase of $1.4 million net interest income after net loans charged off. Other operating revenue decreased $893 thousand, or 2%. The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.6 million compared to a net benefit of $2.2 million for the first quarter of 2025. Other operating expenses decreased $1.8 million, or 3%, primarily due to reduced operational losses.

Average loans increased $98 million, or 4%, over the prior quarter, to $2.3 billion. Average deposits attributed to the Consumer Banking segment were largely unchanged from the previous quarter. 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 $40.7 million to consolidated net income before taxes in the second quarter of 2025, an increase of $8.0 million, or 25%, over the first quarter of 2025, led by growth in brokerage and trading revenue.

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, 2025						Mar. 31, 2025																											June 30, 2025						June 30, 2024
Net interest income (expense) from external sources						$	25,654					$	13,942					$	11,712					84		%																						$	39,596					$	(1,122)					$	40,718					3,629		%
Net interest income from internal sources						19,190						30,560						(11,370)						(37)		%																						49,750						59,021						(9,271)						(16)		%
Net interest income						44,844						44,502						342						1		%																						89,346						57,899						31,447						54		%
Net loans recovered						(7)						(8)						(1)						(13)		%																						(15)						(15)						—						—		%
Net interest income after net loans recovered						44,851						44,510						341						1		%																						89,361						57,914						31,447						54		%
Other operating revenue						103,650						96,336						7,314						8		%																						199,986						231,912						(31,926)						(14)		%
Personnel expense						66,309						67,245						(936)						(1)		%																						133,554						127,218						6,336						5		%
Non-personnel expense						26,972						27,021						(49)						—		%																						53,993						62,284						(8,291)						(13)		%
Total other operating expense						93,281						94,266						(985)						(1)		%																						187,547						189,502						(1,955)						(1)		%
Corporate allocations						14,471						13,854						617						4		%																						28,325						31,263						(2,938)						(9)		%
Income before taxes						$	40,749					$	32,726					$	8,023					25		%																						$	73,475		0			$	69,061					$	4,414					6		%
Average assets						$	11,571,187					$	11,367,435					$	203,752					2		%																						$	11,469,873					$	10,874,365					$	595,508					5		%
Average loans						2,275,378						2,187,599						87,779						4		%																						2,231,731						2,199,275						32,456						1		%
Average deposits						10,783,245						10,702,521						80,724						1		%																						10,743,106						9,394,636						1,348,470						14		%
Average invested capital						334,564						330,846						3,718						1		%																						332,939						325,242						7,697						2		%

Combined net interest income and fee revenue increased $7.7 million, or 5%, compared to the first quarter of 2025, primarily resulting from increased trading activities driven by steady customer demand and higher seasonal mortgage origination volumes. Personnel expense decreased $936 thousand and non-personnel expense was largely unchanged compared to the prior quarter.

Average outstanding loans attributed to the Wealth Management segment increased $88 million, or 4%, over the prior quarter, to $2.3 billion. Average Wealth Management deposits increased $81 million, or 1%, to $10.8 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, investment (held-to-maturity), or available-for-sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of June 30, 2025, and December 31, 2024.

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 $292 million to $5.6 billion during the second quarter of 2025. 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, 2025, the carrying value of investment securities was $1.9 billion, including a $196 thousand allowance for expected credit losses, compared to $2.0 billion at March 31, 2025, with a $193 thousand allowance for expected credit losses. The fair value of investment securities was $1.8 billion at June 30, 2025, a $38 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.

AFS 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 AFS securities totaled $13.6 billion at June 30, 2025, a $158 million increase compared to March 31, 2025. At June 30, 2025, the AFS 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 AFS securities was 3.5 years as of June 30, 2025, consistent with the measure as of March 31, 2025. Management estimates the duration extends to 4.2 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.3 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.2 years, extending to 3.7 years in an upward shock of 200 basis points and contracting to 2.5 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the AFS securities portfolio on our tangible equity ratio under various shock scenarios.

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Loans

The aggregate loan portfolio before allowance for loan losses totaled $24.3 billion at June 30, 2025, an increase of $602 million compared to March 31, 2025, largely due to increases in commercial real estate loans and loans to individuals. Decreases in energy loan and services loan balances were largely offset by increases in general business and healthcare loans.

Table 12 – Loans

(In thousands)

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						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Commercial:
Healthcare						$	3,808,936					$	3,789,446					$	3,967,533					$	4,149,069					$	4,231,058
Services						3,658,807						3,704,834						3,643,203						3,573,670						3,577,144
Energy						2,734,713						2,860,330						3,254,724						3,126,635						3,451,485
General business						4,181,726						4,048,821						4,164,676						4,028,548						4,363,722
Total commercial						14,384,182						14,403,431						15,030,136						14,877,922						15,623,409
Commercial real estate:
Multifamily						2,473,365						2,336,312						2,237,064						2,109,445						1,997,282
Industrial						1,304,211						1,163,089						1,127,867						1,270,928						1,214,991
Office						690,086						704,688						755,838						815,966						876,897
Retail						592,043						497,579						485,926						521,874						547,706
Residential construction and land development						105,701						105,190						109,120						105,048						88,252
Other commercial real estate						356,035						356,678						342,637						365,394						358,447
Total commercial real estate						5,521,441						5,163,536						5,058,452						5,188,655						5,083,575
Loans to individuals:
Residential mortgage						2,610,681						2,471,345						2,436,958						2,370,293						2,281,226
Residential mortgage guaranteed by U.S. government agencies						148,453						133,453						136,649						127,747						131,825
Personal						1,627,454						1,518,723						1,452,529						1,420,444						1,433,546
Total loans to individuals						4,386,588						4,123,521						4,026,136						3,918,484						3,846,597
Total						$	24,292,211					$	23,690,488					$	24,114,724					$	23,985,061					$	24,553,581

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 the 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 $14.4 billion, or 59% of the loan portfolio, at June 30, 2025, largely unchanged compared to March 31, 2025. Decreases in energy loan and services loan balances were largely offset by increases in general business and healthcare loans.

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Approximately 71% of loans in this portfolio 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 6% of the portfolio 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 $2.7 billion, or 11% of total loans, at June 30, 2025, a $126 million decrease compared to March 31, 2025, which was driven by elevated levels of payoff activity in the early portion of the second quarter.

Approximately $2.1 billion of energy loans were to oil and gas producers, a $167 million decrease compared to March 31, 2025. 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 72% of committed production loans are secured by properties primarily producing oil, and 28% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $372 million at June 30, 2025, a $28 million increase over March 31, 2025. Loans to borrowers that provide services to the energy industry totaled $231 million at June 30, 2025, an increase of $16 million compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $39 million, relatively unchanged compared to March 31, 2025.

Unfunded energy loan commitments were $4.5 billion at June 30, 2025, an $88 million increase over March 31, 2025.

The healthcare sector of the loan portfolio totaled $3.8 billion, or 16% of total loans. Healthcare loans increased $19 million compared to March 31, 2025. Healthcare sector loans consist primarily of $3.1 billion 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 which serves to help diversify risks specific to a single facility.

The services sector of the loan portfolio totaled $3.7 billion, or 15% of total loans, a $46 million decrease compared to the prior quarter. Services 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, specialty trade contractors, and educational services. 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 $4.2 billion, or 17% of total loans, an increase of $133 million compared to the prior quarter. General business loans consist of $2.6 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

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, 2025, the outstanding principal balance of these loans totaled $5.6 billion, including $1.9 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 18% 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.

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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 $5.5 billion, or 23% of total loans at June 30, 2025, an increase of $358 million over March 31, 2025. Loans secured by industrial facilities increased by $141 million to $1.3 billion, loans secured by multifamily properties increased by $137 million to $2.5 billion, and loans secured by retail facilities increased by $94 million to $592 million. These increases were partially offset by a $15 million decrease in loans secured by office facilities.

Approximately 68% of loans in this portfolio segment are in our geographic footprint based on collateral location. The largest concentration of loans in this portfolio segment outside our footprint is Utah, totaling 7% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $2.1 billion at June 30, 2025, an increase of $195 million over March 31, 2025. 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 equipment, 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 $4.4 billion, or 18% of the loan portfolio, an increase of $263 million over March 31, 2025. Approximately 91% of the loans in this portfolio 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.

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.

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Table 13 – Loans Managed by Primary Geographical Market

(In thousands)

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						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Texas:
Commercial						$	6,893,246					$	6,953,714					$	7,411,416					$	7,437,800					$	7,879,143
Commercial real estate						1,997,598						1,864,345						1,731,281						1,816,276						1,754,087
Loans to individuals						996,341						929,825						918,994						880,213						908,920
Total Texas						9,887,185						9,747,884						10,061,691						10,134,289						10,542,150
Oklahoma:
Commercial						3,455,696						3,380,680						3,585,592						3,440,385						3,619,136
Commercial real estate						512,075						521,992						513,101						557,025						556,971
Loans to individuals						2,725,320						2,548,549						2,440,874						2,367,725						2,273,240
Total Oklahoma						6,693,091						6,451,221						6,539,567						6,365,135						6,449,347
Colorado:
Commercial						2,185,658						2,246,388						2,188,324						2,175,540						2,220,887
Commercial real estate						791,171						706,154						759,168						835,478						806,522
Loans to individuals						217,088						210,531						213,768						216,938						217,990
Total Colorado						3,193,917						3,163,073						3,161,260						3,227,956						3,245,399
Arizona:
Commercial						1,166,745						1,115,085						1,082,829						1,064,380						1,104,875
Commercial real estate						1,165,927						1,084,967						1,098,174						1,115,928						1,045,837
Loans to individuals						226,727						218,093						215,531						218,340						208,419
Total Arizona						2,559,399						2,418,145						2,396,534						2,398,648						2,359,131
Kansas/Missouri:
Commercial						303,692						298,410						305,957						306,370						336,232
Commercial real estate						556,390						533,335						515,511						438,424						482,249
Loans to individuals						155,154						147,651						164,638						158,524						157,750
Total Kansas/Missouri						1,015,236						979,396						986,106						903,318						976,231
New Mexico:
Commercial						282,918						324,321						325,246						324,605						318,711
Commercial real estate						443,516						381,775						402,217						386,037						367,678
Loans to individuals						55,714						57,926						60,703						64,511						67,747
Total New Mexico						782,148						764,022						788,166						775,153						754,136
Arkansas:
Commercial						96,227						84,833						130,772						128,842						144,425
Commercial real estate						54,764						70,968						39,000						39,487						70,231
Loans to individuals						10,244						10,946						11,628						12,233						12,531
Total Arkansas						161,235						166,747						181,400						180,562						227,187
Total BOK Financial loans						$	24,292,211					$	23,690,488					$	24,114,724					$	23,985,061					$	24,553,581

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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)

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						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Loan commitments						$	14,736,539					$	14,546,324					$	14,735,416					$	14,555,282					$	14,114,288
Standby letters of credit						702,008						697,793						703,194						735,420						736,527
Unpaid principal balance of residential mortgage loans sold with recourse						31,560						32,544						33,864						35,140						36,582
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by VA						890,377						902,670						913,977						933,989						942,658

Customer Hedging Programs

We offer programs that permit our customers to hedge various risks, including fluctuations in energy prices, 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, 2025, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $326 million compared to $428 million at March 31, 2025. At June 30, 2025, the net fair value of our derivative contracts included $206 million for energy contracts, $77 million for foreign exchange contracts, and $44 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $297 million at June 30, 2025, and $386 million at March 31, 2025.

At June 30, 2025, total derivative assets were reduced by $38 million of cash collateral received from counterparties and total derivative liabilities were reduced by $19 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, 2025, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts

(In thousands)

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Exchanges and clearing organizations						$	154,376
Customers						68,249
Banks and other financial institutions						65,261
Fair value of customer risk management program asset derivative contracts, net						$	287,886

 

At June 30, 2025, our largest derivative exposure was to an exchange for $159 million of net energy derivative positions and $30 million of cash margin placed with the exchange.

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 $52.09 per barrel of oil would decrease the fair value of derivative assets by $35 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $78.13 per barrel of oil would increase the fair value of derivative assets by $510 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, 2025, 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, 2025, 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)

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			Three Months Ended
			June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Allowance for loan losses:
Beginning balance			$	278,594					$	280,035					$	284,456					$	287,826					$	281,623
Loans charged off			(1,313)						(2,291)						(1,339)						(2,496)						(7,940)
Recoveries of loans previously charged off			752						1,186						811						2,550						995
Net loans charged off			(561)						(1,105)						(528)						54						(6,945)
Provision for credit losses			(984)						(336)						(3,893)						(3,424)						13,148
Ending balance			$	277,049					$	278,594					$	280,035					$	284,456					$	287,826
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance			$	52,088					$	51,640					$	47,766					$	42,336					$	47,319
Provision for credit losses			904						448						3,874						5,430						(4,983)
Ending balance			$	52,992					$	52,088					$	51,640					$	47,766					$	42,336
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance			$	3,060					$	3,148					$	3,087					$	3,069					$	3,224
Net loans charged off			(26)						(6)						31						(29)						(2)
Provision for credit losses			77						(82)						30						47						(153)
Ending balance			$	3,111					$	3,060					$	3,148					$	3,087					$	3,069
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance			$	193					$	223					$	234					$	287					$	299
Provision for credit losses			3						(30)						(11)						(53)						(12)
Ending balance			$	196					$	193					$	223					$	234					$	287
Total provision for credit losses			$	—					$	—					$	—					$	2,000					$	8,000
Average loans by portfolio segment:
Commercial			$	14,315,695					$	14,633,090					$	14,973,929					$	15,076,308					$	15,516,238
Commercial real estate			5,495,152						5,245,867						5,039,535						5,257,842						5,048,704
Loans to individuals			4,365,702						4,189,270						4,011,080						3,970,734						3,820,211
Net charge-offs (annualized) to average loans			0.01		%				0.02		%				0.01		%				—		%				0.11		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial			—		%				0.02		%				—		%				(0.02)		%				0.15		%
Commercial real estate			0.01		%				(0.01)		%				—		%				(0.02)		%				0.01		%
Loans to individuals			0.05		%				0.05		%				0.04		%				0.09		%				0.08		%
Recoveries to gross charge-offs			57.27		%				51.77		%				60.57		%				102.16		%				12.53		%
Provision for loan losses (annualized) to average loans			(0.02)		%				(0.01)		%				(0.06)		%				(0.06)		%				0.22		%
Allowance for loan losses to loans outstanding at period end			1.14		%				1.18		%				1.16		%				1.19		%				1.17		%
Accrual for unfunded loan commitments to loan commitments			0.36		%				0.36		%				0.35		%				0.33		%				0.30		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end			1.36		%				1.40		%				1.38		%				1.39		%				1.34		%

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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 $7.2 million over March 31, 2025. Non-pass grade healthcare loans decreased $27 million and non-pass grade general business loans decreased $19 million. Non-pass grade loans to individuals increased $19 million, non-pass grade commercial real estate loans increased $16 million, and non-pass grade energy loans increased $13 million. Nonaccruing loans decreased $4.2 million during the quarter and accruing substandard loans decreased $10 million, while loans especially mentioned increased $22 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.

No provision for credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter. The allowance for loan losses totaled $277 million, or 1.14% of outstanding loans, at June 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 383% 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 1.36% of outstanding loans and 456% of nonaccruing loans, at June 30, 2025.

There was a modest improvement in the economic outlook during the quarter, but a heightened level of uncertainty in the economic environment resulted in an increase in the downside scenario probability weighting to 35% from 30% in the prior quarter. The upside probability weighting decreased to 15% from 20% in the prior quarter. There was no change in the base case scenario weighting. 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 $214 million in quantitative reserve, while a 100% upside case would result in $15 million less quantitative reserve at June 30, 2025. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

No provision for credit losses was necessary for the first quarter of 2025. The allowance for loan losses was $279 million, or 1.18% of outstanding loans at March 31, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 363% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $331 million, or 1.40% of outstanding loans and 431% of nonaccruing loans.

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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at June 30, 2025 follows:

Table Link Similar Tables

			Base			Downside			Upside
Scenario probability weighting			50%			35%			15%
Economic outlook			There are three rate cuts over the next four quarters, bringing the federal funds target range to 3.50% to 3.75% by the end of the second quarter of 2026. The full impact of tariffs moves core inflation marginally higher to 3.3% by the second quarter of 2026. The impact of tariffs and restrictive immigration policies result in higher-than-average inflation. This leads to a decrease in real consumer spending and generates GDP growth that is slightly below trend. However, businesses avoid broad layoffs due to the elevated expense of hiring which stabilizes the national unemployment rate.			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 eight rate cuts over the next four quarters bringing the target range to 2.25% to 2.50% by the end of the second quarter of 2026. Widespread tariffs and restrictive immigration policies accelerate inflation and reduce real wages. This results in a significant decrease in consumer spending, which is compounded by a restrictive credit environment and declines in 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.			There are four rate cuts over the next four quarters, bringing the target range to 3.25% to 3.50% by the end of the second quarter of 2026. Core inflation remains stable and reaches 2.8% by the second quarter of 2026. The impact of tariffs and restrictive immigration policies is relatively minor beyond the second quarter of 2025. Labor force participation, non-farm payroll growth, and private sector investment remain consistent with recent levels. This supports consumer spending and generates on-trend GDP growth.
Macro-economic factors			–GDP is forecasted to grow by 1.4% over the next 12 months. –Civilian unemployment rate of 4.3% in the third quarter of 2025 increases to 4.5% in the second quarter of 2026. –WTI oil prices are projected to average $63.61 per barrel over the next 12 months, with a peak of $70.96 in the third quarter of 2025 and falling 19% over the following three quarters.			–GDP is forecasted to contract 2.0% over the next twelve months. –Civilian unemployment rate of 5.0% in the third quarter of 2025 increases to 6.9% in the second quarter of 2026. –WTI oil prices are projected to average $45.13 over the next 12 months, with a peak of $50.48 in the third quarter of 2025 and falling 20% over the following three quarters.			–GDP is forecasted to grow by 2.1% over the next 12 months. –Civilian unemployment rate of 4.2% in the third quarter of 2025 decreases to 4.1% by the second quarter of 2026. –WTI oil prices are projected to average $67.65 per barrel over the next 12 months.

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Net Loans Charged Off

Net charge-offs were $561 thousand, or 0.01% of average loans on an annualized basis, in the second quarter. Net charge-offs of loans to individuals include deposit account overdraft losses. Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter of 2025.

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 adjustments may be used, if necessary.

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

The expected credit losses principles apply to all financial assets measured at cost, including our investment (held-to-maturity) 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 adjustments 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)

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						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Nonaccruing loans:
Commercial:
Healthcare						$	28,743					$	29,253					$	13,717					$	15,927					$	20,845
Services						11,329						13,662						767						1,425						3,165
Energy						40						49						49						28,986						28,668
General business						45						103						114						5,334						5,756
Total commercial						40,157						43,067						14,647						51,672						58,434
Commercial real estate						6,925						13,125						9,905						12,364						12,883
Loans to individuals:
Residential mortgage						20,654						20,502						15,261						13,688						12,627
Residential mortgage guaranteed by U.S. government agencies						6,978						6,786						6,803						6,520						6,617
Personal						4,613						40						109						71						122
Total loans to individuals						32,245						27,328						22,173						20,279						19,366
Total nonaccruing loans						79,327						83,520						46,725						84,315						90,683
Real estate and other repossessed assets						1,729						1,769						2,254						2,625						2,334
Total nonperforming assets						$	81,056					$	85,289					$	48,979					$	86,940					$	93,017
Total nonperforming assets excluding those guaranteed by U.S. government agencies						$	74,078					$	78,503					$	42,176					$	80,420					$	86,400
Allowance for loan losses to nonaccruing loans1						382.93		%				363.06		%				701.46		%				365.65		%				342.38		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1						456.18		%				430.95		%				830.81		%				427.05		%				392.74		%
Nonperforming assets to outstanding loans and repossessed assets						0.33		%				0.36		%				0.20		%				0.36		%				0.38		%
Nonperforming assets to outstanding loans and repossessed assets1						0.31		%				0.33		%				0.18		%				0.34		%				0.35		%
Nonaccruing loans to outstanding loans						0.33		%				0.35		%				0.19		%				0.35		%				0.37		%
Nonaccruing commercial loans to outstanding commercial loans						0.28		%				0.30		%				0.10		%				0.35		%				0.37		%
Nonaccruing commercial real estate loans to outstanding commercial real estate loans						0.13		%				0.25		%				0.20		%				0.24		%				0.25		%
Nonaccruing loans to individuals to outstanding loans to individuals1						0.60		%				0.51		%				0.40		%				0.36		%				0.34		%

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

Nonaccruing loans decreased $4.2 million compared to March 31, 2025. New nonaccruing loans identified in the second quarter totaled $8.1 million, offset by $11 million in payments received and $1.3 million in charge-offs. Nonaccruing commercial real estate loans decreased $6.2 million and nonaccruing services loans decreased $2.3 million, partially offset by a $4.6 million increase in nonaccruing personal loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

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A rollforward of nonperforming assets for the three and six months ended June 30, 2025, follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets

(In thousands)

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						Three Months Ended
						June 30, 2025
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, March 31, 2025						$	43,067					$	13,125					$	27,328					$	83,520											$	1,769					$	85,289
Additions						524						—						7,602						8,126												—						8,126
Payments						(3,399)						(6,074)						(1,059)						(10,532)												—						(10,532)
Charge-offs						(35)						(126)						(1,152)						(1,313)												—						(1,313)
Net gains (losses) and write-downs						—						—						—						—												996						996
Foreclosure of nonperforming loans						—						—						(28)						(28)												28						—
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(366)						(366)												—						(366)
Proceeds from sales						—						—						—						—												(1,064)						(1,064)
Net transfers to nonaccruing loans						—						—						150						150												—						150
Return to accrual status						—						—						(230)						(230)												—						(230)
Balance, June 30, 2025						$	40,157					$	6,925					$	32,245					$	79,327											$	1,729					$	81,056
						Six Months Ended
						June 30, 2025
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, Dec. 31, 2024						$	14,647					$	9,905					$	22,173					$	46,725											$	2,254					$	48,979
Additions						30,873						3,273						12,835						46,981												—						46,981
Payments						(4,243)						(6,127)						(2,125)						(12,495)												—						(12,495)
Charge-offs						(1,120)						(126)						(2,358)						(3,604)												—						(3,604)
Net gains (losses) and write-downs						—						—						—						—												787						787
Foreclosure of nonperforming loans						—						—						(28)						(28)												28						—
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(439)						(439)												—						(439)
Proceeds from sales						—						—						—						—												(1,340)						(1,340)
Net transfers to nonaccruing loans						—						—						2,446						2,446												—						2,446
Return to accrual status						—						—						(259)						(259)												—						(259)
Balance, June 30, 2025						$	40,157					$	6,925					$	32,245					$	79,327											$	1,729					$	81,056

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 $1.7 million at June 30, 2025, largely unchanged compared to March 31, 2025. Real estate and other repossessed assets were composed primarily of $1.6 million of developed commercial real estate.

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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 2025, approximately 73% of our funding was provided by deposit accounts, 13% from borrowed funds, 11% from equity, and less than 1% from long-term subordinated debt. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

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.

Table 19 – Average Deposits by Segment

(In thousands)

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			Three Months Ended
			June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Commercial Banking			$	17,424,707					$	17,769,083					$	17,941,793					$	17,131,237					$	16,189,003
Consumer Banking			8,266,824						8,154,762						8,197,577						8,136,312						8,073,782
Wealth Management			10,783,245						10,702,521						9,983,232						9,837,888						9,551,307
Subtotal			36,474,776						36,626,366						36,122,602						35,105,437						33,814,092
Funds Management and other			1,661,940						1,732,712						1,696,512						1,654,860						1,839,131
Total			$	38,136,716					$	38,359,078					$	37,819,114					$	36,760,297					$	35,653,223

Average deposits for the second quarter of 2025 totaled $38.1 billion, a $222 million decrease compared to the first quarter of 2025. Demand deposit balances decreased $198 million and time deposit balances decreased $33 million compared to the prior quarter.

Average Commercial Banking deposits decreased $344 million compared to the first quarter of 2025, resulting from a $220 million decrease in demand deposit balances, a $101 million decrease in interest-bearing transaction balances, and a $23 million decrease in certificate of deposit balances. 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 9% of our total deposits.

Average Consumer Banking deposit balances increased $112 million over the prior quarter. Demand deposit balances increased $48 million and interest-bearing transaction account balances increased $45 million. Interest-bearing savings account balances were up $12 million over the prior quarter and certificate of deposits balances were largely unchanged.

Average Wealth Management deposits increased $81 million over the first quarter of 2025. Interest-bearing transaction account balances increased $100 million and demand deposit balances increased $28 million. Time deposit balances decreased $43 million.

Average brokered deposits were 4% of total average deposits during the second quarter of 2025. Excluding the reciprocal component, brokered deposits represented 0.3% of total deposits. Reciprocal deposit balances in excess of the $5 billion general threshold defined by the FDIC are included as brokered deposits. Average interest-bearing transaction accounts for the second quarter included $1.7 billion of brokered deposits, a $262 million decrease compared to the first quarter of 2025. Average time deposits for the second quarter of 2025, included $41 million of brokered deposits, a $26 million increase over the first quarter of 2025. Period end brokered time deposits increased $29 million to $44 million and brokered interest-bearing transaction accounts were largely unchanged at June 30, 2025.

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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)

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						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Oklahoma:
Demand						$	3,589,146					$	3,629,708					$	3,618,771					$	3,491,996					$	3,721,009
Interest-bearing:
Transaction						13,537,068						13,891,707						13,352,732						12,474,626						12,115,793
Savings						521,734						525,424						497,443						490,957						496,289
Time						2,166,094						2,089,744						2,138,620						2,462,463						2,157,778
Total interest-bearing						16,224,896						16,506,875						15,988,795						15,428,046						14,769,860
Total Oklahoma						19,814,042						20,136,583						19,607,566						18,920,042						18,490,869
Texas:
Demand						2,082,652						2,187,903						2,216,393						2,228,690						2,448,433
Interest-bearing:
Transaction						6,203,081						5,925,285						6,205,605						6,191,794						5,425,670
Savings						155,027						155,777						154,112						152,392						150,812
Time						638,657						633,538						646,490						648,796						626,724
Total interest-bearing						6,996,765						6,714,600						7,006,207						6,992,982						6,203,206
Total Texas						9,079,417						8,902,503						9,222,600						9,221,672						8,651,639
Colorado:
Demand						1,040,223						1,082,304						1,159,076						1,195,637						1,244,848
Interest-bearing:
Transaction						1,989,284						1,988,258						2,089,475						1,935,685						1,921,671
Savings						55,326						58,318						59,244						56,275						61,184
Time						278,914						274,235						280,081						279,887						261,237
Total interest-bearing						2,323,524						2,320,811						2,428,800						2,271,847						2,244,092
Total Colorado						3,363,747						3,403,115						3,587,876						3,467,484						3,488,940
New Mexico:
Demand						609,205						631,950						659,234						628,594						661,677
Interest-bearing:
Transaction						1,416,741						1,283,998						1,305,044						1,275,502						1,323,750
Savings						94,930						96,969						90,580						90,867						92,910
Time						340,946						344,827						347,443						336,830						314,133
Total interest-bearing						1,852,617						1,725,794						1,743,067						1,703,199						1,730,793
Total New Mexico						2,461,822						2,357,744						2,402,301						2,331,793						2,392,470
Arizona:
Demand						385,442						451,085						418,587						435,553						448,587
Interest-bearing:
Transaction						1,467,509						1,312,979						1,277,494						1,237,811						1,227,895
Savings						10,536						11,125						12,336						11,228						11,542
Time						72,041						70,758						70,390						59,508						56,102
Total interest-bearing						1,550,086						1,394,862						1,360,220						1,308,547						1,295,539
Total Arizona						1,935,528						1,845,947						1,778,807						1,744,100						1,744,126

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Table Link Similar Tables

						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Kansas/Missouri:
Demand						269,408						279,808						277,440						255,950						291,045
Interest-bearing:
Transaction						1,169,161						1,202,107						1,169,541						1,134,544						1,040,114
Savings						13,719						14,504						12,158						11,896						14,998
Time						35,768						36,307						37,210						35,316						32,921
Total interest-bearing						1,218,648						1,252,918						1,218,909						1,181,756						1,088,033
Total Kansas/Missouri						1,488,056						1,532,726						1,496,349						1,437,706						1,379,078
Arkansas:
Demand						22,685						25,738						22,396						23,824						24,579
Interest-bearing:
Transaction						61,079						57,696						55,215						62,249						52,149
Savings						2,485						2,602						2,944						3,092						2,754
Time						17,248						17,019						15,176						15,156						15,040
Total interest-bearing						80,812						77,317						73,335						80,497						69,943
Total Arkansas						103,497						103,055						95,731						104,321						94,522
Total BOK Financial deposits						$	38,246,109					$	38,281,673					$	38,191,230					$	37,227,118					$	36,241,644

Estimated uninsured deposits totaled $20.6 billion, or 54% of our total deposits, at June 30, 2025. In addition to insured deposits, we also hold $4.7 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 $15.1 billion, or 40% of total deposits, at June 30, 2025.

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, 2025. Securities repurchase agreements generally mature within 90 days and are secured by certain AFS 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 $6.0 billion during the quarter, compared to $4.6 billion in the first quarter of 2025.

At June 30, 2025, management estimates a total potential secured borrowing capacity of approximately $25.8 billion. This includes current available secured capacity of $21.2 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.7 billion of other sources that could be converted into additional secured capacity.

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

Table 21 – Borrowed Funds

(Dollars in thousands)

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												Three Months Ended June 30, 2025																								Three Months Ended Mar. 31, 2025
						June 30, 2025						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter						Mar. 31, 2025						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter
Funds purchased						$	515,808					$	474,220					3.98		%				$	515,808					$	622,820					$	601,916					3.93		%				$	629,149
Repurchase agreements						166,243						307,819						2.76		%				234,634						229,055						333,800						1.46		%				257,010
Other borrowings:
FHLB advances						4,100,000						5,979,123						4.47		%				4,100,000						3,100,000						4,587,502						4.55		%				3,100,000
GNMA repurchase liability						26,718						28,564						3.93		%				28,641						30,315						26,566						3.94		%				32,097
Other						13,412						12,261						8.90		%				13,412						20,863						12,334						7.22		%				20,863
Total other borrowings						4,140,130						6,019,948						4.49		%										3,151,178						4,626,402						4.57		%
Subordinated debentures1						—						99,846						6.38		%				99,736						131,186						131,188						6.44		%				131,188
Total other borrowed funds						$	4,822,181					$	6,901,833					4.41		%										$	4,134,239					$	5,693,306					4.36		%

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, 2025, cash and interest-bearing cash and cash equivalents held by the parent company totaled $218 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, 2025, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $472 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.

As a result of the acquisition of CoBiz Financial, we obtained $60 million of subordinated debt issued in June 2015 that was set to mature on June 25, 2030. We also acquired $72 million of junior subordinated debentures with maturity dates from

September 17, 2033 through September 30, 2035. The subordinated debentures were subject to early redemption prior to maturity. All subordinated debt and junior subordinated debentures were redeemed during the second quarter of 2025. The redemption price was 100% of the principal amount, plus accrued interest up to the redemption date. No subordinated debt remained outstanding at June 30, 2025. As shown in Table 22 below, the redemption of the subordinated debt and junior subordinated debentures caused the total capital ratio to decrease as these qualified as tier 2 capital instruments.

Our equity capital at June 30, 2025, was $5.9 billion, a $119 million increase compared to March 31, 2025. Net income less cash dividends paid increased equity $103 million during the second quarter of 2025. Changes in interest rates resulted in a $73 million improvement in the accumulated other comprehensive loss compared to March 31, 2025. 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.

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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, 2025, the Company had repurchased 4,130,318 shares under this authorization. The Company repurchased 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022 under which 869,682 shares remain. The new repurchase authorization does not have an expiration date, may be suspended at any time, does not include specific price targets, may be executed from time to time through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and other transactions or arrangements as officers may determine.

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.

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, 2025						Mar. 31, 2025						June 30, 2024
Capital:
Common equity Tier 1						4.50		%				2.50		%				7.00		%				13.59		%				13.31		%				12.10		%
Tier 1 capital						6.00		%				2.50		%				8.50		%				13.60		%				13.31		%				12.11		%
Total capital						8.00		%				2.50		%				10.50		%				14.48		%				14.54		%				13.25		%
Tier 1 leverage						4.00		%				N/A						4.00		%				9.88		%				10.02		%				9.39		%
																								Three Months Ended
																								June 30, 2025						Mar. 31, 2025						June 30, 2024
Average total equity to average assets																								11.08		%				11.10		%				10.06		%
Tangible common equity ratio1																								9.63		%				9.48		%				8.38		%
Adjusted tangible common equity ratio1																								9.40		%				9.23		%				8.06		%
Performance Ratios:
Return on average equity																								9.70		%				8.59		%				12.79		%
Return on average tangible common equity1																								11.94		%				10.63		%				16.27		%

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, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity						$	5,890,888					$	5,771,813					$	5,548,353					$	5,612,443					$	5,229,130
Less: Goodwill and intangible assets, net						1,084,749						1,088,813						1,091,537						1,095,954						1,098,777
Tangible common equity						4,806,139						4,683,000						4,456,816						4,516,489						4,130,353
Add: Unrealized loss on investment securities, net						(146,939)						(165,676)						(199,519)						(132,192)						(204,636)
Add: Tax effect on unrealized loss on investment securities, net						34,722						39,149						46,925						31,090						48,128
Adjusted tangible common equity						$	4,693,922					$	4,556,473					$	4,304,222					$	4,415,387					$	3,973,845
Total assets						$	50,998,077					$	50,472,189					$	49,685,892					$	50,081,985					$	50,403,457
Less: Goodwill and intangible assets, net						1,084,749						1,088,813						1,091,537						1,095,954						1,098,777
Tangible assets						$	49,913,328					$	49,383,376					$	48,594,355					$	48,986,031					$	49,304,680
Tangible common equity ratio						9.63		%				9.48		%				9.17		%				9.22		%				8.38		%
Adjusted tangible common equity ratio						9.40		%				9.23		%				8.86		%				9.01		%				8.06		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity						$	5,791,275					$	5,658,082					$	5,575,583					$	5,446,998					$	5,146,785
Less: Average goodwill and intangible assets, net						1,086,991						1,090,116						1,094,466						1,097,317						1,100,139
Average tangible common equity						$	4,704,284					$	4,567,966					$	4,481,117					$	4,349,681					$	4,046,646
Net income attributable to BOK Financial Corporation shareholders						$	140,018					$	119,777					$	136,154					$	139,999					$	163,713
Return on average tangible common equity						11.94		%				10.63		%				12.09		%				12.80		%				16.27		%
Reconciliation of pre-provision net revenue:
Net income before taxes						$	180,761					$	154,763					$	175,434					$	173,286					$	211,035
Add: Provision for expected credit losses						—						—						—						2,000						8,000
Less: Net income (loss) attributable to non-controlling interests						52						(6)						—						(26)						19
Pre-provision net revenue						$	180,709					$	154,769					$	175,434					$	175,312					$	219,016
Calculation of efficiency ratio:
Total other operating expense						$	354,503					$	347,529					$	347,656					$	341,025					$	336,690
Less: Amortization of intangible assets						2,656						2,652						2,855						2,856						2,898
Numerator for efficiency ratio						$	351,847					$	344,877					$	344,801					$	338,169					$	333,792
Net interest income						$	328,166					$	316,251					$	313,046					$	308,119					$	296,021
Add: Tax-equivalent adjustment						2,574						2,542						2,466						2,385						2,196
Tax-equivalent net interest income						330,740						318,793						315,512						310,504						298,217
Add: Total other operating revenue						207,098						186,041						210,044						208,192						259,704
Less: Gain (loss) on available-for-sale securities, net						—						—						—						(691)						34
Denominator for efficiency ratio						$	537,838					$	504,834					$	525,556					$	519,387					$	557,887
Efficiency ratio						65.42		%				68.31		%				65.61		%				65.11		%				59.83		%

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Table Link Similar Tables

						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Information on net interest income and net interest margin excluding trading activities:
Net interest income						$	328,166					$	316,251					$	313,046					$	308,119					$	296,021
Less: Trading activities net interest income						16,138						15,174						4,648						3,751						(275)
Net interest income excluding trading activities						312,028						301,077						308,398						304,368						296,296
Add: Tax-equivalent adjustment						2,574						2,542						2,466						2,385						2,196
Tax-equivalent net interest income excluding trading activities						$	314,602					$	303,619					$	310,864					$	306,753					$	298,492
Average interest-earning assets						$	46,984,071					$	45,606,324					$	45,375,438					$	45,911,383					$	46,019,346
Less: Average trading activities interest-earning assets						6,876,788						5,881,997						5,636,949						5,802,448						5,922,891
Average interest-earning assets excluding trading activities						$	40,107,283					$	39,724,327					$	39,738,489					$	40,108,935					$	40,096,455
Net interest margin on average interest-earning assets						2.80		%				2.78		%				2.75		%				2.68		%				2.56		%
Net interest margin on average trading activities interest-earning assets						0.93		%				0.98		%				0.36		%				0.29		%				(0.05)		%
Net interest margin on average interest-earning assets excluding trading activities						3.12		%				3.05		%				3.09		%				3.02		%				2.94		%

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

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 removes 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 other commodity product derivative contracts, which are affected by changes in commodity prices, are matched against offsetting contracts as previously discussed.

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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 variations 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.

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 1.45%, or $20.1 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 0.19%, or $2.6 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 5.08%, or $70.5 million.

Table 24 – Interest Rate Sensitivity

(Dollars in thousands)

Table Link Similar Tables

						June 30, 2025																								Mar. 31, 2025
						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						$	(38,600)					$	(15,100)					$	11,100					$	26,200					$	(38,000)					$	(8,200)					$	3,900					$	12,600
						(2.79)		%				(1.09)		%				0.80		%				1.89		%				(2.76)		%				(0.60)		%				0.28		%				0.92		%
Anticipated impact over months twelve through twenty-four on net interest income						$	(32,400)					$	2,900					$	(13,700)					$	(23,600)					$	(14,100)					$	16,100					$	(26,200)					$	(46,300)
						(2.16)		%				0.19		%				(0.91)		%				(1.57)		%				(0.94)		%				1.07		%				(1.75)		%				(3.09)		%

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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.

Table 25 – MSR Asset and Hedge Sensitivity Analysis

(In thousands)

Table Link Similar Tables

						June 30, 2025												Mar. 31, 2025
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
MSR Asset						$	13,160					$	(16,233)					$	12,469					$	(15,701)
MSR Hedge						(13,620)						13,503						(14,039)						14,470
Net Exposure						$	(460)					$	(2,730)					$	(1,570)					$	(1,231)

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 $3 million market risk limit for the mortgage production pipeline, net of forward sale contracts.

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Table 26 – Mortgage Pipeline Sensitivity Analysis

(In thousands)

Table Link Similar Tables

						Three Months Ended																																				Six Months Ended
						June 30, 2025												Mar. 31, 2025																		June 30, 2025												June 30, 2024
						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						$	(164)					$	(64)					$	(128)					$	(64)																	$	(145)					$	(64)					$	(50)					$	(38)
Low2						(37)						16						(41)						46																		(37)						46						93						126
High3						(242)						(141)						(207)						(161)																		(242)						(161)						(240)						(151)
Period End						(94)						(38)						(177)						(30)																		(94)						(38)						(138)						(65)

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. BOK Financial has an insignificant exposure to foreign exchange risk and does not take positions in commodity derivatives.

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.

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, 2025, March 31, 2025, June 30, 2024, and March 31, 2024.

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Table 27 – VaR and SVaR Measures

(In thousands)

Table Link Similar Tables

						Three Months Ended
						June 30, 2025												Mar. 31, 2025															June 30, 2024												Mar. 31, 2024
						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						$	1,897					$	7,046					$	3,370					$	13,231														$	3,711					$	6,232					$	5,053					$	6,388
Low						1,077						4,002						1,529						5,711															1,776						3,763						2,634						4,190
High						4,697						12,874						6,272						20,652															6,862						9,751						8,149						8,268
Period End						1,736						6,158						2,831						10,768															2,200						6,795						4,677						4,931

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 assess 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)

Table Link Similar Tables

						Three Months Ended																																				Six Months Ended
						June 30, 2025												Mar. 31, 2025																		June 30, 2025												June 30, 2024
						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						$	(545)					$	3,838					$	(1,023)					$	4,531																	$	(782)					$	4,182					$	(3,516)					$	5,163
Low2						2,982						10,934						3,602						8,310																		3,602						10,934						3,920						8,936
High3						(7,841)						59						(6,676)						(379)																		(7,841)						(379)						(6,898)						(1,827)
Period End						2,982						1,616						1,503						1,676																		2,982						1,616						(1,608)						3,479

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.

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."

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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," and 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, changes in governmental economic policy, including tariffs, 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						2025						2024						2025						2024
Loans						$	402,188					$	447,114					$	798,604					$	885,791
Residential mortgage loans held for sale						1,346						1,348						2,321						2,271
Trading securities						86,364						74,801						160,103						143,038
Investment securities						6,738						7,564						13,721						15,393
Available-for-sale securities						131,301						123,828						258,810						237,316
Fair value option securities						1,319						194						1,497						389
Restricted equity securities						7,545						9,192						14,086						18,050
Interest-bearing cash and cash equivalents						5,626						7,776						11,855						14,781
Total interest revenue						642,427						671,817						1,260,997						1,317,029
Interest expense
Deposits						238,443						254,753						479,515						496,877
Borrowed funds						74,230						118,737						133,393						225,941
Subordinated debentures						1,588						2,306						3,672						4,618
Total interest expense						314,261						375,796						616,580						727,436
Net interest income						328,166						296,021						644,417						589,593
Provision for credit losses						—						8,000						—						16,000
Net interest income after provision for credit losses						328,166						288,021						644,417						573,593
Other operating revenue
Brokerage and trading revenue						38,125						53,017						69,193						112,196
Transaction card revenue						29,561						27,246						56,653						52,739
Fiduciary and asset management revenue						63,964						57,576						124,936						112,881
Deposit service charges and fees						31,319						29,572						61,594						58,257
Mortgage banking revenue						18,993						18,628						38,808						37,595
Other revenue						15,368						13,988						30,262						26,923
Total fees and commissions revenue						197,330						200,027						381,446						400,591
Other gains, net						8,140						57,375						7,415						61,644
Gain (loss) on derivatives, net						5,535						(1,091)						15,100						(9,724)
Gain (loss) on fair value option securities, net						1,112						(94)						1,437						(399)
Change in fair value of mortgage servicing rights						(5,019)						3,453						(12,259)						14,430
Gain (loss) on available-for-sale securities, net						—						34						—						(45,137)
Total other operating revenue						207,098						259,704						393,139						421,405
Other operating expense
Personnel						214,711						191,090						428,896						393,743
Business promotion						9,139						8,250						17,957						16,228
Charitable contributions to BOKF Foundation						—						13,610						—						13,610
Professional fees and services						15,402						13,331						28,671						25,341
Net occupancy and equipment						32,657						30,245						65,649						60,538
FDIC and other insurance						6,439						7,317						13,026						16,057
FDIC special assessment						(523)						1,190						—						7,644
Data processing and communications						49,597						46,131						97,175						91,695
Printing, postage, and supplies						4,067						3,789						7,706						7,786
Amortization of intangible assets						2,656						2,898						5,308						5,901
Mortgage banking costs						6,711						8,532						14,400						14,887
Other expense						13,647						10,307						23,244						23,644
Total other operating expense						354,503						336,690						702,032						677,074
Net income before taxes						180,761						211,035						335,524						317,924
Federal and state income taxes						40,691						47,303						75,683						70,498
Net income						140,070						163,732						259,841						247,426
Net income attributable to non-controlling interests						52						19						46						10
Net income attributable to BOK Financial Corporation shareholders						$	140,018					$	163,713					$	259,795					$	247,416
Earnings per share:
Basic						$	2.19					$	2.54					$	4.05					$	3.83
Diluted						$	2.19					$	2.54					$	4.05					$	3.83
Average shares used in computation:
Basic						63,208,027						63,714,204						63,376,857						64,002,154
Diluted						63,208,027						63,714,204						63,376,857						64,002,154
Dividends declared per share						$	0.57					$	0.55					$	1.14					$	1.10

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,
						2025						2024						2025						2024
Net income						$	140,070					$	163,732					$	259,841					$	247,426
Other comprehensive income (loss) before income taxes:
Net change in unrealized gain (loss)						86,829						(5,943)						260,657						(77,749)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						9,194						12,027						18,638						24,210
Loss (gain) on available-for-sale securities, net						—						(34)						—						45,137
Other comprehensive income (loss) before income taxes						96,023						6,050						279,295						(8,402)
Federal and state income taxes						22,690						1,424						65,265						(2,000)
Other comprehensive income (loss), net of income taxes						73,333						4,626						214,030						(6,402)
Comprehensive income						213,403						168,358						473,871						241,024
Comprehensive income (loss) attributable to non-controlling interests						52						19						46						10
Comprehensive income attributable to BOK Financial Corporation shareholders						$	213,351					$	168,339					$	473,825					$	241,014

See accompanying notes to consolidated financial statements.

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Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

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						June 30, 2025						Dec. 31, 2024
						(Unaudited)						(Footnote 1)
Assets
Cash and due from banks						$	1,074,130					$	1,043,969
Interest-bearing cash and cash equivalents						284,933						390,732
Trading securities						5,559,417						4,899,090
Investment securities, net of allowance (fair value: June 30, 2025 – $1,750,435; December 31, 2024 – $1,817,929)						1,897,178						2,017,225
Available-for-sale securities						13,347,821						12,851,600
Fair value option securities						107,702						17,876
Restricted equity securities						294,359						406,178
Residential mortgage loans held for sale						101,437						77,561
Loans						24,292,211						24,114,724
Allowance for loan losses						(277,049)						(280,035)
Loans, net of allowance						24,015,162						23,834,689
Premises and equipment, net						637,211						634,485
Receivables						299,327						281,091
Goodwill						1,044,749						1,044,749
Intangible assets, net						40,000						46,788
Mortgage servicing rights						334,644						338,145
Real estate and other repossessed assets, net of allowance (June 30, 2025 – $5,890; December 31, 2024 – $5,537)						1,729						2,254
Derivative contracts, net						362,908						242,809
Cash surrender value of bank-owned life insurance						416,566						416,741
Receivable on unsettled securities sales						76,989						4,825
Other assets						1,101,815						1,135,085
Total assets						$	50,998,077					$	49,685,892
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits						$	7,998,761					$	8,371,897
Interest-bearing deposits:
Transaction						25,843,923						25,455,106
Savings						853,757						828,817
Time						3,549,668						3,535,410
Total deposits						38,246,109						38,191,230
Funds purchased and repurchase agreements						682,051						1,292,856
Other borrowings						4,140,130						3,030,123
Subordinated debentures						—						131,200
Accrued interest, taxes, and expense						302,515						352,345
Derivative contracts, net						285,417						237,582
Due on unsettled securities purchases						964,580						405,494
Other liabilities						483,919						494,105
Total liabilities						45,104,721						44,134,935
Shareholders' equity:
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: June 30, 2025 – 77,035,067; December 31, 2024 – 76,817,607)						5						5
Capital surplus						1,441,326						1,429,628
Retained earnings						5,778,878						5,592,100
Treasury stock (shares at cost: June 30, 2025 – 13,423,970; December 31, 2024 – 12,696,308)						(1,040,311)						(970,340)
Accumulated other comprehensive loss						(289,010)						(503,040)
Total shareholders' equity						5,890,888						5,548,353
Non-controlling interests						2,468						2,604
Total equity						5,893,356						5,550,957
Total liabilities and equity						$	50,998,077					$	49,685,892

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Changes in Equity (Unaudited)

(In thousands)

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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, 2025						77,015						$	5					$	1,435,498					$	5,675,409					12,753						$	(976,756)					$	(362,343)					$	5,771,813					$	2,565					$	5,774,378
Net income						—						—						—						140,018						—						—						—						140,018						52						140,070
Other comprehensive income						—						—						—						—						—						—						73,333						73,333						—						73,333
Repurchase of common stock						—						—						—						—						663						(62,801)						—						(62,801)						—						(62,801)
Share-based compensation plans:
Non-vested shares awarded, net						20						—						—						—						—						—						—						—						—						—
Vesting of non-vested shares						—						—						—						—						8						(754)						—						(754)						—						(754)
Share-based compensation						—						—						5,828						—						—						—						—						5,828						—						5,828
Cash dividends on common stock						—						—						—						(36,549)						—						—						—						(36,549)						—						(36,549)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(149)						(149)
Balance, June 30, 2025						77,035						$	5					$	1,441,326					$	5,778,878					13,424						$	(1,040,311)					$	(289,010)					$	5,890,888					$	2,468					$	5,893,356
Balance, December 31, 2024						76,818						$	5					$	1,429,628					$	5,592,100					12,696						$	(970,340)					$	(503,040)					$	5,548,353					$	2,604					$	5,550,957
Net income						—						—						—						259,795						—						—						—						259,795						46						259,841
Other comprehensive income						—						—						—						—						—						—						214,030						214,030						—						214,030
Repurchase of common stock						—						—						—						—						673						(63,795)						—						(63,795)						—						(63,795)
Share-based compensation      plans:
Non-vested shares awarded,      net						217						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						55						(6,176)						—						(6,176)						—						(6,176)
Share-based compensation						—						—						11,698						—						—						—						—						11,698						—						11,698
Cash dividends on common      stock						—						—						—						(73,017)						—						—						—						(73,017)						—						(73,017)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(182)						(182)
Balance, June 30, 2025						77,035						$	5					$	1,441,326					$	5,778,878					13,424						$	(1,040,311)					$	(289,010)					$	5,890,888					$	2,468					$	5,893,356

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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, 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

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

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						Six Months Ended
						June 30,
						2025						2024
Cash Flows From Operating Activities:
Net income						$	259,841					$	247,426
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses						—						16,000
Change in fair value of mortgage servicing rights due to market assumption changes						12,259						(14,430)
Change in the fair value of mortgage servicing rights due to principal payments						11,429						13,459
Net unrealized (gains) losses from derivative contracts						125,612						(108,051)
Share-based compensation						11,698						10,062
Depreciation and amortization						54,621						52,076
Net amortization of discounts and premiums						(25,878)						(20,111)
Net losses (gains) on financial instruments and other losses (gains), net						(7,415)						(16,615)
Net loss (gain) on mortgage loans held for sale						(4,311)						(4,613)
Mortgage loans originated for sale						(378,970)						(379,214)
Proceeds from sale of mortgage loans held for sale						359,430						334,578
Capitalized mortgage servicing rights						(5,572)						(6,970)
Charitable contributions to BOKF Foundation						—						13,610
Change in trading and fair value option securities						(750,189)						(17,671)
Change in receivables						(77,006)						264,352
Change in other assets						26,836						69,808
Change in other liabilities						497,271						189,069
Net cash provided by (used in) operating activities						109,656						642,765
Cash Flows From Investing Activities:
Proceeds from maturities or redemptions of investment securities						118,862						113,747
Proceeds from maturities or redemptions of available-for-sale securities						1,037,812						940,442
Purchases of available-for-sale securities						(1,249,508)						(2,244,168)
Proceeds from sales of available-for-sale securities						—						737,830
Change in amount receivable on unsettled available-for-sale securities transactions						(13,388)						95,997
Loans originated, net of principal collected						(153,984)						(651,931)
Net proceeds from derivative asset contracts						(42,108)						15,651
Net change in restricted equity securities						111,819						(52,110)
Proceeds from disposition of assets						15,429						12,600
Purchases of assets						(76,786)						(87,269)
Net cash provided by (used in) investing activities						(251,852)						(1,119,211)
Cash Flows From Financing Activities:
Net change in demand deposits, transaction deposits and savings accounts						40,621						1,770,030
Net change in time deposits						14,258						451,913
Net change in other borrowed funds						475,337						(1,490,267)
Repayment of subordinated debentures						(132,166)						—
Net payments on derivative liability contracts						29,416						(20,415)
Net change in derivative margin accounts						(212,503)						(188,326)
Change in amount due on unsettled available-for-sale securities transactions						(5,417)						(154,203)
Issuance of common and treasury stock, net						(6,176)						(3,630)
Repurchase of common stock						(63,795)						(89,779)
Dividends paid						(73,017)						(70,979)
Net cash provided by (used in) financing activities						66,558						204,344
Net increase (decrease) in cash and cash equivalents						(75,638)						(272,102)
Cash and cash equivalents at beginning of period						1,434,701						1,348,265
Cash and cash equivalents at end of period						$	1,359,063					$	1,076,163
Supplemental Cash Flow Information:
Cash paid for interest						$	619,288					$	742,708
Cash paid for taxes						50,499						39,008
Net loans and bank premises transferred to repossessed real estate and other assets						28						77
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period						23,865						8,263
Conveyance of other real estate owned guaranteed by U.S. government agencies						1,936						1,840
Right-of-use assets obtained in exchange for operating lease liabilities						1,930						18,236

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 2024 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2024, have been derived from the audited financial statements included in BOK Financial's 2024 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 six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

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 annual periods. Adoption of ASU 2024-01 did not have a material effect on the Company's financial statements.

FASB ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The FASB issued ASU 2024-03 on November 4, 2024, which amends the disclosure of certain costs and expenses. The amendments intend to bring improvement by requiring further disaggregation of expenses that are not already required to be disclosed in the notes to the financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact ASU 2024-03 will have on its expense disclosures.

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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, 2025												December 31, 2024
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
U.S. government securities						$	997					$	2					$	21,275					$	(60)
Residential agency mortgage-backed securities						5,450,517						33,768						4,792,695						(37,439)
Municipal securities						64,653						88						62,230						(566)
Other trading securities						43,250						299						22,890						33
Total trading securities						$	5,559,417					$	34,157					$	4,899,090					$	(38,032)

Investment Securities

 

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

Table Link Similar Tables

						June 30, 2025
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	91,243					$	91,243					$	93,080					$	2,012					$	(175)
Mortgage-backed securities:
Residential agency						1,872,778						1,773,725						1,626,429						88						(147,384)
Commercial agency						17,257						16,368						15,878						—						(490)
Other debt securities						16,038						16,038						15,048						—						(990)
Total investment securities						1,997,316						1,897,374						1,750,435						2,100						(149,039)
Allowance for credit losses						(196)						(196)						—						—						—
Investment securities, net of allowance						$	1,997,120					$	1,897,178					$	1,750,435					$	2,100					$	(149,039)

1    Carrying value includes $100 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 AFS securities portfolio to the investment securities portfolio.

Table Link Similar Tables

						December 31, 2024
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	104,467					$	104,467					$	106,489					$	2,370					$	(348)
Mortgage-backed securities:
Residential agency						1,998,017						1,880,473						1,680,800						81						(199,754)
Commercial agency						17,257						16,220						15,357						—						(863)
Other debt securities						16,288						16,288						15,283						—						(1,005)
Total investment securities						2,136,029						2,017,448						1,817,929						2,451						(201,970)
Allowance for credit losses						(223)						(223)						—						—						—
Investment securities, net of allowance						$	2,135,806					$	2,017,225					$	1,817,929					$	2,451					$	(201,970)

1    Carrying value includes $119 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 AFS securities portfolio to the investment securities portfolio.

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The amortized cost and fair values of investment securities at June 30, 2025, 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						$	47,921					$	61,217					$	14,498					$	13					$	123,649					2.44
Fair value						49,239						61,299						13,455						13						124,006
Residential mortgage-backed securities:
Carrying value2																														$	1,773,725
Fair value																														1,626,429
Total investment securities:
Carrying value																														$	1,897,374
Fair value																														1,750,435

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 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities

(Dollars in thousands):

Table Link Similar Tables

						June 30, 2025
						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						10						$	5,073					$	9					$	6,622					$	166					$	11,695					$	175
Mortgage-backed securities:
Residential agency						116						—						—						1,625,562						147,384						1,625,562						147,384
Commercial agency						2						—						—						15,878						490						15,878						490
Other debt securities						2						—						—						9,035						990						9,035						990
Total investment securities						130						$	5,073					$	9					$	1,657,097					$	149,030					$	1,662,170					$	149,039

Table Link Similar Tables

						December 31, 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						20						$	14,485					$	65					$	7,107					$	283					$	21,592					$	348
Mortgage-backed securities:
Residential agency						116						—						—						1,679,889						199,754						1,679,889						199,754
Commercial agency						2						—						—						15,357						863						15,357						863
Other debt securities						3						—						—						9,271						1,005						9,271						1,005
Total investment securities						141						$	14,485					$	65					$	1,711,624					$	201,905					$	1,726,109					$	201,970

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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, 2025
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	964					$	—					$	(36)
Municipal securities						218,408						208,350						—						(10,058)
Mortgage-backed securities:
Residential agency						9,187,687						9,102,658						76,933						(161,962)
Residential non-agency						765,088						743,519						12,070						(33,639)
Commercial agency						3,451,816						3,291,857						5,712						(165,671)
Other debt securities						500						473						—						(27)
Total available-for-sale securities						$	13,624,499					$	13,347,821					$	94,715					$	(371,393)

Table Link Similar Tables

						December 31, 2024
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	945					$	—					$	(55)
Municipal securities						240,528						225,568						2						(14,962)
Mortgage-backed securities:
Residential agency						8,895,900						8,639,389						17,936						(274,447)
Residential non-agency						814,542						781,209						11,247						(44,580)
Commercial agency						3,436,465						3,204,016						726						(233,175)
Other debt securities						500						473						—						(27)
Total available-for-sale securities						$	13,388,935					$	12,851,600					$	29,911					$	(567,246)

The amortized cost and fair values of available-for-sale securities at June 30, 2025, 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			$	329,935					$	2,432,720					$	475,593					$	433,476					$	3,671,724					4.83
Fair value			323,803						2,304,224						450,275						423,342						3,501,644
Residential mortgage-backed securities:
Amortized cost2																											$	9,952,775
Fair value																											9,846,177
Total available-for-sale securities:
Amortized cost																											$	13,624,499
Fair value																											13,347,821

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 4.2 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,
			2025						2024						2025						2024
Proceeds			$	—					$	1,836					$	—					$	737,830
Gross realized gains			—						222						—						455
Gross realized losses			—						(188)						—						(45,592)
Related federal and state income tax expense (benefit)			—						8						—						(10,616)

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 $12.3 billion at June 30, 2025 and $9.9 billion at December 31, 2024. 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, 2025
						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						$	—					$	—					$	964					$	36					$	964					$	36
Municipal securities						101						1,038						4						202,707						10,054						203,745						10,058
Mortgage-backed securities:
Residential agency						636						988,961						9,396						2,553,983						152,566						3,542,944						161,962
Residential non-agency						33						40,245						162						439,419						33,477						479,664						33,639
Commercial agency						210						113,235						992						2,668,153						164,679						2,781,388						165,671
Other debt securities						1						—						—						473						27						473						27
Total available-for-sale securities						982						$	1,143,479					$	10,554					$	5,865,699					$	360,839					$	7,009,178					$	371,393

Table Link Similar Tables

						December 31, 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						$	—					$	—					$	945					$	55					$	945					$	55
Municipal securities						113						1,041						13						222,432						14,949						223,473						14,962
Mortgage-backed securities:
Residential agency						831						3,561,318						50,102						2,880,641						224,345						6,441,959						274,447
Residential non-agency						36						93,113						1,124						457,701						43,456						550,814						44,580
Commercial agency						220						190,718						1,878						2,819,206						231,297						3,009,924						233,175
Other debt securities						1						—						—						473						27						473						27
Total available-for-sale securities						1,202						$	3,846,190					$	53,117					$	6,381,398					$	514,129					$	10,227,588					$	567,246

Based on evaluations of impaired securities as of June 30, 2025, the Company does not intend to sell any impaired AFS 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, 2025												December 31, 2024
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities						$	107,702					$	(225)					$	17,876					$	(1,662)

(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.

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.

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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, 2025 (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						$	2,869,879					$	61,304					$	(17,542)					$	43,762					$	(25,577)					$	18,185
Energy contracts						6,752,020						614,210						(408,701)						205,509						(12,099)						193,410
Foreign exchange contracts						104,591						76,888						(187)						76,701						(561)						76,140
Equity option contracts						1,593						201						—						201						(50)						151
Total customer risk management programs						9,728,083						752,603						(426,430)						326,173						(38,287)						287,886
Trading						22,516,050						152,798						(81,859)						70,939						(3,888)						67,051
Internal risk management programs						554,941						7,971						—						7,971						—						7,971
Total derivative contracts						$	32,799,074					$	913,372					$	(508,289)					$	405,083					$	(42,175)					$	362,908
						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						$	2,852,551					$	61,273					$	(17,542)					$	43,731					$	—					$	43,731
Energy contracts						6,829,046						585,442						(408,701)						176,741						(19,433)						157,308
Foreign exchange contracts						104,038						76,271						(187)						76,084						—						76,084
Equity option contracts						1,593						201						—						201						—						201
Total customer risk management programs						9,787,228						723,187						(426,430)						296,757						(19,433)						277,324
Trading						28,227,804						224,184						(81,859)						142,325						(135,659)						6,666
Internal risk management programs						8,915						1,427						—						1,427						—						1,427
Total derivative contracts						$	38,023,947					$	948,798					$	(508,289)					$	440,509					$	(155,092)					$	285,417

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, 2024 (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						$	3,064,418					$	82,191					$	(5,369)					$	76,822					$	(71,485)					$	5,337
Energy contracts						7,169,926						521,032						(398,457)						122,575						(3,816)						118,759
Foreign exchange contracts						80,510						42,792						(395)						42,397						(434)						41,963
Equity option contracts						1,593						208						—						208						(50)						158
Total customer risk management programs						10,316,447						646,223						(404,221)						242,002						(75,785)						166,217
Trading						19,577,362						132,581						(56,764)						75,817						(242)						75,575
Internal risk management programs						168						1,017						—						1,017						—						1,017
Total derivative contracts						$	29,893,977					$	779,821					$	(460,985)					$	318,836					$	(76,027)					$	242,809
						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						$	3,064,418					$	82,141					$	(5,369)					$	76,772					$	—					$	76,772
Energy contracts						7,076,929						488,113						(398,457)						89,656						(1,020)						88,636
Foreign exchange contracts						76,906						39,253						(395)						38,858						(380)						38,478
Equity option contracts						1,593						208						—						208						—						208
Total customer risk management programs						10,219,846						609,715						(404,221)						205,494						(1,400)						204,094
Trading						14,196,406						87,082						(56,764)						30,318						(1,292)						29,026
Internal risk management programs						602,176						4,462						—						4,462						—						4,462
Total derivative contracts						$	25,018,428					$	701,259					$	(460,985)					$	240,274					$	(2,692)					$	237,582

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, 2025												June 30, 2024
						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						$	895					$	—					$	547					$	—
Energy contracts						6,590						—						6,162						—
Foreign exchange contracts						25						—						56						—
Equity option contracts						—						—						—						—
Total customer risk management programs						7,510						—						6,765						—
Trading1						(26,603)						—						32,576						—
Internal risk management programs						—						5,535						—						(1,091)
Total derivative contracts						$	(19,093)					$	5,535					$	39,341					$	(1,091)

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, 2025												June 30, 2024
						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						1,636						—						3,007						—
Energy contracts						14,200						—						9,977						—
Foreign exchange contracts						63						—						106						—
Equity option contracts						—						—						—						—
Total customer risk management programs						15,899						—						13,090						—
Trading1						(100,399)						—						116,282						—
Internal risk management programs						—						15,100						—						(9,724)
Total derivative contracts						$	(84,500)					$	15,100					$	129,372					$	(9,724)

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, 2025																								December 31, 2024
						Fixed Rate						Variable Rate						Non-accrual						Total						Fixed Rate						Variable Rate						Non-accrual						Total
Commercial						$	3,445,595					$	10,898,430					$	40,157					$	14,384,182					$	3,450,238					$	11,565,251					$	14,647					$	15,030,136
Commercial real estate						684,294						4,830,222						6,925						5,521,441						668,532						4,380,015						9,905						5,058,452
Loans to individuals						2,817,648						1,536,695						32,245						4,386,588						2,620,936						1,383,027						22,173						4,026,136
Total						$	6,947,537					$	17,265,347					$	79,327					$	24,292,211					$	6,739,706					$	17,328,293					$	46,725					$	24,114,724

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, 2025, outstanding commitments totaled $14.7 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, 2025, outstanding standby letters of credit totaled $702 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.

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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. 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, 2025
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	143,505					$	93,724											$	41,365											$	278,594
Provision for loan losses						744						(8,501)												6,773												(984)
Loans charged off						(35)						(126)												(1,152)												(1,313)
Recoveries of loans previously charged off						184						10												558												752
Ending balance						$	144,398					$	85,107											$	47,544											$	277,049
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	16,167					$	33,461											$	2,460											$	52,088
Provision for off-balance sheet credit risk						828						97												(21)												904
Ending balance						$	16,995					$	33,558											$	2,439											$	52,992

Table Link Similar Tables

						Six Months Ended
						June 30, 2025
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	145,153					$	91,072											$	43,810											$	280,035
Provision for loan losses						(111)						(6,034)												4,825												(1,320)
Loans charged off						(1,120)						(126)												(2,358)												(3,604)
Recoveries of loans previously charged off						476						195												1,267												1,938
Ending balance						$	144,398					$	85,107											$	47,544											$	277,049
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	18,046					$	31,959											$	1,635											$	51,640
Provision for off-balance sheet credit risk						(1,051)						1,599												804												1,352
Ending balance						$	16,995					$	33,558											$	2,439											$	52,992

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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

No provision for credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at June 30, 2025, 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						$	14,344,025					$	140,674					$	40,157					$	3,724					$	14,384,182					$	144,398
Commercial real estate						5,514,516						85,107						6,925						—						5,521,441						85,107
Loans to individuals						4,354,343						47,544						32,245						—						4,386,588						47,544
Total						$	24,212,884					$	273,325					$	79,327					$	3,724					$	24,292,211					$	277,049

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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, 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						$	15,015,489					$	144,877					$	14,647					$	276					$	15,030,136					$	145,153
Commercial real estate						5,048,547						91,072						9,905						—						5,058,452						91,072
Loans to individuals						4,003,963						43,810						22,173						—						4,026,136						43,810
Total						$	24,067,999					$	279,759					$	46,725					$	276					$	24,114,724					$	280,035

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, 2025, by the risk grade categories and vintage (in thousands): 

Table Link Similar Tables

			Origination Year
			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial:
Healthcare
Pass			$	364,559		$	530,397		$	468,105		$	839,066		$	392,630		$	772,396		$	197,981		$	13		$	3,565,147
Special Mention			—			—			—			64,388			103			3,315			214			—			68,020
Accruing Substandard			—			—			37,806			5,132			5,215			98,852			21			—			147,026
Nonaccrual			—			—			15,665			124			454			12,305			195			—			28,743
Total healthcare			364,559			530,397			521,576			908,710			398,402			886,868			198,411			13			3,808,936
Services
Pass			218,684			538,894			595,308			412,456			343,648			695,385			794,189			382			3,598,946
Special Mention			—			—			3,283			—			937			14,036			3,054			—			21,310
Accruing Substandard			4,020			234			2,313			684			1,218			8,529			9,851			373			27,222
Nonaccrual			495			—			47			898			198			152			9,539			—			11,329
Total services			223,199			539,128			600,951			414,038			346,001			718,102			816,633			755			3,658,807
Loans charged off, year-to-date			—			—			—			—			—			—			492			21			513
Energy
Pass			93,810			87,071			39,394			11,435			2,437			22,107			2,456,182			—			2,712,436
Special Mention			—			—			—			—			—			—			22,237			—			22,237
Nonaccrual			—			—			—			—			—			40			—			—			40
Total energy			93,810			87,071			39,394			11,435			2,437			22,147			2,478,419			—			2,734,713
Loans charged off, year-to-date			—			—			—			—			—			—			94			—			94
General business
Pass			491,792			533,585			457,383			224,337			162,742			359,982			1,880,453			1,892			4,112,166
Special Mention			457			2,595			1,424			2,020			—			—			6,119			43			12,658
Accruing Substandard			558			2,267			8,015			29,916			2,033			6,458			7,589			21			56,857
Nonaccrual			—			—			—			—			1			10			—			34			45
Total general business			492,807			538,447			466,822			256,273			164,776			366,450			1,894,161			1,990			4,181,726
Loans charged off, year-to-date			—			—			132			—			—			6			367			8			513
Total commercial			1,174,375			1,695,043			1,628,743			1,590,456			911,616			1,993,567			5,387,624			2,758			14,384,182
Commercial real estate:
Pass			366,111			670,413			567,448			2,011,168			715,266			986,490			118,824			—			5,435,720
Special Mention			—			—			233			—			29,324			—			—			—			29,557
Accruing Substandard			—			488			—			7,336			—			41,415			—			—			49,239
Nonaccrual			—			—			—			—			—			6,925			—			—			6,925
Total commercial real estate			366,111			670,901			567,681			2,018,504			744,590			1,034,830			118,824			—			5,521,441
Loans charged off, year-to-date			—			—			—			126			—			—			—			—			126

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Table Link Similar Tables

			Origination Year
			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Loans to individuals:
Residential mortgage
Pass			309,071			455,755			305,393			267,128			301,090			500,039			422,935			25,782			2,587,193
Special Mention			—			318			147			156			29			109			1,548			31			2,338
Accruing Substandard			—			—			—			—			—			1			495			—			496
Nonaccrual			—			294			2,180			2,397			1,160			9,872			4,304			447			20,654
Total residential mortgage			309,071			456,367			307,720			269,681			302,279			510,021			429,282			26,260			2,610,681
Loans charged off, year-to-date			—			—			48			—			—			57			130			—			235
Residential mortgage guaranteed by U.S. government agencies
Pass			—			2,399			5,659			8,022			2,741			122,654			—			—			141,475
Nonaccrual			—			—			—			—			—			6,978			—			—			6,978
Total residential mortgage guaranteed by U.S. government agencies			—			2,399			5,659			8,022			2,741			129,632			—			—			148,453
Personal
Pass			176,927			239,541			198,752			155,568			105,304			239,385			492,130			341			1,607,948
Special Mention			—			19			—			9			822			6			5,869			—			6,725
Accruing Substandard			—			23			8,017			—			—			128			—			—			8,168
Nonaccrual			—			—			4,596			11			4			2			—			—			4,613
Total personal			176,927			239,583			211,365			155,588			106,130			239,521			497,999			341			1,627,454
Loans charged off, year-to-date1			2,024			58			—			11			—			5			25			—			2,123
Total loans to individuals			485,998			698,349			524,744			433,291			411,150			879,174			927,281			26,601			4,386,588
Total loans			$	2,026,484		$	3,064,293		$	2,721,168		$	4,042,251		$	2,067,356		$	3,907,571		$	6,433,729		$	29,359		$	24,292,211

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, 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			$	539,305		$	544,103		$	896,042		$	481,816		$	344,609		$	644,441		$	249,793		$	10		$	3,700,119
Special Mention			—			15,000			64,895			110			—			32,555			255			—			112,815
Accruing Substandard			—			38,180			5,253			15,529			51,134			29,151			1,635			—			140,882
Nonaccrual			—			—			96			463			—			13,158			—			—			13,717
Total healthcare			539,305			597,283			966,286			497,918			395,743			719,305			251,683			10			3,967,533
Loans charged off, year-to-date			—			—			—			—			—			7,240			—			—			7,240
Services
Pass			629,978			625,969			422,015			404,949			187,324			570,775			745,853			379			3,587,242
Special Mention			—			3,324			123			1,537			—			11,796			17,923			—			34,703
Accruing Substandard			—			675			9,030			20			1,217			7,750			1,399			400			20,491
Nonaccrual			—			—			—			—			—			—			767			—			767
Total services			629,978			629,968			431,168			406,506			188,541			590,321			765,942			779			3,643,203
Loans charged off, year-to-date			—			—			—			—			22			80			9			—			111
Energy
Pass			148,972			46,094			39,050			2,621			6,488			16,989			2,985,161			—			3,245,375
Accruing Substandard			—			—			—			—			—			—			9,300			—			9,300
Nonaccrual			—			—			—			—			—			49			—			—			49
Total energy			148,972			46,094			39,050			2,621			6,488			17,038			2,994,461			—			3,254,724
Loans charged off, year-to-date			—			—			—			—			—			—			226			—			226
General business
Pass			740,440			571,897			267,528			176,468			117,755			319,986			1,862,643			1,938			4,058,655
Special Mention			4,399			5,749			4,285			7,002			224			1,736			3,037			—			26,432
Accruing Substandard			3,980			15,872			43,300			4,764			992			4,708			5,859			—			79,475
Nonaccrual			—			32			—			—			—			23			—			59			114
Total general business			748,819			593,550			315,113			188,234			118,971			326,453			1,871,539			1,997			4,164,676
Loans charged off, year-to-date			—			27			1,465			—			—			166			2,425			103			4,186
Total commercial			2,067,074			1,866,895			1,751,617			1,095,279			709,743			1,653,117			5,883,625			2,786			15,030,136
Commercial real estate:
Pass			436,206			512,614			2,004,558			793,161			233,619			810,497			141,307			—			4,931,962
Special Mention			—			313			14,907			32,131			—			—			—			—			47,351
Accruing Substandard			—			—			36,981			—			—			32,253			—			—			69,234
Nonaccrual			—			—			—			—			—			9,905			—			—			9,905
Total commercial real estate			436,206			512,927			2,056,446			825,292			233,619			852,655			141,307			—			5,058,452
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			530,186			338,187			286,865			318,935			314,814			210,251			395,943			22,929			2,418,110
Special Mention			—			167			148			219			—			113			1,767			—			2,414
Accruing Substandard			—			—			163			—			—			45			898			67			1,173
Nonaccrual			245			1,758			990			522			583			7,420			3,221			522			15,261
Total residential mortgage			530,431			340,112			288,166			319,676			315,397			217,829			401,829			23,518			2,436,958
Loans charged off, year-to-date			—			43			—			—			—			18			10			—			71
Residential mortgage guaranteed by U.S. government agencies
Pass			462			4,337			6,618			2,432			3,506			112,491			—			—			129,846
Nonaccrual			—			—			—			—			280			6,523			—			—			6,803
Total residential mortgage guaranteed by U.S. government agencies			462			4,337			6,618			2,432			3,786			119,014			—			—			136,649
Personal
Pass			245,737			149,572			167,272			115,710			107,291			151,030			510,147			2,619			1,449,378
Special Mention			18			17			30			825			8			—			8			—			906
Accruing Substandard			16			—			—			—			1			129			1,990			—			2,136
Nonaccrual			31			3			30			13			4			5			23			—			109
Total personal			245,802			149,592			167,332			116,548			107,304			151,164			512,168			2,619			1,452,529
Loans charged off, year-to-date1			5,269			69			101			52			9			—			26			20			5,546
Total loans to individuals			776,695			494,041			462,116			438,656			426,487			488,007			913,997			26,137			4,026,136
Total loans			$	3,279,975		$	2,873,863		$	4,270,179		$	2,359,227		$	1,369,849		$	2,993,779		$	6,938,929		$	28,923		$	24,114,724

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, 2025, follows (in thousands): 

Table Link Similar Tables

			As of June 30, 2025
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	28,743					$	23,643					$	5,100					$	200
Services			11,329						1,949						9,380						3,524
Energy			40						40						—						—
General business			45						45						—						—
Total commercial			40,157						25,677						14,480						3,724
Commercial real estate			6,925						6,925						—						—
Loans to individuals:
Residential mortgage			20,654						20,654						—						—
Residential mortgage guaranteed by U.S. government agencies			6,978						6,978						—						—
Personal			4,613						4,613						—						—
Total loans to individuals			32,245						32,245						—						—
Total			$	79,327					$	64,847					$	14,480					$	3,724

The majority of our nonaccruing loans are considered collateral dependent where repayment is expected to be provided through operation or sale of the collateral. Nonaccruing commercial and commercial real estate loans are primarily secured by commercial real estate and nonaccruing residential mortgage loans are secured by residential real estate.

A summary of nonaccruing loans at December 31, 2024, follows (in thousands): 

Table Link Similar Tables

			As of December 31, 2024
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	13,717					$	13,717					$	—					$	—
Services			767						491						276						276
Energy			49						49						—						—
General business			114						114						—						—
Total commercial			14,647						14,371						276						276
Commercial real estate			9,905						9,905						—						—
Loans to individuals:
Residential mortgage			15,261						15,261						—						—
Residential mortgage guaranteed by U.S. government agencies			6,803						6,803						—						—
Personal			109						109						—						—
Total loans to individuals			22,173						22,173						—						—
Total			$	46,725					$	46,449					$	276					$	276

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the six months ended June 30, 2025, the Company had $51 million of loan modifications to borrowers experiencing financial difficulty including $26 million of healthcare loans, $10 million of services loans, and $7.5 million of residential mortgage loans guaranteed by U.S government agencies. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension, or a combination. Approximately $39 million of the modifications were term extensions of commercial loans, and $7.5 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the six months ended June 30, 2025, $18 million of loans that were modified in the previous twelve months defaulted. Approximately $11 million of these defaults were related to term extensions of healthcare loans, and $5.3 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies. A payment default is defined as being 30 or more days past due after modification.

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. Approximately $110 million of the modifications were term extensions of commercial loans, and $4.1 million were 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.

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, 2025, 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						$	3,780,284					$	3,293					$	16,258					$	9,101					$	3,808,936					$	—
Services						3,653,722						4,046						1,021						18						3,658,807						18
Energy						2,734,713						—						—						—						2,734,713						—
General business						4,180,013						472						1,232						9						4,181,726						9
Total commercial						14,348,732						7,811						18,511						9,128						14,384,182						27
Commercial real estate						5,507,214						6,251						—						7,976						5,521,441						1,050
Loans to individuals:
Residential mortgage						2,586,725						12,596						2,906						8,454						2,610,681						311
Residential mortgage guaranteed by U.S. government agencies						51,434						17,866						12,716						66,437						148,453						61,464
Personal						1,620,937						1,889						34						4,594						1,627,454						—
Total loans to individuals						4,259,096						32,351						15,656						79,485						4,386,588						61,775
Total						$	24,115,042					$	46,413					$	34,167					$	96,589					$	24,292,211					$	62,852

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A summary of loans currently performing and past due as of December 31, 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						$	3,932,142					$	25,778					$	—					$	9,613					$	3,967,533					$	—
Services						3,642,436						—						767						—						3,643,203						—
Energy						3,254,724						—						—						—						3,254,724						—
General business						4,161,510						3,067						70						29						4,164,676						—
Total commercial						14,990,812						28,845						837						9,642						15,030,136						—
Commercial real estate						5,048,667						—						—						9,785						5,058,452						—
Loans to individuals:
Residential mortgage						2,416,633						10,930						5,622						3,773						2,436,958						—
Residential mortgage guaranteed by U.S. government agencies						45,910						18,514						15,268						56,957						136,649						52,504
Personal						1,451,397						1,061						48						23						1,452,529						—
Total loans to individuals						3,913,940						30,505						20,938						60,753						4,026,136						52,504
Total						$	23,953,419					$	59,350					$	21,775					$	80,180					$	24,114,724					$	52,504

(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.

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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, 2025												December 31, 2024
						Unpaid Principal Balance/ Notional						Fair Value						Unpaid Principal Balance/ Notional						Fair Value
Residential mortgage loans held for sale						$	99,522					$	99,820					$	77,080					$	75,969
Residential mortgage loan commitments						64,508						2,417						36,590						1,119
Forward sales contracts						100,500						(800)						82,000						473
												$	101,437											$	77,561

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of June 30, 2025, or December 31, 2024. No credit losses were recognized on residential mortgage loans held for sale for the six month period ended June 30, 2025, and 2024.

Mortgage banking revenue was as follows (in thousands):

Table Link Similar Tables

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Production revenue:
Net realized gains on sale of mortgage loans						$	1,446					$	2,338					$	2,902					$	4,364
Net change in unrealized gain (loss) on mortgage loans held for sale						415						631						1,409						249
Net change in the fair value of mortgage loan commitments						269						(528)						1,298						566
Net change in the fair value of forward sales contracts						(423)						(72)						(1,273)						715
Total mortgage production revenue						1,707						2,369						4,336						5,894
Servicing revenue						17,286						16,259						34,472						31,701
Total mortgage banking revenue						$	18,993					$	18,628					$	38,808					$	37,595

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.

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, 2025						December 31, 2024
Number of residential mortgage loans serviced for others						126,767						125,728
Outstanding principal balance of residential mortgage loans serviced for others						$	22,542,310					$	22,269,513
Weighted average interest rate						3.79		%				3.73		%
Remaining term (in months)						274						276

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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,
						2025						2024						2025						2024
Beginning Balance						$	342,111					$	319,330					$	338,145					$	293,884
Additions						3,063						4,454						5,572						6,970
Acquisitions						—						14,021						14,615						31,421
Change in fair value due to principal payments						(5,511)						(8,012)						(11,429)						(13,459)
Change in fair value due to market assumption changes						(5,019)						3,453						(12,259)						14,430
Ending Balance						$	334,644					$	333,246					$	334,644					$	333,246

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, 2025						December 31, 2024
Discount rate – risk-free rate plus a market premium						9.24%						9.60%
Prepayment rate – based upon loan interest rate, original term, and loan type						7.02%						7.09%
Loan servicing costs – annually per loan based upon loan type:
Performing loans						$73 - $94						$73 - $94
Delinquent loans						$150 - $500						$150 - $500
Loans in foreclosure						$875 - $6,000						$875 - $6,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life						3.63%						4.44%
Primary/secondary mortgage rate spread						128 bps						115 bps
Delinquency rate						2.24%						2.19%

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.

(6) Commitments and Contingent Liabilities

Litigation Contingencies

On June 24, 2015, BOKF, NA received a complaint that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the SEC. On September 7, 2016, BOKF, NA agreed to, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and required BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty. On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action alleging BOKF, NA participated in the fraudulent sale of securities by the principals. The action remains stayed with no current deadlines pending.

On December 28, 2015, in an action brought by the SEC, the New Jersey District Court entered a Consent Judgment against the principals involved in issuing the bonds. On January 8, 2020, the Court entered Final Judgment against the principal individual and his wife for $36,805,051 in principal amount and $10,937,831 in pre-judgment interest. The sale of all remaining collateral securing payment of the bonds has occurred and approximately $29 million remains outstanding. The SEC continues to

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aggressively pursue collection of the judgment. If the individual principal and his wife cannot pay the bonds, a bondholder loss could become probable. Management has been advised by counsel that BOKF, NA has valid defenses to claims of bondholders and that no loss to the Company is probable. No provision for losses has been made at this time.

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, 2025, the Company had $407 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 $105 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On July 29, 2025, the Company declared a quarterly cash dividend of $0.57 per common share payable on or about August 27, 2025, to shareholders of record as of August 13, 2025.

Dividends declared were $0.57 and $1.14 per share during the three and six months ended June 30, 2025, and $0.55 and $1.10 per share during the three and six months ended June 30, 2024.

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.

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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, 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)
Balance, Dec. 31, 2024						$	(412,348)					$	(90,692)																	$	(503,040)
Net change in unrealized gain (loss)						260,657						—																		260,657
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						—						18,638																		18,638
Loss on available-for-sale securities, net						—						—																		—
Other comprehensive income (loss), before income taxes						260,657						18,638																		279,295
Federal and state income taxes						60,994						4,271																		65,265
Other comprehensive income (loss), net of income taxes						199,663						14,367																		214,030
Balance, June 30, 2025						$	(212,685)					$	(76,325)																	$	(289,010)

(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,
						2025						2024						2025						2024
Numerator:
Net income attributable to BOK Financial Corp. shareholders						$	140,018					$	163,713					$	259,795					$	247,416
Less: Earnings allocated to participating securities						1,506						1,602						2,774						2,278
Numerator for basic earnings per share – income available to common shareholders						138,512						162,111						257,021						245,138
Add: Effect of reallocating undistributed earnings of participating securities						—						—						—						—
Numerator for diluted earnings per share – income available to common shareholders						$	138,512					$	162,111					$	257,021					$	245,138
Denominator:
Weighted average shares outstanding						63,896,252						64,343,898						64,060,375						64,578,226
Less: Participating securities included in weighted average shares outstanding						688,225						629,694						683,518						576,072
Denominator for basic earnings per common share						63,208,027						63,714,204						63,376,857						64,002,154
Add: Dilutive effect of employee stock compensation plans						—						—						—						—
Denominator for diluted earnings per common share						63,208,027						63,714,204						63,376,857						64,002,154
Basic earnings per share						$	2.19					$	2.54					$	4.05					$	3.83
Diluted earnings per share						$	2.19					$	2.54					$	4.05					$	3.83

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(9) Reportable Segments

BOK Financial operates three principal segments: Commercial Banking, Consumer Banking, and Wealth Management, with the remaining operations recorded in Funds Management and Other. Segments are determined based on BOK Financial's organizational structure and services provided.

The CODM for BOK Financial is the chief executive officer. The CODM evaluates the performance of our segments using net income before taxes, which includes the allocation of funds and capital costs and certain indirect allocations. Additionally, the CODM primarily relies on the spread between interest revenue and interest expense to assess performance and to make resource allocation decisions where the majority of the segment's revenues are from interest. Therefore, interest revenue is presented net of interest expense. The CODM also reviews budget to actual variances monthly when making decisions about the allocation of operating and capital resources to each segment. Credit costs are attributed to the segments based on net loans charged off or recovered. The difference between credit costs attributed to the segment and the consolidated provision for credit losses is attributed to Funds Management and Other.

Modifications of management structure or allocation methodologies may result in changes to previously reported segment data; prior periods have been restated on a comparable basis. See the Reportable Segments section of Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information regarding the Company's reportable segments. Additional information can be found in our most recent Annual Report on Form 10-K.

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2025 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Corporation
Net interest income from external sources						$	235,765					$	13,463					$	25,654					$	274,882					$	53,284					$	328,166
Net interest income (expense) from internal sources						(59,939)						44,651						19,190						3,902						(3,902)						—
Net interest income						175,826						58,114						44,844						278,784						49,382						328,166
Net loans charged off and provision for credit losses						29						1,018						(7)						1,040						(1,040)						—
Net interest income after provision for credit losses						175,797						57,096						44,851						277,744						50,422						328,166
Other operating revenue						64,432						38,165						103,650						206,247						851						207,098
Personnel expense						49,506						25,527						66,309						141,342						73,369						214,711
Non-personnel expense1						29,613						29,949						26,972						86,534						53,258						139,792
Total other operating expense						79,119						55,476						93,281						227,876						126,627						354,503
Corporate allocations2						19,535						15,039						14,471						49,045						(49,045)						—
Net income before taxes						$	141,575					$	24,746					$	40,749					$	207,070					$	(26,309)					$	180,761
Average assets						$	21,318,236					$	8,310,875					$	11,571,187					$	41,200,298					$	11,086,654					$	52,286,952

1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2025 is as follows (in thousands):

Table Link Similar Tables

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	467,188					$	22,203					$	39,596					$	528,987					$	115,430					$	644,417
Net interest income (expense) from internal sources						(113,104)						93,163						49,750						29,809						(29,809)						—
Net interest income						354,084						115,366						89,346						558,796						85,621						644,417
Net loans charged off and provision for credit losses						177						2,535						(15)						2,697						(2,697)						—
Net interest income after provision for credit losses						353,907						112,831						89,361						556,099						88,318						644,417
Other operating revenue						119,953						77,223						199,986						397,162						(4,023)						393,139
Personnel expense						97,557						51,364						133,554						282,475						146,421						428,896
Non-personnel expense1						57,796						61,348						53,993						173,137						99,999						273,136
Total other operating expense						155,353						112,712						187,547						455,612						246,420						702,032
Corporate allocations2						36,949						30,474						28,325						95,748						(95,748)						—
Net income before taxes						$	281,558					$	46,868					$	73,475					$	401,901					$	(66,377)					$	335,524
Average assets						$	21,359,263					$	8,256,649					$	11,469,873					$	41,085,785					$	10,554,734					$	51,640,519

1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to 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						Segment Total						Funds Management and Other						BOK Financial Corporation
Net interest income (expense) from external sources						$	280,091					$	5,986					$	(3,758)					$	282,319					$	13,702					$	296,021
Net interest income (expense) from internal sources						(76,335)						59,178						33,259						16,102						(16,102)						—
Net interest income						203,756						65,164						29,501						298,421						(2,400)						296,021
Net loans charged off and provision for credit losses						6,134						1,247						—						7,381						619						8,000
Net interest income after provision for credit losses						197,622						63,917						29,501						291,040						(3,019)						288,021
Other operating revenue						54,704						36,137						113,208						204,049						55,655						259,704
Personnel expense						45,964						24,016						63,669						133,649						57,441						191,090
Non-personnel expense1						30,150						31,112						26,545						87,807						57,793						145,600
Total other operating expense						76,114						55,128						90,214						221,456						115,234						336,690
Corporate allocations2						17,381						13,392						16,484						47,257						(47,257)						—
Net income before taxes						$	158,831					$	31,534					$	36,011					$	226,376					$	(15,341)					$	211,035
Average assets						$	21,960,479					$	8,107,505					$	11,239,910					41,307,894						$	9,887,305					$	51,195,199

1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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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						Segment Total						Funds Management and Other						BOK Financial Consolidated
Net interest (expense) income from external sources						$	560,342					$	13,336					$	(1,122)					$	572,556					$	17,037					$	589,593
Net interest income (expense) from internal sources						(152,591)						115,963						59,021						22,393						(22,393)						—
Net interest income						407,751						129,299						57,899						594,949						(5,356)						589,593
Net loans charged off and provision for credit losses						10,294						3,055						(15)						13,334						2,666						16,000
Net interest income after provision for credit losses						397,457						126,244						57,914						581,615						(8,022)						573,593
Other operating revenue						104,877						73,765						231,912						410,554						10,851						421,405
Personnel expense						91,283						49,252						127,218						267,753						125,990						393,743
Non-personnel expense1						54,926						59,323						62,284						176,533						106,798						283,331
Total other operating expense						146,209						108,575						189,502						444,286						232,788						677,074
Corporate allocations2						35,778						27,564						31,263						94,605						(94,605)						—
Net income before taxes						$	320,347					$	63,870					$	69,061					$	453,278					$	(135,354)					$	317,924
Average assets						$	21,806,587					$	8,018,132					$	10,874,365					40,699,084						$	9,912,301					$	50,611,385

1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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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 the 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 represent fees and commissions earned on the 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 charges, 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, 2025 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						BOK Financial Corporation						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	14,426					$	—					$	14,426					$	14,426					$	—
Customer hedging revenue			3,439						—						3,395						676						7,510						7,510						—
Retail brokerage revenue			—						—						5,113						—						5,113						—						5,113
Investment banking revenue			5,364						—						5,712						—						11,076						5,050						6,026
Brokerage and trading revenue			8,803						—						28,646						676						38,125						26,986						11,139
TransFund EFT network revenue			23,877						753						(17)						—						24,613						—						24,613
Merchant services revenue			2,614						8						—						—						2,622						—						2,622
Corporate card revenue			2,086						—						137						103						2,326						—						2,326
Transaction card revenue			28,577						761						120						103						29,561						—						29,561
Personal trust revenue			—						—						28,018						—						28,018						—						28,018
Corporate trust revenue			—						—						11,705						—						11,705						—						11,705
Institutional trust & retirement plan services revenue			—						—						17,895						—						17,895						—						17,895
Investment management services and other revenue			—						—						6,346						—						6,346						—						6,346
Fiduciary and asset management revenue			—						—						63,964						—						63,964						—						63,964
Commercial account service charge revenue			17,137						585						632						—						18,354						—						18,354
Overdraft fee revenue			26						5,367						53						(15)						5,431						—						5,431
Check card revenue			—						6,053						—						—						6,053						—						6,053
Automated service charge and other deposit fee revenue			247						1,128						106						—						1,481						—						1,481
Deposit service charges and fees			17,410						13,133						791						(15)						31,319						—						31,319
Mortgage production revenue			—						1,707						—						—						1,707						1,707						—
Mortgage servicing revenue			—						18,141						—						(855)						17,286						17,286						—
Mortgage banking revenue			—						19,848						—						(855)						18,993						18,993						—
Other revenue			3,610						3,047						10,129						(1,418)						15,368						8,200						7,168
Total fees and commissions revenue			$	58,400					$	36,789					$	103,650					$	(1,509)					$	197,330					$	54,179					$	143,151

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, 2025 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	22,533					$	—					$	22,533					$	22,533					$	—
Customer hedging revenue			7,957						—						7,441						501						15,899						15,899						—
Retail brokerage revenue			—						—						10,072						—						10,072						—						10,072
Investment banking revenue			8,575						—						12,114						—						20,689						8,241						12,448
Brokerage and trading revenue			16,532						—						52,160						501						69,193						46,673						22,520
TransFund EFT network revenue			45,980						1,431						(34)						—						47,377						—						47,377
Merchant services revenue			4,787						16						—						—						4,803						—						4,803
Corporate card revenue			3,957						—						311						205						4,473						—						4,473
Transaction card revenue			54,724						1,447						277						205						56,653						—						56,653
Personal trust revenue			—						—						53,574						—						53,574						—						53,574
Corporate trust revenue			—						—						22,814						—						22,814						—						22,814
Institutional trust & retirement plan services revenue			—						—						36,881						—						36,881						—						36,881
Investment management services and other revenue			—						—						11,667						—						11,667						—						11,667
Fiduciary and asset management revenue			—						—						124,936						—						124,936						—						124,936
Commercial account service charge revenue			33,760						1,159						1,254						—						36,173						—						36,173
Overdraft fee revenue			58						10,649						105						(15)						10,797						—						10,797
Check card revenue			—						11,668						—						—						11,668						—						11,668
Automated service charge and other deposit fee revenue			497						2,296						163						—						2,956						—						2,956
Deposit service charges and fees			34,315						25,772						1,522						(15)						61,594						—						61,594
Mortgage production revenue			—						4,336						—						—						4,336						4,336						—
Mortgage servicing revenue			—						36,150						—						(1,678)						34,472						34,472						—
Mortgage banking revenue			—						40,486						—						(1,678)						38,808						38,808						—
Other revenue			7,986						5,879						21,091						(4,694)						30,262						16,569						13,693
Total fees and commissions revenue			$	113,557					$	73,584					$	199,986					$	(5,681)					$	381,446					$	102,050					$	279,396

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, 2024 (in thousands):

Table Link Similar Tables

			Commercial						Consumer						Wealth Management						Funds Management & Other						BOK Financial Corporation						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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(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.

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, 2025, and 2024, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and six months ended June 30, 2025, and 2024 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, 2025, or December 31, 2024.

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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, 2025 (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						$	997					$	—					$	997					$	—
Residential agency mortgage-backed securities						5,450,517						—						5,450,517						—
Municipal securities						64,653						—						64,653						—
Other trading securities						43,250						—						43,250						—
Total trading securities						5,559,417						—						5,559,417						—
Available-for-sale securities:
U.S. Treasury						964						964						—						—
Municipal securities						208,350						—						208,350						—
Residential agency mortgage-backed securities						9,102,658						—						9,102,658						—
Residential non-agency mortgage-backed securities						743,519						—						743,519						—
Commercial agency mortgage-backed securities						3,291,857						—						3,291,857						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,347,821						964						13,346,384						473
Fair value option securities — Residential agency mortgage-backed securities						107,702						—						107,702						—
Residential mortgage loans held for sale1						101,437						—						94,823						6,614
Mortgage servicing rights2						334,644						—						—						334,644
Derivative contracts, net of cash collateral3						362,908						7,058						355,850						—
Liabilities:
Derivative contracts, net of cash collateral3						$	285,417					$	2,790					$	282,627					$	—

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 81.03% 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 and internal risk management 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, 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						$	21,275					$	1,494					$	19,781					$	—
Residential agency mortgage-backed securities						4,792,695						—						4,792,695						—
Municipal securities						62,230						—						62,230						—
Other trading securities						22,890						—						22,890						—
Total trading securities						4,899,090						1,494						4,897,596						—
Available-for-sale securities:
U.S. Treasury						945						945						—						—
Municipal securities						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						—						3,204,016						—
Other debt securities						473						—						—						473
Total available-for-sale securities						12,851,600						945						12,850,182						473
Fair value option securities — Residential agency mortgage-backed securities						17,876						—						17,876						—
Residential mortgage loans held for sale1						77,561						—						70,564						6,997
Mortgage servicing rights2						338,145						—						—						338,145
Derivative contracts, net of cash collateral3						242,809						656						242,153						—
Liabilities:
Derivative contracts, net of cash collateral3						$	237,582					$	3,391					$	234,191					$	—

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 81.11% 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 and internal risk management 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, AFS, 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 AFS 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, 2025, for which the fair value was adjusted during the six months ended June 30, 2025 (in thousands):

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																					Fair Value Adjustments for the
			Carrying Value at June 30, 2025																		Three Months Ended June 30, 2025 Recognized in:												Six Months Ended June 30, 2025 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
Real estate and other repossessed assets			$	—					$	—					$	1,636					$	—					$	(1)					$	—					$	(357)

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):

Table Link Similar Tables

																					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 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, 2025 follows (dollars in thousands):

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Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Real estate and other repossessed assets

$

1,636

Discounted cash flows

Marketability adjustments off appraised value1

70% - 98% (96%)

1    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

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):

Table Link Similar Tables

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.

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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, 2025 (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						$	1,074,130					$	1,074,130					$	1,074,130					$	—					$	—
Interest-bearing cash and cash equivalents						284,933						284,933						284,933						—						—
Trading securities:
U.S. government securities						997						997						—						997						—
Residential agency mortgage-backed securities						5,450,517						5,450,517						—						5,450,517						—
Municipal securities						64,653						64,653						—						64,653						—
Other trading securities						43,250						43,250						—						43,250						—
Total trading securities						5,559,417						5,559,417						—						5,559,417						—
Investment securities:
Municipal securities						91,243						93,080						—						11,607						81,473
Residential agency mortgage-backed securities						1,773,725						1,626,429						—						1,626,429						—
Commercial agency mortgage-backed securities						16,368						15,878						—						15,878						—
Other debt securities						16,038						15,048						—						15,048						—
Total investment securities						1,897,374						1,750,435						—						1,668,962						81,473
Allowance for credit losses						(196)						—						—						—						—
Investment securities, net of allowance						1,897,178						1,750,435						—						1,668,962						81,473
Available-for-sale securities:
U.S. Treasury						964						964						964						—						—
Municipal securities						208,350						208,350						—						208,350						—
Residential agency mortgage-backed securities						9,102,658						9,102,658						—						9,102,658						—
Residential non-agency mortgage-backed securities						743,519						743,519						—						743,519						—
Commercial agency mortgage-backed securities						3,291,857						3,291,857						—						3,291,857						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						13,347,821						13,347,821						964						13,346,384						473
Fair value option securities — Residential agency mortgage-backed securities						107,702						107,702						—						107,702						—
Residential mortgage loans held for sale						101,437						101,437						—						94,823						6,614
Loans:
Commercial						14,384,182						14,403,967						—						—						14,403,967
Commercial real estate						5,521,441						5,444,131						—						—						5,444,131
Loans to individuals						4,386,588						4,277,310						—						—						4,277,310
Total loans						24,292,211						24,125,408						—						—						24,125,408
Allowance for loan losses						(277,049)						—						—						—						—
Loans, net of allowance						24,015,162						24,125,408						—						—						24,125,408
Mortgage servicing rights						334,644						334,644						—						—						334,644
Derivative instruments with positive fair value, net of cash collateral						362,908						362,908						7,058						355,850						—
Deposits with no stated maturity						34,696,441						34,696,441						—						34,696,441						—
Time deposits						3,549,668						3,532,978						—						—						3,532,978
Other borrowed funds						4,822,181						4,822,087						—						—						4,822,087
Subordinated debentures						—						—						—						—						—
Derivative instruments with negative fair value, net of cash collateral						285,417						285,417						2,790						282,627						—

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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, 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						$	1,043,969					$	1,043,969					$	1,043,969					$	—					$	—
Interest-bearing cash and cash equivalents						390,732						390,732						390,732						—						—
Trading securities:
U.S. government securities						21,275						21,275						1,494						19,781						—
Residential agency mortgage-backed securities						4,792,695						4,792,695						—						4,792,695						—
Municipal securities						62,230						62,230						—						62,230						—
Other trading securities						22,890						22,890						—						22,890						—
Total trading securities						4,899,090						4,899,090						1,494						4,897,596						—
Investment securities:
Municipal securities						104,467						106,489						—						11,674						94,815
Residential agency mortgage-backed securities						1,880,473						1,680,800						—						1,680,800						—
Commercial agency mortgage-backed securities						16,220						15,357						—						15,357						—
Other debt securities						16,288						15,283						—						15,283						—
Total investment securities						2,017,448						1,817,929						—						1,723,114						94,815
Allowance for credit losses						(223)						—						—						—						—
Investment securities, net of allowance						2,017,225						1,817,929						—						1,723,114						94,815
Available-for-sale securities:
U.S. Treasury						945						945						945						—						—
Municipal securities						225,568						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						3,204,016						—						3,204,016						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						12,851,600						12,851,600						945						12,850,182						473
Fair value option securities — Residential agency mortgage-backed securities						17,876						17,876						—						17,876						—
Residential mortgage loans held for sale						77,561						77,561						—						70,564						6,997
Loans:
Commercial						15,030,136						14,903,851						—						—						14,903,851
Commercial real estate						5,058,452						4,933,396						—						—						4,933,396
Loans to individuals						4,026,136						3,872,299						—						—						3,872,299
Total loans						24,114,724						23,709,546						—						—						23,709,546
Allowance for loan losses						(280,035)						—						—						—						—
Loans, net of allowance						23,834,689						23,709,546						—						—						23,709,546
Mortgage servicing rights						338,145						338,145						—						—						338,145
Derivative instruments with positive fair value, net of cash collateral						242,809						242,809						656						242,153						—
Deposits with no stated maturity						34,655,820						34,655,820						—						—						34,655,820
Time deposits						3,535,410						3,522,242						—						—						3,522,242
Other borrowed funds						4,322,979						4,323,174						—						—						4,323,174
Subordinated debentures						131,200						121,057						—						121,057						—
Derivative instruments with negative fair value, net of cash collateral						237,582						237,582						3,391						234,191						—

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, 2025, 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

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(In thousands, except per share data)						Six Months Ended
						June 30, 2025																		June 30, 2024
						Average Balance						Revenue/ Expense						Yield/ Rate1						Average Balance						Revenue/ Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	535,012					$	11,855					4.47		%				$	550,720					$	14,781					5.40		%
Trading securities						6,382,141						160,359						5.05		%				5,647,050						143,156						5.09		%
Investment securities						1,949,319						13,770						1.41		%				2,180,560						15,443						1.42		%
Available-for-sale securities						13,091,406						258,933						3.85		%				12,646,923						237,509						3.59		%
Fair value option securities						53,158						1,497						5.50		%				19,625						389						3.63		%
Restricted equity securities						369,344						14,086						7.63		%				432,838						18,050						8.34		%
Residential mortgage loans held for sale						75,018						2,321						6.08		%				69,387						2,271						6.39		%
Loans						24,122,687						803,292						6.71		%				24,166,860						889,726						7.40		%
Allowance for loan losses						(279,082)																		(280,847)
Loans, net of allowance						23,843,605						803,292						6.79		%				23,886,013						889,726						7.49		%
Total earning assets						46,299,003						1,266,113						5.46		%				45,433,116						1,321,325						5.77		%
Receivable on unsettled securities sales						206,882																		239,367
Cash and other assets						5,134,634																		4,938,902
Total assets						$	51,640,519																	$	50,611,385
Liabilities and equity
Interest-bearing deposits:
Transaction						$	25,859,533					$	408,737					3.19		%				$	22,635,232					$	418,903					3.72		%
Savings						848,991						2,323						0.55		%				837,870						2,400						0.58		%
Time						3,482,001						68,455						3.96		%				3,357,258						75,574						4.53		%
Total interest-bearing deposits						30,190,525						479,515						3.20		%				26,830,360						496,877						3.72		%
Funds purchased and repurchase agreements						858,453						13,848						3.25		%				1,548,183						32,208						4.18		%
Other borrowings						5,327,024						119,545						4.53		%				6,997,931						193,733						5.57		%
Subordinated debentures						115,430						3,672						6.42		%				131,155						4,618						7.08		%
Total interest-bearing liabilities						36,491,432						616,580						3.41		%				35,507,629						727,436						4.12		%
Non-interest bearing demand deposits						8,056,758																		8,509,197
Due on unsettled securities purchases						464,487																		425,568
Other liabilities						900,237																		1,016,686
Total equity						5,727,605																		5,152,305
Total liabilities and equity						$	51,640,519																	$	50,611,385
Tax-equivalent net interest income												$	649,533					2.05		%										$	593,889					1.65		%
Tax-equivalent net interest income to earning assets																		2.79		%																2.59		%
Less tax-equivalent adjustment												5,116																		4,296
Net interest income												644,417																		589,593
Provision for credit losses												—																		16,000
Other operating revenue												393,139																		421,405
Other operating expense												702,032																		677,074
Income before taxes												335,524																		317,924
Federal and state income taxes												75,683																		70,498
Net income												259,841																		247,426
Net income attributable to non-controlling interests												46																		10
Net income attributable to BOK Financial Corporation shareholders												$	259,795																	$	247,416
Earnings per share:
Basic												$	4.05																	$	3.83
Diluted												$	4.05																	$	3.83

1    Yield calculations are shown on a tax-equivalent basis 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, 2025																		March 31, 2025
						Average Balance						Revenue/ Expense						Yield/ Rate1						Average Balance						Revenue/ Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	506,330					$	5,626					4.46		%				$	564,014					$	6,229					4.48		%
Trading securities						6,876,788						86,488						5.05		%				5,881,997						73,871						5.07		%
Investment securities, net of allowance						1,918,969						6,762						1.41		%				1,980,005						7,008						1.42		%
Available-for-sale securities						13,218,569						131,360						3.89		%				12,962,830						127,573						3.82		%
Fair value option securities						88,323						1,319						5.90		%				17,603						178						3.72		%
Restricted equity securities						390,191						7,545						7.73		%				348,266						6,541						7.51		%
Residential mortgage loans held for sale						86,543						1,346						6.13		%				63,365						975						6.03		%
Loans						24,176,549						404,555						6.71		%				24,068,227						398,737						6.71		%
Allowance for loan losses						(278,191)																		(279,983)
Loans, net of allowance						23,898,358						404,555						6.79		%				23,788,244						398,737						6.79		%
Total earning assets						46,984,071						645,001						5.47		%				45,606,324						621,112						5.45		%
Receivable on unsettled securities sales						228,563																		184,960
Cash and other assets						5,074,318																		5,195,619
Total assets						$	52,286,952																	$	50,986,903
Liabilities and equity
Interest-bearing deposits:
Transaction						$	25,859,336					$	204,216					3.17		%				$	25,859,733					$	204,521					3.21		%
Savings						853,062						1,155						0.54		%				844,875						1,168						0.56		%
Time						3,465,780						33,072						3.83		%				3,498,401						35,383						4.10		%
Total interest-bearing deposits						30,178,178						238,443						3.17		%				30,203,009						241,072						3.24		%
Funds purchased and repurchase agreements						782,039						6,820						3.50		%				935,716						7,028						3.05		%
Other borrowings						6,019,948						67,410						4.49		%				4,626,402						52,135						4.57		%
Subordinated debentures						99,846						1,588						6.38		%				131,188						2,084						6.44		%
Total interest-bearing liabilities						37,080,011						314,261						3.40		%				35,896,315						302,319						3.42		%
Non-interest bearing demand deposits						7,958,538																		8,156,069
Due on unsettled securities purchases						503,490																		425,050
Other liabilities						951,112																		848,797
Total equity						5,793,801																		5,660,672
Total liabilities and equity						$	52,286,952																	$	50,986,903
Tax-equivalent net interest income												$	330,740					2.07		%										$	318,793					2.03		%
Tax-equivalent net interest income to earning assets																		2.80		%																2.78		%
Less tax-equivalent adjustment												2,574																		2,542
Net interest income												328,166																		316,251
Provision for credit losses												—																		—
Other operating revenue												207,098																		186,041
Other operating expense												354,503																		347,529
Income before taxes												180,761																		154,763
Federal and state income taxes												40,691																		34,992
Net income												140,070																		119,771
Net income (loss) attributable to non-controlling interests												52																		(6)
Net income attributable to BOK Financial Corporation shareholders												$	140,018																	$	119,777
Earnings per share:
Basic												$	2.19																	$	1.86
Diluted												$	2.19																	$	1.86

1    Yield calculations are shown on a tax-equivalent basis 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, 2024																		September 30, 2024
						Average Balance						Revenue /Expense						Yield/ Rate1						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	546,955					$	6,322					4.60		%				$	531,811					$	7,131					5.33		%
Trading securities						5,636,949						68,817						4.90		%				5,802,448						76,498						5.36		%
Investment securities, net of allowance						2,037,072						7,256						1.42		%				2,094,408						7,406						1.41		%
Available-for-sale securities						12,969,630						127,803						3.82		%				12,939,422						125,555						3.76		%
Fair value option securities						18,384						183						3.70		%				19,095						189						3.69		%
Restricted equity securities						338,236						6,427						7.60		%				410,800						8,426						8.20		%
Residential mortgage loans held for sale						87,353						1,296						5.85		%				95,742						1,495						6.15		%
Loans						24,024,544						423,487						7.01		%				24,304,884						455,995						7.47		%
Allowance for loan losses						(283,685)																		(287,227)
Loans, net of allowance						23,740,859						423,487						7.10		%				24,017,657						455,995						7.55		%
Total earning assets						45,375,438						641,591						5.59		%				45,911,383						682,695						5.89		%
Receivable on unsettled securities sales						284,793																		216,158
Cash and other assets						4,954,955																		5,029,494
Total assets						$	50,615,186																	$	51,157,035
Liabilities and equity
Interest-bearing deposits:
Transaction						$	24,992,464					$	214,868					3.42		%				$	23,986,697					$	227,767					3.78		%
Savings						818,210						1,213						0.59		%				820,980						1,232						0.60		%
Time						3,629,882						41,643						4.56		%				3,678,964						42,129						4.56		%
Total interest-bearing deposits						29,440,556						257,724						3.48		%				28,486,641						271,128						3.79		%
Funds purchased and repurchase agreements						1,076,400						10,231						3.78		%				1,016,688						9,932						3.89		%
Other borrowings						4,489,870						55,883						4.95		%				6,366,046						88,774						5.55		%
Subordinated debentures						131,185						2,241						6.80		%				131,155						2,357						7.15		%
Total interest-bearing liabilities						35,138,011						326,079						3.69		%				36,000,530						372,191						4.11		%
Non-interest bearing demand deposits						8,378,558																		8,273,656
Due on unsettled securities purchases						472,334																		348,585
Other liabilities						1,047,983																		1,084,458
Total equity						5,578,300																		5,449,806
Total liabilities and equity						$	50,615,186																	$	51,157,035
Tax-equivalent net interest income												$	315,512					1.90		%										$	310,504					1.78		%
Tax-equivalent net interest income to earning assets																		2.75		%																2.68		%
Less tax-equivalent adjustment												2,466																		2,385
Net interest income												313,046																		308,119
Provision for credit losses												—																		2,000
Other operating revenue												210,044																		208,192
Other operating expense												347,656																		341,025
Income before taxes												175,434																		173,286
Federal and state income taxes												39,280																		33,313
Net income												136,154																		139,973
Net income (loss) attributable to non-controlling interests												—																		(26)
Net income attributable to BOK Financial Corporation shareholders												$	136,154																	$	139,999
Earnings per share:
Basic												$	2.12																	$	2.18
Diluted												$	2.12																	$	2.18

1    Yield calculations are shown on a tax-equivalent basis 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, 2024
						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	533,760					$	7,776					5.86		%
Trading securities						5,922,891						74,856						5.06		%
Investment securities, net of allowance						2,151,079						7,589						1.41		%
Available-for-sale securities						12,755,865						123,916						3.71		%
Fair value option securities						19,170						194						3.68		%
Restricted equity securities						453,303						9,192						8.11		%
Residential mortgage loans held for sale						81,371						1,348						6.50		%
Loans						24,385,153						449,142						7.41		%
Allowance for loan losses						(283,246)
Loans, net of allowance						24,101,907						449,142						7.49		%
Total earning assets						46,019,346						674,013						5.80		%
Receivable on unsettled securities sales						171,344
Cash and other assets						5,004,509
Total assets						$	51,195,199
Liabilities and equity
Interest-bearing deposits:
Transaction						$	23,006,204					$	215,122					3.76		%
Savings						832,704						1,196						0.58		%
Time						3,427,336						38,435						4.51		%
Total interest-bearing deposits						27,266,244						254,753						3.76		%
Funds purchased and repurchase agreements						1,838,323						19,544						4.28		%
Other borrowings						7,151,228						99,193						5.58		%
Subordinated debentures						131,156						2,306						7.07		%
Total interest-bearing liabilities						36,386,951						375,796						4.15		%
Non-interest bearing demand deposits						8,386,979
Due on unsettled securities purchases						351,199
Other liabilities						920,427
Total equity						5,149,643
Total liabilities and equity						$	51,195,199
Tax-equivalent net interest income												$	298,217					1.65		%
Tax-equivalent net interest income to earning assets																		2.56		%
Less tax-equivalent adjustment												2,196
Net interest income												296,021
Provision for credit losses												8,000
Other operating revenue												259,704
Other operating expense												336,690
Income before taxes												211,035
Federal and state income taxes												47,303
Net income												163,732
Net income attributable to non-controlling interests												19
Net income attributable to BOK Financial Corporation shareholders												$	163,713
Earnings per share:
Basic												$	2.54
Diluted												$	2.54

1    Yield calculations are shown on a tax-equivalent basis 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)

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						Three Months Ended
						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024						June 30, 2024
Interest revenue						$	642,427					$	618,570					$	639,125					$	680,310					$	671,817
Interest expense						314,261						302,319						326,079						372,191						375,796
Net interest income						328,166						316,251						313,046						308,119						296,021
Provision for credit losses						—						—						—						2,000						8,000
Net interest income after provision for credit losses						328,166						316,251						313,046						306,119						288,021
Other operating revenue
Brokerage and trading revenue						38,125						31,068						55,505						50,391						53,017
Transaction card revenue						29,561						27,092						27,631						28,495						27,246
Fiduciary and asset management revenue						63,964						60,972						60,595						57,384						57,576
Deposit service charges and fees						31,319						30,275						30,038						30,450						29,572
Mortgage banking revenue						18,993						19,815						18,140						18,372						18,628
Other revenue						15,368						14,894						15,029						17,402						13,988
Total fees and commissions						197,330						184,116						206,938						202,494						200,027
Other gains (losses), net						8,140						(725)						4,995						13,087						57,375
Gain (loss) on derivatives, net						5,535						9,565						(21,728)						8,991						(1,091)
Gain (loss) on fair value option securities, net						1,112						325						(621)						764						(94)
Change in fair value of mortgage servicing rights						(5,019)						(7,240)						20,460						(16,453)						3,453
Gain (loss) on available-for-sale securities, net						—						—						—						(691)						34
Total other operating revenue						207,098						186,041						210,044						208,192						259,704
Other operating expense
Personnel						214,711						214,185						210,675						206,821						191,090
Business promotion						9,139						8,818						9,365						7,681						8,250
Charitable contributions to BOKF Foundation						—						—						—						—						13,610
Professional fees and services						15,402						13,269						15,175						13,405						13,331
Net occupancy and equipment						32,657						32,992						32,713						32,077						30,245
FDIC and other insurance						6,439						6,587						6,862						8,186						7,317
FDIC special assessment						(523)						523						(686)						(1,437)						1,190
Data processing and communications						49,597						47,578						48,024						47,554						46,131
Printing, postage and supplies						4,067						3,639						3,699						3,594						3,789
Amortization of intangible assets						2,656						2,652						2,855						2,856						2,898
Mortgage banking costs						6,711						7,689						10,692						9,059						8,532
Other expense						13,647						9,597						8,282						11,229						10,307
Total other operating expense						354,503						347,529						347,656						341,025						336,690
Net income before taxes						180,761						154,763						175,434						173,286						211,035
Federal and state income taxes						40,691						34,992						39,280						33,313						47,303
Net income						140,070						119,771						136,154						139,973						163,732
Net income (loss) attributable to non-controlling interests						52						(6)						—						(26)						19
Net income attributable to BOK Financial Corporation shareholders						$	140,018					$	119,777					$	136,154					$	139,999					$	163,713
Earnings per share:
Basic						$2.19						$1.86						$2.12						$2.18						$2.54
Diluted						$2.19						$1.86						$2.12						$2.18						$2.54
Average shares used in computation:
Basic						63,208,027						63,547,510						63,491,458						63,489,581						63,714,204
Diluted						63,208,027						63,547,510						63,491,458						63,489,581						63,714,204

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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, 2024.

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, 2025.

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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, 2025						246,557						$	92.30					246,000						1,286,980
May 1 to May 31, 2025						297,487						$	95.15					297,298						989,682
June 1 to June 30, 2025						127,030						$	94.70					120,000						869,682
Total						671,074												663,298

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, 2025, the Company had repurchased 4,130,318 shares under this plan. On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.

2The Company may repurchase vested shares from employees to cover 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 2025.

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 30, 2025           

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

    

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

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