10-Q 1 bokf-20240331.htm 10-Q bokf-20240331
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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 March 31, 2024
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________                 

Commission File No. 001-37811

BOK FINANCIAL CORP
(Exact name of registrant as specified in its charter) 
Oklahoma 73-1373454
(State or other jurisdiction
of Incorporation or Organization)
 (IRS Employer
Identification No.)
  
Bank of Oklahoma Tower  
Boston Avenue at Second Street  
Tulsa,Oklahoma 74192
(Address of Principal Executive Offices) (Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00006 per shareBOKFNasdaq Stock Market

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

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

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

Large accelerated filer  ý       Accelerated filer       ¨            
Non-accelerated filer   ¨    Smaller reporting company
    Emerging growth company

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 64,515,035 shares of common stock ($.00006 par value) as of March 31, 2024.

BOK Financial Corporation
Form 10-Q
Quarter Ended March 31, 2024

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


GLOSSARY OF DEFINED TERMS

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

TermDefinition
AFS
Available For Sale
AOCIAccumulated Other Comprehensive Income
ASU
Accounting Standards Update
ATM
Automated Teller Machine
BoardBoard of Directors of BOK Financial Corporation
BOK FinancialBOK Financial Corporation
BOKFBOK Financial Corporation
BOKF Insurance
BOK Financial Insurance, Inc.
BOKFI
BOK Financial Insurance, Inc.
CECL
Current Expected Credit Losses
CompanyBOK Financial Corporation
EFTElectronic Funds Transfer
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
GAAP
Generally Accepted Accounting Principles in the United States of America
GDP
Gross Domestic Product
GNMAGovernment National Mortgage Association
MSR
Mortgage Servicing Rights
Nasdaq
National Association of Securities Dealers Automated Quotations
NYMEXNew York Mercantile Exchange
PPNR
Pre-Provision Net Revenue
RMHFS
Residential Mortgages Held for Sale
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SVaRStressed Value at Risk
TransFundBOKF's electronic funds transfer network
USDC
United States District Court
VAU.S. Department of Veterans Affairs
VaRValue at Risk
WTIWest Texas Intermediate
- 1 -


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

BOK Financial reported net income of $83.7 million or $1.29 per diluted share for the first quarter of 2024 compared to $82.6 million or $1.26 per diluted share for the fourth quarter of 2023. Excluding the loss from repositioning of the available for sale securities portfolio and the additional FDIC special assessment expense, net income would have been $123.2 million or $1.91 per share for the first quarter of 2024, both of which are non-GAAP measures. PPNR, also a non-GAAP measure, decreased $2.6 million to $114.9 million compared to the fourth quarter of 2023.

Highlights of the first quarter of 2024 compared to the fourth quarter of 2023 included:

Net interest revenue totaled $293.6 million, a decrease of $3.1 million compared to the prior quarter. Net interest margin was 2.61% for the first quarter of 2024 compared to 2.64% for the prior quarter reflecting continued demand deposit migration and deposit repricing. For the first quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 2.97% compared to 3.03% in the prior quarter.
Fees and commissions revenue totaled $200.6 million, an increase of $3.8 million. Higher mortgage banking and fiduciary and asset management revenue was partially offset by lower brokerage and trading and transaction card revenue.
Other operating expense totaled $340.4 million, a decrease of $43.7 million. Personnel expense was relatively unchanged, while non-personnel expense decreased $43.3 million resulting from the recognition of the FDIC special assessment in the fourth quarter of 2023.
Other gains and losses, net decreased $36.2 million to $4.3 million. The prior quarter included a $31.0 million pre-tax gain, before related professional fees, on the sale of insurance brokerage and consulting business, BOKFI.
Losses on available for sale securities were $45.2 million in the first quarter of 2024 as we repositioned the available for sale securities portfolio by selling approximately $783 million of lower-yielding debt securities. We expect the gain on conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. (the "Exchange Offer")                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     will offset the realized losses on the repositioning. The Exchange Offer opened on April 8, 2024 and is scheduled to expire at end of day on May 3, 2024.
Period end outstanding loan balances totaled $24.2 billion at March 31, 2024, growing $268 million over December 31, 2023, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. Average loan balances increased $243 million to $23.9 billion.
The provision for credit losses of $8.0 million in the first quarter of 2024 reflects continued loan growth and a stable economic forecast. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter. The resulting combined allowance for credit losses totaled $329 million or 1.36% of outstanding loans at March 31, 2024. The combined allowance for credit losses was $326 million or 1.36% of outstanding loans at December 31, 2023.
Nonperforming assets not guaranteed by U.S. government agencies were $113 million, a $25 million decrease compared to December 31, 2023. Potential problem loans increased by $40 million while other loans especially mentioned decreased by $28 million compared to December 31, 2023.
Period end deposits were $35.4 billion at March 31, 2024, a $1.4 billion increase over December 31, 2023. Average deposits increased $1.3 billion, including a $2.1 billion increase in average interest-bearing deposits, partially offset by a $747 million reduction in demand deposit balances. The loan to deposit ratio was 68% at March 31, 2024, compared to 70% at December 31, 2023.
Assets under management or administration totaled $105.5 billion at March 31, 2024, increasing $794 million compared to December 31, 2023.
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The Company's tangible common equity ratio, a non-GAAP measure, was 8.21% at March 31, 2024 and 8.29% at December 31, 2023. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio would be 7.92% at March 31, 2024 and 8.02% at December 31, 2023.
The common equity Tier 1 capital ratio at March 31, 2024 was 11.99%. Other regulatory capital ratios include the Tier 1 capital ratio at 12.00%, total capital ratio at 13.15%, and leverage ratio at 9.42%. At December 31, 2023, the common equity Tier 1 capital ratio was 12.06%, the Tier 1 capital ratio was 12.07%, total capital ratio was 13.16%, and leverage ratio was 9.45%.
The Company repurchased 616,630 shares of common stock at an average price of $83.89 per share in the first quarter of 2024 and 700,237 shares at an average price of $70.99 in the fourth quarter of 2023. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
The Company paid a regular cash dividend of $35.6 million or $0.55 per common share during the first quarter of 2024. On April 30, 2024, the board of directors approved a quarterly cash dividend of $0.55 per common share payable on or about May 30, 2024 to shareholders of record as of May 15, 2024.
Highlights of the three months ended March 31, 2024 compared to the three months ended March 31, 2023 included:
Tax-equivalent net interest revenue totaled $295.7 million for the three months ended March 31, 2024 and $354.6 million for the three months ended March 31, 2023. Net interest revenue decreased $51.4 million from changes in interest rates and decreased $7.5 million from changes in earning assets. Net interest margin was 2.61% compared to 3.45%. In response to rising inflation, the Federal Reserve increased the federal funds rate 525 basis points since the beginning of 2022. The resulting impact on market interest rates increased net interest margin at first as our earning assets, led by our significant percentage of variable-rate commercial loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. Throughout 2023 and into the first quarter of 2024, we have experienced margin compression reflecting deposit repricing activity and demand deposit migration into interest-bearing accounts. Loan yields increased 73 basis points while funding costs increased 165 basis points. Average earning assets increased $4.1 billion to $44.8 billion driven largely by higher average loan balances and trading securities balances. Total interest-bearing deposits increased $5.3 billion, offset by a decrease of $3.8 billion in demand deposit balances. Other borrowed funds increased $1.8 billion.
Fees and commissions revenue totaled $200.6 million for the three months ended March 31, 2024, a $14.6 million increase over the three months ended March 31, 2023. Brokerage and trading revenue increased $6.8 million, primarily due to increased trading activity and favorable market opportunities. Fiduciary and asset management revenue increased $4.6 million led by growth in Cavanal Hill fund fees and trust fees. Mortgage banking revenue increased $4.6 million, primarily due to higher production volume. Other revenue decreased $4.0 million, largely due to lower revenue on bank-owned life insurance and a reduction in fees earned on derivative counterparty margin.
Total operating expense was $340.4 million for the three months ended March 31, 2024, an increase of $34.6 million compared to the three months ended March 31, 2023. Personnel expense increased $20.5 million. Regular compensation increased $8.8 million, largely related to annual merit increases, salary adjustments, and business expansion in 2023. Cash-based incentive compensation grew $8.2 million due to higher sales activity. Share-based compensation expense decreased $2.0 million reflecting changes in assumptions of certain performance-based equity awards. Deferred compensation expense, which is offset by changes in fair value of deferred compensation investments, grew $2.7 million. Employee benefits expense increased $2.7 million related to higher retirement plan costs and employee healthcare costs. Non-personnel expense increased $14.1 million to $137.7 million, largely due to increased FDIC insurance costs, including the recognition of $6.5 million in additional special assessment expense in the first quarter of 2024. Other expense also increased $4.9 million due to higher operational losses.
The provision for expected credit losses was $8.0 million for the three months ended March 31, 2024, reflecting growth in loan balances and a stable economic forecast. A $16.0 million provision for expected credit losses was recorded for the three months ended March 31, 2023.
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Results of Operations
Net Interest Revenue and Net Interest Margin

Net interest revenue 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 revenue 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 income earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest revenue totaled $295.7 million for the first quarter of 2024, compared to $298.8 million for the prior quarter. Compared to the fourth quarter of 2023, net interest revenue decreased $3.4 million from changes in interest rates and increased $308 thousand from changes in earning assets. Table 1 shows the effect on net interest revenue from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets increased $520 million compared to the fourth quarter of 2023. Average loan balances increased $243 million, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, increased $475 million while the average balance of trading securities decreased $77 million.

Total average deposits increased $1.3 billion over the fourth quarter of 2023, including a $2.1 billion increase in interest-bearing deposits, partially offset by a $747 million decrease in demand deposits. Funds purchased and repurchase agreements declined $1.2 billion while other borrowings decreased $276 million.

Net interest margin was 2.61% compared to 2.64% in the fourth quarter of 2023 driven by continued demand deposit migration and deposit repricing. For the first quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 2.97% compared to 3.03% in the prior quarter. The tax-equivalent yield on earning assets was 5.73%, an increase of 9 basis points. Loan yields grew 4 basis points to 7.40%. The available for sale securities portfolio yield increased 21 basis points to 3.48%. The yield on trading securities grew 7 basis points to 5.12% and the yield on interest-bearing cash and cash equivalents decreased 34 basis points to 4.96%.

Funding costs were 4.08%, a 10 basis point increase over the prior quarter. The cost of interest-bearing deposits increased 26 basis points to 3.69%. The cost of funds purchased and repurchase agreements decreased 74 basis points to 4.05% while the cost of other borrowings increased 1 basis point to 5.56%. This beneficial mix shift was enabled by the growth of interest-bearing deposits. The benefit to net interest margin from assets funded by non-interest liabilities was 96 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 81% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that is asset sensitive, which means that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

The effectiveness of these strategies is reflected in the overall change in net interest revenue 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.

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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
Mar. 31, 2024 / Dec. 31, 2023
Three Months Ended
Mar. 31, 2024 / 2023
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$(1,091)$(541)$(550)$499 $(532)$1,031 
Trading securities(713)(1,648)935 34,227 27,916 6,311 
Investment securities
(204)(197)(7)(1,163)(1,059)(104)
Available for sale securities
8,037 1,047 6,990 24,481 5,308 19,173 
Fair value option securities(4)(5)(3,698)(3,053)(645)
Restricted equity securities
188 (154)342 3,050 2,293 757 
Residential mortgage loans held for sale
(113)(61)(52)(56)(128)72 
Loans776 1,437 (661)70,958 27,290 43,668 
Total tax-equivalent interest revenue6,876 (122)6,998 128,298 58,035 70,263 
Interest expense:
Transaction deposits26,306 14,813 11,493 115,845 25,513 90,332 
Savings deposits72 (8)80 956 (96)1,052 
Time deposits5,897 2,881 3,016 30,049 14,653 15,396 
Funds purchased and repurchase agreements(17,251)(13,605)(3,646)(1,786)(4,542)2,756 
Other borrowings(5,002)(4,496)(506)41,952 30,035 11,917 
Subordinated debentures(31)(15)(16)243 234 
Total interest expense9,991 (430)10,421 187,259 65,572 121,687 
Tax-equivalent net interest revenue(3,115)308 (3,423)(58,961)(7,537)(51,424)
Change in tax-equivalent adjustment(12)(185)
Net interest revenue$(3,103)$(58,776)
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 $161.7 million for the first quarter of 2024, a decrease of $43.2 million compared to the fourth quarter of 2023. The first quarter of 2024 included $45.2 million of losses from repositioning the available for sale securities portfolio. The prior quarter included a $31.0 million pre-tax gain on the sale of BOKFI and $1.8 million of insurance brokerage revenue recognized prior to the sale. We also recognized a $27.6 million loss on the sale of available for sale securities in the fourth quarter of 2023.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023
Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Brokerage and trading revenue
$59,179 $60,896 $(1,717)(3)%$52,396 $6,783 13 %
Transaction card revenue25,493 28,847 (3,354)(12)%25,621 (128)— %
Fiduciary and asset management revenue
55,305 51,408 3,897 %50,657 4,648 %
Deposit service charges and fees
28,685 27,770 915 %25,968 2,717 10 %
Mortgage banking revenue18,967 12,834 6,133 48 %14,367 4,600 32 %
Other revenue12,935 15,035 (2,100)(14)%16,970 (4,035)(24)%
Total fees and commissions revenue
200,564 196,790 3,774 %185,979 14,585 %
Other gains, net4,269 40,452 (36,183)N/A2,251 2,018 N/A
Gain (loss) on derivatives, net(8,633)8,592 (17,225)N/A(1,344)(7,289)N/A
Gain (loss) on fair value option securities, net(305)1,031 (1,336)N/A(2,962)2,657 N/A
Change in fair value of mortgage servicing rights
10,977 (14,356)25,333 N/A(6,059)17,036 N/A
Loss on available for sale securities, net(45,171)(27,626)(17,545)N/A— (45,171)N/A
Total other operating revenue
$161,701 $204,883 $(43,182)(21)%$177,865 $(16,164)(9)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and commissions revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 41% of combined net interest revenue before provision for credit losses and fees and commissions revenue for the first quarter of 2024. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest revenue or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage, insurance brokerage and investment banking, decreased $1.7 million or 3% compared to the fourth quarter of 2023.

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Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $37.5 million, a $1.9 million increase over the prior quarter, primarily related to increased trading activity largely in U.S. government agency residential mortgage-backed securities.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange and equity derivatives to our customers. Customer hedging revenue totaled $6.3 million, a decrease of $1.3 million, driven by less energy customer activity. 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 $10.7 million for the first quarter of 2024 and was relatively consistent with the prior quarter.
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 $25.5 million for the first quarter of 2024, a $3.4 million decrease, primarily due to seasonally elevated fourth quarter activity and one less day in the quarter.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was $55.3 million for the first quarter of 2024, a $3.9 million increase over the fourth quarter of 2023, largely related to movement in the equity markets.

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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)
Three Months Ended
March 31, 2024December 31, 2023March 31, 2023
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$11,288,591 $27,938 0.99 %$10,951,951 $26,238 0.96 %$10,609,920 $24,839 0.94 %
Institutional19,680,708 11,770 0.24 %19,310,826 8,138 0.17 %18,683,598 9,223 0.20 %
Total managed fiduciary assets
30,969,299 39,708 0.51 %30,262,777 34,376 0.45 %29,293,518 34,062 0.47 %
Non-managed assets:
Fiduciary29,395,993 12,951 0.18 %29,535,915 14,386 0.19 %28,164,407 13,785 0.20 %
Non-fiduciary19,384,953 2,646 0.05 %19,670,248 2,646 0.05 %19,830,593 2,810 0.06 %
Safekeeping and brokerage assets under administration
25,780,658   %25,268,059 — — %25,021,601 — — %
Total non-managed assets
74,561,604 15,597 0.08 %74,474,222 17,032 0.09 %73,016,601 16,595 0.09 %
Total assets under management or administration
$105,530,903 $55,305 0.21 %$104,736,999 $51,408 0.20 %$102,310,119 $50,657 0.20 %
1 Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $20 billion, $19 billion, and $18 billion of such assets are excluded from assets under management or administration at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end balance.
A summary of changes in assets under management or administration for the three months ended March 31, 2024 and 2023 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended March 31,
20242023
Beginning balance$104,736,999 $99,735,040 
Net outflows
(1,963,707)(516,918)
Net change in fair value2,757,611 3,091,997 
Ending balance$105,530,903 $102,310,119 

Assets under management as of March 31, 2024 consist of 42% fixed income, 34% equities, 15% cash, and 9% alternative investments.
Deposit Service Charges

Deposit service charges and fees increased $915 thousand or 3% over the fourth quarter of 2023, primarily due to growth in commercial service charges of $1.2 million, partially offset by a decrease in check card fees due to seasonality.
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Mortgage Banking Revenue
Mortgage banking revenue increased $6.1 million to $19.0 million. Mortgage production volume increased $48 million to $172 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, increased 408 basis points to 2.05%. Margins have also increased as the repooling of COVID-19 forbearance loans we previously repurchased continues to migrate to a lower level than experienced in recent quarters.

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023
Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Mortgage production revenue$3,525 $(2,535)$6,060 239 %$(633)$4,158 (657)%
Mortgage loans funded for sale$139,176 $139,255 $138,624 
Add: Current period end outstanding commitments67,951 34,783 71,693 
Less: Prior period end outstanding commitments34,783 49,284 45,492 
Total mortgage production volume$172,344 $124,754 $47,590 38 %$164,825 $7,519 %
Mortgage loan refinances to mortgage loans funded for sale10 %10 %—  bps%100  bps
Realized margin on funded mortgage loans1.46 %(0.98)%244  bps(1.25)%271  bps
Production revenue as a percentage of production volume2.05 %(2.03)%408  bps(0.38)%243  bps
Primary mortgage interest rates:
Average6.73 %7.21 %(48) bps6.33 %40  bps
Period end6.79 %6.42 %37  bps6.24 %55  bps
Mortgage servicing revenue$15,442 $15,369 $73 — %$15,000 $442 %
Average outstanding principal balance of mortgage loans serviced for others21,088,898 20,471,030 617,868 %21,121,319 (32,421)— %
Average mortgage servicing revenue rates0.29 %0.30 %(1) bp0.29 %—  bp
Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Other revenue decreased $2.1 million or 14% compared to the fourth quarter of 2023, largely due to a reduction in fees earned on derivative counterparty margin.

Net gains on other assets, securities and derivatives

Other gains, net, were $4.3 million for the first quarter of 2024 compared to $40.5 million in the fourth quarter of 2023. The prior quarter included a $31.0 million pre-tax gain, before related professional fees, on the sale of BOKFI.

Losses on available for sale securities were $45.2 million in the first quarter of 2024 as we repositioned the available for sale securities portfolio by selling approximately $783 million of lower-yielding debt securities. We expect the gain on conversion of our Visa B shares under the Exchange Offer will offset the realized losses on the repositioning. The Exchange Offer opened on April 8, 2024 and is scheduled to expire at end of day on May 3, 2024. Losses on available for sale securities were $27.6 million in the fourth quarter of 2023 related to repositioning of the securities portfolio, offsetting the gain from the sale of BOKFI.

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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)
 Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Mar. 31, 2023
Gain (loss) on mortgage hedge derivative contracts, net$(9,357)$8,275 $(1,711)
Gain (loss) on fair value option securities, net(305)1,031 (2,962)
Gain (loss) on economic hedge of mortgage servicing rights, net(9,662)9,306 (4,673)
Gain (loss) on change in fair value of mortgage servicing rights10,977 (14,356)(6,059)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue1,315 (5,050)(10,732)
Net interest revenue (expense) on fair value option securities1
(155)(101)187 
Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges$1,160 $(5,151)$(10,545)
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

Other Operating Expense

Other operating expense for the first quarter of 2024 totaled $340.4 million, a decrease of $43.7 million compared to the fourth quarter of 2023. Excluding the impact of the FDIC special assessment, other operating expense decreased $6.4 million. In the fourth quarter of 2023 we recognized $43.8 million of expense related to the FDIC special assessment. During the first quarter of 2024, we received notification from the FDIC that the previous assessed losses attributable to the protection of Silicon Valley Bank and Signature Bank uninsured depositors had increased, so an additional $6.5 million of estimated expense related to the special assessment was recognized.

Our efficiency ratio1 was 67.13% for the first quarter of 2024, compared to 71.62% in the prior quarter.













1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)
Three Months Ended
Mar. 31, 2023
Increase (Decrease)%
Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Regular compensation
$113,913 $114,435 $(522)— %$105,118 $8,795 %
Incentive compensation:
Cash-based49,956 55,163 (5,207)(9)%41,735 8,221 20 %
Share-based3,305 2,046 1,259 62 %5,257 (1,952)37 %
Deferred compensation4,450 5,363 (913)N/A1,710 2,740 N/A
Total incentive compensation57,711 62,572 (4,861)(8)%48,702 9,009 19 %
Employee benefits31,029 26,015 5,014 19 %28,325 2,704 10 %
Total personnel expense202,653 203,022 (369)— %182,145 20,508 11 %
Business promotion7,978 8,629 (651)(8)%8,569 (591)(7)%
Charitable contributions to BOKF Foundation
 1,542 (1,542)N/A— — N/A
Professional fees and services
12,010 16,288 (4,278)(26)%13,048 (1,038)(8)%
Net occupancy and equipment30,293 30,355 (62)— %28,459 1,834 %
FDIC and other insurance8,740 8,495 245 %7,315 1,425 19 %
FDIC special assessment6,454 43,773 (37,319)(85)%— 6,454 N/A
Data processing and communications
45,564 45,584 (20)— %44,802 762 %
Printing, postage and supplies3,997 3,844 153 %3,893 104 %
Amortization of intangible assets3,003 3,543 (540)(15)%3,391 (388)(11)%
Mortgage banking costs6,355 8,085 (1,730)(21)%5,782 573 10 %
Other expense13,337 10,923 2,414 22 %8,408 4,929 59 %
Total other operating expense$340,384 $384,083 $(43,699)(11)%$305,812 $34,572 11 %
Average number of employees (full-time equivalent)
4,936 4,938 (2)— %4,796 140 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense was largely unchanged compared to the fourth quarter of 2023. Cash-based incentive compensation decreased $5.2 million, driven by seasonally elevated incentive compensation in the fourth quarter. Share-based compensation was up $1.3 million reflecting changes in assumptions of certain performance-based equity awards. Regular compensation and deferred compensation, which is offset by changes in the fair value of deferred compensation investments, both remained relatively unchanged compared to the prior quarter. Employee benefits expense increased $5.0 million, primarily due to seasonally higher payroll taxes.
Non-personnel operating expense
Excluding the FDIC special assessment, non-personnel expense was $131.3 million, a decrease of $6.0 million. Professional fees and services expense decreased $4.3 million. The previous quarter included $2.2 million in expenses related to the sale of BOKFI. Mortgage banking costs decreased $1.7 million, primarily due to accruals related to default servicing and loss mitigation costs on loans serviced for others. We also made a $1.5 million contribution to the BOKF Foundation in the fourth quarter, which did not reoccur in the first quarter. Other expense increased $2.4 million, primarily due to increased operational losses.

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Income Taxes

The effective tax rate was 21.70% for the first quarter of 2024, 25.97% for the fourth quarter of 2023 and 22.03% for the first quarter of 2023. The fourth quarter of 2023 included an acceleration of $3.1 million of tax expense as a result of exiting three low income housing tax credit investments. When compared to the first quarter of 2023, the effective tax rate also decreased due to lower forecasted and actual pre-tax income.
Lines of Business

We operate three principal lines of business: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking includes lending, treasury and cash management services and customer risk management products for small businesses, middle market and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network and all mortgage banking activities. Wealth Management provides fiduciary services, private banking services, 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 lines of business, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each line of business borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies and certain executive compensation costs that are not attributed to the lines of business. The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the lines of business if the accruals are settled.

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

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

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

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As shown in Table 8, net income attributable to our lines of business decreased $46.2 million or 9% compared to the fourth quarter of 2023. Net interest revenue decreased $36.5 million largely as a result of deposit repricing activity. Operating revenue decreased $37.4 million as the prior quarter included a pre-tax gain of $31.0 million, before related professional fees, on the sale of BOKFI. Operating expense decreased $10.2 million compared to the fourth quarter of 2023 with a $7.9 million decrease in personnel expense and a $2.2 million decrease in non-personnel expense.

Table 8 – Net Income by Line of Business
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023
Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Commercial Banking
$153,250 $171,084 $(17,834)(10)%$190,231 $(36,981)(19)%
Consumer Banking53,804 53,695 109 — %50,683 3,121 %
Wealth Management34,165 62,690 (28,525)(46)%52,447 (18,282)(35)%
Subtotal241,219 287,469 (46,250)(16)%293,361 (52,142)(18)%
Funds Management and other(157,516)(204,894)47,378 N/A(130,993)(26,523)N/A