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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 September 30, 2023
OR
☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________                 

Commission File No. 001-37811

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market

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

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

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 65,664,840 shares of common stock ($.00006 par value) as of September 30, 2023.

BOK Financial Corporation
Form 10-Q
Quarter Ended September 30, 2023

Index
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)
Nine-Month Financial Summary – Unaudited (Item 2)
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


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

BOK Financial Corporation ("the Company") reported net income of $134.5 million or $2.04 per diluted share for the third quarter of 2023 compared to $151.3 million or $2.27 per diluted share for the second quarter of 2023. Pre-provision net revenue ("PPNR"), a non-GAAP measure, decreased $37.6 million to $174.8 million compared to the second quarter of 2023.

Highlights of the third quarter of 2023 compared to the second quarter of 2023 included:

•Net interest revenue totaled $300.9 million, a decrease of $21.4 million compared to the prior quarter. Net interest margin was 2.69 percent for the third quarter of 2023 compared to 3.00 percent for the prior quarter. Growth in low-spread trading assets drove an 8 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 23 basis point reduction. For the third quarter of 2023, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.14 percent compared to 3.36 percent in the prior quarter.
•Fees and commissions revenue totaled $197.9 million, a decrease of $2.6 million. Decreased brokerage and trading revenue and mortgage banking revenue were partially offset by increased other revenue.
•Other operating expense totaled $324.3 million, an increase of $5.6 million. Personnel expense was relatively unchanged, while non-personnel expense increased $5.5 million, led by higher occupancy and equipment costs and other expenses.
•Other gains and losses, net decreased $11.1 million to $1.5 million. The prior quarter included gains on alternative investments, primarily attributable to merchant banking activity.
•Period end outstanding loan balances totaled $23.7 billion at September 30, 2023, growing $486 million over June 30, 2023, largely due to growth in commercial and commercial real estate loans secured by multifamily properties. Average loan balances increased $525 million to $23.4 billion.
•The provision for credit losses of $7.0 million in the third quarter of 2023 reflects our continued loan growth and changes in our economic forecast. Net charge-offs were $6.5 million or 0.11 percent of average loans on an annualized basis in the third quarter. The resulting combined allowance for credit losses totaled $325 million or 1.37 percent of outstanding loans at September 30, 2023. The combined allowance for credit losses was $323 million or 1.39 percent of outstanding loans at June 30, 2023.
•Nonperforming assets not guaranteed by U.S. government agencies were $113 million, a $12 million decrease compared to June 30, 2023. Potential problem loans increased by $36 million, while other loans especially mentioned were largely unchanged compared to June 30, 2023.
•Period end deposits were $33.7 billion at September 30, 2023, a $358 million increase over June 30, 2023. Average deposits increased $918 million, including a $1.8 billion increase in average interest-bearing deposits, partially offset by an $840 million reduction in demand deposit balances. The loan to deposit ratio was 70 percent at September 30, 2023, consistent with June 30, 2023.
•Assets under management or administration totaled $99.0 billion at September 30, 2023, decreasing $4.6 billion compared to June 30, 2023.
•The Company's tangible common equity ratio, a non-GAAP measure, was 7.74 percent at September 30, 2023 and 7.79 percent at June 30, 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 7.35 percent at September 30, 2023 and 7.49 percent at June 30, 2023.
•The common equity Tier 1 capital ratio at September 30, 2023 was 12.06 percent. Other regulatory capital ratios include the Tier 1 capital ratio at 12.07 percent, total capital ratio at 13.16 percent, and leverage ratio at 9.52 percent. At June 30, 2023, the common equity Tier 1 capital ratio was 12.13 percent, the Tier 1 capital ratio was 12.13 percent, total capital ratio was 13.24 percent, and leverage ratio was 9.75 percent.
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•The Company repurchased 700,500 shares of common stock at an average price of $84.17 per share in the third quarter of 2023 and 266,000 shares at an average price of $84.08 in the second 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 $35.7 million or $0.54 per common share during the third quarter of 2023. On October 31, 2023, the board of directors approved a quarterly cash dividend of $0.55 per common share payable on or about November 30, 2023 to shareholders of record as of November 15, 2023.
Highlights of the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 included:
•Tax-equivalent net interest revenue totaled $982.2 million for the nine months ended September 30, 2023 and $864.9 million for the nine months ended September 30, 2022. Net interest revenue increased $166.1 million from changes in interest rates and decreased $48.8 million from changes in earning assets. Net interest margin was 3.03 percent compared to 2.80 percent. 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 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. Loan yields increased 285 basis points and funding costs increased 279 basis points. Average earning assets increased $2.2 billion to $42.5 billion. Higher average loan balances were partially offset by lower trading securities balances. In the second quarter of 2022, we transferred $2.4 billion of U.S. government agency mortgage-backed securities from available for sale to the investment securities portfolio to limit the effect of future rate increases on the tangible common equity ratio. Other borrowed funds increased $5.6 billion while total interest-bearing deposits decreased $1.7 billion.
•Fees and commissions revenue totaled $584.3 million for the nine months ended September 30, 2023, a $120.7 million increase over the nine months ended September 30, 2022. Brokerage and trading revenue increased $101.7 million, primarily due to disruptions in the fixed income markets related to economic uncertainty in the first part of 2022. Fiduciary and asset management revenue increased $9.5 million led by growth in mutual fund fees, Cavanal Hill fund fees, and trust fees. Other revenue increased $8.5 million, largely due to increased revenue on bank-owned life insurance and higher margin interest fees. The prior year included a $4.5 million write-down of bank-owned life insurance as the fair value of this portfolio declined and exceeded the maximum support from the stable value wrap.
•Total operating expense was $948.8 million for the nine months ended September 30, 2023, an increase of $102.8 million compared to the nine months ended September 30, 2022. Personnel expense increased $79.1 million. Regular compensation increased $29.4 million, largely related to annual merit increases, salary adjustments, and business expansion. Cash-based incentive compensation grew $22.9 million due to higher sales activity. Share-based compensation expense increased $6.9 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 $14.6 million. Non-personnel expense increased $23.7 million to $385.2 million, largely due to higher data processing costs related to ongoing technology projects and FDIC insurance costs following increased assessment rates in 2023.
•The provision for expected credit losses was $40.0 million for the nine months ended September 30, 2023, primarily due to growth in loan balances and changes in our economic forecast, including a more challenging national commercial real estate environment, particularly related to office. A $15.0 million provision for expected credit losses was recorded for the nine months ended September 30, 2022.
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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 $303.1 million for the third quarter of 2023, compared to $324.5 million for the prior quarter. Compared to the second quarter of 2023, net interest revenue decreased $19.0 million from changes in interest rates and $2.3 million 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 $1.3 billion compared to the second quarter of 2023. The average balance of trading securities increased $1.2 billion due to favorable market opportunities for U.S. government agency residential mortgage-backed securities observed primarily throughout the second quarter and extending into the early part of the third quarter. Average loan balances increased $525 million, largely due to growth in commercial and commercial real estate loans. Average fair value option securities, held as an economic hedge of the changes in fair value of our mortgage servicing rights, decreased $204 million. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, decreased $108 million and average interest-bearing cash and cash equivalents declined $110 million.

Total average deposits increased $918 million compared to the second quarter of 2023, including a $1.8 billion increase in interest-bearing deposits, partially offset by an $840 million decrease in demand deposits. Other borrowings grew $1.7 billion while funds purchased and repurchase agreements declined $972 million.

Net interest margin was 2.69 percent compared to 3.00 percent in the second quarter of 2023. Growth in low-spread trading assets drove an 8 basis point decline in net interest margin with deposit price competition and liability mix shift primarily driving the remaining 23 basis point reduction. For the third quarter of 2023, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.14 percent percent compared to 3.36 percent in the prior quarter. The tax-equivalent yield on earning assets was 5.49 percent, an increase of 20 basis points. Loan yields grew 22 basis points to 7.25 percent. The available for sale securities portfolio yield increased 11 basis points to 3.11 percent. The yield on trading securities grew 26 basis points to 4.76 percent.

Funding costs were 3.81 percent, a 54 basis point increase over the prior quarter. The cost of interest-bearing deposits increased 61 basis points to 3.17 percent. The cost of other borrowings increased 36 basis points to 5.48 percent while the cost of funds purchased and repurchase agreements increased 23 basis points to 4.81 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 101 basis points, an increase of 3 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 80 percent 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
Sep. 30, 2023 / June 30, 2023
 Nine Months Ended
Sep. 30, 2023 / 2022
   
Change Due To1
  
Change Due To1
Change Volume Yield/Rate Change Volume Yield/Rate
Tax-equivalent interest revenue:            
Interest-bearing cash and cash equivalents
 $ (1,353) $ (1,443) $ 90  $ 18,527  $ (5,296) $ 23,823 
Trading securities 17,419  14,291  3,128  60,434  (38,592) 99,026 
Investment securities
 (350) (341) (9) 10,718  14,403  (3,685)
Available for sale securities
 4,389  762  3,627  107,155  7,529  99,626 
Fair value option securities (2,564) (2,405) (159) 6,347  4,238  2,109 
Restricted equity securities
 2,347  1,982  365  15,819  9,073  6,746 
Residential mortgage loans held for sale
 142  61  81  (1,332) (2,979) 1,647 
Loans 26,661  11,638  15,023  546,499  78,148  468,351 
Total tax-equivalent interest revenue 46,691  24,545  22,146  764,167  66,524  697,643 
Interest expense:
Transaction deposits 36,113  8,061  28,052  314,530  (25,286) 339,816 
Savings deposits 553  (41) 594  1,497  (56) 1,553 
Time deposits 11,476  7,081  4,395  44,546  10,160  34,386 
Funds purchased and repurchase agreements (9,157) (11,253) 2,096  81,352  26,511  54,841 
Other borrowings 28,955  23,008  5,947  202,811  103,980  98,831 
Subordinated debentures 102  13  89  2,157  (2) 2,159 
Total interest expense 68,042  26,869  41,173  646,893  115,307  531,586 
Tax-equivalent net interest revenue (21,351) (2,324) (19,027) 117,274  (48,783) 166,057 
Change in tax-equivalent adjustment 14  523 
Net interest revenue $ (21,365) $ 116,751 
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 $198.2 million for the third quarter of 2023, a decrease of $10.9 million compared to the second quarter of 2023.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Brokerage and trading revenue
 $ 62,312  $ 65,006  $ (2,694) (4) % $ 179,714  $ 77,970  $ 101,744  130  %
Transaction card revenue 26,387  26,003  384  1  % 78,011  77,130  881  1  %
Fiduciary and asset management revenue
 52,256  52,997  (741) (1) % 155,910  146,427  9,483  6  %
Deposit service charges and fees
 27,676  27,100  576  2  % 80,744  84,207  (3,463) (4) %
Mortgage banking revenue 13,356  15,141  (1,785) (12) % 42,864  39,300  3,564  9  %
Other revenue 15,865  14,250  1,615  11  % 47,085  38,608  8,477  22  %
Total fees and commissions revenue
 197,852  200,497  (2,645) (1) % 584,328  463,642  120,686  26  %
Other gains (losses), net 1,474  12,618  (11,144) N/A 16,343  (8,304) 24,647  N/A
Loss on derivatives, net (9,010) (8,159) (851) N/A (18,513) (77,559) 59,046  N/A
Loss on fair value option securities, net (203) (2,158) 1,955  N/A (5,323) (17,790) 12,467  N/A
Change in fair value of mortgage servicing rights
 8,039  9,261  (1,222) N/A 11,241  83,165  (71,924) N/A
Gain (loss) on available for sale securities, net —  (3,010) 3,010  N/A (3,010) 3,017  (6,027) N/A
Total other operating revenue
 $ 198,152  $ 209,049  $ (10,897) (5) % $ 585,066  $ 446,171  $ 138,895  31  %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and commissions revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 40 percent of total revenue for the third quarter of 2023, excluding provision for credit losses and gains and losses on other assets, securities and derivatives and the change in the fair value of mortgage servicing rights. 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 rising interest rates, that we expect will result in growth in net interest revenue or fiduciary and asset management revenue may also affect mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $2.7 million or 4 percent compared to the second 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 $34.5 million, a $2.5 million decrease compared to the prior quarter, primarily related to our municipal bond trading activity, which was influenced by the rising interest rate environment and evolving market expectations during the third quarter.

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 $6.9 million, a decrease of $6.8 million, driven by less energy customer activity following a record high in the second quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $13.9 million for the third quarter of 2023, an increase of $5.7 million compared to the second quarter of 2023, primarily related to the timing and volume of transactions of underwriting fees and financial advisory fees.
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 $26.4 million for the third quarter of 2023, relatively consistent with the prior 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 $52.3 million for the third quarter of 2023, largely unchanged compared to the second quarter of 2023.

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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
September 30, 2023 June 30, 2023
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 10,572,514  $ 25,808  0.98  % $ 10,687,370  $ 26,741  1.00  %
Institutional 18,244,521  8,532  0.19  % 18,705,828  9,103  0.19  %
Total managed fiduciary assets
 28,817,035  34,340  0.48  % 29,393,198  35,844  0.49  %
Non-managed assets:
Fiduciary 27,562,974  14,643  0.21  % 28,480,670  14,300  0.20  %
Non-fiduciary 18,215,082  3,273  0.07  % 20,910,245  2,853  0.05  %
Safekeeping and brokerage assets under administration
 24,409,088  —  —  % 24,834,827  —  —  %
Total non-managed assets
 70,187,144  17,916  0.10  % 74,225,742  17,153  0.09  %
Total assets under management or administration
 $ 99,004,179  $ 52,256  0.21  % $ 103,618,940  $ 52,997  0.20  %
Nine Months Ended
September 30, 2023 September 30, 2022
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 10,572,514  $ 77,388  1.46  % $ 10,107,830  $ 81,760  1.62  %
Institutional 18,244,521  26,858  0.29  % 16,983,268  25,598  0.30  %
Total managed fiduciary assets
 28,817,035  104,246  0.72  % 27,091,098  107,358  0.79  %
Non-managed assets:
Fiduciary 27,562,974  42,728  0.31  % 27,623,607  30,134  0.22  %
Non-fiduciary 18,215,082  8,936  0.10  % 18,099,922  8,935  0.10  %
Safekeeping and brokerage assets under administration
 24,409,088  —  —  % 22,587,011  —  —  %
Total non-managed assets
 70,187,144  51,664  0.15  % 68,310,540  39,069  0.11  %
Total assets under management or administration
 $ 99,004,179  $ 155,910  0.31  % $ 95,401,638  $ 146,427  0.31  %
1 Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $18 billion, $19 billion, and $23 billion of such assets are excluded from assets under management or administration at September 30, 2023, June 30, 2023, and September 30, 2022, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end balance.


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A summary of changes in assets under management or administration for the three and nine months ended September 30, 2023 and 2022 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Beginning balance $ 103,618,940  $ 95,981,289  $ 99,735,040  $ 104,917,721 
Net inflows (outflows) (3,922,122) 639,636  (4,727,474) (1,642,712)
Net change in fair value (692,639) (1,219,287) 3,996,613  (7,873,371)
Ending balance $ 99,004,179  $ 95,401,638  $ 99,004,179  $ 95,401,638 

Assets under management as of September 30, 2023 consist of 43 percent fixed income, 32 percent equities, 16 percent cash, and 9 percent alternative investments.
Deposit Service Charges

Deposit service charges and fees were consistent with the second quarter of 2023.
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Mortgage Banking Revenue

Mortgage banking revenue decreased $1.8 million to $13.4 million, largely due to lower mortgage production and qualifying residential mortgage loans guaranteed by U.S. government agencies previously in forbearance that have been resold into Government National Mortgage Association ("GNMA") pools following the applicable performance period specified by the programs. Mortgage production volume decreased $30 million to $168 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 98 basis points to (1.12) percent.

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Mortgage production revenue $ (1,887) $ (284) $ (1,603) (564) % $ (2,804) $ 2,145  $ (4,949) (231) %
Mortgage loans funded for sale $ 173,727  $ 214,785  $ 527,136  $ 1,039,313 
Add: Current period end outstanding commitments 49,284  55,031  49,284  75,779 
Less: Prior period end outstanding commitments 55,031  71,693  45,492  171,412 
Total mortgage production volume $ 167,980  $ 198,123  $ (30,143) (15) % $ 530,928  $ 943,680  $ (412,752) (44) %
Mortgage loan refinances to mortgage loans funded for sale 9  % 8  % 100   bps —  % 26  % (2,600)  bps
Realized margin on funded mortgage loans (0.94) % (0.14) % (80)  bps (0.69) % 0.86  % (155)  bps
Production revenue as a percentage of production volume (1.12) % (0.14) % (98)  bps (0.53) % 0.23  % (76)  bps
Primary mortgage interest rates:
Average 7.08  % 6.56  % 52   bps 6.66  % 4.90  % 176   bps
Period end 7.35  % 6.70  % 65   bps 7.35  % 6.70  % 65   bps
Mortgage servicing revenue $ 15,243  $ 15,425  $ (182) (1) % $ 45,668  $ 37,155  $ 8,513  23  %
Average outstanding principal balance of mortgage loans serviced for others 20,719,116  20,807,044  (87,928) —  % 20,882,493  17,520,715  $ 3,361,778  19  %
Average mortgage servicing revenue rates 0.29  % 0.30  % (1)  bp 0.29  % 0.28  % 1   bp
Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.
Net gains on other assets, securities and derivatives

Net gains on other assets were $1.5 million for the third quarter of 2023 compared to net gains of $12.6 million in the second quarter of 2023. The prior quarter included a gain on alternative investments, largely attributable to merchant banking activity. Changes in fair value related to deferred compensation investments decreased $3.5 million.

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As discussed in the Market Risk section following, the fair value of our mortgage servicing rights ("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 Nine Months Ended
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Loss on mortgage hedge derivative contracts, net $ (8,980) $ (8,099) $ (18,790) $ (77,360)
Loss on fair value option securities, net (203) (2,158) (5,323) (17,790)
Loss on economic hedge of mortgage servicing rights, net (9,183) (10,257) (24,113) (95,150)
Gain on change in fair value of mortgage servicing rights 8,039  9,261  11,241  83,165 
Loss on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue (1,144) (996) (12,872) (11,985)
Net interest revenue (expense) on fair value option securities1
 (112) (232) (157) 687 
Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges $ (1,256) $ (1,228) $ (13,029) $ (11,298)
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the third quarter of 2023 totaled $324.3 million, an increase of $5.6 million compared to the second quarter of 2023. Our efficiency ratio1 was 64.01% for the third quarter of 2023, compared to 58.75% in the prior quarter.

Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months Ended Increase (Decrease) %
Increase (Decrease)		 Nine Months Ended Increase (Decrease) %
Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Regular compensation
 $ 111,237  $ 109,197  $ 2,040  2  % $ 325,552  $ 296,164  $ 29,388  10  %
Incentive compensation:
Cash-based 51,139  48,331  2,808  6  % 141,205  118,300  22,905  19  %
Share-based 3,489  4,566  (1,077) (24) % 13,312  6,458  6,854  106  %
Deferred compensation 60  2,685  (2,625) N/A 4,455  (10,099) 14,554  N/A
Total incentive compensation 54,688  55,582  (894) (2) % 158,972  114,659  44,313  39  %
Employee benefits 24,866  25,873  (1,007) (4) % 79,064  73,676  5,388  7  %
Total personnel expense 190,791  190,652  139  —  % 563,588  484,499  79,089  16  %
Business promotion 6,958  7,640  (682) (9) % 23,167  18,965  4,202  22  %
Charitable contributions to BOKF Foundation
 23  1,142  (1,119) N/A 1,165  —  1,165  N/A
Professional fees and services
 13,224  12,777  447  4  % 39,049  37,977  1,072  3  %
Net occupancy and equipment 32,583  30,105  2,478  8  % 91,147  87,640  3,507  4  %
Insurance 7,996  6,974  1,022  15  % 22,285  13,317  8,968  67  %
Data processing and communications
 45,672  45,307  365  1  % 135,781  122,859  12,922  11  %
Printing, postage and supplies 3,760  3,728  32  1  % 11,381  11,967  (586) (5) %
Amortization of intangible assets 3,474  3,474  —  —  % 10,339  11,956  (1,617) (14) %
Mortgage banking costs 8,357  8,300  57  1  % 22,439  26,818  (4,379) (16) %
Other expense 11,475  8,574  2,901  34  % 28,457  30,026  (1,569) (5) %
Total other operating expense $ 324,313  $ 318,673  $ 5,640  2  % $ 948,798  $ 846,024  $ 102,774  12  %
Average number of employees (full-time equivalent)
 4,927  4,875  52  1  % 4,855  4,748  107  2  %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense was largely unchanged compared to the second quarter of 2023. Cash-based incentive compensation increased $2.8 million, driven by sales activities. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments, decreased $2.6 million, directly related to market movements. Share-based compensation was down $1.1 million reflecting changes in assumptions of certain performance-based equity awards. Regular compensation increased $2.0 million, along with our business expansion into the San Antonio and Memphis markets. Employee benefits expense decreased $1.0 million, primarily due to seasonal decreases in payroll taxes.


1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Non-personnel operating expense
Non-personnel expense totaled $133.5 million for the third quarter of 2023, an increase of $5.5 million compared to the second quarter of 2023. Occupancy and equipment costs grew $2.5 million, driven by the retirement of certain automated teller machines ("ATMs") as we upgrade our network. Other expense increased $2.9 million, primarily due to an accrual for certain disputed matters. FDIC insurance expense also increased $1.0 million.
Income Taxes

The effective tax rate was 19.8 percent for the third quarter of 2023 and 22.5 percent for the second quarter of 2023. The effective tax rate for the third quarter of 2023 decreased primarily due to a decrease in uncertain tax positions from lapses of applicable statutes of limitations. The effective rate for the nine months ended September 30, 2023 and September 30, 2022 was 21.5 percent and 20.7 percent, respectively, increasing primarily due to higher 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.

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.

The cost of funds borrowed from the Funds Management unit by the operating lines of business is transfer priced at rates that approximate market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on the applicable wholesale borrowing rates or interest rate swap rates, adjusted for prepayment risk and liquidity risk. This method of transfer-pricing funds that support assets of the operating lines of business tends to insulate them from interest rate risk.

The value of funds provided by the operating lines of business to the Funds Management unit is also based on rates that approximate wholesale market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on a proxy of wholesale borrowing rates or interest rate swap rates. The funds credit formula applied to deposit products with indeterminate maturities is established based on their repricing characteristics reflected in a combination of the short-term wholesale funding rate and a moving average of an intermediate term swap rate, with an appropriate spread applied to both. Shorter duration products are weighted towards the short term wholesale funding rates and longer duration products are weighted towards the intermediate swap rates. The expected duration ranges from 30 days for certain rate-sensitive deposits to five years. For indeterminate-maturity deposits, annual adjustments are made to the funds credit formula each January that attribute more or less deposit credit value to the business lines dependent upon historical and forward-looking interest rate expectations, which are then held constant throughout the remainder of the year. After several years of decreased funding credits provided to business lines from a sustained low interest rate environment, increases in short-term and long-term rates in response to the Federal Reserve's actions to control inflation caused a commensurate increase in funding credits to business lines in the first quarter of 2023, with the offset to Funds Management and other.

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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.

As shown in Table 8, net income attributable to our lines of business decreased $28.9 million compared to the second quarter of 2023. Net interest revenue decreased $19.3 million largely as a result of deposit repricing activity while other operating revenue decreased $10.7 million. Operating expense increased $10.9 million over the second quarter of 2023 with a $4.3 million increase in personnel expense and $6.6 million increase in non-personnel expense.

Table 8 – Net Income by Line of Business
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Commercial Banking
 $ 157,930  $ 170,179  $ (12,249) (7) % $ 505,415  $ 321,775  $ 183,640  57  %
Consumer Banking 58,009  60,332  (2,323) (4) % 169,024  (3,109) 172,133  (5,537) %
Wealth Management 43,029  57,317  (14,288) (25) % 152,793  64,573  88,220  137  %
Subtotal 258,968  287,828  (28,860) (10) % 827,232  383,239  443,993  116  %
Funds Management and other (124,473) (136,520) 12,047  N/A (379,061) (31,395) (347,666) N/A
Total $ 134,495  $ 151,308  $ (16,813) (11) % $ 448,171  $ 351,844  $ 96,327  27  %
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 $157.9 million to consolidated net income in the third quarter of 2023, a decrease of $12.2 million or 7 percent compared to the second quarter of 2023.

Table 9 – Commercial Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Net interest revenue from external sources
 $ 298,293  $ 299,712  $ (1,419) —  % $ 886,263  $ 546,599  $ 339,664  62  %
Net interest expense from internal sources
 (43,829) (39,613) (4,216) (11) % (104,543) (34,983) (69,560) (199) %
Total net interest revenue
 254,464  260,099  (5,635) (2) % 781,720  511,616  270,104  53  %
Net loans charged off 4,904  6,000  (1,096) (18) % 10,980  3,316  7,664  231  %
Net interest revenue after net loans charged off 249,560  254,099  (4,539) (2) % 770,740  508,300  262,440  52  %
Fees and commissions revenue
 57,858  59,704  (1,846) (3) % 173,397  174,992  (1,595) (1) %
Other gains, net 1,295  9,124  (7,829) (86) % 11,429  4,509  6,920  153  %
Other operating revenue
 59,153  68,828  (9,675) (14) % 184,826  179,501  5,325  3  %
Personnel expense
 48,823  46,055  2,768  6  % 137,625  125,290  12,335  10  %
Non-personnel expense
 32,928  31,424  1,504  5  % 94,739  84,722  10,017  12  %
Other operating expense
 81,751  77,479  4,272  6  % 232,364  210,012  22,352  11  %
Net direct contribution
 226,962  245,448  (18,486) (8) % 723,202  477,789  245,413  51  %
Gain (loss) on financial instruments, net (11) 231  (242) (105) % 162  (138) 300  (217) %
Gain (loss) on repossessed assets, net (268) 408  (676) (166) % 999  (2,880) 3,879  (135) %
Corporate expense allocations
 17,834  21,404  (3,570) (17) % 56,956  49,285  7,671  16  %
Income before taxes
 208,849  224,683  (15,834) (7) % 667,407  425,486  241,921  57  %
Federal and state income tax
 50,919  54,504  (3,585) (7) % 161,992  103,711  58,281  56  %
Net income
 $ 157,930  $ 170,179  $ (12,249) (7) % $ 505,415  $ 321,775  $ 183,640  57  %
Average assets
 $ 28,849,597  $ 28,170,869  $ 678,728  2  % $ 28,396,982  $ 29,324,596  $ (927,614) (3) %
Average loans
 19,645,259  19,158,984  486,275  3  % 19,188,167  17,317,109  1,871,058  11  %
Average deposits
 15,098,038  14,822,093  275,945  2  % 15,257,676  18,825,930  (3,568,254) (19) %
Average invested capital
 2,178,908  2,174,335  4,573  —  % 2,156,183  2,040,038  116,145  6  %
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 $5.6 million or 2 percent compared to the second quarter of 2023, primarily due to a shift in deposit balances from non-interest bearing to interest-bearing accounts. Net loans charged-off decreased $1.1 million to $4.9 million in the third quarter of 2023.

Fees and commissions revenue decreased $1.8 million or 3 percent. Customer hedging revenue decreased $5.4 million following a record high in the second quarter, partially offset by increases in other revenue and investment banking revenue.
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Operating expense increased $4.3 million or 6 percent compared to the second quarter of 2023, largely driven by the retirement of certain ATMs as we upgrade our network combined with increased incentive compensation expense. Corporate expense allocations decreased $3.6 million or 17 percent compared to the prior quarter. The second quarter of 2023 also included a gain on alternative investments of $8.1 million resulting from merchant banking activities.

Average outstanding balance of loans attributed to Commercial Banking increased $486 million or 3 percent over the second quarter of 2023 to $19.6 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 $276 million or 2 percent over the second quarter of 2023 to $15.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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Consumer Banking

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

Consumer Banking contributed $58.0 million to consolidated net income for the third quarter of 2023, a decrease of $2.3 million or 4 percent compared to the prior quarter.

Table 10 – Consumer Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Net interest revenue from external sources
 $ 11,386  $ 17,828  $ (6,442) (36) % $ 50,360  $ 51,183  $ (823) (2) %
Net interest revenue from internal sources
 101,222  95,563  5,659  6  % 285,020  53,764  231,256  430  %
Total net interest revenue 112,608  113,391  (783) (1) % 335,380  104,947  230,433  220  %
Net loans charged off (recovered) (73) 1,129  (1,202) (106) % 2,240  3,716  (1,476) (40) %
Net interest revenue after net loans charged off (recovered)
 112,681  112,262  419  —  % 333,140  101,231  231,909  229  %
Fees and commissions revenue 30,715  32,361  (1,646) (5) % 93,657  94,308  (651) (1) %
Other gains (losses), net 1  (84) 85  (101) % (54) (72) 18  (25) %
Other operating revenue 30,716  32,277  (1,561) (5) % 93,603  94,236  (633) (1) %
Personnel expense 22,591  22,468  123  1  % 66,421  64,738  1,683  3  %
Non-personnel expense 31,906  29,872  2,034  7  % 90,614  89,947  667  1  %
Total other operating expense 54,497  52,340  2,157  4  % 157,035  154,685  2,350  2  %
Net direct contribution 88,900  92,199  (3,299) (4) % 269,708  40,782  228,926  561  %
Loss on financial instruments, net (9,183) (10,257) 1,074  (10) % (24,113) (95,150) 71,037  (75) %
Change in fair value of mortgage servicing rights
 8,039  9,261  (1,222) (13) % 11,241  83,165  (71,924) (86) %
Gain on repossessed assets, net 11  —  11  N/A 25  138  (113) (82) %
Corporate expense allocations 11,920  12,318  (398) (3) % 35,860  32,994  2,866  9  %
Income (loss) before taxes 75,847  78,885  (3,038) (4) % 221,001  (4,059) 225,060  (5,545) %
Federal and state income tax 17,838  18,553  (715) (4) % 51,977  (950) 52,927  (5,571) %
Net income (loss) $ 58,009  $ 60,332  $ (2,323) (4) % $ 169,024  $ (3,109) $ 172,133  (5,537) %
Average assets $ 9,379,478  $ 9,597,723  $ (218,245) (2) % $ 9,635,204  $ 10,281,679  $ (646,475) (6) %
Average loans 1,812,606  1,762,568  50,038  3  % 1,774,376  1,676,276  98,100  6  %
Average deposits 7,936,186  7,986,674  (50,488) (1) % 8,055,990  8,812,235  (756,245) (9) %
Average invested capital 285,325  279,257  6,068  2  % 273,405  253,007  20,398  8  %
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 was relatively consistent with the second quarter of 2023.
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Operating revenue decreased $1.6 million or 5 percent due to a decline in mortgage banking revenue. Mortgage banking revenue decreased $1.7 million, largely due to lower mortgage production and qualifying residential mortgage loans guaranteed by U.S. government agencies previously in forbearance that have been resold into GNMA pools following the applicable performance period specified by the programs. In addition, mortgage production volume decreased $30.1 million to $168.0 million. Operating expense increased $2.2 million or 4 percent due to an accrual for certain disputed matters. Corporate expense allocations were relatively consistent with the second quarter of 2023.

Average loans increased $50.0 million or 3 percent to $1.8 billion over the previous quarter. Average deposits attributed to the Consumer Banking segment were relatively consistent with the prior 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 $43.0 million to consolidated net income in the third quarter of 2023, a decrease of $14.3 million or 25 percent compared to the second quarter of 2023.

Table 11 – Wealth Management
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2023 Sep. 30, 2022
Net interest revenue from external sources
 $ 7,622  $ 4,415  $ 3,207  73  % $ 32,977  $ 130,389  $ (97,412) (75) %
Net interest revenue (expense) from internal sources 28,815  44,937  (16,122) (36) % 106,918  (3,290) 110,208  3,350  %
Total net interest revenue 36,437  49,352  (12,915) (26) % 139,895  127,099  12,796  10  %
Net loans charged off (recovered) 9  (45) 54  120  % (60) (153) 93  61  %
Net interest revenue after net loans charged off (recovered)
 36,428  49,397  (12,969) (26) % 139,955  127,252  12,703  10  %
Fees and commissions revenue 123,614  123,050  564  —  % 355,575  224,907  130,668  58  %
Other losses, net —  (7) 7  (100) % (7) (15) 8  (53) %
Other operating revenue 123,614  123,043  571  —  % 355,568  224,892  130,676  58  %
Personnel expense 63,706  62,263  1,443  2  % 185,493  164,677  20,816  13  %
Non-personnel expense 25,661  22,596  3,065  14  % 70,772  65,489  5,283  8  %
Other operating expense 89,367  84,859  4,508  5  % 256,265  230,166  26,099  11  %
Net direct contribution 70,675  87,581  (16,906) (19) % 239,258  121,978  117,280  96  %
Corporate expense allocations 14,331  12,574  1,757  14  % 39,265  37,508  1,757  5  %
Income before taxes 56,344  75,007  (18,663) (25) % 199,993  84,470  115,523  137  %
Federal and state income tax 13,315  17,690  (4,375) (25) % 47,200  19,897  27,303  137  %
Net income $ 43,029  $ 57,317  $ (14,288) (25) % $ 152,793  $ 64,573  $ 88,220  137  %
Average assets $ 14,740,641  $ 12,949,258  $ 1,791,383  14  % $ 13,128,925  $ 17,320,779  $ (4,191,854) (24) %
Average loans 2,219,829  2,230,906  (11,077) —  % 2,217,519  2,147,007  70,512  3  %
Average deposits 7,886,962  7,544,143  342,819  5  % 7,622,838  8,694,459  (1,071,621) (12) %
Average invested capital 329,856  333,902  (4,046) (1) % 310,113  295,139  14,974  5  %
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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Combined net interest revenue and fee revenue decreased $12.4 million or 7 percent compared to the second quarter of 2023, primarily due to declining spreads on loans and deposits. Total revenue from institutional trading activities decreased $4.4 million, largely related to our municipal bond trading activity, which was influenced by the rising interest rate environment and evolving market expectations. Investment banking revenue increased $4.7 million due to increased underwriting fees and financial advisory fees. Other revenue decreased $1.7 million. Operating expense increased $4.5 million or 5 percent compared to the prior quarter. Personnel expense increased $1.4 million due to growth in regular compensation from business expansion. Non-personnel expense increased $3.1 million, primarily due to ongoing technology project costs. Corporate expense allocations increased $1.8 million or 14 percent compared to the previous quarter.

Average outstanding loans attributed to the Wealth Management segment were consistent with the prior quarter. Average Wealth Management deposits increased $343 million or 5 percent to $7.9 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
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 September 30, 2023 and December 31, 2022.

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers and others. Trading securities decreased $694 million to $4.7 billion during the third quarter of 2023. 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 September 30, 2023, the carrying value of investment (held-to-maturity) securities was $2.3 billion, including a $344 thousand allowance for expected credit losses, compared to $2.4 billion at June 30, 2023 with a $465 thousand allowance for expected credit losses. The fair value of investment securities was $2.1 billion at September 30, 2023, a $133 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 $12.9 billion at September 30, 2023, a $104 million increase compared to June 30, 2023. At September 30, 2023, 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 3.7 years as of September 30, 2023 and 3.5 years as of June 30, 2023. Management estimates the duration extends to 4.1 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 3.0 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.4 years, extends to 3.6 years in an upward shock of 200 basis points, and contracts to 3.0 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.
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Bank-Owned Life Insurance

We have approximately $407 million of bank-owned life insurance at September 30, 2023. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $312 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 September 30, 2023, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $271 million. Since the underlying fair value of the investments held in separate accounts at September 30, 2023 was below the net book value of the investments, $39 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. Future rate increases may cause write-downs in the short-term. 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 $23.7 billion at September 30, 2023, growing $486 million over June 30, 2023, driven by growth in commercial and commercial real estate loans.

Table 12 – Loans
(In thousands)
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Commercial:  
Healthcare $ 4,083,134  $ 3,991,387  $ 3,899,341  $ 3,845,017  $ 3,826,623 
Services 3,566,361  3,585,169  3,563,702  3,431,521  3,280,925 
Energy 3,490,602  3,508,752  3,398,057  3,424,790  3,371,588 
General business 3,579,742  3,449,208  3,356,249  3,511,171  3,148,783 
Total commercial 14,719,839  14,534,516  14,217,349  14,212,499  13,627,919 
Commercial real estate:
Multifamily 1,734,688  1,502,971  1,363,881  1,212,883  1,126,700 
Industrial 1,432,629  1,349,709  1,309,435  1,221,501  1,103,905 
Office 981,876  1,005,660  1,045,700  1,053,331  1,086,615 
Retail 608,073  617,886  618,264  620,518  635,021 
Residential construction and land development
 100,465  106,370  102,828  95,684  91,690 
Other commercial real estate 383,569  388,205  375,208  402,860  429,980 
Total commercial real estate 5,241,300  4,970,801  4,815,316  4,606,777  4,473,911 
Loans to individuals:  
Residential mortgage 2,090,992  1,993,690  1,926,027  1,890,784  1,851,836 
Residential mortgage guaranteed by U.S. government agencies
 161,092  186,170  224,753  245,940  262,466 
Personal 1,510,795  1,552,482  1,566,608  1,601,150  1,574,325 
Total loans to individuals 3,762,879  3,732,342  3,717,388  3,737,874  3,688,627 
Total $ 23,724,018  $ 23,237,659  $ 22,750,053  $ 22,557,150  $ 21,790,457 
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 $14.7 billion or 62 percent of the loan portfolio at September 30, 2023, a $185 million increase over June 30, 2023, primarily due to growth in general business and healthcare loans.

Approximately 71 percent 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 percent of the segment.

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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 loans totaled $3.5 billion or 15 percent of total loans at September 30, 2023, an $18 million decrease compared to June 30, 2023. Approximately $2.7 billion of energy loans were to oil and gas producers, a $39 million increase compared to June 30, 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 69 percent of the committed production loans are secured by properties primarily producing oil, and 31 percent of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $551 million at September 30, 2023, a $25 million decrease compared to June 30, 2023. Loans to borrowers that provide services to the energy industry totaled $165 million at September 30, 2023, a decrease of $33 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $60 million, largely unchanged compared to the prior quarter.

Unfunded energy loan commitments were $4.1 billion at September 30, 2023, a $219 million decrease compared to June 30, 2023.

The healthcare sector of the loan portfolio totaled $4.1 billion or 17 percent of total loans. Healthcare loans increased $92 million over June 30, 2023, primarily due to growth in loans to senior housing facilities and other medical practices. Healthcare sector loans consist primarily of loans for the development and operation of senior housing and care facilities including independent living, assisted living and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities that serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.6 billion or 15 percent of total loans, a $19 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 governments, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.6 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

General business loans totaled $3.6 billion or 15 percent of total loans, an increase of $131 million compared to the prior quarter. General business loans consist of $2.2 billion of wholesale/retail loans and $1.4 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 September 30, 2023, the outstanding principal balance of these loans totaled $5.8 billion, including $2.5 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 percent 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.

The outstanding balance of commercial real estate loans grew by $270 million over June 30, 2023 to $5.2 billion or 22 percent of total loans at September 30, 2023, primarily driven by the funding of commercial real estate loan commitments. Loans secured by multifamily properties increased $232 million to $1.7 billion and loans secured by industrial facilities grew by $83 million to $1.4 billion at September 30, 2023. This growth was partially offset by a $24 million decrease in loans secured by office facilities.

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

Unfunded commercial real estate loan commitments were $2.0 billion at September 30, 2023, a decrease of $411 million compared to June 30, 2023. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of Tier 1 Capital. While loan commitments are presently near the upper internal concentration limit, we expect continued modest growth in our commercial real estate balances as loans fund, primarily in the multifamily and industrial loan portfolios.
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 $31 million compared to June 30, 2023. Approximately 91 percent 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)
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Texas:
Commercial $ 7,249,963  $ 7,223,820  $ 7,103,166  $ 6,878,618  $ 6,644,890 
Commercial real estate 1,873,477  1,748,796  1,675,831  1,555,508  1,448,590 
Loans to individuals 961,299  974,911  992,343  982,700  970,459 
Total Texas 10,084,739  9,947,527  9,771,340  9,416,826  9,063,939 
Oklahoma:
Commercial 3,384,627  3,251,547  3,178,934  3,382,577  3,108,608 
Commercial real estate 601,087  573,559  574,708  582,109  608,856 
Loans to individuals 2,100,974  2,079,311  2,049,472  2,077,124  2,054,362 
Total Oklahoma 6,086,688  5,904,417  5,803,114  6,041,810  5,771,826 
Colorado:
Commercial 2,219,460  2,179,473  2,148,066  2,149,199  2,117,181 
Commercial real estate 710,552  683,973  646,537  613,912  565,057 
Loans to individuals 227,569  223,200  231,368  241,902  237,981 
Total Colorado 3,157,581  3,086,646  3,025,971  3,005,013  2,920,219 
Arizona:
Commercial 1,173,491  1,177,778  1,115,973  1,124,289  1,103,000 
Commercial real estate 1,014,151  926,750  881,465  860,947  850,319 
Loans to individuals 260,282  242,102  240,556  229,872  225,981 
Total Arizona 2,447,924  2,346,630  2,237,994  2,215,108  2,179,300 
Kansas/Missouri:
Commercial 307,725  309,148  318,782  310,715  307,456 
Commercial real estate 547,708  516,299  489,951  479,968  466,955 
Loans to individuals 132,137  138,960  129,580  131,307  125,039 
Total Kansas/Missouri 987,570  964,407  938,313  921,990  899,450 
New Mexico:
Commercial 297,714  287,443  280,945  263,349  258,754 
Commercial real estate 405,989  425,472  449,715  417,008  426,367 
Loans to individuals 69,418  64,803  65,770  67,163  68,095 
Total New Mexico 773,121  777,718  796,430  747,520  753,216 
Arkansas:
Commercial 86,859  105,307  71,483  103,752  88,030 
Commercial real estate 88,336  95,952  97,109  97,325  107,767 
Loans to individuals 11,200  9,055  8,299  7,806  6,710 
Total Arkansas 186,395  210,314  176,891  208,883  202,507 
Total BOK Financial loans $ 23,724,018  $ 23,237,659  $ 22,750,053  $ 22,557,150  $ 21,790,457 
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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 U.S. Department of Veterans Affairs ("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)
  Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Loan commitments $ 14,404,610  $ 14,979,253  $ 15,119,984  $ 15,424,431  $ 14,585,566 
Standby letters of credit 759,563  721,908  790,316  740,039  725,302 
Unpaid principal balance of residential mortgage loans sold with recourse
 40,369  42,041  43,510  44,742  46,199 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs 970,469  988,212  996,139  1,005,368  1,021,504 
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.
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Derivative contracts are carried at fair value. At September 30, 2023, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $594 million compared to $538 million at June 30, 2023. At September 30, 2023, the net fair value of our derivative contracts included $365 million for energy contracts, $161 million for interest rate swaps and $68 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 $582 million at September 30, 2023 and $526 million at June 30, 2023.

At September 30, 2023, total derivative assets were reduced by $197 million of cash collateral received from counterparties and total derivative liabilities were reduced by $242 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 September 30, 2023 follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Customers $ 352,163 
Banks and other financial institutions 44,498 
Exchanges and clearing organizations 50 
Fair value of customer risk management program asset derivative contracts, net $ 396,711 
 
At September 30, 2023, our largest derivative exposure was to an energy customer for $44 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. Also, changes in commodity prices affect the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets. 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 $72.84 per barrel of oil would decrease the fair value of derivative assets by $210 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $108.74 per barrel of oil would increase the fair value of derivative assets by $757 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At September 30, 2023, 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 September 30, 2023, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Allowance for loan losses:    
Beginning balance $ 262,714  $ 249,460  235,704  241,768  241,114 
Loans charged off (10,593) (8,049) (3,667) (17,807) (1,766)
Recoveries of loans previously charged off 4,062  1,346  2,898  2,301  1,309 
Net loans charged off
 (6,531) (6,703) (769) (15,506) (457)
Provision for credit losses
 15,931  19,957  14,525  9,442  1,111 
Ending balance $ 272,114  $ 262,714  $ 249,460  $ 235,704  $ 241,768 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 59,940  $ 62,943  60,919  56,310  42,250 
Provision for credit losses
 (7,336) (3,003) 2,024  4,609  14,060 
Ending balance $ 52,604  $ 59,940  $ 62,943  $ 60,919  $ 56,310 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
 $ 4,443  $ 4,381  4,904  3,885  4,003 
Loans charged off
 (7) (16) (35) 16  (52)
Provision for credit losses
 (1,474) 78  (488) 1,003  (66)
Ending balance
 $ 2,962  $ 4,443  $ 4,381  $ 4,904  $ 3,885 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
 $ 465  $ 497  $ 558  $ 612  $ 717 
Provision for credit losses
 (121) (32) (61) (54) (105)
Ending balance $ 344  $ 465  $ 497  $ 558  $ 612 
Total provision for credit losses
 $ 7,000  $ 17,000  $ 16,000  $ 15,000  $ 15,000 
Average loans by portfolio segment :
Commercial $ 14,527,676  $ 14,316,474  $ 14,046,237  $ 13,846,339  $ 13,508,325 
Commercial real estate 5,172,876  4,896,230  4,757,362  4,488,091  4,434,650 
Loans to individuals 3,713,756  3,676,350  3,672,648  3,641,574  3,656,257 
Net charge-offs (annualized) to average loans 0.11  % 0.12  % 0.01  % 0.28  % 0.01  %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial 0.18  % 0.06  % (0.06) % 0.42  % (0.02) %
Commercial real estate (0.07) % 0.32  % 0.17  % —  % —  %
Loans to individuals 0.10  % 0.08  % 0.07  % 0.12  % 0.12  %
Recoveries to gross charge-offs
 38.35  % 16.72  % 79.03  % 12.92  % 74.12  %
Provision for loan losses (annualized) to average loans
 0.27  % 0.35  % 0.26  % 0.17  % 0.02  %
Allowance for loan losses to loans outstanding at period end
 1.15  % 1.13  % 1.10  % 1.04  % 1.11  %
Accrual for unfunded loan commitments to loan commitments
 0.37  % 0.40  % 0.42  % 0.39  % 0.39  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
 1.37  % 1.39  % 1.37  % 1.31  % 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 gross domestic product ("GDP") growth, civilian unemployment rate, commercial real estate vacancy rates and West Texas Intermediate ("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.
The provision for credit losses of $7.0 million in the third quarter of 2023 reflects modest improvement in the economic outlook and the impact of forecasted higher energy prices during the forecast period, offset by loan growth and the impact of a more challenging national commercial real estate environment, particularly related to office.
Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans, increased $23 million compared to June 30, 2023. Non-pass graded general business loans increased $36 million and non-pass grade energy loans were up $29 million, partially offset by a $23 million decrease in non-pass grade healthcare loans and an $18 million decrease in non-pass grade services loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2023 follows:
Base Downside Upside
Scenario probability weighting 50% 35% 15%
Economic outlook The Russia-Ukraine conflict remains isolated.

The federal funds target range of 5.25 percent to 5.50 percent is held flat for the remainder of the forecast period.

Core inflation continues to improve from the peaks experienced in 2022, reaching 2.9 percent by the third quarter of 2024. Inflation pressures cause modest declines in real household income compared to pre-pandemic levels and a restrictive credit environment results in below-trend GDP growth.

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. 		The Russia-Ukraine conflict remains isolated.

Higher levels of inflation force the Federal Reserve to adopt a more aggressive monetary policy compared to the base case scenario. This results in a target range of 6.25 percent to 6.50 percent by the third quarter of 2024. This, coupled with a restrictive credit environment, pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.

Core inflation moderates from the peaks in 2022 but remains elevated through the forecast horizon, ending at 3.8 percent in the third quarter of 2024.
The Russia-Ukraine conflict remains isolated.

The federal funds target range of 5.25 percent to 5.50 percent is held flat through the second quarter of 2024. There is one rate cut in the third quarter of 2024 bringing the target range down to 5.00 percent to 5.25 percent.

Core inflation continues to improve from the peaks experienced in 2022 and reaches 2.5 percent by the third quarter of 2024.

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, coupled with the drawdown in savings, supports consumer spending and produces GDP growth consistent with pre-pandemic levels.
Macro-economic factors
–GDP is forecasted to grow by 1.3 percent over the next 12 months.
–Civilian unemployment rate of 3.8 percent in the fourth quarter of 2023 increases to 4.2 percent by the third quarter of 2024.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of September 2023 and are expected to average $82.81 per barrel over the next 12 months.
–GDP is forecasted to contract 2.0 percent over the next twelve months.
–Civilian unemployment rate of 4.7 percent in the fourth quarter of 2023 increases to 6.1 percent in the third quarter of 2024.
–WTI oil prices are projected to average $57.66 over the next 12 months, with a peak of $65.92 in the fourth quarter of 2023 and falling 21 percent over the following three quarters.
–GDP is forecasted to grow by 1.8 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the fourth quarter of 2023 increases to 4.0 percent by the third quarter of 2024.
–WTI oil prices are projected to average $86.74 per barrel over the next 12 months.
The probability weighting of our base case reasonable and supportable forecast remained at 50 percent in the third quarter of 2023, but the probability weighting of our downside case decreased to 35 percent from 40 percent in 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 $145 million in quantitative reserve, while a 100% upside case would result in $26 million less quantitative reserve at September 30, 2023. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

At September 30, 2023, the allowance for loan losses totaled $272 million or 1.15 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 249 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $325 million or 1.37 percent of outstanding loans and 298 percent of nonaccruing loans at September 30, 2023.
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The Company recorded a $17.0 million provision for credit losses in the second quarter of 2023. At June 30, 2023, the allowance for loan losses was $263 million or 1.13 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 218 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $323 million or 1.39 percent of outstanding loans and 267 percent of nonaccruing loans.

Net Loans Charged Off

Net charge-offs of commercial loans were $6.5 million or 0.11 percent of average loans on an annualized basis in the third quarter. Charge-offs for the third quarter were primarily composed of a $4.6 million general business loan, a $2.2 million commercial real estate loan and a $1.5 million services 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 U.S. Department of Veteran's Affairs ("VA") and mortgage loans originated under community development loan programs that were sold to a U.S. government agency with full recourse.

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

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

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

As more fully described in Note 4 to the Consolidated Financial Statements, loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. Accruing renegotiated loans guaranteed by U.S. government agencies represent residential mortgage loans that have been modified in troubled debt restructurings. Interest continues to accrue based on the modified terms of the loan and loans may be sold once they become eligible according to U.S. government agency guidelines. The Company adopted FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates designation of these loans as troubled debt restructurings effective January 1, 2023. 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)
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Nonaccruing loans:        
Commercial:    
Healthcare $ 41,836  $ 36,753  $ 37,247  $ 41,034  $ 41,438 
Services 2,820  4,541  8,097  16,228  27,315 
Energy 19,559  20,037  127  1,399  4,164 
General business 6,483  11,946  8,961  1,636  2,753 
Total commercial 70,698  73,277  54,432  60,297  75,670 
Commercial real estate 7,418  17,395  21,668  16,570  7,971 
Loans to individuals:    
Residential mortgage 30,954  29,973  29,693  29,791  30,066 
Residential mortgage guaranteed by U.S. government agencies
 10,436  11,473  14,302  15,005  16,957 
Personal 79  133  200  134  136 
Total loans to individuals 41,469  41,579  44,195  44,930  47,159 
Total nonaccruing loans 119,585  132,251  120,295  121,797  130,800 
Accruing renegotiated loans guaranteed by U.S. government agencies1
 —  —  —  163,535  176,022 
Real estate and other repossessed assets 3,753  4,227  12,651  14,304  29,676 
Total nonperforming assets $ 123,338  $ 136,478  $ 132,946  $ 299,636  $ 336,498 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
 $ 112,902  $ 125,005  $ 118,644  $ 121,096  $ 143,519 
Allowance for loan losses to nonaccruing loans2
 249.31  % 217.52  % 235.36  % 220.71  % 212.37  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans2
 297.50  % 267.15  % 294.74  % 277.76  % 261.83  %
Nonperforming assets to outstanding loans and repossessed assets
 0.52  % 0.59  % 0.58  % 1.33  % 1.54  %
Nonperforming assets to outstanding loans and repossessed assets2
 0.48  % 0.54  % 0.53  % 0.54  % 0.67  %
Nonaccruing loans to outstanding loans 0.50  % 0.57  % 0.53  % 0.54  % 0.60  %
Nonaccruing commercial loans to outstanding commercial loans
 0.48  % 0.50  % 0.38  % 0.42  % 0.56  %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
 0.14  % 0.35  % 0.45  % 0.36  % 0.18  %
Nonaccruing loans to individuals to outstanding loans to individuals2
 0.86  % 0.85  % 0.86  % 0.86  % 0.88  %
1     The Company adopted FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates designation of these loans as troubled debt restructurings effective January 1, 2023.
2    Excludes residential mortgages guaranteed by U.S. government agencies.

- 31 -

Nonaccruing loans decreased $13 million compared to June 30, 2023. Newly identified nonaccruing loans totaled $11 million, offset by $12 million of payments and $11 million of charge-offs. Nonaccruing commercial real estate loans decreased $10 million and nonaccruing general business loans decreased $5.5 million, partially offset by a $5.1 million increase in nonaccruing healthcare loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

A rollforward of nonperforming assets for the three and nine months ended September 30, 2023 follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
  Three Months Ended
September 30, 2023
Nonaccruing Loans
 
Renegotiated Loans
 Real Estate and Other Repossessed Assets Total Nonperforming Assets
  Commercial Commercial Real Estate Loan to Individuals Total
Balance, June 30, 2023 $ 73,277  $ 17,395  $ 41,579  $ 132,251  $ —  $ 4,227  $ 136,478 
Additions 6,234  —  4,466  10,700  —  —  10,700 
Payments (2,044) (7,739) (2,497) (12,280) —  —  (12,280)
Charge-offs (6,769) (2,238) (1,586) (10,593) —  —  (10,593)
Net gains (losses) and write-downs —  —  —  —  —  (252) (252)
Foreclosure of nonperforming loans
 —  —  (142) (142) —  142  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (472) (472) —  —  (472)
Proceeds from sales —  —  —  —  —  (364) (364)
Net transfers to nonaccruing loans —  —  134  134  —  —  134 
Return to accrual status —  —  (13) (13) —  —  (13)
Balance, September 30, 2023 $ 70,698  $ 7,418  $ 41,469  $ 119,585  $ —  $ 3,753  $ 123,338 
Nine Months Ended
September 30, 2023
Nonaccruing Loans
 
Renegotiated Loans
 Real Estate and Other Repossessed Assets Total Nonperforming Assets
Commercial Commercial Real Estate Loan to Individuals Total
Balance, Dec. 31, 2022 $ 60,297  $ 16,570  $ 44,930  $ 121,797  $ 163,535  $ 14,304  $ 299,636 
Change in accounting standard —  —  —  —  (163,535) —  (163,535)
Additions 44,334  7,459  12,339  64,132  —  —  64,132 
Payments (23,797) (8,165) (7,782) (39,744) —  —  (39,744)
Charge-offs (9,578) (8,446) (4,285) (22,309) —  —  (22,309)
Net gains (losses) and write-downs —  —  —  —  —  1,209  1,209 
Foreclosure of nonperforming loans
 —  —  (367) (367) —  367  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (4,015) (4,015) —  —  (4,015)
Proceeds from sales —  —  —  —  —  (12,127) (12,127)
Net transfers to nonaccruing loans —  —  662  662  —  —  662 
Return to accrual status (558) —  (13) (571) —  —  (571)
Balance, September 30, 2023 $ 70,698  $ 7,418  $ 41,469  $ 119,585  $ —  $ 3,753  $ 123,338 
- 32 -

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 $3.8 million at September 30, 2023, composed primarily of $3.2 million of land for commercial real estate development. Real estate and other repossessed assets decreased $474 thousand compared to June 30, 2023.
Liquidity and Capital

Based on the average balances for the third quarter of 2023, approximately 67 percent of our funding was provided by deposit accounts, 20 percent from borrowed funds, 10 percent from equity and less than 1 percent from long-term subordinated debt. 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.

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 third quarter of 2023 totaled $33.3 billion, a $918 million increase compared to the second quarter of 2023. Demand deposits decreased $840 million while interest-bearing transaction account balances increased $1.0 billion. Time deposit balances increased $764 million.

Table 19 – Average Deposits by Line of Business
(In thousands)
Three Months Ended
  Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Commercial Banking $ 15,098,038  $ 14,822,093  $ 15,861,285  $ 16,832,244  $ 17,966,661 
Consumer Banking 7,936,186  7,986,674  8,248,541  8,617,085  8,812,884 
Wealth Management 7,886,962  7,544,143  7,432,413  7,888,753  7,999,074 
Subtotal 30,921,186  30,352,910  31,542,239  33,338,082  34,778,619 
Funds Management and other 2,366,711  2,016,802  1,940,232  2,123,303  2,271,157 
Total $ 33,287,897  $ 32,369,712  $ 33,482,471  $ 35,461,385  $ 37,049,776 

Average Commercial Banking deposit balances increased $276 million compared to the second quarter of 2023. Interest-bearing transaction account balances increased $903 million while demand deposit balances decreased $661 million. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 6 percent of our total deposits.

Average Consumer Banking deposit balances decreased $50 million compared to the prior quarter. Decreases of $170 million in interest-bearing transaction deposit balances and $65 million in demand deposit balances were partially offset by an increase of $235 million in time deposit balances.

Average Wealth Management deposits increased $343 million compared to the second quarter of 2023. Interest-bearing transaction account balances increased $303 million and time deposit balances increased $133 million while demand deposit balances decreased $93 million.

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Total brokered deposits were 3 percent of total deposits during the third quarter of 2023. Average interest-bearing transaction accounts for the third quarter included $326 million of brokered deposits, a $73 million increase over the second quarter of 2023. Average time deposits for the third quarter of 2023 included $733 million of brokered deposits, a $359 million increase over the second quarter of 2023. Period-end brokered interest-bearing transaction accounts decreased $74 million to $284 million at September 30, 2023, and brokered time deposits decreased $72 million to $688 million at September 30, 2023.

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)
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Oklahoma:    
Demand $ 4,019,019  $ 4,273,136  $ 4,369,944  $ 4,585,963  $ 5,143,405 
Interest-bearing:
Transaction 9,970,955  9,979,534  9,468,100  9,475,528  9,619,419 
Savings 508,619  531,536  564,829  555,407  558,256 
Time 2,019,749  1,945,916  942,787  794,002  776,306 
Total interest-bearing 12,499,323  12,456,986  10,975,716  10,824,937  10,953,981 
Total Oklahoma 16,518,342  16,730,122  15,345,660  15,410,900  16,097,386 
Texas:
Demand 2,599,998  2,876,568  3,154,789  3,873,759  4,609,255 
Interest-bearing:
Transaction 5,046,288  4,532,093  4,366,932  4,878,482  4,781,920 
Savings 154,863  162,704  175,012  178,356  179,049 
Time 436,218  377,424  321,774  356,538  343,015 
Total interest-bearing 5,637,369  5,072,221  4,863,718  5,413,376  5,303,984 
Total Texas 8,237,367  7,948,789  8,018,507  9,287,135  9,913,239 
Colorado:
Demand 1,598,622  1,726,130  1,869,194  2,462,891  2,510,179 
Interest-bearing:
Transaction 1,888,026  1,825,295  2,126,435  2,123,218  2,221,796 
Savings 63,129  66,968  72,548  77,961  80,542 
Time 185,030  148,840  128,583  135,043  151,064 
Total interest-bearing 2,136,185  2,041,103  2,327,566  2,336,222  2,453,402 
Total Colorado 3,734,807  3,767,233  4,196,760  4,799,113  4,963,581 
New Mexico:
Demand 853,571  912,218  997,364  1,141,958  1,296,410 
Interest-bearing:
Transaction 1,049,903  712,541  674,328  691,915  717,492 
Savings 97,753  102,729  111,771  112,430  113,056 
Time 217,535  179,548  137,875  133,625  142,856 
Total interest-bearing 1,365,191  994,818  923,974  937,970  973,404 
Total New Mexico 2,218,762  1,907,036  1,921,338  2,079,928  2,269,814 
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Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Arizona:
Demand 522,142  592,144  780,051  844,327  903,296 
Interest-bearing:
Transaction 903,535  800,970  687,527  739,628  788,142 
Savings 12,340  14,489  16,993  16,496  18,258 
Time 36,689  31,248  27,755  24,846  26,704 
Total interest-bearing 952,564  846,707  732,275  780,970  833,104 
Total Arizona 1,474,706  1,438,851  1,512,326  1,625,297  1,736,400 
Kansas/Missouri:
Demand 351,236  363,534  393,321  436,259  479,459 
Interest-bearing:
Transaction 981,091  1,014,247  1,040,009  694,163  747,981 
Savings 14,331  16,316  18,292  20,678  19,375 
Time 22,437  16,176  13,061  12,963  13,258 
Total interest-bearing 1,017,859  1,046,739  1,071,362  727,804  780,614 
Total Kansas/Missouri 1,369,095  1,410,273  1,464,683  1,164,063  1,260,073 
Arkansas:
Demand 29,635  38,818  42,312  50,180  43,111 
Interest-bearing:
Transaction 57,381  43,301  71,158  56,181  123,273 
Savings 2,898  3,195  3,228  3,083  3,098 
Time 9,559  7,225  4,775  4,825  5,940 
Total interest-bearing 69,838  53,721  79,161  64,089  132,311 
Total Arkansas 99,473  92,539  121,473  114,269  175,422 
Total BOK Financial deposits $ 33,652,552  $ 33,294,843  $ 32,580,747  $ 34,480,705  $ 36,415,915 

Estimated uninsured deposits totaled $19.1 billion or 53 percent of our total deposits at September 30, 2023. In addition to insured deposits, we also hold $4.3 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 $13.7 billion or 41 percent of total deposits at September 30, 2023.

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 source of wholesale federal funds purchased totaled $250 million at September 30, 2023. 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 $6.9 billion during the quarter, compared to $5.2 billion in the second quarter of 2023.

At September 30, 2023, management estimates a total potential secured borrowing capacity of approximately $23.0 billion. This includes current available secured capacity of $18.7 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.3 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
September 30, 2023		   Three Months Ended
June 30, 2023
Sep. 30, 2023 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter		 June 30, 2023 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased 355,246  675,887  5.49  % 1,012,900  1,013,384  1,435,842  4.90  % 1,704,877 
Repurchase agreements 2,367,752  2,023,140  4.59  % 2,367,752  4,433,480  2,235,152  4.37  % 4,433,480 
Other borrowings:
Federal Home Loan Banks advances 6,175,000  6,941,575  5.48  % 7,875,000  3,750,000  5,244,340  5.12  % 5,100,000 
GNMA repurchase liability
 10,758  10,863  4.02  % 11,563  10,201  11,596  3.80  % 12,316 
Other 15,886  15,871  5.02  % 15,886  16,855  19,355  2.84  % 23,775 
Total other borrowings 6,201,644  6,968,309  5.48  % 3,777,056  5,275,291  5.12  %
Subordinated debentures1
 131,152  131,151  7.02  % 131,152  131,154  131,153  6.79  % 131,154 
Total other borrowed funds and subordinated debentures
 $ 9,055,794  $ 9,798,487  5.32  % $ 9,355,074  $ 9,077,438  4.92  %
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 September 30, 2023, cash and interest-bearing cash and cash equivalents held by the parent company totaled $209 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 September 30, 2023, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $394 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 September 30, 2023 was $4.8 billion, a $50 million decrease compared to June 30, 2023. Net income less cash dividends paid increased equity $99 million during the third quarter of 2023. Changes in interest rates resulted in a $92 million decrease in accumulated other comprehensive income compared to June 30, 2023. We also repurchased $59 million of common stock, excluding a one percent excise tax on corporate stock repurchases, during the third quarter of 2023. 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 September 30, 2023, the Company had repurchased 1,727,977 shares under this authorization. The Company repurchased 700,500 shares of common stock at an average price of $84.17 per share in the third quarter of 2023. 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 current expected credit loss ("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 6 basis points to the Company's Common equity Tier 1 capital at September 30, 2023.

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 Requirement Capital Conservation Buffer Minimum Capital Requirement Including Capital Conservation Buffer Sep. 30, 2023 June 30, 2023 Sep. 30, 2022
Capital:
Common equity Tier 1 4.50  % 2.50  % 7.00  % 12.06  % 12.13  % 11.80  %
Tier 1 capital 6.00  % 2.50  % 8.50  % 12.07  % 12.13  % 11.82  %
Total capital 8.00  % 2.50  % 10.50  % 13.16  % 13.24  % 12.81  %
Tier 1 Leverage 4.00  % N/A 4.00  % 9.52  % 9.75  % 9.76  %
Average total equity to average assets 9.95  % 10.32  % 10.58  %
Tangible common equity ratio1
 7.74  % 7.79  % 7.96  %
Adjusted common tangible equity ratio1
 7.35  % 7.49  % 7.66  %
Performance Ratios:
Return on average equity 10.88  % 12.28  % 13.01  %
Return on average tangible common equity1
 14.08  % 15.86  % 17.04  %
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)
Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity $ 4,814,019  $ 4,863,854  $ 4,874,786  $ 4,682,649  $ 4,509,934 
Less: Goodwill and intangible assets, net 1,110,553  1,113,995  1,117,438  1,120,880  1,124,582 
Tangible common equity 3,703,466  3,749,859  3,757,348  3,561,769  3,385,352 
Add: Unrealized gain (loss) on investment securities, net (246,395) (189,152) (140,947) (167,477) (165,206)
Add: Tax effect on unrealized gain (loss) on investment securities, net 57,949  44,486  33,149  39,196  38,665 
Adjusted tangible common equity $ 3,515,020  $ 3,605,193  $ 3,649,550  $ 3,433,488  $ 3,258,811 
Total assets $ 48,931,397  $ 49,237,920  $ 45,524,122  $ 47,790,642  $ 43,645,446 
Less: Goodwill and intangible assets, net 1,110,553  1,113,995  1,117,438  1,120,880  1,124,582 
Tangible assets $ 47,820,844  $ 48,123,925  $ 44,406,684  $ 46,669,762  $ 42,520,864 
Tangible common equity ratio 7.74  % 7.79  % 8.46  % 7.63  % 7.96  %
Adjusted tangible common equity ratio 7.35  % 7.49  % 8.22  % 7.36  % 7.66  %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity $ 4,902,119  $ 4,941,352  $ 4,837,567  $ 4,613,929  $ 4,771,123 
Less: Average goodwill and intangible assets, net 1,112,217  1,115,652  1,119,123  1,122,680  1,126,440 
Average tangible common equity $ 3,789,902  $ 3,825,700  $ 3,718,444  $ 3,491,249  $ 3,644,683 
Net Income $ 134,495  $ 151,308  $ 162,368  $ 168,429  $ 156,510 
Return on average tangible common equity 14.08  % 15.86  % 17.71  % 19.14  % 17.04  %
Reconciliation of pre-provision net revenue:
Net income before taxes $ 167,735  $ 195,637  $ 208,401  $ 216,256  $ 196,272 
Provision for expected credit losses 7,000  17,000  16,000  15,000  15,000 
Net income (loss) attributable to non-controlling interests (16) 328  128  (37) 81 
Pre-provision net revenue $ 174,751  $ 212,309  $ 224,273  $ 231,293  $ 211,191 
Calculation of efficiency ratio:
Total other operating expense $ 324,313  $ 318,673  $ 305,812  $ 318,456  $ 294,751 
Less: Amortization of intangible assets 3,474  3,474  3,391  3,736  3,943 
Adjusted total other operating expense $ 320,839  $ 315,199  $ 302,421  $ 314,720  $ 290,808 
Net interest revenue $ 300,896  $ 322,261  $ 352,348  $ 352,626  $ 316,325 
Tax-equivalent adjustment 2,214  2,200  2,285  2,287  2,163 
Tax-equivalent net interest revenue 303,110  324,461  354,633  354,913  318,488 
Total other operating revenue 198,152  209,049  177,865  197,086  189,698 
Less: Gain (loss) on available for sale securities, net —  (3,010) —  (3,988) 892 
Adjusted revenue $ 501,262  $ 536,520  $ 532,498  $ 555,987  $ 507,294 
Efficiency ratio 64.01  % 58.75  % 56.79  % 56.61  % 57.33  %
- 38 -

Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Information on net interest revenue and net interest margin excluding trading activities:
Net interest revenue $ 300,896  $ 322,261  $ 352,348  $ 352,626  $ 316,325 
Less: Trading activities net interest revenue (7,343) (3,461) 70  (860) 4,478 
Net interest revenue excluding trading activities $ 308,239  $ 325,722  $ 352,278  $ 353,486  $ 311,847 
Tax-equivalent adjustment 2,214  2,200  2,285  2,287  2,163 
Tax-equivalent net interest revenue excluding trading activities $ 310,453  $ 327,922  $ 354,563  $ 355,773  $ 314,010 
Average total earning assets $ 44,012,300  $ 42,731,533  $ 40,781,257  $ 39,285,300  $ 38,527,860 
Less: Average trading activities interest-earning assets 5,444,587  4,274,803  3,031,969  3,086,985  3,178,068 
Average interest-earning assets excluding trading activities $ 38,567,713  $ 38,456,730  $ 37,749,288  $ 36,198,315  $ 35,349,792 
Net interest margin on average interest-earning assets 2.69  % 3.00  % 3.45  % 3.54  % 3.24  %
Net interest margin on average trading activities interest-earning assets (0.49) % (0.34) % —  % (0.12) % 0.53  %
Net interest margin on average interest-earning assets excluding trading activities 3.14  % 3.36  % 3.72  % 3.84  % 3.49  %

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.

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.

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The Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected 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 percent. Management also reviews alternative rate changes and time periods.

The U.K. Financial Conduct Authority ("FCA") ceased publication of the principal tenors of the U.S. dollar London Interbank Offered Rate ("LIBOR") immediately following the final publication on June 30, 2023. The Company ceased production of new LIBOR-based exposure as of December 31, 2021 and now offers floating rate products in various alternative reference rates, with the majority of volume being observed thus far in term rate versions of the Secured Overnight Financing Rate ("SOFR"). Before the June 30, 2023 deadline, the Company mitigated its remaining LIBOR exposure, with any outstanding or committed exposure being proactively moved to an alternative rate or falling back per the terms of their contract or as per the LIBOR Act.

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 percent more sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be (4.73) percent, or ($60.4 million) for the 200 basis point increase scenario. Alternatively, should deposit funding costs be 10 percent less sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be (2.33) percent, or ($29.7 million) for the 200 basis point increase scenario.

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Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Sep. 30, 2023 June 30, 2023
  200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease 200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease
Anticipated impact over the next twelve months on net interest revenue $ (45,100) $ (16,700) $ (15,900) $ (17,700) $ (22,800) $ (1,100) $ (32,000) $ (49,700)
(3.53) % (1.31) % (1.24) % (1.38) % (1.64) % (0.08) % (2.30) % (3.57) %
Anticipated impact over months twelve through twenty-four $ (50,600) $ (13,500) $ (68,000) $ (108,000) $ (13,800) $ 19,900  $ (100,200) $ (171,700)
  (3.55) % (0.94) % (4.77) % (7.57) % (0.90) % 1.30  % (6.52) % (11.18) %

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

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

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

Table 25 – MSR Asset and Hedge Sensitivity Analysis
(In thousands)
  Sep. 30, 2023 June 30, 2023
Up 50 bp Down 50 bp Up 50 bp Down 50 bp
MSR Asset $ 5,164  $ (6,738) $ 6,927  $ (8,919)
MSR Hedge (6,672) 6,817  (8,116) 8,291 
Net Exposure (1,508) 79  (1,189) (628)

Trading Activities

The Company bears market risk by originating residential mortgages held for sale ("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.

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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 Nine Months Ended September 30,
  Sep. 30, 2023 June 30, 2023 2023 2022
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (54) $ (56) $ (96) $ (57) $ (76) $ (43) $ (77) $ (226)
Low2
 49  12  —  52  49  61  381  91 
High3
 (153) (115) (158) (168) (186) (168) (402) (779)
Period End (7) (41) (88) (99) (7) (41) (8) (115)
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 Value at Risk ("VaR"), stress testing and sensitivity analysis. Economic hedges in either the futures or cash markets may be used to reduce the risk associated with some trading programs. Basis risk can result when trading asset values and the instruments used to hedge them move at different rates.

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

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

Stressed VaR is calculated using the same internal models as used for the VaR-based measure. Stressed VaR 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 Stressed VaR 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 Stressed VaR based measures for the three months ended September 30, 2023, June 30, 2023, September 30, 2022 and June 30, 2022.

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Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended Three Months Ended
  Sep. 30, 2023 June 30, 2023 Sep. 30, 2022 June 30, 2022
10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR
Average1
 $ 5,954  $ 6,118  $ 4,429  $ 7,239  $ 2,644  $ 7,555  $ 6,070  $ 12,619 
Low 3,893  4,027  3,046  4,171  1,044  4,051  2,612  5,820 
High 9,312  9,312  7,913  14,861  5,930  14,030  11,583  25,184 
Period End 6,455  6,455  5,863  5,863  1,584  5,478  3,386  8,220 
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 Nine Months Ended September 30,
  Sep. 30, 2023 June 30, 2023 2023 2022
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (3,644) $ 4,517  $ (602) $ 1,452  $ (1,169) $ 1,810  $ 571  $ 750 
Low2
 620  8,955  4,279  6,202  4,513  8,955  8,643  12,277 
High3
 (8,223) 573  (4,758) (3,445) (8,223) (4,538) (11,253) (6,325)
Period End (4,745) 4,983  (3,693) 4,886  (4,745) 4,983  983  (504)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

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

Model Validation

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved." 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).
- 43 -

Controls and Procedures
 
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," "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 Nine Months Ended
  September 30, September 30,
Interest revenue 2023 2022 2023 2022
Loans $ 425,662  $ 264,350  $ 1,192,714  $ 646,738 
Residential mortgage loans held for sale 1,234  1,684  3,305  4,637 
Trading securities 65,221  22,720  147,051  86,653 
Investment securities 8,276  9,108  25,790  14,947 
Available for sale securities 99,124  58,779  282,449  175,383 
Fair value option securities 552  286  7,561  1,214 
Restricted equity securities 8,776  2,703  21,013  5,194 
Interest-bearing cash and cash equivalents 8,199  3,520  24,257  5,730 
Total interest revenue 617,044  363,150  1,704,140  940,496 
Interest expense        
Deposits 184,808  34,715  416,748  56,175 
Borrowed funds 129,019  10,433  305,278  21,115 
Subordinated debentures 2,321  1,677  6,609  4,452 
Total interest expense 316,148  46,825  728,635  81,742 
Net interest revenue 300,896  316,325  975,505  858,754 
Provision for credit losses 7,000  15,000  40,000  15,000 
Net interest revenue after provision for credit losses
 293,896  301,325  935,505  843,754 
Other operating revenue        
Brokerage and trading revenue 62,312  61,006  179,714  77,970 
Transaction card revenue 26,387  25,974  78,011  77,130 
Fiduciary and asset management revenue 52,256  50,190  155,910  146,427 
Deposit service charges and fees 27,676  28,703  80,744  84,207 
Mortgage banking revenue 13,356  11,282  42,864  39,300 
Other revenue 15,865  15,479  47,085  38,608 
Total fees and commissions 197,852  192,634  584,328  463,642 
Other gains (losses), net 1,474  979  16,343  (8,304)
Loss on derivatives, net (9,010) (17,009) (18,513) (77,559)
Loss on fair value option securities, net (203) (4,368) (5,323) (17,790)
Change in fair value of mortgage servicing rights 8,039  16,570  11,241  83,165 
Gain (loss) on available for sale securities, net —  892  (3,010) 3,017 
Total other operating revenue 198,152  189,698  585,066  446,171 
Other operating expense        
Personnel 190,791  170,348  563,588  484,499 
Business promotion 6,958  6,127  23,167  18,965 
Charitable contributions to BOKF Foundation 23  —  1,165  — 
Professional fees and services 13,224  14,089  39,049  37,977 
Net occupancy and equipment 32,583  29,296  91,147  87,640 
Insurance 7,996  4,306  22,285  13,317 
Data processing and communications 45,672  41,743  135,781  122,859 
Printing, postage and supplies 3,760  4,349  11,381  11,967 
Amortization of intangible assets 3,474  3,943  10,339  11,956 
Mortgage banking costs 8,357  9,504  22,439  26,818 
Other expense 11,475  11,046  28,457  30,026 
Total other operating expense 324,313  294,751  948,798  846,024 
Net income before taxes 167,735  196,272  571,773  443,901 
Federal and state income taxes 33,256  39,681  123,162  92,000 
Net income 134,479  156,591  448,611  351,901 
Net income (loss) attributable to non-controlling interests (16) 81  440  57 
Net income attributable to BOK Financial Corporation shareholders $ 134,495  $ 156,510  $ 448,171  $ 351,844 
Earnings per share:        
Basic $ 2.04  $ 2.32  $ 6.74  $ 5.18 
Diluted $ 2.04  $ 2.32  $ 6.74  $ 5.18 
Average shares used in computation:
Basic 65,548,307  67,003,199  65,955,294  67,409,789 
Diluted 65,548,307  67,004,623  65,955,294  67,411,222 
Dividends declared per share $ 0.54  $ 0.53  $ 1.62  $ 1.59 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)    
  Three Months Ended Nine Months Ended
September 30, September 30,
  2023 2022 2023 2022
Net income $ 134,479  $ 156,591  $ 448,611  $ 351,901 
Other comprehensive income (loss) before income taxes:        
Net change in unrealized gain (loss) (135,614) (412,084) (171,977) (1,293,661)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities 14,912  21,675  46,996  24,130 
Operating expense, Personnel —  (3,483) —  (3,483)
Loss (gain) on available for sale securities, net —  (892) 3,010  (3,017)
Other comprehensive income (loss) before income taxes (120,702) (394,784) (121,971) (1,276,031)
Federal and state income taxes (28,389) (92,467) (29,941) (298,715)
Other comprehensive income (loss), net of income taxes (92,313) (302,317) (92,030) (977,316)
Comprehensive income (loss) 42,166  (145,726) 356,581  (625,415)
Comprehensive income (loss) attributable to non-controlling interests (16) 81  440  57 
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders $ 42,182  $ (145,807) $ 356,141  $ (625,472)

See accompanying notes to consolidated financial statements.
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Consolidated Balance Sheets
(In thousands, except share data)
  Sep. 30, 2023 Dec. 31, 2022
  (Unaudited) (Footnote 1)
Assets    
Cash and due from banks $ 854,161  $ 943,810 
Interest-bearing cash and cash equivalents 520,774  457,906 
Trading securities 4,748,101  4,464,161 
Investment securities, net of allowance (fair value: September 30, 2023 – $2,052,367; December 31, 2022 – $2,346,768)
 2,298,418  2,513,687 
Available for sale securities 11,906,647  11,493,860 
Fair value option securities 20,215  296,590 
Restricted equity securities 435,112  299,651 
Residential mortgage loans held for sale 72,489  75,272 
Loans 23,724,018  22,557,150 
Allowance for loan losses (272,114) (235,704)
Loans, net of allowance 23,451,904  22,321,446 
Premises and equipment, net 616,439  565,175 
Receivables 255,164  273,815 
Goodwill 1,044,749  1,044,749 
Intangible assets, net 65,804  76,131 
Mortgage servicing rights 311,382  277,608 
Real estate and other repossessed assets, net of allowance (September 30, 2023 – $4,247; December 31, 2022 – $10,115)
 3,753  14,304 
Derivative contracts, net 546,109  880,343 
Cash surrender value of bank-owned life insurance 406,623  406,751 
Receivable on unsettled securities sales 28,707  31,004 
Other assets 1,344,846  1,354,379 
Total assets $ 48,931,397  $ 47,790,642 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
 $ 9,974,223  $ 13,395,337 
Interest-bearing deposits:    
Transaction 19,897,179  18,659,115 
Savings 853,933  964,411 
Time 2,927,217  1,461,842 
Total deposits 33,652,552  34,480,705 
Funds purchased and repurchase agreements 2,722,998  2,270,377 
Other borrowings 6,201,644  4,736,908 
Subordinated debentures 131,152  131,205 
Accrued interest, taxes and expense 244,105  296,870 
Derivative contracts, net 403,947  554,900 
Due on unsettled securities purchases 235,473  147,470 
Other liabilities 522,318  484,849 
Total liabilities 44,114,189  43,103,284 
Shareholders' equity:    
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2023 – 76,588,230; December 31, 2022 – 76,423,345)
 5  5 
Capital surplus 1,404,668  1,390,395 
Retained earnings 5,164,597  4,824,164 
Treasury stock (shares at cost: September 30, 2023 – 10,923,390; December 31, 2022 – 9,464,711)
 (826,266) (694,960)
Accumulated other comprehensive income (loss) (928,985) (836,955)
Total shareholders' equity 4,814,019  4,682,649 
Non-controlling interests 3,189  4,709 
Total equity 4,817,208  4,687,358 
Total liabilities and equity $ 48,931,397  $ 47,790,642 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
  Common Stock Capital
Surplus		 Retained
Earnings		 Treasury Stock Accumulated
Other
Comprehensive
Income (Loss)		 Total
Shareholders'
Equity		 Non-
Controlling
Interests		 Total Equity
  Shares Amount Shares Amount
Balance, June 30, 2023 76,592  $ 5  $ 1,401,509  $ 5,065,733  10,223  $ (766,721) $ (836,672) $ 4,863,854  $ 3,543  $ 4,867,397 
Net income (loss) —  —  —  134,495  —  —  —  134,495  (16) 134,479 
Other comprehensive loss —  —  —  —  —  —  (92,313) (92,313) —  (92,313)
Repurchase of common stock —  —  —  —  700  (59,545) —  (59,545) —  (59,545)
Share-based compensation plans:
Non-vested shares awarded,
     net		 (4) —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  —  —  —  —  —  — 
Share-based compensation —  —  3,159  —  —  —  —  3,159  —  3,159 
Cash dividends on common
     stock		 —  —  —  (35,631) —  —  —  (35,631) —  (35,631)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  (338) (338)
Balance, September 30, 2023 76,588  $ 5  $ 1,404,668  $ 5,164,597  10,923  $ (826,266) $ (928,985) $ 4,814,019  $ 3,189  $ 4,817,208 
Balance, December 31, 2022 76,423  $ 5  $ 1,390,395  $ 4,824,164  9,465  $ (694,960) $ (836,955) $ 4,682,649  $ 4,709  $ 4,687,358 
Net income (loss) —  —  —  448,171  —  —  —  448,171  440  448,611 
Other comprehensive loss
 —  —  —  —  —  —  (92,030) (92,030) —  (92,030)
Repurchase of common stock —  —  —  —  1,413  (126,611) —  (126,611) —  (126,611)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		 165  —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  45  (4,695) —  (4,695) —  (4,695)
Share-based compensation —  —  14,273  —  —  —  —  14,273  —  14,273 
Cash dividends on common
     stock		 —  —  —  (107,738) —  —  —  (107,738) —  (107,738)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  (1,960) (1,960)
Balance, September 30, 2023 76,588  $ 5  $ 1,404,668  $ 5,164,597  10,923  $ (826,266) $ (928,985) $ 4,814,019  $ 3,189  $ 4,817,208 
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  Common Stock Capital
Surplus		 Retained
Earnings		 Treasury Stock Accumulated
Other
Comprehensive
Income (Loss)		 Total
Shareholders'
Equity		 Non-
Controlling
Interests		 Total Equity
  Shares Amount Shares Amount
Balance, June 30, 2022 76,408  $ 5  $ 1,381,676  $ 4,570,837  8,602  $ (612,551) $ (602,628) $ 4,737,339  $ 4,203  $ 4,741,542 
Net income (loss) —  —  —  156,510  —  —  —  156,510  81  156,591 
Other comprehensive loss —  —  —  —  —  —  (302,317) (302,317) —  (302,317)
Repurchase of common stock —  —  —  —  548  (49,980) —  (49,980) —  (49,980)
Share-based compensation
     plans:
Stock options exercised —  —  —  —  —  —  —  —  —  — 
Non-vested shares awarded,
     net
 (3) —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  —  —  —  —  —  — 
Share-based compensation —  —  3,805  —  —  —  —  3,805  —  3,805 
Cash dividends on common
     stock		 —  —  —  (35,423) —  —  —  (35,423) —  (35,423)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  90  90 
Balance, September 30, 2022 76,405  $ 5  $ 1,385,481  $ 4,691,924  9,150  $ (662,531) $ (904,945) $ 4,509,934  $ 4,374  $ 4,514,308 
Balance, December 31, 2021 76,254  $ 5  $ 1,378,794  $ 4,447,691  7,786  $ (535,129) $ 72,371  $ 5,363,732  $ 4,639  $ 5,368,371 
Net income (loss) —  —  —  351,844  —  —  —  351,844  57  351,901 
Other comprehensive loss —  —  —  —  —  —  (977,316) (977,316) —  (977,316)
Repurchase of common stock —  —  —  —  1,318  (122,458) —  (122,458) —  (122,458)
Share-based compensation
     plans:
Stock options exercised 1  —  37  —  —  —  —  37  —  37 
Non-vested shares awarded,
     net		 150  —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  46  (4,944) —  (4,944) —  (4,944)
Share-based compensation —  —  6,650  —  —  —  —  6,650  —  6,650 
Cash dividends on common
     stock		 —  —  —  (107,611) —  —  —  (107,611) —  (107,611)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  (322) (322)
Balance, September 30, 2022 76,405  $ 5  $ 1,385,481  $ 4,691,924  9,150  $ (662,531) $ (904,945) $ 4,509,934  $ 4,374  $ 4,514,308 

See accompanying notes to consolidated financial statements.
- 49 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended
  September 30,
  2023 2022
Cash Flows From Operating Activities:    
Net income $ 448,611  $ 351,901 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses 40,000  15,000 
Change in fair value of mortgage servicing rights due to market assumption changes (11,241) (83,165)
Change in the fair value of mortgage servicing rights due to principal payments 21,031  24,277 
Net unrealized (gains) losses from derivative contracts (55,127) (31,677)
Share-based compensation 14,273  6,650 
Depreciation and amortization 81,002  80,215 
Net amortization of discounts and premiums (14,216) 8,676 
Net losses (gains) on financial instruments and other losses (gains), net (12,702) 5,285 
Net loss (gain) on mortgage loans held for sale 4,306  795 
Mortgage loans originated for sale (527,136) (1,039,313)
Proceeds from sale of mortgage loans held for sale 527,115  1,085,632 
Capitalized mortgage servicing rights (9,757) (15,810)
Change in trading and fair value option securities (7,477) 6,951,932 
Change in receivables 14,079  41,705 
Change in other assets 74,107  9,899 
Change in other liabilities (58,926) (68,084)
Net cash provided by (used in) operating activities 527,942  7,343,918 
Cash Flows From Investing Activities:    
Proceeds from maturities or redemptions of investment securities 214,869  100,418 
Proceeds from maturities or redemptions of available for sale securities 1,134,602  1,827,825 
Purchases of investment securities (2,504) (10,000)
Purchases of available for sale securities (1,843,827) (2,716,590)
Proceeds from sales of available for sale securities 135,489  242,135 
Change in amount receivable on unsettled available for sale securities transactions 7,471  (11,348)
Loans originated, net of principal collected (1,168,401) (1,572,461)
Net payments on derivative asset contracts 143,543  (35,198)
Net change in restricted equity securities (135,461) (17,243)
Proceeds from disposition of assets 36,993  17,759 
Purchases of assets (128,902) (151,320)
Net cash provided by (used in) investing activities (1,606,128) (2,326,023)
Cash Flows From Financing Activities:    
Net change in demand deposits, transaction deposits and savings accounts (2,293,528) (4,580,959)
Net change in time deposits 1,465,375  (245,185)
Net change in other borrowed funds 1,906,678  (1,528,634)
Net proceeds on derivative liability contracts (153,692) 15,215 
Net change in derivative margin accounts 312,397  271,418 
Change in amount due on unsettled available for sale securities transactions 53,219  56,725 
Issuance of common and treasury stock, net (4,695) (4,907)
Repurchase of common stock (126,611) (122,458)
Dividends paid (107,738) (107,611)
Net cash provided by (used in) financing activities 1,051,405  (6,246,396)
Net increase (decrease) in cash and cash equivalents (26,781) (1,228,501)
Cash and cash equivalents at beginning of period 1,401,716  2,837,410 
Cash and cash equivalents at end of period $ 1,374,935  $ 1,608,909 
Supplemental Cash Flow Information:
Cash paid for interest $ 706,011  $ 80,759 
Cash paid for taxes $ 156,092  $ 67,147 
Net loans and bank premises transferred to repossessed real estate and other assets $ 367  $ 12,314 
Transfer of available for sale securities to investment securities $ —  $ 2,454,273 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
 $ 10,679  $ 27,317 
Conveyance of other real estate owned guaranteed by U.S. government agencies $ 4,007  $ 5,882 
Right-of-use assets obtained in exchange for operating lease liabilities $ 65,241  $ 21,198 
See accompanying notes to consolidated financial statements.
- 50 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of BOK Financial Corporation ("BOK Financial" or "the Company") 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 ("the Bank"), 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 2022 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2022 have been derived from the audited financial statements included in BOK Financial's 2022 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 nine-month period ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board ("FASB")

FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02")

On March 31, 2022, the FASB issued ASU 2022-02 which eliminates the accounting guidance on troubled debt restructurings ("TDRs") for creditors in ASC 310-40, while also no longer requiring an entity to consider renewals, modifications, and extensions that result from reasonably expected TDRs in their calculation of the allowance for credit losses. For receivables for which there has been a modification in their contractual cash flows, ASU 2022-02 requires disclosure, by class of financing receivable, of the types of modifications, the financial effects of those modifications, and the performance of these modified receivables, along with receivables that had a payment default during the current period and had modifications to the contractual cash flows within 12 months prior to the default. Further, ASU 2022-02 requires entities to disclose gross write-offs recorded in the current period by year of origination in the vintage disclosures on a year-to-date basis. ASU 2022-02 was effective for the Company January 1, 2023. Amendments related to TDR recognition and measurement and vintage disclosures were applied prospectively and are included in Note 4 to the consolidated financial statements. Adoption of this standard did not have a material effect on the Company's financial condition or results of operations.

FASB Accounting Standards Update No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01")

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 is not expected to have a material impact on the Company's financial statements.

- 51 -

FASB Accounting Standards Update No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02")

On March 29, 2023, the FASB issued ASU 2023-02 which amends previous guidance to allow entities to account for qualifying tax equity investments using the proportional amortization method regardless of the program giving rise to the related income tax credits, as opposed to only being allowed to apply this method to qualifying tax equity investments in low-income housing tax credit structures as was the case under previous guidance. ASU 2023-02 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. On June 30, 2023, the Company early adopted ASU 2023-02 as of January 1, 2023 using the modified retrospective approach, which did not have a material impact on the Company's financial statements. The Company transitioned from the equity method of accounting and began applying the proportional amortization method of accounting to its qualifying new markets tax credit and historic tax credit investments in addition to its low income housing tax credit partnerships already subject to the proportional amortization method.


- 52 -

(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
  September 30, 2023 December 31, 2022
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
U.S. government securities $ 18,843  $ 8  $ 9,823  $ (16)
Residential agency mortgage-backed securities
 4,653,161  (107,212) 4,406,848  4 
Municipal securities 51,998  (1,175) 21,484  (136)
Other trading securities 24,099  120  26,006  (175)
Total trading securities $ 4,748,101  $ (108,259) $ 4,464,161  $ (323)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
  September 30, 2023
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 121,003  $ 121,003  $ 122,695  $ 2,882  $ (1,190)
Mortgage-backed securities:
Residential agency 2,322,710  2,146,133  1,901,143  95  (245,085)
Commercial agency 17,258  15,838  14,371  —  (1,467)
Other debt securities 15,788  15,788  14,158  —  (1,630)
Total investment securities 2,476,759  2,298,762  2,052,367  2,977  (249,372)
Allowance for credit losses (344) (344) —  —  — 
Investment securities, net of allowance $ 2,476,415  $ 2,298,418  $ 2,052,367  $ 2,977  $ (249,372)
1    Carrying value includes $178 million of net unrealized loss which remains in Accumulated other comprehensive income ("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, 2022
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 170,629  $ 170,629  $ 176,621  $ 6,456  $ (464)
Mortgage-backed securities:
Residential agency 2,538,565  2,315,219  2,143,360  155  (172,014)
Commercial agency 17,259  15,609  14,588  —  (1,021)
Other debt securities 12,788  12,788  12,199  —  (589)
Total investment securities 2,739,241  2,514,245  2,346,768  6,611  (174,088)
Allowance for credit losses (558) (558) —  —  — 
Investment securities, net of allowance $ 2,738,683  $ 2,513,687  $ 2,346,768  $ 6,611  $ (174,088)
1    Carrying value includes $225 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.



- 53 -

The amortized cost and fair values of investment securities at September 30, 2023, 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 $ 17,756  $ 100,534  $ 34,326  $ 13  $ 152,629  3.53 
Fair value 17,804  102,168  31,239  13  151,224   
Residential mortgage-backed securities:            
Carrying value         $ 2,146,133  2
Fair value         1,901,143   
Total investment securities:            
Carrying value         $ 2,298,762   
Fair value         2,052,367   
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 5.3 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
September 30, 2023
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Investment:              
Municipal securities 59  $ 28,962  $ 601  $ 6,200  $ 589  $ 35,162  $ 1,190 
Mortgage-backed securities:
Residential agency 116  —  —  1,900,066  245,085  1,900,066  245,085 
Commercial agency 2  —  —  14,371  1,467  14,371  1,467 
Other debt securities 3  —  —  8,645  1,630  8,645  1,630 
Total investment securities 180  $ 28,962  $ 601  $ 1,929,282  $ 248,771  $ 1,958,244  $ 249,372 

December 31, 2022
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Investment:              
Municipal securities 22  $ 18,037  $ 406  $ 544  $ 58  $ 18,581  $ 464 
Mortgage-backed securities:
Residential agency 116  2,142,114  172,014  —  —  2,142,114  172,014 
Commercial agency 2  14,588  1,021  —  —  14,588  1,021 
Other debt securities 3  9,428  571  257  18  9,685  589 
Total investment securities 143  $ 2,184,167  $ 174,012  $ 801  $ 76  $ 2,184,968  $ 174,088 


- 54 -

Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
  September 30, 2023
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 897  $ —  $ (103)
Municipal securities 545,940  488,269  —  (57,671)
Mortgage-backed securities:        
Residential agency 6,686,602  6,216,955  162  (469,809)
Residential non-agency 774,074  715,806  9,830  (68,098)
Commercial agency 4,933,051  4,484,247  37  (448,841)
Other debt securities 500  473  —  (27)
Total available for sale securities $ 12,941,167  $ 11,906,647  $ 10,029  $ (1,044,549)
  December 31, 2022
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 898  $ —  $ (102)
Municipal securities 687,875  624,500  321  (63,696)
Mortgage-backed securities:      
Residential agency 6,161,358  5,814,496  13,085  (359,947)
Residential non-agency 616,423  577,576  11,776  (50,623)
Commercial agency 4,892,257  4,475,917  3,479  (419,819)
Other debt securities 500  473  —  (27)
Total available for sale securities $ 12,359,413  $ 11,493,860  $ 28,661  $ (894,214)

The amortized cost and fair values of available for sale securities at September 30, 2023, 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 $ 347,874  $ 3,048,923  $ 1,554,983  $ 528,711  $ 5,480,491  5.58 
Fair value 341,476  2,759,574  1,382,272  490,564  4,973,886 
Residential mortgage-backed securities:
Amortized cost $ 7,460,676  2
Fair value 6,932,761 
Total available for sale securities:
Amortized cost $ 12,941,167 
Fair value 11,906,647 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

- 55 -

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
  Three Months Ended
September 30,		 Nine Months Ended September 30,
  2023 2022 2023 2022
Proceeds $ —  $ 30,834  $ 135,489  $ 242,135 
Gross realized gains —  1,116  703  4,510 
Gross realized losses —  (224) (3,713) (1,493)
Related federal and state income tax expense (benefit)
 —  209  (708) 706 

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 $13.1 billion at September 30, 2023 and $11.2 billion at December 31, 2022. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(Dollars in thousands)
September 30, 2023
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Available for sale:              
U.S. Treasury 1  $ —  $ —  $ 897  $ 103  $ 897  $ 103 
Municipal securities 191  7,688  606  480,582  57,065  488,270  57,671 
Mortgage-backed securities:
        
Residential agency 752  2,276,744  55,455  3,879,833  414,354  6,156,577  469,809 
Residential non-agency 39  269,254  7,317  431,379  60,781  700,633  68,098 
Commercial agency 302  821,238  20,920  3,622,841  427,921  4,444,079  448,841 
Other debt securities 1  —  —  473  27  473  27 
Total available for sale securities 1,286  $ 3,374,924  $ 84,298  $ 8,416,005  $ 960,251  $ 11,790,929  $ 1,044,549 

December 31, 2022
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Available for sale:          
U.S. Treasury
 1  $ —  $ —  $ 899  $ 102  $ 899  $ 102 
Municipal securities 227  146,634  5,301  428,248  58,395  574,882  63,696 
Mortgage-backed securities:
          
Residential agency
 613  3,879,582  256,973  863,732  102,974  4,743,314  359,947 
Residential non-agency 26  499,716  50,623  —  —  499,716  50,623 
Commercial agency
 285  1,647,778  63,701  2,535,816  356,118  4,183,594  419,819 
Other debt securities 1  —  —  473  27  473  27 
Total available for sale securities
 1,153  $ 6,173,710  $ 376,598  $ 3,829,168  $ 517,616  $ 10,002,878  $ 894,214 

Based on evaluations of impaired securities as of September 30, 2023, 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.


- 56 -

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):
  September 30, 2023 December 31, 2022
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities 20,215  (2,436) 296,590  338 

(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.

- 57 -

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 September 30, 2023 (in thousands):
Assets
 
Notional1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,763,185  $ 160,856  $ —  $ 160,856  $ (160,548) $ 308 
Energy contracts 8,617,592  972,109  (607,483) 364,626  (34,399) 330,227 
Foreign exchange contracts 70,676  68,262  —  68,262  (2,086) 66,176 
Equity option contracts 5,524  47  —  47  (47) — 
Total customer risk management programs 11,456,977  1,201,274  (607,483) 593,791  (197,080) 396,711 
Trading 24,569,954  234,809  (85,411) 149,398  —  149,398 
Internal risk management programs —  —  —  —  —  — 
Total derivative contracts $ 36,026,931  $ 1,436,083  $ (692,894) $ 743,189  $ (197,080) $ 546,109 
Liabilities
 
Notional1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,763,185  $ 160,869  $ —  $ 160,869  $ —  $ 160,869 
Energy contracts 8,941,634  966,583  (607,483) 359,100  (242,133) 116,967 
Foreign exchange contracts 64,921  62,306  —  62,306  —  62,306 
Equity option contracts 5,524  47  —  47  —  47 
Total customer risk management programs 11,775,264  1,189,805  (607,483) 582,322  (242,133) 340,189 
Trading 18,778,554  150,983  (85,412) 65,571  (6,138) 59,433 
Internal risk management programs 295,000  4,325  —  4,325  —  4,325 
Total derivative contracts $ 30,848,818  $ 1,345,113  $ (692,895) $ 652,218  $ (248,271) $ 403,947 
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, 2022 (in thousands):
Assets
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,629,318  $ 158,825  $ —  $ 158,825  $ (114,955) $ 43,870 
Energy contracts 7,918,020  1,232,283  (594,543) 637,740  (67,024) 570,716 
Foreign exchange contracts 219,791  216,569  —  216,569  —  216,569 
Equity option contracts 21,102  193  —  193  (109) 84 
Total customer risk management programs 10,788,231  1,607,870  (594,543) 1,013,327  (182,088) 831,239 
Trading 17,400,037  126,910  (74,647) 52,263  (4,646) 47,617 
Internal risk management programs 85,000  1,500  (13) 1,487  —  1,487 
Total derivative contracts $ 28,273,268  $ 1,736,280  $ (669,203) $ 1,067,077  $ (186,734) $ 880,343 
Liabilities
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,629,122  $ 158,816  $ —  $ 158,816  $ —  $ 158,816 
Energy contracts 8,696,060  1,242,058  (594,543) 647,515  (484,319) 163,196 
Foreign exchange contracts 214,855  211,233  —  211,233  (7) 211,226 
Equity option contracts 21,102  193  —  193  —  193 
Total customer risk management programs 11,561,139  1,612,300  (594,543) 1,017,757  (484,326) 533,431 
Trading 14,038,906  94,958  (74,647) 20,311  (423) 19,888 
Internal risk management programs 178,806  1,594  (13) 1,581  —  1,581 
Total derivative contracts $ 25,778,851  $ 1,708,852  $ (669,203) $ 1,039,649  $ (484,749) $ 554,900 
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
September 30, 2023 September 30, 2022
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts $ 800  $ —  $ 2,677  $ — 
Energy contracts 5,994  —  10,386  — 
Foreign exchange contracts 61  —  116  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 6,855  —  13,179  — 
Trading1
 21,511  —  52,373  — 
Internal risk management programs —  (9,010) —  (17,009)
Total derivative contracts $ 28,366  $ (9,010) $ 65,552  $ (17,009)
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.
  Nine Months Ended
September 30, 2023 September 30, 2022
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts 4,909  —  9,958  — 
Energy contracts 23,797  —  26,870  — 
Foreign exchange contracts 145  —  422  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 28,851  —  37,250  — 
Trading1
 22,590  —  68,071  — 
Internal risk management programs —  (18,513) —  (77,559)
Total derivative contracts $ 51,441  $ (18,513) $ 105,321  $ (77,559)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

(4) Loans and Allowances for Credit Losses

Loans

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

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

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

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

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

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

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

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

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

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

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Portfolio segments of the loan portfolio are as follows (in thousands):
  September 30, 2023 December 31, 2022
Fixed
Rate		 Variable
Rate		 Non-accrual Total Fixed
Rate		 Variable
Rate		 Non-accrual Total
Commercial $ 3,536,353  $ 11,112,788  $ 70,698  $ 14,719,839  $ 3,392,422  $ 10,759,780  $ 60,297  $ 14,212,499 
Commercial real estate
 848,042  4,385,840  7,418  5,241,300  874,716  3,715,491  16,570  4,606,777 
Loans to individuals 2,229,750  1,491,660  41,469  3,762,879  2,099,165  1,593,779  44,930  3,737,874 
Total $ 6,614,145  $ 16,990,288  $ 119,585  $ 23,724,018  $ 6,366,303  $ 16,069,050  $ 121,797  $ 22,557,150 

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 September 30, 2023, 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.

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 September 30, 2023, outstanding standby letters of credit totaled $760 million. 

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

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

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

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

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

General allowances estimate expected credit losses on pools of loans sharing similar risk characteristics that are expected to occur over the loan's estimated remaining life. The loan's estimated remaining life represents the contractual term adjusted for amortization, estimates of prepayments, and borrower-owned extension options. Approximately 90 percent 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 percent of the committed dollars in the portfolio is calculated using charge-off migration.

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

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

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

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General allowances also consider the estimated impact of factors that are not captured in the modeled results or historical experience. These factors may increase or decrease modeled results by amounts determined by the Allowance Committee. Factors not captured in modeled results or historical experience may include for example, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macro-economic factors, or economic conditions that impact loss given default assumptions.

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

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

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
September 30, 2023
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 143,269  $ 76,347  $ 43,098  $ 262,714 
Provision for loan losses 1,158  11,152  3,621  15,931 
Loans charged off (6,769) (2,238) (1,586) (10,593)
Recoveries of loans previously charged off
 273  3,167  622  4,062 
Ending balance $ 137,931  $ 88,428  $ 45,755  $ 272,114 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 20,294  $ 37,681  $ 1,965  $ 59,940 
Provision for off-balance sheet credit risk
 (2,179) (5,076) (81) (7,336)
Ending balance $ 18,115  $ 32,605  $ 1,884  $ 52,604 
Nine Months Ended
September 30, 2023
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 131,586  $ 57,648  $ 46,470  $ 235,704 
Provision for loan losses 12,908  35,878  1,627  50,413 
Loans charged off (9,578) (8,446) (4,285) (22,309)
Recoveries of loans previously charged off
 3,015  3,348  1,943  8,306 
Ending balance $ 137,931  $ 88,428  $ 45,755  $ 272,114 
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
 (131) (7,885) (299) (8,315)
Ending balance $ 18,115  $ 32,605  $ 1,884  $ 52,604 
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Three Months Ended
September 30, 2022
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 137,562  $ 62,997  $ 40,555  $ 241,114 
Provision for loan losses 3,158  (4,415) 2,368  1,111 
Loans charged off (75) —  (1,691) (1,766)
Recoveries of loans previously charged off
 721  7  581  1,309 
Ending balance $ 141,366  $ 58,589  $ 41,813  $ 241,768 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 15,839  $ 24,670  $ 1,741  $ 42,250 
Provision for off-balance sheet credit risk
 939  12,826  295  14,060 
Ending balance $ 16,778  $ 37,496  $ 2,036  $ 56,310 
Nine Months Ended
September 30, 2022
Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:
Beginning balance $ 162,056  $ 58,553  $ 35,812  $ 256,421 
Provision for loan losses (17,428) 138  8,276  (9,014)
Loans charged off (6,162) (269) (4,508) (10,939)
Recoveries of loans previously charged off 2,900  167  2,233  5,300 
Ending balance $ 141,366  $ 58,589  $ 41,813  $ 241,768 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 13,812  $ 17,442  $ 1,723  $ 32,977 
Provision for off-balance sheet credit risk 2,966  20,054  313  23,333 
Ending balance $ 16,778  $ 37,496  $ 2,036  $ 56,310 
A $7.0 million provision for credit losses was necessary for the third quarter of 2023, reflecting modest improvement in the economic outlook and the impact of forecasted higher energy prices during the forecast period, offset by loan growth and the impact of a more challenging national commercial real estate environment, particularly related to office.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 30, 2023 is as follows (in thousands):
  Collectively Measured
for General Allowances		 Individually Measured
for Specific Allowances		 Total
  Recorded Investment Related Allowance Recorded Investment Related Allowance Recorded Investment Related
Allowance
Commercial $ 14,649,141  $ 136,285  $ 70,698  $ 1,646  $ 14,719,839  $ 137,931 
Commercial real estate 5,233,882  88,428  7,418  —  5,241,300  88,428 
Loans to individuals 3,721,410  45,755  41,469  —  3,762,879  45,755 
Total $ 23,604,433  $ 270,468  $ 119,585  $ 1,646  $ 23,724,018  $ 272,114 

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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, 2022 is as follows (in thousands):

  Collectively Measured
for General Allowances		 Individually Measured
for Specific Allowances		 Total
  Recorded Investment Related Allowance Recorded Investment Related Allowance Recorded Investment Related
Allowance
Commercial $ 14,152,202  $ 127,566  $ 60,297  $ 4,020  $ 14,212,499  $ 131,586 
Commercial real estate 4,590,207  56,098  16,570  1,550  4,606,777  57,648 
Loans to individuals 3,692,944  46,470  44,930  —  3,737,874  46,470 
Total $ 22,435,353  $ 230,134  $ 121,797  $ 5,570  $ 22,557,150  $ 235,704 

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 September 30, 2023 by the risk grade categories and vintage (in thousands): 
Origination Year
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Energy
Pass $ 192,614  $ 106,593  $ 45,795  $ 8,190  $ 10,463  $ 12,518  $ 3,064,120  $ —  $ 3,440,293 
Special Mention —  —  —  —  —  —  13,950  —  13,950 
Accruing Substandard —  —  —  —  —  —  16,800  —  16,800 
Nonaccrual —  —  —  —  —  108  19,451  —  19,559 
Total energy 192,614  106,593  45,795  8,190  10,463  12,626  3,114,321  —  3,490,602 
Loans charged-off, year-to-date —  —  —  —  —  —  —  —  — 
Healthcare
Pass 485,617  903,150  573,317  464,170  338,944  947,581  268,806  16  3,981,601 
Special Mention —  —  18,719  —  2,421  18,072  980  —  40,192 
Accruing Substandard —  589  214  6,957  —  10,046  1,700  —  19,506 
Nonaccrual —  —  —  —  25,797  10,525  5,513  —  41,835 
Total healthcare 485,617  903,739  592,250  471,127  367,162  986,224  276,999  16  4,083,134 
Loans charged-off, year-to-date —  —  —  —  —  —  —  —  — 
Services
Pass 707,494  541,539  412,450  247,092  131,269  723,365  759,327  870  3,523,406 
Special Mention —  13,051  1,836  1,531  596  2,733  1,421  —  21,168 
Accruing Substandard —  5,752  730  1,716  2,333  3,446  4,957  33  18,967 
Nonaccrual —  —  2,161  337  —  —  322  —  2,820 
Total services 707,494  560,342  417,177  250,676  134,198  729,544  766,027  903  3,566,361 
Loans charged-off, year-to-date —  —  3,360  —  —  —  1,577  —  4,937 
General business
Pass 667,802  504,364  262,660  148,645  140,220  319,113  1,396,919  2,196  3,441,919 
Special Mention 9,277  15,059  9,103  1,115  287  8,389  7,959  —  51,189 
Accruing Substandard 3,956  37,025  1,440  37  —  —  37,693  —  80,151 
Nonaccrual —  —  —  —  —  54  6,385  44  6,483 
Total general business 681,035  556,448  273,203  149,797  140,507  327,556  1,448,956  2,240  3,579,742 
Loans charged-off, year-to-date —  —  4,598  2  —  17  14  10  4,641 
Total commercial 2,066,760  2,127,122  1,328,425  879,790  652,330  2,055,950  5,606,303  3,159  14,719,839 
Commercial real estate:
Pass 361,934  1,730,828  1,211,694  480,710  555,902  723,783  139,721  —  5,204,572 
Special Mention —  —  —  —  —  19,212  —  —  19,212 
Accruing Substandard —  —  79  —  —  10,019  —  —  10,098 
Nonaccrual —  —  —  —  7,263  155  —  —  7,418 
Total commercial real estate 361,934  1,730,828  1,211,773  480,710  563,165  753,169  139,721  —  5,241,300 
Loans charged-off, year-to-date —  —  —  —  —  8,446  —  —  8,446 
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Origination Year
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 320,680  332,368  348,782  354,284  57,944  252,027  366,136  22,277  2,054,498 
Special Mention —  359  262  1,339  —  152  3,144  88  5,344 
Accruing Substandard —  —  —  —  —  45  101  51  197 
Nonaccrual —  1,298  2,223  2,771  723  20,728  2,196  1,014  30,953 
Total residential mortgage 320,680  334,025  351,267  358,394  58,667  272,952  371,577  23,430  2,090,992 
Loans charged-off, year-to-date —  —  51  4  —  14  1  —  70 
Residential mortgage guaranteed by U.S. government agencies
Pass —  1,624  2,030  4,749  6,752  135,502  —  —  150,657 
Nonaccrual —  —  —  280  376  9,779  —  —  10,435 
Total residential mortgage guaranteed by U.S. government agencies —  1,624  2,030  5,029  7,128  145,281  —  —  161,092 
Personal:
Pass 161,514  227,726  167,566  137,761  133,304  158,721  523,513  195  1,510,300 
Special Mention 100  30  103  22  2  —  —  —  257 
Accruing Substandard —  —  —  2  157  —  —  —  159 
Nonaccrual —  27  4  9  4  12  23  —  79 
Total personal 161,614  227,783  167,673  137,794  133,467  158,733  523,536  195  1,510,795 
Loans charged-off, year-to-date —  60  40  41  —  4,042  26  6  4,215 
Total loans to individuals 482,294  563,432  520,970  501,217  199,262  576,966  895,113  23,625  3,762,879 
Total loans $ 2,910,988  $ 4,421,382  $ 3,061,168  $ 1,861,717  $ 1,414,757  $ 3,386,085  $ 6,641,137  $ 26,784  $ 23,724,018 

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The following table summarizes the Company's loan portfolio at December 31, 2022 by the risk grade categories and vintage (in thousands): 
Origination Year
2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Energy
Pass $ 157,745  $ 76,951  $ 30,284  $ 12,783  $ 5,992  $ 4,980  $ 3,104,906  $ —  $ 3,393,641 
Accruing Substandard
 —  —  —  664  385  683  28,018  —  29,750 
Nonaccrual —  —  —  —  —  159  1,240  —  1,399 
Total energy 157,745  76,951  30,284  13,447  6,377  5,822  3,134,164  —  3,424,790 
Healthcare
Pass 932,097  604,886  476,854  404,204  464,989  618,163  245,898  20  3,747,111 
Special Mention —  —  —  20,071  —  18,859  4  —  38,934 
Accruing Substandard
 —  —  —  —  —  14,304  3,634  —  17,938 
Nonaccrual —  —  —  26,480  6,373  8,181  —  —  41,034 
Total healthcare 932,097  604,886  476,854  450,755  471,362  659,507  249,536  20  3,845,017 
Services
Pass 821,785  496,510  286,085  193,481  156,736  696,300  722,371  639  3,373,907 
Special Mention 502  5,139  989  771  894  1,345  8,668  —  18,308 
Accruing Substandard
 —  —  —  2,459  43  2,789  17,665  122  23,078 
Nonaccrual —  5,570  449  —  —  2,389  7,820  —  16,228 
Total services 822,287  507,219  287,523  196,711  157,673  702,823  756,524  761  3,431,521 
General business
Pass 725,894  361,839  198,274  172,878  139,140  283,694  1,570,536  2,329  3,454,584 
Special Mention 17,759  13,065  208  71  7  2,291  7,094  26  40,521 
Accruing Substandard
 —  2,169  66  4,130  4,680  3,287  94  4  14,430 
Nonaccrual —  —  1,052  14  72  5  485  8  1,636 
Total general business 743,653  377,073  199,600  177,093  143,899  289,277  1,578,209  2,367  3,511,171 
Total commercial 2,655,782  1,566,129  994,261  838,006  779,311  1,657,429  5,718,433  3,148  14,212,499 
Commercial real estate:
Pass 1,188,483  1,158,002  552,616  641,102  247,625  633,304  161,616  —  4,582,748 
Accruing Substandard
 —  —  —  7,459  —  —  —  —  7,459 
Nonaccrual —  —  —  —  —  16,570  —  —  16,570 
Total commercial real estate 1,188,483  1,158,002  552,616  648,561  247,625  649,874  161,616  —  4,606,777 
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Origination Year
2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 354,497  373,190  393,002  63,142  40,525  260,625  352,126  22,176  1,859,283 
Special Mention —  81  42  —  142  388  527  87  1,267 
Accruing Substandard —  —  187  —  —  138  117  1  443 
Nonaccrual 32  1,656  2,717  362  1,904  20,139  2,216  765  29,791 
Total residential mortgage 354,529  374,927  395,948  63,504  42,571  281,290  354,986  23,029  1,890,784 
Residential mortgage guaranteed by U.S. government agencies
Pass 289  2,254  9,000  10,722  17,244  191,426  —  —  230,935 
Nonaccrual —  —  299  1,460  2,319  10,927  —  —  15,005 
Total residential mortgage guaranteed by U.S. government agencies 289  2,254  9,299  12,182  19,563  202,353  —  —  245,940 
Personal:
Pass 254,497  193,095  154,887  172,114  68,871  201,278  549,187  332  1,594,261 
Special Mention 47  28  40  12  17  —  6,003  4  6,151 
Accruing Substandard
 —  444  —  160  —  —  —  —  604 
Nonaccrual 38  7  12  22  14  18  23  —  134 
Total personal 254,582  193,574  154,939  172,308  68,902  201,296  555,213  336  1,601,150 
Total loans to individuals 609,400  570,755  560,186  247,994  131,036  684,939  910,199  23,365  3,737,874 
Total loans $ 4,453,665  $ 3,294,886  $ 2,107,063  $ 1,734,561  $ 1,157,972  $ 2,992,242  $ 6,790,248  $ 26,513  $ 22,557,150 

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Nonaccruing Loans

A summary of nonaccruing loans at September 30, 2023 follows (in thousands): 
As of September 30, 2023
  Total With No
Allowance		 With Allowance Related Allowance
Commercial:        
Energy $ 19,559  $ 19,559  $ —  $ — 
Healthcare 41,836  41,836  —  — 
Services 2,820  337  2,483  1,646 
General business 6,483  6,483  —  — 
Total commercial 70,698  68,215  2,483  1,646 
Commercial real estate 7,418  7,418  —  — 
Loans to individuals:        
Residential mortgage 30,954  30,954  —  — 
Residential mortgage guaranteed by U.S. government agencies
 10,436  10,436  —  — 
Personal 79  79  —  — 
Total loans to individuals 41,469  41,469  —  — 
Total $ 119,585  $ 117,102  $ 2,483  $ 1,646 


A summary of nonaccruing loans at December 31, 2022 follows (in thousands): 
As of December 31, 2022
  Total With No
Allowance		 With Allowance Related Allowance
Commercial:        
Energy $ 1,399  $ 1,399  $ —  $ — 
Healthcare 41,034  34,661  6,373  946 
Services 16,228  7,835  8,393  3,074 
General business 1,636  1,636  —  — 
Total commercial 60,297  45,531  14,766  4,020 
Commercial real estate 16,570  393  16,177  1,550 
Loans to individuals:        
Residential mortgage 29,791  29,791  —  — 
Residential mortgage guaranteed by U.S. government agencies
 15,005  15,005  —  — 
Personal 134  134  —  — 
Total loans to individuals 44,930  44,930  —  — 
Total $ 121,797  $ 90,854  $ 30,943  $ 5,570 

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Loan Modifications to Borrowers Experiencing Financial Difficulty

At September 30, 2023 the Company had $136 million of loan modifications to borrowers experiencing financial difficulty, including $81 million of general business loans, $42 million of healthcare loans and $12 million of residential mortgage loans guaranteed by U.S. government agencies. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension or a combination. Approximately $97 million of the modifications are term extensions of healthcare and general business loans, and $38 million are combination modifications to healthcare loans and loans to individuals. During the nine months ended September 30, 2023, $4.0 million of residential mortgage loans were modified and subsequently defaulted with nearly all of these defaulted loans being guaranteed by U.S. government agencies. A payment default is defined as being 30 or more days past due after modification.

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 September 30, 2023 is as follows (in thousands):
    Past Due   Past Due 90 Days or More and Accruing
  Current 30 to 59
Days		 60 to 89 Days 90 Days
or More		 Total
Commercial:        
Energy $ 3,490,602  $ —  $ —  $ —  $ 3,490,602  $ — 
Healthcare 4,051,359  10  —  31,765  4,083,134  — 
Services 3,564,401  599  324  1,037  3,566,361  — 
General business 3,573,237  37  112  6,356  3,579,742  13 
Total commercial 14,679,599  646  436  39,158  14,719,839  13 
Commercial real estate 5,233,549  —  488  7,263  5,241,300  — 
Loans to individuals:        
Residential mortgage 2,077,418  9,713  818  3,043  2,090,992  51 
Residential mortgage guaranteed by U.S. government agencies
 58,486  31,390  19,004  52,212  161,092  47,670 
Personal 1,510,472  298  2  23  1,510,795  — 
Total loans to individuals 3,646,376  41,401  19,824  55,278  3,762,879  47,721 
Total $ 23,559,524  $ 42,047  $ 20,748  $ 101,699  $ 23,724,018  $ 47,734 
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A summary of loans currently performing and past due as of December 31, 2022 is as follows (in thousands):
    Past Due   Past Due 90 Days or More and Accruing
  Current 30 to 59
Days		 60 to 89 Days 90 Days
or More		 Total
Commercial:        
Energy $ 3,424,766  $ 24  $ —  $ —  $ 3,424,790  $ — 
Healthcare 3,812,164  5,914  26,480  459  3,845,017  — 
Services 3,423,042  1,060  2,461  4,958  3,431,521  — 
General business 3,509,094  257  1,424  396  3,511,171  396 
Total commercial 14,169,066  7,255  30,365  5,813  14,212,499  396 
Commercial real estate 4,606,029  531  —  217  4,606,777  — 
Loans to individuals:        
Residential mortgage 1,872,155  10,632  1,828  6,169  1,890,784  114 
Residential mortgage guaranteed by U.S. government agencies
 108,019  36,119  19,400  82,402  245,940  75,604 
Personal 1,600,595  502  21  32  1,601,150  — 
Total loans to individuals 3,580,769  47,253  21,249  88,603  3,737,874  75,718 
Total $ 22,355,864  $ 55,039  $ 51,614  $ 94,633  $ 22,557,150  $ 76,114 



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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):
  September 30, 2023 December 31, 2022
  Unpaid Principal Balance/
Notional		 Fair Value Unpaid Principal Balance/
Notional		 Fair Value
Residential mortgage loans held for sale $ 71,304  $ 69,653  $ 74,941  $ 73,938 
Residential mortgage loan commitments 49,285  1,541  45,492  1,054 
Forward sales contracts 102,529  1,295  109,469  280 
    $ 72,489    $ 75,272 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of September 30, 2023 or December 31, 2022. No credit losses were recognized on residential mortgage loans held for sale for the nine month period ended September 30, 2023 and 2022.

Mortgage banking revenue was as follows (in thousands):
  Three Months Ended
September 30,		 Nine Months Ended
Sep. 30,
  2023 2022 2023 2022
Production revenue:    
Net realized gains (losses) on sale of mortgage loans $ (1,631) $ (1,072) $ (3,658) $ 8,969 
Net change in unrealized loss on mortgage loans held for sale (522) (6,244) (648) (9,764)
Net change in the fair value of mortgage loan commitments (288) (3,174) 487  (5,474)
Net change in the fair value of forward sales contracts 554  8,084  1,015  8,414 
Total production revenue (loss) (1,887) (2,406) (2,804) 2,145 
Servicing revenue 15,243  13,688  45,668  37,155 
Total mortgage banking revenue $ 13,356  $ 11,282  $ 42,864  $ 39,300 

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):
  September 30, 2023 December 31, 2022
Number of residential mortgage loans serviced for others 116,941  110,541 
Outstanding principal balance of residential mortgage loans serviced for others $ 20,607,013  $ 18,863,201 
Weighted average interest rate 3.61  % 3.59  %
Remaining term (in months) 282 283
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Beginning Balance $ 304,722  $ 270,312  $ 277,608  $ 163,198 
Additions 3,154  4,841  9,757  15,810 
Acquisitions 2,669  1,043  33,807  45,910 
Change in fair value due to principal payments (7,202) (8,960) (21,031) (24,277)
Change in fair value due to market assumption changes 8,039  16,570  11,241  83,165 
Ending Balance $ 311,382  $ 283,806  $ 311,382  $ 283,806 

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:
  September 30, 2023 December 31, 2022
Discount rate – risk-free rate plus a market premium 9.84% 9.51%
Prepayment rate - based upon loan interest rate, original term and loan type 7.15% 7.54%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$69 - $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
 4.66% 4.06%
Primary/secondary mortgage rate spread
 105 bps 105 bps
Delinquency rate
 2.00% 2.33%

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

On June 24, 2015, BOKF, NA received a complaint that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the Securities and Exchange Commission ("SEC"). On September 7, 2016, BOKF, NA agreed to, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and required BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty. On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action alleging BOKF, NA participated in the fraudulent sale of securities by the principals. While the action remains stayed with no current deadlines pending, plaintiffs informed the Court of their intent to request the stay be lifted in a joint status report in July but have yet to do so. BOKF, NA plans to oppose any request to lift the stay. On September 14, 2016, BOKF, NA was sued in the District Court of Tulsa County, Oklahoma by 19 bondholders also alleging BOKF, NA participated in the fraudulent sale of securities by the principals. On April 18, 2023 seven plaintiffs dismissed their claims without prejudice. Discovery on the remaining plaintiff's claims is ongoing. Management is advised by counsel that, in the Tulsa County District Court action, a loss is not probable and that the loss, if any, cannot be reasonably estimated.

On December 28, 2015, in an action brought by the SEC, the New Jersey District Court entered a judgment against the principals involved in issuing the bonds. On January 8, 2020, the Court entered judgment against the principal individual and his wife for $36,805,051 in principal amount and $10,937,831 in pre-judgment interest. The SEC continues to aggressively pursue collection of the judgment. If the individual principal and his wife cannot pay the bonds, a bondholder loss could become probable. Management has been advised by counsel that BOKF, NA has valid defenses to claims of bondholders and that no loss to the Company is probable. No provision for losses has been made at this time. BOKF, NA estimates that, upon sale of all remaining collateral securing payment of the bonds, approximately $30 million in principal will remain outstanding. A reasonable estimate cannot be made of the amount of any bondholder loss, though the amount of bondholder loss could be material to the Company in the event a loss to the Company becomes 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 September 30, 2023, the Company has $413 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 $104 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On October 31, 2023, the Company declared a quarterly cash dividend of $0.55 per common share payable on or about November 30, 2023 to shareholders of record as of November 15, 2023.

Dividends declared were $0.54 and $1.62 per share during the three and nine months ended September 30, 2023 and $0.53 and $1.59 per share during the three and nine months ended September 30, 2022.

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Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("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 Securities Investment Securities Transferred from AFS Employee Benefit Plans Total
Balance, Dec. 31, 2021 $ 69,775  $ —  $ 2,596  $ 72,371 
Net change in unrealized gain (loss)
 (1,293,661) —  —  (1,293,661)
Transfer of net unrealized loss from AFS to investment securities 267,509  (267,509) —  — 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities —  24,130  —  24,130 
Operating expense, Personnel —  —  (3,483) (3,483)
Gain on available for sale securities, net
 (3,017) —  —  (3,017)
Other comprehensive loss, before income taxes (1,029,169) (243,379) (3,483) (1,276,031)
Federal and state income taxes (240,868) (56,960) (887) (298,715)
Other comprehensive loss, net of income taxes (788,301) (186,419) (2,596) (977,316)
Balance, September 30, 2022 $ (718,526) $ (186,419) $ —  $ (904,945)
Balance, Dec. 31, 2022 $ (664,618) $ (172,337) $ —  $ (836,955)
Net change in unrealized gain (loss)
 (171,977) —  —  (171,977)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities —  46,996  —  46,996 
Loss on available for sale securities, net 3,010  —  —  3,010 
Other comprehensive income (loss), before income taxes (168,967) 46,996  —  (121,971)
Federal and state income taxes (40,735) 10,794  —  (29,941)
Other comprehensive income (loss), net of income taxes (128,232) 36,202  —  (92,030)
Balance, September 30, 2023 $ (792,850) $ (136,135) $ —  $ (928,985)


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(8) Earnings Per Share
 
(In thousands, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30,
  2023 2022 2023 2022
Numerator:        
Net income attributable to BOK Financial Corp. shareholders $ 134,495  $ 156,510  $ 448,171  $ 351,844 
Less: Earnings allocated to participating securities 1,104  1,161  3,561  2,562 
Numerator for basic earnings per share – income available to common shareholders
 133,391  155,349  444,610  349,282 
Effect of reallocating undistributed earnings of participating securities —  —  —  — 
Numerator for diluted earnings per share – income available to common shareholders
 $ 133,391  $ 155,349  $ 444,610  $ 349,282 
Denominator:        
Weighted average shares outstanding 66,090,988  67,503,041  66,484,557  67,902,592 
Less:  Participating securities included in weighted average shares outstanding
 542,681  499,842  529,263  492,803 
Denominator for basic earnings per common share 65,548,307  67,003,199  65,955,294  67,409,789 
Dilutive effect of employee stock compensation plans —  1,424  —  1,433 
Denominator for diluted earnings per common share 65,548,307  67,004,623  65,955,294  67,411,222 
Basic earnings per share $ 2.04  $ 2.32  $ 6.74  $ 5.18 
Diluted earnings per share $ 2.04  $ 2.32  $ 6.74  $ 5.18 
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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2023 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest revenue from external sources
 $ 298,293  $ 11,386  $ 7,622  $ (16,405) $ 300,896 
Net interest revenue (expense) from internal sources
 (43,829) 101,222  28,815  (86,208) — 
Net interest revenue (expense) 254,464  112,608  36,437  (102,613) 300,896 
Net loans charged off and provision for credit losses 4,904  (73) 9  2,160  7,000 
Net interest revenue after provision for credit losses
 249,560  112,681  36,428  (104,773) 293,896 
Other operating revenue 59,153  30,716  123,614  (15,331) 198,152 
Other operating expense 81,751  54,497  89,367  98,698  324,313 
Net direct contribution 226,962  88,900  70,675  (218,802) 167,735 
Gain (loss) on financial instruments, net (11) (9,183) —  9,194  — 
Change in fair value of mortgage servicing rights —  8,039  —  (8,039) — 
Gain (loss) on repossessed assets, net (268) 11  —  257  — 
Corporate expense allocations 17,834  11,920  14,331  (44,085) — 
Net income (loss) before taxes 208,849  75,847  56,344  (173,305) 167,735 
Federal and state income taxes 50,919  17,838  13,315  (48,816) 33,256 
Net income (loss) 157,930  58,009  43,029  (124,489) 134,479 
Net income attributable to non-controlling interests —  —  —  (16) (16)
Net income (loss) attributable to BOK Financial Corp. shareholders $ 157,930  $ 58,009  $ 43,029  $ (124,473) $ 134,495 
Average assets $ 28,849,597  $ 9,379,478  $ 14,740,641  $ (3,650,164) $ 49,319,552 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2023 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest revenue from external sources $ 886,263  $ 50,360  $ 32,977  $ 5,905  $ 975,505 
Net interest revenue (expense) from internal sources (104,543) 285,020  106,918  (287,395) — 
Net interest revenue 781,720  335,380  139,895  (281,490) 975,505 
Net loans charged off and provision for credit losses 10,980  2,240  (60) 26,840  40,000 
Net interest revenue after provision for credit losses
 770,740  333,140  139,955  (308,330) 935,505 
Other operating revenue 184,826  93,603  355,568  (48,931) 585,066 
Other operating expense 232,364  157,035  256,265  303,134  948,798 
Net direct contribution 723,202  269,708  239,258  (660,395) 571,773 
Gain (loss) on financial instruments, net 162  (24,113) —  23,951  — 
Change in fair value of mortgage servicing rights —  11,241  —  (11,241) — 
Gain (loss) on repossessed assets, net 999  25  —  (1,024) — 
Corporate expense allocations 56,956  35,860  39,265  (132,081) — 
Net income (loss) before taxes 667,407  221,001  199,993  (516,628) 571,773 
Federal and state income taxes 161,992  51,977  47,200  (138,007) 123,162 
Net income (loss) 505,415  169,024  152,793  (378,621) 448,611 
Net income attributable to non-controlling interests —  —  —  440  440 
Net income (loss) attributable to BOK Financial Corp. shareholders $ 505,415  $ 169,024  $ 152,793  $ (379,061) $ 448,171 
Average assets $ 28,396,982  $ 9,635,204  $ 13,128,925  $ (3,412,178) $ 47,748,933 

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2022 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest revenue from external sources $ 226,016  $ 17,482  $ 34,746  $ 38,081  $ 316,325 
Net interest revenue (expense) from internal sources (17,951) 26,469  (1,162) (7,356) — 
Net interest revenue 208,065  43,951  33,584  30,725  316,325 
Net loans charged off and provision for credit losses (526) 1,408  (22) 14,140  15,000 
Net interest revenue after provision for credit losses
 208,591  42,543  33,606  16,585  301,325 
Other operating revenue 60,386  30,186  113,113  (13,987) 189,698 
Other operating expense 75,490  53,236  79,151  86,874  294,751 
Net direct contribution 193,487  19,493  67,568  (84,276) 196,272 
Gain (loss) on financial instruments, net 4  (21,395) —  21,391  — 
Change in fair value of mortgage servicing rights —  16,570  —  (16,570) — 
Gain (loss) on repossessed assets, net (158) —  —  158  — 
Corporate expense allocations 16,438  10,792  12,934  (40,164) — 
Net income before taxes 176,895  3,876  54,634  (39,133) 196,272 
Federal and state income taxes 42,761  906  12,826  (16,812) 39,681 
Net income
 134,134  2,970  41,808  (22,321) 156,591 
Net loss attributable to non-controlling interests —  —  —  81  81 
Net income attributable to BOK Financial Corp. shareholders $ 134,134  $ 2,970  $ 41,808  $ (22,402) $ 156,510 
Average assets $ 28,890,429  $ 10,233,401  $ 13,818,299  $ (7,822,927) $ 45,119,202 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2022 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest revenue from external sources $ 546,599  $ 51,183  $ 130,389  $ 130,583  $ 858,754 
Net interest revenue (expense) from internal sources (34,983) 53,764  (3,290) (15,491) — 
Net interest revenue 511,616  104,947  127,099  115,092  858,754 
Net loans charged off and provision for credit losses 3,316  3,716  (153) 8,121  15,000 
Net interest revenue after provision for credit losses
 508,300  101,231  127,252  106,971  843,754 
Other operating revenue 179,501  94,236  224,892  (52,458) 446,171 
Other operating expense 210,012  154,685  230,166  251,161  846,024 
Net direct contribution 477,789  40,782  121,978  (196,648) 443,901 
Gain (loss) on financial instruments, net (138) (95,150) —  95,288  — 
Change in fair value of mortgage servicing rights —  83,165  —  (83,165) — 
Gain (loss) on repossessed assets, net (2,880) 138  —  2,742  — 
Corporate expense allocations 49,285  32,994  37,508  (119,787) — 
Net income before taxes 425,486  (4,059) 84,470  (61,996) 443,901 
Federal and state income taxes 103,711  (950) 19,897  (30,658) 92,000 
Net income
 321,775  (3,109) 64,573  (31,338) 351,901 
Net loss attributable to non-controlling interests —  —  —  57  57 
Net income attributable to BOK Financial Corp. shareholders
 $ 321,775  $ (3,109) $ 64,573  $ (31,395) $ 351,844 
Average assets $ 29,324,596  $ 10,281,679  $ 17,320,779  $ (9,290,763) $ 47,636,291 

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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 the Bank. 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 September 30, 2023 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 34,461  $ (1) $ 34,460  $ 34,460  $ — 
Customer hedging revenue
 7,403  —  (141) (407) 6,855  6,855  — 
Retail brokerage revenue
 —  —  4,357  —  4,357  —  4,357 
Insurance brokerage revenue
 —  —  2,703  —  2,703  —  2,703 
Investment banking revenue
 4,508  —  9,428  1  13,937  3,823  10,114 
Brokerage and trading revenue
 11,911  —  50,808  (407) 62,312  45,138  17,174 
TransFund EFT network revenue 21,038  875  (18) 1  21,896  —  21,896 
Merchant services revenue 2,430  8  —  —  2,438  —  2,438 
Corporate card revenue 1,768  —  179  106  2,053  —  2,053 
Transaction card revenue 25,236  883  161  107  26,387  —  26,387 
Personal trust revenue —  —  22,890  (1) 22,889  —  22,889 
Corporate trust revenue —  —  8,713  —  8,713  —  8,713 
Institutional trust & retirement plan services revenue
 —  —  16,883  —  16,883  —  16,883 
Investment management services and other revenue
 —  —  3,769  2  3,771  —  3,771 
Fiduciary and asset management revenue
 —  —  52,255  1  52,256  —  52,256 
Commercial account service charge revenue
 13,687  524  496  2  14,709  —  14,709 
Overdraft fee revenue 26  5,427  39  —  5,492  —  5,492 
Check card revenue
 —  5,926  —  2  5,928  —  5,928 
Automated service charge and other deposit fee revenue
 285  1,255  10  (3) 1,547  —  1,547 
Deposit service charges and fees
 13,998  13,132  545  1  27,676  —  27,676 
Mortgage production revenue —  (1,887) —  —  (1,887) (1,887) — 
Mortgage servicing revenue —  15,861  —  (618) 15,243  15,243  — 
Mortgage banking revenue —  13,974  —  (618) 13,356  13,356  — 
Other revenue 6,713  2,726  19,845  (13,419) 15,865  9,236  6,629 
Total fees and commissions revenue
 $ 57,858  $ 30,715  $ 123,614  $ (14,335) $ 197,852  $ 67,730  $ 130,122 
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 nine months ended September 30, 2023 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 98,980  $ (1) $ 98,979  $ 98,979  $ — 
Customer hedging revenue
 26,729  —  (200) 2,322  28,851  28,851  — 
Retail brokerage revenue
 —  —  11,522  —  11,522  —  11,522 
Insurance brokerage revenue
 —  —  8,866  —  8,866  —  8,866 
Investment banking revenue
 11,720  —  19,775  1  31,496  10,873  20,623 
Brokerage and trading revenue
 38,449  —  138,943  2,322  179,714  138,703  41,011 
TransFund EFT network revenue 62,020  2,690  (52) 5  64,663  —  64,663 
Merchant services revenue 7,074  26  —  —  7,100  —  7,100 
Corporate card revenue 5,387  —  540  321  6,248  —  6,248 
Transaction card revenue 74,481  2,716  488  326  78,011  —  78,011 
Personal trust revenue —  —  71,732  (1) 71,731  —  71,731 
Corporate trust revenue —  —  23,574  —  23,574  —  23,574 
Institutional trust & retirement plan services revenue
 —  —  43,843  —  43,843  —  43,843 
Investment management services and other revenue
 —  —  16,782  (20) 16,762  —  16,762 
Fiduciary and asset management revenue —  —  155,931  (21) 155,910  —  155,910 
Commercial account service charge revenue
 39,922  1,553  1,461  —  42,936  —  42,936 
Overdraft fee revenue 83  15,321  101  1  15,506  —  15,506 
Check card revenue
 —  17,540  —  2  17,542  —  17,542 
Automated service charge and other deposit fee revenue
 789  3,801  172  (2) 4,760  —  4,760 
Deposit service charges and fees
 40,794  38,215  1,734  1  80,744  —  80,744 
Mortgage production revenue —  (2,804) —  —  (2,804) (2,804) — 
Mortgage servicing revenue —  47,412  —  (1,744) 45,668  45,668  — 
Mortgage banking revenue —  44,608  —  (1,744) 42,864  42,864  — 
Other revenue 19,673  8,118  58,479  (39,185) 47,085  25,963  21,122 
Total fees and commissions revenue
 $ 173,397  $ 93,657  $ 355,575  $ (38,301) $ 584,328  $ 207,530  $ 376,798 
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 September 30, 2022 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 26,463  $ —  $ 26,463  $ 26,463  $ — 
Customer hedging revenue
 8,169  —  257  4,753  13,179  13,179  — 
Retail brokerage revenue
 —  —  3,839  (1) 3,838  —  3,838 
Insurance brokerage revenue
 —  —  3,254  —  3,254  —  3,254 
Investment banking revenue
 6,348  —  7,924  —  14,272  5,990  8,282 
Brokerage and trading revenue
 14,517  —  41,737  4,752  61,006  45,632  15,374 
TransFund EFT network revenue 21,243  910  (19) 2  22,136  —  22,136 
Merchant services revenue 1,917  8  —  —  1,925  —  1,925 
Corporate card revenue 1,711  —  99  103  1,913  —  1,913 
Transaction card revenue 24,871  918  80  105  25,974  —  25,974 
Personal trust revenue —  —  23,927  —  23,927  —  23,927 
Corporate trust revenue —  —  6,513  —  6,513  —  6,513 
Institutional trust & retirement plan services revenue
 —  —  13,019  (1) 13,018  —  13,018 
Investment management services and other revenue
 —  —  6,817  (85) 6,732  —  6,732 
Fiduciary and asset management revenue
 —  —  50,276  (86) 50,190  —  50,190 
Commercial account service charge revenue
 13,361  473  480  —  14,314  —  14,314 
Overdraft fee revenue 29  6,936  19  3  6,987  —  6,987 
Check card revenue
 —  5,944  —  (2) 5,942  —  5,942 
Automated service charge and other deposit fee revenue
 201  1,205  54  —  1,460  —  1,460 
Deposit service charges and fees
 13,591  14,558  553  1  28,703  —  28,703 
Mortgage production revenue —  (2,406) —  —  (2,406) (2,406) — 
Mortgage servicing revenue —  14,206  —  (518) 13,688  13,688  — 
Mortgage banking revenue —  11,800  —  (518) 11,282  11,282  — 
Other revenue 5,168  2,954  20,467  (13,110) 15,479  4,227  11,252 
Total fees and commissions revenue
 $ 58,147  $ 30,230  $ 113,113  $ (8,856) $ 192,634  $ 61,141  $ 131,493 
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 nine months ended September 30, 2022 (in thousands):
Commercial Consumer Wealth Management
Funds Management & Other
 Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ (15,594) $ —  $ (15,594) $ (15,594) $ — 
Customer hedging revenue
 28,888  —  1,379  6,983  37,250  37,250  — 
Retail brokerage revenue
 —  —  12,707  (1) 12,706  —  12,706 
Insurance brokerage revenue
 —  —  9,810  —  9,810  —  9,810 
Investment banking revenue
 16,775  —  17,023  —  33,798  15,461  18,337 
Brokerage and trading revenue
 45,663  —  25,325  6,982  77,970  37,117  40,853 
TransFund EFT network revenue 59,763  2,708  (55) 5  62,421  —  62,421 
Merchant services revenue 9,425  28  —  —  9,453  —  9,453 
Corporate card revenue 4,681  —  276  299  5,256  —  5,256 
Transaction card revenue 73,869  2,736  221  304  77,130  —  77,130 
Personal trust revenue —  —  73,551  —  73,551  —  73,551 
Corporate trust revenue —  —  16,947  —  16,947  —  16,947 
Institutional trust & retirement plan services revenue
 —  —  39,009  —  39,009  —  39,009 
Investment management services and other revenue
 —  —  17,050  (130) 16,920  —  16,920 
Fiduciary and asset management revenue
 —  —  146,557  (130) 146,427  —  146,427 
Commercial account service charge revenue
 40,283  1,392  1,516  —  43,191  —  43,191 
Overdraft fee revenue 89  19,673  63  4  19,829  —  19,829 
Check card revenue
 —  17,502  —  —  17,502  —  17,502 
Automated service charge and other deposit fee revenue
 245  3,373  65  2  3,685  —  3,685 
Deposit service charges and fees
 40,617  41,940  1,644  6  84,207  —  84,207 
Mortgage production revenue —  2,145  —  —  2,145  2,145  — 
Mortgage servicing revenue —  38,650  —  (1,495) 37,155  37,155  — 
Mortgage banking revenue —  40,795  —  (1,495) 39,300  39,300  — 
Other revenue 14,843  8,837  51,160  (36,232) 38,608  19,402  19,206 
Total fees and commissions revenue
 $ 174,992  $ 94,308  $ 224,907  $ (30,565) $ 463,642  $ 95,819  $ 367,823 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

(11) Fair Value Measurements

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

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

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

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

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

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and nine months ended September 30, 2023 and 2022, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 30, 2023 and 2022 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 September 30, 2023 or December 31, 2022.

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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 September 30, 2023 (in thousands):
  Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3)
Assets:        
Trading securities:
U.S. government securities $ 18,843  $ 17,932  $ 911  $ — 
Residential agency mortgage-backed securities 4,653,161  —  4,653,161  — 
Municipal securities 51,998  —  51,998  — 
Other trading securities 24,099  —  24,099  — 
Total trading securities 4,748,101  17,932  4,730,169  — 
Available for sale securities:        
U.S. Treasury 897  897  —  — 
Municipal securities 488,269  —  488,269  — 
Residential agency mortgage-backed securities 6,216,955  —  6,216,955  — 
Residential non-agency mortgage-backed securities 715,806  —  715,806  — 
Commercial agency mortgage-backed securities
 4,484,247  —  4,484,247  — 
Other debt securities 473  —  —  473 
Total available for sale securities 11,906,647  897  11,905,277  473 
Fair value option securities — Residential agency mortgage-backed securities 20,215  —  20,215  — 
Residential mortgage loans held for sale1
 72,489  —  65,179  7,310 
Mortgage servicing rights2
 311,382  —  —  311,382 
Derivative contracts, net of cash collateral3
 546,109  1,596  544,513  — 
Liabilities:  
Derivative contracts, net of cash collateral3
 403,947  190  403,757  — 
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 78.46% 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, 2022 (in thousands):
  Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3)
Assets:        
Trading securities:
U.S. government securities $ 9,823  $ 4,970  $ 4,853  $ — 
Residential agency mortgage-backed securities 4,406,848  —  4,406,848  — 
Municipal securities 21,484  —  21,484  — 
Other trading securities 26,006  —  26,006  — 
Total trading securities 4,464,161  4,970  4,459,191  — 
Available for sale securities:        
U.S. Treasury 898  898  —  — 
Municipal securities 624,500  —  624,500  — 
Residential agency mortgage-backed securities 5,814,496  —  5,814,496  — 
Residential non-agency mortgage-backed securities 577,576  —  577,576  — 
Commercial agency mortgage-backed securities
 4,475,917  —  4,475,917  — 
Other debt securities 473  —  —  473 
Total available for sale securities 11,493,860  898  11,492,489  473 
Fair value option securities — Residential agency mortgage-backed securities 296,590  —  296,590  — 
Residential mortgage loans held for sale1
 75,272  —  68,054  7,218 
Mortgage servicing rights2
 277,608  —  —  277,608 
Derivative contracts, net of cash collateral3
 880,343  2,110  878,233  — 
Liabilities:
Derivative contracts, net of cash collateral3
 554,900  16  554,884  — 
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 77.55% 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 September 30, 2023 for which the fair value was adjusted during the nine months ended September 30, 2023 (in thousands):
Fair Value Adjustments for the
  Carrying Value at September 30, 2023 Three Months Ended
Sep. 30, 2023 Recognized in:		 Nine Months Ended
Sep. 30, 2023 Recognized in:
  Quoted Prices
in Active Markets for Identical Instruments		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Gross charge-offs against allowance for loan losses Other gains (losses), net Gross charge-offs against allowance for loan losses Other gains (losses), net
Nonaccruing loans $ —  $ —  $ 796  $ 2,135  $ —  $ 4,932  $ — 

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 September 30, 2022 for which the fair value was adjusted during the nine months ended September 30, 2022 (in thousands):
Fair Value Adjustments for the
  Carrying Value at September 30, 2022 Three Months Ended
Sep. 30, 2022 Recognized in:		 Nine Months Ended
Sep. 30, 2022 Recognized in:
  Quoted Prices
in Active Markets for Identical Instruments		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Gross charge-offs against allowance for loan losses Other gains (losses), net Gross charge-offs against allowance for loan losses Other gains (losses), net
Nonaccruing loans $ —  $ 159  $ 126  $ 22  $ —  $ 499  $ — 
Real estate and other repossessed assets
 —  649  1,699  —  —  —  (5,705)

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 September 30, 2023 follows (dollars in thousands):

Fair Value Valuation Technique(s) Unobservable Input Range
(Weighted Average)
Nonaccruing loans $ 796  Discounted cash flows Management knowledge of industry and non-real estate collateral
12% - 14% (14%)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 September 30, 2022 follows (dollars in thousands):

Fair Value Valuation Technique(s) Unobservable Input Range
(Weighted Average)
Nonaccruing loans $ 126  Discounted cash flows Management 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
25% - 25% (25%)1
Real estate and other repossessed assets 1,699  Discounted cash flows Management knowledge of industry and non-real estate collateral N/A
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 September 30, 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 $ 854,161  $ 854,161  $ 854,161  $ —  $ — 
Interest-bearing cash and cash equivalents 520,774  520,774  520,774  —  — 
Trading securities:
U.S. government securities 18,843  18,843  17,932  911  — 
Residential agency mortgage-backed securities 4,653,161  4,653,161  —  4,653,161  — 
Municipal securities 51,998  51,998  —  51,998  — 
Other trading securities 24,099  24,099  —  24,099  — 
Total trading securities 4,748,101  4,748,101  17,932  4,730,169  — 
Investment securities:    
Municipal securities 121,003  122,695  —  11,957  110,738 
Residential agency mortgage-backed securities 2,146,133  1,901,143  —  1,901,143  — 
Commercial agency mortgage-backed securities 15,838  14,371  —  14,371  — 
Other debt securities 15,788  14,158  —  14,158  — 
Total investment securities 2,298,762  2,052,367  —  1,941,629  110,738 
Allowance for credit losses (344) —  —  —  — 
Investment securities, net of allowance 2,298,418  2,052,367  —  1,941,629  110,738 
Available for sale securities:    
U.S. Treasury 897  897  897  —  — 
Municipal securities 488,269  488,269  —  488,269  — 
Residential agency mortgage-backed securities 6,216,955  6,216,955  —  6,216,955  — 
Residential non-agency mortgage-backed securities 715,806  715,806  —  715,806  — 
Commercial agency mortgage-backed securities
 4,484,247  4,484,247  —  4,484,247  — 
Other debt securities 473  473  —  —  473 
Total available for sale securities 11,906,647  11,906,647  897  11,905,277  473 
Fair value option securities — Residential agency mortgage-backed securities 20,215  20,215  —  20,215  — 
Residential mortgage loans held for sale 72,489  72,489  —  65,179  7,310 
Loans:    
Commercial 14,719,839  14,603,075  —  —  14,603,075 
Commercial real estate 5,241,300  5,094,865  —  —  5,094,865 
Loans to individuals 3,762,879  3,512,686  —  —  3,512,686 
Total loans 23,724,018  23,210,626  —  —  23,210,626 
Allowance for loan losses (272,114) —  —  —  — 
Loans, net of allowance 23,451,904  23,210,626  —  —  23,210,626 
Mortgage servicing rights 311,382  311,382  —  —  311,382 
Derivative instruments with positive fair value, net of cash collateral
 546,109  546,109  1,596  544,513  — 
Deposits with no stated maturity 30,725,335  30,725,335  —  —  30,725,335 
Time deposits 2,927,217  2,986,307  —  —  2,986,307 
Other borrowed funds 8,924,642  8,922,567  —  —  8,922,567 
Subordinated debentures 131,152  116,911  —  116,911  — 
Derivative instruments with negative fair value, net of cash collateral
 403,947  403,947  190  403,757  — 

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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, 2022 (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 $ 943,810  $ 943,810  $ 943,810  $ —  $ — 
Interest-bearing cash and cash equivalents 457,906  457,906  457,906  —  — 
Trading securities:
U.S. government securities 9,823  9,823  4,970  4,853  — 
Residential agency mortgage-backed securities 4,406,848  4,406,848  —  4,406,848  — 
Municipal securities 21,484  21,484  —  21,484  — 
Other trading securities 26,006  26,006  —  26,006  — 
Total trading securities 4,464,161  4,464,161  4,970  4,459,191  — 
Investment securities:    
Municipal securities 170,629  176,621  —  38,106  138,515 
Residential agency mortgage-backed securities 2,315,219  2,143,360  —  2,143,360  — 
Commercial agency mortgage-backed securities 15,609  14,588  —  14,588  — 
Other debt securities 12,788  12,199  —  12,199  — 
Total investment securities 2,514,245  2,346,768  —  2,208,253  138,515 
Allowance for credit losses (558) —  —  —  — 
Investment securities, net of allowance 2,513,687  2,346,768  —  2,208,253  138,515 
Available for sale securities:    
U.S. Treasury 898  898  898  —  — 
Municipal securities 624,500  624,500  —  624,500  — 
Residential agency mortgage-backed securities 5,814,496  5,814,496  —  5,814,496  — 
Residential non-agency mortgage-backed securities 577,576  577,576  —  577,576  — 
Commercial agency mortgage-backed securities
 4,475,917  4,475,917  —  4,475,917  — 
Other debt securities 473  473  —  —  473 
Total available for sale securities 11,493,860  11,493,860  898  11,492,489  473 
Fair value option securities — Residential agency mortgage-backed securities 296,590  296,590  —  296,590  — 
Residential mortgage loans held for sale 75,272  75,272  —  68,054  7,218 
Loans:    
Commercial 14,212,499  13,905,765  —  —  13,905,765 
Commercial real estate 4,606,777  4,454,048  —  —  4,454,048 
Loans to individuals 3,737,874  3,531,410  —  —  3,531,410 
Total loans 22,557,150  21,891,223  —  —  21,891,223 
Allowance for loan losses (235,704) —  —  —  — 
Loans, net of allowance 22,321,446  21,891,223  —  —  21,891,223 
Mortgage servicing rights 277,608  277,608  —  —  277,608 
Derivative instruments with positive fair value, net of cash collateral
 880,343  880,343  2,110  878,233  — 
Deposits with no stated maturity 33,018,863  33,018,863  —  —  33,018,863 
Time deposits 1,461,842  1,431,245  —  —  1,431,245 
Other borrowed funds 7,007,285  7,005,305  —  —  7,005,305 
Subordinated debentures 131,205  121,497  —  121,497  — 
Derivative instruments with negative fair value, net of cash collateral
 554,900  554,900  16  554,884  — 

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

The Company evaluated events from the date of the consolidated financial statements on September 30, 2023 through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Nine-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Nine Months Ended
  September 30, 2023 September 30, 2022
Average
Balance		 Revenue/
Expense		 Yield/
Rate		 Average
Balance		 Revenue/
Expense		 Yield/
Rate
Assets            
Interest-bearing cash and cash equivalents $ 641,203  $ 24,257  5.06  % $ 879,657  $ 5,730  0.87  %
Trading securities 4,259,291  147,256  4.61  % 5,274,507  86,822  1.99  %
Investment securities 2,403,984  25,985  1.44  % 1,142,177  15,267  1.78  %
Available for sale securities 11,900,049  283,199  3.00  % 11,875,378  176,044  1.92  %
Fair value option securities 194,913  7,561  5.11  % 55,597  1,214  2.89  %
Restricted equity securities 371,871  21,013  7.53  % 168,656  5,194  4.11  %
Residential mortgage loans held for sale 72,021  3,305  5.98  % 153,350  4,637  4.04  %
Loans 22,929,972  1,198,263  6.99  % 21,044,363  651,764  4.14  %
Allowance for loan losses (253,105) (247,083)
Loans, net of allowance 22,676,867  1,198,263  7.06  % 20,797,280  651,764  4.19  %
Total earning assets
 42,520,199  1,710,839  5.29  % 40,346,602  946,672  3.07  %
Receivable on unsettled securities sales 203,520  350,058 
Cash and other assets 5,025,214  6,939,631 
Total assets $ 47,748,933  $ 47,636,291 
Liabilities and equity            
Interest-bearing deposits:            
Transaction $ 18,810,872  $ 362,593  2.58  % $ 21,107,446  $ 48,063  0.30  %
Savings 919,644  1,781  0.26  % 969,280  284  0.04  %
Time 2,136,225  52,374  3.28  % 1,456,389  7,828  0.72  %
Total interest-bearing deposits 21,866,741  416,748  2.55  % 23,533,115  56,175  0.32  %
Funds purchased and repurchase agreements 2,713,195  89,103  4.39  % 1,338,711  7,751  0.77  %
Other borrowings 5,594,290  216,175  5.17  % 1,327,622  13,364  1.35  %
Subordinated debentures 131,156  6,609  6.74  % 131,215  4,452  4.54  %
Total interest-bearing liabilities 30,305,382  728,635  3.21  % 26,330,663  81,742  0.42  %
Non-interest bearing demand deposits
 11,179,239  15,123,552 
Due on unsettled securities purchases 396,776  409,598 
Other liabilities 970,132  888,641 
Total equity 4,897,404  4,883,837 
Total liabilities and equity $ 47,748,933  $ 47,636,291 
Tax-equivalent Net Interest Revenue $ 982,204  2.08  % $ 864,930  2.65  %
Tax-equivalent Net Interest Revenue to Earning Assets
 3.03  % 2.80  %
Less tax-equivalent adjustment 6,699  6,176 
Net Interest Revenue 975,505  858,754 
Provision for credit losses
 40,000  15,000 
Other operating revenue 585,066  446,171 
Other operating expense 948,798  846,024 
Income before taxes 571,773  443,901 
Federal and state income taxes 123,162  92,000 
Net income 448,611  351,901 
Net income (loss) attributable to non-controlling interests
 440  57 
Net income attributable to BOK Financial Corp. shareholders
 $ 448,171  $ 351,844 
Earnings Per Average Common Share Equivalent:
            
Net income:            
Basic   $ 6.74      $ 5.18   
Diluted   $ 6.74      $ 5.18   
Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
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Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Three Months Ended
  September 30, 2023 June 30, 2023
Average
Balance		 Revenue/
Expense		 Yield/
Rate		 Average
Balance		 Revenue/
Expense		 Yield/
Rate
Assets            
Interest-bearing cash and cash equivalents $ 598,734  $ 8,199  5.43  % $ 708,475  $ 9,552  5.41  %
Trading securities 5,444,587  65,301  4.76  % 4,274,803  47,882  4.50  %
Investment securities, net of allowance 2,331,595  8,309  1.43  % 2,408,122  8,659  1.44  %
Available for sale securities 11,925,800  99,238  3.11  % 12,033,597  94,849  3.00  %
Fair value option securities 41,741  552  4.61  % 245,469  3,116  5.07  %
Restricted equity securities 445,532  8,776  7.88  % 351,944  6,429  7.31  %
Residential mortgage loans held for sale 77,208  1,234  6.27  % 72,959  1,092  5.85  %
Loans 23,414,308  427,649  7.25  % 22,889,054  400,988  7.03  %
Allowance for loan losses (267,205) (252,890)
Loans, net of allowance 23,147,103  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 sales 268,344  163,903 
Cash and other assets 5,038,908  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  %
Savings 874,530  1,043  0.47  % 926,882  490  0.21  %
Time 2,839,947  28,380  3.96  % 2,076,037  16,904  3.27  %
Total interest-bearing deposits 23,130,076  184,808  3.17  % 21,371,511  136,666  2.56  %
Funds purchased and repurchase agreements 2,699,027  32,748  4.81  % 3,670,994  41,905  4.58  %
Other borrowings 6,968,309  96,271  5.48  % 5,275,291  67,316  5.12  %
Subordinated debentures 131,151  2,321  7.02  % 131,153  2,219  6.79  %
Total interest-bearing liabilities 32,928,563  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 purchases 435,927  436,353 
Other liabilities 891,675  1,079,692 
Total equity 4,905,566  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 adjustment 2,214  2,200 
Net Interest Revenue 300,896  322,261 
Provision for credit losses
 7,000  17,000 
Other operating revenue 198,152  209,049 
Other operating expense 324,313  318,673 
Income before taxes 167,735  195,637 
Federal and state income taxes 33,256  44,001 
Net income 134,479  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.
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(In thousands, except per share data) Three Months Ended
March 31, 2023 December 31, 2022
Average Balance Revenue /Expense Yield / Rate Average Balance Revenue / Expense Yield / Rate
Assets
Interest-bearing cash and cash equivalents $ 616,596  $ 6,506  4.28  % $ 568,307  $ 5,822  4.06  %
Trading securities 3,031,969  34,073  4.52  % 3,086,985  28,473  3.70  %
Investment securities, net of allowance 2,473,796  9,017  1.46  % 2,535,305  9,223  1.46  %
Available for sale securities 11,738,693  89,112  2.87  % 10,953,851  73,317  2.54  %
Fair value option securities 300,372  3,893  5.17  % 92,012  931  4.40  %
Restricted equity securities 316,724  5,808  7.34  % 216,673  3,088  5.70  %
Residential mortgage loans held for sale 65,769  979  5.79  % 98,613  1,390  5.56  %
Loans 22,476,247  369,626  6.67  % 21,976,004  331,649  5.99  %
Allowance for loan losses (238,909) (242,450)
Loans, net of allowance 22,237,338  369,626  6.74  % 21,733,554  331,649  6.06  %
Total earning assets
 40,781,257  519,014  5.06  % 39,285,300  453,893  4.53  %
Receivable on unsettled securities sales 177,312  194,996 
Cash and other assets 5,023,899  5,729,322 
Total assets $ 45,982,468  $ 45,209,618 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 18,639,900  $ 87,936  1.91  % $ 18,898,315  $ 60,893  1.28  %
Savings 958,443  248  0.10  % 969,275  205  0.08  %
Time 1,477,720  7,090  1.95  % 1,417,606  4,476  1.25  %
Total interest-bearing deposits 21,076,063  95,274  1.83  % 21,285,196  65,574  1.22  %
Funds purchased and repurchase agreements 1,759,237  14,450  3.33  % 1,046,447  5,407  2.05  %
Other borrowings 4,512,280  52,588  4.73  % 2,523,195  25,961  4.08  %
Subordinated debentures 131,166  2,069  6.40  % 131,180  2,038  6.16  %
Total interest-bearing liabilities 27,478,746  164,381  2.43  % 24,986,018  98,980  1.57  %
Non-interest bearing demand deposits
 12,406,408  14,176,189 
Due on unsettled securities purchases 316,738  575,957 
Other liabilities 939,553  853,134 
Total equity 4,841,023  4,618,320 
Total liabilities and equity $ 45,982,468  $ 45,209,618 
Tax-equivalent Net Interest Revenue $ 354,633  2.63  % $ 354,913  2.96  %
Tax-equivalent Net Interest Revenue to Earning Assets
 3.45  % 3.54  %
Less tax-equivalent adjustment 2,285  2,287 
Net Interest Revenue 352,348  352,626 
Provision for credit losses
 16,000  15,000 
Other operating revenue 177,865  197,086 
Other operating expense 305,812  318,456 
Income before taxes 208,401  216,256 
Federal and state income taxes 45,905  47,864 
Net income 162,496  168,392 
Net income (loss) attributable to non-controlling interests 128  (37)
Net income attributable to BOK Financial Corp. shareholders
 $ 162,368  $ 168,429 
Earnings Per Average Common Share Equivalent:
Basic   $ 2.43      $ 2.51   
Diluted   $ 2.43      $ 2.51   
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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(In thousands, except per share data) Three Months Ended
September 30, 2022
Average Balance Revenue / Expense Yield / Rate
Assets
Interest-bearing cash and cash equivalents $ 748,263  $ 3,520  1.87  %
Trading securities 3,178,068  22,772  2.72  %
Investment securities, net of allowance 2,593,989  9,207  1.42  %
Available for sale securities 10,306,257  59,144  2.21  %
Fair value option securities 36,846  286  2.98  %
Restricted equity securities 173,656  2,703  6.23  %
Residential mortgage loans held for sale 132,685  1,684  5.05  %
Loans 21,599,232  265,997  4.89  %
Allowance for loan losses (241,136)
Loans, net of allowance 21,358,096  265,997  4.94  %
Total earning assets
 38,527,860  365,313  3.71  %
Receivable on unsettled securities sales 219,113 
Cash and other assets 6,372,229 
Total assets $ 45,119,202 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 19,556,806  $ 31,266  0.63  %
Savings 978,596  135  0.05  %
Time 1,409,069  3,314  0.93  %
Total interest-bearing deposits 21,944,471  34,715  0.63  %
Funds purchased and repurchase agreements 800,759  1,445  0.72  %
Other borrowings 1,528,887  8,988  2.33  %
Subordinated debentures 131,199  1,677  5.07  %
Total interest-bearing liabilities 24,405,316  46,825  0.76  %
Non-interest bearing demand deposits
 15,105,305 
Due on unsettled securities purchases 331,428 
Other liabilities 501,731 
Total equity 4,775,422 
Total liabilities and equity $ 45,119,202 
Tax-equivalent Net Interest Revenue $ 318,488  2.95  %
Tax-equivalent Net Interest Revenue to Earning Assets
 3.24  %
Less tax-equivalent adjustment 2,163 
Net Interest Revenue 316,325 
Provision for credit losses
 15,000 
Other operating revenue 189,698 
Other operating expense 294,751 
Income before taxes 196,272 
Federal and state income taxes 39,681 
Net income 156,591 
Net income attributable to non-controlling interests 81 
Net income attributable to BOK Financial Corp. shareholders
 $ 156,510 
Earnings Per Average Common Share Equivalent:
Basic $ 2.32 
Diluted $ 2.32 
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.
- 98 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
  Three Months Ended
  Sep. 30, 2023 June 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022
Interest revenue $ 617,044  $ 570,367  $ 516,729  $ 451,606  $ 363,150 
Interest expense 316,148  248,106  164,381  98,980  46,825 
Net interest revenue 300,896  322,261  352,348  352,626  316,325 
Provision for credit losses 7,000  17,000  16,000  15,000  15,000 
Net interest revenue after provision for credit losses
 293,896  305,261  336,348  337,626  301,325 
Other operating revenue          
Brokerage and trading revenue 62,312  65,006  52,396  63,008  61,006 
Transaction card revenue 26,387  26,003  25,621  27,136  25,974 
Fiduciary and asset management revenue 52,256  52,997  50,657  49,899  50,190 
Deposit service charges and fees 27,676  27,100  25,968  26,429  28,703 
Mortgage banking revenue 13,356  15,141  14,367  10,065  11,282 
Other revenue 15,865  14,250  16,970  17,034  15,479 
Total fees and commissions 197,852  200,497  185,979  193,571  192,634 
Other gains (losses), net 1,474  12,618  2,251  8,427  979 
Gain (loss) on derivatives, net (9,010) (8,159) (1,344) 4,548  (17,009)
Loss on fair value option securities, net (203) (2,158) (2,962) (2,568) (4,368)
Change in fair value of mortgage servicing rights 8,039  9,261  (6,059) (2,904) 16,570 
Gain (loss) on available for sale securities, net —  (3,010) —  (3,988) 892 
Total other operating revenue 198,152  209,049  177,865  197,086  189,698 
Other operating expense          
Personnel 190,791  190,652  182,145  186,419  170,348 
Business promotion 6,958  7,640  8,569  7,470  6,127 
Charitable contributions to BOKF Foundation 23  1,142  —  2,500  — 
Professional fees and services 13,224  12,777  13,048  18,365  14,089 
Net occupancy and equipment 32,583  30,105  28,459  29,227  29,296 
Insurance 7,996  6,974  7,315  4,677  4,306 
Data processing and communications 45,672  45,307  44,802  43,048  41,743 
Printing, postage and supplies 3,760  3,728  3,893  3,890  4,349 
Amortization of intangible assets 3,474  3,474  3,391  3,736  3,943 
Mortgage banking costs 8,357  8,300  5,782  9,016  9,504 
Other expense 11,475  8,574  8,408  10,108  11,046 
Total other operating expense 324,313  318,673  305,812  318,456  294,751 
Net income before taxes 167,735  195,637  208,401  216,256  196,272 
Federal and state income taxes 33,256  44,001  45,905  47,864  39,681 
Net income 134,479  151,636  162,496  168,392  156,591 
Net income (loss) attributable to non-controlling interests
 (16) 328  128  (37) 81 
Net income attributable to BOK Financial Corporation shareholders
 $ 134,495  $ 151,308  $ 162,368  $ 168,429  $ 156,510 
Earnings per share:          
Basic $2.04 $2.27 $2.43 $2.51 $2.32
Diluted $2.04 $2.27 $2.43 $2.51 $2.32
Average shares used in computation:
Basic 65,548,307  65,994,132  66,331,775  66,627,955  67,003,199 
Diluted 65,548,307  65,994,132  66,331,775  66,627,955  67,004,623 


- 99 -

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, 2022, except as described below.

Recent events impacting the financial services industry could adversely affect BOK Financial's business.

Recent events affecting the financial services industry have generated significant market volatility among publicly traded bank holding companies with particular focus on regional banks. These events occurred following a period of rapidly rising interest rates, which resulted in unrealized losses in longer duration securities and loans held by banks as well as more competition for bank deposits. These recent events have, and may continue to, adversely impact the market price and volatility of the Company’s stock. Potentially adverse changes to laws or regulations governing banks and bank holding companies may occur, including but not limited to, increased regulatory scrutiny in the course of routine examinations or otherwise and new regulations directed towards banks of similar size, which could increase the costs of doing business. As a result of recent bank failures the FDIC proposed a special assessment to replenish the Deposit Insurance Fund. If finalized, the special assessment will increase FDIC insurance premiums above the recently increased levels which will result in higher costs.
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 September 30, 2023.
 
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
July 1 to July 31, 2023 27,000  $ 89.31  27,000  3,945,523 
August 1 to August 31, 2023 402,500  $ 84.61  402,500  3,543,023 
September 1 to September 30, 2023 271,000  $ 83.00  271,000  3,272,023 
Total 700,500    700,500   
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 September 30, 2023, the Company had repurchased 1,727,977 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 third quarter of 2023.

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).
- 100 -


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.
- 101 -

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:        November 1, 2023                                                                  


/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

- 102 -
EX-31.1 2 a20230930bokfex311.htm EX-31.1 Document

Exhibit 31.1
 
CERTIFICATION PURSUANT TO
 SECTION 302 
OF THE SARBANES-OXLEY ACT OF 2002 
FOR THE CHIEF EXECUTIVE OFFICER
 
I, Stacy C. Kymes, President and Chief Executive Officer of BOK Financial Corporation (“BOK Financial”), certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q of BOK Financial;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:  November 1, 2023

 
/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation

EX-31.2 3 a20230930bokfex312.htm EX-31.2 Document

Exhibit 31.2
 
CERTIFICATION PURSUANT TO
 SECTION 302
 OF THE SARBANES-OXLEY ACT OF 2002
 FOR THE CHIEF FINANCIAL OFFICER
  
I, Martin E. Grunst, Chief Financial Officer of BOK Financial Corporation (“BOK Financial”), certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q of BOK Financial;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:  November 1, 2023 



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


EX-32 4 a20230930bokfex32.htm EX-32 Document

Exhibit 32
 
 
CERTIFICATION PURSUANT TO
 18 U.S.C. SECTION 1350,
 AS ADOPTED PURSUANT TO
 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
 
In connection with the Quarterly Report of BOK Financial Corporation (“BOK Financial”) on Form 10-Q for the fiscal period ending September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Stacy C. Kymes and Martin E. Grunst, Chief Executive Officer and Chief Financial Officer, respectively, of BOK Financial, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

 
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of BOK Financial as of, and for, the periods presented.

 
 
November 1, 2023
 

 
/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation


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