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)$1,031 
Trading securities(713)(1,648)935 34,227 27,916 6,311 
Investment securities
(204)(197)(7)(1,163)(1,059)(104)
Available for sale securities
8,037 1,047 6,990 24,481 5,308 19,173 
Fair value option securities(4)(5)1 (3,698)(3,053)(645)
Restricted equity securities
188 (154)342 3,050 2,293 757 
Residential mortgage loans held for sale
(113)(61)(52)(56)(128)72 
Loans776 1,437 (661)70,958 27,290 43,668 
Total tax-equivalent interest revenue6,876 (122)6,998 128,298 58,035 70,263 
Interest expense:
Transaction deposits26,306 14,813 11,493 115,845 25,513 90,332 
Savings deposits72 (8)80 956 (96)1,052 
Time deposits5,897 2,881 3,016 30,049 14,653 15,396 
Funds purchased and repurchase agreements(17,251)(13,605)(3,646)(1,786)(4,542)2,756 
Other borrowings(5,002)(4,496)(506)41,952 30,035 11,917 
Subordinated debentures(31)(15)(16)243 9 234 
Total interest expense9,991 (430)10,421 187,259 65,572 121,687 
Tax-equivalent net interest revenue(3,115)308 (3,423)(58,961)(7,537)(51,424)
Change in tax-equivalent adjustment(12)(185)
Net interest revenue$(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 8 %50,657 4,648 9 %
Deposit service charges and fees
28,685 27,770 915 3 %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 2 %185,979 14,585 8 %
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 5 %
Mortgage loan refinances to mortgage loans funded for sale10 %10 %—  bps9 %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 3 %
Average outstanding principal balance of mortgage loans serviced for others21,088,898 20,471,030 617,868 3 %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 8 %
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 6 %
FDIC and other insurance8,740 8,495 245 3 %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 2 %
Printing, postage and supplies3,997 3,844 153 4 %3,893 104 3 %
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 3 %
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 6 %
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
Total$83,703 $82,575 $1,128 1 %$162,368 $(78,665)(48)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.
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Commercial Banking

Commercial Banking contributed $153.3 million to consolidated net income in the first quarter of 2024, a decrease of $17.8 million or 10% compared to the fourth quarter of 2023.

Table 9 – Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Net interest revenue from external sources
$282,447 $292,499 $(10,052)(3)%$287,988 $(5,541)(2)%
Net interest expense from internal sources
(37,326)(24,620)(12,706)(52)%(3,932)(33,394)(849)%
Total net interest revenue
245,121 267,879 (22,758)(8)%284,056 (38,935)(14)%
Net loans charged off4,160 2,987 1,173 39 %76 4,084 5,374 %
Net interest revenue after net loans charged off240,961 264,892 (23,931)(9)%283,980 (43,019)(15)%
Fees and commissions revenue
50,630 60,937 (10,307)(17)%55,835 (5,205)(9)%
Other gains (losses), net(624)462 (1,086)(235)%1,010 (1,634)(162)%
Other operating revenue
50,006 61,399 (11,393)(19)%56,845 (6,839)(12)%
Personnel expense
45,319 53,066 (7,747)(15)%42,747 2,572 6 %
Non-personnel expense
24,776 28,833 (4,057)(14)%30,387 (5,611)(18)%
Other operating expense
70,095 81,899 (11,804)(14)%73,134 (3,039)(4)%
Net direct contribution
220,872 244,392 (23,520)(10)%267,691 (46,819)(17)%
Gain (loss) on financial instruments, net167 216 (49)N/A(58)225 N/A
Gain (loss) on repossessed assets, net— (601)601 N/A859 (859)N/A
Corporate expense allocations
18,397 18,040 357 2 %17,718 679 4 %
Income before taxes
202,642 225,967 (23,325)(10)%250,774 (48,132)(19)%
Federal and state income tax
49,392 54,883 (5,491)(10)%60,543 (11,151)(18)%
Net income
$153,250 $171,084 $(17,834)(10)%$190,231 $(36,981)(19)%
Average assets
$29,806,817 $29,346,459 $460,358 2 %$28,162,934 $1,643,883 6 %
Average loans
20,067,170 19,928,602 138,568 1 %18,750,426 1,316,744 7 %
Average deposits
15,730,241 15,493,326 236,915 2 %15,861,285 (131,044)(1)%
Average invested capital
2,176,950 2,187,780 (10,830)— %2,133,459 43,491 2 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue decreased $22.8 million or 8% compared to the fourth quarter of 2023, primarily due to a shift in deposit balances from demand to interest-bearing accounts along with decreased spreads from a change in market conditions. Net loans charged-off were $4.2 million in the first quarter of 2024 compared to $3.0 million in the fourth quarter of 2023.

Fees and commissions revenue decreased $10.3 million or 17%. Customer hedging revenue decreased $2.8 million due to a reduction in customer energy hedging, and transaction card revenue decreased $3.4 million following elevated fourth quarter transaction activity. Other revenue decreased $3.7 million, largely due to a reduction in fees earned on derivative counterparty margin. Operating expense decreased $11.8 million or 14% compared to the fourth quarter of 2023. Personnel expense decreased $7.7 million or 15%, largely driven by lower incentive compensation costs. Non-personnel expense decreased $4.1 million or 14% due to a decline in other expense and professional fees.

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Average outstanding balance of loans attributed to Commercial Banking increased $139 million or 1% over the fourth quarter of 2023 to $20.1 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment. 

Average deposits attributed to Commercial Banking increased $237 million or 2% over the fourth quarter of 2023 to $15.7 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

Consumer Banking

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

Consumer Banking contributed $53.8 million to consolidated net income for the first quarter of 2024, consistent with the prior quarter.

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Table 10 – Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Net interest revenue from external sources
$7,350 $9,625 $(2,275)(24)%$21,146 $(13,796)(65)%
Net interest revenue from internal sources
94,799 104,771 (9,972)(10)%88,235 6,564 7 %
Total net interest revenue102,149 114,396 (12,247)(11)%109,381 (7,232)(7)%
Net loans charged off1,808 1,443 365 25 %1,184 624 53 %
Net interest revenue after net loans charged off100,341 112,953 (12,612)(11)%108,197 (7,856)(7)%
Fees and commissions revenue36,207 30,075 6,132 20 %30,581 5,626 18 %
Other gains, net— — — N/A29 (29)(100)%
Other operating revenue36,207 30,075 6,132 20 %30,610 5,597 18 %
Personnel expense25,236 23,051 2,185 9 %21,362 3,874 18 %
Non-personnel expense28,211 32,028 (3,817)(12)%28,836 (625)(2)%
Total other operating expense53,447 55,079 (1,632)(3)%50,198 3,249 6 %
Net direct contribution83,101 87,949 (4,848)(6)%88,609 (5,508)(6)%
Gain (loss) on financial instruments, net(9,663)9,307 (18,970)N/A(4,673)(4,990)N/A
Change in fair value of mortgage servicing rights
10,977 (14,356)25,333 N/A(6,059)17,036 N/A
Gain on repossessed assets, net107 11 96 873 %14 93 664 %
Corporate expense allocations14,172 12,705 1,467 12 %11,622 2,550 22 %
Income before taxes70,350 70,206 144 — %66,269 4,081 6 %
Federal and state income tax16,546 16,511 35 — %15,586 960 6 %
Net income$53,804 $53,695 $109 — %$50,683 $3,121 6 %
Average assets$9,391,981 $9,342,840 $49,141 1 %$9,934,511 $(542,530)(5)%
Average loans1,913,586 1,877,303 36,283 2 %1,747,237 166,349 10 %
Average deposits7,901,167 7,890,032 11,135 — %8,248,541 (347,374)(4)%
Average invested capital295,202 291,705 3,497 1 %261,485 33,717 13 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue from Consumer Banking activities decreased by $12.2 million or 11%, largely due to increased customer demand for time deposits and a reduction in deposit spreads from a change in market conditions.

Operating revenue increased $6.1 million or 20% driven by growth in mortgage banking revenue. Mortgage production volume increased $48 million to $172 million. Operating expense decreased $1.6 million or 3%, which was largely offset by an increase in corporate expense allocations.

The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.2 million compared to a net cost of $5.2 million for the fourth quarter of 2023.

Average loans increased $36 million or 2% to $1.9 billion over the previous quarter. Average deposits attributed to the Consumer Banking segment were mostly 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 $34.2 million to consolidated net income in the first quarter of 2024, a decrease of $28.5 million or 46% compared to the fourth quarter of 2023. The prior quarter included a pre-tax gain of $31.0 million, before related professional fees, on the sale of BOKFI.

Table 11 – Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2023		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2024Dec. 31, 2023
Net interest revenue from external sources
$6,999 $6,221 $778 13 %$20,940 $(13,941)(67)%
Net interest revenue from internal sources33,110 35,422 (2,312)(7)%33,166 (56)— %
Total net interest revenue40,109 41,643 (1,534)(4)%54,106 (13,997)(26)%
Net loans charged off (recovered)(15)10 (25)(250)%(24)9 38 %
Net interest revenue after net loans charged off (recovered)40,124 41,633 (1,509)(4)%54,130 (14,006)(26)%
Fees and commissions revenue118,704 119,872 (1,168)(1)%108,911 9,793 9 %
Other gains, net— 31,007 (31,007)(100)%— — N/A
Other operating revenue118,704 150,879 (32,175)(21)%108,911 9,793 9 %
Personnel expense63,777 66,151 (2,374)(4)%59,524 4,253 7 %
Non-personnel expense35,758 30,124 5,634 19 %22,515 13,243 59 %
Other operating expense99,535 96,275 3,260 3 %82,039 17,496 21 %
Net direct contribution59,293 96,237 (36,944)(38)%81,002 (21,709)(27)%
Corporate expense allocations14,558 14,198 360 3 %12,360 2,198 18 %
Income before taxes44,735 82,039 (37,304)(45)%68,642 (23,907)(35)%
Federal and state income tax10,570 19,349 (8,779)(45)%16,195 (5,625)(35)%
Net income$34,165 $62,690 $(28,525)(46)%$52,447 $(18,282)(35)%
Average assets$15,759,328 $14,879,450 $879,878 6 %$11,663,096 $4,096,232 35 %
Average loans2,198,803 2,154,416 44,387 2 %2,201,622 (2,819)— %
Average deposits9,237,965 8,085,643 1,152,322 14 %7,432,413 1,805,552 24 %
Average invested capital323,172 333,179 (10,007)(3)%290,369 32,803 11 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Combined net interest revenue and fee revenue decreased $2.7 million or 2% compared to the fourth quarter of 2023, largely due to declining spreads on deposits. Total revenue from institutional trading activities increased $1.4 million, primarily in U.S. government residential mortgage-backed securities trading activity. Other revenue decreased $8.2 million due to a reduction in customer hedging margin fees. Operating expense increased $3.3 million or 3% compared to the prior quarter. Personnel expense decreased $2.4 million as the prior quarter included transaction related employee costs on the sale of BOKFI. Non-personnel expense increased $5.6 million, primarily due to an increased level of operational losses, partially offset by a $2.7 million decrease in professional fees. Corporate expense allocations were consistent with the previous quarter.

Average outstanding loans attributed to the Wealth Management segment increased $44 million or 2% to $2.2 billion. Average Wealth Management deposits increased $1.2 billion or 14% to $9.2 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
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Financial Condition
Securities

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

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers and others. Trading securities increased $248 million to $5.4 billion during the first quarter of 2024. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques.

At March 31, 2024, the carrying value of investment (held-to-maturity) securities was $2.2 billion, including a $299 thousand allowance for expected credit losses, compared to $2.2 billion at December 31, 2023 with a $336 thousand allowance for expected credit losses. The fair value of investment securities was $2.0 billion at March 31, 2024, a $73 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of available for sale securities totaled $13.3 billion at March 31, 2024, a $393 million increase compared to December 31, 2023. At March 31, 2024, the available for sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities was 3.4 years as of March 31, 2024, consistent with the measure as of December 31, 2023. Management estimates the duration extends to 4.0 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.4 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.2 years, extends to 3.6 years in an upward shock of 200 basis points, and contracts to 2.6 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the available for sale securities portfolio on our tangible equity ratio under various shock scenarios.

At March 31, 2024, we hold 252,233 non-transferable Class B-1 (formerly Class B) shares of Visa, Inc. in connection with a restructuring and public offering by Visa U.S.A. As a member of Visa U.S.A., we received the Class B shares based on our interest in Visa U.S.A. On January 23, 2024, Visa, Inc. stockholders approved the Exchange Offer which provides holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements. The Exchange Offer opened on April 8, 2024 and is scheduled to expire at the end of the day on May 3, 2024. The Company tendered its Class B-1 Visa shares under the Exchange Offer and expects to monetize up to 50% of the Class B-1 shares. The per share closing price of a Visa Class A common share was $279.08 at March 31, 2024. In light of uncertainties associated with certain ongoing litigation matters involving Visa and the timing and outcome of the aforementioned proposal, the ultimate impact of this gain contingency is unknown.
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Bank-Owned Life Insurance

We have approximately $410 million of bank-owned life insurance at March 31, 2024. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $316 million is held in separate accounts and $95 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio's investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of March 31, 2024, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $287 million. Since the underlying fair value of the investments held in separate accounts at March 31, 2024 was below the net book value of the investments, $27 million of cash surrender value was supported by the stable value wrap. The remaining $2 million of fair value held in separate accounts is not supported by the stable value wrap. The stable value wrap is provided by an investment grade financial institution. 
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Loans

The aggregate loan portfolio before allowance for loan losses 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.

Table 12 – Loans
(In thousands)
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Commercial: 
Healthcare$4,245,939 $4,143,233 $4,083,134 $3,991,387 $3,899,341 
Services3,529,421 3,576,223 3,566,361 3,585,169 3,563,702 
Energy3,443,719 3,437,101 3,490,602 3,508,752 3,398,057 
General business3,913,788 3,647,212 3,579,742 3,449,208 3,356,249 
Total commercial15,132,867 14,803,769 14,719,839 14,534,516 14,217,349 
Commercial real estate:
Multifamily1,960,839 1,872,760 1,734,688 1,502,971 1,363,881 
Industrial1,343,970 1,475,165 1,432,629 1,349,709 1,309,435 
Office901,105 909,442 981,876 1,005,660 1,045,700 
Retail543,735 592,632 608,073 617,886 618,264 
Residential construction and land development
83,906 95,052 100,465 106,370 102,828 
Other commercial real estate403,122 392,596 383,569 388,205 375,208 
Total commercial real estate5,236,677 5,337,647 5,241,300 4,970,801 4,815,316 
Loans to individuals: 
Residential mortgage2,192,584 2,160,640 2,090,992 1,993,690 1,926,027 
Residential mortgage guaranteed by U.S. government agencies
139,456 149,807 161,092 186,170 224,753 
Personal1,470,976 1,453,105 1,510,795 1,552,482 1,566,608 
Total loans to individuals3,803,016 3,763,552 3,762,879 3,732,342 3,717,388 
Total$24,172,560 $23,904,968 $23,724,018 $23,237,659 $22,750,053 
Commercial

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

Commercial loans totaled $15.1 billion or 63% of the loan portfolio at March 31, 2024, a $329 million increase over December 31, 2023, primarily due to growth in general business and healthcare loans.

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

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

Outstanding energy loan balances were largely unchanged compared to the prior quarter at $3.4 billion or 14% of total loans at March 31, 2024. Approximately $2.6 billion of energy loans were to oil and gas producers, a $32 million decrease compared to December 31, 2023. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil, and 30% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $604 million at March 31, 2024, a $54 million increase compared to December 31, 2023. Loans to borrowers that provide services to the energy industry totaled $178 million at March 31, 2024, largely unchanged compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $35 million, a $12 million decrease compared to December 31, 2023.

Unfunded energy loan commitments were $4.3 billion at March 31, 2024, a $147 million decrease compared to December 31, 2023.

The healthcare sector of the loan portfolio totaled $4.2 billion or 18% of total loans. Healthcare loans increased $103 million over December 31, 2023, primarily due to growth in loans to senior housing facilities. Healthcare sector loans consist primarily of loans for the development and operation of senior housing and care facilities including independent living, assisted living and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities that serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.5 billion or 15% of total loans, a $47 million decrease compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.5 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

General business loans totaled $3.9 billion or 16% of total loans, an increase of $267 million compared to the prior quarter. General business loans consist of $2.4 billion of wholesale/retail loans and $1.5 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 March 31, 2024, the outstanding principal balance of these loans totaled $5.8 billion, including $2.4 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 21% of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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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 $5.2 billion or 22% of total loans at March 31, 2024, a decrease of $101 million compared to December 31, 2023. Loans secured by industrial facilities decreased by $131 million to $1.3 billion and loans secured by retail properties decreased by $49 million to $544 million at March 31, 2024. The decline in these portfolios was partially offset by an $88 million increase in loans secured by multifamily properties.

Approximately 66% of loans in this segment are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 9% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $1.7 billion at March 31, 2024, a decrease of $147 million compared to December 31, 2023. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to Individuals

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

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

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

Loans to individuals totaled $3.8 billion or 16% of the loan portfolio, an increase of $39 million compared to December 31, 2023. Approximately 91% of the loans in this segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower's primary location.

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)
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Texas:
Commercial$7,515,070 $7,384,107 $7,249,963 $7,223,820 $7,103,166 
Commercial real estate1,935,728 1,987,037 1,873,477 1,748,796 1,675,831 
Loans to individuals964,464 914,134 961,299 974,911 992,343 
Total Texas10,415,262 10,285,278 10,084,739 9,947,527 9,771,340 
Oklahoma:
Commercial3,478,146 3,275,907 3,384,627 3,251,547 3,178,934 
Commercial real estate605,419 606,515 601,087 573,559 574,708 
Loans to individuals2,176,268 2,147,782 2,100,974 2,079,311 2,049,472 
Total Oklahoma6,259,833 6,030,204 6,086,688 5,904,417 5,803,114 
Colorado:
Commercial2,244,416 2,273,179 2,219,460 2,179,473 2,148,066 
Commercial real estate766,100 769,329 710,552 683,973 646,537 
Loans to individuals221,291 228,257 227,569 223,200 231,368 
Total Colorado3,231,807 3,270,765 3,157,581 3,086,646 3,025,971 
Arizona:
Commercial1,149,394 1,143,682 1,173,491 1,177,778 1,115,973 
Commercial real estate1,007,972 1,003,331 1,014,151 926,750 881,465 
Loans to individuals218,664 248,873 260,282 242,102 240,556 
Total Arizona2,376,030 2,395,886 2,447,924 2,346,630 2,237,994 
Kansas/Missouri:
Commercial320,609 331,179 307,725 309,148 318,782 
Commercial real estate497,036 511,947 547,708 516,299 489,951 
Loans to individuals141,767 144,958 132,137 138,960 129,580 
Total Kansas/Missouri959,412 988,084 987,570 964,407 938,313 
New Mexico:
Commercial317,651 291,736 297,714 287,443 280,945 
Commercial real estate352,559 389,106 405,989 425,472 449,715 
Loans to individuals67,814 67,485 69,418 64,803 65,770 
Total New Mexico738,024 748,327 773,121 777,718 796,430 
Arkansas:
Commercial107,581 103,979 86,859 105,307 71,483 
Commercial real estate71,863 70,382 88,336 95,952 97,109 
Loans to individuals12,748 12,063 11,200 9,055 8,299 
Total Arkansas192,192 186,424 186,395 210,314 176,891 
Total BOK Financial loans$24,172,560 $23,904,968 $23,724,018 $23,237,659 $22,750,053 
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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)
 Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Loan commitments$14,433,786 $14,793,025 $14,404,610 $14,979,253 $15,119,984 
Standby letters of credit733,903 710,543 759,563 721,908 790,316 
Unpaid principal balance of residential mortgage loans sold with recourse
37,891 39,333 40,369 42,041 43,510 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs950,115 959,256 970,469 988,212 996,139 
Customer Hedging Programs
 
We offer programs that permit our customers to hedge various risks, including fluctuations in energy, cattle and other agricultural product prices, interest rates and foreign exchange rates. 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.
- 24 -

Derivative contracts are carried at fair value. At March 31, 2024, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $463 million compared to $593 million at December 31, 2023. At March 31, 2024, the net fair value of our derivative contracts included $293 million for energy contracts, $114 million for interest rate swaps and $56 million for foreign exchange contracts. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $460 million at March 31, 2024 and $587 million at December 31, 2023.

At March 31, 2024, total derivative assets were reduced by $230 million of cash collateral received from counterparties and total derivative liabilities were reduced by $29 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 March 31, 2024 follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Customers$143,971 
Banks and other financial institutions34,791 
Exchanges and clearing organizations54,953 
Fair value of customer risk management program asset derivative contracts, net$233,715 
 
At March 31, 2024, our largest derivative exposure was to an exchange for $61 million of net derivative positions, net of cash margin.

Our customer hedging program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $65.64 per barrel of oil would decrease the fair value of derivative assets by $104 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $100.70 per barrel of oil would increase the fair value of derivative assets by $635 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At March 31, 2024, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of March 31, 2024, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
- 25 -

Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Allowance for loan losses:  
Beginning balance$277,123 $272,114 262,714 249,460 235,704 
Loans charged off(7,060)(5,007)(10,593)(8,049)(3,667)
Recoveries of loans previously charged off1,600 911 4,062 1,346 2,898 
Net loans charged off
(5,460)(4,096)(6,531)(6,703)(769)
Provision for credit losses
9,960 9,105 15,931 19,957 14,525 
Ending balance$281,623 $277,123 $272,114 $262,714 $249,460 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$48,977 $52,604 59,940 62,943 60,919 
Provision for credit losses
(1,658)(3,627)(7,336)(3,003)2,024 
Ending balance$47,319 $48,977 $52,604 $59,940 $62,943 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$3,492 $2,962 4,443 4,381 4,904 
Loans charged off
(3)— (7)(16)(35)
Provision for credit losses
(265)530 (1,474)78 (488)
Ending balance
$3,224 $3,492 $2,962 $4,443 $4,381 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$336 $344 $465 $497 $558 
Provision for credit losses
(37)(8)(121)(32)(61)
Ending balance$299 $336 $344 $465 $497 
Total provision for credit losses
$8,000 $6,000 $7,000 $17,000 $16,000 
Average loans by portfolio segment :
Commercial$14,992,639 $14,680,001 $14,527,676 $14,316,474 $14,046,237 
Commercial real estate5,188,152 5,293,021 5,172,876 4,896,230 4,757,362 
Loans to individuals3,767,776 3,732,086 3,713,756 3,676,350 3,672,648 
Net charge-offs (annualized) to average loans0.09 %0.07 %0.11 %0.12 %0.01 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.09 %0.08 %0.18 %0.06 %(0.06)%
Commercial real estate0.10 %— %(0.07)%0.32 %0.17 %
Loans to individuals0.10 %0.11 %0.10 %0.08 %0.07 %
Recoveries to gross charge-offs
22.66 %18.19 %38.35 %16.72 %79.03 %
Provision for loan losses (annualized) to average loans
0.17 %0.15 %0.27 %0.35 %0.26 %
Allowance for loan losses to loans outstanding at period end
1.17 %1.16 %1.15 %1.13 %1.10 %
Accrual for unfunded loan commitments to loan commitments
0.33 %0.33 %0.37 %0.40 %0.42 %
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 %1.36 %1.37 %1.39 %1.37 %
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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, decreased $14 million compared to December 31, 2023. Non-pass grade general business loans decreased $23 million, partially offset by a $12 million increase in non-pass grade commercial real estate loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
The provision for credit losses of $8.0 million in the first quarter of 2024 reflects continued loan growth and a stable economic forecast. The allowance for loan losses totaled $282 million or 1.17% of outstanding loans at March 31, 2024. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 255% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $329 million or 1.36% of outstanding loans and 298% of nonaccruing loans at March 31, 2024.
The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $210 million in quantitative reserve, while a 100% upside case would result in $6.9 million less quantitative reserve at March 31, 2024. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.
The Company recorded a $6.0 million provision for credit losses in the fourth quarter of 2023. The allowance for loan losses was $277 million or 1.16% of outstanding loans at December 31, 2023. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 204% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $326 million or 1.36% of outstanding loans and 240% of nonaccruing loans.
- 27 -

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2024 follows:
BaseDownsideUpside
Scenario probability weighting50%35%15%
Economic outlook
Geopolitical conflicts remain isolated.

Beginning in the third quarter of 2024, there is one rate cut per quarter, bringing the federal funds target range of 4.50% to 4.75% by the end of the first quarter of 2025.

Core inflation continues to improve from the previous peaks and reaches 2.5% by the first quarter of 2025.

Job openings revert to more normalized levels and overall hiring levels decline, causing the national unemployment rate to modestly increase over the next four quarters. Inflation pressures ease and help stabilize real household income. A restrictive credit environment slows economic activity and results in below-trend GDP growth.
Geopolitical conflicts remain isolated.

The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are ten rate cuts over the next four quarters bringing the target range to 2.75% to 3.00% by the first quarter of 2025.

Tight monetary conditions result in declines in consumer spending while a restrictive credit environment decreases private sector investment. This pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.
Geopolitical conflicts remain isolated.

There are four federal funds rate cuts in 2024 and one rate cut in the first quarter of 2025, bringing the target range to 4.00% to 4.25%.

Core inflation continues to improve from the previous peaks and reaches 2.2% by the first quarter of 2025.

Labor force participants continue to re-enter the job market to help fill the elevated level of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This supports consumer spending and produces GDP growth consistent with pre-pandemic levels.
Macro-economic factors
–GDP is forecasted to grow by 1.6% over the next 12 months.
–Civilian unemployment rate of 3.9% in the second quarter of 2024 increases to 4.2% by the first quarter of 2025.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of March 2024 and are expected to average $75.40 per barrel over the next 12 months.
–GDP is forecasted to contract 1.8% over the next twelve months.
–Civilian unemployment rate of 4.6% in the second quarter of 2024 increases to 6.2% in the first quarter of 2025.
–WTI oil prices are projected to average $53.30 over the next 12 months, with a peak of $61.94 in the second quarter of 2024 and falling 22% over the following three quarters.
–GDP is forecasted to grow by 2.1% over the next 12 months.
–Civilian unemployment rate of 3.8% in the second quarter of 2024 increases to 4.0% by the first quarter of 2025.
–WTI oil prices are projected to average $74.75 per barrel over the next 12 months.


- 28 -

Net Loans Charged Off

Net loans charged off totaled $5.5 million or 0.09% of average loans in the first quarter. Net charge-offs were primarily composed of a $3.2 million general business loan and a $1.3 million office loan. Net charge-offs of loans to individuals include deposit account overdraft losses.

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

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

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

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

The expected credit losses principles apply to all financial assets measured at cost, including our held-to-maturity (investment) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets are based on the probability of default and loss given default assumptions that align with similarly graded loans. Qualitative adjustment may be used, if necessary.
- 29 -

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)
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Nonaccruing loans:    
Commercial:  
Healthcare$49,307 $81,529 $41,836 $36,753 $37,247 
Energy14,991 17,843 19,559 20,037 127 
Services3,319 3,616 2,820 4,541 8,097 
General business7,003 7,143 6,483 11,946 8,961 
Total commercial74,620 110,131 70,698 73,277 54,432 
Commercial real estate22,087 7,320 7,418 17,395 21,668 
Loans to individuals:  
Residential mortgage13,449 18,056 30,954 29,973 29,693 
Residential mortgage guaranteed by U.S. government agencies
9,217 9,709 10,436 11,473 14,302 
Personal142 253 79 133 200 
Total loans to individuals22,808 28,018 41,469 41,579 44,195 
Total nonaccruing loans119,515 145,469 119,585 132,251 120,295 
Real estate and other repossessed assets2,860 2,875 3,753 4,227 12,651 
Total nonperforming assets$122,375 $148,344 $123,338 $136,478 $132,946 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$113,158 $138,635 $112,902 $125,005 $118,644 
Allowance for loan losses to nonaccruing loans1
255.33 %204.13 %249.31 %217.52 %235.36 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
298.23 %240.20 %297.50 %267.15 %294.74 %
Nonperforming assets to outstanding loans and repossessed assets
0.51 %0.62 %0.52 %0.59 %0.58 %
Nonperforming assets to outstanding loans and repossessed assets1
0.47 %0.58 %0.48 %0.54 %0.53 %
Nonaccruing loans to outstanding loans0.49 %0.61 %0.50 %0.57 %0.53 %
Nonaccruing commercial loans to outstanding commercial loans
0.49 %0.74 %0.48 %0.50 %0.38 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.42 %0.14 %0.14 %0.35 %0.45 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.37 %0.51 %0.86 %0.85 %0.86 %
1     Excludes residential mortgages guaranteed by U.S. government agencies.
Nonaccruing loans decreased $26 million compared to December 31, 2023. New nonaccruing loans identified in the first quarter totaled $24 million, offset by $34 million of loans that returned to accruing status, $8.6 million in payments received and $7.1 million of charge-offs. Nonaccruing healthcare loans decreased $32 million, partially offset by a $15 million increase in nonaccruing commercial real estate loans driven primarily by a single office loan. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

A rollforward of nonperforming assets for the three months ended March 31, 2024 follows in Table 18.

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Table 18 – Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
March 31, 2024
Nonaccruing LoansReal Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, December 31, 2023$110,131 $7,320 $28,018 $145,469 $2,875 $148,344 
Additions4,942 16,042 3,251 24,235 — 24,235 
Payments(6,116)(25)(2,433)(8,574)— (8,574)
Charge-offs(4,240)(1,250)(1,570)(7,060)— (7,060)
Net gains (losses) and write-downs— — — — 109 109 
Foreclosure of nonperforming loans
— — (77)(77)77 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (558)(558)— (558)
Proceeds from sales— — — — (201)(201)
Net transfers to nonaccruing loans— — (5)(5)— (5)
Return to accrual status(30,097)— (3,818)(33,915)— (33,915)
Balance, March 31, 2024$74,620 $22,087 $22,808 $119,515 $2,860 $122,375 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $2.9 million at March 31, 2024, largely unchanged compared to December 31, 2023. Real estate and other repossessed assets were composed primarily of $2.1 million of land for commercial real estate development.
Liquidity and Capital

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the first quarter of 2024, approximately 70% of our funding was provided by deposit accounts, 16% from borrowed funds, 10% from equity and less than 1% from long-term subordinated debt. 

Subsidiary Bank

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

Average deposits for the first quarter of 2024 totaled $35.0 billion, a $1.3 billion increase compared to the fourth quarter of 2023. Demand deposits decreased $747 million while interest-bearing transaction account balances increased $1.8 billion. Time deposit balances increased $285 million.

- 31 -

Table 19 – Average Deposits by Line of Business
(In thousands)
Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Commercial Banking$15,730,241 $15,493,326 $15,115,313 $14,822,093 $15,861,285 
Consumer Banking7,901,167 7,890,032 7,936,186 7,986,674 8,248,541 
Wealth Management9,237,965 8,085,643 7,886,962 7,544,143 7,432,413 
Subtotal32,869,373 31,469,001 30,938,461 30,352,910 31,542,239 
Funds Management and other2,156,518 2,207,212 2,349,436 2,016,802 1,940,232 
Total$35,025,891 $33,676,213 $33,287,897 $32,369,712 $33,482,471 

Average Commercial Banking deposit balances increased $237 million compared to the fourth quarter of 2023. Interest-bearing transaction account balances increased $784 million while demand deposit balances decreased $549 million. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is our energy customers representing 8% of our total deposits.

Average Consumer Banking deposit balances increased $11 million over the prior quarter. A $256 million increase in time deposit balances was partially offset by a $175 million decrease in interest-bearing transaction deposit balances and a $65 million decrease in demand deposit balances.

Average Wealth Management deposits increased $1.2 billion compared to the fourth quarter of 2023. Interest-bearing transaction account balances increased $1.2 billion. Time deposit balances increased $33 million while demand deposit balances decreased $94 million.

Average brokered deposits were 4% of total deposits during the first quarter of 2024. Average interest-bearing transaction accounts for the first quarter included $479 million of brokered deposits, a $167 million increase over the fourth quarter of 2023. Average time deposits for the first quarter of 2024 included $620 million of brokered deposits, a $9.5 million decrease compared to the fourth quarter of 2023. Period end brokered interest-bearing transaction accounts increased $489 million to $819 million at March 31, 2024 and brokered time deposits decreased $80 million to $492 million at March 31, 2024. During the first quarter, reciprocal deposit balances exceeded the $5 billion general cap as defined by the FDIC. Reciprocal deposit balances in excess of the $5 billion general cap are included as brokered deposits for regulatory reporting purposes. The portion of brokered deposits excluding the reciprocal component was 2% of total deposits.


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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)
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Oklahoma:  
Demand$3,365,529 $3,586,091 $4,019,019 $4,273,136 $4,369,944 
Interest-bearing:
Transaction12,362,193 10,929,704 9,970,955 9,979,534 9,468,100 
Savings509,775 500,313 508,619 531,536 564,829 
Time2,136,583 1,984,336 2,019,749 1,945,916 942,787 
Total interest-bearing15,008,551 13,414,353 12,499,323 12,456,986 10,975,716 
Total Oklahoma18,374,080 17,000,444 16,518,342 16,730,122 15,345,660 
Texas:
Demand2,201,561 2,306,334 2,599,998 2,876,568 3,154,789 
Interest-bearing:
Transaction5,125,834 5,035,856 5,046,288 4,532,093 4,366,932 
Savings157,108 155,652 154,863 162,704 175,012 
Time605,526 492,753 436,218 377,424 321,774 
Total interest-bearing5,888,468 5,684,261 5,637,369 5,072,221 4,863,718 
Total Texas8,090,029 7,990,595 8,237,367 7,948,789 8,018,507 
Colorado:
Demand1,316,971 1,633,672 1,598,622 1,726,130 1,869,194 
Interest-bearing:
Transaction1,951,232 1,921,605 1,888,026 1,825,295 2,126,435 
Savings63,675 67,646 63,129 66,968 72,548 
Time237,656 201,393 185,030 148,840 128,583 
Total interest-bearing2,252,563 2,190,644 2,136,185 2,041,103 2,327,566 
Total Colorado3,569,534 3,824,316 3,734,807 3,767,233 4,196,760 
New Mexico:
Demand683,643 794,467 853,571 912,218 997,364 
Interest-bearing:
Transaction1,085,946 886,089 1,049,903 712,541 674,328 
Savings95,944 95,453 97,753 102,729 111,771 
Time298,556 258,195 217,535 179,548 137,875 
Total interest-bearing1,480,446 1,239,737 1,365,191 994,818 923,974 
Total New Mexico2,164,089 2,034,204 2,218,762 1,907,036 1,921,338 
Arizona:
Demand502,143 524,167 522,142 592,144 780,051 
Interest-bearing:
Transaction1,181,539 1,174,715 903,535 800,970 687,527 
Savings12,024 11,636 12,340 14,489 16,993 
Time46,962 41,884 36,689 31,248 27,755 
Total interest-bearing1,240,525 1,228,235 952,564 846,707 732,275 
Total Arizona1,742,668 1,752,402 1,474,706 1,438,851 1,512,326 
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Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Kansas/Missouri:
Demand316,041 326,496 351,236 363,534 393,321 
Interest-bearing:
Transaction985,706 966,166 981,091 1,014,247 1,040,009 
Savings13,095 13,821 14,331 16,316 18,292 
Time30,411 23,955 22,437 16,176 13,061 
Total interest-bearing1,029,212 1,003,942 1,017,859 1,046,739 1,071,362 
Total Kansas/Missouri1,345,253 1,330,438 1,369,095 1,410,273 1,464,683 
Arkansas:
Demand28,168 25,266 29,635 38,818 42,312 
Interest-bearing:
Transaction55,735 49,966 57,381 43,301 71,158 
Savings2,776 2,564 2,898 3,195 3,228 
Time11,215 9,506 9,559 7,225 4,775 
Total interest-bearing69,726 62,036 69,838 53,721 79,161 
Total Arkansas97,894 87,302 99,473 92,539 121,473 
Total BOK Financial deposits$35,383,547 $34,019,701 $33,652,552 $33,294,843 $32,580,747 

Estimated uninsured deposits totaled $18.2 billion or 51% of our total deposits at March 31, 2024. In addition to insured deposits, we also hold $4.5 billion of collateralized deposits. Municipalities, Native American tribal governments and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $13.2 billion or 37% of total deposits at March 31, 2024.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at March 31, 2024. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $6.8 billion during the quarter, compared to $7.1 billion in the fourth quarter of 2023.

At March 31, 2024, management estimates a total potential secured borrowing capacity of approximately $23.7 billion. This includes current available secured capacity of $20.0 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $3.7 billion of other sources that could be converted into additional secured capacity.

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

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Table 21 – Borrowed Funds
(Dollars in thousands)
  Three Months Ended
March 31, 2024		 Three Months Ended
Dec. 31, 2023
Mar. 31, 2024Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		Dec. 31, 2023Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased$899,447 $582,505 4.76 %$899,447 $515,747 $438,028 4.71 %$515,747 
Repurchase agreements362,070 675,539 3.43 %362,070 607,001 2,038,945 4.81 %1,041,432 
Other borrowings:
Federal Home Loan Banks advances6,700,000 6,819,232 5.56 %6,700,000 7,675,000 7,094,294 5.54 %7,825,000 
GNMA repurchase liability
10,414 10,953 4.00 %10,805 11,660 11,075 4.16 %11,726 
Other14,238 14,448 5.26 %14,800 14,892 15,594 6.31 %15,896 
Total other borrowings6,724,652 6,844,633 5.56 %7,701,552 7,120,963 5.55 %
Subordinated debentures1
131,154 131,154 7.09 %131,154 131,150 131,151 7.09 %131,151 
Total other borrowed funds and subordinated debentures
$8,117,323 $8,233,831 5.35 %$8,955,450 $9,729,087 5.37 %
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 March 31, 2024, cash and interest-bearing cash and cash equivalents held by the parent company totaled $183 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 March 31, 2024, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $354 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at March 31, 2024 was $5.1 billion, a $14 million decrease compared to December 31, 2023. Net income less cash dividends paid increased equity $48 million during the first quarter of 2024. Changes in interest rates resulted in an $11 million decrease in accumulated other comprehensive income compared to December 31, 2023. We also repurchased $52 million of common stock, excluding a 1% excise tax on corporate stock repurchases, during the first quarter of 2024. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase and stock and cash dividends.

On November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law and other regulatory compliance limitations. As of March 31, 2024, the Company had repurchased 3,044,844 shares under this authorization. The Company repurchased 616,630 shares of common stock at an average price of $83.89 per share in the first quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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

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

In March 2020, in response to the impact on the financial markets by the COVID-19 pandemic, the banking agencies issued an interim final rule permitting banking organizations that implement the CECL model the option to delay for two years an estimate of the CECL methodology's effect on regulatory capital, followed by a three-year transition period. The estimate includes the implementation date adjustment as of January 1, 2020 plus an estimate of the impact of the change for a two year period following implementation of CECL. We elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 3 basis points to the Company's Common equity Tier 1 capital at March 31, 2024.

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

Table 22 – Capital and Performance Ratios
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferMar. 31, 2024Dec. 31, 2023Mar. 31, 2023
Capital:
Common equity Tier 14.50 %2.50 %7.00 %11.99 %12.06 %12.19 %
Tier 1 capital6.00 %2.50 %8.50 %12.00 %12.07 %12.20 %
Total capital8.00 %2.50 %10.50 %13.15 %13.16 %13.21 %
Tier 1 Leverage4.00 %N/A4.00 %9.42 %9.45 %9.94 %
Average total equity to average assets10.30 %9.93 %10.53 %
Tangible common equity ratio1
8.21 %8.29 %8.46 %
Adjusted common tangible equity ratio1
7.92 %8.02 %8.22 %
Performance Ratios:
Return on average equity6.53 %6.64 %13.61 %
Return on average tangible common equity1
8.31 %8.56 %17.71 %
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)
Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$5,128,751 $5,142,442 $4,814,019 $4,863,854 $4,874,786 
Less: Goodwill and intangible assets, net1,101,643 1,104,728 1,110,553 1,113,995 1,117,438 
Tangible common equity4,027,108 4,037,714 3,703,466 3,749,859 3,757,348 
Add: Unrealized loss on investment securities, net
(185,978)(171,903)(246,395)(189,152)(140,947)
Add: Tax effect on unrealized loss on investment securities, net
43,740 40,430 57,949 44,486 33,149 
Adjusted tangible common equity$3,884,870 $3,906,241 $3,515,020 $3,605,193 $3,649,550 
Total assets$50,160,380 $49,824,830 $48,931,397 $49,237,920 $45,524,122 
Less: Goodwill and intangible assets, net1,101,643 1,104,728 1,110,553 1,113,995 1,117,438 
Tangible assets$49,058,737 $48,720,102 $47,820,844 $48,123,925 $44,406,684 
Tangible common equity ratio8.21 %8.29 %7.74 %7.79 %8.46 %
Adjusted tangible common equity ratio7.92 %8.02 %7.35 %7.49 %8.22 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,152,061 $4,933,917 $4,902,119 $4,941,352 $4,837,567 
Less: Average goodwill and intangible assets, net1,103,090 1,107,949 1,112,217 1,115,652 1,119,123 
Average tangible common equity$4,048,971 $3,825,968 $3,789,902 $3,825,700 $3,718,444 
Net Income$83,703 $82,575 $134,495 $151,308 $162,368 
Return on average tangible common equity8.31 %8.56 %14.08 %15.86 %17.71 %
Reconciliation of pre-provision net revenue:
Net income before taxes$106,889 $111,475 $167,735 $195,637 $208,401 
Add: Provision for expected credit losses8,000 6,000 7,000 17,000 16,000 
Less: Net income (loss) attributable to non-controlling interests(9)(53)(16)328 128 
Pre-provision net revenue$114,898 $117,528 $174,751 $212,309 $224,273 
Reconciliation of adjusted net income and earnings per share:
Net income$83,703 $82,575 $134,495 $151,308 $162,368 
Add: FDIC special assessment, net of tax4,936 33,478 — — — 
Less: Loss on repositioning of available for sale securities, net of tax(34,547)(21,129)— (2,302)— 
Less: Gain on sale of BOKF Insurance, net of tax— 23,715 — — — 
Adjusted net income123,186 113,467 134,495 153,610 162,368 
Earnings per share$1.29 $1.26 $2.04 $2.27 $2.43 
Add: FDIC special assessment, net of tax0.08 0.52 — — — 
Less: Loss on repositioning of available for sale securities, net of tax(0.54)(0.33)— (0.03)— 
Less: Gain on sale of BOKF Insurance, net of tax— 0.37 — — — 
Adjusted earnings per share$1.91 $1.74 $2.04 $2.30 $2.43 
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Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Calculation of efficiency ratio and efficiency ratio excluding adjustments:
Total other operating expense$340,384 $384,083 $324,313 $318,673 $305,812 
Less: Amortization of intangible assets3,003 3,543 3,474 3,474 3,391 
Numerator for efficiency ratio$337,381 $380,540 $320,839 $315,199 $302,421 
Less: FDIC special assessment6,454 43,773 — — — 
Less: Expenses related to sale of BOKF Insurance— 3,436 — — — 
Adjusted numerator for efficiency ratio$330,927 $333,331 $320,839 $315,199 $302,421 
Net interest revenue$293,572 $296,675 $300,896 $322,261 $352,348 
Tax-equivalent adjustment2,100 2,112 2,214 2,200 2,285 
Tax-equivalent net interest revenue295,672 298,787 303,110 324,461 354,633 
Total other operating revenue161,701 204,883 198,152 209,049 177,865 
Less: Loss on available for sale securities, net(45,171)(27,626)— (3,010)— 
Denominator for efficiency ratio$502,544 $531,296 $501,262 $536,520 $532,498 
Less: Gain on sale of BOKF Insurance
— 31,007 — — — 
Adjusted denominator for efficiency ratio$502,544 $500,289 $501,262 $536,520 $532,498 
Efficiency ratio67.13 %71.62 %64.01 %58.75 %56.79 %
Efficiency ratio excluding adjustments
65.85 %66.63 %64.01 %58.75 %56.79 %
Information on net interest revenue and net interest margin excluding trading activities:
Net interest revenue$293,572 $296,675 $300,896 $322,261 $352,348 
Less: Trading activities net interest revenue(498)(3,305)(7,343)(3,461)70 
Net interest revenue excluding trading activities$294,070 $299,980 $308,239 $325,722 $352,278 
Tax-equivalent adjustment2,100 2,112 2,214 2,200 2,285 
Tax-equivalent net interest revenue excluding trading activities$296,170 $302,092 $310,453 $327,922 $354,563 
Average interest-earning assets$44,846,886 $44,327,237 $44,012,300 $42,731,533 $40,781,257 
Less: Average trading activities interest-earning assets5,371,209 5,448,403 5,444,587 4,274,803 3,031,969 
Average interest-earning assets excluding trading activities$39,475,677 $38,878,834 $38,567,713 $38,456,730 $37,749,288 
Net interest margin on average interest-earning assets2.61 %2.64 %2.69 %3.00 %3.45 %
Net interest margin on average trading activities interest-earning assets(0.07)%(0.20)%(0.49)%(0.34)%— %
Net interest margin on average interest-earning assets excluding trading activities2.97 %3.03 %3.14 %3.36 %3.72 %

Explanation of Non-GAAP Measures

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

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

- 38 -

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

The efficiency ratio measures the Company's ability to use its assets and manage its liabilities effectively in the current period. Prior to the second quarter of 2023, the efficiency ratio did not exclude amortization of intangible assets and only included tax-equivalent net interest revenue and fees and commissions as part of total revenue. All prior periods were adjusted to conform with the current methodology.

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

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

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

The Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected variation in net interest revenue, 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 Revenue 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 revenue. 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 revenue 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.

- 39 -

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 revenue. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be 0.42% 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 revenue over the next twelve months would be (0.80)%, or ($10.4 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 revenue would decrease approximately 4.78%, or $62 million.

Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Mar. 31, 2024Dec. 31, 2023
 200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease
Anticipated impact over the next twelve months on net interest revenue$(29,900)$(4,600)$(2,500)$900 $(36,100)$(8,900)$(7,900)$(2,900)
(2.31)%(0.35)%(0.20)%0.07 %(3.03)%(0.75)%(0.66)%(0.24)%
Anticipated impact over months twelve through twenty-four$(3,400)$20,800 $(38,600)$(62,500)$(9,600)$15,300 $(53,700)$(84,900)
 (0.24)%1.46 %(2.70)%(4.37)%(0.74)%1.18 %(4.16)%(6.57)%

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

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

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

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Table 25 – MSR Asset and Hedge Sensitivity Analysis
(In thousands)
 Mar. 31, 2024Dec. 31, 2023
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$8,840 $(10,181)$7,974 $(9,877)
MSR Hedge(9,131)9,295 (8,444)8,606 
Net Exposure(291)(886)(470)(1,271)

Trading Activities

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

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

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

Table 26 – Mortgage Pipeline Sensitivity Analysis
(In thousands)
Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Mar. 31, 2023
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(36)$(19)$(17)$(21)$(79)$(16)
Low2
93 126 22 46 (1)61 
High3
(240)(151)(91)(58)(186)(84)
Period End(154)52 14 (41)(74)(19)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

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

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

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

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

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

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

Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Mar. 31, 2023
10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR
Average1
$5,053 $6,388 $4,757 $8,154 $4,059 $7,461 
Low2,634 4,190 2,338 4,067 1,944 3,156 
High8,149 8,268 7,776 13,045 8,487 15,571 
Period End4,677 4,931 2,977 4,925 4,036 8,907 
1    Average represents the simple average of each daily value observed during the reporting period.


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

Limit Structure

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

Table 28 – Trading Sensitivity Analysis
(In thousands)
Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Mar. 31, 2023
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(3,745)$5,197 $(1,068)$2,095 $701 $(497)
Low2
1,684 8,685 3,604 6,216 4,513 1,983 
High3
(6,898)(59)(5,897)(2,457)(1,837)(4,538)
Period End(5,454)7,069 (527)1,920 2,247 (2,053)
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.
- 42 -


Model Validation

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved."
Controls and Procedures
 
As required by Rule 13a-15(b), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their reports, of the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
Forward-Looking Statements

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

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

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months Ended
 March 31,
Interest revenue20242023
Loans$438,677 $367,870 
Residential mortgage loans held for sale923 979 
Trading securities68,237 34,009 
Investment securities7,829 8,928 
Available for sale securities113,488 88,736 
Fair value option securities195 3,893 
Restricted equity securities8,858 5,808 
Interest-bearing cash and cash equivalents7,005 6,506 
Total interest revenue645,212 516,729 
Interest expense  
Deposits242,124 95,274 
Borrowed funds107,204 67,038 
Subordinated debentures2,312 2,069 
Total interest expense351,640 164,381 
Net interest revenue293,572 352,348 
Provision for credit losses8,000 16,000 
Net interest revenue after provision for credit losses
285,572 336,348 
Other operating revenue  
Brokerage and trading revenue59,179 52,396 
Transaction card revenue25,493 25,621 
Fiduciary and asset management revenue55,305 50,657 
Deposit service charges and fees28,685 25,968 
Mortgage banking revenue18,967 14,367 
Other revenue12,935 16,970 
Total fees and commissions200,564 185,979 
Other gains, net4,269 2,251 
Loss on derivatives, net(8,633)(1,344)
Loss on fair value option securities, net(305)(2,962)
Change in fair value of mortgage servicing rights10,977 (6,059)
Loss on available for sale securities, net(45,171)— 
Total other operating revenue161,701 177,865 
Other operating expense  
Personnel202,653 182,145 
Business promotion7,978 8,569 
Professional fees and services12,010 13,048 
Net occupancy and equipment30,293 28,459 
FDIC and other insurance8,740 7,315 
FDIC special assessment6,454 — 
Data processing and communications45,564 44,802 
Printing, postage and supplies3,997 3,893 
Amortization of intangible assets3,003 3,391 
Mortgage banking costs6,355 5,782 
Other expense13,337 8,408 
Total other operating expense340,384 305,812 
Net income before taxes106,889 208,401 
Federal and state income taxes23,195 45,905 
Net income83,694 162,496 
Net income (loss) attributable to non-controlling interests(9)128 
Net income attributable to BOK Financial Corporation shareholders$83,703 $162,368 
Earnings per share:  
Basic$1.29 $2.43 
Diluted$1.29 $2.43 
Average shares used in computation:
Basic64,290,105 66,331,775 
Diluted64,290,105 66,331,775 
Dividends declared per share$0.55 $0.54 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
 Three Months Ended
March 31,
 20242023
Net income$83,694 $162,496 
Other comprehensive income (loss) before income taxes:  
Net change in unrealized gain (loss)(71,806)124,045 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities12,183 16,051 
Loss on available for sale securities, net45,171 — 
Other comprehensive income (loss) before income taxes(14,452)140,096 
Federal and state income taxes(3,424)31,695 
Other comprehensive income (loss), net of income taxes(11,028)108,401 
Comprehensive income72,666 270,897 
Comprehensive income (loss) attributable to non-controlling interests(9)128 
Comprehensive income attributable to BOK Financial Corporation shareholders$72,675 $270,769 

See accompanying notes to consolidated financial statements.
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Consolidated Balance Sheets
(In thousands, except share data)
 Mar. 31, 2024Dec. 31, 2023
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$801,677 $947,613 
Interest-bearing cash and cash equivalents354,070 400,652 
Trading securities5,441,038 5,193,505 
Investment securities, net of allowance (fair value: March 31, 2024 – $2,000,065; December 31, 2023 – $2,072,586)
2,185,744 2,244,153 
Available for sale securities12,653,088 12,286,681 
Fair value option securities19,805 20,671 
Restricted equity securities382,549 423,099 
Residential mortgage loans held for sale75,449 56,935 
Loans24,172,560 23,904,968 
Allowance for loan losses(281,623)(277,123)
Loans, net of allowance23,890,937 23,627,845 
Premises and equipment, net628,050 622,223 
Receivables308,736 317,922 
Goodwill1,044,749 1,044,749 
Intangible assets, net56,894 59,979 
Mortgage servicing rights319,330 293,884 
Real estate and other repossessed assets, net of allowance (March 31, 2024 – $5,355; December 31, 2023 – $5,355)
2,860 2,875 
Derivative contracts, net263,493 410,304 
Cash surrender value of bank-owned life insurance410,368 409,548 
Receivable on unsettled securities sales67,854 391,910 
Other assets1,253,689 1,070,282 
Total assets$50,160,380 $49,824,830 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
$8,414,056 $9,196,493 
Interest-bearing deposits:  
Transaction22,748,185 20,964,101 
Savings854,397 847,085 
Time3,366,909 3,012,022 
Total deposits35,383,547 34,019,701 
Funds purchased and repurchase agreements1,261,517 1,122,748 
Other borrowings6,724,652 7,701,552 
Subordinated debentures131,154 131,150 
Accrued interest, taxes and expense318,622 338,996 
Derivative contracts, net438,605 587,473 
Due on unsettled securities purchases264,230 254,057 
Other liabilities506,418 523,734 
Total liabilities45,028,745 44,679,411 
Shareholders' equity:  
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: March 31, 2024 – 76,793,000; December 31, 2023 – 76,593,292)
5 5 
Capital surplus1,411,293 1,406,745 
Retained earnings5,259,646 5,211,512 
Treasury stock (shares at cost: March 31, 2024 – 12,277,965; December 31, 2023 – 11,626,115)
(932,065)(876,720)
Accumulated other comprehensive income (loss)(610,128)(599,100)
Total shareholders' equity5,128,751 5,142,442 
Non-controlling interests2,884 2,977 
Total equity5,131,635 5,145,419 
Total liabilities and equity$50,160,380 $49,824,830 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, December 31, 202376,593 $5 $1,406,745 $5,211,512 11,626 $(876,720)$(599,100)$5,142,442 $2,977 $5,145,419 
Net income (loss)— — — 83,703 — — — 83,703 (9)83,694 
Other comprehensive loss— — — — — — (11,028)(11,028)— (11,028)
Repurchase of common stock— — — — 617 (52,153)— (52,153)— (52,153)
Share-based compensation plans:
Non-vested shares awarded,
     net		200 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 35 (3,192)— (3,192)— (3,192)
Share-based compensation— — 4,548 — — — — 4,548 — 4,548 
Cash dividends on common
     stock		— — — (35,569)— — — (35,569)— (35,569)
Capital calls and distributions,
     net		— — — — — — — — (84)(84)
Balance, March 31, 202476,793 $5 $1,411,293 $5,259,646 12,278 $(932,065)$(610,128)$5,128,751 $2,884 $5,131,635 
Balance, December 31, 202276,423 $5 $1,390,395 $4,824,164 9,465 $(694,960)$(836,955)$4,682,649 $4,709 $4,687,358 
Net income (loss)— — — 162,368 — — — 162,368 128 162,496 
Other comprehensive income— — — — — — 108,401 108,401 — 108,401 
Repurchase of common stock— — — — 447 (44,476)— (44,476)— (44,476)
Share-based compensation
     plans:
Non-vested shares awarded,
     net
133 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 43 (4,501)— (4,501)— (4,501)
Share-based compensation— — 6,701 — — — — 6,701 — 6,701 
Cash dividends on common
     stock		— — — (36,356)— — — (36,356)— (36,356)
Capital calls and distributions,
     net		— — — — — — — — (1,596)(1,596)
Balance, March 31, 202376,556 $5 $1,397,096 $4,950,176 9,955 $(743,937)$(728,554)$4,874,786 $3,241 $4,878,027 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended
 March 31,
 20242023
Cash Flows From Operating Activities:  
Net income$83,694 $162,496 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses8,000 16,000 
Change in fair value of mortgage servicing rights due to market assumption changes(10,977)6,059 
Change in the fair value of mortgage servicing rights due to principal payments5,447 5,382 
Net unrealized (gains) losses from derivative contracts(67,516)61,704 
Share-based compensation4,548 6,701 
Depreciation and amortization26,392 26,885 
Net amortization of discounts and premiums(8,923)(4,163)
Net losses (gains) on financial instruments and other losses (gains), net40,792 (2,009)
Net loss (gain) on mortgage loans held for sale(1,644)1,361 
Mortgage loans originated for sale(139,176)(138,624)
Proceeds from sale of mortgage loans held for sale124,187 139,088 
Capitalized mortgage servicing rights(2,516)(2,498)
Change in trading and fair value option securities(246,669)2,140,101 
Change in receivables284,991 11,032 
Change in other assets23,196 6,721 
Change in other liabilities55,394 28,544 
Net cash provided by (used in) operating activities179,220 2,464,780 
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities57,642 64,514 
Proceeds from maturities or redemptions of available for sale securities417,103 313,935 
Purchases of available for sale securities(1,582,902)(631,168)
Proceeds from sales of available for sale securities735,994 — 
Change in amount receivable on unsettled available for sale securities transactions48,195 9,864 
Loans originated, net of principal collected(271,674)(187,088)
Net proceeds from (payments on) derivative asset contracts
(5,533)156,522 
Net change in restricted equity securities40,550 11,470 
Proceeds from disposition of assets4,624 7,401 
Purchases of assets(40,911)(58,710)
Net cash provided by (used in) investing activities(596,912)(313,260)
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts1,008,959 (2,014,726)
Net change in time deposits354,887 114,768 
Net change in other borrowed funds(839,632)(677,232)
Net payments on derivative liability contracts
(1,613)(158,021)
Net change in derivative margin accounts(116,706)579,188 
Change in amount due on unsettled available for sale securities transactions(89,807)52,104 
Issuance of common and treasury stock, net(3,192)(4,501)
Repurchase of common stock(52,153)(44,476)
Dividends paid(35,569)(36,356)
Net cash provided by (used in) financing activities225,174 (2,189,252)
Net increase (decrease) in cash and cash equivalents(192,518)(37,732)
Cash and cash equivalents at beginning of period1,348,265 1,401,716 
Cash and cash equivalents at end of period$1,155,747 $1,363,984 
Supplemental Cash Flow Information:
Cash paid for interest$348,394 $163,960 
Cash paid for taxes$1,270 $733 
Net loans and bank premises transferred to repossessed real estate and other assets$77 $225 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
$1,501 $5,556 
Conveyance of other real estate owned guaranteed by U.S. government agencies$1,371 $1,150 
Right-of-use assets obtained in exchange for operating lease liabilities$10,562 $63,521 
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 the Bank include Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, BOK Financial in Arizona, Arkansas, Colorado and Kansas/Missouri, BOK Financial Mortgage and the TransFund electronic funds network.

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

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

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

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

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

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

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


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

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

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

The FASB issued ASU 2024-01 on March 21, 2024 which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those periods. Adoption of ASU 2024-01 is not expected to have a material impact on the Company's financial statements.
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(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 March 31, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$426,825 $(194)$10,959 $28 
Residential agency mortgage-backed securities
4,898,485 8,571 5,105,137 98,124 
Municipal securities67,120 (142)37,413 323 
Other trading securities48,608 127 39,996 160 
Total trading securities$5,441,038 $8,362 $5,193,505 $98,635 
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$108,793 $108,793 $112,338 $3,828 $(283)
Mortgage-backed securities:
Residential agency2,196,121 2,044,972 1,858,027 99 (187,044)
Commercial agency17,258 15,990 14,987 — (1,003)
Other debt securities16,288 16,288 14,713 — (1,575)
Total investment securities2,338,460 2,186,043 2,000,065 3,927 (189,905)
Allowance for credit losses(299)(299)— — — 
Investment securities, net of allowance$2,338,161 $2,185,744 $2,000,065 $3,927 $(189,905)
1    Carrying value includes $152 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available for Sale securities portfolio to the Investment securities portfolio.
 December 31, 2023
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$120,705 $120,705 $125,525 $5,014 $(194)
Mortgage-backed securities:
Residential agency2,255,340 2,092,083 1,917,810 125 (174,398)
Commercial agency17,258 15,914 15,067 — (847)
Other debt securities15,787 15,787 14,184 — (1,603)
Total investment securities2,409,090 2,244,489 2,072,586 5,139 (177,042)
Allowance for credit losses(336)(336)— — — 
Investment securities, net of allowance$2,408,754 $2,244,153 $2,072,586 $5,139 $(177,042)
1    Carrying value includes $165 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available for Sale securities portfolio to the Investment securities portfolio.



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The amortized cost and fair values of investment securities at March 31, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):
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$19,248 $95,707 $26,103 $13 $141,071 3.27 
Fair value19,468 98,033 24,524 13 142,038  
Residential mortgage-backed securities:      
Carrying value    $2,044,972 2
Fair value    1,858,027  
Total investment securities:      
Carrying value    $2,186,043  
Fair value    2,000,065  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.9 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
March 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities20 $17,310 $81 $6,587 $202 $23,897 $283 
Mortgage-backed securities:
Residential agency116 — — 1,857,000 187,044 1,857,000 187,044 
Commercial agency2 — — 14,987 1,003 14,987 1,003 
Other debt securities3 — — 8,700 1,575 8,700 1,575 
Total investment securities141 $17,310 $81 $1,887,274 $189,824 $1,904,584 $189,905 

December 31, 2023
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities13 $1,931 $5 $6,600 $189 $8,531 $194 
Mortgage-backed securities:
Residential agency116 — — 1,916,732 174,398 1,916,732 174,398 
Commercial agency2 — — 15,067 847 15,067 847 
Other debt securities3 — — 8,672 1,603 8,672 1,603 
Total investment securities134 $1,931 $5 $1,947,071 $177,037 $1,949,002 $177,042 


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Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 March 31, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $920 $— $(80)
Municipal securities329,216 304,826 — (24,390)
Mortgage-backed securities:    
Residential agency8,095,352 7,816,688 20,132 (298,796)
Residential non-agency885,059 846,805 11,106 (49,360)
Commercial agency3,985,220 3,683,376 1,197 (303,041)
Other debt securities500 473 — (27)
Total available for sale securities$13,296,347 $12,653,088 $32,435 $(675,694)
 December 31, 2023
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $925 $— $(75)
Municipal securities544,707 502,833 1 (41,875)
Mortgage-backed securities:   
Residential agency7,066,645 6,834,720 36,983 (268,908)
Residential non-agency833,535 799,877 12,865 (46,523)
Commercial agency4,456,918 4,147,853 2,972 (312,037)
Other debt securities500 473 — (27)
Total available for sale securities$12,903,305 $12,286,681 $52,821 $(669,445)

The amortized cost and fair values of available for sale securities at March 31, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):
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$473,589 $2,480,160 $915,033 $447,154 $4,315,936 5.19 
Fair value468,688 2,254,408 841,253 425,246 3,989,595 
Residential mortgage-backed securities:
Amortized cost$8,980,411 2
Fair value8,663,493 
Total available for sale securities:
Amortized cost$13,296,347 
Fair value12,653,088 
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):
 Three Months Ended
March 31,
 20242023
Proceeds$735,994 $— 
Gross realized gains233 — 
Gross realized losses(45,404)— 
Related federal and state income tax benefit(10,624)— 

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 $18.9 billion at March 31, 2024 and $13.9 billion at December 31, 2023. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(Dollars in thousands)
March 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:       
U.S. Treasury1 $— $— $920 $80 $920 $80 
Municipal securities135 3,139 30 298,162 24,360 301,301 24,390 
Mortgage-backed securities:
    
Residential agency711 2,179,355 10,501 3,502,950 288,296 5,682,306 298,797 
Residential non-agency38 138,197 530 532,619 48,829 670,815 49,359 
Commercial agency245 241,331 2,625 3,148,535 300,416 3,389,866 303,041 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,131 $2,562,022 $13,686 $7,483,659 $662,008 $10,045,681 $675,694 

December 31, 2023
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:     
U.S. Treasury
1 $— $— $925 $75 $925 $75 
Municipal securities190 6,799 410 494,955 41,465 501,754 41,875 
Mortgage-backed securities:
     
Residential agency
630 690,118 3,689 3,717,975 265,219 4,408,093 268,908 
Residential non-agency32 116,077 1,244 451,370 45,279 567,447 46,523 
Commercial agency
269 392,828 2,626 3,421,757 309,411 3,814,585 312,037 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities
1,123 $1,205,822 $7,969 $8,087,455 $661,476 $9,293,277 $669,445 

Based on evaluations of impaired securities as of March 31, 2024, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.


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

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 March 31, 2024December 31, 2023
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$19,805 $(1,711)$20,671 $(1,406)

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

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

Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.
 
None of these derivative contracts have been designated as hedging instruments for accounting purposes.

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

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

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

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

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at March 31, 2024 (in thousands):
Assets
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,075,103 $118,237 $(3,844)$114,393 $(111,283)$3,110 
Energy contracts7,266,492 754,565 (461,295)293,270 (117,521)175,749 
Foreign exchange contracts56,590 55,687 — 55,687 (842)54,845 
Equity option contracts1,859 61 — 61 (50)11 
Total customer risk management programs10,400,044 928,550 (465,139)463,411 (229,696)233,715 
Trading19,616,813 67,692 (40,165)27,527 (44)27,483 
Internal risk management programs455,912 3,608 (1,313)2,295 — 2,295 
Total derivative contracts$30,472,769 $999,850 $(506,617)$493,233 $(229,740)$263,493 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,065,103 $116,796 $(3,844)$112,952 $— $112,952 
Energy contracts7,720,466 753,145 (461,295)291,850 (29,444)262,406 
Foreign exchange contracts56,254 55,161 — 55,161 — 55,161 
Equity option contracts1,859 61 — 61 — 61 
Total customer risk management programs10,843,682 925,163 (465,139)460,024 (29,444)430,580 
Trading23,751,156 93,502 (40,165)53,337 (46,563)6,774 
Internal risk management programs38,617 2,564 (1,313)1,251 — 1,251 
Total derivative contracts$34,633,455 $1,021,229 $(506,617)$514,612 $(76,007)$438,605 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


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The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2023 (in thousands):
Assets
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,754,476 $108,450 $(6,810)$101,640 $(94,608)$7,032 
Energy contracts7,846,190 836,425 (399,148)437,277 (169,141)268,136 
Foreign exchange contracts54,999 53,863 — 53,863 (872)52,991 
Equity option contracts3,316 54 — 54 (44)10 
Total customer risk management programs10,658,981 998,792 (405,958)592,834 (264,665)328,169 
Trading16,264,818 118,545 (37,111)81,434 (6,996)74,438 
Internal risk management programs425,014 7,697 — 7,697 — 7,697 
Total derivative contracts$27,348,813 $1,125,034 $(443,069)$681,965 $(271,661)$410,304 
Liabilities
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,754,476 $108,402 $(6,810)$101,592 $— $101,592 
Energy contracts8,254,004 831,467 (399,148)432,319 (6,441)425,878 
Foreign exchange contracts54,405 53,065 — 53,065 — 53,065 
Equity option contracts3,316 54 — 54 — 54 
Total customer risk management programs11,066,201 992,988 (405,958)587,030 (6,441)580,589 
Trading20,644,156 224,648 (37,111)187,537 (181,917)5,620 
Internal risk management programs2,244 1,264 — 1,264 — 1,264 
Total derivative contracts$31,712,601 $1,218,900 $(443,069)$775,831 $(188,358)$587,473 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
 Three Months Ended
March 31, 2024March 31, 2023
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$2,460 $— $1,770 $— 
Energy contracts3,815 — 6,553 — 
Foreign exchange contracts50 — 31 — 
Equity option contracts— — — — 
Total customer risk management programs6,325 — 8,354 — 
Trading1
83,706 — (63,093)— 
Internal risk management programs— (8,633)— (1,344)
Total derivative contracts$90,031 $(8,633)$(54,739)$(1,344)
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.

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.

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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. 

Portfolio segments of the loan portfolio are as follows (in thousands):
 March 31, 2024December 31, 2023
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,597,543 $11,460,704 $74,620 $15,132,867 $3,558,563 $11,135,075 $110,131 $14,803,769 
Commercial real estate
784,301 4,430,289 22,087 5,236,677 791,757 4,538,570 7,320 5,337,647 
Loans to individuals2,315,236 1,464,972 22,808 3,803,016 2,282,914 1,452,620 28,018 3,763,552 
Total$6,697,080 $17,355,965 $119,515 $24,172,560 $6,633,234 $17,126,265 $145,469 $23,904,968 

Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2024, outstanding commitments totaled $14.4 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.

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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 March 31, 2024, outstanding standby letters of credit totaled $734 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.

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.

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The expected credit loss on approximately 1% of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.
    
In estimating the expected credit losses for general allowances on performing risk-graded loans, each portfolio class is assigned relevant economic loss drivers which best explain variations in portfolio net loss rates. The probability of default estimates for each portfolio class are adjusted for current and forecasted economic conditions. The result is applied to the exposure at default and loss given default to calculate the lifetime expected credit loss estimate. Selection of relevant economic loss drivers is re-evaluated periodically and involves statistical analysis as well as management judgment. The unemployment rate factors significantly in the allowance for loan losses calculation, affecting commercial and loans to individuals segments. Other primary factors impacting the commercial portfolio include BBB corporate spreads, real gross domestic product growth rate, and energy commodity prices. The primary commercial real estate variables are vacancy rate and BBB corporate spreads. In addition to the unemployment rate, the forecast for loans to individuals is tied to a home price index. The forecasts may include regional economic factors when localized conditions diverge from national conditions.

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

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

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

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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):
Three Months Ended
March 31, 2024
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$141,232 $94,718 $41,173 $277,123 
Provision for loan losses8,311 3,995 (2,346)9,960 
Loans charged off(4,240)(1,250)(1,570)(7,060)
Recoveries of loans previously charged off
964 16 620 1,600 
Ending balance$146,267 $97,479 $37,877 $281,623 
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
(1,972)426 (112)(1,658)
Ending balance$17,790 $27,865 $1,664 $47,319 
Three Months Ended
March 31, 2023
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$131,586 $57,648 $46,470 $235,704 
Provision for loan losses6,330 10,426 (2,231)14,525 
Loans charged off(12)(2,208)(1,447)(3,667)
Recoveries of loans previously charged off
1,994 137 767 2,898 
Ending balance$139,898 $66,003 $43,559 $249,460 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$18,246 $40,490 $2,183 $60,919 
Provision for off-balance sheet credit risk
2,362 (279)(59)2,024 
Ending balance$20,608 $40,211 $2,124 $62,943 
An $8.0 million provision for credit losses was necessary for the first quarter of 2024, reflecting continued loan growth and a stable economic outlook.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at March 31, 2024 is as follows (in thousands):
 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$15,058,247 $143,307 $74,620 $2,960 $15,132,867 $146,267 
Commercial real estate5,214,590 97,479 22,087 — 5,236,677 97,479 
Loans to individuals3,780,208 37,877 22,808 — 3,803,016 37,877 
Total$24,053,045 $278,663 $119,515 $2,960 $24,172,560 $281,623 

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

 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$14,693,638 $138,540 $110,131 $2,692 $14,803,769 $141,232 
Commercial real estate5,330,327 94,718 7,320 — 5,337,647 94,718 
Loans to individuals3,735,534 41,173 28,018 — 3,763,552 41,173 
Total$23,759,499 $274,431 $145,469 $2,692 $23,904,968 $277,123 

Credit Quality Indicators

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

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

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

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

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

Probability of default is lowest for pass graded loans and increases for each credit quality indicator, 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 March 31, 2024 by the risk grade categories and vintage (in thousands): 
Origination Year
20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass$165,523 $638,346 $924,230 $573,778 $382,923 $1,095,684 $288,056 $14 $4,068,554 
Special Mention— 15,000 — 1,254 — 20,027 855 — 37,136 
Accruing Substandard— 1,492 429 18,397 58,753 10,896 975 — 90,942 
Nonaccrual— — — — — 49,307 — — 49,307 
Total healthcare165,523 654,838 924,659 593,429 441,676 1,175,914 289,886 14 4,245,939 
Loans charged off, year-to-date— — — — — 502 — — 502 
Services
Pass183,565 786,684 514,841 380,227 219,684 725,856 677,588 534 3,488,979 
Special Mention— — 1,042 1,305 1,321 9,243 31 — 12,942 
Accruing Substandard— — 13,380 155 341 7,204 2,351 750 24,181 
Nonaccrual— — — 1,487 349 — 1,483 — 3,319 
Total services183,565 786,684 529,263 383,174 221,695 742,303 681,453 1,284 3,529,421 
Loans charged off, year-to-date— — — — — — — — — 
Energy
Pass58,061 141,197 90,222 13,033 7,447 20,635 3,067,570 — 3,398,165 
Special Mention— — — — — — 13,950 — 13,950 
Accruing Substandard— — — — — — 16,613 — 16,613 
Nonaccrual— — — — — 89 14,902 — 14,991 
Total energy58,061 141,197 90,222 13,033 7,447 20,724 3,113,035 — 3,443,719 
Loans charged off, year-to-date— — — — — — — — — 
General business
Pass285,096 845,326 383,429 215,106 134,121 378,163 1,569,156 1,945 3,812,342 
Special Mention— 6,110 8,244 8,594 — 1,602 10,611 6 35,167 
Accruing Substandard— 3,375 37,682 1,280 1,235 6,701 9,003 — 59,276 
Nonaccrual— 994 101 — — 42 5,862 4 7,003 
Total general business285,096 855,805 429,456 224,980 135,356 386,508 1,594,632 1,955 3,913,788 
Loans charged off, year-to-date— 27 1,399 — — 158 2,154 — 3,738 
Total commercial692,245 2,438,524 1,973,600 1,214,616 806,174 2,325,449 5,679,006 3,253 15,132,867 
Commercial real estate:
Pass18,763 418,504 2,059,848 1,061,396 386,041 1,127,922 119,823 — 5,192,297 
Special Mention— 440 — — — 16,527 — — 16,967 
Accruing Substandard— — — — — 5,326 — — 5,326 
Nonaccrual— 2,992 — — — 19,095 — — 22,087 
Total commercial real estate18,763 421,936 2,059,848 1,061,396 386,041 1,168,870 119,823 — 5,236,677 
Loans charged off, year-to-date— — — — — 1,250 — — 1,250 
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Origination Year
20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass96,002 405,724 319,050 336,878 343,246 284,962 367,761 21,386 2,175,009 
Special Mention— 225 167 3 — 161 3,290 — 3,846 
Accruing Substandard— — — — — — 279 1 280 
Nonaccrual— 120 414 351 522 8,994 2,441 607 13,449 
Total residential mortgage96,002 406,069 319,631 337,232 343,768 294,117 373,771 21,994 2,192,584 
Loans charged off, year-to-date— — — — — 2 5 — 7 
Residential mortgage guaranteed by U.S. government agencies
Pass— 361 3,012 2,204 3,806 120,856 — — 130,239 
Nonaccrual— — — — 280 8,937 — — 9,217 
Total residential mortgage guaranteed by U.S. government agencies— 361 3,012 2,204 4,086 129,793 — — 139,456 
Personal:
Pass91,355 215,282 210,876 145,542 124,996 186,791 493,653 100 1,468,595 
Special Mention— 28 13 51 13 3 — — 108 
Accruing Substandard— — 24 — 1 144 1,962 — 2,131 
Nonaccrual— 31 29 12 9 12 32 17 142 
Total personal91,355 215,341 210,942 145,605 125,019 186,950 495,647 117 1,470,976 
Loans charged off, year-to-date1
1,461 40 45 12 — — — 5 1,563 
Total loans to individuals187,357 621,771 533,585 485,041 472,873 610,860 869,418 22,111 3,803,016 
Total loans$898,365 $3,482,231 $4,567,033 $2,761,053 $1,665,088 $4,105,179 $6,668,247 $25,364 $24,172,560 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2023 by the risk grade categories and vintage (in thousands): 
Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass650,768 895,602 590,736 409,001 331,897 809,858 281,378 15 3,969,255 
Special Mention— — — 21,791 — 31,235 5 — 53,031 
Accruing Substandard
— 2,128 18,508 6,911 — 10,896 975 — 39,418 
Nonaccrual— — — 30,290 23,129 28,110 — — 81,529 
Total healthcare650,768 897,730 609,244 467,993 355,026 880,099 282,358 15 4,143,233 
Loans charged off, year-to-date— — — — 2,500 — — — 2,500 
Services
Pass900,090 526,776 401,872 228,818 106,112 643,477 730,729 595 3,538,469 
Special Mention— 1,085 1,520 1,341 534 4,522 81 — 9,083 
Accruing Substandard
— 13,712 178 326 3,972 3,746 3,108 13 25,055 
Nonaccrual— — 1,635 338 — — 1,643 — 3,616 
Total services900,090 541,573 405,205 230,823 110,618 651,745 735,561 608 3,576,223 
Loans charged off, year-to-date— — 3,060 — — — 2,642 — 5,702 
Energy
Pass$190,122 $100,006 $43,769 $7,876 $9,562 $11,583 $3,025,590 $— $3,388,508 
Special Mention— — — — — — 13,950 — 13,950 
Accruing Substandard
— — — — — — 16,800 — 16,800 
Nonaccrual— — — — — 99 17,744 — 17,843 
Total energy190,122 100,006 43,769 7,876 9,562 11,682 3,074,084 — 3,437,101 
Loans charged off, year-to-date— — — — — — — — — 
General business
Pass942,468 436,832 224,735 138,951 101,100 287,744 1,389,128 2,164 3,523,122 
Special Mention10,264 16,167 8,420 1,253 321 8,295 897 — 45,617 
Accruing Substandard
4,401 33,194 1,716 27 — — 31,992 — 71,330 
Nonaccrual— 1,134 — — — 48 5,956 5 7,143 
Total general business957,133 487,327 234,871 140,231 101,421 296,087 1,427,973 2,169 3,647,212 
Loans charged off, year-to-date— — 4,598 2 — 48 10 38 4,696 
Total commercial2,698,113 2,026,636 1,293,089 846,923 576,627 1,839,613 5,519,976 2,792 14,803,769 
Commercial real estate:
Pass396,891 1,941,913 1,194,759 416,647 513,555 705,092 136,095 — 5,304,952 
Special Mention— 476 — — — 19,171 — — 19,647 
Accruing Substandard
2,992 — 3 — — 2,733 — — 5,728 
Nonaccrual— — — — 7,170 150 — — 7,320 
Total commercial real estate399,883 1,942,389 1,194,762 416,647 520,725 727,146 136,095 — 5,337,647 
Loans charged off, year-to-date— — — — — 8,446 — — 8,446 
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Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass426,089 320,733 342,927 349,742 54,801 243,356 375,739 23,895 2,137,282 
Special Mention157 140 131 1,361 18 134 2,982 93 5,016 
Accruing Substandard— 150 — — 37 49 50 — 286 
Nonaccrual79 1,419 237 544 344 12,381 2,387 665 18,056 
Total residential mortgage426,325 322,442 343,295 351,647 55,200 255,920 381,158 24,653 2,160,640 
Loans charged off, year-to-date— — 51 4 — 17 — 1 73 
Residential mortgage guaranteed by U.S. government agencies
Pass633 1,788 2,220 4,297 6,441 124,719 — — 140,098 
Nonaccrual— — — 280 375 9,054 — — 9,709 
Total residential mortgage guaranteed by U.S. government agencies633 1,788 2,220 4,577 6,816 133,773 — — 149,807 
Personal:
Pass218,401 229,580 149,291 136,215 75,348 137,629 503,841 145 1,450,450 
Special Mention66 39 106 30 8 — 1,918 3 2,170 
Accruing Substandard
— 64 12 9 144 — 3 — 232 
Nonaccrual4 51 9 16 3 12 158 — 253 
Total personal218,471 229,734 149,418 136,270 75,503 137,641 505,920 148 1,453,105 
Loans charged off, year-to-date1
5,636 82 96 43 — 10 6 26 5,899 
Total loans to individuals645,429 553,964 494,933 492,494 137,519 527,334 887,078 24,801 3,763,552 
Total loans$3,743,425 $4,522,989 $2,982,784 $1,756,064 $1,234,871 $3,094,093 $6,543,149 $27,593 $23,904,968 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at March 31, 2024 follows (in thousands): 
As of March 31, 2024
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$49,307 $9,668 $39,639 $2,100 
Services3,319 1,542 1,777 460 
Energy14,991 14,991 — — 
General business7,003 6,362 641 400 
Total commercial74,620 32,563 42,057 2,960 
Commercial real estate22,087 22,087 — — 
Loans to individuals:    
Residential mortgage13,449 13,449 — — 
Residential mortgage guaranteed by U.S. government agencies
9,217 9,217 — — 
Personal142 142 — — 
Total loans to individuals22,808 22,808 — — 
Total$119,515 $77,458 $42,057 $2,960 


A summary of nonaccruing loans at December 31, 2023 follows (in thousands): 
As of December 31, 2023
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$81,529 $40,372 $41,157 $1,478 
Services3,616 1,684 1,932 1,214 
Energy17,843 17,843 — — 
General business7,143 7,143 — — 
Total commercial110,131 67,042 43,089 2,692 
Commercial real estate7,320 7,320 — — 
Loans to individuals:    
Residential mortgage18,056 18,056 — — 
Residential mortgage guaranteed by U.S. government agencies
9,709 9,709 — — 
Personal253 253 — — 
Total loans to individuals28,018 28,018 — — 
Total$145,469 $102,380 $43,089 $2,692 

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Loan Modifications to Borrowers Experiencing Financial Difficulty

At March 31, 2024 the Company had $52 million of loan modifications to borrowers experiencing financial difficulty, including $47 million of healthcare loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension or a combination. Approximately $51 million of the modifications are term extensions of healthcare, services and general business loans, and $1.8 million are combination modifications to loans to individuals. During the three months ended March 31, 2024, $4.2 million of residential mortgage loans guaranteed by U.S. government agencies that were modified in the previous twelve months defaulted. A payment default is defined as being 30 or more days past due after modification.

At March 31, 2023, the Company had $35 million of loan modifications to borrowers experiencing financial difficulty, including $26 million of healthcare loans and $8.4 million of residential mortgage loans guaranteed by U.S. government agencies, with the entirety of these modifications being combination modifications. During the three months ended March 31, 2023, $511 thousand of residential mortgage loans guaranteed by U.S. government agencies were modified and subsequently 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 March 31, 2024 is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$4,206,313 $— $— $39,626 $4,245,939 $— 
Services3,528,567 485 20 349 3,529,421 — 
Energy3,443,719 — — — 3,443,719 — 
General business3,905,270 2,054 209 6,255 3,913,788 — 
Total commercial15,083,869 2,539 229 46,230 15,132,867 — 
Commercial real estate5,214,737 11,800 — 10,140 5,236,677 — 
Loans to individuals:    
Residential mortgage2,183,027 7,139 737 1,681 2,192,584 — 
Residential mortgage guaranteed by U.S. government agencies
55,886 22,873 15,080 45,617 139,456 41,364 
Personal1,469,874 1,055 24 23 1,470,976 — 
Total loans to individuals3,708,787 31,067 15,841 47,321 3,803,016 41,364 
Total$24,007,393 $45,406 $16,070 $103,691 $24,172,560 $41,364 
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A summary of loans currently performing and past due as of December 31, 2023 is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$4,071,336 $18,019 $30,290 $23,588 $4,143,233 $— 
Services3,575,787 2 — 434 3,576,223 — 
Energy3,437,101 — — — 3,437,101 — 
General business3,639,775 412 1,157 5,868 3,647,212 — 
Total commercial14,723,999 18,433 31,447 29,890 14,803,769 — 
Commercial real estate5,327,481 2,992 — 7,174 5,337,647 3 
Loans to individuals:    
Residential mortgage2,149,927 6,340 1,494 2,879 2,160,640 36 
Residential mortgage guaranteed by U.S. government agencies
54,122 25,085 17,053 53,547 149,807 48,201 
Personal1,450,302 2,561 88 154 1,453,105 131 
Total loans to individuals3,654,351 33,986 18,635 56,580 3,763,552 48,368 
Total$23,705,831 $55,411 $50,082 $93,644 $23,904,968 $48,371 



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(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 March 31, 2024December 31, 2023
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$73,937 $73,090 $56,922 $56,457 
Residential mortgage loan commitments67,951 2,473 34,783 1,379 
Forward sales contracts108,070 (114)75,448 (901)
  $75,449  $56,935 

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

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
March 31,
 20242023
Production revenue:  
Net realized gains (losses) on sale of mortgage loans$2,026 $(1,731)
Net change in unrealized gain (loss) on mortgage loans held for sale
(382)370 
Net change in the fair value of mortgage loan commitments1,094 1,640 
Net change in the fair value of forward sales contracts787 (912)
Total production revenue (loss)3,525 (633)
Servicing revenue15,442 15,000 
Total mortgage banking revenue$18,967 $14,367 

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

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Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
 March 31, 2024December 31, 2023
Number of residential mortgage loans serviced for others122,276 115,967 
Outstanding principal balance of residential mortgage loans serviced for others$21,432,048 $20,382,192 
Weighted average interest rate3.66 %3.64 %
Remaining term (in months)278280
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended March 31,
20242023
Beginning Balance$293,884 $277,608 
Additions2,516 2,500 
Acquisitions17,400 31,138 
Change in fair value due to principal payments(5,447)(5,384)
Change in fair value due to market assumption changes10,977 (6,059)
Ending Balance$319,330 $299,803 

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:
 March 31, 2024December 31, 2023
Discount rate – risk-free rate plus a market premium9.82%9.72%
Prepayment rate - based upon loan interest rate, original term and loan type6.83%7.34%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$73 - $94
$69 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $8,000
$875 - $8,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
4.27%3.90%
Primary/secondary mortgage rate spread
115 bps105 bps
Delinquency rate
2.06%2.06%

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


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(6) Commitments and Contingent Liabilities

Litigation Contingencies

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

BOK Financial currently owns 252,233 Visa Class B-1 shares (formerly Class B). On January 23, 2024, Visa, Inc. stockholders approved an option to convert up to 50% of our Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares (the "Exchange Offer") subject to holding periods and certain other conditions contained in the Exchange Offer. The Exchange Offer opened on April 8, 2024, and is scheduled to expire at the end of the day on May 3, 2024. The Company tendered its Class B-1 Visa shares under the Exchange Offer and expects to monetize up to 50% of the Class B-1 shares. Conversion of Class B-1 shares would not reduce our proportionate share of the covered litigation losses which may dilute our remaining Class B shares if the escrow fund is not adequate to cover final litigation costs.

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

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

Alternative Investment Commitments

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

At March 31, 2024, the Company has $405 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 $99 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On April 30, 2024, the Company declared 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.

Dividends declared were $0.55 per share during the three months ended March 31, 2024 and $0.54 per share during the three months ended March 31, 2023.

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Accumulated Other Comprehensive Income (Loss)

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

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available for Sale SecuritiesInvestment Securities Transferred from AFSTotal
Balance, Dec. 31, 2022$(664,618)$(172,337)(836,955)
Net change in unrealized gain (loss)
124,045 — 124,045 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 16,051 16,051 
Other comprehensive income, before income taxes
124,045 16,051 140,096 
Federal and state income taxes28,179 3,516 31,695 
Other comprehensive income, net of income taxes
95,866 12,535 108,401 
Balance, March 31, 2023$(568,752)$(159,802)$(728,554)
Balance, Dec. 31, 2023$(473,212)$(125,888)$(599,100)
Net change in unrealized gain (loss)
(71,806)— (71,806)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 12,183 12,183 
Loss on available for sale securities, net45,171 — 45,171 
Other comprehensive income (loss), before income taxes(26,635)12,183 (14,452)
Federal and state income taxes(6,289)2,865 (3,424)
Other comprehensive income (loss), net of income taxes(20,346)9,318 (11,028)
Balance, March 31, 2024$(493,558)$(116,570)$(610,128)

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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended March 31,
 20242023
Numerator:  
Net income attributable to BOK Financial Corp. shareholders$83,703 $162,368 
Less: Earnings allocated to participating securities676 1,255 
Numerator for basic earnings per share – income available to common shareholders
83,027 161,113 
Effect of reallocating undistributed earnings of participating securities— — 
Numerator for diluted earnings per share – income available to common shareholders
$83,027 $161,113 
Denominator:  
Weighted average shares outstanding64,812,555 66,849,288 
Less:  Participating securities included in weighted average shares outstanding
522,450 517,513 
Denominator for basic earnings per common share64,290,105 66,331,775 
Dilutive effect of employee stock compensation plans— — 
Denominator for diluted earnings per common share64,290,105 66,331,775 
Basic earnings per share$1.29 $2.43 
Diluted earnings per share$1.29 $2.43 
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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2024 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$282,447 $7,350 $6,999 $(3,224)$293,572 
Net interest revenue (expense) from internal sources
(37,326)94,799 33,110 (90,583)— 
Net interest revenue245,121 102,149 40,109 (93,807)293,572 
Net loans charged off and provision for credit losses4,160 1,808 (15)2,047 8,000 
Net interest revenue after provision for credit losses
240,961 100,341 40,124 (95,854)285,572 
Other operating revenue50,006 36,207 118,704 (43,216)161,701 
Other operating expense70,095 53,447 99,535 117,307 340,384 
Net direct contribution220,872 83,101 59,293 (256,377)106,889 
Gain (loss) on financial instruments, net167 (9,663)— 9,496 — 
Change in fair value of mortgage servicing rights— 10,977 — (10,977)— 
Gain (loss) on repossessed assets, net— 107 — (107)— 
Corporate expense allocations18,397 14,172 14,558 (47,127)— 
Net income before taxes202,642 70,350 44,735 (210,838)106,889 
Federal and state income taxes49,392 16,546 10,570 (53,313)23,195 
Net income153,250 53,804 34,165 (157,525)83,694 
Net income attributable to non-controlling interests— — — (9)(9)
Net income attributable to BOK Financial Corp. shareholders$153,250 $53,804 $34,165 $(157,516)$83,703 
Average assets$29,806,817 $9,391,981 $15,759,328 $(4,930,554)$50,027,572 
Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2023 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$287,988 $21,146 $20,940 $22,274 $352,348 
Net interest revenue (expense) from internal sources(3,932)88,235 33,166 (117,469)— 
Net interest revenue284,056 109,381 54,106 (95,195)352,348 
Net loans charged off and provision for credit losses76 1,184 (24)14,764 16,000 
Net interest revenue after provision for credit losses
283,980 108,197 54,130 (109,959)336,348 
Other operating revenue56,845 30,610 108,911 (18,501)177,865 
Other operating expense73,134 50,198 82,039 100,441 305,812 
Net direct contribution267,691 88,609 81,002 (228,901)208,401 
Gain (loss) on financial instruments, net(58)(4,673)— 4,731 — 
Change in fair value of mortgage servicing rights— (6,059)— 6,059 — 
Gain (loss) on repossessed assets, net859 14 — (873)— 
Corporate expense allocations17,718 11,622 12,360 (41,700)— 
Net income before taxes250,774 66,269 68,642 (177,284)208,401 
Federal and state income taxes60,543 15,586 16,195 (46,419)45,905 
Net income
190,231 50,683 52,447 (130,865)162,496 
Net loss attributable to non-controlling interests— — — 128 128 
Net income attributable to BOK Financial Corp. shareholders$190,231 $50,683 $52,447 $(130,993)$162,368 
Average assets$28,162,934 $9,934,511 $11,663,096 $(3,778,073)$45,982,468 



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(10) Fees and Commissions Revenue

Fees and commissions revenue is generated through the sales of products, consisting primarily of financial instruments, and the performance of services for customers under contractual obligations. Revenue from providing services for customers is recognized at the time services are provided in an amount that reflects the consideration we expect to be entitled to for those services. Revenue is recognized based on the application of five steps:
•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when (or as) the Company satisfies a performance obligation

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

Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for products or services of others.
 
Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications. Insurance brokerage revenues represents fees and commissions earned on placement of insurance products with carriers for property and casualty and health coverage.
 
Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer's transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes BOKF, NA. Electronic funds transfer fees are recognized as electronic transactions processed on behalf of its members. 
 
Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.
 
Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charge and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.

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

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2024 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $37,457 $— $37,457 $37,457 $— 
Customer hedging revenue
3,743 — 2,020 562 6,325 6,325 — 
Retail brokerage revenue
— — 4,693 — 4,693 — 4,693 
Investment banking revenue
3,819 — 6,885 — 10,704 3,094 7,610 
Brokerage and trading revenue
7,562 — 51,055 562 59,179 46,876 12,303 
TransFund EFT network revenue20,466 826 (18)— 21,274 — 21,274 
Merchant services revenue2,180 9 — — 2,189 — 2,189 
Corporate card revenue1,738 — 179 113 2,030 — 2,030 
Transaction card revenue24,384 835 161 113 25,493 — 25,493 
Personal trust revenue— — 24,345 — 24,345 — 24,345 
Corporate trust revenue— — 9,260 — 9,260 — 9,260 
Institutional trust & retirement plan services revenue
— — 16,148 — 16,148 — 16,148 
Investment management services and other revenue
— — 5,552 — 5,552 — 5,552 
Fiduciary and asset management revenue
— — 55,305 — 55,305 — 55,305 
Commercial account service charge revenue
14,900 531 546 — 15,977 — 15,977 
Overdraft fee revenue36 5,394 30 — 5,460 — 5,460 
Check card revenue
— 5,670 — — 5,670 — 5,670 
Automated service charge and other deposit fee revenue
269 1,236 73 — 1,578 — 1,578 
Deposit service charges and fees
15,205 12,831 649 — 28,685 — 28,685 
Mortgage production revenue— 3,525 — — 3,525 3,525 — 
Mortgage servicing revenue— 16,115 — (673)15,442 15,442 — 
Mortgage banking revenue— 19,640 — (673)18,967 18,967 — 
Other revenue3,479 2,901 11,534 (4,979)12,935 7,912 5,023 
Total fees and commissions revenue
$50,630 $36,207 $118,704 $(4,977)$200,564 $73,755 $126,809 
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 March 31, 2023 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $27,598 $— $27,598 $27,598 $— 
Customer hedging revenue
6,487 — 100 1,767 8,354 8,354 — 
Retail brokerage revenue
— — 3,844 — 3,844 — 3,844 
Insurance brokerage revenue
— — 3,306 — 3,306 — 3,306 
Investment banking revenue
3,698 — 5,596 — 9,294 3,598 5,696 
Brokerage and trading revenue
10,185 — 40,444 1,767 52,396 39,550 12,846 
TransFund EFT network revenue20,499 908 (17)2 21,392 — 21,392 
Merchant services revenue2,150 8 — — 2,158 — 2,158 
Corporate card revenue1,785 — 177 109 2,071 — 2,071 
Transaction card revenue24,434 916 160 111 25,621 — 25,621 
Personal trust revenue— — 23,527 — 23,527 — 23,527 
Corporate trust revenue— — 7,660 — 7,660 — 7,660 
Institutional trust & retirement plan services revenue
— — 13,253 — 13,253 — 13,253 
Investment management services and other revenue
— — 6,238 (21)6,217 — 6,217 
Fiduciary and asset management revenue
— — 50,678 (21)50,657 — 50,657 
Commercial account service charge revenue
12,871 499 477 — 13,847 — 13,847 
Overdraft fee revenue25 4,828 20 — 4,873 — 4,873 
Check card revenue
— 5,638 — 1 5,639 — 5,639 
Automated service charge and other deposit fee revenue
237 1,313 59 — 1,609 — 1,609 
Deposit service charges and fees
13,133 12,278 556 1 25,968 — 25,968 
Mortgage production revenue— (633)— — (633)(633)— 
Mortgage servicing revenue— 15,558 — (558)15,000 15,000 — 
Mortgage banking revenue— 14,925 — (558)14,367 14,367 — 
Other revenue8,083 2,462 17,073 (10,648)16,970 8,560 8,410 
Total fees and commissions revenue
$55,835 $30,581 $108,911 $(9,348)$185,979 $62,477 $123,502 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.


(11) Fair Value Measurements

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

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

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

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

•Quoted prices for similar, but not identical, assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;
•Other inputs derived from or corroborated by observable market inputs.

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three months ended March 31, 2024 and 2023, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three months ended March 31, 2024 and 2023 were immaterial.

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

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of March 31, 2024 (in thousands):
 TotalQuoted 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$426,825 $370,062 $56,763 $— 
Residential agency mortgage-backed securities4,898,485 — 4,898,485 — 
Municipal securities67,120 — 67,120 — 
Other trading securities48,608 — 48,608 — 
Total trading securities5,441,038 370,062 5,070,976 — 
Available for sale securities:    
U.S. Treasury920 920 — — 
Municipal securities304,826 — 304,826 — 
Residential agency mortgage-backed securities7,816,688 — 7,816,688 — 
Residential non-agency mortgage-backed securities846,805 — 846,805 — 
Commercial agency mortgage-backed securities
3,683,376 — 3,683,376 — 
Other debt securities473 — — 473 
Total available for sale securities12,653,088 920 12,651,695 473 
Fair value option securities — Residential agency mortgage-backed securities19,805 — 19,805 — 
Residential mortgage loans held for sale1
75,449 — 68,285 7,164 
Mortgage servicing rights2
319,330 — — 319,330 
Derivative contracts, net of cash collateral3
263,493 10 263,483 — 
Liabilities: 
Derivative contracts, net of cash collateral3
438,605 649 437,956 — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 77.97% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2023 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$10,959 $9,017 $1,942 $— 
Residential agency mortgage-backed securities5,105,137 — 5,105,137 — 
Municipal securities37,413 — 37,413 — 
Other trading securities39,996 — 39,996 — 
Total trading securities5,193,505 9,017 5,184,488 — 
Available for sale securities:    
U.S. Treasury925 925 — — 
Municipal securities502,833 — 502,833 — 
Residential agency mortgage-backed securities6,834,720 — 6,834,720 — 
Residential non-agency mortgage-backed securities799,877 — 799,877 — 
Commercial agency mortgage-backed securities
4,147,853 — 4,147,853 — 
Other debt securities473 — — 473 
Total available for sale securities12,286,681 925 12,285,283 473 
Fair value option securities — Residential agency mortgage-backed securities20,671 — 20,671 — 
Residential mortgage loans held for sale1
56,935 — 49,749 7,186 
Mortgage servicing rights2
293,884 — — 293,884 
Derivative contracts, net of cash collateral3
410,304 — 410,304 — 
Liabilities:
Derivative contracts, net of cash collateral3
587,473 2,607 584,866 — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 77.74% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.




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

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

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

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2024 for which the fair value was adjusted during the three months ended March 31, 2024 (in thousands):
Fair Value Adjustments for the
 Carrying Value at March 31, 2024Three Months Ended
Mar. 31, 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 lossesOther gains (losses), net
Nonaccruing loans$— $67 $23,741 $4,935 $— 

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 March 31, 2023 for which the fair value was adjusted during the three months ended March 31, 2023 (in thousands):
Fair Value Adjustments for the
 Carrying Value at March 31, 2023Three Months Ended
Mar. 31, 2023 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $— $14,040 $1,991 $— 
Real estate and other repossessed assets
— 547 — — (101)

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

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A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2024 follows (dollars in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$23,741 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
17% - 96% (83%)1
1    Represents fair value as a percentage of the unpaid principal balance.    

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2023 follows (dollars in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$14,040 Discounted cash flowsManagement knowledge of industry and non-real estate collateral including, but not limited to, recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
88% - 88% (88%)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 March 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$801,677 $801,677 $801,677 $— $— 
Interest-bearing cash and cash equivalents354,070 354,070 354,070 — — 
Trading securities:
U.S. government securities426,825 426,825 370,062 56,763 — 
Residential agency mortgage-backed securities4,898,485 4,898,485 — 4,898,485 — 
Municipal securities67,120 67,120 — 67,120 — 
Other trading securities48,608 48,608 — 48,608 — 
Total trading securities5,441,038 5,441,038 370,062 5,070,976 — 
Investment securities:  
Municipal securities108,793 112,338 — 12,103 100,235 
Residential agency mortgage-backed securities2,044,972 1,858,027 — 1,858,027 — 
Commercial agency mortgage-backed securities15,990 14,987 — 14,987 — 
Other debt securities16,288 14,713 — 14,713 — 
Total investment securities2,186,043 2,000,065 — 1,899,830 100,235 
Allowance for credit losses(299)— — — — 
Investment securities, net of allowance2,185,744 2,000,065 — 1,899,830 100,235 
Available for sale securities:  
U.S. Treasury920 920 920 — — 
Municipal securities304,826 304,826 — 304,826 — 
Residential agency mortgage-backed securities7,816,688 7,816,688 — 7,816,688 — 
Residential non-agency mortgage-backed securities846,805 846,805 — 846,805 — 
Commercial agency mortgage-backed securities
3,683,376 3,683,376 — 3,683,376 — 
Other debt securities473 473 — — 473 
Total available for sale securities12,653,088 12,653,088 920 12,651,695 473 
Fair value option securities — Residential agency mortgage-backed securities19,805 19,805 — 19,805 — 
Residential mortgage loans held for sale75,449 75,449 — 68,285 7,164 
Loans:  
Commercial15,132,867 15,055,904 — — 15,055,904 
Commercial real estate5,236,677 5,143,304 — — 5,143,304 
Loans to individuals3,803,016 3,675,612 — — 3,675,612 
Total loans24,172,560 23,874,820 — — 23,874,820 
Allowance for loan losses(281,623)— — — — 
Loans, net of allowance23,890,937 23,874,820 — — 23,874,820 
Mortgage servicing rights319,330 319,330 — — 319,330 
Derivative instruments with positive fair value, net of cash collateral
263,493 263,493 10 263,483 — 
Deposits with no stated maturity32,016,638 32,016,638 — — 32,016,638 
Time deposits3,366,909 3,346,163 — — 3,346,163 
Other borrowed funds7,986,169 7,986,169 — — 7,986,169 
Subordinated debentures131,154 118,875 — 118,875 — 
Derivative instruments with negative fair value, net of cash collateral
438,605 438,605 649 437,956 — 

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2023 (in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$947,613 $947,613 $947,613 $— $— 
Interest-bearing cash and cash equivalents400,652 400,652 400,652 — — 
Trading securities:
U.S. government securities10,959 10,959 9,017 1,942 — 
Residential agency mortgage-backed securities5,105,137 5,105,137 — 5,105,137 — 
Municipal securities37,413 37,413 — 37,413 — 
Other trading securities39,996 39,996 — 39,996 — 
Total trading securities5,193,505 5,193,505 9,017 5,184,488 — 
Investment securities:  
Municipal securities120,705 125,525 — 12,305 113,220 
Residential agency mortgage-backed securities2,092,083 1,917,810 — 1,917,810 — 
Commercial agency mortgage-backed securities15,914 15,067 — 15,067 — 
Other debt securities15,787 14,184 — 14,184 — 
Total investment securities2,244,489 2,072,586 — 1,959,366 113,220 
Allowance for credit losses(336)— — — — 
Investment securities, net of allowance2,244,153 2,072,586 — 1,959,366 113,220 
Available for sale securities:  
U.S. Treasury925 925 925 — — 
Municipal securities502,833 502,833 — 502,833 — 
Residential agency mortgage-backed securities6,834,720 6,834,720 — 6,834,720 — 
Residential non-agency mortgage-backed securities799,877 799,877 — 799,877 — 
Commercial agency mortgage-backed securities
4,147,853 4,147,853 — 4,147,853 — 
Other debt securities473 473 — — 473 
Total available for sale securities12,286,681 12,286,681 925 12,285,283 473 
Fair value option securities — Residential agency mortgage-backed securities20,671 20,671 — 20,671 — 
Residential mortgage loans held for sale56,935 56,935 — 49,749 7,186 
Loans:  
Commercial14,803,769 14,862,873 — — 14,862,873 
Commercial real estate5,337,647 5,270,657 — — 5,270,657 
Loans to individuals3,763,552 3,634,855 — — 3,634,855 
Total loans23,904,968 23,768,385 — — 23,768,385 
Allowance for loan losses(277,123)— — — — 
Loans, net of allowance23,627,845 23,768,385 — — 23,768,385 
Mortgage servicing rights293,884 293,884 — — 293,884 
Derivative instruments with positive fair value, net of cash collateral
410,304 410,304 — 410,304 — 
Deposits with no stated maturity31,007,679 31,007,679 — — 31,007,679 
Time deposits3,012,022 2,993,685 — — 2,993,685 
Other borrowed funds8,824,300 8,824,299 — — 8,824,299 
Subordinated debentures131,150 115,798 — 115,798 — 
Derivative instruments with negative fair value, net of cash collateral
587,473 587,473 2,607 584,866 — 

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

See Footnote 6, Commitments and Contingent Liabilities, regarding the Exchange Offer.

The Company evaluated events from the date of the consolidated financial statements on March 31, 2024 through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. Except as noted above, no other events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Three Months Ended
 March 31, 2024December 31, 2023
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$567,680 $7,005 4.96 %$605,839 $8,096 5.30 %
Trading securities5,371,209 68,300 5.12 %5,448,403 69,013 5.05 %
Investment securities, net of allowance2,210,040 7,854 1.42 %2,264,194 8,058 1.42 %
Available for sale securities12,537,981 113,593 3.48 %12,063,398 105,556 3.27 %
Fair value option securities20,080 195 3.59 %20,086 199 3.57 %
Restricted equity securities412,376 8,858 8.59 %432,780 8,670 8.01 %
Residential mortgage loans held for sale57,402 923 6.25 %61,146 1,036 6.59 %
Loans23,948,567 440,584 7.40 %23,705,108 439,808 7.36 %
Allowance for loan losses(278,449)(273,717)
Loans, net of allowance23,670,118 440,584 7.48 %23,431,391 439,808 7.45 %
Total earning assets
44,846,886 647,312 5.73 %44,327,237 640,436 5.64 %
Receivable on unsettled securities sales307,389 276,856 
Cash and other assets4,873,297 5,109,577 
Total assets$50,027,572 $49,713,670 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$22,264,259 $203,781 3.68 %$20,449,370 $177,475 3.44 %
Savings843,037 1,204 0.57 %845,705 1,132 0.53 %
Time3,287,179 37,139 4.54 %3,002,252 31,242 4.13 %
Total interest-bearing deposits26,394,475 242,124 3.69 %24,297,327 209,849 3.43 %
Funds purchased and repurchase agreements1,258,044 12,664 4.05 %2,476,973 29,915 4.79 %
Other borrowings6,844,633 94,540 5.56 %7,120,963 99,542 5.55 %
Subordinated debentures131,154 2,312 7.09 %131,151 2,343 7.09 %
Total interest-bearing liabilities34,628,306 351,640 4.08 %34,026,414 341,649 3.98 %
Non-interest bearing demand deposits
8,631,416 9,378,886 
Due on unsettled securities purchases499,936 363,358 
Other liabilities1,112,947 1,008,035 
Total equity5,154,967 4,936,977 
Total liabilities and equity$50,027,572 $49,713,670 
Tax-equivalent Net Interest Revenue$295,672 1.65 %$298,787 1.66 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.61 %2.64 %
Less tax-equivalent adjustment2,100 2,112 
Net Interest Revenue293,572 296,675 
Provision for credit losses
8,000 6,000 
Other operating revenue161,701 204,883 
Other operating expense340,384 384,083 
Income before taxes106,889 111,475 
Federal and state income taxes23,195 28,953 
Net income83,694 82,522 
Net income (loss) attributable to non-controlling interests
(9)(53)
Net income attributable to BOK Financial Corp. shareholders
$83,703 $82,575 
Earnings Per Average Common Share Equivalent:
      
Basic $1.29   $1.26  
Diluted $1.29   $1.26  
Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 89 -

(In thousands, except per share data)Three Months Ended
September 30, 2023June 30, 2023
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$598,734 $8,199 5.43 %$708,475 $9,552 5.41 %
Trading securities5,444,587 65,301 4.76 %4,274,803 47,882 4.50 %
Investment securities, net of allowance2,331,595 8,309 1.43 %2,408,122 8,659 1.44 %
Available for sale securities11,925,800 99,238 3.11 %12,033,597 94,849 3.00 %
Fair value option securities41,741 552 4.61 %245,469 3,116 5.07 %
Restricted equity securities445,532 8,776 7.88 %351,944 6,429 7.31 %
Residential mortgage loans held for sale77,208 1,234 6.27 %72,959 1,092 5.85 %
Loans23,414,308 427,649 7.25 %22,889,054 400,988 7.03 %
Allowance for loan losses(267,205)(252,890)
Loans, net of allowance23,147,103 427,649 7.33 %22,636,164 400,988 7.10 %
Total earning assets
44,012,300 619,258 5.49 %42,731,533 572,567 5.29 %
Receivable on unsettled securities sales268,344 163,903 
Cash and other assets5,038,908 5,012,671 
Total assets$49,319,552 $47,908,107 
Liabilities and equity
Interest-bearing deposits:
Transaction$19,415,599 $155,385 3.18 %$18,368,592 $119,272 2.60 %
Savings874,530 1,043 0.47 %926,882 490 0.21 %
Time2,839,947 28,380 3.96 %2,076,037 16,904 3.27 %
Total interest-bearing deposits23,130,076 184,808 3.17 %21,371,511 136,666 2.56 %
Funds purchased and repurchase agreements2,699,027 32,748 4.81 %3,670,994 41,905 4.58 %
Other borrowings6,968,309 96,271 5.48 %5,275,291 67,316 5.12 %
Subordinated debentures131,151 2,321 7.02 %131,153 2,219 6.79 %
Total interest-bearing liabilities32,928,563 316,148 3.81 %30,448,949 248,106 3.27 %
Non-interest bearing demand deposits
10,157,821 10,998,201 
Due on unsettled securities purchases435,927 436,353 
Other liabilities891,675 1,079,692 
Total equity4,905,566 4,944,912 
Total liabilities and equity$49,319,552 $47,908,107 
Tax-equivalent Net Interest Revenue$303,110 1.68 %$324,461 2.02 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.69 %3.00 %
Less tax-equivalent adjustment2,214 2,200 
Net Interest Revenue300,896 322,261 
Provision for credit losses
7,000 17,000 
Other operating revenue198,152 209,049 
Other operating expense324,313 318,673 
Income before taxes167,735 195,637 
Federal and state income taxes33,256 44,001 
Net income134,479 151,636 
Net income (loss) attributable to non-controlling interests(16)328 
Net income attributable to BOK Financial Corp. shareholders
$134,495 $151,308 
Earnings Per Average Common Share Equivalent:
Basic $2.04   $2.27  
Diluted $2.04   $2.27  
Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 90 -

(In thousands, except per share data)Three Months Ended
March 31, 2023
Average BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$616,596 $6,506 4.28 %
Trading securities3,031,969 34,073 4.52 %
Investment securities, net of allowance2,473,796 9,017 1.46 %
Available for sale securities11,738,693 89,112 2.87 %
Fair value option securities300,372 3,893 5.17 %
Restricted equity securities316,724 5,808 7.34 %
Residential mortgage loans held for sale65,769 979 5.79 %
Loans22,476,247 369,626 6.67 %
Allowance for loan losses(238,909)
Loans, net of allowance22,237,338 369,626 6.74 %
Total earning assets
40,781,257 519,014 5.06 %
Receivable on unsettled securities sales177,312 
Cash and other assets5,023,899 
Total assets$45,982,468 
Liabilities and equity
Interest-bearing deposits:
Transaction$18,639,900 $87,936 1.91 %
Savings958,443 248 0.10 %
Time1,477,720 7,090 1.95 %
Total interest-bearing deposits21,076,063 95,274 1.83 %
Funds purchased and repurchase agreements1,759,237 14,450 3.33 %
Other borrowings4,512,280 52,588 4.73 %
Subordinated debentures131,166 2,069 6.40 %
Total interest-bearing liabilities27,478,746 164,381 2.43 %
Non-interest bearing demand deposits
12,406,408 
Due on unsettled securities purchases316,738 
Other liabilities939,553 
Total equity4,841,023 
Total liabilities and equity$45,982,468 
Tax-equivalent Net Interest Revenue$354,633 2.63 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.45 %
Less tax-equivalent adjustment2,285 
Net Interest Revenue352,348 
Provision for credit losses
16,000 
Other operating revenue177,865 
Other operating expense305,812 
Income before taxes208,401 
Federal and state income taxes45,905 
Net income162,496 
Net income attributable to non-controlling interests128 
Net income attributable to BOK Financial Corp. shareholders
$162,368 
Earnings Per Average Common Share Equivalent:
Basic$2.43 
Diluted$2.43 
Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
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Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023Mar. 31, 2023
Interest revenue$645,212 $638,324 $617,044 $570,367 $516,729 
Interest expense351,640 341,649 316,148 248,106 164,381 
Net interest revenue293,572 296,675 300,896 322,261 352,348 
Provision for credit losses8,000 6,000 7,000 17,000 16,000 
Net interest revenue after provision for credit losses
285,572 290,675 293,896 305,261 336,348 
Other operating revenue     
Brokerage and trading revenue59,179 60,896 62,312 65,006 52,396 
Transaction card revenue25,493 28,847 26,387 26,003 25,621 
Fiduciary and asset management revenue55,305 51,408 52,256 52,997 50,657 
Deposit service charges and fees28,685 27,770 27,676 27,100 25,968 
Mortgage banking revenue18,967 12,834 13,356 15,141 14,367 
Other revenue12,935 15,035 15,865 14,250 16,970 
Total fees and commissions200,564 196,790 197,852 200,497 185,979 
Other gains, net4,269 40,452 1,474 12,618 2,251 
Gain (loss) on derivatives, net(8,633)8,592 (9,010)(8,159)(1,344)
Gain (loss) on fair value option securities, net(305)1,031 (203)(2,158)(2,962)
Change in fair value of mortgage servicing rights10,977 (14,356)8,039 9,261 (6,059)
Loss on available for sale securities, net(45,171)(27,626)— (3,010)— 
Total other operating revenue161,701 204,883 198,152 209,049 177,865 
Other operating expense     
Personnel202,653 203,022 190,791 190,652 182,145 
Business promotion7,978 8,629 6,958 7,640 8,569 
Charitable contributions to BOKF Foundation— 1,542 23 1,142 — 
Professional fees and services12,010 16,288 13,224 12,777 13,048 
Net occupancy and equipment30,293 30,355 32,583 30,105 28,459 
FDIC and other insurance8,740 8,495 7,996 6,974 7,315 
FDIC special assessment6,454 43,773 — — — 
Data processing and communications45,564 45,584 45,672 45,307 44,802 
Printing, postage and supplies3,997 3,844 3,760 3,728 3,893 
Amortization of intangible assets3,003 3,543 3,474 3,474 3,391 
Mortgage banking costs6,355 8,085 8,357 8,300 5,782 
Other expense13,337 10,923 11,475 8,574 8,408 
Total other operating expense340,384 384,083 324,313 318,673 305,812 
Net income before taxes106,889 111,475 167,735 195,637 208,401 
Federal and state income taxes23,195 28,953 33,256 44,001 45,905 
Net income83,694 82,522 134,479 151,636 162,496 
Net income (loss) attributable to non-controlling interests
(9)(53)(16)328 128 
Net income attributable to BOK Financial Corporation shareholders
$83,703 $82,575 $134,495 $151,308 $162,368 
Earnings per share:     
Basic$1.29$1.26$2.04$2.27$2.43
Diluted$1.29$1.26$2.04$2.27$2.43
Average shares used in computation:
Basic64,290,105 64,750,171 65,548,307 65,994,132 66,331,775 
Diluted64,290,105 64,750,171 65,548,307 65,994,132 66,331,775 


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PART II. Other Information

Item 1. Legal Proceedings
 
See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.

Item 1A. Risk Factors
There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended March 31, 2024.
 
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
January 1 to January 31, 202479,534 $88.22 44,630 2,527,156 
February 1 to February 29, 2024425,000 $82.73 425,000 2,102,156 
March 1 to March 31, 2024147,316 $86.50 147,000 1,955,156 
Total651,850  616,630  
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 March 31, 2024, the Company had repurchased 3,044,844 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations and other factors.
2The Company may repurchase mature shares from employees to cover the exercise price and taxes in connection with employee equity compensation.
Item 5. Other Information

Trading Plans

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

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

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Item 6. Exhibits
31.1
31.2
32
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:        May 1, 2024                                                                  


/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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