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0000875357December 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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, 2024
OR
☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________                 

Commission File No. 001-37811

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

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

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

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

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 64,118,417 shares of common stock ($.00006 par value) as of September 30, 2024.

BOK Financial Corporation
Form 10-Q
Quarter Ended September 30, 2024

Index
Glossary of Defined Terms
Part I.  Financial Information
Management's Discussion and Analysis (Item 2)        
Market Risk (Item 3)                                                                                              
Controls and Procedures (Item 4)
Consolidated Financial Statements – Unaudited (Item 1)
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


GLOSSARY OF DEFINED TERMS

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

Term Definition
AFS
Available-For-Sale
AOCI Accumulated Other Comprehensive Income
ASU
Accounting Standards Update
ATM
Automated Teller Machine
Board Board of Directors of BOK Financial Corporation
BOK Financial BOK Financial Corporation
BOKF BOK Financial Corporation
BOKFI
BOK Financial Insurance, Inc.
CECL
Current Expected Credit Losses
Company BOK Financial Corporation
EFT Electronic Funds Transfer
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
GAAP
Generally Accepted Accounting Principles in the United States of America
GDP
Gross Domestic Product
GNMA Government National Mortgage Association
MSR
 Mortgage Servicing Rights
Nasdaq
 National Association of Securities Dealers Automated Quotations
NYMEX New York Mercantile Exchange
PPNR
Pre-Provision Net Revenue
RMHFS
Residential Mortgages Held for Sale
SEC Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SVaR Stressed Value at Risk
TransFund BOKF's electronic funds transfer network
USDC
United States District Court
VA U.S. Department of Veterans Affairs
VaR Value at Risk
WTI West Texas Intermediate
- 1 -

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

BOK Financial reported net income of $140.0 million, or $2.18 per diluted share, for the third quarter of 2024 compared to $163.7 million, or $2.54 per diluted share, for the second quarter of 2024. PPNR1, a non-GAAP measure, decreased $43.7 million to $175.3 million compared to the second quarter of 2024.

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

•Net interest income totaled $308.1 million, an increase of $12.1 million over the prior quarter. Net interest margin was 2.68% for the third quarter of 2024 compared to 2.56% for the prior quarter, due to increased yields on our available-for-sale securities portfolio, combined with higher loan fees driven by payoffs and the funding shift from wholesale borrowings to interest-bearing deposits. For the third quarter of 2024, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.02% compared to 2.94% in the prior quarter.
•Fees and commissions revenue totaled $202.5 million, an increase of $2.5 million over the prior quarter. Higher transaction card revenue and other revenue was partially offset by lower brokerage and trading revenue.
•Other operating expense totaled $341.0 million, an increase of $4.3 million. Personnel expense increased $15.7 million due to higher incentive compensation and regular compensation. Non-personnel expense decreased $11.4 million, largely due to our contribution to the BOKF Foundation in the prior quarter.
•Other gains, net, were $13.1 million for the third quarter of 2024, compared to $57.4 million in the second quarter of 2024. The prior quarter included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the exchange offer announced by Visa, Inc. During the third quarter of 2024, we sold the remaining 133,472 converted shares of Visa common stock and realized an additional gain of $3.1 million. The current quarter also included a gain on merchant banking investments of $5.0 million and a pre-tax gain on investments related to deferred compensation of $3.8 million.
•Period end outstanding loan balances totaled $24.0 billion at September 30, 2024, a decrease of $569 million compared to June 30, 2024, largely due to a reduction in commercial loans, partially offset by growth in commercial real estate loans and loans to individuals. Average loan balances decreased $80 million to $24.3 billion.
•The provision for credit losses of $2.0 million in the third quarter of 2024 reflects continued strong credit quality, net loan paydowns, and relatively minor changes in economic forecast scenario assumptions. Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter. The resulting combined allowance for credit losses totaled $332 million, or 1.39% of outstanding loans, at September 30, 2024. The combined allowance for credit losses was $330 million, or 1.34% of outstanding loans, at June 30, 2024.
•Nonperforming assets not guaranteed by U.S. government agencies were $80 million, a $6.0 million decrease compared to June 30, 2024. Potential problem loans increased by $80 million while other loans especially mentioned decreased by $55 million compared to June 30, 2024.
•Period end deposits were $37.2 billion at September 30, 2024, growing $985 million over June 30, 2024. Average deposits increased $1.1 billion, including a $1.2 billion increase in average interest-bearing deposits, partially offset by a $113 million reduction in demand deposit balances. The loan to deposit ratio was 64% at September 30, 2024, compared to 68% at June 30, 2024.
•Assets under management or administration totaled $110.7 billion at September 30, 2024, increasing $3.2 billion over June 30, 2024.
•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.22% at September 30, 2024, and 8.38% at June 30, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio1 would be 9.01% at September 30, 2024, and 8.06% at June 30, 2024.
1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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•The common equity Tier 1 capital ratio at September 30, 2024, was 12.73%. Other regulatory capital ratios include the Tier 1 capital ratio at 12.74%, total capital ratio at 13.91%, and leverage ratio at 9.67%. At June 30, 2024, the common equity Tier 1 capital ratio was 12.10%, the Tier 1 capital ratio was 12.11%, total capital ratio was 13.25%, and leverage ratio was 9.39%.
•No shares were repurchased during the third quarter of 2024. The Company repurchased 412,176 shares at an average price of $90.38 in the second quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
•The Company paid a regular cash dividend of $35.1 million, or $0.55 per common share, during the third quarter of 2024. On October 29, 2024, the board of directors approved a quarterly cash dividend of $0.57 per common share payable on or about November 27, 2024, to shareholders of record as of November 15, 2024.
Highlights of the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, included:
•Net interest income totaled $897.7 million for the nine months ended September 30, 2024, and $975.5 million for the nine months ended September 30, 2023. Net interest income decreased $62.4 million from changes in interest rates and decreased $15.4 million from changes in earning assets. Net interest margin was 2.62% compared to 3.03%. In response to rising inflation, the Federal Reserve increased the federal funds rate 525 basis points since the beginning of 2022. The resulting impact on market interest rates increased net interest margin at first as our earning assets, led by our significant percentage of variable-rate commercial loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. Throughout 2023 and into the third quarter of 2024, we have experienced margin compression reflecting deposit repricing activity and demand deposit migration into interest-bearing accounts. Loan yields increased 43 basis points, while funding costs increased 91 basis points. Average earning assets increased $3.1 billion to $45.6 billion, driven largely by higher average loan balances and trading securities balances. Total interest-bearing deposits increased $5.5 billion, partially offset by a decrease of $2.7 billion in demand deposit balances. Other borrowed funds decreased $152 million.
•Fees and commissions revenue totaled $603.1 million for the nine months ended September 30, 2024, an $18.8 million increase over the nine months ended September 30, 2023. Fiduciary and asset management revenue increased $14.4 million led by growth in trust fees and Cavanal Hill fund fees. Mortgage banking revenue increased $13.1 million, primarily due to higher production volume. Deposit service charges increased $8.0 million due to growth in commercial service charges. Brokerage and trading revenue decreased $17.1 million, largely due to reduced trading volumes and decreased customer hedging revenue, primarily attributed to our energy customers. The prior period also included $8.9 million of insurance brokerage revenue recognized prior to the sale of BOKFI. This decrease was almost entirely offset by an increase of $7.3 million in investment banking revenue driven by growth in underwriting fees and financial advisory fees.
•Other gains, net, were $74.7 million for the nine months ended September 30, 2024, compared to $16.3 million for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, we sold our converted shares of Visa common stock and realized a gain of $56.9 million. We also recognized a $9.5 million gain on deferred compensation investments, which are held to offset the cost of various employee benefit programs, and a $6.2 million gain on merchant banking investments. These gains were partially offset by losses of $45.8 million on the repositioning of the available-for-sale securities portfolio. The prior period included $8.9 million in gain on alternative investments, primarily attributable to merchant banking activity, and $3.1 million on deferred compensation investments.
•Total operating expense was $1.0 billion for the nine months ended September 30, 2024, an increase of $69.3 million compared to the nine months ended September 30, 2023. Personnel expense increased $37.0 million. Regular compensation increased $15.2 million, largely related to annual merit increases, salary adjustments, and business expansion. Incentive compensation expense was up $11.9 million, primarily due to higher deferred compensation expense, which is largely offset by changes in the fair value of deferred compensation investments, and increased share-based compensation expense resulting from changes in assumptions on certain performance-based equity awards. Employee benefits expense increased $9.8 million related to higher employee healthcare costs and retirement plan costs. Non-personnel expense increased $32.3 million to $417.5 million. Charitable contributions to the BOKF Foundation increased $12.4 million, largely due to the donation of converted Visa shares to the BOKF Foundation. FDIC insurance costs were up due to recognition of $6.2 million in additional special assessment expense during 2024. Other expense also increased $6.4 million due to higher operational losses.

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•The provision for expected credit losses was $18.0 million for the nine months ended September 30, 2024. A $40.0 million provision for expected credit losses was recorded for the nine months ended September 30, 2023.

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Results of Operations
Net Interest Income and Net Interest Margin

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

Tax-equivalent net interest income totaled $310.5 million for the third quarter of 2024, compared to $298.2 million for the prior quarter. Net interest income increased $9.9 million from changes in interest rates and increased $2.4 million from changes in earning assets. Table 1 shows the effect on net interest income from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets decreased $108 million compared to the second quarter of 2024. The average balance of trading securities decreased $120 million. Average loan balances decreased $80 million due to a reduction in commercial loans, largely offset by growth in commercial real estate loans and loans to individuals. The average balance of investment (held-to-maturity) securities decreased $57 million and average restricted equity securities reduced $43 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, increased $184 million.

Total average deposits increased $1.1 billion over the second quarter of 2024, including a $1.2 billion increase in interest-bearing deposits, partially offset by a $113 million decrease in demand deposits. Funds purchased and repurchase agreements decreased $822 million while other borrowings decreased $785 million.

Net interest margin was 2.68% compared to 2.56% in the second quarter of 2024, due to increased yields on our available-for-sale securities portfolio, combined with higher loan fees driven by payoffs and the funding shift from wholesale borrowings to interest-bearing deposits. For the third quarter of 2024, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.02% compared to 2.94% in the prior quarter. The tax-equivalent yield on earning assets was 5.89%, an increase of 9 basis points. Loan yields grew 6 basis points to 7.47%. The available-for-sale securities portfolio yield increased 5 basis points to 3.76%. The yield on trading securities was up 30 basis points to 5.36% and the yield on interest-bearing cash and cash equivalents decreased 53 basis points to 5.33%.

Funding costs were 4.11%, a 4 basis point decrease compared to the prior quarter. The cost of interest-bearing deposits increased 3 basis points to 3.79%. The cost of funds purchased and repurchase agreements decreased 39 basis points to 3.89% while the cost of other borrowings decreased 3 basis points to 5.55%. The benefit to net interest margin from assets funded by non-interest liabilities was 90 basis points, a decrease of 1 basis point.

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

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







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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
Sep. 30, 2024 / June 30, 2024
 Nine Months Ended
Sep. 30, 2024 / 2023
   
Change Due To1
  
Change Due To1
Change Volume Yield/Rate Change Volume Yield/Rate
Tax-equivalent interest revenue:            
Interest-bearing cash and cash equivalents
 $ (645) $ 19  $ (664) $ (2,345) $ (3,775) $ 1,430 
Trading securities 1,642  (2,693) 4,335  72,398  51,132  21,266 
Investment securities
 (183) (192) 9  (3,136) (2,882) (254)
Available-for-sale securities
 1,639  (293) 1,932  79,865  16,898  62,967 
Fair value option securities (5) (6) 1  (6,983) (5,784) (1,199)
Restricted equity securities
 (766) (826) 60  5,463  4,029  1,434 
Residential mortgage loans held for sale
 147  227  (80) 461  283  178 
Loans 6,853  840  6,013  147,458  70,397  77,061 
Total tax-equivalent interest revenue 8,682  (2,924) 11,606  293,181  130,298  162,883 
Interest expense:
Transaction deposits 12,645  10,378  2,267  284,077  101,676  182,401 
Savings deposits 36  (11) 47  1,851  (261) 2,112 
Time deposits 3,694  3,058  636  65,329  38,907  26,422 
Funds purchased and repurchase agreements (9,612) (8,325) (1,287) (46,963) (42,714) (4,249)
Other borrowings (10,419) (10,446) 27  66,332  48,057  18,275 
Subordinated debentures 51  12  39  366  6  360 
Total interest expense (3,605) (5,334) 1,729  370,992  145,671  225,321 
Tax-equivalent net interest income
 12,287  2,410  9,877  (77,811) (15,373) (62,438)
Change in tax-equivalent adjustment 189  (18)
Net interest income
 $ 12,098  $ (77,793)
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 $208.2 million for the third quarter of 2024, a decrease of $51.5 million compared to the second quarter of 2024. The second quarter of 2024 included $53.8 million pre-tax gain on the conversion of our Visa B shares under the exchange offer by Visa, Inc.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Brokerage and trading revenue
 $ 50,391  $ 53,017  $ (2,626) (5) % $ 162,587  $ 179,714  $ (17,127) (10) %
Transaction card revenue 28,495  27,246  1,249  5  % 81,234  78,011  3,223  4  %
Fiduciary and asset management revenue
 57,384  57,576  (192) —  % 170,265  155,910  14,355  9  %
Deposit service charges and fees
 30,450  29,572  878  3  % 88,707  80,744  7,963  10  %
Mortgage banking revenue 18,372  18,628  (256) (1) % 55,967  42,864  13,103  31  %
Other revenue 17,402  13,988  3,414  24  % 44,325  47,085  (2,760) (6) %
Total fees and commissions revenue
 202,494  200,027  2,467  1  % 603,085  584,328  18,757  3  %
Other gains, net 13,087  57,375  (44,288) N/A 74,731  16,343  58,388  N/A
Gain (loss) on derivatives, net 8,991  (1,091) 10,082  N/A (733) (18,513) 17,780  N/A
Gain (loss) on fair value option securities, net 764  (94) 858  N/A 365  (5,323) 5,688  N/A
Change in fair value of mortgage servicing rights
 (16,453) 3,453  (19,906) N/A (2,023) 11,241  (13,264) N/A
Gain (loss) on available-for-sale securities, net
 (691) 34  (725) N/A (45,828) (3,010) (42,818) N/A
Total other operating revenue
 $ 208,192  $ 259,704  $ (51,512) (20) % $ 629,597  $ 585,066  $ 44,531  8  %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

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

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage, and investment banking, decreased $2.6 million compared to the second quarter of 2024.


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Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $23.6 million, a $4.1 million decrease compared to the prior quarter. A decline in U.S. agency residential mortgage-backed securities trading volumes, driven by market conditions in the third quarter of 2024, was partially offset by an increase in municipal trading revenue led by strong activity in this sector.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Customer hedging revenue totaled $7.4 million for the third quarter of 2024, an increase of $662 thousand, and was primarily attributed to our interest rate derivative customers. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services, and loan syndication fees, totaled $14.4 million, up $680 thousand over the prior quarter, largely related to the timing and volume of transactions.
Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions and interchange fees from our corporate card program. Transaction card revenue totaled $28.5 million for the third quarter of 2024, a $1.2 million increase, primarily due to growth in the volume of transactions processed during the quarter.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was $57.4 million for the third quarter of 2024, consistent with the second quarter of 2024. Growth in our trust fee income this quarter nearly fully offset prior quarter's seasonal tax preparation fees.


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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, 2024 June 30, 2024
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 12,144,271  $ 28,348  0.93  % $ 11,479,779  $ 30,098  1.05  %
Institutional 22,000,111  7,367  0.13  % 20,019,267  8,552  0.17  %
Total managed fiduciary assets
 34,144,382  35,715  0.42  % 31,499,046  38,650  0.49  %
Non-managed assets:
Fiduciary 29,559,236  20,548  0.28  % 30,418,648  15,808  0.21  %
Non-fiduciary 21,087,866  1,121  0.02  % 20,031,316  3,118  0.06  %
Safekeeping and brokerage assets under administration
 25,911,128  —  —  % 25,528,020  —  —  %
Total non-managed assets
 76,558,230  21,669  0.11  % 75,977,984  18,926  0.10  %
Total assets under management or administration
 $ 110,702,612  $ 57,384  0.21  % $ 107,477,030  $ 57,576  0.21  %
Nine Months Ended
September 30, 2024 September 30, 2023
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 12,144,271  $ 86,384  0.95  % $ 10,572,514  $ 77,388  0.98  %
Institutional 22,000,111  27,689  0.17  % 18,244,521  26,858  0.20  %
Total managed fiduciary assets
 34,144,382  114,073  0.45  % 28,817,035  104,246  0.48  %
Non-managed assets:
Fiduciary 29,559,236  49,307  0.22  % 27,562,974  42,728  0.21  %
Non-fiduciary 21,087,866  6,885  0.04  % 18,215,082  8,936  0.07  %
Safekeeping and brokerage assets under administration
 25,911,128  —  —  % 24,409,088  —  —  %
Total non-managed assets
 76,558,230  56,192  0.10  % 70,187,144  51,664  0.10  %
Total assets under management or administration
 $ 110,702,612  $ 170,265  0.21  % $ 99,004,179  $ 155,910  0.21  %
1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $21 billion, $21 billion, and $18 billion of such assets are excluded from assets under management or administration at September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end balance.

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

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Beginning balance $ 107,477,030  $ 103,618,940  $ 104,736,999  $ 99,735,040 
Net inflows (outflows) 984,099  (3,922,122) (447,158) (4,727,474)
Net change in fair value 2,241,483  (692,639) 6,412,771  3,996,613 
Ending balance $ 110,702,612  $ 99,004,179  $ 110,702,612  $ 99,004,179 

Assets under management as of September 30, 2024, consist of 40% fixed income, 39% equities, 13% cash, and 8% alternative investments.
Deposit Service Charges

Deposit service charges and fees increased $878 thousand over the second quarter of 2024, primarily due to growth in overdraft fees and commercial service charges, combined with increased check card revenue.

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Mortgage Banking Revenue
Mortgage banking revenue was consistent with the second quarter of 2024. Mortgage production volume decreased $3.2 million to $232 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 34 basis points to 0.67%.

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Mortgage production revenue $ 1,563  $ 2,369  $ (806) (34) % $ 7,457  $ (2,804) $ 10,261  366  %
Mortgage loans funded for sale $ 224,749  $ 240,038  $ 603,963  $ 527,136 
Add: Current period end outstanding commitments 70,102  62,960  70,102  49,284 
Less: Prior period end outstanding commitments 62,960  67,951  34,783  45,492 
Total mortgage production volume $ 231,891  $ 235,047  $ (3,156) (1) % $ 639,282  $ 530,928  $ 108,354  20  %
Mortgage loan refinances to mortgage loans funded for sale 11  % 7  % 400   bps 9  % 9  % —   bps
Realized margin on funded mortgage loans 0.93  % 0.97  % (4)  bps 1.07  % (0.69) % 176   bps
Production revenue as a percentage of production volume 0.67  % 1.01  % (34)  bps 1.17  % (0.53) % 170   bps
Primary mortgage interest rates:
Average 6.51  % 7.00  % (49)  bps 6.74  % 6.66  % 8   bps
Period end 6.08  % 6.86  % (78)  bps 6.08  % 7.35  % (127)  bps
Mortgage servicing revenue $ 16,809  $ 16,259  $ 550  3  % $ 48,510  $ 45,668  $ 2,842  6  %
Average outstanding principal balance of mortgage loans serviced for others $ 22,212,755  $ 22,287,559  $ (74,804) —  % $ 21,863,071  $ 20,882,493  $ 980,578  5  %
Average mortgage servicing revenue rates 0.30  % 0.29  % 1   bp 0.30  % 0.29  % 1   bp
Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.



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Net Gains on Other Assets, Securities and Derivatives

Other gains, net, were $13.1 million for the third quarter of 2024, compared to $57.4 million in the second quarter of 2024. The second quarter of 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the Exchange Offer announced by Visa, Inc. During the third quarter of 2024, we sold the remaining Visa Class C shares (equal to 133,472 Visa Class A shares) and realized an incremental pre-tax gain of $3.1 million. The current quarter also included a gain on merchant banking investments of $5.0 million and a gain on investments related to deferred compensation of $3.8 million.

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

Table 6 – Gain (Loss) on Mortgage Servicing Rights
(In thousands)
  Three Months Ended Nine Months Ended
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Gain (loss) on mortgage hedge derivative contracts, net $ 11,357  $ (3,484) $ (1,484) $ (18,790)
Gain (loss) on fair value option securities, net 764  (94) 365  (5,323)
Gain (loss) on economic hedge of mortgage servicing rights, net 12,121  (3,578) (1,119) (24,113)
Change in fair value of mortgage servicing rights (16,453) 3,453  (2,023) 11,241 
Loss on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue
 (4,332) (125) (3,142) (12,872)
Net interest expense on fair value option securities1
 (146) (96) (397) (157)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges $ (4,478) $ (221) $ (3,539) $ (13,029)
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 2024 totaled $341.0 million, an increase of $4.3 million compared to the second quarter of 2024. Our efficiency ratio1 was 65.11% for the third quarter of 2024, compared to 59.83% 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, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Regular compensation
 $ 114,790  $ 112,056  $ 2,734  2  % $ 340,759  $ 325,552  $ 15,207  5  %
Incentive compensation:
Cash-based 50,682  42,861  7,821  18  % 143,499  141,205  2,294  2  %
Share-based 8,526  4,989  3,537  71  % 16,820  13,312  3,508  26  %
Deferred compensation 3,980  2,171  1,809  N/A 10,601  4,455  6,146  N/A
Total incentive compensation 63,188  50,021  13,167  26  % 170,920  158,972  11,948  8  %
Employee benefits 28,843  29,013  (170) (1) % 88,885  79,064  9,821  12  %
Total personnel expense 206,821  191,090  15,731  8  % 600,564  563,588  36,976  7  %
Business promotion 7,681  8,250  (569) (7) % 23,909  23,167  742  3  %
Charitable contributions to BOKF Foundation
 —  13,610  (13,610) (100) % 13,610  1,165  12,445  1,068  %
Professional fees and services
 13,405  13,331  74  1  % 38,746  39,049  (303) (1) %
Net occupancy and equipment 32,077  30,245  1,832  6  % 92,615  91,147  1,468  2  %
FDIC and other insurance 8,186  7,317  869  12  % 24,243  22,285  1,958  9  %
FDIC special assessment (1,437) 1,190  (2,627) (221) % 6,207  —  6,207  N/A
Data processing and communications
 47,554  46,131  1,423  3  % 139,249  135,781  3,468  3  %
Printing, postage and supplies 3,594  3,789  (195) (5) % 11,380  11,381  (1) —  %
Amortization of intangible assets 2,856  2,898  (42) (1) % 8,757  10,339  (1,582) (15) %
Mortgage banking costs 9,059  8,532  527  6  % 23,946  22,439  1,507  7  %
Other expense 11,229  10,307  922  9  % 34,873  28,457  6,416  23  %
Total other operating expense $ 341,025  $ 336,690  $ 4,335  1  % $ 1,018,099  $ 948,798  $ 69,301  7  %
Average number of employees (full-time equivalent)
 5,011  4,967  44  1  % 4,972  4,855  117  2  %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense
Personnel expense increased $15.7 million compared to the second quarter of 2024. Cash-based incentive compensation increased $7.8 million as the prior quarter received a benefit due to a shift in the timing of expense recognition as commercial incentive compensation plans moved to being primarily share-based rather than cash-based awards. Share-based compensation was up $3.5 million reflecting changes in assumptions of certain performance-based equity awards. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments, increased $1.8 million, directly related to market movements. Regular compensation increased $2.7 million, driven by additional staffing and a reduction in the amount of compensation expense capitalized during the third quarter. This was due to decreased loan production levels and the implementation of a significant project in the prior quarter.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Non-personnel Operating Expense
Non-personnel expense was $134.2 million, a decrease of $11.4 million. The prior quarter included a $13.6 million charitable donation to the BOKF Foundation. In the third quarter of 2024, the FDIC updated their estimate of the special assessment resulting in a benefit of $1.4 million, compared to $1.2 million of expense in the prior quarter. Net occupancy and equipment expense increased $1.8 million and data processing and communications expense grew $1.4 million, primarily due to ongoing projects.
Income Taxes

The effective tax rate was 19.22% for the third quarter of 2024 and 22.41% for the second quarter of 2024. The effective tax rate for the third quarter of 2024 decreased primarily due to the release of reserves for uncertain tax positions as the statute of limitations had expired. The effective rate for the nine months ended September 30, 2024, and September 30, 2023, was 21.13% and 21.54%, respectively, decreasing primarily due to lower forecasted pre-tax income.
Reportable Segments

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

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

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

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

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

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As shown in Table 8, net income attributable to our lines of business increased $7.2 million over the second quarter of 2024. Net interest income increased $7.6 million, primarily due to increased loan fees from early payoffs and increased non-use fees. Net loans charged off decreased $7.1 million to $291 thousand. Operating revenue increased $4.5 million, primarily due to an increase in letter of credit fees and fees earned on derivative counterparty margin, coupled with increased gains on merchant banking investments. Operating expense increased $8.2 million, largely due to increased incentive compensation costs during the quarter. Corporate expense allocations decreased $3.1 million. The decrease in net income attributed to Funds Management and other is largely due to the $53.8 million pre-tax gain recognized on the conversion of our Visa B shares in the prior quarter.

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, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Commercial Banking
 $ 129,854  $ 119,579  $ 10,275  9  % $ 371,230  $ 413,385  $ (42,155) (10) %
Consumer Banking 18,948  24,117  (5,169) (21) % 67,796  66,764  1,032  2  %
Wealth Management 29,616  27,497  2,119  8  % 82,341  116,405  (34,064) (29) %
Subtotal 178,418  171,193  7,225  4  % 521,367  596,554  (75,187) (13) %
Funds Management and other (38,419) (7,480) (30,939) N/A (133,952) (148,383) 14,431  N/A
Total $ 139,999  $ 163,713  $ (23,714) (14) % $ 387,415  $ 448,171  $ (60,756) (14) %
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 $129.9 million to consolidated net income in the third quarter of 2024, an increase of $10.3 million, or 9%, compared to the second quarter of 2024.

Table 9 – Commercial Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Net interest income from external sources
 $ 277,777  $ 283,349  $ (5,572) (2) % $ 843,882  $ 886,283  $ (42,401) (5) %
Net interest expense from internal sources
 (70,167) (79,593) 9,426  12  % (228,521) (223,305) (5,216) (2) %
Net interest income
 207,610  203,756  3,854  2  % 615,361  662,978  (47,617) (7) %
Net loans charged off (recovered) (1,329) 6,134  (7,463) (122) % 8,965  10,980  (2,015) (18) %
Net interest income after net loans charged off
 208,939  197,622  11,317  6  % 606,396  651,998  (45,602) (7) %
Fees and commissions revenue
 55,865  53,720  2,145  4  % 160,215  173,397  (13,182) (8) %
Other gains, net 3,455  816  2,639  323  % 3,647  11,429  (7,782) (68) %
Other operating revenue
 59,320  54,536  4,784  9  % 163,862  184,826  (20,964) (11) %
Personnel expense
 48,152  45,964  2,188  5  % 139,435  138,699  736  1  %
Non-personnel expense
 30,235  30,150  85  —  % 85,161  95,250  (10,089) (11) %
Other operating expense
 78,387  76,114  2,273  3  % 224,596  233,949  (9,353) (4) %
Net direct contribution
 189,872  176,044  13,828  8  % 545,662  602,875  (57,213) (9) %
Gain on financial instruments, net 162  168  (6) (4) % 497  162  335  207  %
Gain on repossessed assets, net —  —  —  N/A —  999  (999) (100) %
Corporate expense allocations
 17,371  17,381  (10) —  % 53,149  56,960  (3,811) (7) %
Income before taxes
 172,663  158,831  13,832  9  % 493,010  547,076  (54,066) (10) %
Federal and state income tax
 42,809  39,252  3,557  9  % 121,780  133,691  (11,911) (9) %
Net income
 $ 129,854  $ 119,579  $ 10,275  9  % $ 371,230  $ 413,385  $ (42,155) (10) %
Average assets
 $ 30,657,285  $ 30,305,613  $ 351,672  1  % $ 30,258,034  $ 28,402,890  $ 1,855,144  7  %
Average loans
 20,340,512  20,403,837  (63,325) —  % 20,270,762  19,188,167  1,082,595  6  %
Average deposits
 17,131,237  16,189,003  942,234  6  % 16,353,011  15,263,498  1,089,513  7  %
Average invested capital
 2,144,219  2,154,515  (10,296) —  % 2,160,584  2,156,183  4,401  —  %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest income increased $3.9 million, or 2%, due to increased loan fees from early payoffs and increased non-use fees. Net recoveries were $1.3 million in the third quarter of 2024 compared to net loans charged off of $6.1 million in the prior quarter.

Fees and commissions revenue increased $2.1 million, or 4%. Transaction card revenue increased $1.2 million driven by an increase in transaction volume processed during the quarter. Other gains, net, increased $2.6 million related to gains on merchant banking investments. Operating expense increased $2.3 million, or 3%, compared to the second quarter of 2024, primarily due to an increase in personnel expense for increased incentive compensation.
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Average outstanding loan balances attributed to Commercial Banking were relatively consistent with the prior quarter at $20.3 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 grew by $942 million, or 6%, over the second quarter of 2024 to $17.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

Consumer Banking

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

Consumer Banking contributed $18.9 million to consolidated net income for the third quarter of 2024, a decrease of $5.2 million, or 21%, compared to the prior quarter.

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Table 10 – Consumer Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Net interest income from external sources
 $ 5,955  $ 6,192  $ (237) (4) % $ 19,497  $ 50,360  $ (30,863) (61) %
Net interest income from internal sources
 59,308  58,972  336  1  % 175,065  151,315  23,750  16  %
Net interest income
 65,263  65,164  99  —  % 194,562  201,675  (7,113) (4) %
Net loans charged off 1,779  1,247  532  43  % 4,834  2,240  2,594  116  %
Net interest income after net loans charged off
 63,484  63,917  (433) (1) % 189,728  199,435  (9,707) (5) %
Fees and commissions revenue 36,699  36,252  447  1  % 109,158  93,657  15,501  17  %
Other losses, net —  —  —  N/A —  (54) 54  100  %
Other operating revenue 36,699  36,252  447  1  % 109,158  93,603  15,555  17  %
Personnel expense 24,616  24,016  600  2  % 73,868  66,421  7,447  11  %
Non-personnel expense 33,163  31,112  2,051  7  % 92,486  90,614  1,872  2  %
Total other operating expense 57,779  55,128  2,651  5  % 166,354  157,035  9,319  6  %
Net direct contribution 42,404  45,041  (2,637) (6) % 132,532  136,003  (3,471) (3) %
Gain (loss) on financial instruments, net 12,121  (3,577) 15,698  439  % (1,119) (24,113) 22,994  95  %
Change in fair value of mortgage servicing rights
 (16,453) 3,453  (19,906) (576) % (2,023) 11,241  (13,264) (118) %
Gain on repossessed assets, net —  9  (9) (100) % 116  25  91  364  %
Corporate expense allocations 13,298  13,392  (94) (1) % 40,862  35,860  5,002  14  %
Income before taxes 24,774  31,534  (6,760) (21) % 88,644  87,296  1,348  2  %
Federal and state income tax 5,826  7,417  (1,591) (21) % 20,848  20,532  316  2  %
Net income $ 18,948  $ 24,117  $ (5,169) (21) % $ 67,796  $ 66,764  $ 1,032  2  %
Average assets $ 9,804,990  $ 9,630,470  $ 174,520  2  % $ 9,609,862  $ 9,635,204  $ (25,342) —  %
Average loans 2,057,870  1,975,106  82,764  4  % 1,982,464  1,774,376  208,088  12  %
Average deposits 8,136,312  8,073,782  62,530  1  % 8,037,449  8,055,990  (18,541) —  %
Average invested capital 320,077  307,077  13,000  4  % 307,639  273,405  34,234  13  %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest income from Consumer Banking stayed consistent with the prior quarter at $65.3 million. Operating revenue was relatively unchanged from the prior quarter. Operating expense increased $2.7 million, or 5%.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.5 million compared to a net cost of $221 thousand for the second quarter of 2024.

Average loans increased $83 million, or 4% over the prior quarter, to $2.1 billion. Average deposits attributed to the Consumer Banking segment increased $63 million, or 1%, to $8.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Wealth Management

Wealth Management contributed $29.6 million to consolidated net income in the third quarter of 2024, an increase of $2.1 million, or 8%, over the second quarter of 2024.

Table 11 – Wealth Management
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Nine Months Ended Increase (Decrease) % Increase (Decrease)
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2024 Sep. 30, 2023
Net interest income from external sources
 $ 10,640  $ 2,612  $ 8,028  307  % $ 20,251  $ 32,977  $ (12,726) (39) %
Net interest income from internal sources
 22,545  26,889  (4,344) (16) % 70,833  59,131  11,702  20  %
Net interest income
 33,185  29,501  3,684  12  % 91,084  92,108  (1,024) (1) %
Net loans recovered (159) —  (159) N/A (174) (60) (114) (190) %
Net interest income after net loans recovered
 33,344  29,501  3,843  13  % 91,258  92,168  (910) (1) %
Fees and commissions revenue 112,457  113,208  (751) (1) % 344,369  355,575  (11,206) (3) %
Other losses, net
 —  —  —  N/A —  (7) 7  100  %
Other operating revenue 112,457  113,208  (751) (1) % 344,369  355,568  (11,199) (3) %
Personnel expense 66,524  63,669  2,855  4  % 193,742  184,752  8,990  5  %
Non-personnel expense 27,015  26,545  470  2  % 89,299  70,698  18,601  26  %
Other operating expense 93,539  90,214  3,325  4  % 283,041  255,450  27,591  11  %
Net direct contribution 52,262  52,495  (233) —  % 152,586  192,286  (39,700) (21) %
Corporate expense allocations 13,458  16,484  (3,026) (18) % 44,721  39,871  4,850  12  %
Income before taxes 38,804  36,011  2,793  8  % 107,865  152,415  (44,550) (29) %
Federal and state income tax 9,188  8,514  674  8  % 25,524  36,010  (10,486) (29) %
Net income $ 29,616  $ 27,497  $ 2,119  8  % $ 82,341  $ 116,405  $ (34,064) (29) %
Average assets $ 16,344,623  $ 16,452,098  $ (107,475) (1) % $ 16,185,931  $ 13,128,925  $ 3,057,006  23  %
Average loans 2,151,196  2,199,747  (48,551) (2) % 2,183,132  2,217,519  (34,387) (2) %
Average deposits 9,837,888  9,551,307  286,581  3  % 9,543,465  7,622,838  1,920,627  25  %
Average invested capital 327,197  319,376  7,821  2  % 325,185  310,113  15,072  5  %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Combined net interest income and fee revenue increased $2.9 million, or 2%, compared to the second quarter of 2024, primarily due to an increase in letter of credit fees and fees earned on derivative counterparty margin. Total revenue from institutional trading activities was relatively consistent with the prior quarter as the decline in U.S. agency residential mortgage-backed securities trading volumes was offset by increased net interest income from higher yields on trading securities. Personnel expense increased $2.9 million, or 4%, largely due to growth in incentive compensation expense.

Average outstanding loans attributed to the Wealth Management segment decreased $49 million, or 2%, to $2.2 billion compared to the prior quarter. Average Wealth Management deposits increased $287 million, or 3%, to $9.8 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
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Financial Condition
Securities

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

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others. Trading securities decreased $73 million to $5.1 billion during the third quarter of 2024. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales, and other techniques.

At September 30, 2024, the carrying value of investment securities was $2.1 billion, including a $234 thousand allowance for expected credit losses, compared to $2.1 billion at June 30, 2024, with a $287 thousand allowance for expected credit losses. The fair value of investment securities was $1.9 billion at September 30, 2024, a $13 million increase compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

Available-for-sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of available-for-sale securities totaled $13.3 billion at September 30, 2024, a $120 million decrease compared to June 30, 2024. At September 30, 2024, the available-for-sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available-for-sale securities was 3.2 years as of September 30, 2024, compared to 3.4 years as of June 30, 2024. Management estimates the duration extends to 3.9 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.2 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.0 years, extending to 3.5 years in an upward shock of 200 basis points and contracting to 2.3 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the available-for-sale securities portfolio on our tangible equity ratio under various shock scenarios.

On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements (the "Exchange Offer"). The Company tendered all of its 252,233 Class B-1 Visa shares under the Exchange Offer and received 126,116 shares of Visa Class B-2 common stock and 50,053 shares of Visa Class C common stock which automatically converted into four shares of Visa's Class A common stock upon any transfer to a person other than a Visa member or an affiliate of a Visa member. During the second quarter of 2024, the Company donated the equivalent of 35,620 Visa Class A shares to the BOKF Foundation and sold 31,120 Visa Class A shares recognizing a $10 million charitable contribution and $18.7 million in pre-tax gains. The Company recognized an unrealized gain of $34.9 million on the remaining Visa Class C common shares during the second quarter based on the closing price of Visa Class A common stock as evidence of orderly transactions between market participants for similar securities issued by Visa. The Company sold the remaining Visa Class C shares (equal to 133,472 Visa Class A common shares) during the third quarter and recorded a realized pre-tax gain of $3.1 million. The Visa Class B-2 shares carry over the restrictions associated with the former Visa Class B-1 shares. See Note 6 to the Consolidated Financial Statements.
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Bank-Owned Life Insurance

We have approximately $414 million of bank-owned life insurance at September 30, 2024. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $318 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, 2024, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $300 million. Since the underlying fair value of the investments held in separate accounts at September 30, 2024, was below the net book value of the investments, $17 million of cash surrender value was supported by the stable value wrap. The remaining $2.1 million of fair value held in separate accounts is not supported by the stable value wrap. The stable value wrap is provided by an investment grade financial institution.
Loans

The aggregate loan portfolio before allowance for loan losses totaled $24.0 billion at September 30, 2024, a decrease of $569 million compared to June 30, 2024, largely due to a reduction in commercial loans, partially offset by an increase in commercial real estate loan balances and loans to individuals.

Table 12 – Loans
(In thousands)
Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Commercial:  
Healthcare $ 4,149,069  $ 4,231,058  $ 4,245,939  $ 4,143,233  $ 4,083,134 
Services 3,573,670  3,577,144  3,529,421  3,576,223  3,566,361 
Energy 3,126,635  3,451,485  3,443,719  3,437,101  3,490,602 
General business 4,028,548  4,363,722  3,913,788  3,647,212  3,579,742 
Total commercial 14,877,922  15,623,409  15,132,867  14,803,769  14,719,839 
Commercial real estate:
Multifamily 2,109,445  1,997,282  1,960,839  1,872,760  1,734,688 
Industrial 1,270,928  1,214,991  1,343,970  1,475,165  1,432,629 
Office 815,966  876,897  901,105  909,442  981,876 
Retail 521,874  547,706  543,735  592,632  608,073 
Residential construction and land development
 105,048  88,252  83,906  95,052  100,465 
Other commercial real estate 365,394  358,447  403,122  392,596  383,569 
Total commercial real estate 5,188,655  5,083,575  5,236,677  5,337,647  5,241,300 
Loans to individuals:  
Residential mortgage 2,370,293  2,281,226  2,192,584  2,160,640  2,090,992 
Residential mortgage guaranteed by U.S. government agencies
 127,747  131,825  139,456  149,807  161,092 
Personal 1,420,444  1,433,546  1,470,976  1,453,105  1,510,795 
Total loans to individuals 3,918,484  3,846,597  3,803,016  3,763,552  3,762,879 
Total $ 23,985,061  $ 24,553,581  $ 24,172,560  $ 23,904,968  $ 23,724,018 
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Commercial

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

Commercial loans totaled $14.9 billion, or 62% of the loan portfolio at September 30, 2024, a $745 million decrease compared to June 30, 2024, primarily due to a decrease in energy, general business and healthcare loan balances.

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

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

Outstanding energy loan balances totaled $3.1 billion, or 13% of total loans at September 30, 2024, a $325 million decrease compared to June 30, 2024. This decrease was primarily due to a more accommodative public debt market for the energy industry and merger activity in the sector.

Approximately $2.5 billion of energy loans were to oil and gas producers, a $160 million decrease compared to June 30, 2024. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil, and 30% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $406 million at September 30, 2024, a $132 million decrease compared to June 30, 2024. Loans to borrowers that provide services to the energy industry totaled $192 million at September 30, 2024, a decrease of $28 million compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $38 million, a $4.9 million decrease compared to June 30, 2024.

Unfunded energy loan commitments were $4.5 billion at September 30, 2024, a $95 million increase over June 30, 2024.

The healthcare sector of the loan portfolio totaled $4.1 billion, or 17% of total loans. Healthcare loans decreased $82 million compared to June 30, 2024. Healthcare sector loans consist primarily of loans for the development and operation of senior housing and care facilities including independent living, assisted living and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities that serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.6 billion, or 15% of total loans, a $3.5 million decrease compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors. Approximately $1.4 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.

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General business loans totaled $4.0 billion, or 17% of total loans, a decrease of $335 million compared to the prior quarter. General business loans consist of $2.6 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At September 30, 2024, the outstanding principal balance of these loans totaled $5.6 billion, including $2.1 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 20% of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

Commercial Real Estate

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

Outstanding commercial real estate loan balances totaled $5.2 billion, or 22% of total loans at September 30, 2024, an increase of $105 million compared to June 30, 2024. Loans secured by multifamily properties increased by $112 million to $2.1 billion. Loans secured by industrial facilities increased by $56 million to $1.3 billion, and construction and land development loans increased by $17 million to $105 million. These increases were partially offset by a $61 million decrease in loans secured by office facilities and a $26 million decrease in loans secured by retail facilities.

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

Unfunded commercial real estate loan commitments were $1.7 billion at September 30, 2024, an increase of $131 million compared to June 30, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to Individuals

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

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

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

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Loans to individuals totaled $3.9 billion, or 16% of the loan portfolio, an increase of $72 million compared to June 30, 2024. Approximately 90% 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.

Table 13 – Loans Managed by Primary Geographical Market
(In thousands)
Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Texas:
Commercial $ 7,437,800  $ 7,879,143  $ 7,515,070  $ 7,384,107  $ 7,249,963 
Commercial real estate 1,816,276  1,754,087  1,935,728  1,987,037  1,873,477 
Loans to individuals 880,213  908,920  964,464  914,134  961,299 
Total Texas 10,134,289  10,542,150  10,415,262  10,285,278  10,084,739 
Oklahoma:
Commercial 3,440,385  3,619,136  3,478,146  3,275,907  3,384,627 
Commercial real estate 557,025  556,971  605,419  606,515  601,087 
Loans to individuals 2,367,725  2,273,240  2,176,268  2,147,782  2,100,974 
Total Oklahoma 6,365,135  6,449,347  6,259,833  6,030,204  6,086,688 
Colorado:
Commercial 2,175,540  2,220,887  2,244,416  2,273,179  2,219,460 
Commercial real estate 835,478  806,522  766,100  769,329  710,552 
Loans to individuals 216,938  217,990  221,291  228,257  227,569 
Total Colorado 3,227,956  3,245,399  3,231,807  3,270,765  3,157,581 
Arizona:
Commercial 1,064,380  1,104,875  1,149,394  1,143,682  1,173,491 
Commercial real estate 1,115,928  1,045,837  1,007,972  1,003,331  1,014,151 
Loans to individuals 218,340  208,419  218,664  248,873  260,282 
Total Arizona 2,398,648  2,359,131  2,376,030  2,395,886  2,447,924 
Kansas/Missouri:
Commercial 306,370  336,232  320,609  331,179  307,725 
Commercial real estate 438,424  482,249  497,036  511,947  547,708 
Loans to individuals 158,524  157,750  141,767  144,958  132,137 
Total Kansas/Missouri 903,318  976,231  959,412  988,084  987,570 
New Mexico:
Commercial 324,605  318,711  317,651  291,736  297,714 
Commercial real estate 386,037  367,678  352,559  389,106  405,989 
Loans to individuals 64,511  67,747  67,814  67,485  69,418 
Total New Mexico 775,153  754,136  738,024  748,327  773,121 
Arkansas:
Commercial 128,842  144,425  107,581  103,979  86,859 
Commercial real estate 39,487  70,231  71,863  70,382  88,336 
Loans to individuals 12,233  12,531  12,748  12,063  11,200 
Total Arkansas 180,562  227,187  192,192  186,424  186,395 
Total BOK Financial loans $ 23,985,061  $ 24,553,581  $ 24,172,560  $ 23,904,968  $ 23,724,018 
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Off-Balance Sheet Commitments

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

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

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

Table 14 – Off-Balance Sheet Credit Commitments
(In thousands)
  Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Loan commitments $ 14,555,282  $ 14,114,288  $ 14,433,786  $ 14,793,025  $ 14,404,610 
Standby letters of credit 735,420  736,527  733,903  710,543  759,563 
Unpaid principal balance of residential mortgage loans sold with recourse
 35,140  36,582  37,891  39,333  40,369 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs 933,989  942,658  950,115  959,256  970,469 
Customer Hedging Programs
 
We offer programs that permit our customers to hedge various risks, including fluctuations in energy, interest rates, foreign exchange rates, and other commodities with derivative contracts. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates, or foreign exchange rates. The counterparty contracts are identical to the customer contracts except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk, and profit.

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

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

A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorates such that either the fair value of underlying collateral no longer supports the contract or the customer or the counterparty's ability to provide margin collateral becomes impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.
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Derivative contracts are carried at fair value. At September 30, 2024, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $415 million compared to $339 million at June 30, 2024. At September 30, 2024, the net fair value of our derivative contracts included $290 million for energy contracts, $68 million for foreign exchange contracts, and $57 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $393 million at September 30, 2024, and $327 million at June 30, 2024.

At September 30, 2024, total derivative assets were reduced by $109 million of cash collateral received from counterparties and total derivative liabilities were reduced by $118 thousand 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, 2024, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Exchanges and clearing organizations $ 207,126 
Customers 57,233 
Banks and other financial institutions 41,895 
Fair value of customer risk management program asset derivative contracts, net $ 306,254 
 
At September 30, 2024, our largest derivative exposure was to an exchange for $165 million of net energy derivative positions, net of cash margin.

Our customer hedging program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $50.64 per barrel of oil would decrease the fair value of derivative assets by $2.5 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $85.70 per barrel of oil would increase the fair value of derivative assets by $532 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, 2024, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

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

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Allowance for loan losses:    
Beginning balance $ 287,826  $ 281,623  $ 277,123  $ 272,114  $ 262,714 
Loans charged off (2,496) (7,940) (7,060) (5,007) (10,593)
Recoveries of loans previously charged off 2,550  995  1,600  911  4,062 
Net loans charged off
 54  (6,945) (5,460) (4,096) (6,531)
Provision for credit losses
 (3,424) 13,148  9,960  9,105  15,931 
Ending balance $ 284,456  $ 287,826  $ 281,623  $ 277,123  $ 272,114 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 42,336  $ 47,319  $ 48,977  $ 52,604  $ 59,940 
Provision for credit losses
 5,430  (4,983) (1,658) (3,627) (7,336)
Ending balance $ 47,766  $ 42,336  $ 47,319  $ 48,977  $ 52,604 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
 $ 3,069  $ 3,224  $ 3,492  $ 2,962  $ 4,443 
Net loans charged off
 (29) (2) (3) —  (7)
Provision for credit losses
 47  (153) (265) 530  (1,474)
Ending balance
 $ 3,087  $ 3,069  $ 3,224  $ 3,492  $ 2,962 
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance
 $ 287  $ 299  $ 336  $ 344  $ 465 
Provision for credit losses
 (53) (12) (37) (8) (121)
Ending balance $ 234  $ 287  $ 299  $ 336  $ 344 
Total provision for credit losses
 $ 2,000  $ 8,000  $ 8,000  $ 6,000  $ 7,000 
Average loans by portfolio segment :
Commercial $ 15,076,308  $ 15,516,238  $ 14,992,639  $ 14,680,001  $ 14,527,676 
Commercial real estate 5,257,842  5,048,704  5,188,152  5,293,021  5,172,876 
Loans to individuals 3,970,734  3,820,211  3,767,776  3,732,086  3,713,756 
Net charge-offs (annualized) to average loans —  % 0.11  % 0.09  % 0.07  % 0.11  %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial (0.02) % 0.15  % 0.09  % 0.08  % 0.18  %
Commercial real estate (0.02) % 0.01  % 0.10  % —  % (0.07) %
Loans to individuals 0.09  % 0.08  % 0.10  % 0.11  % 0.10  %
Recoveries to gross charge-offs
 102.16  % 12.53  % 22.66  % 18.19  % 38.35  %
Provision for loan losses (annualized) to average loans
 (0.06) % 0.22  % 0.17  % 0.15  % 0.27  %
Allowance for loan losses to loans outstanding at period end
 1.19  % 1.17  % 1.17  % 1.16  % 1.15  %
Accrual for unfunded loan commitments to loan commitments
 0.33  % 0.30  % 0.33  % 0.33  % 0.37  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
 1.39  % 1.34  % 1.36  % 1.36  % 1.37  %
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Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments
Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates, and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.
Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans, increased $19 million over June 30, 2024. Non-pass grade commercial real estate loans increased $43 million. Non-pass grade energy loans decreased $18 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
The provision for credit losses of $2.0 million in the third quarter of 2024 reflects continued strong credit quality, net loan paydowns, and relatively minor changes in economic forecast scenario assumptions. The allowance for loan losses totaled $284 million, or 1.19% of outstanding loans at September 30, 2024. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 366% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.39% of outstanding loans and 427% of nonaccruing loans at September 30, 2024.
The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $172 million in quantitative reserve, while a 100% upside case would result in $18 million less quantitative reserve at September 30, 2024. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.
The Company recorded an $8.0 million provision for credit losses in the second quarter of 2024. The allowance for loan losses was $288 million, or 1.17% of outstanding loans at June 30, 2024. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 342% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.34% of outstanding loans and 393% of nonaccruing loans.
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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2024 follows:
Base Downside Upside
Scenario probability weighting 50% 35% 15%
Economic outlook
Geopolitical conflicts remain isolated.

There are five rate cuts over the next four quarters, bringing the federal funds target range to 3.50% to 3.75% by the end of the third quarter of 2025.

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

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

The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are nine rate cuts over the next four quarters bringing the target range to 2.50% to 2.75% by the end of the third quarter of 2025.

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

There are six rate cuts over the next four quarters, bringing the target range to 3.25% to 3.50% by the end of the third quarter of 2025.

Core inflation continues to improve from the previous peaks and reaches 2.3% by the third quarter of 2025.

Labor force participants continue to re-enter the job market to help fill the elevated level of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This supports consumer spending and produces GDP growth consistent with pre-pandemic levels.
Macro-economic factors
–GDP is forecasted to grow by 1.9% over the next 12 months.
–Civilian unemployment rate of 4.2% in the fourth quarter of 2024 increases to 4.3% by the third quarter of 2025.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of September 2024 and are expected to average $67.23 per barrel over the next 12 months.
–GDP is forecasted to contract 1.8% over the next twelve months.
–Civilian unemployment rate of 4.8% in the fourth quarter of 2024 increases to 6.6% in the third quarter of 2025.
–WTI oil prices are projected to average $46.70 over the next 12 months, with a peak of $50.47 in the fourth quarter of 2024 and falling 15% over the following three quarters.
–GDP is forecasted to grow by 2.2% over the next 12 months.
–Civilian unemployment rate of 4.2% in the fourth quarter of 2024 decreases to 4.0% by the third quarter of 2025.
–WTI oil prices are projected to average $66.00 per barrel over the next 12 months.


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Net Loans Charged Off

Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter. Net charge-offs of loans to individuals include deposit account overdraft losses. Net charge-offs were $6.9 million, or 0.11% of average loans on an annualized basis, in the second quarter of 2024.

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

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

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

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

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

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

Table 17 – Nonperforming Assets
(Dollars in thousands)
Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Nonaccruing loans:        
Commercial:    
Healthcare $ 15,927  $ 20,845  $ 49,307  $ 81,529  $ 41,836 
Energy 28,986  28,668  14,991  17,843  19,559 
Services 1,425  3,165  3,319  3,616  2,820 
General business 5,334  5,756  7,003  7,143  6,483 
Total commercial 51,672  58,434  74,620  110,131  70,698 
Commercial real estate 12,364  12,883  22,087  7,320  7,418 
Loans to individuals:    
Residential mortgage 13,688  12,627  13,449  18,056  30,954 
Residential mortgage guaranteed by U.S. government agencies
 6,520  6,617  9,217  9,709  10,436 
Personal 71  122  142  253  79 
Total loans to individuals 20,279  19,366  22,808  28,018  41,469 
Total nonaccruing loans 84,315  90,683  119,515  145,469  119,585 
Real estate and other repossessed assets 2,625  2,334  2,860  2,875  3,753 
Total nonperforming assets $ 86,940  $ 93,017  $ 122,375  $ 148,344  $ 123,338 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
 $ 80,420  $ 86,400  $ 113,158  $ 138,635  $ 112,902 
Allowance for loan losses to nonaccruing loans1
 365.65  % 342.38  % 255.33  % 204.13  % 249.31  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
 427.05  % 392.74  % 298.23  % 240.20  % 297.50  %
Nonperforming assets to outstanding loans and repossessed assets
 0.36  % 0.38  % 0.51  % 0.62  % 0.52  %
Nonperforming assets to outstanding loans and repossessed assets1
 0.34  % 0.35  % 0.47  % 0.58  % 0.48  %
Nonaccruing loans to outstanding loans 0.35  % 0.37  % 0.49  % 0.61  % 0.50  %
Nonaccruing commercial loans to outstanding commercial loans
 0.35  % 0.37  % 0.49  % 0.74  % 0.48  %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
 0.24  % 0.25  % 0.42  % 0.14  % 0.14  %
Nonaccruing loans to individuals to outstanding loans to individuals1
 0.36  % 0.34  % 0.37  % 0.51  % 0.86  %
1     Excludes residential mortgages guaranteed by U.S. government agencies.
Nonaccruing loans decreased $6.4 million compared to June 30, 2024. New nonaccruing loans identified in the third quarter totaled $26 million, offset by $29 million in payments received and $2.5 million of charge-offs. Nonaccruing healthcare loans decreased $4.9 million and nonaccruing services loans decreased $1.7 million, partially offset by a $1.1 million increase in nonaccruing residential mortgage loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


- 31 -

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

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
  Three Months Ended
September 30, 2024
Nonaccruing Loans Real Estate and Other Repossessed Assets Total Nonperforming Assets
  Commercial Commercial Real Estate Loan to Individuals Total
Balance, June 30, 2024 $ 58,434  $ 12,883  $ 19,366  $ 90,683  $ 2,334  $ 93,017 
Additions 21,529  —  4,361  25,890  —  25,890 
Payments (27,249) (519) (1,551) (29,319) —  (29,319)
Charge-offs (856) —  (1,640) (2,496) —  (2,496)
Net gains (losses) and write-downs —  —  —  —  (4) (4)
Foreclosure of nonperforming loans
 (186) —  (177) (363) 363  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (285) (285) —  (285)
Proceeds from sales —  —  —  —  (68) (68)
Net transfers to nonaccruing loans —  —  275  275  —  275 
Return to accrual status —  —  (70) (70) —  (70)
Balance, September 30, 2024 $ 51,672  $ 12,364  $ 20,279  $ 84,315  $ 2,625  $ 86,940 
Nine Months Ended
September 30, 2024
Nonaccruing Loans Real Estate and Other Repossessed Assets Total Nonperforming Assets
Commercial Commercial Real Estate Loan to Individuals Total
Balance, Dec. 31, 2023 $ 110,131  $ 7,320  $ 28,018  $ 145,469  $ 2,875  $ 148,344 
Additions 45,291  18,766  10,430  74,487  —  74,487 
Payments (61,980) (12,267) (5,482) (79,729) —  (79,729)
Charge-offs (11,487) (1,455) (4,554) (17,496) —  (17,496)
Net gains (losses) and write-downs —  —  —  —  138  138 
Foreclosure of nonperforming loans
 (186) —  (254) (440) 440  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (1,611) (1,611) —  (1,611)
Proceeds from sales —  —  —  —  (828) (828)
Net transfers to nonaccruing loans —  —  (1,707) (1,707) —  (1,707)
Return to accrual status (30,097) —  (4,561) (34,658) —  (34,658)
Balance, September 30, 2024 $ 51,672  $ 12,364  $ 20,279  $ 84,315  $ 2,625  $ 86,940 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $2.6 million at September 30, 2024, largely unchanged compared to June 30, 2024. Real estate and other repossessed assets were composed primarily of $2.1 million of land for commercial real estate development.
- 32 -

Liquidity and Capital

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the third quarter of 2024, approximately 72% of our funding was provided by deposit accounts, 14% from borrowed funds, 11% from equity, and less than 1% from long-term subordinated debt. 

Subsidiary Bank

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

Average deposits for the third quarter of 2024 totaled $36.8 billion, a $1.1 billion increase over the second quarter of 2024. Interest-bearing transaction account balances grew by $980 million and time deposit balances were up $252 million. Demand deposit balances decreased $113 million compared to the prior quarter.

Table 19 – Average Deposits by Line of Business
(In thousands)
Three Months Ended
  Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Commercial Banking $ 17,131,237  $ 16,189,003  $ 15,730,241  $ 15,493,326  $ 15,115,313 
Consumer Banking 8,136,312  8,073,782  7,901,167  7,890,032  7,936,186 
Wealth Management 9,837,888  9,551,307  9,237,965  8,085,643  7,886,962 
Subtotal 35,105,437  33,814,092  32,869,373  31,469,001  30,938,461 
Funds Management and other 1,654,860  1,839,131  2,156,518  2,207,212  2,349,436 
Total $ 36,760,297  $ 35,653,223  $ 35,025,891  $ 33,676,213  $ 33,287,897 

Average Commercial Banking deposits increased $942 million over the second quarter of 2024. Interest-bearing transaction account balances increased $1.0 billion, while demand deposit balances decreased $99 million. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our Commercial deposit portfolio is our energy customers representing 9% of our total deposits.

Average Consumer Banking deposit balances increased $63 million over the prior quarter. A $153 million increase in time deposit balances was partially offset by a $41 million decrease in interest-bearing transaction account balances and a $37 million decrease in demand deposit balances.

Average Wealth Management deposits increased $287 million over the second quarter of 2024. Time deposit balances increased $190 million, interest-bearing transaction account balances increased $62 million, and demand deposit balances increased $32 million.

Average brokered deposits were 5% of total deposits during the third quarter of 2024. Excluding the reciprocal component, brokered deposits represented 1% of total deposits. Beginning in the first quarter of 2024, reciprocal deposit balances exceeded the $5 billion general threshold as defined by the FDIC. Reciprocal deposit balances in excess of the $5 billion general threshold are included as brokered deposits for regulatory reporting purposes. Growth in brokered deposits during the quarter was primarily related to growth in reciprocal deposit balances. Average interest-bearing transaction accounts for the third quarter included $1.7 billion of brokered deposits, a $423 million increase over the second quarter of 2024. Average time deposits for the third quarter of 2024 included $262 million of brokered deposits, a $123 million decrease compared to the second quarter of 2024. Period end brokered interest-bearing transaction accounts increased $125 million to $1.7 billion at September 30, 2024, and brokered time deposits increased $75 million to $316 million at September 30, 2024.


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

Table 20 – Period End Deposits by Principal Market Area
(In thousands)
Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Oklahoma:    
Demand $ 3,491,996  $ 3,721,009  $ 3,365,529  $ 3,586,091  $ 4,019,019 
Interest-bearing:
Transaction 12,474,626  12,115,793  12,362,193  10,929,704  9,970,955 
Savings 490,957  496,289  509,775  500,313  508,619 
Time 2,462,463  2,157,778  2,136,583  1,984,336  2,019,749 
Total interest-bearing 15,428,046  14,769,860  15,008,551  13,414,353  12,499,323 
Total Oklahoma 18,920,042  18,490,869  18,374,080  17,000,444  16,518,342 
Texas:
Demand 2,228,690  2,448,433  2,201,561  2,306,334  2,599,998 
Interest-bearing:
Transaction 6,191,794  5,425,670  5,125,834  5,035,856  5,046,288 
Savings 152,392  150,812  157,108  155,652  154,863 
Time 648,796  626,724  605,526  492,753  436,218 
Total interest-bearing 6,992,982  6,203,206  5,888,468  5,684,261  5,637,369 
Total Texas 9,221,672  8,651,639  8,090,029  7,990,595  8,237,367 
Colorado:
Demand 1,195,637  1,244,848  1,316,971  1,633,672  1,598,622 
Interest-bearing:
Transaction 1,935,685  1,921,671  1,951,232  1,921,605  1,888,026 
Savings 56,275  61,184  63,675  67,646  63,129 
Time 279,887  261,237  237,656  201,393  185,030 
Total interest-bearing 2,271,847  2,244,092  2,252,563  2,190,644  2,136,185 
Total Colorado 3,467,484  3,488,940  3,569,534  3,824,316  3,734,807 
New Mexico:
Demand 628,594  661,677  683,643  794,467  853,571 
Interest-bearing:
Transaction 1,275,502  1,323,750  1,085,946  886,089  1,049,903 
Savings 90,867  92,910  95,944  95,453  97,753 
Time 336,830  314,133  298,556  258,195  217,535 
Total interest-bearing 1,703,199  1,730,793  1,480,446  1,239,737  1,365,191 
Total New Mexico 2,331,793  2,392,470  2,164,089  2,034,204  2,218,762 
Arizona:
Demand 435,553  448,587  502,143  524,167  522,142 
Interest-bearing:
Transaction 1,237,811  1,227,895  1,181,539  1,174,715  903,535 
Savings 11,228  11,542  12,024  11,636  12,340 
Time 59,508  56,102  46,962  41,884  36,689 
Total interest-bearing 1,308,547  1,295,539  1,240,525  1,228,235  952,564 
Total Arizona 1,744,100  1,744,126  1,742,668  1,752,402  1,474,706 
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Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Kansas/Missouri:
Demand 255,950  291,045  316,041  326,496  351,236 
Interest-bearing:
Transaction 1,134,544  1,040,114  985,706  966,166  981,091 
Savings 11,896  14,998  13,095  13,821  14,331 
Time 35,316  32,921  30,411  23,955  22,437 
Total interest-bearing 1,181,756  1,088,033  1,029,212  1,003,942  1,017,859 
Total Kansas/Missouri 1,437,706  1,379,078  1,345,253  1,330,438  1,369,095 
Arkansas:
Demand 23,824  24,579  28,168  25,266  29,635 
Interest-bearing:
Transaction 62,249  52,149  55,735  49,966  57,381 
Savings 3,092  2,754  2,776  2,564  2,898 
Time 15,156  15,040  11,215  9,506  9,559 
Total interest-bearing 80,497  69,943  69,726  62,036  69,838 
Total Arkansas 104,321  94,522  97,894  87,302  99,473 
Total BOK Financial deposits $ 37,227,118  $ 36,241,644  $ 35,383,547  $ 34,019,701  $ 33,652,552 

Estimated uninsured deposits totaled $19.4 billion, or 52% of our total deposits, at September 30, 2024. In addition to insured deposits, we also hold $3.4 billion of collateralized deposits. Municipalities, Native American tribal governments, and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $15.1 billion or 41% of total deposits at September 30, 2024.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements, and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at September 30, 2024. Securities repurchase agreements generally mature within 90 days and are secured by certain available-for-sale and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily, and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $6.3 billion during the quarter, compared to $7.1 billion in the second quarter of 2024.

At September 30, 2024, management estimates a total potential secured borrowing capacity of approximately $27.6 billion. This includes current available secured capacity of $22.8 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.8 billion of other sources that could be converted into additional secured capacity.


- 35 -

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

Table 21 – Borrowed Funds
(Dollars in thousands)
    Three Months Ended
September 30, 2024		   Three Months Ended
June 30, 2024
Sep. 30, 2024 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter		 June 30, 2024 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased $ 526,099  $ 635,041  4.08  % $ 733,352  $ 598,315  $ 509,514  4.86  % $ 600,178 
Repurchase agreements 217,804  381,647  3.56  % 217,804  215,443  1,328,809  4.05  % 1,627,169 
Other borrowings:
FHLB advances
 4,700,000  6,336,958  5.55  % 5,000,000  6,500,000  7,125,275  5.57  % 6,600,000 
GNMA repurchase liability
 16,526  15,547  4.22  % 16,526  14,722  12,031  4.58  % 14,722 
Other 13,354  13,541  6.85  % 13,745  13,816  13,922  6.90  % 14,067 
Total other borrowings 4,729,880  6,366,046  5.55  % 6,528,538  7,151,228  5.58  %
Subordinated debentures1
 131,188  131,155  7.15  % 131,188  131,156  131,156  7.07  % 131,156 
Total other borrowed funds and subordinated debentures
 $ 5,604,971  $ 7,513,889  5.35  % $ 7,473,452  $ 9,120,707  5.34  %
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, 2024, cash and interest-bearing cash and cash equivalents held by the parent company totaled $217 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, 2024, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $609 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, 2024, was $5.6 billion, a $383 million increase compared to June 30, 2024. Net income less cash dividends paid increased equity $105 million during the third quarter of 2024. Changes in interest rates resulted in a $270 million improvement in the accumulated other comprehensive loss compared to June 30, 2024. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase, and stock and cash dividends.

On November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law, and other regulatory compliance limitations. As of September 30, 2024, the Company had repurchased 3,457,020 shares under this authorization. No shares were repurchased during the third quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

- 36 -

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

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

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

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

Table 22 – Capital and Performance Ratios
Minimum Capital Requirement Capital Conservation Buffer Minimum Capital Requirement Including Capital Conservation Buffer Sep. 30, 2024 June 30, 2024 Sep. 30, 2023
Capital:
Common equity Tier 1 4.50  % 2.50  % 7.00  % 12.73  % 12.10  % 12.06  %
Tier 1 capital 6.00  % 2.50  % 8.50  % 12.74  % 12.11  % 12.07  %
Total capital 8.00  % 2.50  % 10.50  % 13.91  % 13.25  % 13.16  %
Tier 1 leverage
 4.00  % N/A 4.00  % 9.67  % 9.39  % 9.52  %
Average total equity to average assets 10.65  % 10.06  % 9.95  %
Tangible common equity ratio1
 9.22  % 8.38  % 7.74  %
Adjusted common tangible equity ratio1
 9.01  % 8.06  % 7.35  %
Performance Ratios:
Return on average equity 10.22  % 12.79  % 10.88  %
Return on average tangible common equity1
 12.80  % 16.27  % 14.08  %
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.
- 37 -

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, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity $ 5,612,443  $ 5,229,130  $ 5,128,751  $ 5,142,442  $ 4,814,019 
Less: Goodwill and intangible assets, net 1,095,954  1,098,777  1,101,643  1,104,728  1,110,553 
Tangible common equity 4,516,489  4,130,353  4,027,108  4,037,714  3,703,466 
Add: Unrealized loss on investment securities, net (132,192) (204,636) (185,978) (171,903) (246,395)
Add: Tax effect on unrealized loss on investment securities, net 31,090  48,128  43,740  40,430  57,949 
Adjusted tangible common equity $ 4,415,387  $ 3,973,845  $ 3,884,870  $ 3,906,241  $ 3,515,020 
Total assets $ 50,081,985  $ 50,403,457  $ 50,160,380  $ 49,824,830  $ 48,931,397 
Less: Goodwill and intangible assets, net 1,095,954  1,098,777  1,101,643  1,104,728  1,110,553 
Tangible assets $ 48,986,031  $ 49,304,680  $ 49,058,737  $ 48,720,102  $ 47,820,844 
Tangible common equity ratio 9.22  % 8.38  % 8.21  % 8.29  % 7.74  %
Adjusted tangible common equity ratio 9.01  % 8.06  % 7.92  % 8.02  % 7.35  %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity $ 5,446,998  $ 5,146,785  $ 5,152,061  $ 4,933,917  $ 4,902,119 
Less: Average goodwill and intangible assets, net 1,097,317  1,100,139  1,103,090  1,107,949  1,112,217 
Average tangible common equity $ 4,349,681  $ 4,046,646  $ 4,048,971  $ 3,825,968  $ 3,789,902 
Net income
 $ 139,999  $ 163,713  $ 83,703  $ 82,575  $ 134,495 
Return on average tangible common equity 12.80  % 16.27  % 8.31  % 8.56  % 14.08  %
Reconciliation of pre-provision net revenue:
Net income before taxes $ 173,286  $ 211,035  $ 106,889  $ 111,475  $ 167,735 
Add: Provision for expected credit losses 2,000  8,000  8,000  6,000  7,000 
Less: Net income (loss) attributable to non-controlling interests (26) 19  (9) (53) (16)
Pre-provision net revenue $ 175,312  $ 219,016  $ 114,898  $ 117,528  $ 174,751 
Calculation of efficiency ratio:
Total other operating expense $ 341,025  $ 336,690  $ 340,384  $ 384,083  $ 324,313 
Less: Amortization of intangible assets 2,856  2,898  3,003  3,543  3,474 
Numerator for efficiency ratio $ 338,169  $ 333,792  $ 337,381  $ 380,540  $ 320,839 
Net interest income
 $ 308,119  $ 296,021  $ 293,572  $ 296,675  $ 300,896 
Add: Tax-equivalent adjustment
 2,385  2,196  2,100  2,112  2,214 
Tax-equivalent net interest income
 310,504  298,217  295,672  298,787  303,110 
Add: Total other operating revenue
 208,192  259,704  161,701  204,883  198,152 
Less: Gain (loss) on available-for-sale securities, net
 (691) 34  (45,171) (27,626) — 
Denominator for efficiency ratio $ 519,387  $ 557,887  $ 502,544  $ 531,296  $ 501,262 
Efficiency ratio 65.11  % 59.83  % 67.13  % 71.62  % 64.01  %
- 38 -

Sep. 30, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income
 $ 308,119  $ 296,021  $ 293,572  $ 296,675  $ 300,896 
Less: Trading activities net interest income 3,751  (275) (498) (3,305) (7,343)
Net interest income excluding trading activities
 304,368  296,296  294,070  299,980  308,239 
Add: Tax-equivalent adjustment
 2,385  2,196  2,100  2,112  2,214 
Tax-equivalent net interest income excluding trading activities
 $ 306,753  $ 298,492  $ 296,170  $ 302,092  $ 310,453 
Average interest-earning assets $ 45,911,383  $ 46,019,346  $ 44,846,886  $ 44,327,237  $ 44,012,300 
Less: Average trading activities interest-earning assets 5,802,448  5,922,891  5,371,209  5,448,403  5,444,587 
Average interest-earning assets excluding trading activities $ 40,108,935  $ 40,096,455  $ 39,475,677  $ 38,878,834  $ 38,567,713 
Net interest margin on average interest-earning assets 2.68  % 2.56  % 2.61  % 2.64  % 2.69  %
Net interest margin on average trading activities interest-earning assets 0.29  % (0.05) % (0.07) % (0.20) % (0.49) %
Net interest margin on average interest-earning assets excluding trading activities 3.02  % 2.94  % 2.97  % 3.03  % 3.14  %

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.

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

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

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

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

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

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

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

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest income. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.63%, or $7.8 million, for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest income over the next twelve months would be (0.59)%, or $(7.3) million, for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest income would decrease approximately 5.78%, or $72.0 million.

Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Sep. 30, 2024 June 30, 2024
  200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease 200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease
Anticipated impact over the next twelve months on net interest income
 $ (38,500) $ (8,800) $ (900) $ 5,400  $ (39,800) $ (9,500) $ 3,000  $ 12,300 
(3.09) % (0.70) % (0.07) % 0.43  % (3.21) % (0.76) % 0.24  % 0.99  %
Anticipated impact over months twelve through twenty-four on net interest income $ (17,900) $ 14,000  $ (36,500) $ (56,500) $ (23,000) $ 11,100  $ (26,400) $ (39,900)
  (1.34) % 1.05  % (2.74) % (4.23) % (1.70) % 0.82  % (1.95) % (2.95) %

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

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

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

Table 25 – MSR Asset and Hedge Sensitivity Analysis
(In thousands)
  Sep. 30, 2024 June 30, 2024
Up 50 bp Down 50 bp Up 50 bp Down 50 bp
MSR Asset $ 11,307  $ (12,419) $ 8,731  $ (10,254)
MSR Hedge (12,705) 12,972  (8,840) 9,007 
Net Exposure $ (1,398) $ 553  $ (109) $ (1,247)

Trading Activities

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

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

Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $3 million market risk limit for the mortgage production pipeline, net of forward sale contracts.


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Table 26 – Mortgage Pipeline Sensitivity Analysis
(In thousands)
Three Months Ended Nine Months Ended September 30,
  Sep. 30, 2024 June 30, 2024 2024 2023
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (104) $ (80) $ (64) $ (57) $ (68) $ (52) $ (76) $ (43)
Low2
 52  24  23  32  93  126  49  61 
High3
 (255) (187) (173) (108) (255) (187) (186) (168)
Period End (240) (36) (138) (65) (240) (36) (7) (41)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

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

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

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

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

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

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

Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended
  Sep. 30, 2024 June 30, 2024 Sep. 30, 2023 June 30, 2023
10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR
Average1
 $ 4,858  $ 8,504  $ 3,711  $ 6,232  $ 5,954  $ 6,118  $ 4,429  $ 7,239 
Low 2,443  4,887  1,776  3,763  3,893  4,027  3,046  4,171 
High 9,645  13,914  6,862  9,751  9,312  9,312  7,913  14,861 
Period End 2,735  6,173  2,200  6,795  6,455  6,455  5,863  5,863 
1    Average represents the simple average of each daily value observed during the reporting period.

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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, 2024 June 30, 2024 2024 2023
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (1,009) $ 3,084  $ (3,287) $ 5,130  $ (2,680) $ 4,470  $ (1,169) $ 1,810 
Low2
 4,622  11,070  3,920  8,936  4,622  11,070  4,513  8,955 
High3
 (8,243) (3,120) (6,602) (1,827) (8,243) (3,120) (8,223) (4,538)
Period End 1,164  1,309  (1,608) 3,479  1,164  1,309  (4,745) 4,983 
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."
Controls and Procedures
 
As required by Rule 13a-15(b), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their reports, of the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
- 43 -

Forward-Looking Statements

This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates, and projections about BOK Financial Corporation, the financial services industry, and the economy generally and the related responses of the government, consumers, and others, on our business, financial condition, and results of operations. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "plans," "outlook," "projects," "will," "intends," and variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies, and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied, or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to, changes in government, 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.
- 44 -


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 2024 2023 2024 2023
Loans $ 453,779  $ 425,662  $ 1,339,570  $ 1,192,714 
Residential mortgage loans held for sale 1,495  1,234  3,766  3,305 
Trading securities 76,419  65,221  219,457  147,051 
Investment securities 7,381  8,276  22,774  25,790 
Available-for-sale securities
 125,490  99,124  362,806  282,449 
Fair value option securities 189  552  578  7,561 
Restricted equity securities 8,426  8,776  26,476  21,013 
Interest-bearing cash and cash equivalents 7,131  8,199  21,912  24,257 
Total interest revenue 680,310  617,044  1,997,339  1,704,140 
Interest expense        
Deposits 271,128  184,808  768,005  416,748 
Borrowed funds 98,706  129,019  324,647  305,278 
Subordinated debentures 2,357  2,321  6,975  6,609 
Total interest expense 372,191  316,148  1,099,627  728,635 
Net interest income
 308,119  300,896  897,712  975,505 
Provision for credit losses 2,000  7,000  18,000  40,000 
Net interest income after provision for credit losses
 306,119  293,896  879,712  935,505 
Other operating revenue        
Brokerage and trading revenue 50,391  62,312  162,587  179,714 
Transaction card revenue 28,495  26,387  81,234  78,011 
Fiduciary and asset management revenue 57,384  52,256  170,265  155,910 
Deposit service charges and fees 30,450  27,676  88,707  80,744 
Mortgage banking revenue 18,372  13,356  55,967  42,864 
Other revenue 17,402  15,865  44,325  47,085 
Total fees and commissions 202,494  197,852  603,085  584,328 
Other gains, net 13,087  1,474  74,731  16,343 
Gain (loss) on derivatives, net 8,991  (9,010) (733) (18,513)
Gain (loss) on fair value option securities, net 764  (203) 365  (5,323)
Change in fair value of mortgage servicing rights (16,453) 8,039  (2,023) 11,241 
Loss on available-for-sale securities, net
 (691) —  (45,828) (3,010)
Total other operating revenue 208,192  198,152  629,597  585,066 
Other operating expense        
Personnel 206,821  190,791  600,564  563,588 
Business promotion 7,681  6,958  23,909  23,167 
Charitable contributions to BOKF Foundation —  23  13,610  1,165 
Professional fees and services 13,405  13,224  38,746  39,049 
Net occupancy and equipment 32,077  32,583  92,615  91,147 
FDIC and other insurance 8,186  7,996  24,243  22,285 
FDIC special assessment (1,437) —  6,207  — 
Data processing and communications 47,554  45,672  139,249  135,781 
Printing, postage, and supplies
 3,594  3,760  11,380  11,381 
Amortization of intangible assets 2,856  3,474  8,757  10,339 
Mortgage banking costs 9,059  8,357  23,946  22,439 
Other expense 11,229  11,475  34,873  28,457 
Total other operating expense 341,025  324,313  1,018,099  948,798 
Net income before taxes 173,286  167,735  491,210  571,773 
Federal and state income taxes 33,313  33,256  103,811  123,162 
Net income 139,973  134,479  387,399  448,611 
Net income attributable to non-controlling interests (26) (16) (16) 440 
Net income attributable to BOK Financial Corporation shareholders $ 139,999  $ 134,495  $ 387,415  $ 448,171 
Earnings per share:        
Basic $ 2.18  $ 2.04  $ 6.01  $ 6.74 
Diluted $ 2.18  $ 2.04  $ 6.01  $ 6.74 
Average shares used in computation:
Basic 63,489,581  65,548,307  63,830,188  65,955,294 
Diluted 63,489,581  65,548,307  63,830,188  65,955,294 
Dividends declared per share $ 0.55  $ 0.54  $ 1.65  $ 1.62 
See accompanying notes to consolidated financial statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)    
  Three Months Ended Nine Months Ended
September 30, September 30,
  2024 2023 2024 2023
Net income $ 139,973  $ 134,479  $ 387,399  $ 448,611 
Other comprehensive income (loss) before income taxes:        
Net change in unrealized gain (loss) 341,185  (135,614) 263,436  (171,977)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities 11,431  14,912  35,641  46,996 
Loss on available-for-sale securities, net
 691  —  45,828  3,010 
Other comprehensive income (loss) before income taxes 353,307  (120,702) 344,905  (121,971)
Federal and state income taxes 83,094  (28,389) 81,094  (29,941)
Other comprehensive income (loss), net of income taxes 270,213  (92,313) 263,811  (92,030)
Comprehensive income 410,186  42,166  651,210  356,581 
Comprehensive income (loss) attributable to non-controlling interests
 (26) (16) (16) 440 
Comprehensive income attributable to BOK Financial Corporation shareholders $ 410,212  $ 42,182  $ 651,226  $ 356,141 
See accompanying notes to consolidated financial statements.
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Consolidated Balance Sheets
(In thousands, except share data)
  Sep. 30, 2024 Dec. 31, 2023
  (Unaudited) (Footnote 1)
Assets    
Cash and due from banks $ 928,997  $ 947,613 
Interest-bearing cash and cash equivalents 547,043  400,652 
Trading securities 5,139,725  5,193,505 
Investment securities, net of allowance (fair value: September 30, 2024 – $1,937,907; December 31, 2023 – $2,072,586)
 2,069,865  2,244,153 
Available-for-sale securities
 13,015,986  12,286,681 
Fair value option securities 19,172  20,671 
Restricted equity securities 389,335  423,099 
Residential mortgage loans held for sale 95,494  56,935 
Loans 23,985,061  23,904,968 
Allowance for loan losses (284,456) (277,123)
Loans, net of allowance 23,700,605  23,627,845 
Premises and equipment, net 632,819  622,223 
Receivables 299,686  317,922 
Goodwill 1,044,749  1,044,749 
Intangible assets, net 51,205  59,979 
Mortgage servicing rights 315,920  293,884 
Real estate and other repossessed assets, net of allowance (September 30, 2024 – $5,359; December 31, 2023 – $5,355)
 2,625  2,875 
Derivative contracts, net 334,382  410,304 
Cash surrender value of bank-owned life insurance 413,682  409,548 
Receivable on unsettled securities sales 98,526  391,910 
Other assets 982,169  1,070,282 
Total assets $ 50,081,985  $ 49,824,830 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
 $ 8,260,244  $ 9,196,493 
Interest-bearing deposits:    
Transaction 24,312,211  20,964,101 
Savings 816,707  847,085 
Time 3,837,956  3,012,022 
Total deposits 37,227,118  34,019,701 
Funds purchased and repurchase agreements 743,903  1,122,748 
Other borrowings 4,729,880  7,701,552 
Subordinated debentures 131,188  131,150 
Accrued interest, taxes, and expense
 340,290  338,996 
Derivative contracts, net 402,559  587,473 
Due on unsettled securities purchases 377,240  254,057 
Other liabilities 514,609  523,734 
Total liabilities 44,466,787  44,679,411 
Shareholders' equity:    
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2024 – 76,814,108; December 31, 2023 – 76,593,292)
 5  5 
Capital surplus 1,425,124  1,406,745 
Retained earnings 5,492,802  5,211,512 
Treasury stock (shares at cost: September 30, 2024 – 12,695,691; December 31, 2023 – 11,626,115)
 (970,199) (876,720)
Accumulated other comprehensive income (loss) (335,289) (599,100)
Total shareholders' equity 5,612,443  5,142,442 
Non-controlling interests 2,755  2,977 
Total equity 5,615,198  5,145,419 
Total liabilities and equity $ 50,081,985  $ 49,824,830 
See accompanying notes to consolidated financial statements.
- 47 -

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, 2024 76,823  $ 5  $ 1,416,807  $ 5,387,949  12,695  $ (970,129) $ (605,502) $ 5,229,130  $ 2,840  $ 5,231,970 
Net income (loss) —  —  —  139,999  —  —  —  139,999  (26) 139,973 
Other comprehensive income
 —  —  —  —  —  —  270,213  270,213  —  270,213 
Repurchase of common stock —  —  —  —  —  —  —  —  —  — 
Share-based compensation plans:
Non-vested shares awarded,
     net		 (9) —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  1  (70) —  (70) —  (70)
Share-based compensation —  —  8,317  —  —  —  —  8,317  —  8,317 
Cash dividends on common
     stock		 —  —  —  (35,146) —  —  —  (35,146) —  (35,146)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  (59) (59)
Balance, September 30, 2024 76,814  $ 5  $ 1,425,124  $ 5,492,802  12,696  $ (970,199) $ (335,289) $ 5,612,443  $ 2,755  $ 5,615,198 
Balance, December 31, 2023 76,593  $ 5  $ 1,406,745  $ 5,211,512  11,626  $ (876,720) $ (599,100) $ 5,142,442  $ 2,977  $ 5,145,419 
Net income (loss) —  —  —  387,415  —  —  —  387,415  (16) 387,399 
Other comprehensive income
 —  —  —  —  —  —  263,811  263,811  —  263,811 
Repurchase of common stock —  —  —  —  1,029  (89,779) —  (89,779) —  (89,779)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		 221  —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  41  (3,700) —  (3,700) —  (3,700)
Share-based compensation —  —  18,379  —  —  —  —  18,379  —  18,379 
Cash dividends on common
     stock		 —  —  —  (106,125) —  —  —  (106,125) —  (106,125)
Capital calls and distributions,
net		 —  —  —  —  —  —  —  —  (206) (206)
Balance, September 30, 2024 76,814  $ 5  $ 1,425,124  $ 5,492,802  12,696  $ (970,199) $ (335,289) $ 5,612,443  $ 2,755  $ 5,615,198 
- 48 -

  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 —  —  —  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 
See accompanying notes to consolidated financial statements.
- 49 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended
  September 30,
  2024 2023
Cash Flows From Operating Activities:    
Net income $ 387,399  $ 448,611 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses 18,000  40,000 
Change in fair value of mortgage servicing rights due to market assumption changes 2,023  (11,241)
Change in the fair value of mortgage servicing rights due to principal payments 21,508  21,031 
Net unrealized (gains) losses from derivative contracts (123,979) (55,127)
Share-based compensation 18,379  14,273 
Depreciation and amortization 78,408  81,002 
Net amortization of discounts and premiums (31,633) (14,216)
Net losses (gains) on financial instruments and other losses (gains), net (29,012) (12,702)
Net loss (gain) on mortgage loans held for sale (6,508) 4,306 
Mortgage loans originated for sale (603,963) (527,136)
Proceeds from sale of mortgage loans held for sale 572,861  527,115 
Capitalized mortgage servicing rights (10,812) (9,757)
Charitable contributions to BOKF Foundation 13,610  — 
Change in trading and fair value option securities 55,270  (7,477)
Change in receivables 219,583  14,079 
Change in other assets 97,074  74,107 
Change in other liabilities 211,240  (58,926)
Net cash provided by (used in) operating activities 889,448  527,942 
Cash Flows From Investing Activities:    
Proceeds from maturities or redemptions of investment securities 172,086  214,869 
Proceeds from maturities or redemptions of available-for-sale securities
 1,531,719  1,134,602 
Purchases of investment securities —  (2,504)
Purchases of available-for-sale securities
 (2,807,115) (1,843,827)
Proceeds from sales of available-for-sale securities
 839,352  135,489 
Change in amount receivable on unsettled available-for-sale securities transactions
 91,132  7,471 
Loans originated, net of principal collected (79,038) (1,168,401)
Net proceeds from derivative asset contracts
 (13,870) 143,543 
Net change in restricted equity securities 33,764  (135,461)
Proceeds from disposition of assets 18,029  36,993 
Purchases of assets (124,451) (128,902)
Net cash provided by (used in) investing activities (338,392) (1,606,128)
Cash Flows From Financing Activities:    
Net change in demand deposits, transaction deposits and savings accounts 2,381,483  (2,293,528)
Net change in time deposits 825,934  1,465,375 
Net change in other borrowed funds (3,363,116) 1,906,678 
Net payments on derivative liability contracts
 14,294  (153,692)
Net change in derivative margin accounts 37,060  312,397 
Change in amount due on unsettled available-for-sale securities transactions
 (119,332) 53,219 
Issuance of common and treasury stock, net (3,700) (4,695)
Repurchase of common stock (89,779) (126,611)
Dividends paid (106,125) (107,738)
Net cash provided by (used in) financing activities (423,281) 1,051,405 
Net increase (decrease) in cash and cash equivalents 127,775  (26,781)
Cash and cash equivalents at beginning of period 1,348,265  1,401,716 
Cash and cash equivalents at end of period $ 1,476,040  $ 1,374,935 
Supplemental Cash Flow Information:
Cash paid for interest $ 1,097,666  $ 706,011 
Cash paid for taxes $ 67,803  $ 156,092 
Net loans and bank premises transferred to repossessed real estate and other assets $ 440  $ 367 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
 $ 12,599  $ 10,679 
Conveyance of other real estate owned guaranteed by U.S. government agencies $ 2,912  $ 4,007 
Right-of-use assets obtained in exchange for operating lease liabilities $ 20,100  $ 65,241 
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 have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

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

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

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

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

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

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

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

The FASB issued ASU 2023-07 on November 27, 2023, which is intended to improve reportable segment disclosure requirements. Under previous guidance, while entities were required to disclose segment revenue and measure of profit or loss, there has been limited disclosure around the reporting of segment expenses. In addition to enhanced disclosures about significant segment expenses, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the requirements of the expanded segment disclosures.


- 51 -

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

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

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

The FASB issued ASU 2024-01 on March 21, 2024, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those periods. Adoption of ASU 2024-01 is not expected to have a material impact on the Company's financial statements.
- 52 -

(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
  September 30, 2024 December 31, 2023
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
U.S. government securities $ 332,466  $ (569) $ 10,959  $ 28 
Residential agency mortgage-backed securities
 4,672,427  40,586  5,105,137  98,124 
Municipal securities 76,004  43  37,413  323 
Other trading securities 58,828  124  39,996  160 
Total trading securities $ 5,139,725  $ 40,184  $ 5,193,505  $ 98,635 
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
  September 30, 2024
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 104,775  $ 104,775  $ 108,213  $ 3,657  $ (219)
Mortgage-backed securities:
Residential agency 2,061,239  1,933,393  1,799,308  112  (134,197)
Commercial agency 17,257  16,143  15,603  —  (540)
Other debt securities 15,788  15,788  14,783  —  (1,005)
Total investment securities 2,199,059  2,070,099  1,937,907  3,769  (135,961)
Allowance for credit losses (234) (234) —  —  — 
Investment securities, net of allowance $ 2,198,825  $ 2,069,865  $ 1,937,907  $ 3,769  $ (135,961)
1    Carrying value includes $129 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available-for-sale securities portfolio to the investment securities portfolio.
  December 31, 2023
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 120,705  $ 120,705  $ 125,525  $ 5,014  $ (194)
Mortgage-backed securities:
Residential agency 2,255,340  2,092,083  1,917,810  125  (174,398)
Commercial agency 17,258  15,914  15,067  —  (847)
Other debt securities 15,787  15,787  14,184  —  (1,603)
Total investment securities 2,409,090  2,244,489  2,072,586  5,139  (177,042)
Allowance for credit losses (336) (336) —  —  — 
Investment securities, net of allowance $ 2,408,754  $ 2,244,153  $ 2,072,586  $ 5,139  $ (177,042)
1    Carrying value includes $165 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the Available-for-sale securities portfolio to the investment securities portfolio.



- 53 -

The amortized cost and fair values of investment securities at September 30, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		 One to
Five Years		 Six to
Ten Years		 Over
Ten Years		 Total
Weighted
Average
Maturity1
Fixed maturity debt securities:          
Carrying value $ 18,305  $ 101,272  $ 17,116  $ 13  $ 136,706  2.90 
Fair value 18,429  104,089  16,068  13  138,599   
Residential mortgage-backed securities:            
Carrying value         $ 1,933,393  2
Fair value         1,799,308   
Total investment securities:            
Carrying value         $ 2,070,099   
Fair value         1,937,907   
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 4.6 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
September 30, 2024
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Investment:              
Municipal securities 13  $ 2,826  $ 8  $ 7,180  $ 211  $ 10,006  $ 219 
Mortgage-backed securities:
Residential agency 116  —  —  1,798,334  134,197  1,798,334  134,197 
Commercial agency 2  —  —  15,603  540  15,603  540 
Other debt securities 3  —  —  9,270  1,005  9,270  1,005 
Total investment securities 134  $ 2,826  $ 8  $ 1,830,387  $ 135,953  $ 1,833,213  $ 135,961 

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


- 54 -

Available-for-Sale Securities 

The amortized cost and fair value of available-for-sale securities are as follows (in thousands):
  September 30, 2024
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 951  $ —  $ (49)
Municipal securities 241,447  228,171  7  (13,283)
Mortgage-backed securities:        
Residential agency 8,649,078  8,577,928  98,405  (169,555)
Residential non-agency 856,010  838,783  15,310  (32,537)
Commercial agency 3,575,311  3,369,680  3,857  (209,488)
Other debt securities 500  473  —  (27)
Total available-for-sale securities
 $ 13,323,346  $ 13,015,986  $ 117,579  $ (424,939)
  December 31, 2023
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 925  $ —  $ (75)
Municipal securities 544,707  502,833  1  (41,875)
Mortgage-backed securities:      
Residential agency 7,066,645  6,834,720  36,983  (268,908)
Residential non-agency 833,535  799,877  12,865  (46,523)
Commercial agency 4,456,918  4,147,853  2,972  (312,037)
Other debt securities 500  473  —  (27)
Total available-for-sale securities
 $ 12,903,305  $ 12,286,681  $ 52,821  $ (669,445)

The amortized cost and fair values of available-for-sale securities at September 30, 2024, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		 One to
Five Years		 Six to
Ten Years		 Over
Ten Years		 Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost $ 317,443  $ 2,432,178  $ 631,714  $ 436,923  $ 3,818,258  5.10 
Fair value 314,948  2,274,047  585,305  424,975  3,599,275 
Residential mortgage-backed securities:
Amortized cost $ 9,505,088  2
Fair value 9,416,711 
Total available-for-sale securities:
Amortized cost $ 13,323,346 
Fair value 13,015,986 
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 3.9 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,
  2024 2023 2024 2023
Proceeds $ 101,522  $ —  $ 839,352  $ 135,489 
Gross realized gains 1,802  —  2,257  703 
Gross realized losses (2,493) —  (48,085) (3,713)
Related federal and state income tax expense (benefit) (163) —  (10,779) (708)

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $10.5 billion at September 30, 2024 and $13.9 billion at December 31, 2023. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available-for-Sale Securities
(Dollars in thousands)
September 30, 2024
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Available-for-sale:
              
U.S. Treasury 1  $ —  $ —  $ 951  $ 49  $ 951  $ 49 
Municipal securities 112  —  —  224,510  13,283  224,510  13,283 
Mortgage-backed securities:
        
Residential agency 563  111,492  578  3,108,156  168,977  3,219,648  169,555 
Residential non-agency 30  7,505  8  481,206  32,529  488,711  32,537 
Commercial agency 223  51,254  70  2,975,299  209,418  3,026,553  209,488 
Other debt securities 1  —  —  473  27  473  27 
Total available-for-sale securities
 930  $ 170,251  $ 656  $ 6,790,595  $ 424,283  $ 6,960,846  $ 424,939 

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

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


- 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, 2024 December 31, 2023
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities $ 19,172  $ (1,040) $ 20,671  $ (1,406)

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

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

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

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

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

- 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, 2024 (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 $ 3,044,422  $ 78,868  $ (21,609) $ 57,259  $ (34,677) $ 22,582 
Energy contracts 7,026,833  587,825  (298,013) 289,812  (73,855) 215,957 
Foreign exchange contracts 68,200  67,590  —  67,590  —  67,590 
Equity option contracts 1,593  175  —  175  (50) 125 
Total customer risk management programs 10,141,048  734,458  (319,622) 414,836  (108,582) 306,254 
Trading 22,535,789  80,994  (51,194) 29,800  (3,105) 26,695 
Internal risk management programs 515,864  1,909  (476) 1,433  —  1,433 
Total derivative contracts $ 33,192,701  $ 817,361  $ (371,292) $ 446,069  $ (111,687) $ 334,382 
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 $ 3,044,422  $ 78,694  $ (21,609) $ 57,085  $ —  $ 57,085 
Energy contracts 6,979,686  566,078  (298,013) 268,065  (53) 268,012 
Foreign exchange contracts 68,130  67,510  —  67,510  (65) 67,445 
Equity option contracts 1,593  175  —  175  —  175 
Total customer risk management programs 10,093,831  712,457  (319,622) 392,835  (118) 392,717 
Trading 23,129,139  75,225  (51,194) 24,031  (15,531) 8,500 
Internal risk management programs 79,254  1,818  (476) 1,342  —  1,342 
Total derivative contracts $ 33,302,224  $ 789,500  $ (371,292) $ 418,208  $ (15,649) $ 402,559 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


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The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2023 (in thousands):
Assets
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,754,476  $ 108,450  $ (6,810) $ 101,640  $ (94,608) $ 7,032 
Energy contracts 7,846,190  836,425  (399,148) 437,277  (169,141) 268,136 
Foreign exchange contracts 54,999  53,863  —  53,863  (872) 52,991 
Equity option contracts 3,316  54  —  54  (44) 10 
Total customer risk management programs 10,658,981  998,792  (405,958) 592,834  (264,665) 328,169 
Trading 16,264,818  118,545  (37,111) 81,434  (6,996) 74,438 
Internal risk management programs 425,014  7,697  —  7,697  —  7,697 
Total derivative contracts $ 27,348,813  $ 1,125,034  $ (443,069) $ 681,965  $ (271,661) $ 410,304 
Liabilities
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,754,476  $ 108,402  $ (6,810) $ 101,592  $ —  $ 101,592 
Energy contracts 8,254,004  831,467  (399,148) 432,319  (6,441) 425,878 
Foreign exchange contracts 54,405  53,065  —  53,065  —  53,065 
Equity option contracts 3,316  54  —  54  —  54 
Total customer risk management programs 11,066,201  992,988  (405,958) 587,030  (6,441) 580,589 
Trading 20,644,156  224,648  (37,111) 187,537  (181,917) 5,620 
Internal risk management programs 2,244  1,264  —  1,264  —  1,264 
Total derivative contracts $ 31,712,601  $ 1,218,900  $ (443,069) $ 775,831  $ (188,358) $ 587,473 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
  Three Months Ended
September 30, 2024 September 30, 2023
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts $ 1,606  $ —  $ 800  $ — 
Energy contracts 5,612  —  5,994  — 
Foreign exchange contracts 207  —  61  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 7,425  —  6,855  — 
Trading1
 (11,669) —  21,511  — 
Internal risk management programs —  8,991  —  (9,010)
Total derivative contracts $ (4,244) $ 8,991  $ 28,366  $ (9,010)
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, 2024 September 30, 2023
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts 4,613  —  4,909  — 
Energy contracts 15,589  —  23,797  — 
Foreign exchange contracts 313  —  145  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 20,515  —  28,851  — 
Trading1
 104,613  —  22,590  — 
Internal risk management programs —  (733) —  (18,513)
Total derivative contracts $ 125,128  $ (733) $ 51,441  $ (18,513)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.


(4) Loans and Allowances for Credit Losses

Loans

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

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

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

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

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

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

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

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

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

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

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Portfolio segments of the loan portfolio are as follows (in thousands):
  September 30, 2024 December 31, 2023
Fixed
Rate		 Variable
Rate		 Non-accrual Total Fixed
Rate		 Variable
Rate		 Non-accrual Total
Commercial $ 3,527,823  $ 11,298,427  $ 51,672  $ 14,877,922  $ 3,558,563  $ 11,135,075  $ 110,131  $ 14,803,769 
Commercial real estate
 652,104  4,524,187  12,364  5,188,655  791,757  4,538,570  7,320  5,337,647 
Loans to individuals 2,536,744  1,361,461  20,279  3,918,484  2,282,914  1,452,620  28,018  3,763,552 
Total $ 6,716,671  $ 17,184,075  $ 84,315  $ 23,985,061  $ 6,633,234  $ 17,126,265  $ 145,469  $ 23,904,968 

Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At September 30, 2024, outstanding commitments totaled $14.6 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, 2024, outstanding standby letters of credit totaled $735 million. 

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

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

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

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

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

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

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

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

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

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

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

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

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

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
September 30, 2024
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 150,737  $ 96,256  $ 40,833  $ 287,826 
Provision for loan losses 918  (4,944) 602  (3,424)
Loans charged off (856) —  (1,640) (2,496)
Recoveries of loans previously charged off
 1,562  226  762  2,550 
Ending balance $ 152,361  $ 91,538  $ 40,557  $ 284,456 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 17,316  $ 23,314  $ 1,706  $ 42,336 
Provision for off-balance sheet credit risk
 357  5,058  15  5,430 
Ending balance $ 17,673  $ 28,372  $ 1,721  $ 47,766 
Nine Months Ended
September 30, 2024
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 141,232  $ 94,718  $ 41,173  $ 277,123 
Provision for loan losses 19,670  (1,991) 2,005  19,684 
Loans charged off (11,487) (1,455) (4,554) (17,496)
Recoveries of loans previously charged off
 2,946  266  1,933  5,145 
Ending balance $ 152,361  $ 91,538  $ 40,557  $ 284,456 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 19,762  $ 27,439  $ 1,776  $ 48,977 
Provision for off-balance sheet credit risk
 (2,089) 933  (55) (1,211)
Ending balance $ 17,673  $ 28,372  $ 1,721  $ 47,766 
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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 
A $2.0 million provision for credit losses was necessary for the third quarter of 2024, reflecting continued strong credit quality, net loan paydowns, and relatively minor changes in economic forecast scenario assumptions.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 30, 2024, 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 $ 14,826,250  $ 149,428  $ 51,672  $ 2,933  $ 14,877,922  $ 152,361 
Commercial real estate 5,176,291  91,538  12,364  —  5,188,655  91,538 
Loans to individuals 3,898,205  40,557  20,279  —  3,918,484  40,557 
Total $ 23,900,746  $ 281,523  $ 84,315  $ 2,933  $ 23,985,061  $ 284,456 

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

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

Credit Quality Indicators

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

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

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

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

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

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

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

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The following table summarizes the Company’s loan portfolio at September 30, 2024, by the risk grade categories and vintage (in thousands): 
Origination Year
2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Healthcare
Pass $ 442,818  $ 595,301  $ 951,875  $ 502,829  $ 355,731  $ 835,842  $ 259,118  $ 11  $ 3,943,525 
Special Mention —  15,000  27,223  1,361  —  46,499  505  —  90,588 
Accruing Substandard —  —  5,249  17,932  57,966  16,728  1,154  —  99,029 
Nonaccrual —  —  104  2,094  —  13,729  —  —  15,927 
Total healthcare 442,818  610,301  984,451  524,216  413,697  912,798  260,777  11  4,149,069 
Loans charged off, year-to-date —  —  —  —  —  7,240  —  —  7,240 
Services
Pass 480,824  670,546  453,306  427,841  200,459  642,779  653,202  418  3,529,375 
Special Mention —  1,729  135  739  447  9,186  15,150  —  27,386 
Accruing Substandard —  768  6,623  21  1,485  5,435  1,152  —  15,484 
Nonaccrual —  —  —  —  —  —  1,425  —  1,425 
Total services 480,824  673,043  460,064  428,601  202,391  657,400  670,929  418  3,573,670 
Loans charged off, year-to-date —  —  —  —  22  80  9  —  111 
Energy
Pass 145,706  86,682  40,426  2,618  7,199  19,736  2,782,432  —  3,084,799 
Special Mention —  —  —  —  —  —  —  —  — 
Accruing Substandard —  —  —  —  —  —  12,850  —  12,850 
Nonaccrual —  —  —  —  —  70  28,916  —  28,986 
Total energy 145,706  86,682  40,426  2,618  7,199  19,806  2,824,198  —  3,126,635 
General business
Pass 585,622  655,994  320,646  184,779  121,167  347,249  1,699,086  1,692  3,916,235 
Special Mention —  5,276  4,629  7,227  279  1,750  2,000  89  21,250 
Accruing Substandard 1,063  15,527  46,749  5,200  1,193  6,523  9,474  —  85,729 
Nonaccrual 168  —  994  —  —  30  4,084  58  5,334 
Total general business 586,853  676,797  373,018  197,206  122,639  355,552  1,714,644  1,839  4,028,548 
Loans charged off, year-to-date —  27  1,465  —  —  164  2,390  90  4,136 
Total commercial 1,656,201  2,046,823  1,857,959  1,152,641  745,926  1,945,556  5,470,548  2,268  14,877,922 
Commercial real estate:
Pass 207,236  483,818  2,124,731  877,950  305,372  922,524  138,517  —  5,060,148 
Special Mention —  352  14,907  32,131  —  —  —  —  47,390 
Accruing Substandard —  —  37,158  —  —  31,595  —  —  68,753 
Nonaccrual —  2,416  —  —  —  9,948  —  —  12,364 
Total commercial real estate 207,236  486,586  2,176,796  910,081  305,372  964,067  138,517  —  5,188,655 
Loans charged off, year-to-date —  —  —  —  —  1,455  —  —  1,455 
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Origination Year
2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 384,583  365,415  298,108  326,216  321,928  251,578  383,530  22,040  2,353,398 
Special Mention 54  246  69  158  —  85  1,424  —  2,036 
Accruing Substandard 91  —  —  —  —  31  1,049  —  1,171 
Nonaccrual —  464  490  432  531  8,435  2,776  560  13,688 
Total residential mortgage 384,728  366,125  298,667  326,806  322,459  260,129  388,779  22,600  2,370,293 
Loans charged off, year-to-date —  43  —  —  —  11  9  —  63 
Residential mortgage guaranteed by U.S. government agencies
Pass —  1,997  2,925  2,456  3,486  110,363  —  —  121,227 
Nonaccrual —  —  —  —  280  6,240  —  —  6,520 
Total residential mortgage guaranteed by U.S. government agencies —  1,997  2,925  2,456  3,766  116,603  —  —  127,747 
Personal
Pass 195,101  168,303  161,189  123,890  108,652  163,097  497,801  86  1,418,119 
Special Mention 13  —  54  24  1  8  —  —  100 
Accruing Substandard —  —  —  25  2  137  1,990  —  2,154 
Nonaccrual —  6  21  7  5  8  24  —  71 
Total personal 195,114  168,309  161,264  123,946  108,660  163,250  499,815  86  1,420,444 
Loans charged off, year-to-date1
 4,280  69  47  42  7  —  26  20  4,491 
Total loans to individuals 579,842  536,431  462,856  453,208  434,885  539,982  888,594  22,686  3,918,484 
Total loans $ 2,443,279  $ 3,069,840  $ 4,497,611  $ 2,515,930  $ 1,486,183  $ 3,449,605  $ 6,497,659  $ 24,954  $ 23,985,061 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2023, by the risk grade categories and vintage (in thousands): 
Origination Year
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Healthcare
Pass $ 650,768  $ 895,602  $ 590,736  $ 409,001  $ 331,897  $ 809,858  $ 281,378  $ 15  $ 3,969,255 
Special Mention —  —  —  21,791  —  31,235  5  —  53,031 
Accruing Substandard —  2,128  18,508  6,911  —  10,896  975  —  39,418 
Nonaccrual —  —  —  30,290  23,129  28,110  —  —  81,529 
Total healthcare 650,768  897,730  609,244  467,993  355,026  880,099  282,358  15  4,143,233 
Loans charged off, year-to-date —  —  —  —  2,500  —  —  —  2,500 
Services
Pass 900,090  526,776  401,872  228,818  106,112  643,477  730,729  595  3,538,469 
Special Mention —  1,085  1,520  1,341  534  4,522  81  —  9,083 
Accruing Substandard —  13,712  178  326  3,972  3,746  3,108  13  25,055 
Nonaccrual —  —  1,635  338  —  —  1,643  —  3,616 
Total services 900,090  541,573  405,205  230,823  110,618  651,745  735,561  608  3,576,223 
Loans charged off, year-to-date —  —  3,060  —  —  —  2,642  —  5,702 
Energy
Pass $ 190,122  $ 100,006  $ 43,769  $ 7,876  $ 9,562  $ 11,583  $ 3,025,590  $ —  $ 3,388,508 
Special Mention —  —  —  —  —  —  13,950  —  13,950 
Accruing Substandard —  —  —  —  —  —  16,800  —  16,800 
Nonaccrual —  —  —  —  —  99  17,744  —  17,843 
Total energy 190,122  100,006  43,769  7,876  9,562  11,682  3,074,084  —  3,437,101 
General business
Pass 942,468  436,832  224,735  138,951  101,100  287,744  1,389,128  2,164  3,523,122 
Special Mention 10,264  16,167  8,420  1,253  321  8,295  897  —  45,617 
Accruing Substandard 4,401  33,194  1,716  27  —  —  31,992  —  71,330 
Nonaccrual —  1,134  —  —  —  48  5,956  5  7,143 
Total general business 957,133  487,327  234,871  140,231  101,421  296,087  1,427,973  2,169  3,647,212 
Loans charged off, year-to-date —  —  4,598  2  —  48  10  38  4,696 
Total commercial 2,698,113  2,026,636  1,293,089  846,923  576,627  1,839,613  5,519,976  2,792  14,803,769 
Commercial real estate:
Pass 396,891  1,941,913  1,194,759  416,647  513,555  705,092  136,095  —  5,304,952 
Special Mention —  476  —  —  —  19,171  —  —  19,647 
Accruing Substandard 2,992  —  3  —  —  2,733  —  —  5,728 
Nonaccrual —  —  —  —  7,170  150  —  —  7,320 
Total commercial real estate 399,883  1,942,389  1,194,762  416,647  520,725  727,146  136,095  —  5,337,647 
Loans charged off, year-to-date —  —  —  —  —  8,446  —  —  8,446 
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Origination Year
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 426,089  320,733  342,927  349,742  54,801  243,356  375,739  23,895  2,137,282 
Special Mention 157  140  131  1,361  18  134  2,982  93  5,016 
Accruing Substandard —  150  —  —  37  49  50  —  286 
Nonaccrual 79  1,419  237  544  344  12,381  2,387  665  18,056 
Total residential mortgage 426,325  322,442  343,295  351,647  55,200  255,920  381,158  24,653  2,160,640 
Loans charged off, year-to-date —  —  51  4  —  17  —  1  73 
Residential mortgage guaranteed by U.S. government agencies
Pass 633  1,788  2,220  4,297  6,441  124,719  —  —  140,098 
Nonaccrual —  —  —  280  375  9,054  —  —  9,709 
Total residential mortgage guaranteed by U.S. government agencies 633  1,788  2,220  4,577  6,816  133,773  —  —  149,807 
Personal
Pass 218,401  229,580  149,291  136,215  75,348  137,629  503,841  145  1,450,450 
Special Mention 66  39  106  30  8  —  1,918  3  2,170 
Accruing Substandard —  64  12  9  144  —  3  —  232 
Nonaccrual 4  51  9  16  3  12  158  —  253 
Total personal 218,471  229,734  149,418  136,270  75,503  137,641  505,920  148  1,453,105 
Loans charged off, year-to-date1
 5,636  82  96  43  —  10  6  26  5,899 
Total loans to individuals 645,429  553,964  494,933  492,494  137,519  527,334  887,078  24,801  3,763,552 
Total loans $ 3,743,425  $ 4,522,989  $ 2,982,784  $ 1,756,064  $ 1,234,871  $ 3,094,093  $ 6,543,149  $ 27,593  $ 23,904,968 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at September 30, 2024, follows (in thousands): 
As of September 30, 2024
  Total With No
Allowance		 With Allowance Related Allowance
Commercial:        
Healthcare $ 15,927  $ 15,927  $ —  $ — 
Services 1,425  1,149  276  276 
Energy 28,986  11,596  17,390  2,657 
General business 5,334  5,334  —  — 
Total commercial 51,672  34,006  17,666  2,933 
Commercial real estate 12,364  12,364  —  — 
Loans to individuals:        
Residential mortgage 13,688  13,688  —  — 
Residential mortgage guaranteed by U.S. government agencies 6,520  6,520  —  — 
Personal 71  71  —  — 
Total loans to individuals 20,279  20,279  —  — 
Total $ 84,315  $ 66,649  $ 17,666  $ 2,933 


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

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the nine months ended September 30, 2024, the Company had $147 million of loan modifications to borrowers experiencing financial difficulty, including $90 million of healthcare loans and $43 million of energy loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension, or a combination. Approximately $141 million of the modifications are term extensions of commercial loans, and $5.9 million are combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the nine months ended September 30, 2024, $32 million of loans that were modified in the previous twelve months defaulted. Approximately $28 million of these defaults were related to term extensions of commercial loans, and $4.3 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies. A payment default is defined as being 30 or more days past due after modification.

For the nine months ended 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. Approximately $97 million of the modifications are term extensions of healthcare and general business loans. Approximately $26 million and $12 million of the modifications are combination modifications to healthcare loans and residential mortgage loans guaranteed by U.S. government agencies, respectively. 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 being guaranteed by U.S. government agencies.

Past Due Loans

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

A summary of loans currently performing and past due as of September 30, 2024, 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:        
Healthcare $ 4,138,870  $ —  $ 211  $ 9,988  $ 4,149,069  $ — 
Services 3,572,010  1,002  —  658  3,573,670  — 
Energy 3,097,719  11,526  17,390  —  3,126,635  — 
General business 4,023,120  198  —  5,230  4,028,548  — 
Total commercial 14,831,719  12,726  17,601  15,876  14,877,922  — 
Commercial real estate 5,176,417  —  —  12,238  5,188,655  — 
Loans to individuals:        
Residential mortgage 2,359,403  6,756  1,812  2,322  2,370,293  597 
Residential mortgage guaranteed by U.S. government agencies 44,933  20,956  12,050  49,808  127,747  45,143 
Personal 1,420,072  322  27  23  1,420,444  — 
Total loans to individuals 3,824,408  28,034  13,889  52,153  3,918,484  45,740 
Total $ 23,832,544  $ 40,760  $ 31,490  $ 80,267  $ 23,985,061  $ 45,740 
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A summary of loans currently performing and past due as of December 31, 2023, is as follows (in thousands):
    Past Due   Past Due 90 Days or More and Accruing
  Current 30 to 59
Days		 60 to 89 Days 90 Days
or More		 Total
Commercial:        
Healthcare $ 4,071,336  $ 18,019  $ 30,290  $ 23,588  $ 4,143,233  $ — 
Services 3,575,787  2  —  434  3,576,223  — 
Energy 3,437,101  —  —  —  3,437,101  — 
General business 3,639,775  412  1,157  5,868  3,647,212  — 
Total commercial 14,723,999  18,433  31,447  29,890  14,803,769  — 
Commercial real estate 5,327,481  2,992  —  7,174  5,337,647  3 
Loans to individuals:        
Residential mortgage 2,149,927  6,340  1,494  2,879  2,160,640  36 
Residential mortgage guaranteed by U.S. government agencies
 54,122  25,085  17,053  53,547  149,807  48,201 
Personal 1,450,302  2,561  88  154  1,453,105  131 
Total loans to individuals 3,654,351  33,986  18,635  56,580  3,763,552  48,368 
Total $ 23,705,831  $ 55,411  $ 50,082  $ 93,644  $ 23,904,968  $ 48,371 



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(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments, and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
  September 30, 2024 December 31, 2023
  Unpaid Principal Balance/
Notional		 Fair Value Unpaid Principal Balance/
Notional		 Fair Value
Residential mortgage loans held for sale $ 94,473  $ 94,067  $ 56,922  $ 56,457 
Residential mortgage loan commitments 70,102  1,958  34,783  1,379 
Forward sales contracts 109,000  (531) 75,448  (901)
    $ 95,494    $ 56,935 

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

Mortgage banking revenue was as follows (in thousands):
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2024 2023 2024 2023
Production revenue:    
Net realized gains (losses) on sale of mortgage loans $ 2,085  $ (1,631) $ 6,449  $ (3,658)
Net change in unrealized gain (loss) on mortgage loans held for sale
 (190) (522) 59  (648)
Net change in the fair value of mortgage loan commitments 13  (288) 579  487 
Net change in the fair value of forward sales contracts (345) 554  370  1,015 
Total production revenue (loss) 1,563  (1,887) 7,457  (2,804)
Servicing revenue 16,809  15,243  48,510  45,668 
Total mortgage banking revenue $ 18,372  $ 13,356  $ 55,967  $ 42,864 

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, 2024 December 31, 2023
Number of residential mortgage loans serviced for others 125,104  115,967 
Outstanding principal balance of residential mortgage loans serviced for others $ 22,084,578  $ 20,382,192 
Weighted average interest rate 3.70  % 3.64  %
Remaining term (in months) 277 280

The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Beginning Balance $ 333,246  $ 304,722  $ 293,884  $ 277,608 
Additions 3,842  3,154  10,812  9,757 
Acquisitions 3,334  2,669  34,755  33,807 
Change in fair value due to principal payments (8,049) (7,202) (21,508) (21,031)
Change in fair value due to market assumption changes (16,453) 8,039  (2,023) 11,241 
Ending Balance $ 315,920  $ 311,382  $ 315,920  $ 311,382 

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, 2024 December 31, 2023
Discount rate – risk-free rate plus a market premium 8.92% 9.72%
Prepayment rate – based upon loan interest rate, original term and loan type
 7.46% 7.34%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$73 - $94
$69 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $8,000
$875 - $8,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
 3.63% 3.90%
Primary/secondary mortgage rate spread
 115 bps 105 bps
Delinquency rate
 2.09% 2.06%

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


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(6) Commitments and Contingent Liabilities

Litigation Contingencies

As a member of Visa, BOK Financial is obligated for a proportionate share of certain covered litigation losses incurred by Visa under a retrospective responsibility plan. A contingent liability was recognized for the Company’s share of Visa’s covered litigation liabilities. Visa funded an escrow account to cover litigation claims, including covered litigation losses under the retrospective responsibility plan, with proceeds from its initial public offering in 2008 and from available cash. On October 11, 2024, Visa announced that it had made an additional $1.5 billion deposit into the escrow fund.

On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements (the "Exchange Offer"). The Exchange Offer opened on April 8, 2024, and expired on May 3, 2024. The Company tendered all of its 252,233 Class B-1 Visa shares under the Exchange Offer and received 126,116 Visa Class B-2 shares and 50,053 Visa Class C commons shares in return. The Company sold 41,148 Visa Class C shares and donated 8,905 Visa Class C shares to the BOKF Foundation. Conversion of the Class B-1 shares did not reduce our proportionate share of the covered litigation losses which may dilute our remaining Class B-2 shares if the escrow fund is not adequate to cover final litigation costs.

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

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

Alternative Investment Commitments

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

At September 30, 2024, the Company had $415 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 $106 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On October 29, 2024, the Company declared a quarterly cash dividend of $0.57 per common share payable on or about November 27, 2024, to shareholders of record as of November 15, 2024.

Dividends declared were $0.55 and $1.65 per share during the three and nine months ended September 30, 2024, and $0.54 and $1.62 per share during the three and nine months ended September 30, 2023.

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Accumulated Other Comprehensive Income (Loss)

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

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available-for-Sale Securities
 Investment Securities Transferred from AFS Total
Balance, Dec. 31, 2022 $ (664,618) $ (172,337) $ (836,955)
Net change in unrealized gain (loss)
 (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)
Balance, Dec. 31, 2023 $ (473,212) $ (125,888) $ (599,100)
Net change in unrealized gain (loss)
 263,436  —  263,436 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities —  35,641  35,641 
Loss on available-for-sale securities, net
 45,828  —  45,828 
Other comprehensive income (loss), before income taxes 309,264  35,641  344,905 
Federal and state income taxes 72,711  8,383  81,094 
Other comprehensive income (loss), net of income taxes 236,553  27,258  263,811 
Balance, September 30, 2024 $ (236,659) $ (98,630) $ (335,289)

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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,
  2024 2023 2024 2023
Numerator:        
Net income attributable to BOK Financial Corp. shareholders $ 139,999  $ 134,495  $ 387,415  $ 448,171 
Less: Earnings allocated to participating securities 1,383  1,104  3,660  3,561 
Numerator for basic earnings per share – income available to common shareholders
 138,616  133,391  383,755  444,610 
Effect of reallocating undistributed earnings of participating securities —  —  —  — 
Numerator for diluted earnings per share – income available to common shareholders
 $ 138,616  $ 133,391  $ 383,755  $ 444,610 
Denominator:        
Weighted average shares outstanding 64,122,351  66,090,988  64,425,159  66,484,557 
Less: Participating securities included in weighted average shares outstanding 632,770  542,681  594,971  529,263 
Denominator for basic earnings per common share 63,489,581  65,548,307  63,830,188  65,955,294 
Dilutive effect of employee stock compensation plans —  —  —  — 
Denominator for diluted earnings per common share 63,489,581  65,548,307  63,830,188  65,955,294 
Basic earnings per share $ 2.18  $ 2.04  $ 6.01  $ 6.74 
Diluted earnings per share $ 2.18  $ 2.04  $ 6.01  $ 6.74 
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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2024, is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest income from external sources
 $ 277,777  $ 5,955  $ 10,640  $ 13,747  $ 308,119 
Net interest income (expense) from internal sources
 (70,167) 59,308  22,545  (11,686) — 
Net interest income
 207,610  65,263  33,185  2,061  308,119 
Net loans charged off (recovered) and provision for credit losses (1,329) 1,779  (159) 1,709  2,000 
Net interest income after provision for credit losses
 208,939  63,484  33,344  352  306,119 
Other operating revenue 59,320  36,699  112,457  (284) 208,192 
Other operating expense 78,387  57,779  93,539  111,320  341,025 
Net direct contribution 189,872  42,404  52,262  (111,252) 173,286 
Gain (loss) on financial instruments, net 162  12,121  —  (12,283) — 
Change in fair value of mortgage servicing rights —  (16,453) —  16,453  — 
Gain on repossessed assets, net
 —  —  —  —  — 
Corporate expense allocations 17,371  13,298  13,458  (44,127) — 
Net income before taxes 172,663  24,774  38,804  (62,955) 173,286 
Federal and state income taxes 42,809  5,826  9,188  (24,510) 33,313 
Net income 129,854  18,948  29,616  (38,445) 139,973 
Net income attributable to non-controlling interests —  —  —  (26) (26)
Net income attributable to BOK Financial Corp. shareholders $ 129,854  $ 18,948  $ 29,616  $ (38,419) $ 139,999 
Average assets $ 30,657,285  $ 9,804,990  $ 16,344,623  $ (5,649,863) $ 51,157,035 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2024, is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Funds Management and Other BOK
Financial
Consolidated
Net interest income from external sources
 $ 843,882  $ 19,497  $ 20,251  $ 14,082  $ 897,712 
Net interest income (expense) from internal sources
 (228,521) 175,065  70,833  (17,377) — 
Net interest income
 615,361  194,562  91,084  (3,295) 897,712 
Net loans charged off (recovered) and provision for credit losses 8,965  4,834  (174) 4,375  18,000 
Net interest income after provision for credit losses
 606,396  189,728  91,258  (7,670) 879,712 
Other operating revenue 163,862  109,158  344,369  12,208  629,597 
Other operating expense 224,596  166,354  283,041  344,108  1,018,099 
Net direct contribution 545,662  132,532  152,586  (339,570) 491,210 
Gain (loss) on financial instruments, net 497  (1,119) —  622  — 
Change in fair value of mortgage servicing rights —  (2,023) —  2,023  — 
Gain on repossessed assets, net
 —  116  —  (116) — 
Corporate expense allocations 53,149  40,862  44,721  (138,732) — 
Net income (loss) before taxes 493,010  88,644  107,865  (198,309) 491,210 
Federal and state income taxes 121,780  20,848  25,524  (64,341) 103,811 
Net income
 371,230  67,796  82,341  (133,968) 387,399 
Net income attributable to non-controlling interests —  —  —  (16) (16)
Net income attributable to BOK Financial Corp. shareholders
 $ 371,230  $ 67,796  $ 82,341  $ (133,952) $ 387,415 
Average assets $ 30,258,034  $ 9,609,862  $ 16,185,931  $ (5,259,231) $ 50,794,596 
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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 income from external sources
 $ 298,313  $ 11,386  $ 7,622  $ (16,425) $ 300,896 
Net interest income (expense) from internal sources
 (84,170) 54,992  15,045  14,133  — 
Net interest income
 214,143  66,378  22,667  (2,292) 300,896 
Net loans charged off (recovered) and provision for credit losses 4,904  (73) 9  2,160  7,000 
Net interest income after provision for credit losses
 209,239  66,451  22,658  (4,452) 293,896 
Other operating revenue 59,153  30,716  123,614  (15,331) 198,152 
Other operating expense 83,256  54,497  89,108  97,452  324,313 
Net direct contribution 185,136  42,670  57,164  (117,235) 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 on repossessed assets, net
 (268) 11  —  257  — 
Corporate expense allocations 17,838  11,920  14,562  (44,320) — 
Net income before taxes 167,019  29,617  42,602  (71,503) 167,735 
Federal and state income taxes 41,081  6,966  10,083  (24,874) 33,256 
Net income
 125,938  22,651  32,519  (46,629) 134,479 
Net income attributable to non-controlling interests
 —  —  —  (16) (16)
Net income attributable to BOK Financial Corp. shareholders $ 125,938  $ 22,651  $ 32,519  $ (46,613) $ 134,495 
Average assets $ 28,867,129  $ 9,379,478  $ 14,740,641  $ (3,667,696) $ 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 income from external sources
 $ 886,283  $ 50,360  $ 32,977  $ 5,885  $ 975,505 
Net interest income (expense) from internal sources
 (223,305) 151,315  59,131  12,859  — 
Net interest income
 662,978  201,675  92,108  18,744  975,505 
Net loans charged off (recovered) and provision for credit losses 10,980  2,240  (60) 26,840  40,000 
Net interest income after provision for credit losses
 651,998  199,435  92,168  (8,096) 935,505 
Other operating revenue 184,826  93,603  355,568  (48,931) 585,066 
Other operating expense 233,949  157,035  255,450  302,364  948,798 
Net direct contribution 602,875  136,003  192,286  (359,391) 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 on repossessed assets, net
 999  25  —  (1,024) — 
Corporate expense allocations 56,960  35,860  39,871  (132,691) — 
Net income before taxes 547,076  87,296  152,415  (215,014) 571,773 
Federal and state income taxes 133,691  20,532  36,010  (67,071) 123,162 
Net income
 413,385  66,764  116,405  (147,943) 448,611 
Net income attributable to non-controlling interests
 —  —  —  440  440 
Net income attributable to BOK Financial Corp. shareholders
 $ 413,385  $ 66,764  $ 116,405  $ (148,383) $ 448,171 
Average assets $ 28,402,890  $ 9,635,204  $ 13,128,925  $ (3,418,086) $ 47,748,933 

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(10) Fees and Commissions Revenue

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

•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when (or as) the Company satisfies a performance obligation

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

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

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing, and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2024 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 23,642  $ —  $ 23,642  $ 23,642  $ — 
Customer hedging revenue
 3,835  —  2,812  780  7,427  7,427  — 
Retail brokerage revenue
 —  —  4,924  —  4,924  —  4,924 
Investment banking revenue
 3,988  —  10,410  —  14,398  3,630  10,768 
Brokerage and trading revenue
 7,823  —  41,788  780  50,391  34,699  15,692 
TransFund EFT network revenue 23,111  779  (21) 5  23,874  —  23,874 
Merchant services revenue 2,461  8  —  —  2,469  —  2,469 
Corporate card revenue 1,927  —  134  91  2,152  —  2,152 
Transaction card revenue 27,499  787  113  96  28,495  —  28,495 
Personal trust revenue —  —  25,014  —  25,014  —  25,014 
Corporate trust revenue —  —  9,091  —  9,091  —  9,091 
Institutional trust & retirement plan services revenue
 —  —  17,057  (1) 17,056  —  17,056 
Investment management services and other revenue
 —  —  6,223  —  6,223  —  6,223 
Fiduciary and asset management revenue
 —  —  57,385  (1) 57,384  —  57,384 
Commercial account service charge revenue
 15,768  550  578  —  16,896  —  16,896 
Overdraft fee revenue 30  5,805  41  —  5,876  —  5,876 
Check card revenue
 —  6,154  —  —  6,154  —  6,154 
Automated service charge and other deposit fee revenue
 257  1,187  80  —  1,524  —  1,524 
Deposit service charges and fees
 16,055  13,696  699  —  30,450  —  30,450 
Mortgage production revenue —  1,563  —  —  1,563  1,563  — 
Mortgage servicing revenue —  17,573  —  (764) 16,809  16,809  — 
Mortgage banking revenue —  19,136  —  (764) 18,372  18,372  — 
Other revenue 4,488  3,080  12,472  (2,638) 17,402  10,382  7,020 
Total fees and commissions revenue
 $ 55,865  $ 36,699  $ 112,457  $ (2,527) $ 202,494  $ 63,453  $ 139,041 
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, 2024 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 88,794  $ —  $ 88,794  $ 88,794  $ — 
Customer hedging revenue
 10,986  —  7,879  1,652  20,517  20,517  — 
Retail brokerage revenue
 —  —  14,455  —  14,455  —  14,455 
Investment banking revenue
 11,913  —  26,908  —  38,821  10,666  28,155 
Brokerage and trading revenue
 22,899  —  138,036  1,652  162,587  119,977  42,610 
TransFund EFT network revenue 65,460  2,381  (58) 5  67,788  —  67,788 
Merchant services revenue 7,143  25  —  —  7,168  —  7,168 
Corporate card revenue 5,533  —  474  271  6,278  —  6,278 
Transaction card revenue 78,136  2,406  416  276  81,234  —  81,234 
Personal trust revenue —  —  76,129  —  76,129  —  76,129 
Corporate trust revenue —  —  26,997  —  26,997  —  26,997 
Institutional trust & retirement plan services revenue
 —  —  49,723  —  49,723  —  49,723 
Investment management services and other revenue
 —  —  17,416  —  17,416  —  17,416 
Fiduciary and asset management revenue —  —  170,265  —  170,265  —  170,265 
Commercial account service charge revenue
 46,063  1,633  1,727  —  49,423  —  49,423 
Overdraft fee revenue 93  16,573  103  —  16,769  —  16,769 
Check card revenue
 —  17,873  —  —  17,873  —  17,873 
Automated service charge and other deposit fee revenue
 785  3,612  245  —  4,642  —  4,642 
Deposit service charges and fees
 46,941  39,691  2,075  —  88,707  —  88,707 
Mortgage production revenue —  7,457  —  —  7,457  7,457  — 
Mortgage servicing revenue —  50,652  —  (2,142) 48,510  48,510  — 
Mortgage banking revenue —  58,109  —  (2,142) 55,967  55,967  — 
Other revenue 12,239  8,952  33,577  (10,443) 44,325  26,695  17,630 
Total fees and commissions revenue
 $ 160,215  $ 109,158  $ 344,369  $ (10,657) $ 603,085  $ 202,639  $ 400,446 
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, 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.


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, 2024, and 2023, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 30, 2024, and 2023 were immaterial.

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

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of September 30, 2024 (in thousands):
  Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3)
Assets:        
Trading securities:
U.S. government securities $ 332,466  $ 308,370  $ 24,096  $ — 
Residential agency mortgage-backed securities 4,672,427  —  4,672,427  — 
Municipal securities 76,004  —  76,004  — 
Other trading securities 58,828  —  58,828  — 
Total trading securities 5,139,725  308,370  4,831,355  — 
Available-for-sale securities:
        
U.S. Treasury 951  951  —  — 
Municipal securities 228,171  —  228,171  — 
Residential agency mortgage-backed securities 8,577,928  —  8,577,928  — 
Residential non-agency mortgage-backed securities 838,783  —  838,783  — 
Commercial agency mortgage-backed securities
 3,369,680  —  3,369,680  — 
Other debt securities 473  —  —  473 
Total available-for-sale securities
 13,015,986  951  13,014,562  473 
Fair value option securities — Residential agency mortgage-backed securities 19,172  —  19,172  — 
Residential mortgage loans held for sale1
 95,494  —  88,161  7,333 
Mortgage servicing rights2
 315,920  —  —  315,920 
Derivative contracts, net of cash collateral3
 334,382  1,426  332,956  — 
Liabilities:  
Derivative contracts, net of cash collateral3
 $ 402,559  $ —  $ 402,559  $ — 
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 82.54% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.


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




- 88 -

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, 2024, for which the fair value was adjusted during the nine months ended September 30, 2024 (in thousands):
Fair Value Adjustments for the
  Carrying Value at September 30, 2024 Three Months Ended
September 30, 2024 Recognized in:		 Nine Months Ended
Sep. 30, 2024 Recognized in:
  Quoted Prices
in Active Markets for Identical Instruments		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Gross charge-offs against allowance for loan losses Other gains (losses), net Gross charge-offs against allowance for loan losses Other gains (losses), net
Nonaccruing loans $ —  $ 62  $ 5,100  $ 400  $ —  $ 6,743  $ — 
Real estate and other repossessed assets
 —  23  —  —  (5) —  (5)

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 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, 2024, follows (dollars in thousands):

Fair Value Valuation Technique(s) Unobservable Input Range
(Weighted Average)
Nonaccruing loans $ 5,100  Discounted cash flows Management knowledge of industry and non-real estate collateral
36% - 36% (36%)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, 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.




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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, 2024 (in thousands):
Carrying
Value		 Estimated
Fair
Value		 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
Cash and due from banks $ 928,997  $ 928,997  $ 928,997  $ —  $ — 
Interest-bearing cash and cash equivalents 547,043  547,043  547,043  —  — 
Trading securities:
U.S. government securities 332,466  332,466  308,370  24,096  — 
Residential agency mortgage-backed securities 4,672,427  4,672,427  —  4,672,427  — 
Municipal securities 76,004  76,004  —  76,004  — 
Other trading securities 58,828  58,828  —  58,828  — 
Total trading securities 5,139,725  5,139,725  308,370  4,831,355  — 
Investment securities:    
Municipal securities 104,775  108,213  —  11,837  96,376 
Residential agency mortgage-backed securities 1,933,393  1,799,308  —  1,799,308  — 
Commercial agency mortgage-backed securities 16,143  15,603  —  15,603  — 
Other debt securities 15,788  14,783  —  14,783  — 
Total investment securities 2,070,099  1,937,907  —  1,841,531  96,376 
Allowance for credit losses (234) —  —  —  — 
Investment securities, net of allowance 2,069,865  1,937,907  —  1,841,531  96,376 
Available-for-sale securities:
    
U.S. Treasury 951  951  951  —  — 
Municipal securities 228,171  228,171  —  228,171  — 
Residential agency mortgage-backed securities 8,577,928  8,577,928  —  8,577,928  — 
Residential non-agency mortgage-backed securities 838,783  838,783  —  838,783  — 
Commercial agency mortgage-backed securities
 3,369,680  3,369,680  —  3,369,680  — 
Other debt securities 473  473  —  —  473 
Total available-for-sale securities
 13,015,986  13,015,986  951  13,014,562  473 
Fair value option securities — Residential agency mortgage-backed securities 19,172  19,172  —  19,172  — 
Residential mortgage loans held for sale 95,494  95,494  —  88,161  7,333 
Loans:    
Commercial 14,877,922  14,989,899  —  —  14,989,899 
Commercial real estate 5,188,655  5,157,125  —  —  5,157,125 
Loans to individuals 3,918,484  3,831,981  —  —  3,831,981 
Total loans 23,985,061  23,979,005  —  —  23,979,005 
Allowance for loan losses (284,456) —  —  —  — 
Loans, net of allowance 23,700,605  23,979,005  —  —  23,979,005 
Mortgage servicing rights 315,920  315,920  —  —  315,920 
Derivative instruments with positive fair value, net of cash collateral
 334,382  334,382  1,426  332,956  — 
Deposits with no stated maturity 33,389,162  33,389,162  —  —  33,389,162 
Time deposits 3,837,956  3,828,500  —  —  3,828,500 
Other borrowed funds 5,473,783  5,473,783  —  —  5,473,783 
Subordinated debentures 131,188  117,682  —  117,682  — 
Derivative instruments with negative fair value, net of cash collateral
 402,559  402,559  —  402,559  — 

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2023 (in thousands):
Carrying
Value		 Estimated
Fair
Value		 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
Cash and due from banks $ 947,613  $ 947,613  $ 947,613  $ —  $ — 
Interest-bearing cash and cash equivalents 400,652  400,652  400,652  —  — 
Trading securities:
U.S. government securities 10,959  10,959  9,017  1,942  — 
Residential agency mortgage-backed securities 5,105,137  5,105,137  —  5,105,137  — 
Municipal securities 37,413  37,413  —  37,413  — 
Other trading securities 39,996  39,996  —  39,996  — 
Total trading securities 5,193,505  5,193,505  9,017  5,184,488  — 
Investment securities:    
Municipal securities 120,705  125,525  —  12,305  113,220 
Residential agency mortgage-backed securities 2,092,083  1,917,810  —  1,917,810  — 
Commercial agency mortgage-backed securities 15,914  15,067  —  15,067  — 
Other debt securities 15,787  14,184  —  14,184  — 
Total investment securities 2,244,489  2,072,586  —  1,959,366  113,220 
Allowance for credit losses (336) —  —  —  — 
Investment securities, net of allowance 2,244,153  2,072,586  —  1,959,366  113,220 
Available-for-sale securities:
    
U.S. Treasury 925  925  925  —  — 
Municipal securities 502,833  502,833  —  502,833  — 
Residential agency mortgage-backed securities 6,834,720  6,834,720  —  6,834,720  — 
Residential non-agency mortgage-backed securities 799,877  799,877  —  799,877  — 
Commercial agency mortgage-backed securities
 4,147,853  4,147,853  —  4,147,853  — 
Other debt securities 473  473  —  —  473 
Total available-for-sale securities
 12,286,681  12,286,681  925  12,285,283  473 
Fair value option securities — Residential agency mortgage-backed securities 20,671  20,671  —  20,671  — 
Residential mortgage loans held for sale 56,935  56,935  —  49,749  7,186 
Loans:    
Commercial 14,803,769  14,862,873  —  —  14,862,873 
Commercial real estate 5,337,647  5,270,657  —  —  5,270,657 
Loans to individuals 3,763,552  3,634,855  —  —  3,634,855 
Total loans 23,904,968  23,768,385  —  —  23,768,385 
Allowance for loan losses (277,123) —  —  —  — 
Loans, net of allowance 23,627,845  23,768,385  —  —  23,768,385 
Mortgage servicing rights 293,884  293,884  —  —  293,884 
Derivative instruments with positive fair value, net of cash collateral
 410,304  410,304  —  410,304  — 
Deposits with no stated maturity 31,007,679  31,007,679  —  —  31,007,679 
Time deposits 3,012,022  2,993,685  —  —  2,993,685 
Other borrowed funds 8,824,300  8,824,299  —  —  8,824,299 
Subordinated debentures 131,150  115,798  —  115,798  — 
Derivative instruments with negative fair value, net of cash collateral
 587,473  587,473  2,607  584,866  — 

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

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

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Nine-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Nine Months Ended
  September 30, 2024 September 30, 2023
Average
Balance		 Revenue/
Expense
Yield/
Rate1
 Average
Balance		 Revenue/
Expense
Yield/
Rate1
Assets            
Interest-bearing cash and cash equivalents $ 544,371  $ 21,912  5.38  % $ 641,203  $ 24,257  5.06  %
Trading securities 5,699,227  219,654  5.18  % 4,259,291  147,256  4.61  %
Investment securities 2,151,633  22,849  1.42  % 2,403,984  25,985  1.44  %
Available for sale securities 12,745,134  363,064  3.65  % 11,900,049  283,199  3.00  %
Fair value option securities 19,447  578  3.65  % 194,913  7,561  5.11  %
Restricted equity securities 425,440  26,476  8.30  % 371,871  21,013  7.53  %
Residential mortgage loans held for sale 78,236  3,766  6.29  % 72,021  3,305  5.98  %
Loans 24,213,204  1,345,721  7.42  % 22,929,972  1,198,263  6.99  %
Allowance for loan losses (282,990) (253,105)
Loans, net of allowance 23,930,214  1,345,721  7.51  % 22,676,867  1,198,263  7.06  %
Total earning assets
 45,593,702  2,004,020  5.81  % 42,520,199  1,710,839  5.29  %
Receivable on unsettled securities sales 231,574  203,520 
Cash and other assets 4,969,320  5,025,214 
Total assets $ 50,794,596  $ 47,748,933 
Liabilities and equity            
Interest-bearing deposits:            
Transaction $ 23,089,008  $ 646,670  3.74  % $ 18,810,872  $ 362,593  2.58  %
Savings 832,199  3,632  0.58  % 919,644  1,781  0.26  %
Time 3,465,276  117,703  4.54  % 2,136,225  52,374  3.28  %
Total interest-bearing deposits 27,386,483  768,005  3.75  % 21,866,741  416,748  2.55  %
Funds purchased and repurchase agreements 1,369,725  42,140  4.11  % 2,713,195  89,103  4.39  %
Other borrowings 6,785,766  282,507  5.56  % 5,594,290  216,175  5.17  %
Subordinated debentures 131,155  6,975  7.10  % 131,156  6,609  6.74  %
Total interest-bearing liabilities 35,673,129  1,099,627  4.12  % 30,305,382  728,635  3.21  %
Non-interest bearing demand deposits
 8,430,111  11,179,239 
Due on unsettled securities purchases 399,719  396,776 
Other liabilities 1,039,441  970,132 
Total equity 5,252,196  4,897,404 
Total liabilities and equity $ 50,794,596  $ 47,748,933 
Tax-equivalent net interest income
 $ 904,393  1.69  % $ 982,204  2.08  %
Tax-equivalent net interest income to earning assets
 2.62  % 3.03  %
Less tax-equivalent adjustment 6,681  6,699 
Net interest income
 897,712  975,505 
Provision for credit losses
 18,000  40,000 
Other operating revenue 629,597  585,066 
Other operating expense 1,018,099  948,798 
Income before taxes 491,210  571,773 
Federal and state income taxes 103,811  123,162 
Net income 387,399  448,611 
Net income attributable to non-controlling interests
 (16) 440 
Net income attributable to BOK Financial Corporation shareholders
 $ 387,415  $ 448,171 
Earnings per average common share equivalent:
            
Net income:            
Basic   $ 6.01      $ 6.74   
Diluted   $ 6.01      $ 6.74   
1Yield 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.
- 95 -

Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Three Months Ended
  September 30, 2024 June 30, 2024
Average
Balance		 Revenue/
Expense
Yield/
Rate1
 Average
Balance		 Revenue/
Expense
Yield/
Rate1
Assets            
Interest-bearing cash and cash equivalents $ 531,811  $ 7,131  5.33  % $ 533,760  $ 7,776  5.86  %
Trading securities 5,802,448  76,498  5.36  % 5,922,891  74,856  5.06  %
Investment securities, net of allowance 2,094,408  7,406  1.41  % 2,151,079  7,589  1.41  %
Available-for-sale securities
 12,939,422  125,555  3.76  % 12,755,865  123,916  3.71  %
Fair value option securities 19,095  189  3.69  % 19,170  194  3.68  %
Restricted equity securities 410,800  8,426  8.20  % 453,303  9,192  8.11  %
Residential mortgage loans held for sale 95,742  1,495  6.15  % 81,371  1,348  6.50  %
Loans 24,304,884  455,995  7.47  % 24,385,153  449,142  7.41  %
Allowance for loan losses (287,227) (283,246)
Loans, net of allowance 24,017,657  455,995  7.55  % 24,101,907  449,142  7.49  %
Total earning assets
 45,911,383  682,695  5.89  % 46,019,346  674,013  5.80  %
Receivable on unsettled securities sales 216,158  171,344 
Cash and other assets 5,029,494  5,004,509 
Total assets $ 51,157,035  $ 51,195,199 
Liabilities and equity            
Interest-bearing deposits:            
Transaction $ 23,986,697  $ 227,767  3.78  % $ 23,006,204  $ 215,122  3.76  %
Savings 820,980  1,232  0.60  % 832,704  1,196  0.58  %
Time 3,678,964  42,129  4.56  % 3,427,336  38,435  4.51  %
Total interest-bearing deposits 28,486,641  271,128  3.79  % 27,266,244  254,753  3.76  %
Funds purchased and repurchase agreements 1,016,688  9,932  3.89  % 1,838,323  19,544  4.28  %
Other borrowings 6,366,046  88,774  5.55  % 7,151,228  99,193  5.58  %
Subordinated debentures 131,155  2,357  7.15  % 131,156  2,306  7.07  %
Total interest-bearing liabilities 36,000,530  372,191  4.11  % 36,386,951  375,796  4.15  %
Non-interest bearing demand deposits
 8,273,656  8,386,979 
Due on unsettled securities purchases 348,585  351,199 
Other liabilities 1,084,458  920,427 
Total equity 5,449,806  5,149,643 
Total liabilities and equity $ 51,157,035  $ 51,195,199 
Tax-equivalent net interest income
 $ 310,504  1.78  % $ 298,217  1.65  %
Tax-equivalent net interest income to earning assets
 2.68  % 2.56  %
Less tax-equivalent adjustment 2,385  2,196 
Net interest income
 308,119  296,021 
Provision for credit losses
 2,000  8,000 
Other operating revenue 208,192  259,704 
Other operating expense 341,025  336,690 
Income before taxes 173,286  211,035 
Federal and state income taxes 33,313  47,303 
Net income 139,973  163,732 
Net income (loss) attributable to non-controlling interests
 (26) 19 
Net income attributable to BOK Financial Corporation shareholders
 $ 139,999  $ 163,713 
Earnings per average common share equivalent:
            
Basic   $ 2.18      $ 2.54   
Diluted   $ 2.18      $ 2.54   
1Yield 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.
- 96 -

(In thousands, except per share data) Three Months Ended
March 31, 2024 December 31, 2023
Average Balance Revenue /Expense
Yield/
Rate1
 Average Balance Revenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents $ 567,680  $ 7,005  4.96  % $ 605,839  $ 8,096  5.30  %
Trading securities 5,371,209  68,300  5.12  % 5,448,403  69,013  5.05  %
Investment securities, net of allowance 2,210,040  7,854  1.42  % 2,264,194  8,058  1.42  %
Available-for-sale securities
 12,537,981  113,593  3.48  % 12,063,398  105,556  3.27  %
Fair value option securities 20,080  195  3.59  % 20,086  199  3.57  %
Restricted equity securities 412,376  8,858  8.59  % 432,780  8,670  8.01  %
Residential mortgage loans held for sale 57,402  923  6.25  % 61,146  1,036  6.59  %
Loans 23,948,567  440,584  7.40  % 23,705,108  439,808  7.36  %
Allowance for loan losses (278,449) (273,717)
Loans, net of allowance 23,670,118  440,584  7.48  % 23,431,391  439,808  7.45  %
Total earning assets
 44,846,886  647,312  5.73  % 44,327,237  640,436  5.64  %
Receivable on unsettled securities sales 307,389  276,856 
Cash and other assets 4,873,297  5,109,577 
Total assets $ 50,027,572  $ 49,713,670 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 22,264,259  $ 203,781  3.68  % $ 20,449,370  $ 177,475  3.44  %
Savings 843,037  1,204  0.57  % 845,705  1,132  0.53  %
Time 3,287,179  37,139  4.54  % 3,002,252  31,242  4.13  %
Total interest-bearing deposits 26,394,475  242,124  3.69  % 24,297,327  209,849  3.43  %
Funds purchased and repurchase agreements 1,258,044  12,664  4.05  % 2,476,973  29,915  4.79  %
Other borrowings 6,844,633  94,540  5.56  % 7,120,963  99,542  5.55  %
Subordinated debentures 131,154  2,312  7.09  % 131,151  2,343  7.09  %
Total interest-bearing liabilities 34,628,306  351,640  4.08  % 34,026,414  341,649  3.98  %
Non-interest bearing demand deposits
 8,631,416  9,378,886 
Due on unsettled securities purchases 499,936  363,358 
Other liabilities 1,112,947  1,008,035 
Total equity 5,154,967  4,936,977 
Total liabilities and equity $ 50,027,572  $ 49,713,670 
Tax-equivalent net interest income
 $ 295,672  1.65  % $ 298,787  1.66  %
Tax-equivalent net interest income to earning assets
 2.61  % 2.64  %
Less tax-equivalent adjustment 2,100  2,112 
Net interest income
 293,572  296,675 
Provision for credit losses
 8,000  6,000 
Other operating revenue 161,701  204,883 
Other operating expense 340,384  384,083 
Income before taxes 106,889  111,475 
Federal and state income taxes 23,195  28,953 
Net income 83,694  82,522 
Net income (loss) attributable to non-controlling interests (9) (53)
Net income attributable to BOK Financial Corporation shareholders
 $ 83,703  $ 82,575 
Earnings Per Average Common Share Equivalent:
Basic   $ 1.29      $ 1.26   
Diluted   $ 1.29      $ 1.26   
1Yield 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.
- 97 -

(In thousands, except per share data) Three Months Ended
September 30, 2023
Average Balance Revenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents $ 598,734  $ 8,199  5.43  %
Trading securities 5,444,587  65,301  4.76  %
Investment securities, net of allowance 2,331,595  8,309  1.43  %
Available-for-sale securities
 11,925,800  99,238  3.11  %
Fair value option securities 41,741  552  4.61  %
Restricted equity securities 445,532  8,776  7.88  %
Residential mortgage loans held for sale 77,208  1,234  6.27  %
Loans 23,414,308  427,649  7.25  %
Allowance for loan losses (267,205)
Loans, net of allowance 23,147,103  427,649  7.33  %
Total earning assets
 44,012,300  619,258  5.49  %
Receivable on unsettled securities sales 268,344 
Cash and other assets 5,038,908 
Total assets $ 49,319,552 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 19,415,599  $ 155,385  3.18  %
Savings 874,530  1,043  0.47  %
Time 2,839,947  28,380  3.96  %
Total interest-bearing deposits 23,130,076  184,808  3.17  %
Funds purchased and repurchase agreements 2,699,027  32,748  4.81  %
Other borrowings 6,968,309  96,271  5.48  %
Subordinated debentures 131,151  2,321  7.02  %
Total interest-bearing liabilities 32,928,563  316,148  3.81  %
Non-interest bearing demand deposits
 10,157,821 
Due on unsettled securities purchases 435,927 
Other liabilities 891,675 
Total equity 4,905,566 
Total liabilities and equity $ 49,319,552 
Tax-equivalent net interest income
 $ 303,110  1.68  %
Tax-equivalent net interest income to earning assets
 2.69  %
Less tax-equivalent adjustment 2,214 
Net interest income
 300,896 
Provision for credit losses
 7,000 
Other operating revenue 198,152 
Other operating expense 324,313 
Income before taxes 167,735 
Federal and state income taxes 33,256 
Net income 134,479 
Net income attributable to non-controlling interests (16)
Net income attributable to BOK Financial Corporation shareholders
 $ 134,495 
Earnings Per Average Common Share Equivalent:
Basic $ 2.04 
Diluted $ 2.04 
1Yield 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, 2024 June 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
Interest revenue $ 680,310  $ 671,817  $ 645,212  $ 638,324  $ 617,044 
Interest expense 372,191  375,796  351,640  341,649  316,148 
Net interest income
 308,119  296,021  293,572  296,675  300,896 
Provision for credit losses 2,000  8,000  8,000  6,000  7,000 
Net interest income after provision for credit losses
 306,119  288,021  285,572  290,675  293,896 
Other operating revenue          
Brokerage and trading revenue 50,391  53,017  59,179  60,896  62,312 
Transaction card revenue 28,495  27,246  25,493  28,847  26,387 
Fiduciary and asset management revenue 57,384  57,576  55,305  51,408  52,256 
Deposit service charges and fees 30,450  29,572  28,685  27,770  27,676 
Mortgage banking revenue 18,372  18,628  18,967  12,834  13,356 
Other revenue 17,402  13,988  12,935  15,035  15,865 
Total fees and commissions 202,494  200,027  200,564  196,790  197,852 
Other gains, net 13,087  57,375  4,269  40,452  1,474 
Gain (loss) on derivatives, net 8,991  (1,091) (8,633) 8,592  (9,010)
Gain (loss) on fair value option securities, net 764  (94) (305) 1,031  (203)
Change in fair value of mortgage servicing rights (16,453) 3,453  10,977  (14,356) 8,039 
Gain (loss) on available-for-sale securities, net
 (691) 34  (45,171) (27,626) — 
Total other operating revenue 208,192  259,704  161,701  204,883  198,152 
Other operating expense          
Personnel 206,821  191,090  202,653  203,022  190,791 
Business promotion 7,681  8,250  7,978  8,629  6,958 
Charitable contributions to BOKF Foundation —  13,610  —  1,542  23 
Professional fees and services 13,405  13,331  12,010  16,288  13,224 
Net occupancy and equipment 32,077  30,245  30,293  30,355  32,583 
FDIC and other insurance 8,186  7,317  8,740  8,495  7,996 
FDIC special assessment (1,437) 1,190  6,454  43,773  — 
Data processing and communications 47,554  46,131  45,564  45,584  45,672 
Printing, postage and supplies 3,594  3,789  3,997  3,844  3,760 
Amortization of intangible assets 2,856  2,898  3,003  3,543  3,474 
Mortgage banking costs 9,059  8,532  6,355  8,085  8,357 
Other expense 11,229  10,307  13,337  10,923  11,475 
Total other operating expense 341,025  336,690  340,384  384,083  324,313 
Net income before taxes 173,286  211,035  106,889  111,475  167,735 
Federal and state income taxes 33,313  47,303  23,195  28,953  33,256 
Net income 139,973  163,732  83,694  82,522  134,479 
Net income (loss) attributable to non-controlling interests
 (26) 19  (9) (53) (16)
Net income attributable to BOK Financial Corporation shareholders
 $ 139,999  $ 163,713  $ 83,703  $ 82,575  $ 134,495 
Earnings per share:          
Basic $2.18 $2.54 $1.29 $1.26 $2.04
Diluted $2.18 $2.54 $1.29 $1.26 $2.04
Average shares used in computation:
Basic 63,489,581  63,714,204  64,290,105  64,750,171  65,548,307 
Diluted 63,489,581  63,714,204  64,290,105  64,750,171  65,548,307 


- 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, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended September 30, 2024.
 
Period
Total Number of Shares Purchased2
 Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
 Maximum Number of Shares that May Yet Be Purchased Under the Plans
July 1 to July 31, 2024 445  $ 90.43  —  1,542,980 
August 1 to August 31, 2024 294  $ 98.75  —  1,542,980 
September 1 to September 30, 2024 —  $ —  —  1,542,980 
Total 739    —   
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, 2024, the Company had repurchased 3,457,020 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.
2The Company may repurchase mature shares from employees to cover the exercise price and taxes in connection with employee equity compensation.
Item 5. Other Information

Trading Plans

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

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

- 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:        October 30, 2024                                                                  


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

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

- 102 -
EX-31.1 2 a20240930bokfex311.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:  October 30, 2024

 
/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation
EX-31.2 3 a20240930bokfex312.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:  October 30, 2024 



/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President
Chief Financial Officer
BOK Financial Corporation
EX-32 4 a20240930bokfex32.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, 2024 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.

 
 
October 30, 2024
 

 
/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