株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________

Commission File No. 001-37811

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

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

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

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

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 63,611,097 shares of common stock ($.00006 par value) as of June 30, 2025.

BOK Financial Corporation
Form 10-Q
Quarter Ended June 30, 2025

Index
Glossary of Defined Terms
Part I.  Financial Information
Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 2)
Market Risk (Item 3)
Controls and Procedures (Item 4)
Consolidated Financial Statements – Unaudited (Item 1)
Six-Month Financial Summary – Unaudited (Item 2)
Quarterly Financial Summary – Unaudited (Item 2)
Quarterly Earnings Trends – 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
CODM
Chief Operating Decision Maker
Company BOK Financial Corporation
EFT Electronic Funds Transfer
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FTE
Full Time Equivalent
GAAP
Generally Accepted Accounting Principles in the United States of America
GDP Gross Domestic Product
GNMA Government National Mortgage Association
MSR
 Mortgage Servicing Rights
Nasdaq
 National Association of Securities Dealers Automated Quotations
PPNR
Pre-Provision Net Revenue
RMHFS
Residential Mortgages Held for Sale
SEC Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SVaR Stressed Value at Risk
TransFund BOKF's electronic funds transfer network
VA U.S. Department of Veterans Affairs
VaR Value at Risk
WTI West Texas Intermediate

- 1 -

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

BOK Financial reported net income of $140.0 million, or $2.19 per diluted share, for the second quarter of 2025 compared to $119.8 million, or $1.86 per diluted share, for the first quarter of 2025. PPNR1, a non-GAAP measure, was $180.7 million for the second quarter of 2025, compared to $154.8 million in the first quarter of 2025.

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

•Net interest income totaled $328.2 million, an increase of $11.9 million over the prior quarter. Net interest margin expanded to 2.80% for the second quarter of 2025, compared to 2.78% for the prior quarter. For the second quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.12% compared to 3.05% in the prior quarter.
•Fees and commissions revenue totaled $197.3 million, an increase of $13.2 million over the prior quarter with broad-based growth across our fee income lines. Brokerage and trading revenue increased $7.1 million, fiduciary and asset management revenue grew $3.0 million, and transaction card revenue increased $2.5 million.
•Other operating expense totaled $354.5 million, an increase of $7.0 million compared to the prior quarter. Personnel expense was relatively unchanged and non-personnel expense increased $6.4 million, led by higher operational losses combined with increased costs related to ongoing technology projects.
•Other gains (losses), net, were a net gain of $8.1 million for the second quarter of 2025, compared to a net loss of $725 thousand in the first quarter of 2025. Net gains on merchant banking investments were $5.2 million and net gains on investments related to deferred compensation were $3.4 million for the second quarter of 2025. The prior quarter included net gains on merchant banking investments of $678 thousand and net losses of $1.1 million on investments related to deferred compensation.
•Period end outstanding loan balances totaled $24.3 billion at June 30, 2025, an increase of $602 million compared to March 31, 2025. Growth in commercial real estate loans and loans to individuals was slightly offset by a decrease in energy portfolio balances. Average loan balances increased $108 million to $24.2 billion.
•No provision for expected credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter. Net charge-offs in the second quarter remained historically low at $561 thousand, or less than 0.01% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $330 million, or 1.36% of outstanding loans, at June 30, 2025. The combined allowance for credit losses was $331 million, or 1.40% of outstanding loans, at March 31, 2025.
•Nonperforming assets not guaranteed by U.S. government agencies were $74 million, a $4.4 million decrease compared to March 31, 2025. Potential problem loans decreased by $10 million while other loans especially mentioned increased by $22 million compared to March 31, 2025.
•Period end deposits were relatively unchanged at $38.2 billion at June 30, 2025. Average deposits decreased $222 million, including a $198 million reduction in demand deposit balances and a $25 million decrease in average interest-bearing deposits. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025.
•Assets under management or administration totaled $117.9 billion at June 30, 2025, increasing $3.9 billion compared to March 31, 2025, primarily driven by improvements in the equity markets during the second quarter.
•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.63% at June 30, 2025, and 9.48% at March 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio1 would be 9.40% at June 30, 2025, and 9.23% at March 31, 2025.
1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
- 2 -

•The common equity Tier 1 capital ratio at June 30, 2025, was 13.59%. Other regulatory capital ratios include the Tier 1 capital ratio at 13.60%, total capital ratio at 14.48%, and leverage ratio at 9.88%. At March 31, 2025, the common equity Tier 1 capital ratio was 13.31%, the Tier 1 capital ratio was 13.31%, the total capital ratio was 14.54%, and the leverage ratio was 10.02%.
•The Company repurchased 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025 and 10,000 shares of common stock at an average price of $98.45 per share in the first quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position. On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022 under which 869,682 shares remain. The new repurchase authorization does not have an expiration date, may be suspended at any time, does not include specific price targets, may be executed from time to time through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and other transactions or arrangements as officers may determine.
•The Company paid a regular cash dividend of $36.3 million, or $0.57 per common share, during the second quarter of 2025. On July 29, 2025, the board of directors approved a quarterly cash dividend of $0.57 per common share payable on or about August 27, 2025, to shareholders of record as of August 13, 2025.
Highlights of the six months ended June 30, 2025, compared to the six months ended June 30, 2024, included:
•Net interest income totaled $644.4 million for the six months ended June 30, 2025, and $589.6 million for the six months ended June 30, 2024. Net interest income increased $41.6 million from changes in interest rates and increased $14.1 million from changes in earning assets. Net interest margin was 2.79% compared to 2.59% reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. The AFS securities portfolio yield increased 26 basis points while loan yields decreased 69 basis points. Funding costs decreased 71 basis points. Average earning assets increased $866 million to $46.3 billion, driven largely by higher average trading securities and AFS securities balances. Total interest-bearing deposits increased $3.4 billion, partially offset by a decrease of $452 million in demand deposit balances. Other borrowed funds decreased $2.4 billion.
•Fees and commissions revenue totaled $381.4 million for the six months ended June 30, 2025, a $19.1 million decrease compared to the six months ended June 30, 2024. Brokerage and trading revenue decreased $43.0 million, largely due to a shift in fee revenue to interest income combined with lower trading volumes and compressed trading margins. Fiduciary and asset management revenue increased $12.1 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue increased $3.9 million led by growth in the volume of transactions processed. Other revenue increased $3.3 million, primarily related to higher fees earned on derivative counterparty margin and deposit service charges increased $3.3 million due to growth in commercial service charges.
•Other gains (losses), net, were a net gain of $7.4 million for the six months ended June 30, 2025, compared to a net gain of $61.6 million for the six months ended June 30, 2024. The six months ended June 30, 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares. Gain on merchant banking investments was $5.9 million and gains on investments related to deferred compensation were $2.3 million for the six months ended June 30, 2025. The six months ended June 30, 2024, included net gains on merchant banking investments of $1.3 million and a gain of $5.7 million on investments related to deferred compensation. The six months ended June 30, 2024 also included a loss of $45.1 million on the repositioning of the AFS securities portfolio.
•Total operating expense was $702.0 million for the six months ended June 30, 2025, an increase of $25.0 million compared to the six months ended June 30, 2024. Personnel expense increased $35.2 million. Regular compensation increased $15.9 million, largely related to annual merit increases, salary adjustments, and business expansion. Incentive compensation expense was up $10.1 million, primarily due to cash-based incentive compensation costs. Employee benefits expense increased $9.2 million related to higher employee healthcare costs and an increase in payroll taxes. Non-personnel expense decreased $10.2 million to $273.1 million. The six months ended June 30, 2024 included charitable contributions to the BOKF Foundation of $13.6 million and FDIC insurance special assessment costs of $7.6 million. These decreases in expense were partially offset by increases in data processing expense, net occupancy and equipment expense, and professional fees and services expense.
•No provision for expected credit losses was necessary for the six months ended June 30, 2025. A $16.0 million provision for expected credit losses was recorded for the six months ended June 30, 2024.
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Results of Operations
Net Interest Income and Net Interest Margin

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

Tax-equivalent net interest income totaled $330.7 million for the second quarter of 2025, up from $318.8 million in the prior quarter. Net interest income increased $7.9 million from changes in interest rates and increased $4.0 million from changes in earning assets. Table 1 shows the effect on net interest income from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets increased $1.4 billion over the first quarter of 2025. The average balance of trading securities increased $995 million, while average AFS securities grew by $256 million. Average loan balances increased $108 million due to growth in commercial real estate loans and loans to individuals, largely offset by a decrease in commercial loan balances. Average fair value options securities increased $71 million and restricted equity securities increased $42 million.

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

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

Funding costs were 3.40%, a 2 basis point decrease compared to the prior quarter. The cost of interest-bearing deposits decreased 7 basis points to 3.17%. The cost of funds purchased and repurchase agreements increased 45 basis points to 3.50% while the cost of other borrowings decreased 8 basis points to 4.49%. The cost of subordinated debentures was down 6 basis points to 6.38%. All outstanding subordinated debentures were called during the second quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 73 basis points, a decrease of 2 basis points.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 82% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that is asset sensitive, which means that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

The effectiveness of these strategies is reflected in the overall change in net interest income due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.
1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
June 30, 2025 / Mar. 31, 2025
 Six Months Ended
June 30, 2025 / 2024
   
Change Due To1
  
Change Due To1
Change Volume Yield/Rate Change Volume Yield/Rate
Tax-equivalent interest revenue:            
Interest-bearing cash and cash equivalents
 $ (603) $ (610) $ 7  $ (2,926) $ (403) $ (2,523)
Trading securities 12,617  12,902  (285) 17,203  18,262  (1,059)
Investment securities
 (246) (230) (16) (1,673) (1,643) (30)
Available-for-sale securities
 3,787  1,427  2,360  21,424  4,414  17,010 
Fair value option securities 1,141  844  297  1,108  752  356 
Restricted equity securities
 1,004  877  127  (3,964) (3,170) (794)
Residential mortgage loans held for sale
 371  352  19  50  163  (113)
Loans 5,818  3,815  2,003  (86,434) (2,682) (83,752)
Total tax-equivalent interest revenue 23,889  19,377  4,512  (55,212) 15,693  (70,905)
Interest expense:
Transaction deposits (305) 1,135  (1,440) (10,166) 54,402  (64,568)
Savings deposits (13) 20  (33) (77) 40  (117)
Time deposits (2,311) (145) (2,166) (7,119) 2,586  (9,705)
Funds purchased and repurchase agreements (208) (1,213) 1,005  (18,360) (12,758) (5,602)
Other borrowings 15,275  16,038  (763) (74,188) (42,125) (32,063)
Subordinated debentures (496) (490) (6) (946) (534) (412)
Total interest expense 11,942  15,345  (3,403) (110,856) 1,611  (112,467)
Tax-equivalent net interest income
 11,947  4,032  7,915  55,644  14,082  41,562 
Change in tax-equivalent adjustment 32  820 
Net interest income
 $ 11,915  $ 54,824 
1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.


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Other Operating Revenue

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

Table 2 – Other Operating Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Six Months Ended Increase (Decrease) % Increase (Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Brokerage and trading revenue
 $ 38,125  $ 31,068  $ 7,057  23  % $ 69,193  $ 112,196  $ (43,003) (38) %
Transaction card revenue 29,561  27,092  2,469  9  % 56,653  52,739  3,914  7  %
Fiduciary and asset management revenue
 63,964  60,972  2,992  5  % 124,936  112,881  12,055  11  %
Deposit service charges and fees
 31,319  30,275  1,044  3  % 61,594  58,257  3,337  6  %
Mortgage banking revenue 18,993  19,815  (822) (4) % 38,808  37,595  1,213  3  %
Other revenue 15,368  14,894  474  3  % 30,262  26,923  3,339  12  %
Total fees and commissions revenue
 197,330  184,116  13,214  7  % 381,446  400,591  (19,145) (5) %
Other gains (losses), net 8,140  (725) 8,865  N/A 7,415  61,644  (54,229) N/A
Gain (loss) on derivatives, net 5,535  9,565  (4,030) N/A 15,100  (9,724) 24,824  N/A
Gain (loss) on fair value option securities, net 1,112  325  787  N/A 1,437  (399) 1,836  N/A
Change in fair value of mortgage servicing rights
 (5,019) (7,240) 2,221  N/A (12,259) 14,430  (26,689) N/A
Gain (loss) on available-for-sale securities, net
 —  —  —  N/A —  (45,137) 45,137  N/A
Total other operating revenue
 $ 207,098  $ 186,041  $ 21,057  11  % $ 393,139  $ 421,405  $ (28,266) (7) %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 38% of combined net interest income before provision for credit losses and fees and commissions revenue for the second quarter of 2025. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices, and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest income or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition, and saturation in our existing markets could affect the rate of future increases.




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Brokerage and Trading Revenue

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

Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $14.4 million, a $6.3 million increase compared to the prior quarter, driven by steady customer demand and higher mortgage origination volumes from seasonal production. Interest rate levels and curve steepness can result in a shift from trading revenue to net interest income from trading securities. See further discussion on a total revenue basis in the Wealth Management discussion in Management's Discussion and Analysis - Segment Reporting following.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Customer hedging revenue totaled $7.5 million for the second quarter of 2025, a decrease of $879 thousand compared to the prior quarter, primarily attributed to our energy derivative customers. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services, and loan syndication fees, totaled $11.1 million, an increase of $1.5 million over the prior quarter, largely related to the timing and volume of completed loan syndication transactions.
Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions, and interchange fees from our corporate card program. Transaction card revenue totaled $29.6 million for the second quarter of 2025, a $2.5 million increase, primarily due to growth in transaction volumes processed during the quarter.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or non-managed relationships. Fiduciary and asset management revenue was $64.0 million for the second quarter of 2025, an increase of $3.0 million over the first quarter of 2025, led by higher seasonal tax preparation fee income.



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A distribution of assets under management or administration and related fiduciary and asset management revenue follows:

Table 3 – Assets Under Management or Administration
(Dollars in thousands)
Three Months Ended
June 30, 2025 March 31, 2025
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 12,870,191  $ 29,969  0.93  % $ 12,382,640  $ 28,012  0.90  %
Institutional 25,129,138  12,706  0.20  % 24,090,880  12,786  0.21  %
Total managed fiduciary assets
 37,999,329  42,675  0.45  % 36,473,520  40,798  0.45  %
Non-managed assets:
Fiduciary 33,057,806  18,596  0.23  % 31,586,317  17,652  0.22  %
Non-fiduciary 20,758,866  2,693  0.05  % 20,170,128  2,522  0.05  %
Safekeeping and brokerage assets under administration
 26,054,969  —  —  % 25,726,598  —  —  %
Total non-managed assets
 79,871,641  21,289  0.11  % 77,483,043  20,174  0.10  %
Total assets under management or administration
 $ 117,870,970  $ 63,964  0.22  % $ 113,956,563  $ 60,972  0.21  %
Six Months Ended
June 30, 2025 June 30, 2024
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal $ 12,870,191  $ 57,981  0.90  % $ 11,479,779  $ 58,036  1.01  %
Institutional 25,129,138  25,492  0.20  % 20,019,267  20,322  0.20  %
Total managed fiduciary assets
 37,999,329  83,473  0.44  % 31,499,046  78,358  0.50  %
Non-managed assets:
Fiduciary 33,057,806  36,248  0.22  % 30,418,648  28,759  0.19  %
Non-fiduciary 20,758,866  5,215  0.05  % 20,031,316  5,764  0.06  %
Safekeeping and brokerage assets under administration
 26,054,969  —  —  % 25,528,020  —  —  %
Total non-managed assets
 79,871,641  41,463  0.10  % 75,977,984  34,523  0.09  %
Total assets under management or administration
 $ 117,870,970  $ 124,936  0.21  % $ 107,477,030  $ 112,881  0.21  %
1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $22 billion, $20 billion, and $21 billion of such assets are excluded from assets under management or administration at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end asset balance.

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

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



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

Deposit Service Charges

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

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

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Six Months Ended Increase (Decrease) % Increase (Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Mortgage production revenue $ 1,707  $ 2,629  $ (922) (35) % $ 4,336  $ 5,894  $ (1,558) (26) %
Mortgage loans funded for sale $ 219,154  $ 159,816  $ 378,970  $ 379,214 
Add: Current period end outstanding commitments 64,508  60,429  64,508  62,960 
Less: Prior period end outstanding commitments 60,429  36,590  36,590  34,783 
Total mortgage production volume $ 223,233  $ 183,655  $ 39,578  22  % $ 406,888  $ 407,391  $ (503) —  %
Mortgage loan refinances to mortgage loans funded for sale 16  % 12  % 400   bps 15  % 8  % 700   bps
Realized margin on funded mortgage loans 0.66  % 0.91  % (25)  bps 0.77  % 1.15  % (38)  bps
Production revenue as a percentage of production volume 0.76  % 1.43  % (67)  bps 1.07  % 1.45  % (38)  bps
Primary mortgage interest rates1:
Average 6.79  % 6.83  % (4)  bps 6.81  % 6.86  % (5)  bps
Period end 6.77  % 6.65  % 12    bps 6.77  % 6.86  % (9)  bps
Mortgage servicing revenue $ 17,286  $ 17,186  $ 100  1  % $ 34,472  $ 31,701  $ 2,771  9  %
Average outstanding principal balance of mortgage loans serviced for others $ 22,687,658  $ 23,089,324  $ (401,666) (2) % $ 22,888,491  $ 21,688,229  $ 1,200,262  6  %
Average mortgage servicing revenue rates 0.31  % 0.30  % 1   bp 0.30  % 0.29  % 1   bp
1    Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.



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Net Gains and Losses on Other Assets, Securities, and Derivatives

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

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

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



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Other Operating Expense

Other operating expense for the second quarter of 2025 totaled $354.5 million, an increase of $7.0 million over the first quarter of 2025. Our efficiency ratio1 was 65.42% for the second quarter of 2025, compared to 68.31% in the prior quarter.
Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months Ended Increase (Decrease) %
Increase (Decrease)		 Six Months Ended Increase (Decrease) %
Increase (Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Regular compensation $ 121,521  $ 120,323  $ 1,198  1  % $ 241,844  $ 225,969  $ 15,875  7  %
Incentive compensation:
Cash-based 50,745  52,179  (1,434) (3) % 102,924  92,817  10,107  11  %
Share-based 6,080  6,266  (186) (3) % 12,346  8,294  4,052  49  %
Deferred compensation 3,281  (746) 4,027  N/A 2,535  6,621  (4,086) N/A
Total incentive compensation 60,106  57,699  2,407  4  % 117,805  107,732  10,073  9  %
Employee benefits 33,084  36,163  (3,079) (9) % 69,247  60,042  9,205  15  %
Total personnel expense 214,711  214,185  526  —  % 428,896  393,743  35,153  9  %
Business promotion 9,139  8,818  321  4  % 17,957  16,228  1,729  11  %
Charitable contributions to BOKF Foundation —  —  —  N/A —  13,610  (13,610) (100) %
Professional fees and services 15,402  13,269  2,133  16  % 28,671  25,341  3,330  13  %
Net occupancy and equipment 32,657  32,992  (335) (1) % 65,649  60,538  5,111  8  %
FDIC and other insurance 6,439  6,587  (148) (2) % 13,026  16,057  (3,031) (19) %
FDIC special assessment (523) 523  (1,046) N/A —  7,644  (7,644) N/A
Data processing and communications 49,597  47,578  2,019  4  % 97,175  91,695  5,480  6  %
Printing, postage, and supplies 4,067  3,639  428  12  % 7,706  7,786  (80) (1) %
Amortization of intangible assets 2,656  2,652  4  —  % 5,308  5,901  (593) (10) %
Mortgage banking costs 6,711  7,689  (978) (13) % 14,400  14,887  (487) (3) %
Other expense 13,647  9,597  4,050  42  % 23,244  23,644  (400) (2) %
Total other operating expense $ 354,503  $ 347,529  $ 6,974  2  % $ 702,032  $ 677,074  $ 24,958  4  %
Average number of employees (FTE)
 5,043  5,030  13  —  % 5,037  4,952  85  2  %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Personnel Expense
Personnel expense was $214.7 million, consistent with the first quarter of 2025. Employee benefits expense decreased $3.1 million, primarily due to a seasonal decrease in payroll taxes. Cash-based incentive compensation decreased $1.4 million. Regular compensation costs grew $1.2 million reflecting the full quarter impact of standard annual merit increases effective for most employees in March. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments included in Other gains (losses), net, increased $4.0 million.
Non-personnel Operating Expense
Non-personnel expense was $139.8 million, an increase of $6.4 million. Other expense increased by $4.1 million due to higher operational losses. Professional fees and services expense increased $2.1 million and data processing expense increased $2.0 million, largely related to ongoing technology project costs. In the second quarter of 2025, the FDIC updated their estimate of the special assessment, resulting in a benefit of $523 thousand, compared to $523 thousand of expense in the prior quarter.
Income Taxes

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

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

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

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

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


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

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

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

Table 8 – Net Income Before Taxes by Segment
(Dollars in thousands)
  Three Months Ended Increase (Decrease) % Increase (Decrease) Six Months Ended Increase (Decrease) % Increase (Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Commercial Banking
 $ 141,575  $ 139,983  $ 1,592  1  % $ 281,558  $ 320,347  $ (38,789) (12) %
Consumer Banking 24,746  22,122  2,624  12  % 46,868  63,870  (17,002) (27) %
Wealth Management 40,749  32,726  8,023  25  % 73,475  69,061  4,414  6  %
Segment total 207,070  194,831  12,239  6  % 401,901  453,278  (51,377) (11) %
Funds Management and other (26,309) (40,068) 13,759  N/A (66,377) (135,354) 68,977  N/A
BOK Financial Corporation $ 180,761  $ 154,763  $ 25,998  17  % $ 335,524  $ 317,924  $ 17,600  6  %
Certain percentage increases (decreases) are not meaningful for comparison purposes.


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Commercial Banking

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

Table 9 – Commercial Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) %
Increase
(Decrease)		 Six Months Ended Increase (Decrease) %
Increase
(Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Net interest income from external sources
 $ 235,765  $ 231,423  $ 4,342  2  % $ 467,188  $ 560,342  $ (93,154) (17) %
Net interest expense from internal sources
 (59,939) (53,165) (6,774) (13) % (113,104) (152,591) 39,487  26  %
Net interest income
 175,826  178,258  (2,432) (1) % 354,084  407,751  (53,667) (13) %
Net loans charged off 29  148  (119) (80) % 177  10,294  (10,117) (98) %
Net interest income after net loans charged off 175,797  178,110  (2,313) (1) % 353,907  397,457  (43,550) (11) %
Other operating revenue 64,432  55,521  8,911  16  % 119,953  104,877  15,076  14  %
Personnel expense
 49,506  48,051  1,455  3  % 97,557  91,283  6,274  7  %
Non-personnel expense 29,613  28,183  1,430  5  % 57,796  54,926  2,870  5  %
Total other operating expense 79,119  76,234  2,885  4  % 155,353  146,209  9,144  6  %
Corporate allocations 19,535  17,414  2,121  12  % 36,949  35,778  1,171  3  %
Net income before taxes $ 141,575  $ 139,983  $ 1,592  1  % $ 281,558  $ 320,347  $ (38,789) (12) %
Average assets
 $ 21,318,236  $ 21,400,745  $ (82,509) —  % $ 21,359,263  $ 21,806,587  $ (447,324) (2) %
Average loans
 19,894,391  19,965,166  (70,775) —  % 19,929,583  20,235,503  (305,920) (2) %
Average deposits
 17,424,707  17,769,083  (344,376) (2) % 17,595,944  15,959,622  1,636,322  10  %
Average invested capital
 2,148,937  2,147,530  1,407  —  % 2,151,522  2,168,600  (17,078) (1) %
Net interest income decreased $2.4 million, or 1%, primarily related to lower average deposit balances during the quarter. Other operating revenue increased $8.9 million over the prior quarter, driven by increased gains on merchant banking activities, higher loan syndication fees, and growth in transaction card revenue.

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

Average outstanding loan balances attributed to Commercial Banking were consistent with the prior quarter at $19.9 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition and Results of Operations following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment. 

Average deposits attributed to Commercial Banking declined by $344 million, or 2%, compared to the first quarter of 2025, to $17.4 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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Consumer Banking

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

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

Table 10 – Consumer Banking
(Dollars in thousands)
  Three Months Ended Increase (Decrease) %
Increase
(Decrease)		 Six Months Ended Increase (Decrease) %
Increase
(Decrease)
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Net interest income from external sources $ 13,463  $ 8,740  $ 4,723  54  % $ 22,203  $ 13,336  $ 8,867  66  %
Net interest income from internal sources 44,651  48,512  (3,861) (8) % 93,163  115,963  (22,800) (20) %
Net interest income 58,114  57,252  862  2  % 115,366  129,299  (13,933) (11) %
Net loans charged off 1,018  1,517  (499) (33) % 2,535  3,055  (520) (17) %
Net interest income after net loans charged off 57,096  55,735  1,361  2  % 112,831  126,244  (13,413) (11) %
Other operating revenue 38,165  39,058  (893) (2) % 77,223  73,765  3,458  5  %
Personnel expense 25,527  25,837  (310) (1) % 51,364  49,252  2,112  4  %
Non-personnel expense 29,949  31,399  (1,450) (5) % 61,348  59,323  2,025  3  %
Total other operating expense 55,476  57,236  (1,760) (3) % 112,712  108,575  4,137  4  %
Corporate allocations 15,039  15,435  (396) (3) % 30,474  27,564  2,910  11  %
Net income before taxes $ 24,746  $ 22,122  $ 2,624  12  % $ 46,868  $ 63,870  $ (17,002) (27) %
Average assets $ 8,310,875  $ 8,201,821  $ 109,054  1  % $ 8,256,649  $ 8,018,132  $ 238,517  3  %
Average loans 2,304,939  2,206,553  98,386  4  % 2,256,018  1,944,346  311,672  16  %
Average deposits 8,266,824  8,154,762  112,062  1  % 8,211,102  7,987,475  223,627  3  %
Average invested capital 331,030  322,204  8,826  3  % 327,209  303,479  23,730  8  %

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

Average loans increased $98 million, or 4%, over the prior quarter, to $2.3 billion. Average deposits attributed to the Consumer Banking segment were largely unchanged from the previous quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Wealth Management

Wealth Management contributed $40.7 million to consolidated net income before taxes in the second quarter of 2025, an increase of $8.0 million, or 25%, over the first quarter of 2025, led by growth in brokerage and trading revenue.

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

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

Average outstanding loans attributed to the Wealth Management segment increased $88 million, or 4%, over the prior quarter, to $2.3 billion. Average Wealth Management deposits increased $81 million, or 1%, to $10.8 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
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Financial Condition
Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity, and comply with regulatory requirements. Securities are classified as trading, investment (held-to-maturity), or available-for-sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of June 30, 2025, and December 31, 2024.

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others. Trading securities decreased $292 million to $5.6 billion during the second quarter of 2025. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales, and other techniques.

At June 30, 2025, the carrying value of investment securities was $1.9 billion, including a $196 thousand allowance for expected credit losses, compared to $2.0 billion at March 31, 2025, with a $193 thousand allowance for expected credit losses. The fair value of investment securities was $1.8 billion at June 30, 2025, a $38 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

AFS securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of AFS securities totaled $13.6 billion at June 30, 2025, a $158 million increase compared to March 31, 2025. At June 30, 2025, the AFS securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and AFS securities was 3.5 years as of June 30, 2025, consistent with the measure as of March 31, 2025. Management estimates the duration extends to 4.2 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.3 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.2 years, extending to 3.7 years in an upward shock of 200 basis points and contracting to 2.5 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the AFS securities portfolio on our tangible equity ratio under various shock scenarios.

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Loans

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

Table 12 – Loans
(In thousands)
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Commercial:  
Healthcare $ 3,808,936  $ 3,789,446  $ 3,967,533  $ 4,149,069  $ 4,231,058 
Services 3,658,807  3,704,834  3,643,203  3,573,670  3,577,144 
Energy 2,734,713  2,860,330  3,254,724  3,126,635  3,451,485 
General business 4,181,726  4,048,821  4,164,676  4,028,548  4,363,722 
Total commercial 14,384,182  14,403,431  15,030,136  14,877,922  15,623,409 
Commercial real estate:
Multifamily 2,473,365  2,336,312  2,237,064  2,109,445  1,997,282 
Industrial 1,304,211  1,163,089  1,127,867  1,270,928  1,214,991 
Office 690,086  704,688  755,838  815,966  876,897 
Retail 592,043  497,579  485,926  521,874  547,706 
Residential construction and land development
 105,701  105,190  109,120  105,048  88,252 
Other commercial real estate 356,035  356,678  342,637  365,394  358,447 
Total commercial real estate 5,521,441  5,163,536  5,058,452  5,188,655  5,083,575 
Loans to individuals:  
Residential mortgage 2,610,681  2,471,345  2,436,958  2,370,293  2,281,226 
Residential mortgage guaranteed by U.S. government agencies
 148,453  133,453  136,649  127,747  131,825 
Personal 1,627,454  1,518,723  1,452,529  1,420,444  1,433,546 
Total loans to individuals 4,386,588  4,123,521  4,026,136  3,918,484  3,846,597 
Total $ 24,292,211  $ 23,690,488  $ 24,114,724  $ 23,985,061  $ 24,553,581 
Commercial

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

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

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Approximately 71% of loans in this portfolio segment are located within our geographic footprint based on collateral location. Loans for which the collateral location is less relevant, such as unsecured loans and reserve-based energy loans, are categorized by the borrower's primary operating location. The largest concentration of loans in this segment outside of our footprint is California, totaling 6% of the portfolio segment.

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

Outstanding energy loan balances totaled $2.7 billion, or 11% of total loans, at June 30, 2025, a $126 million decrease compared to March 31, 2025, which was driven by elevated levels of payoff activity in the early portion of the second quarter.

Approximately $2.1 billion of energy loans were to oil and gas producers, a $167 million decrease compared to March 31, 2025. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 72% of committed production loans are secured by properties primarily producing oil, and 28% of the committed production loans are secured by properties primarily producing natural gas.

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

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

The healthcare sector of the loan portfolio totaled $3.8 billion, or 16% of total loans. Healthcare loans increased $19 million compared to March 31, 2025. Healthcare sector loans consist primarily of $3.1 billion of loans for the development and operation of senior housing and care facilities including independent living, assisted living, and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities which serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.7 billion, or 15% of total loans, a $46 million decrease compared to the prior quarter. Services sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, specialty trade contractors, and educational services. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

General business loans totaled $4.2 billion, or 17% of total loans, an increase of $133 million compared to the prior quarter. General business loans consist of $2.6 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At June 30, 2025, the outstanding principal balance of these loans totaled $5.6 billion, including $1.9 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 18% of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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Commercial Real Estate

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

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

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

Unfunded commercial real estate loan commitments were $2.1 billion at June 30, 2025, an increase of $195 million over March 31, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to Individuals

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

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

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

Loans to individuals totaled $4.4 billion, or 18% of the loan portfolio, an increase of $263 million over March 31, 2025. Approximately 91% of the loans in this portfolio segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower's primary location.

The Company secondarily evaluates loan portfolio performance based on the primary geographical market managing the loan. Loans attributed to a geographical market may not represent the location of the borrower or the collateral. All permanent mortgage loans serviced by our mortgage banking unit and held for investment by the Company are centrally managed by the Oklahoma market.

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Table 13 – Loans Managed by Primary Geographical Market
(In thousands)
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Texas:
Commercial $ 6,893,246  $ 6,953,714  $ 7,411,416  $ 7,437,800  $ 7,879,143 
Commercial real estate 1,997,598  1,864,345  1,731,281  1,816,276  1,754,087 
Loans to individuals 996,341  929,825  918,994  880,213  908,920 
Total Texas 9,887,185  9,747,884  10,061,691  10,134,289  10,542,150 
Oklahoma:
Commercial 3,455,696  3,380,680  3,585,592  3,440,385  3,619,136 
Commercial real estate 512,075  521,992  513,101  557,025  556,971 
Loans to individuals 2,725,320  2,548,549  2,440,874  2,367,725  2,273,240 
Total Oklahoma 6,693,091  6,451,221  6,539,567  6,365,135  6,449,347 
Colorado:
Commercial 2,185,658  2,246,388  2,188,324  2,175,540  2,220,887 
Commercial real estate 791,171  706,154  759,168  835,478  806,522 
Loans to individuals 217,088  210,531  213,768  216,938  217,990 
Total Colorado 3,193,917  3,163,073  3,161,260  3,227,956  3,245,399 
Arizona:
Commercial 1,166,745  1,115,085  1,082,829  1,064,380  1,104,875 
Commercial real estate 1,165,927  1,084,967  1,098,174  1,115,928  1,045,837 
Loans to individuals 226,727  218,093  215,531  218,340  208,419 
Total Arizona 2,559,399  2,418,145  2,396,534  2,398,648  2,359,131 
Kansas/Missouri:
Commercial 303,692  298,410  305,957  306,370  336,232 
Commercial real estate 556,390  533,335  515,511  438,424  482,249 
Loans to individuals 155,154  147,651  164,638  158,524  157,750 
Total Kansas/Missouri 1,015,236  979,396  986,106  903,318  976,231 
New Mexico:
Commercial 282,918  324,321  325,246  324,605  318,711 
Commercial real estate 443,516  381,775  402,217  386,037  367,678 
Loans to individuals 55,714  57,926  60,703  64,511  67,747 
Total New Mexico 782,148  764,022  788,166  775,153  754,136 
Arkansas:
Commercial 96,227  84,833  130,772  128,842  144,425 
Commercial real estate 54,764  70,968  39,000  39,487  70,231 
Loans to individuals 10,244  10,946  11,628  12,233  12,531 
Total Arkansas 161,235  166,747  181,400  180,562  227,187 
Total BOK Financial loans $ 24,292,211  $ 23,690,488  $ 24,114,724  $ 23,985,061  $ 24,553,581 
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Off-Balance Sheet Commitments

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

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

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

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

We offer programs that permit our customers to hedge various risks, including fluctuations in energy prices, interest rates, foreign exchange rates, and other commodities with derivative contracts. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates, or foreign exchange rates. The counterparty contracts are identical to the customer contracts except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk, and profit.

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

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

A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorates such that either the fair value of underlying collateral no longer supports the contract or the customer or the counterparty's ability to provide margin collateral becomes impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.
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Derivative contracts are carried at fair value. At June 30, 2025, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $326 million compared to $428 million at March 31, 2025. At June 30, 2025, the net fair value of our derivative contracts included $206 million for energy contracts, $77 million for foreign exchange contracts, and $44 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $297 million at June 30, 2025, and $386 million at March 31, 2025.

At June 30, 2025, total derivative assets were reduced by $38 million of cash collateral received from counterparties and total derivative liabilities were reduced by $19 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement. Derivative contracts executed with customers may be secured by non-cash collateral in conjunction with a credit agreement with that customer, such as proven producing oil and gas properties. Access to this collateral in an event of default is reasonably assured.

A table showing the notional and fair value of derivative assets and liabilities on both a gross and net basis is presented in Note 3 to the Consolidated Financial Statements.

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at June 30, 2025, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Exchanges and clearing organizations $ 154,376 
Customers 68,249 
Banks and other financial institutions 65,261 
Fair value of customer risk management program asset derivative contracts, net $ 287,886 
 
At June 30, 2025, our largest derivative exposure was to an exchange for $159 million of net energy derivative positions and $30 million of cash margin placed with the exchange.

Our customer hedging program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $52.09 per barrel of oil would decrease the fair value of derivative assets by $35 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $78.13 per barrel of oil would increase the fair value of derivative assets by $510 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At June 30, 2025, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of June 30, 2025, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Allowance for loan losses:    
Beginning balance $ 278,594  $ 280,035  $ 284,456  $ 287,826  $ 281,623 
Loans charged off (1,313) (2,291) (1,339) (2,496) (7,940)
Recoveries of loans previously charged off 752  1,186  811  2,550  995 
Net loans charged off
 (561) (1,105) (528) 54  (6,945)
Provision for credit losses
 (984) (336) (3,893) (3,424) 13,148 
Ending balance $ 277,049  $ 278,594  $ 280,035  $ 284,456  $ 287,826 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 52,088  $ 51,640  $ 47,766  $ 42,336  $ 47,319 
Provision for credit losses
 904  448  3,874  5,430  (4,983)
Ending balance $ 52,992  $ 52,088  $ 51,640  $ 47,766  $ 42,336 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
 $ 3,060  $ 3,148  $ 3,087  $ 3,069  $ 3,224 
Net loans charged off
 (26) (6) 31  (29) (2)
Provision for credit losses
 77  (82) 30  47  (153)
Ending balance
 $ 3,111  $ 3,060  $ 3,148  $ 3,087  $ 3,069 
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance
 $ 193  $ 223  $ 234  $ 287  $ 299 
Provision for credit losses
 3  (30) (11) (53) (12)
Ending balance $ 196  $ 193  $ 223  $ 234  $ 287 
Total provision for credit losses
 $ —  $ —  $ —  $ 2,000  $ 8,000 
Average loans by portfolio segment:
Commercial $ 14,315,695  $ 14,633,090  $ 14,973,929  $ 15,076,308  $ 15,516,238 
Commercial real estate 5,495,152  5,245,867  5,039,535  5,257,842  5,048,704 
Loans to individuals 4,365,702  4,189,270  4,011,080  3,970,734  3,820,211 
Net charge-offs (annualized) to average loans 0.01  % 0.02  % 0.01  % —  % 0.11  %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial —  % 0.02  % —  % (0.02) % 0.15  %
Commercial real estate 0.01  % (0.01) % —  % (0.02) % 0.01  %
Loans to individuals 0.05  % 0.05  % 0.04  % 0.09  % 0.08  %
Recoveries to gross charge-offs
 57.27  % 51.77  % 60.57  % 102.16  % 12.53  %
Provision for loan losses (annualized) to average loans
 (0.02) % (0.01) % (0.06) % (0.06) % 0.22  %
Allowance for loan losses to loans outstanding at period end
 1.14  % 1.18  % 1.16  % 1.19  % 1.17  %
Accrual for unfunded loan commitments to loan commitments
 0.36  % 0.36  % 0.35  % 0.33  % 0.30  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
 1.36  % 1.40  % 1.38  % 1.39  % 1.34  %
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Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments
Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside, and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates, and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.
Non-pass grade loans, including loans especially mentioned, accruing substandard, and nonaccruing loans, increased $7.2 million over March 31, 2025. Non-pass grade healthcare loans decreased $27 million and non-pass grade general business loans decreased $19 million. Non-pass grade loans to individuals increased $19 million, non-pass grade commercial real estate loans increased $16 million, and non-pass grade energy loans increased $13 million. Nonaccruing loans decreased $4.2 million during the quarter and accruing substandard loans decreased $10 million, while loans especially mentioned increased $22 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
No provision for credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter. The allowance for loan losses totaled $277 million, or 1.14% of outstanding loans, at June 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 383% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.36% of outstanding loans and 456% of nonaccruing loans, at June 30, 2025.
There was a modest improvement in the economic outlook during the quarter, but a heightened level of uncertainty in the economic environment resulted in an increase in the downside scenario probability weighting to 35% from 30% in the prior quarter. The upside probability weighting decreased to 15% from 20% in the prior quarter. There was no change in the base case scenario weighting. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $214 million in quantitative reserve, while a 100% upside case would result in $15 million less quantitative reserve at June 30, 2025. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.
No provision for credit losses was necessary for the first quarter of 2025. The allowance for loan losses was $279 million, or 1.18% of outstanding loans at March 31, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 363% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $331 million, or 1.40% of outstanding loans and 431% of nonaccruing loans.
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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at June 30, 2025 follows:
Base Downside Upside
Scenario probability weighting 50% 35% 15%
Economic outlook
There are three rate cuts over the next four quarters, bringing the federal funds target range to 3.50% to 3.75% by the end of the second quarter of 2026.

The full impact of tariffs moves core inflation marginally higher to 3.3% by the second quarter of 2026.

The impact of tariffs and restrictive immigration policies result in higher-than-average inflation. This leads to a decrease in real consumer spending and generates GDP growth that is slightly below trend. However, businesses avoid broad layoffs due to the elevated expense of hiring which stabilizes the national unemployment rate.
The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are eight rate cuts over the next four quarters bringing the target range to 2.25% to 2.50% by the end of the second quarter of 2026.

Widespread tariffs and restrictive immigration policies accelerate inflation and reduce real wages. This results in a significant decrease in consumer spending, which is compounded by a restrictive credit environment and declines in private sector investment. This pushes the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate.
There are four rate cuts over the next four quarters, bringing the target range to 3.25% to 3.50% by the end of the second quarter of 2026.

Core inflation remains stable and reaches 2.8% by the second quarter of 2026.

The impact of tariffs and restrictive immigration policies is relatively minor beyond the second quarter of 2025. Labor force participation, non-farm payroll growth, and private sector investment remain consistent with recent levels. This supports consumer spending and generates on-trend GDP growth.
Macro-economic factors
–GDP is forecasted to grow by 1.4% over the next 12 months.
–Civilian unemployment rate of 4.3% in the third quarter of 2025 increases to 4.5% in the second quarter of 2026.
–WTI oil prices are projected to average $63.61 per barrel over the next 12 months, with a peak of $70.96 in the third quarter of 2025 and falling 19% over the following three quarters.
–GDP is forecasted to contract 2.0% over the next twelve months.
–Civilian unemployment rate of 5.0% in the third quarter of 2025 increases to 6.9% in the second quarter of 2026.
–WTI oil prices are projected to average $45.13 over the next 12 months, with a peak of $50.48 in the third quarter of 2025 and falling 20% over the following three quarters.
–GDP is forecasted to grow by 2.1% over the next 12 months.
–Civilian unemployment rate of 4.2% in the third quarter of 2025 decreases to 4.1% by the second quarter of 2026.
–WTI oil prices are projected to average $67.65 per barrel over the next 12 months.


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Net Loans Charged Off

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

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

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

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

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

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

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

Table 17 – Nonperforming Assets
(Dollars in thousands)
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Nonaccruing loans:        
Commercial:    
Healthcare $ 28,743  $ 29,253  $ 13,717  $ 15,927  $ 20,845 
Services 11,329  13,662  767  1,425  3,165 
Energy 40  49  49  28,986  28,668 
General business 45  103  114  5,334  5,756 
Total commercial 40,157  43,067  14,647  51,672  58,434 
Commercial real estate 6,925  13,125  9,905  12,364  12,883 
Loans to individuals:    
Residential mortgage 20,654  20,502  15,261  13,688  12,627 
Residential mortgage guaranteed by U.S. government agencies
 6,978  6,786  6,803  6,520  6,617 
Personal 4,613  40  109  71  122 
Total loans to individuals 32,245  27,328  22,173  20,279  19,366 
Total nonaccruing loans 79,327  83,520  46,725  84,315  90,683 
Real estate and other repossessed assets 1,729  1,769  2,254  2,625  2,334 
Total nonperforming assets $ 81,056  $ 85,289  $ 48,979  $ 86,940  $ 93,017 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
 $ 74,078  $ 78,503  $ 42,176  $ 80,420  $ 86,400 
Allowance for loan losses to nonaccruing loans1
 382.93  % 363.06  % 701.46  % 365.65  % 342.38  %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
 456.18  % 430.95  % 830.81  % 427.05  % 392.74  %
Nonperforming assets to outstanding loans and repossessed assets
 0.33  % 0.36  % 0.20  % 0.36  % 0.38  %
Nonperforming assets to outstanding loans and repossessed assets1
 0.31  % 0.33  % 0.18  % 0.34  % 0.35  %
Nonaccruing loans to outstanding loans 0.33  % 0.35  % 0.19  % 0.35  % 0.37  %
Nonaccruing commercial loans to outstanding commercial loans
 0.28  % 0.30  % 0.10  % 0.35  % 0.37  %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
 0.13  % 0.25  % 0.20  % 0.24  % 0.25  %
Nonaccruing loans to individuals to outstanding loans to individuals1
 0.60  % 0.51  % 0.40  % 0.36  % 0.34  %
1     Excludes residential mortgages guaranteed by U.S. government agencies.
Nonaccruing loans decreased $4.2 million compared to March 31, 2025. New nonaccruing loans identified in the second quarter totaled $8.1 million, offset by $11 million in payments received and $1.3 million in charge-offs. Nonaccruing commercial real estate loans decreased $6.2 million and nonaccruing services loans decreased $2.3 million, partially offset by a $4.6 million increase in nonaccruing personal loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


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

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
  Three Months Ended
June 30, 2025
Nonaccruing Loans Real Estate and Other Repossessed Assets Total Nonperforming Assets
  Commercial Commercial Real Estate Loan to Individuals Total
Balance, March 31, 2025 $ 43,067  $ 13,125  $ 27,328  $ 83,520  $ 1,769  $ 85,289 
Additions 524  —  7,602  8,126  —  8,126 
Payments (3,399) (6,074) (1,059) (10,532) —  (10,532)
Charge-offs (35) (126) (1,152) (1,313) —  (1,313)
Net gains (losses) and write-downs —  —  —  —  996  996 
Foreclosure of nonperforming loans
 —  —  (28) (28) 28  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (366) (366) —  (366)
Proceeds from sales —  —  —  —  (1,064) (1,064)
Net transfers to nonaccruing loans —  —  150  150  —  150 
Return to accrual status —  —  (230) (230) —  (230)
Balance, June 30, 2025 $ 40,157  $ 6,925  $ 32,245  $ 79,327  $ 1,729  $ 81,056 
Six Months Ended
June 30, 2025
Nonaccruing Loans Real Estate and Other Repossessed Assets Total Nonperforming Assets
Commercial Commercial Real Estate Loan to Individuals Total
Balance, Dec. 31, 2024 $ 14,647  $ 9,905  $ 22,173  $ 46,725  $ 2,254  $ 48,979 
Additions 30,873  3,273  12,835  46,981  —  46,981 
Payments (4,243) (6,127) (2,125) (12,495) —  (12,495)
Charge-offs (1,120) (126) (2,358) (3,604) —  (3,604)
Net gains (losses) and write-downs —  —  —  —  787  787 
Foreclosure of nonperforming loans
 —  —  (28) (28) 28  — 
Foreclosure of loans guaranteed by U.S. government agencies
 —  —  (439) (439) —  (439)
Proceeds from sales —  —  —  —  (1,340) (1,340)
Net transfers to nonaccruing loans —  —  2,446  2,446  —  2,446 
Return to accrual status —  —  (259) (259) —  (259)
Balance, June 30, 2025 $ 40,157  $ 6,925  $ 32,245  $ 79,327  $ 1,729  $ 81,056 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

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

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the second quarter of 2025, approximately 73% of our funding was provided by deposit accounts, 13% from borrowed funds, 11% from equity, and less than 1% from long-term subordinated debt. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Subsidiary Bank

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

Table 19 – Average Deposits by Segment
(In thousands)
Three Months Ended
  June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Commercial Banking $ 17,424,707  $ 17,769,083  $ 17,941,793  $ 17,131,237  $ 16,189,003 
Consumer Banking 8,266,824  8,154,762  8,197,577  8,136,312  8,073,782 
Wealth Management 10,783,245  10,702,521  9,983,232  9,837,888  9,551,307 
Subtotal 36,474,776  36,626,366  36,122,602  35,105,437  33,814,092 
Funds Management and other 1,661,940  1,732,712  1,696,512  1,654,860  1,839,131 
Total $ 38,136,716  $ 38,359,078  $ 37,819,114  $ 36,760,297  $ 35,653,223 

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

Average Commercial Banking deposits decreased $344 million compared to the first quarter of 2025, resulting from a $220 million decrease in demand deposit balances, a $101 million decrease in interest-bearing transaction balances, and a $23 million decrease in certificate of deposit balances. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our Commercial deposit portfolio is our energy customers representing 9% of our total deposits.

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

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

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


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

Table 20 – Period End Deposits by Principal Market Area
(In thousands)
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Oklahoma:    
Demand $ 3,589,146  $ 3,629,708  $ 3,618,771  $ 3,491,996  $ 3,721,009 
Interest-bearing:
Transaction 13,537,068  13,891,707  13,352,732  12,474,626  12,115,793 
Savings 521,734  525,424  497,443  490,957  496,289 
Time 2,166,094  2,089,744  2,138,620  2,462,463  2,157,778 
Total interest-bearing 16,224,896  16,506,875  15,988,795  15,428,046  14,769,860 
Total Oklahoma 19,814,042  20,136,583  19,607,566  18,920,042  18,490,869 
Texas:
Demand 2,082,652  2,187,903  2,216,393  2,228,690  2,448,433 
Interest-bearing:
Transaction 6,203,081  5,925,285  6,205,605  6,191,794  5,425,670 
Savings 155,027  155,777  154,112  152,392  150,812 
Time 638,657  633,538  646,490  648,796  626,724 
Total interest-bearing 6,996,765  6,714,600  7,006,207  6,992,982  6,203,206 
Total Texas 9,079,417  8,902,503  9,222,600  9,221,672  8,651,639 
Colorado:
Demand 1,040,223  1,082,304  1,159,076  1,195,637  1,244,848 
Interest-bearing:
Transaction 1,989,284  1,988,258  2,089,475  1,935,685  1,921,671 
Savings 55,326  58,318  59,244  56,275  61,184 
Time 278,914  274,235  280,081  279,887  261,237 
Total interest-bearing 2,323,524  2,320,811  2,428,800  2,271,847  2,244,092 
Total Colorado 3,363,747  3,403,115  3,587,876  3,467,484  3,488,940 
New Mexico:
Demand 609,205  631,950  659,234  628,594  661,677 
Interest-bearing:
Transaction 1,416,741  1,283,998  1,305,044  1,275,502  1,323,750 
Savings 94,930  96,969  90,580  90,867  92,910 
Time 340,946  344,827  347,443  336,830  314,133 
Total interest-bearing 1,852,617  1,725,794  1,743,067  1,703,199  1,730,793 
Total New Mexico 2,461,822  2,357,744  2,402,301  2,331,793  2,392,470 
Arizona:
Demand 385,442  451,085  418,587  435,553  448,587 
Interest-bearing:
Transaction 1,467,509  1,312,979  1,277,494  1,237,811  1,227,895 
Savings 10,536  11,125  12,336  11,228  11,542 
Time 72,041  70,758  70,390  59,508  56,102 
Total interest-bearing 1,550,086  1,394,862  1,360,220  1,308,547  1,295,539 
Total Arizona 1,935,528  1,845,947  1,778,807  1,744,100  1,744,126 
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June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Kansas/Missouri:
Demand 269,408  279,808  277,440  255,950  291,045 
Interest-bearing:
Transaction 1,169,161  1,202,107  1,169,541  1,134,544  1,040,114 
Savings 13,719  14,504  12,158  11,896  14,998 
Time 35,768  36,307  37,210  35,316  32,921 
Total interest-bearing 1,218,648  1,252,918  1,218,909  1,181,756  1,088,033 
Total Kansas/Missouri 1,488,056  1,532,726  1,496,349  1,437,706  1,379,078 
Arkansas:
Demand 22,685  25,738  22,396  23,824  24,579 
Interest-bearing:
Transaction 61,079  57,696  55,215  62,249  52,149 
Savings 2,485  2,602  2,944  3,092  2,754 
Time 17,248  17,019  15,176  15,156  15,040 
Total interest-bearing 80,812  77,317  73,335  80,497  69,943 
Total Arkansas 103,497  103,055  95,731  104,321  94,522 
Total BOK Financial deposits $ 38,246,109  $ 38,281,673  $ 38,191,230  $ 37,227,118  $ 36,241,644 

Estimated uninsured deposits totaled $20.6 billion, or 54% of our total deposits, at June 30, 2025. In addition to insured deposits, we also hold $4.7 billion of collateralized deposits. Municipalities, Native American tribal governments, and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $15.1 billion, or 40% of total deposits, at June 30, 2025.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements, and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at June 30, 2025. Securities repurchase agreements generally mature within 90 days and are secured by certain AFS and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily, and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $6.0 billion during the quarter, compared to $4.6 billion in the first quarter of 2025.

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


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

Table 21 – Borrowed Funds
(Dollars in thousands)
    Three Months Ended
June 30, 2025		   Three Months Ended
Mar. 31, 2025
June 30, 2025 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter		 Mar. 31, 2025 Average
Balance
During the
Quarter		 Rate Maximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased $ 515,808  $ 474,220  3.98  % $ 515,808  $ 622,820  $ 601,916  3.93  % $ 629,149 
Repurchase agreements 166,243  307,819  2.76  % 234,634  229,055  333,800  1.46  % 257,010 
Other borrowings:
FHLB advances
 4,100,000  5,979,123  4.47  % 4,100,000  3,100,000  4,587,502  4.55  % 3,100,000 
GNMA repurchase liability
 26,718  28,564  3.93  % 28,641  30,315  26,566  3.94  % 32,097 
Other 13,412  12,261  8.90  % 13,412  20,863  12,334  7.22  % 20,863 
Total other borrowings 4,140,130  6,019,948  4.49  % 3,151,178  4,626,402  4.57  %
Subordinated debentures1
 —  99,846  6.38  % 99,736  131,186  131,188  6.44  % 131,188 
Total other borrowed funds
 $ 4,822,181  $ 6,901,833  4.41  % $ 4,134,239  $ 5,693,306  4.36  %
1    Parent Company only.
BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.
Parent Company

At June 30, 2025, cash and interest-bearing cash and cash equivalents held by the parent company totaled $218 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At June 30, 2025, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $472 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances, or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

As a result of the acquisition of CoBiz Financial, we obtained $60 million of subordinated debt issued in June 2015 that was set to mature on June 25, 2030. We also acquired $72 million of junior subordinated debentures with maturity dates from
September 17, 2033 through September 30, 2035. The subordinated debentures were subject to early redemption prior to maturity. All subordinated debt and junior subordinated debentures were redeemed during the second quarter of 2025. The redemption price was 100% of the principal amount, plus accrued interest up to the redemption date. No subordinated debt remained outstanding at June 30, 2025. As shown in Table 22 below, the redemption of the subordinated debt and junior subordinated debentures caused the total capital ratio to decrease as these qualified as tier 2 capital instruments.

Our equity capital at June 30, 2025, was $5.9 billion, a $119 million increase compared to March 31, 2025. Net income less cash dividends paid increased equity $103 million during the second quarter of 2025. Changes in interest rates resulted in a $73 million improvement in the accumulated other comprehensive loss compared to March 31, 2025. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase, and stock and cash dividends.

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On November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law, and other regulatory compliance limitations. As of June 30, 2025, the Company had repurchased 4,130,318 shares under this authorization. The Company repurchased 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022 under which 869,682 shares remain. The new repurchase authorization does not have an expiration date, may be suspended at any time, does not include specific price targets, may be executed from time to time through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and other transactions or arrangements as officers may determine.
BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. These capital requirements include quantitative measures of assets, liabilities, and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.

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

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

Table 22 – Capital and Performance Ratios
Minimum Capital Requirement Capital Conservation Buffer Minimum Capital Requirement Including Capital Conservation Buffer June 30, 2025 Mar. 31, 2025 June 30, 2024
Capital:
Common equity Tier 1 4.50  % 2.50  % 7.00  % 13.59  % 13.31  % 12.10  %
Tier 1 capital 6.00  % 2.50  % 8.50  % 13.60  % 13.31  % 12.11  %
Total capital 8.00  % 2.50  % 10.50  % 14.48  % 14.54  % 13.25  %
Tier 1 leverage
 4.00  % N/A 4.00  % 9.88  % 10.02  % 9.39  %
Three Months Ended
June 30, 2025 Mar. 31, 2025 June 30, 2024
Average total equity to average assets 11.08  % 11.10  % 10.06  %
Tangible common equity ratio1
 9.63  % 9.48  % 8.38  %
Adjusted tangible common equity ratio1
 9.40  % 9.23  % 8.06  %
Performance Ratios:
Return on average equity 9.70  % 8.59  % 12.79  %
Return on average tangible common equity1
 11.94  % 10.63  % 16.27  %
1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.
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Explanation and Reconciliation of Non-GAAP Measures

Table 23 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.

Table 23 – Non-GAAP Measures
(Dollars in thousands)
June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity $ 5,890,888  $ 5,771,813  $ 5,548,353  $ 5,612,443  $ 5,229,130 
Less: Goodwill and intangible assets, net 1,084,749  1,088,813  1,091,537  1,095,954  1,098,777 
Tangible common equity 4,806,139  4,683,000  4,456,816  4,516,489  4,130,353 
Add: Unrealized loss on investment securities, net (146,939) (165,676) (199,519) (132,192) (204,636)
Add: Tax effect on unrealized loss on investment securities, net 34,722  39,149  46,925  31,090  48,128 
Adjusted tangible common equity $ 4,693,922  $ 4,556,473  $ 4,304,222  $ 4,415,387  $ 3,973,845 
Total assets $ 50,998,077  $ 50,472,189  $ 49,685,892  $ 50,081,985  $ 50,403,457 
Less: Goodwill and intangible assets, net 1,084,749  1,088,813  1,091,537  1,095,954  1,098,777 
Tangible assets $ 49,913,328  $ 49,383,376  $ 48,594,355  $ 48,986,031  $ 49,304,680 
Tangible common equity ratio 9.63  % 9.48  % 9.17  % 9.22  % 8.38  %
Adjusted tangible common equity ratio 9.40  % 9.23  % 8.86  % 9.01  % 8.06  %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity $ 5,791,275  $ 5,658,082  $ 5,575,583  $ 5,446,998  $ 5,146,785 
Less: Average goodwill and intangible assets, net 1,086,991  1,090,116  1,094,466  1,097,317  1,100,139 
Average tangible common equity $ 4,704,284  $ 4,567,966  $ 4,481,117  $ 4,349,681  $ 4,046,646 
Net income attributable to BOK Financial Corporation shareholders
 $ 140,018  $ 119,777  $ 136,154  $ 139,999  $ 163,713 
Return on average tangible common equity 11.94  % 10.63  % 12.09  % 12.80  % 16.27  %
Reconciliation of pre-provision net revenue:
Net income before taxes $ 180,761  $ 154,763  $ 175,434  $ 173,286  $ 211,035 
Add: Provision for expected credit losses —  —  —  2,000  8,000 
Less: Net income (loss) attributable to non-controlling interests 52  (6) —  (26) 19 
Pre-provision net revenue $ 180,709  $ 154,769  $ 175,434  $ 175,312  $ 219,016 
Calculation of efficiency ratio:
Total other operating expense $ 354,503  $ 347,529  $ 347,656  $ 341,025  $ 336,690 
Less: Amortization of intangible assets 2,656  2,652  2,855  2,856  2,898 
Numerator for efficiency ratio $ 351,847  $ 344,877  $ 344,801  $ 338,169  $ 333,792 
Net interest income
 $ 328,166  $ 316,251  $ 313,046  $ 308,119  $ 296,021 
Add: Tax-equivalent adjustment
 2,574  2,542  2,466  2,385  2,196 
Tax-equivalent net interest income
 330,740  318,793  315,512  310,504  298,217 
Add: Total other operating revenue
 207,098  186,041  210,044  208,192  259,704 
Less: Gain (loss) on available-for-sale securities, net
 —  —  —  (691) 34 
Denominator for efficiency ratio $ 537,838  $ 504,834  $ 525,556  $ 519,387  $ 557,887 
Efficiency ratio 65.42  % 68.31  % 65.61  % 65.11  % 59.83  %
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June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 June 30, 2024
Information on net interest income and net interest margin excluding trading activities:
Net interest income
 $ 328,166  $ 316,251  $ 313,046  $ 308,119  $ 296,021 
Less: Trading activities net interest income 16,138  15,174  4,648  3,751  (275)
Net interest income excluding trading activities
 312,028  301,077  308,398  304,368  296,296 
Add: Tax-equivalent adjustment
 2,574  2,542  2,466  2,385  2,196 
Tax-equivalent net interest income excluding trading activities
 $ 314,602  $ 303,619  $ 310,864  $ 306,753  $ 298,492 
Average interest-earning assets $ 46,984,071  $ 45,606,324  $ 45,375,438  $ 45,911,383  $ 46,019,346 
Less: Average trading activities interest-earning assets 6,876,788  5,881,997  5,636,949  5,802,448  5,922,891 
Average interest-earning assets excluding trading activities $ 40,107,283  $ 39,724,327  $ 39,738,489  $ 40,108,935  $ 40,096,455 
Net interest margin on average interest-earning assets 2.80  % 2.78  % 2.75  % 2.68  % 2.56  %
Net interest margin on average trading activities interest-earning assets 0.93  % 0.98  % 0.36  % 0.29  % (0.05) %
Net interest margin on average interest-earning assets excluding trading activities 3.12  % 3.05  % 3.09  % 3.02  % 2.94  %

Explanation of Non-GAAP Measures

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

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

The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.

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

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

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

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

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

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

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

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest income. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 1.45%, or $20.1 million, for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.19%, or $2.6 million, for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest income would decrease approximately 5.08%, or $70.5 million.

Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
June 30, 2025 Mar. 31, 2025
  200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease 200 bp Increase 100 bp Increase 100 bp Decrease 200 bp Decrease
Anticipated impact over the next twelve months on net interest income
 $ (38,600) $ (15,100) $ 11,100  $ 26,200  $ (38,000) $ (8,200) $ 3,900  $ 12,600 
(2.79) % (1.09) % 0.80  % 1.89  % (2.76) % (0.60) % 0.28  % 0.92  %
Anticipated impact over months twelve through twenty-four on net interest income $ (32,400) $ 2,900  $ (13,700) $ (23,600) $ (14,100) $ 16,100  $ (26,200) $ (46,300)
  (2.16) % 0.19  % (0.91) % (1.57) % (0.94) % 1.07  % (1.75) % (3.09) %

- 37 -

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

Trading Activities

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

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

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


- 38 -

Table 26 – Mortgage Pipeline Sensitivity Analysis
(In thousands)
Three Months Ended Six Months Ended
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (164) $ (64) $ (128) $ (64) $ (145) $ (64) $ (50) $ (38)
Low2
 (37) 16  (41) 46  (37) 46  93  126 
High3
 (242) (141) (207) (161) (242) (161) (240) (151)
Period End (94) (38) (177) (30) (94) (38) (138) (65)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

BOK Financial enters into trading activities both as an intermediary for customers and for its own account. As an intermediary, we take positions in securities, generally residential mortgage-backed securities, government agency securities, and municipal bonds. These securities are purchased for resale to customers, which include individuals, corporations, foundations, and financial institutions. On a limited basis, we may also take trading positions in U.S. Treasury securities, residential mortgage-backed securities, and municipal bonds to enhance returns on securities portfolios. Both of these activities involve interest rate risk, liquidity risk, and price risk. BOK Financial has an insignificant exposure to foreign exchange risk and does not take positions in commodity derivatives.

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

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

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

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

The trading portfolio's VaR and SVaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and SVaR based measures for the three months ended June 30, 2025, March 31, 2025, June 30, 2024, and March 31, 2024.

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Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended
  June 30, 2025 Mar. 31, 2025 June 30, 2024 Mar. 31, 2024
10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR 10 day 99%
VaR		 10 day 99% SVaR
Average1
 $ 1,897  $ 7,046  $ 3,370  $ 13,231  $ 3,711  $ 6,232  $ 5,053  $ 6,388 
Low 1,077  4,002  1,529  5,711  1,776  3,763  2,634  4,190 
High 4,697  12,874  6,272  20,652  6,862  9,751  8,149  8,268 
Period End 1,736  6,158  2,831  10,768  2,200  6,795  4,677  4,931 
1    Average represents the simple average of each daily value observed during the reporting period.

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

Limit Structure

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

Table 28 – Trading Sensitivity Analysis
(In thousands)
Three Months Ended Six Months Ended
  June 30, 2025 Mar. 31, 2025 June 30, 2025 June 30, 2024
Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp Up 50 bp Down 50 bp
Average1
 $ (545) $ 3,838  $ (1,023) $ 4,531  $ (782) $ 4,182  $ (3,516) $ 5,163 
Low2
 2,982  10,934  3,602  8,310  3,602  10,934  3,920  8,936 
High3
 (7,841) 59  (6,676) (379) (7,841) (379) (6,898) (1,827)
Period End 2,982  1,616  1,503  1,676  2,982  1,616  (1,608) 3,479 
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

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

Model Validation

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved." 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).
- 40 -

Controls and Procedures
 
Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
Forward-Looking Statements

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

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

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors, and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
- 41 -


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data) Three Months Ended Six Months Ended
  June 30, June 30,
Interest revenue 2025 2024 2025 2024
Loans $ 402,188  $ 447,114  $ 798,604  $ 885,791 
Residential mortgage loans held for sale 1,346  1,348  2,321  2,271 
Trading securities 86,364  74,801  160,103  143,038 
Investment securities 6,738  7,564  13,721  15,393 
Available-for-sale securities
 131,301  123,828  258,810  237,316 
Fair value option securities 1,319  194  1,497  389 
Restricted equity securities 7,545  9,192  14,086  18,050 
Interest-bearing cash and cash equivalents 5,626  7,776  11,855  14,781 
Total interest revenue 642,427  671,817  1,260,997  1,317,029 
Interest expense        
Deposits 238,443  254,753  479,515  496,877 
Borrowed funds 74,230  118,737  133,393  225,941 
Subordinated debentures 1,588  2,306  3,672  4,618 
Total interest expense 314,261  375,796  616,580  727,436 
Net interest income
 328,166  296,021  644,417  589,593 
Provision for credit losses —  8,000  —  16,000 
Net interest income after provision for credit losses
 328,166  288,021  644,417  573,593 
Other operating revenue        
Brokerage and trading revenue 38,125  53,017  69,193  112,196 
Transaction card revenue 29,561  27,246  56,653  52,739 
Fiduciary and asset management revenue 63,964  57,576  124,936  112,881 
Deposit service charges and fees 31,319  29,572  61,594  58,257 
Mortgage banking revenue 18,993  18,628  38,808  37,595 
Other revenue 15,368  13,988  30,262  26,923 
Total fees and commissions revenue
 197,330  200,027  381,446  400,591 
Other gains, net
 8,140  57,375  7,415  61,644 
Gain (loss) on derivatives, net 5,535  (1,091) 15,100  (9,724)
Gain (loss) on fair value option securities, net 1,112  (94) 1,437  (399)
Change in fair value of mortgage servicing rights (5,019) 3,453  (12,259) 14,430 
Gain (loss) on available-for-sale securities, net
 —  34  —  (45,137)
Total other operating revenue 207,098  259,704  393,139  421,405 
Other operating expense        
Personnel 214,711  191,090  428,896  393,743 
Business promotion 9,139  8,250  17,957  16,228 
Charitable contributions to BOKF Foundation —  13,610  —  13,610 
Professional fees and services 15,402  13,331  28,671  25,341 
Net occupancy and equipment 32,657  30,245  65,649  60,538 
FDIC and other insurance 6,439  7,317  13,026  16,057 
FDIC special assessment (523) 1,190  —  7,644 
Data processing and communications 49,597  46,131  97,175  91,695 
Printing, postage, and supplies
 4,067  3,789  7,706  7,786 
Amortization of intangible assets 2,656  2,898  5,308  5,901 
Mortgage banking costs 6,711  8,532  14,400  14,887 
Other expense 13,647  10,307  23,244  23,644 
Total other operating expense 354,503  336,690  702,032  677,074 
Net income before taxes 180,761  211,035  335,524  317,924 
Federal and state income taxes 40,691  47,303  75,683  70,498 
Net income 140,070  163,732  259,841  247,426 
Net income attributable to non-controlling interests 52  19  46  10 
Net income attributable to BOK Financial Corporation shareholders $ 140,018  $ 163,713  $ 259,795  $ 247,416 
Earnings per share:        
Basic $ 2.19  $ 2.54  $ 4.05  $ 3.83 
Diluted $ 2.19  $ 2.54  $ 4.05  $ 3.83 
Average shares used in computation:
Basic 63,208,027  63,714,204  63,376,857  64,002,154 
Diluted 63,208,027  63,714,204  63,376,857  64,002,154 
Dividends declared per share $ 0.57  $ 0.55  $ 1.14  $ 1.10 
See accompanying notes to consolidated financial statements.
- 42 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)    
  Three Months Ended Six Months Ended
June 30, June 30,
  2025 2024 2025 2024
Net income $ 140,070  $ 163,732  $ 259,841  $ 247,426 
Other comprehensive income (loss) before income taxes:        
Net change in unrealized gain (loss) 86,829  (5,943) 260,657  (77,749)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities 9,194  12,027  18,638  24,210 
Loss (gain) on available-for-sale securities, net
 —  (34) —  45,137 
Other comprehensive income (loss) before income taxes 96,023  6,050  279,295  (8,402)
Federal and state income taxes 22,690  1,424  65,265  (2,000)
Other comprehensive income (loss), net of income taxes 73,333  4,626  214,030  (6,402)
Comprehensive income 213,403  168,358  473,871  241,024 
Comprehensive income (loss) attributable to non-controlling interests
 52  19  46  10 
Comprehensive income attributable to BOK Financial Corporation shareholders $ 213,351  $ 168,339  $ 473,825  $ 241,014 
See accompanying notes to consolidated financial statements.
- 43 -

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

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, March 31, 2025 77,015  $ 5  $ 1,435,498  $ 5,675,409  12,753  $ (976,756) $ (362,343) $ 5,771,813  $ 2,565  $ 5,774,378 
Net income —  —  —  140,018  —  —  —  140,018  52  140,070 
Other comprehensive income
 —  —  —  —  —  —  73,333  73,333  —  73,333 
Repurchase of common stock —  —  —  —  663  (62,801) —  (62,801) —  (62,801)
Share-based compensation plans:
Non-vested shares awarded, net
 20  —  —  —  —  —  —  —  —  — 
Vesting of non-vested shares
 —  —  —  —  8  (754) —  (754) —  (754)
Share-based compensation —  —  5,828  —  —  —  —  5,828  —  5,828 
Cash dividends on common stock
 —  —  —  (36,549) —  —  —  (36,549) —  (36,549)
Capital calls and distributions, net
 —  —  —  —  —  —  —  —  (149) (149)
Balance, June 30, 2025 77,035  $ 5  $ 1,441,326  $ 5,778,878  13,424  $ (1,040,311) $ (289,010) $ 5,890,888  $ 2,468  $ 5,893,356 
Balance, December 31, 2024 76,818  $ 5  $ 1,429,628  $ 5,592,100  12,696  $ (970,340) $ (503,040) $ 5,548,353  $ 2,604  $ 5,550,957 
Net income —  —  —  259,795  —  —  —  259,795  46  259,841 
Other comprehensive income
 —  —  —  —  —  —  214,030  214,030  —  214,030 
Repurchase of common stock —  —  —  —  673  (63,795) —  (63,795) —  (63,795)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		 217  —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  55  (6,176) —  (6,176) —  (6,176)
Share-based compensation —  —  11,698  —  —  —  —  11,698  —  11,698 
Cash dividends on common
     stock		 —  —  —  (73,017) —  —  —  (73,017) —  (73,017)
Capital calls and distributions,
net		 —  —  —  —  —  —  —  —  (182) (182)
Balance, June 30, 2025 77,035  $ 5  $ 1,441,326  $ 5,778,878  13,424  $ (1,040,311) $ (289,010) $ 5,890,888  $ 2,468  $ 5,893,356 
- 45 -

  Common Stock Capital
Surplus		 Retained
Earnings		 Treasury Stock Accumulated
Other
Comprehensive
Income (Loss)		 Total
Shareholders'
Equity		 Non-
Controlling
Interests		 Total Equity
  Shares Amount Shares Amount
Balance, March 31, 2024 76,793  $ 5  $ 1,411,293  $ 5,259,646  12,278  $ (932,065) $ (610,128) $ 5,128,751  $ 2,884  $ 5,131,635 
Net income —  —  —  163,713  —  —  —  163,713  19  163,732 
Other comprehensive income —  —  —  —  —  —  4,626  4,626  —  4,626 
Repurchase of common stock —  —  —  —  412  (37,626) —  (37,626) —  (37,626)
Share-based compensation plans:
Non-vested shares awarded, net
 30  —  —  —  —  —  —  —  —  — 
Vesting of non-vested shares
 —  —  —  —  5  (438) —  (438) —  (438)
Share-based compensation —  —  5,514  —  —  —  —  5,514  —  5,514 
Cash dividends on common stock
 —  —  —  (35,410) —  —  —  (35,410) —  (35,410)
Capital calls and distributions, net
 —  —  —  —  —  —  —  —  (63) (63)
Balance, June 30, 2024 76,823  $ 5  $ 1,416,807  $ 5,387,949  12,695  $ (970,129) $ (605,502) $ 5,229,130  $ 2,840  $ 5,231,970 
Balance, December 31, 2023 76,593  $ 5  $ 1,406,745  $ 5,211,512  11,626  $ (876,720) $ (599,100) $ 5,142,442  $ 2,977  $ 5,145,419 
Net income —  —  —  247,416  —  —  —  247,416  10  247,426 
Other comprehensive loss —  —  —  —  —  —  (6,402) (6,402) —  (6,402)
Repurchase of common stock —  —  —  —  1,029  (89,779) —  (89,779) —  (89,779)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		 230  —  —  —  —  —  —  —  —  — 
Vesting of non-vested
     shares		 —  —  —  —  40  (3,630) —  (3,630) —  (3,630)
Share-based compensation —  —  10,062  —  —  —  —  10,062  —  10,062 
Cash dividends on common
     stock		 —  —  —  (70,979) —  —  —  (70,979) —  (70,979)
Capital calls and distributions,
     net		 —  —  —  —  —  —  —  —  (147) (147)
Balance, June 30, 2024 76,823  $ 5  $ 1,416,807  $ 5,387,949  12,695  $ (970,129) $ (605,502) $ 5,229,130  $ 2,840  $ 5,231,970 
See accompanying notes to consolidated financial statements.
- 46 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Six Months Ended
  June 30,
  2025 2024
Cash Flows From Operating Activities:    
Net income $ 259,841  $ 247,426 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses —  16,000 
Change in fair value of mortgage servicing rights due to market assumption changes 12,259  (14,430)
Change in the fair value of mortgage servicing rights due to principal payments 11,429  13,459 
Net unrealized (gains) losses from derivative contracts 125,612  (108,051)
Share-based compensation 11,698  10,062 
Depreciation and amortization 54,621  52,076 
Net amortization of discounts and premiums (25,878) (20,111)
Net losses (gains) on financial instruments and other losses (gains), net (7,415) (16,615)
Net loss (gain) on mortgage loans held for sale (4,311) (4,613)
Mortgage loans originated for sale (378,970) (379,214)
Proceeds from sale of mortgage loans held for sale 359,430  334,578 
Capitalized mortgage servicing rights (5,572) (6,970)
Charitable contributions to BOKF Foundation —  13,610 
Change in trading and fair value option securities (750,189) (17,671)
Change in receivables (77,006) 264,352 
Change in other assets 26,836  69,808 
Change in other liabilities 497,271  189,069 
Net cash provided by (used in) operating activities 109,656  642,765 
Cash Flows From Investing Activities:    
Proceeds from maturities or redemptions of investment securities 118,862  113,747 
Proceeds from maturities or redemptions of available-for-sale securities
 1,037,812  940,442 
Purchases of available-for-sale securities
 (1,249,508) (2,244,168)
Proceeds from sales of available-for-sale securities
 —  737,830 
Change in amount receivable on unsettled available-for-sale securities transactions
 (13,388) 95,997 
Loans originated, net of principal collected (153,984) (651,931)
Net proceeds from derivative asset contracts
 (42,108) 15,651 
Net change in restricted equity securities 111,819  (52,110)
Proceeds from disposition of assets 15,429  12,600 
Purchases of assets (76,786) (87,269)
Net cash provided by (used in) investing activities (251,852) (1,119,211)
Cash Flows From Financing Activities:    
Net change in demand deposits, transaction deposits and savings accounts 40,621  1,770,030 
Net change in time deposits 14,258  451,913 
Net change in other borrowed funds 475,337  (1,490,267)
Repayment of subordinated debentures (132,166) — 
Net payments on derivative liability contracts
 29,416  (20,415)
Net change in derivative margin accounts (212,503) (188,326)
Change in amount due on unsettled available-for-sale securities transactions
 (5,417) (154,203)
Issuance of common and treasury stock, net (6,176) (3,630)
Repurchase of common stock (63,795) (89,779)
Dividends paid (73,017) (70,979)
Net cash provided by (used in) financing activities 66,558  204,344 
Net increase (decrease) in cash and cash equivalents (75,638) (272,102)
Cash and cash equivalents at beginning of period 1,434,701  1,348,265 
Cash and cash equivalents at end of period $ 1,359,063  $ 1,076,163 
Supplemental Cash Flow Information:
Cash paid for interest $ 619,288  $ 742,708 
Cash paid for taxes 50,499  39,008 
Net loans and bank premises transferred to repossessed real estate and other assets 28  77 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
 23,865  8,263 
Conveyance of other real estate owned guaranteed by U.S. government agencies 1,936  1,840 
Right-of-use assets obtained in exchange for operating lease liabilities 1,930  18,236 
See accompanying notes to consolidated financial statements.
- 47 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of BOK Financial have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

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

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

The financial information should be read in conjunction with BOK Financial's 2024 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2024, have been derived from the audited financial statements included in BOK Financial's 2024 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

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

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

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

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

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

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


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(2) Securities

Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
  June 30, 2025 December 31, 2024
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
U.S. government securities $ 997  $ 2  $ 21,275  $ (60)
Residential agency mortgage-backed securities
 5,450,517  33,768  4,792,695  (37,439)
Municipal securities 64,653  88  62,230  (566)
Other trading securities 43,250  299  22,890  33 
Total trading securities $ 5,559,417  $ 34,157  $ 4,899,090  $ (38,032)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
  June 30, 2025
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 91,243  $ 91,243  $ 93,080  $ 2,012  $ (175)
Mortgage-backed securities:
Residential agency 1,872,778  1,773,725  1,626,429  88  (147,384)
Commercial agency 17,257  16,368  15,878  —  (490)
Other debt securities 16,038  16,038  15,048  —  (990)
Total investment securities 1,997,316  1,897,374  1,750,435  2,100  (149,039)
Allowance for credit losses (196) (196) —  —  — 
Investment securities, net of allowance $ 1,997,120  $ 1,897,178  $ 1,750,435  $ 2,100  $ (149,039)
1    Carrying value includes $100 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.
  December 31, 2024
  Amortized Carrying Fair Gross Unrealized
  Cost
Value1
 Value Gain Loss
Municipal securities $ 104,467  $ 104,467  $ 106,489  $ 2,370  $ (348)
Mortgage-backed securities:
Residential agency 1,998,017  1,880,473  1,680,800  81  (199,754)
Commercial agency 17,257  16,220  15,357  —  (863)
Other debt securities 16,288  16,288  15,283  —  (1,005)
Total investment securities 2,136,029  2,017,448  1,817,929  2,451  (201,970)
Allowance for credit losses (223) (223) —  —  — 
Investment securities, net of allowance $ 2,135,806  $ 2,017,225  $ 1,817,929  $ 2,451  $ (201,970)
1    Carrying value includes $119 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.


- 49 -

The amortized cost and fair values of investment securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		 One to
Five Years		 Six to
Ten Years		 Over
Ten Years		 Total
Weighted
Average
Maturity1
Fixed maturity debt securities:          
Carrying value $ 47,921  $ 61,217  $ 14,498  $ 13  $ 123,649  2.44 
Fair value 49,239  61,299  13,455  13  124,006   
Residential mortgage-backed securities:            
Carrying value2
         $ 1,773,725 
Fair value         1,626,429   
Total investment securities:            
Carrying value         $ 1,897,374   
Fair value         1,750,435   
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(Dollars in thousands):
June 30, 2025
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Investment:              
Municipal securities 10  $ 5,073  $ 9  $ 6,622  $ 166  $ 11,695  $ 175 
Mortgage-backed securities:
Residential agency 116  —  —  1,625,562  147,384  1,625,562  147,384 
Commercial agency 2  —  —  15,878  490  15,878  490 
Other debt securities 2  —  —  9,035  990  9,035  990 
Total investment securities 130  $ 5,073  $ 9  $ 1,657,097  $ 149,030  $ 1,662,170  $ 149,039 

December 31, 2024
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Investment:              
Municipal securities 20  $ 14,485  $ 65  $ 7,107  $ 283  $ 21,592  $ 348 
Mortgage-backed securities:
Residential agency 116  —  —  1,679,889  199,754  1,679,889  199,754 
Commercial agency 2  —  —  15,357  863  15,357  863 
Other debt securities 3  —  —  9,271  1,005  9,271  1,005 
Total investment securities 141  $ 14,485  $ 65  $ 1,711,624  $ 201,905  $ 1,726,109  $ 201,970 


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Available-for-Sale Securities 

The amortized cost and fair value of available-for-sale securities are as follows (in thousands):
  June 30, 2025
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 964  $ —  $ (36)
Municipal securities 218,408  208,350  —  (10,058)
Mortgage-backed securities:        
Residential agency 9,187,687  9,102,658  76,933  (161,962)
Residential non-agency 765,088  743,519  12,070  (33,639)
Commercial agency 3,451,816  3,291,857  5,712  (165,671)
Other debt securities 500  473  —  (27)
Total available-for-sale securities
 $ 13,624,499  $ 13,347,821  $ 94,715  $ (371,393)
  December 31, 2024
  Amortized Fair Gross Unrealized
  Cost Value Gain Loss
U.S. Treasury $ 1,000  $ 945  $ —  $ (55)
Municipal securities 240,528  225,568  2  (14,962)
Mortgage-backed securities:      
Residential agency 8,895,900  8,639,389  17,936  (274,447)
Residential non-agency 814,542  781,209  11,247  (44,580)
Commercial agency 3,436,465  3,204,016  726  (233,175)
Other debt securities 500  473  —  (27)
Total available-for-sale securities
 $ 13,388,935  $ 12,851,600  $ 29,911  $ (567,246)

The amortized cost and fair values of available-for-sale securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		 One to
Five Years		 Six to
Ten Years		 Over
Ten Years		 Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost $ 329,935  $ 2,432,720  $ 475,593  $ 433,476  $ 3,671,724  4.83 
Fair value 323,803  2,304,224  450,275  423,342  3,501,644 
Residential mortgage-backed securities:
Amortized cost2
 $ 9,952,775 
Fair value 9,846,177 
Total available-for-sale securities:
Amortized cost $ 13,624,499 
Fair value 13,347,821 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

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Sales of available-for-sale securities resulted in gains and losses as follows (in thousands):
  Three Months Ended
June 30,
Six Months Ended
June 30,
  2025 2024 2025 2024
Proceeds $ —  $ 1,836  $ —  $ 737,830 
Gross realized gains —  222  —  455 
Gross realized losses —  (188) —  (45,592)
Related federal and state income tax expense (benefit) —  8  —  (10,616)

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $12.3 billion at June 30, 2025 and $9.9 billion at December 31, 2024. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available-for-Sale Securities
(Dollars in thousands)
June 30, 2025
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Available-for-sale:
              
U.S. Treasury 1  $ —  $ —  $ 964  $ 36  $ 964  $ 36 
Municipal securities 101  1,038  4  202,707  10,054  203,745  10,058 
Mortgage-backed securities:
        
Residential agency 636  988,961  9,396  2,553,983  152,566  3,542,944  161,962 
Residential non-agency 33  40,245  162  439,419  33,477  479,664  33,639 
Commercial agency 210  113,235  992  2,668,153  164,679  2,781,388  165,671 
Other debt securities 1  —  —  473  27  473  27 
Total available-for-sale securities
 982  $ 1,143,479  $ 10,554  $ 5,865,699  $ 360,839  $ 7,009,178  $ 371,393 

December 31, 2024
  Number of Securities Less Than 12 Months 12 Months or Longer Total
Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss
Available-for-sale:
          
U.S. Treasury
 1  $ —  $ —  $ 945  $ 55  $ 945  $ 55 
Municipal securities 113  1,041  13  222,432  14,949  223,473  14,962 
Mortgage-backed securities:
          
Residential agency
 831  3,561,318  50,102  2,880,641  224,345  6,441,959  274,447 
Residential non-agency 36  93,113  1,124  457,701  43,456  550,814  44,580 
Commercial agency
 220  190,718  1,878  2,819,206  231,297  3,009,924  233,175 
Other debt securities 1  —  —  473  27  473  27 
Total available-for-sale securities
 1,202  $ 3,846,190  $ 53,117  $ 6,381,398  $ 514,129  $ 10,227,588  $ 567,246 

Based on evaluations of impaired securities as of June 30, 2025, the Company does not intend to sell any impaired AFS debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.


- 52 -

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):
  June 30, 2025 December 31, 2024
  Fair Value Net Unrealized Gain (Loss) Fair Value Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities $ 107,702  $ (225) $ 17,876  $ (1,662)

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

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

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

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

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

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

- 53 -

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

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at June 30, 2025 (in thousands):
Assets
 
Notional1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,869,879  $ 61,304  $ (17,542) $ 43,762  $ (25,577) $ 18,185 
Energy contracts 6,752,020  614,210  (408,701) 205,509  (12,099) 193,410 
Foreign exchange contracts 104,591  76,888  (187) 76,701  (561) 76,140 
Equity option contracts 1,593  201  —  201  (50) 151 
Total customer risk management programs 9,728,083  752,603  (426,430) 326,173  (38,287) 287,886 
Trading 22,516,050  152,798  (81,859) 70,939  (3,888) 67,051 
Internal risk management programs 554,941  7,971  —  7,971  —  7,971 
Total derivative contracts $ 32,799,074  $ 913,372  $ (508,289) $ 405,083  $ (42,175) $ 362,908 
Liabilities
 
Notional1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 2,852,551  $ 61,273  $ (17,542) $ 43,731  $ —  $ 43,731 
Energy contracts 6,829,046  585,442  (408,701) 176,741  (19,433) 157,308 
Foreign exchange contracts 104,038  76,271  (187) 76,084  —  76,084 
Equity option contracts 1,593  201  —  201  —  201 
Total customer risk management programs 9,787,228  723,187  (426,430) 296,757  (19,433) 277,324 
Trading 28,227,804  224,184  (81,859) 142,325  (135,659) 6,666 
Internal risk management programs 8,915  1,427  —  1,427  —  1,427 
Total derivative contracts $ 38,023,947  $ 948,798  $ (508,289) $ 440,509  $ (155,092) $ 285,417 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


- 54 -

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2024 (in thousands):
Assets
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 3,064,418  $ 82,191  $ (5,369) $ 76,822  $ (71,485) $ 5,337 
Energy contracts 7,169,926  521,032  (398,457) 122,575  (3,816) 118,759 
Foreign exchange contracts 80,510  42,792  (395) 42,397  (434) 41,963 
Equity option contracts 1,593  208  —  208  (50) 158 
Total customer risk management programs 10,316,447  646,223  (404,221) 242,002  (75,785) 166,217 
Trading 19,577,362  132,581  (56,764) 75,817  (242) 75,575 
Internal risk management programs 168  1,017  —  1,017  —  1,017 
Total derivative contracts $ 29,893,977  $ 779,821  $ (460,985) $ 318,836  $ (76,027) $ 242,809 
Liabilities
 
Notional 1
 Gross Fair Value Netting Adjustments Net Fair Value Before Cash Collateral Cash Collateral Fair Value Net of Cash Collateral
Customer risk management programs:      
Interest rate contracts $ 3,064,418  $ 82,141  $ (5,369) $ 76,772  $ —  $ 76,772 
Energy contracts 7,076,929  488,113  (398,457) 89,656  (1,020) 88,636 
Foreign exchange contracts 76,906  39,253  (395) 38,858  (380) 38,478 
Equity option contracts 1,593  208  —  208  —  208 
Total customer risk management programs 10,219,846  609,715  (404,221) 205,494  (1,400) 204,094 
Trading 14,196,406  87,082  (56,764) 30,318  (1,292) 29,026 
Internal risk management programs 602,176  4,462  —  4,462  —  4,462 
Total derivative contracts $ 25,018,428  $ 701,259  $ (460,985) $ 240,274  $ (2,692) $ 237,582 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

- 55 -

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
June 30, 2025 June 30, 2024
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts $ 895  $ —  $ 547  $ — 
Energy contracts 6,590  —  6,162  — 
Foreign exchange contracts 25  —  56  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 7,510  —  6,765  — 
Trading1
 (26,603) —  32,576  — 
Internal risk management programs —  5,535  —  (1,091)
Total derivative contracts $ (19,093) $ 5,535  $ 39,341  $ (1,091)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.
  Six Months Ended
June 30, 2025 June 30, 2024
  Brokerage
and Trading Revenue		 Gain (Loss) on Derivatives, Net Brokerage
and Trading
Revenue		 Gain (Loss) on Derivatives, Net
Customer risk management programs:        
Interest rate contracts 1,636  —  3,007  — 
Energy contracts 14,200  —  9,977  — 
Foreign exchange contracts 63  —  106  — 
Equity option contracts —  —  —  — 
Total customer risk management programs 15,899  —  13,090  — 
Trading1
 (100,399) —  116,282  — 
Internal risk management programs —  15,100  —  (9,724)
Total derivative contracts $ (84,500) $ 15,100  $ 129,372  $ (9,724)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and trading revenue in the Consolidated Statements of Earnings.

(4) Loans and Allowances for Credit Losses

Loans

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

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

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

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

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

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

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

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

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

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

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Portfolio segments of the loan portfolio are as follows (in thousands):
  June 30, 2025 December 31, 2024
Fixed
Rate		 Variable
Rate		 Non-accrual Total Fixed
Rate		 Variable
Rate		 Non-accrual Total
Commercial $ 3,445,595  $ 10,898,430  $ 40,157  $ 14,384,182  $ 3,450,238  $ 11,565,251  $ 14,647  $ 15,030,136 
Commercial real estate
 684,294  4,830,222  6,925  5,521,441  668,532  4,380,015  9,905  5,058,452 
Loans to individuals 2,817,648  1,536,695  32,245  4,386,588  2,620,936  1,383,027  22,173  4,026,136 
Total $ 6,947,537  $ 17,265,347  $ 79,327  $ 24,292,211  $ 6,739,706  $ 17,328,293  $ 46,725  $ 24,114,724 

Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At June 30, 2025, outstanding commitments totaled $14.7 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

The amount of collateral obtained, if deemed necessary, is based upon management's credit evaluation of the borrower.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At June 30, 2025, outstanding standby letters of credit totaled $702 million. 

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

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

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

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

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

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

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

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

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

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

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

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

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

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
June 30, 2025
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 143,505  $ 93,724  $ 41,365  $ 278,594 
Provision for loan losses 744  (8,501) 6,773  (984)
Loans charged off (35) (126) (1,152) (1,313)
Recoveries of loans previously charged off
 184  10  558  752 
Ending balance $ 144,398  $ 85,107  $ 47,544  $ 277,049 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 16,167  $ 33,461  $ 2,460  $ 52,088 
Provision for off-balance sheet credit risk
 828  97  (21) 904 
Ending balance $ 16,995  $ 33,558  $ 2,439  $ 52,992 
Six Months Ended
June 30, 2025
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 145,153  $ 91,072  $ 43,810  $ 280,035 
Provision for loan losses (111) (6,034) 4,825  (1,320)
Loans charged off (1,120) (126) (2,358) (3,604)
Recoveries of loans previously charged off
 476  195  1,267  1,938 
Ending balance $ 144,398  $ 85,107  $ 47,544  $ 277,049 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 18,046  $ 31,959  $ 1,635  $ 51,640 
Provision for off-balance sheet credit risk
 (1,051) 1,599  804  1,352 
Ending balance $ 16,995  $ 33,558  $ 2,439  $ 52,992 
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Three Months Ended
June 30, 2024
  Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:        
Beginning balance $ 146,267  $ 97,479  $ 37,877  $ 281,623 
Provision for loan losses 10,441  (1,042) 3,749  13,148 
Loans charged off (6,391) (205) (1,344) (7,940)
Recoveries of loans previously charged off
 420  24  551  995 
Ending balance $ 150,737  $ 96,256  $ 40,833  $ 287,826 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 17,790  $ 27,865  $ 1,664  $ 47,319 
Provision for off-balance sheet credit risk
 (474) (4,551) 42  (4,983)
Ending balance $ 17,316  $ 23,314  $ 1,706  $ 42,336 
Six Months Ended
June 30, 2024
Commercial Commercial Real Estate Loans to Individuals Total
Allowance for loan losses:
Beginning balance $ 141,232  $ 94,718  $ 41,173  $ 277,123 
Provision for loan losses 18,752  2,953  1,403  23,108 
Loans charged off (10,631) (1,455) (2,914) (15,000)
Recoveries of loans previously charged off 1,384  40  1,171  2,595 
Ending balance $ 150,737  $ 96,256  $ 40,833  $ 287,826 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance $ 19,762  $ 27,439  $ 1,776  $ 48,977 
Provision for off-balance sheet credit risk (2,446) (4,125) (70) (6,641)
Ending balance $ 17,316  $ 23,314  $ 1,706  $ 42,336 
No provision for credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter.

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

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2024, is as follows (in thousands):

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

Credit Quality Indicators

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

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

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

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

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

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

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

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The following table summarizes the Company’s loan portfolio at June 30, 2025, by the risk grade categories and vintage (in thousands): 
Origination Year
2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Healthcare
Pass $ 364,559  $ 530,397  $ 468,105  $ 839,066  $ 392,630  $ 772,396  $ 197,981  $ 13  $ 3,565,147 
Special Mention —  —  —  64,388  103  3,315  214  —  68,020 
Accruing Substandard —  —  37,806  5,132  5,215  98,852  21  —  147,026 
Nonaccrual —  —  15,665  124  454  12,305  195  —  28,743 
Total healthcare 364,559  530,397  521,576  908,710  398,402  886,868  198,411  13  3,808,936 
Services
Pass 218,684  538,894  595,308  412,456  343,648  695,385  794,189  382  3,598,946 
Special Mention —  —  3,283  —  937  14,036  3,054  —  21,310 
Accruing Substandard 4,020  234  2,313  684  1,218  8,529  9,851  373  27,222 
Nonaccrual 495  —  47  898  198  152  9,539  —  11,329 
Total services 223,199  539,128  600,951  414,038  346,001  718,102  816,633  755  3,658,807 
Loans charged off, year-to-date —  —  —  —  —  —  492  21  513 
Energy
Pass 93,810  87,071  39,394  11,435  2,437  22,107  2,456,182  —  2,712,436 
Special Mention —  —  —  —  —  —  22,237  —  22,237 
Nonaccrual —  —  —  —  —  40  —  —  40 
Total energy 93,810  87,071  39,394  11,435  2,437  22,147  2,478,419  —  2,734,713 
Loans charged off, year-to-date —  —  —  —  —  —  94  —  94 
General business
Pass 491,792  533,585  457,383  224,337  162,742  359,982  1,880,453  1,892  4,112,166 
Special Mention 457  2,595  1,424  2,020  —  —  6,119  43  12,658 
Accruing Substandard 558  2,267  8,015  29,916  2,033  6,458  7,589  21  56,857 
Nonaccrual —  —  —  —  1  10  —  34  45 
Total general business 492,807  538,447  466,822  256,273  164,776  366,450  1,894,161  1,990  4,181,726 
Loans charged off, year-to-date —  —  132  —  —  6  367  8  513 
Total commercial 1,174,375  1,695,043  1,628,743  1,590,456  911,616  1,993,567  5,387,624  2,758  14,384,182 
Commercial real estate:
Pass 366,111  670,413  567,448  2,011,168  715,266  986,490  118,824  —  5,435,720 
Special Mention —  —  233  —  29,324  —  —  —  29,557 
Accruing Substandard —  488  —  7,336  —  41,415  —  —  49,239 
Nonaccrual —  —  —  —  —  6,925  —  —  6,925 
Total commercial real estate 366,111  670,901  567,681  2,018,504  744,590  1,034,830  118,824  —  5,521,441 
Loans charged off, year-to-date —  —  —  126  —  —  —  —  126 
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Origination Year
2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 309,071  455,755  305,393  267,128  301,090  500,039  422,935  25,782  2,587,193 
Special Mention —  318  147  156  29  109  1,548  31  2,338 
Accruing Substandard —  —  —  —  —  1  495  —  496 
Nonaccrual —  294  2,180  2,397  1,160  9,872  4,304  447  20,654 
Total residential mortgage 309,071  456,367  307,720  269,681  302,279  510,021  429,282  26,260  2,610,681 
Loans charged off, year-to-date —  —  48  —  —  57  130  —  235 
Residential mortgage guaranteed by U.S. government agencies
Pass —  2,399  5,659  8,022  2,741  122,654  —  —  141,475 
Nonaccrual —  —  —  —  —  6,978  —  —  6,978 
Total residential mortgage guaranteed by U.S. government agencies —  2,399  5,659  8,022  2,741  129,632  —  —  148,453 
Personal
Pass 176,927  239,541  198,752  155,568  105,304  239,385  492,130  341  1,607,948 
Special Mention —  19  —  9  822  6  5,869  —  6,725 
Accruing Substandard —  23  8,017  —  —  128  —  —  8,168 
Nonaccrual —  —  4,596  11  4  2  —  —  4,613 
Total personal 176,927  239,583  211,365  155,588  106,130  239,521  497,999  341  1,627,454 
Loans charged off, year-to-date1
 2,024  58  —  11  —  5  25  —  2,123 
Total loans to individuals 485,998  698,349  524,744  433,291  411,150  879,174  927,281  26,601  4,386,588 
Total loans $ 2,026,484  $ 3,064,293  $ 2,721,168  $ 4,042,251  $ 2,067,356  $ 3,907,571  $ 6,433,729  $ 29,359  $ 24,292,211 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2024, by the risk grade categories and vintage (in thousands): 
Origination Year
2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Commercial:
Healthcare
Pass $ 539,305  $ 544,103  $ 896,042  $ 481,816  $ 344,609  $ 644,441  $ 249,793  $ 10  $ 3,700,119 
Special Mention —  15,000  64,895  110  —  32,555  255  —  112,815 
Accruing Substandard —  38,180  5,253  15,529  51,134  29,151  1,635  —  140,882 
Nonaccrual —  —  96  463  —  13,158  —  —  13,717 
Total healthcare 539,305  597,283  966,286  497,918  395,743  719,305  251,683  10  3,967,533 
Loans charged off, year-to-date —  —  —  —  —  7,240  —  —  7,240 
Services
Pass 629,978  625,969  422,015  404,949  187,324  570,775  745,853  379  3,587,242 
Special Mention —  3,324  123  1,537  —  11,796  17,923  —  34,703 
Accruing Substandard —  675  9,030  20  1,217  7,750  1,399  400  20,491 
Nonaccrual —  —  —  —  —  —  767  —  767 
Total services 629,978  629,968  431,168  406,506  188,541  590,321  765,942  779  3,643,203 
Loans charged off, year-to-date —  —  —  —  22  80  9  —  111 
Energy
Pass 148,972  46,094  39,050  2,621  6,488  16,989  2,985,161  —  3,245,375 
Accruing Substandard —  —  —  —  —  —  9,300  —  9,300 
Nonaccrual —  —  —  —  —  49  —  —  49 
Total energy 148,972  46,094  39,050  2,621  6,488  17,038  2,994,461  —  3,254,724 
Loans charged off, year-to-date —  —  —  —  —  —  226  —  226 
General business
Pass 740,440  571,897  267,528  176,468  117,755  319,986  1,862,643  1,938  4,058,655 
Special Mention 4,399  5,749  4,285  7,002  224  1,736  3,037  —  26,432 
Accruing Substandard 3,980  15,872  43,300  4,764  992  4,708  5,859  —  79,475 
Nonaccrual —  32  —  —  —  23  —  59  114 
Total general business 748,819  593,550  315,113  188,234  118,971  326,453  1,871,539  1,997  4,164,676 
Loans charged off, year-to-date —  27  1,465  —  —  166  2,425  103  4,186 
Total commercial 2,067,074  1,866,895  1,751,617  1,095,279  709,743  1,653,117  5,883,625  2,786  15,030,136 
Commercial real estate:
Pass 436,206  512,614  2,004,558  793,161  233,619  810,497  141,307  —  4,931,962 
Special Mention —  313  14,907  32,131  —  —  —  —  47,351 
Accruing Substandard —  —  36,981  —  —  32,253  —  —  69,234 
Nonaccrual —  —  —  —  —  9,905  —  —  9,905 
Total commercial real estate 436,206  512,927  2,056,446  825,292  233,619  852,655  141,307  —  5,058,452 
Loans charged off, year-to-date —  —  —  —  —  1,455  —  —  1,455 
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Origination Year
2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total
Loans to individuals:
Residential mortgage
Pass 530,186  338,187  286,865  318,935  314,814  210,251  395,943  22,929  2,418,110 
Special Mention —  167  148  219  —  113  1,767  —  2,414 
Accruing Substandard —  —  163  —  —  45  898  67  1,173 
Nonaccrual 245  1,758  990  522  583  7,420  3,221  522  15,261 
Total residential mortgage 530,431  340,112  288,166  319,676  315,397  217,829  401,829  23,518  2,436,958 
Loans charged off, year-to-date —  43  —  —  —  18  10  —  71 
Residential mortgage guaranteed by U.S. government agencies
Pass 462  4,337  6,618  2,432  3,506  112,491  —  —  129,846 
Nonaccrual —  —  —  —  280  6,523  —  —  6,803 
Total residential mortgage guaranteed by U.S. government agencies 462  4,337  6,618  2,432  3,786  119,014  —  —  136,649 
Personal
Pass 245,737  149,572  167,272  115,710  107,291  151,030  510,147  2,619  1,449,378 
Special Mention 18  17  30  825  8  —  8  —  906 
Accruing Substandard 16  —  —  —  1  129  1,990  —  2,136 
Nonaccrual 31  3  30  13  4  5  23  —  109 
Total personal 245,802  149,592  167,332  116,548  107,304  151,164  512,168  2,619  1,452,529 
Loans charged off, year-to-date1
 5,269  69  101  52  9  —  26  20  5,546 
Total loans to individuals 776,695  494,041  462,116  438,656  426,487  488,007  913,997  26,137  4,026,136 
Total loans $ 3,279,975  $ 2,873,863  $ 4,270,179  $ 2,359,227  $ 1,369,849  $ 2,993,779  $ 6,938,929  $ 28,923  $ 24,114,724 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

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

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

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

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Loan Modifications to Borrowers Experiencing Financial Difficulty

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

For the six months ended June 30, 2024, the Company had $114 million of loan modifications to borrowers experiencing financial difficulty, including $90 million of healthcare loans and $14 million of energy loans. Approximately $110 million of the modifications were term extensions of commercial loans, and $4.1 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the six months ended June 30, 2024, $1.1 million of residential mortgage loans guaranteed by U.S. government agencies that were modified in the previous twelve months defaulted.

Past Due Loans

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

A summary of loans currently performing and past due as of June 30, 2025, is as follows (in thousands):
    Past Due   Past Due 90 Days or More and Accruing
  Current 30 to 59
Days		 60 to 89 Days 90 Days
or More		 Total
Commercial:        
Healthcare $ 3,780,284  $ 3,293  $ 16,258  $ 9,101  $ 3,808,936  $ — 
Services 3,653,722  4,046  1,021  18  3,658,807  18 
Energy 2,734,713  —  —  —  2,734,713  — 
General business 4,180,013  472  1,232  9  4,181,726  9 
Total commercial 14,348,732  7,811  18,511  9,128  14,384,182  27 
Commercial real estate 5,507,214  6,251  —  7,976  5,521,441  1,050 
Loans to individuals:        
Residential mortgage 2,586,725  12,596  2,906  8,454  2,610,681  311 
Residential mortgage guaranteed by U.S. government agencies 51,434  17,866  12,716  66,437  148,453  61,464 
Personal 1,620,937  1,889  34  4,594  1,627,454  — 
Total loans to individuals 4,259,096  32,351  15,656  79,485  4,386,588  61,775 
Total $ 24,115,042  $ 46,413  $ 34,167  $ 96,589  $ 24,292,211  $ 62,852 
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A summary of loans currently performing and past due as of December 31, 2024, is as follows (in thousands):
    Past Due   Past Due 90 Days or More and Accruing
  Current 30 to 59
Days		 60 to 89 Days 90 Days
or More		 Total
Commercial:        
Healthcare $ 3,932,142  $ 25,778  $ —  $ 9,613  $ 3,967,533  $ — 
Services 3,642,436  —  767  —  3,643,203  — 
Energy 3,254,724  —  —  —  3,254,724  — 
General business 4,161,510  3,067  70  29  4,164,676  — 
Total commercial 14,990,812  28,845  837  9,642  15,030,136  — 
Commercial real estate 5,048,667  —  —  9,785  5,058,452  — 
Loans to individuals:        
Residential mortgage 2,416,633  10,930  5,622  3,773  2,436,958  — 
Residential mortgage guaranteed by U.S. government agencies
 45,910  18,514  15,268  56,957  136,649  52,504 
Personal 1,451,397  1,061  48  23  1,452,529  — 
Total loans to individuals 3,913,940  30,505  20,938  60,753  4,026,136  52,504 
Total $ 23,953,419  $ 59,350  $ 21,775  $ 80,180  $ 24,114,724  $ 52,504 

(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

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The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments, and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
  June 30, 2025 December 31, 2024
  Unpaid Principal Balance/
Notional		 Fair Value Unpaid Principal Balance/
Notional		 Fair Value
Residential mortgage loans held for sale $ 99,522  $ 99,820  $ 77,080  $ 75,969 
Residential mortgage loan commitments 64,508  2,417  36,590  1,119 
Forward sales contracts 100,500  (800) 82,000  473 
    $ 101,437    $ 77,561 

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

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

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

Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
  June 30, 2025 December 31, 2024
Number of residential mortgage loans serviced for others 126,767  125,728 
Outstanding principal balance of residential mortgage loans serviced for others $ 22,542,310  $ 22,269,513 
Weighted average interest rate 3.79  % 3.73  %
Remaining term (in months) 274 276

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The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Beginning Balance $ 342,111  $ 319,330  $ 338,145  $ 293,884 
Additions 3,063  4,454  5,572  6,970 
Acquisitions —  14,021  14,615  31,421 
Change in fair value due to principal payments (5,511) (8,012) (11,429) (13,459)
Change in fair value due to market assumption changes (5,019) 3,453  (12,259) 14,430 
Ending Balance $ 334,644  $ 333,246  $ 334,644  $ 333,246 

Changes in the fair value of mortgage servicing rights due to market assumption changes are included in Other operating revenue in the Consolidated Statements of Earnings. Changes in fair value due to principal payments are included in Mortgage banking costs. 

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
  June 30, 2025 December 31, 2024
Discount rate – risk-free rate plus a market premium 9.24% 9.60%
Prepayment rate – based upon loan interest rate, original term, and loan type
 7.02% 7.09%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$73 - $94
$73 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $6,000
$875 - $6,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
 3.63% 4.44%
Primary/secondary mortgage rate spread
 128 bps 115 bps
Delinquency rate
 2.24% 2.19%

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

Litigation Contingencies

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

On December 28, 2015, in an action brought by the SEC, the New Jersey District Court entered a Consent Judgment against the principals involved in issuing the bonds. On January 8, 2020, the Court entered Final Judgment against the principal individual and his wife for $36,805,051 in principal amount and $10,937,831 in pre-judgment interest. The sale of all remaining collateral securing payment of the bonds has occurred and approximately $29 million remains outstanding. The SEC continues to aggressively pursue collection of the judgment.
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If the individual principal and his wife cannot pay the bonds, a bondholder loss could become probable. Management has been advised by counsel that BOKF, NA has valid defenses to claims of bondholders and that no loss to the Company is probable. No provision for losses has been made at this time.

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

Alternative Investment Commitments

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

At June 30, 2025, the Company had $407 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. These investments are recognized in Other assets on the Consolidated Balance Sheets. This investment balance also includes $105 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

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

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

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on AFS securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. Gains and losses in AOCI are net of deferred income taxes.
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A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available-for-Sale Securities
 Investment Securities Transferred from AFS Total
Balance, Dec. 31, 2023 $ (473,212) $ (125,888) $ (599,100)
Net change in unrealized gain (loss)
 (77,749) —  (77,749)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities —  24,210  24,210 
Loss on available-for-sale securities, net
 45,137  —  45,137 
Other comprehensive income (loss), before income taxes (32,612) 24,210  (8,402)
Federal and state income taxes (7,695) 5,695  (2,000)
Other comprehensive income (loss), net of income taxes (24,917) 18,515  (6,402)
Balance, June 30, 2024 $ (498,129) $ (107,373) $ (605,502)
Balance, Dec. 31, 2024 $ (412,348) $ (90,692) $ (503,040)
Net change in unrealized gain (loss)
 260,657  —  260,657 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities —  18,638  18,638 
Loss on available-for-sale securities, net
 —  —  — 
Other comprehensive income (loss), before income taxes 260,657  18,638  279,295 
Federal and state income taxes 60,994  4,271  65,265 
Other comprehensive income (loss), net of income taxes 199,663  14,367  214,030 
Balance, June 30, 2025 $ (212,685) $ (76,325) $ (289,010)

(8) Earnings Per Share
 
(In thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended
June 30,
  2025 2024 2025 2024
Numerator:        
Net income attributable to BOK Financial Corp. shareholders $ 140,018  $ 163,713  $ 259,795  $ 247,416 
Less: Earnings allocated to participating securities 1,506  1,602  2,774  2,278 
Numerator for basic earnings per share – income available to common shareholders
 138,512  162,111  257,021  245,138 
Add: Effect of reallocating undistributed earnings of participating securities —  —  —  — 
Numerator for diluted earnings per share – income available to common shareholders
 $ 138,512  $ 162,111  $ 257,021  $ 245,138 
Denominator:        
Weighted average shares outstanding 63,896,252  64,343,898  64,060,375  64,578,226 
Less: Participating securities included in weighted average shares outstanding 688,225  629,694  683,518  576,072 
Denominator for basic earnings per common share 63,208,027  63,714,204  63,376,857  64,002,154 
Add: Dilutive effect of employee stock compensation plans —  —  —  — 
Denominator for diluted earnings per common share 63,208,027  63,714,204  63,376,857  64,002,154 
Basic earnings per share $ 2.19  $ 2.54  $ 4.05  $ 3.83 
Diluted earnings per share $ 2.19  $ 2.54  $ 4.05  $ 3.83 
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(9) Reportable Segments

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

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

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

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2025 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Segment Total Funds Management and Other
BOK
Financial
Corporation
Net interest income from external sources $ 235,765  $ 13,463  $ 25,654  $ 274,882  $ 53,284  $ 328,166 
Net interest income (expense) from internal sources (59,939) 44,651  19,190  3,902  (3,902) — 
Net interest income 175,826  58,114  44,844  278,784  49,382  328,166 
Net loans charged off and provision for credit losses 29  1,018  (7) 1,040  (1,040) — 
Net interest income after provision for credit losses 175,797  57,096  44,851  277,744  50,422  328,166 
Other operating revenue 64,432  38,165  103,650  206,247  851  207,098 
Personnel expense 49,506  25,527  66,309  141,342  73,369  214,711 
Non-personnel expense1
 29,613  29,949  26,972  86,534  53,258  139,792 
Total other operating expense
 79,119  55,476  93,281  227,876  126,627  354,503 
Corporate allocations2
 19,535  15,039  14,471  49,045  (49,045) — 
Net income before taxes $ 141,575  $ 24,746  $ 40,749  $ 207,070  $ (26,309) $ 180,761 
Average assets $ 21,318,236  $ 8,310,875  $ 11,571,187  $ 41,200,298  $ 11,086,654  $ 52,286,952 
1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2025 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Segment Total Funds Management and Other BOK
Financial
Consolidated
Net interest income from external sources $ 467,188  $ 22,203  $ 39,596  $ 528,987  $ 115,430  $ 644,417 
Net interest income (expense) from internal sources (113,104) 93,163  49,750  29,809  (29,809) — 
Net interest income 354,084  115,366  89,346  558,796  85,621  644,417 
Net loans charged off and provision for credit losses 177  2,535  (15) 2,697  (2,697) — 
Net interest income after provision for credit losses 353,907  112,831  89,361  556,099  88,318  644,417 
Other operating revenue 119,953  77,223  199,986  397,162  (4,023) 393,139 
Personnel expense 97,557  51,364  133,554  282,475  146,421  428,896 
Non-personnel expense1
 57,796  61,348  53,993  173,137  99,999  273,136 
Total other operating expense
 155,353  112,712  187,547  455,612  246,420  702,032 
Corporate allocations2
 36,949  30,474  28,325  95,748  (95,748) — 
Net income before taxes $ 281,558  $ 46,868  $ 73,475  $ 401,901  $ (66,377) $ 335,524 
Average assets $ 21,359,263  $ 8,256,649  $ 11,469,873  $ 41,085,785  $ 10,554,734  $ 51,640,519 
1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2024 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Segment Total Funds Management and Other
BOK
Financial
Corporation
Net interest income (expense) from external sources $ 280,091  $ 5,986  $ (3,758) $ 282,319  $ 13,702  $ 296,021 
Net interest income (expense) from internal sources (76,335) 59,178  33,259  16,102  (16,102) — 
Net interest income 203,756  65,164  29,501  298,421  (2,400) 296,021 
Net loans charged off and provision for credit losses 6,134  1,247  —  7,381  619  8,000 
Net interest income after provision for credit losses 197,622  63,917  29,501  291,040  (3,019) 288,021 
Other operating revenue 54,704  36,137  113,208  204,049  55,655  259,704 
Personnel expense 45,964  24,016  63,669  133,649  57,441  191,090 
Non-personnel expense1
 30,150  31,112  26,545  87,807  57,793  145,600 
Total other operating expense
 76,114  55,128  90,214  221,456  115,234  336,690 
Corporate allocations2
 17,381  13,392  16,484  47,257  (47,257) — 
Net income before taxes $ 158,831  $ 31,534  $ 36,011  $ 226,376  $ (15,341) $ 211,035 
Average assets $ 21,960,479  $ 8,107,505  $ 11,239,910  41,307,894  $ 9,887,305  $ 51,195,199 
1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.



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Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2024 is as follows (in thousands):
  Commercial Consumer Wealth
Management		 Segment Total Funds Management and Other BOK
Financial
Consolidated
Net interest (expense) income from external sources $ 560,342  $ 13,336  $ (1,122) $ 572,556  $ 17,037  $ 589,593 
Net interest income (expense) from internal sources (152,591) 115,963  59,021  22,393  (22,393) — 
Net interest income 407,751  129,299  57,899  594,949  (5,356) 589,593 
Net loans charged off and provision for credit losses 10,294  3,055  (15) 13,334  2,666  16,000 
Net interest income after provision for credit losses 397,457  126,244  57,914  581,615  (8,022) 573,593 
Other operating revenue 104,877  73,765  231,912  410,554  10,851  421,405 
Personnel expense 91,283  49,252  127,218  267,753  125,990  393,743 
Non-personnel expense1
 54,926  59,323  62,284  176,533  106,798  283,331 
Total other operating expense
 146,209  108,575  189,502  444,286  232,788  677,074 
Corporate allocations2
 35,778  27,564  31,263  94,605  (94,605) — 
Net income before taxes $ 320,347  $ 63,870  $ 69,061  $ 453,278  $ (135,354) $ 317,924 
Average assets $ 21,806,587  $ 8,018,132  $ 10,874,365  40,699,084  $ 9,912,301  $ 50,611,385 
1     Non-personnel expense includes other segment items comprised of Business promotion, Charitable contributions to BOKF Foundation, Professional fees and services, Net occupancy and equipment, FDIC and other insurance, Data processing and communications, Printing, postage, and supplies, Amortization of intangible assets, Mortgage banking costs, and other miscellaneous expenses.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.
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(10) Fees and Commissions Revenue

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

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

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

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

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing, and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2025 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 14,426  $ —  $ 14,426  $ 14,426  $ — 
Customer hedging revenue
 3,439  —  3,395  676  7,510  7,510  — 
Retail brokerage revenue
 —  —  5,113  —  5,113  —  5,113 
Investment banking revenue
 5,364  —  5,712  —  11,076  5,050  6,026 
Brokerage and trading revenue 8,803  —  28,646  676  38,125  26,986  11,139 
TransFund EFT network revenue 23,877  753  (17) —  24,613  —  24,613 
Merchant services revenue 2,614  8  —  —  2,622  —  2,622 
Corporate card revenue 2,086  —  137  103  2,326  —  2,326 
Transaction card revenue 28,577  761  120  103  29,561  —  29,561 
Personal trust revenue —  —  28,018  —  28,018  —  28,018 
Corporate trust revenue —  —  11,705  —  11,705  —  11,705 
Institutional trust & retirement plan services revenue
 —  —  17,895  —  17,895  —  17,895 
Investment management services and other revenue
 —  —  6,346  —  6,346  —  6,346 
Fiduciary and asset management revenue —  —  63,964  —  63,964  —  63,964 
Commercial account service charge revenue
 17,137  585  632  —  18,354  —  18,354 
Overdraft fee revenue 26  5,367  53  (15) 5,431  —  5,431 
Check card revenue
 —  6,053  —  —  6,053  —  6,053 
Automated service charge and other deposit fee revenue
 247  1,128  106  —  1,481  —  1,481 
Deposit service charges and fees 17,410  13,133  791  (15) 31,319  —  31,319 
Mortgage production revenue —  1,707  —  —  1,707  1,707  — 
Mortgage servicing revenue —  18,141  —  (855) 17,286  17,286  — 
Mortgage banking revenue —  19,848  —  (855) 18,993  18,993  — 
Other revenue 3,610  3,047  10,129  (1,418) 15,368  8,200  7,168 
Total fees and commissions revenue
 $ 58,400  $ 36,789  $ 103,650  $ (1,509) $ 197,330  $ 54,179  $ 143,151 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2025 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 22,533  $ —  $ 22,533  $ 22,533  $ — 
Customer hedging revenue
 7,957  —  7,441  501  15,899  15,899  — 
Retail brokerage revenue
 —  —  10,072  —  10,072  —  10,072 
Investment banking revenue
 8,575  —  12,114  —  20,689  8,241  12,448 
Brokerage and trading revenue 16,532  —  52,160  501  69,193  46,673  22,520 
TransFund EFT network revenue 45,980  1,431  (34) —  47,377  —  47,377 
Merchant services revenue 4,787  16  —  —  4,803  —  4,803 
Corporate card revenue 3,957  —  311  205  4,473  —  4,473 
Transaction card revenue 54,724  1,447  277  205  56,653  —  56,653 
Personal trust revenue —  —  53,574  —  53,574  —  53,574 
Corporate trust revenue —  —  22,814  —  22,814  —  22,814 
Institutional trust & retirement plan services revenue
 —  —  36,881  —  36,881  —  36,881 
Investment management services and other revenue
 —  —  11,667  —  11,667  —  11,667 
Fiduciary and asset management revenue —  —  124,936  —  124,936  —  124,936 
Commercial account service charge revenue
 33,760  1,159  1,254  —  36,173  —  36,173 
Overdraft fee revenue 58  10,649  105  (15) 10,797  —  10,797 
Check card revenue
 —  11,668  —  —  11,668  —  11,668 
Automated service charge and other deposit fee revenue
 497  2,296  163  —  2,956  —  2,956 
Deposit service charges and fees 34,315  25,772  1,522  (15) 61,594  —  61,594 
Mortgage production revenue —  4,336  —  —  4,336  4,336  — 
Mortgage servicing revenue —  36,150  —  (1,678) 34,472  34,472  — 
Mortgage banking revenue —  40,486  —  (1,678) 38,808  38,808  — 
Other revenue 7,986  5,879  21,091  (4,694) 30,262  16,569  13,693 
Total fees and commissions revenue
 $ 113,557  $ 73,584  $ 199,986  $ (5,681) $ 381,446  $ 102,050  $ 279,396 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2024 (in thousands):
Commercial Consumer Wealth Management Funds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 27,695  $ —  $ 27,695  $ 27,695  $ — 
Customer hedging revenue
 3,408  —  3,047  310  6,765  6,765  — 
Retail brokerage revenue
 —  —  4,838  —  4,838  —  4,838 
Investment banking revenue
 4,106  —  9,613  —  13,719  3,942  9,777 
Brokerage and trading revenue 7,514  —  45,193  310  53,017  38,402  14,615 
TransFund EFT network revenue 21,883  776  (19) —  22,640  —  22,640 
Merchant services revenue 2,502  8  —  —  2,510  —  2,510 
Corporate card revenue 1,868  —  161  67  2,096  —  2,096 
Transaction card revenue 26,253  784  142  67  27,246  —  27,246 
Personal trust revenue —  —  26,770  —  26,770  —  26,770 
Corporate trust revenue —  —  8,646  —  8,646  —  8,646 
Institutional trust & retirement plan services revenue
 —  —  16,519  —  16,519  —  16,519 
Investment management services and other revenue
 —  —  5,641  —  5,641  —  5,641 
Fiduciary and asset management revenue —  —  57,576  —  57,576  —  57,576 
Commercial account service charge revenue
 15,395  552  603  —  16,550  —  16,550 
Overdraft fee revenue 27  5,374  32  —  5,433  —  5,433 
Check card revenue
 —  6,049  —  —  6,049  —  6,049 
Automated service charge and other deposit fee revenue
 259  1,189  92  —  1,540  —  1,540 
Deposit service charges and fees 15,681  13,164  727  —  29,572  —  29,572 
Mortgage production revenue —  2,369  —  —  2,369  2,369  — 
Mortgage servicing revenue —  16,964  —  (705) 16,259  16,259  — 
Mortgage banking revenue —  19,333  —  (705) 18,628  18,628  — 
Other revenue 4,272  2,971  9,570  (2,825) 13,988  8,400  5,588 
Total fees and commissions revenue
 $ 53,720  $ 36,252  $ 113,208  $ (3,153) $ 200,027  $ 65,430  $ 134,597 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2024 (in thousands):
Commercial Consumer Wealth Management
Funds Management & Other
 Consolidated
Out of Scope1
In Scope2
Trading revenue $ —  $ —  $ 65,152  $ —  $ 65,152  $ 65,152  $ — 
Customer hedging revenue
 7,151  —  5,067  872  13,090  13,090  — 
Retail brokerage revenue
 —  —  9,531  —  9,531  —  9,531 
Investment banking revenue
 7,925  —  16,498  —  24,423  7,036  17,387 
Brokerage and trading revenue 15,076  —  96,248  872  112,196  85,278  26,918 
TransFund EFT network revenue 42,349  1,602  (37) —  43,914  —  43,914 
Merchant services revenue 4,682  17  —  —  4,699  —  4,699 
Corporate card revenue 3,606  —  340  180  4,126  —  4,126 
Transaction card revenue 50,637  1,619  303  180  52,739  —  52,739 
Personal trust revenue —  —  51,115  —  51,115  —  51,115 
Corporate trust revenue —  —  17,906  —  17,906  —  17,906 
Institutional trust & retirement plan services revenue
 —  —  32,667  —  32,667  —  32,667 
Investment management services and other revenue
 —  —  11,193  —  11,193  —  11,193 
Fiduciary and asset management revenue —  —  112,881  —  112,881  —  112,881 
Commercial account service charge revenue
 30,295  1,083  1,149  —  32,527  —  32,527 
Overdraft fee revenue 63  10,768  62  —  10,893  —  10,893 
Check card revenue
 —  11,719  —  —  11,719  —  11,719 
Automated service charge and other deposit fee revenue
 528  2,425  165  —  3,118  —  3,118 
Deposit service charges and fees 30,886  25,995  1,376  —  58,257  —  58,257 
Mortgage production revenue —  5,894  —  —  5,894  5,894  — 
Mortgage servicing revenue —  33,079  —  (1,378) 31,701  31,701  — 
Mortgage banking revenue —  38,973  —  (1,378) 37,595  37,595  — 
Other revenue 7,751  5,872  21,104  (7,804) 26,923  16,312  10,611 
Total fees and commissions revenue
 $ 104,350  $ 72,459  $ 231,912  $ (8,130) $ 400,591  $ 139,185  $ 261,406 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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(11) Fair Value Measurements

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

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

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

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

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

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and six months ended June 30, 2025, and 2024, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and six months ended June 30, 2025, and 2024 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments, and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at June 30, 2025, or December 31, 2024.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of June 30, 2025 (in thousands):
  Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3)
Assets:        
Trading securities:
U.S. government securities $ 997  $ —  $ 997  $ — 
Residential agency mortgage-backed securities 5,450,517  —  5,450,517  — 
Municipal securities 64,653  —  64,653  — 
Other trading securities 43,250  —  43,250  — 
Total trading securities 5,559,417  —  5,559,417  — 
Available-for-sale securities:
        
U.S. Treasury 964  964  —  — 
Municipal securities 208,350  —  208,350  — 
Residential agency mortgage-backed securities 9,102,658  —  9,102,658  — 
Residential non-agency mortgage-backed securities 743,519  —  743,519  — 
Commercial agency mortgage-backed securities
 3,291,857  —  3,291,857  — 
Other debt securities 473  —  —  473 
Total available-for-sale securities
 13,347,821  964  13,346,384  473 
Fair value option securities — Residential agency mortgage-backed securities 107,702  —  107,702  — 
Residential mortgage loans held for sale1
 101,437  —  94,823  6,614 
Mortgage servicing rights2
 334,644  —  —  334,644 
Derivative contracts, net of cash collateral3
 362,908  7,058  355,850  — 
Liabilities:  
Derivative contracts, net of cash collateral3
 $ 285,417  $ 2,790  $ 282,627  $ — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 81.03% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2024 (in thousands):
  Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3)
Assets:        
Trading securities:
U.S. government securities $ 21,275  $ 1,494  $ 19,781  $ — 
Residential agency mortgage-backed securities 4,792,695  —  4,792,695  — 
Municipal securities 62,230  —  62,230  — 
Other trading securities 22,890  —  22,890  — 
Total trading securities 4,899,090  1,494  4,897,596  — 
Available-for-sale securities:
        
U.S. Treasury 945  945  —  — 
Municipal securities 225,568  —  225,568  — 
Residential agency mortgage-backed securities 8,639,389  —  8,639,389  — 
Residential non-agency mortgage-backed securities 781,209  —  781,209  — 
Commercial agency mortgage-backed securities
 3,204,016  —  3,204,016  — 
Other debt securities 473  —  —  473 
Total available-for-sale securities
 12,851,600  945  12,850,182  473 
Fair value option securities — Residential agency mortgage-backed securities 17,876  —  17,876  — 
Residential mortgage loans held for sale1
 77,561  —  70,564  6,997 
Mortgage servicing rights2
 338,145  —  —  338,145 
Derivative contracts, net of cash collateral3
 242,809  656  242,153  — 
Liabilities:
Derivative contracts, net of cash collateral3
 $ 237,582  $ 3,391  $ 234,191  $ — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 81.11% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.
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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:
Securities

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

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

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2025, for which the fair value was adjusted during the six months ended June 30, 2025 (in thousands):
Fair Value Adjustments for the
  Carrying Value at June 30, 2025
Three Months Ended
June 30, 2025 Recognized in:
Six Months Ended
June 30, 2025 Recognized in:
  Quoted Prices
in Active Markets for Identical Instruments		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Gross charge-offs against allowance for loan losses Other gains (losses), net Gross charge-offs against allowance for loan losses Other gains (losses), net
Real estate and other repossessed assets
 $ —  $ —  $ 1,636  $ —  $ (1) $ —  $ (357)

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2024, for which the fair value was adjusted during the six months ended June 30, 2024 (in thousands):
Fair Value Adjustments for the
  Carrying Value at June 30, 2024 Three Months Ended
June 30, 2024 Recognized in:		 Six Months Ended
June 30, 2024 Recognized in:
  Quoted Prices
in Active Markets for Identical Instruments		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Gross charge-offs against allowance for loan losses Other gains (losses), net Gross charge-offs against allowance for loan losses Other gains (losses), net
Nonaccruing loans $ —  $ 65  $ 10,065  $ 6,349  $ —  $ 10,033  $ — 

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

- 86 -

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2025 follows (dollars in thousands):
Fair Value Valuation Technique(s) Unobservable Input Range
(Weighted Average)
Real estate and other repossessed assets $ 1,636  Discounted cash flows
Marketability adjustments off appraised value1
70% - 98% (96%)
1    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2024 follows (dollars in thousands):

Fair Value Valuation Technique(s) Unobservable Input Range
(Weighted Average)
Nonaccruing loans $ 10,065  Discounted cash flows Management knowledge of industry and non-real estate collateral
4% - 90% (45%)1
1    Represents fair value as a percentage of the unpaid principal balance.
- 87 -

Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of June 30, 2025 (in thousands):
Carrying
Value		 Estimated
Fair
Value		 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
Cash and due from banks $ 1,074,130  $ 1,074,130  $ 1,074,130  $ —  $ — 
Interest-bearing cash and cash equivalents 284,933  284,933  284,933  —  — 
Trading securities:
U.S. government securities 997  997  —  997  — 
Residential agency mortgage-backed securities 5,450,517  5,450,517  —  5,450,517  — 
Municipal securities 64,653  64,653  —  64,653  — 
Other trading securities 43,250  43,250  —  43,250  — 
Total trading securities 5,559,417  5,559,417  —  5,559,417  — 
Investment securities:    
Municipal securities 91,243  93,080  —  11,607  81,473 
Residential agency mortgage-backed securities 1,773,725  1,626,429  —  1,626,429  — 
Commercial agency mortgage-backed securities 16,368  15,878  —  15,878  — 
Other debt securities 16,038  15,048  —  15,048  — 
Total investment securities 1,897,374  1,750,435  —  1,668,962  81,473 
Allowance for credit losses (196) —  —  —  — 
Investment securities, net of allowance 1,897,178  1,750,435  —  1,668,962  81,473 
Available-for-sale securities:
    
U.S. Treasury 964  964  964  —  — 
Municipal securities 208,350  208,350  —  208,350  — 
Residential agency mortgage-backed securities 9,102,658  9,102,658  —  9,102,658  — 
Residential non-agency mortgage-backed securities 743,519  743,519  —  743,519  — 
Commercial agency mortgage-backed securities
 3,291,857  3,291,857  —  3,291,857  — 
Other debt securities 473  473  —  —  473 
Total available-for-sale securities
 13,347,821  13,347,821  964  13,346,384  473 
Fair value option securities — Residential agency mortgage-backed securities 107,702  107,702  —  107,702  — 
Residential mortgage loans held for sale 101,437  101,437  —  94,823  6,614 
Loans:    
Commercial 14,384,182  14,403,967  —  —  14,403,967 
Commercial real estate 5,521,441  5,444,131  —  —  5,444,131 
Loans to individuals 4,386,588  4,277,310  —  —  4,277,310 
Total loans 24,292,211  24,125,408  —  —  24,125,408 
Allowance for loan losses (277,049) —  —  —  — 
Loans, net of allowance 24,015,162  24,125,408  —  —  24,125,408 
Mortgage servicing rights 334,644  334,644  —  —  334,644 
Derivative instruments with positive fair value, net of cash collateral
 362,908  362,908  7,058  355,850  — 
Deposits with no stated maturity 34,696,441  34,696,441  —  34,696,441  — 
Time deposits 3,549,668  3,532,978  —  —  3,532,978 
Other borrowed funds 4,822,181  4,822,087  —  —  4,822,087 
Subordinated debentures —  —  —  —  — 
Derivative instruments with negative fair value, net of cash collateral
 285,417  285,417  2,790  282,627  — 

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2024 (in thousands):
Carrying
Value		 Estimated
Fair
Value		 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
Cash and due from banks $ 1,043,969  $ 1,043,969  $ 1,043,969  $ —  $ — 
Interest-bearing cash and cash equivalents 390,732  390,732  390,732  —  — 
Trading securities:
U.S. government securities 21,275  21,275  1,494  19,781  — 
Residential agency mortgage-backed securities 4,792,695  4,792,695  —  4,792,695  — 
Municipal securities 62,230  62,230  —  62,230  — 
Other trading securities 22,890  22,890  —  22,890  — 
Total trading securities 4,899,090  4,899,090  1,494  4,897,596  — 
Investment securities:    
Municipal securities 104,467  106,489  —  11,674  94,815 
Residential agency mortgage-backed securities 1,880,473  1,680,800  —  1,680,800  — 
Commercial agency mortgage-backed securities 16,220  15,357  —  15,357  — 
Other debt securities 16,288  15,283  —  15,283  — 
Total investment securities 2,017,448  1,817,929  —  1,723,114  94,815 
Allowance for credit losses (223) —  —  —  — 
Investment securities, net of allowance 2,017,225  1,817,929  —  1,723,114  94,815 
Available-for-sale securities:
    
U.S. Treasury 945  945  945  —  — 
Municipal securities 225,568  225,568  —  225,568  — 
Residential agency mortgage-backed securities 8,639,389  8,639,389  —  8,639,389  — 
Residential non-agency mortgage-backed securities 781,209  781,209  —  781,209  — 
Commercial agency mortgage-backed securities
 3,204,016  3,204,016  —  3,204,016  — 
Other debt securities 473  473  —  —  473 
Total available-for-sale securities
 12,851,600  12,851,600  945  12,850,182  473 
Fair value option securities — Residential agency mortgage-backed securities 17,876  17,876  —  17,876  — 
Residential mortgage loans held for sale 77,561  77,561  —  70,564  6,997 
Loans:    
Commercial 15,030,136  14,903,851  —  —  14,903,851 
Commercial real estate 5,058,452  4,933,396  —  —  4,933,396 
Loans to individuals 4,026,136  3,872,299  —  —  3,872,299 
Total loans 24,114,724  23,709,546  —  —  23,709,546 
Allowance for loan losses (280,035) —  —  —  — 
Loans, net of allowance 23,834,689  23,709,546  —  —  23,709,546 
Mortgage servicing rights 338,145  338,145  —  —  338,145 
Derivative instruments with positive fair value, net of cash collateral
 242,809  242,809  656  242,153  — 
Deposits with no stated maturity 34,655,820  34,655,820  —  —  34,655,820 
Time deposits 3,535,410  3,522,242  —  —  3,522,242 
Other borrowed funds 4,322,979  4,323,174  —  —  4,323,174 
Subordinated debentures 131,200  121,057  —  121,057  — 
Derivative instruments with negative fair value, net of cash collateral
 237,582  237,582  3,391  234,191  — 

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

The Company evaluated events from the date of the consolidated financial statements on June 30, 2025, through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Six-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Six Months Ended
  June 30, 2025 June 30, 2024
Average
Balance		 Revenue/
Expense
Yield/
Rate1
 Average
Balance		 Revenue/
Expense
Yield/
Rate1
Assets            
Interest-bearing cash and cash equivalents $ 535,012  $ 11,855  4.47  % $ 550,720  $ 14,781  5.40  %
Trading securities 6,382,141  160,359  5.05  % 5,647,050  143,156  5.09  %
Investment securities 1,949,319  13,770  1.41  % 2,180,560  15,443  1.42  %
Available-for-sale securities 13,091,406  258,933  3.85  % 12,646,923  237,509  3.59  %
Fair value option securities 53,158  1,497  5.50  % 19,625  389  3.63  %
Restricted equity securities 369,344  14,086  7.63  % 432,838  18,050  8.34  %
Residential mortgage loans held for sale 75,018  2,321  6.08  % 69,387  2,271  6.39  %
Loans 24,122,687  803,292  6.71  % 24,166,860  889,726  7.40  %
Allowance for loan losses (279,082) (280,847)
Loans, net of allowance 23,843,605  803,292  6.79  % 23,886,013  889,726  7.49  %
Total earning assets
 46,299,003  1,266,113  5.46  % 45,433,116  1,321,325  5.77  %
Receivable on unsettled securities sales 206,882  239,367 
Cash and other assets 5,134,634  4,938,902 
Total assets $ 51,640,519  $ 50,611,385 
Liabilities and equity            
Interest-bearing deposits:            
Transaction $ 25,859,533  $ 408,737  3.19  % $ 22,635,232  $ 418,903  3.72  %
Savings 848,991  2,323  0.55  % 837,870  2,400  0.58  %
Time 3,482,001  68,455  3.96  % 3,357,258  75,574  4.53  %
Total interest-bearing deposits 30,190,525  479,515  3.20  % 26,830,360  496,877  3.72  %
Funds purchased and repurchase agreements 858,453  13,848  3.25  % 1,548,183  32,208  4.18  %
Other borrowings 5,327,024  119,545  4.53  % 6,997,931  193,733  5.57  %
Subordinated debentures 115,430  3,672  6.42  % 131,155  4,618  7.08  %
Total interest-bearing liabilities 36,491,432  616,580  3.41  % 35,507,629  727,436  4.12  %
Non-interest bearing demand deposits
 8,056,758  8,509,197 
Due on unsettled securities purchases 464,487  425,568 
Other liabilities 900,237  1,016,686 
Total equity 5,727,605  5,152,305 
Total liabilities and equity $ 51,640,519  $ 50,611,385 
Tax-equivalent net interest income
 $ 649,533  2.05  % $ 593,889  1.65  %
Tax-equivalent net interest income to earning assets
 2.79  % 2.59  %
Less tax-equivalent adjustment 5,116  4,296 
Net interest income
 644,417  589,593 
Provision for credit losses
 —  16,000 
Other operating revenue 393,139  421,405 
Other operating expense 702,032  677,074 
Income before taxes 335,524  317,924 
Federal and state income taxes 75,683  70,498 
Net income 259,841  247,426 
Net income attributable to non-controlling interests
 46  10 
Net income attributable to BOK Financial Corporation shareholders
 $ 259,795  $ 247,416 
Earnings per share:
            
Basic   $ 4.05      $ 3.83   
Diluted   $ 4.05      $ 3.83   
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 91 -

Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data) Three Months Ended
  June 30, 2025 March 31, 2025
Average
Balance		 Revenue/
Expense
Yield/
Rate1
 Average
Balance		 Revenue/
Expense
Yield/
Rate1
Assets            
Interest-bearing cash and cash equivalents $ 506,330  $ 5,626  4.46  % $ 564,014  $ 6,229  4.48  %
Trading securities 6,876,788  86,488  5.05  % 5,881,997  73,871  5.07  %
Investment securities, net of allowance 1,918,969  6,762  1.41  % 1,980,005  7,008  1.42  %
Available-for-sale securities
 13,218,569  131,360  3.89  % 12,962,830  127,573  3.82  %
Fair value option securities 88,323  1,319  5.90  % 17,603  178  3.72  %
Restricted equity securities 390,191  7,545  7.73  % 348,266  6,541  7.51  %
Residential mortgage loans held for sale 86,543  1,346  6.13  % 63,365  975  6.03  %
Loans 24,176,549  404,555  6.71  % 24,068,227  398,737  6.71  %
Allowance for loan losses (278,191) (279,983)
Loans, net of allowance 23,898,358  404,555  6.79  % 23,788,244  398,737  6.79  %
Total earning assets
 46,984,071  645,001  5.47  % 45,606,324  621,112  5.45  %
Receivable on unsettled securities sales 228,563  184,960 
Cash and other assets 5,074,318  5,195,619 
Total assets $ 52,286,952  $ 50,986,903 
Liabilities and equity            
Interest-bearing deposits:            
Transaction $ 25,859,336  $ 204,216  3.17  % $ 25,859,733  $ 204,521  3.21  %
Savings 853,062  1,155  0.54  % 844,875  1,168  0.56  %
Time 3,465,780  33,072  3.83  % 3,498,401  35,383  4.10  %
Total interest-bearing deposits 30,178,178  238,443  3.17  % 30,203,009  241,072  3.24  %
Funds purchased and repurchase agreements 782,039  6,820  3.50  % 935,716  7,028  3.05  %
Other borrowings 6,019,948  67,410  4.49  % 4,626,402  52,135  4.57  %
Subordinated debentures 99,846  1,588  6.38  % 131,188  2,084  6.44  %
Total interest-bearing liabilities 37,080,011  314,261  3.40  % 35,896,315  302,319  3.42  %
Non-interest bearing demand deposits
 7,958,538  8,156,069 
Due on unsettled securities purchases 503,490  425,050 
Other liabilities 951,112  848,797 
Total equity 5,793,801  5,660,672 
Total liabilities and equity $ 52,286,952  $ 50,986,903 
Tax-equivalent net interest income
 $ 330,740  2.07  % $ 318,793  2.03  %
Tax-equivalent net interest income to earning assets
 2.80  % 2.78  %
Less tax-equivalent adjustment 2,574  2,542 
Net interest income
 328,166  316,251 
Provision for credit losses
 —  — 
Other operating revenue 207,098  186,041 
Other operating expense 354,503  347,529 
Income before taxes 180,761  154,763 
Federal and state income taxes 40,691  34,992 
Net income 140,070  119,771 
Net income (loss) attributable to non-controlling interests
 52  (6)
Net income attributable to BOK Financial Corporation shareholders
 $ 140,018  $ 119,777 
Earnings per share:
            
Basic   $ 2.19      $ 1.86   
Diluted   $ 2.19      $ 1.86   
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 92 -

(In thousands, except per share data) Three Months Ended
December 31, 2024 September 30, 2024
Average Balance Revenue /Expense
Yield/
Rate1
 Average Balance Revenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents $ 546,955  $ 6,322  4.60  % $ 531,811  $ 7,131  5.33  %
Trading securities 5,636,949  68,817  4.90  % 5,802,448  76,498  5.36  %
Investment securities, net of allowance 2,037,072  7,256  1.42  % 2,094,408  7,406  1.41  %
Available-for-sale securities
 12,969,630  127,803  3.82  % 12,939,422  125,555  3.76  %
Fair value option securities 18,384  183  3.70  % 19,095  189  3.69  %
Restricted equity securities 338,236  6,427  7.60  % 410,800  8,426  8.20  %
Residential mortgage loans held for sale 87,353  1,296  5.85  % 95,742  1,495  6.15  %
Loans 24,024,544  423,487  7.01  % 24,304,884  455,995  7.47  %
Allowance for loan losses (283,685) (287,227)
Loans, net of allowance 23,740,859  423,487  7.10  % 24,017,657  455,995  7.55  %
Total earning assets
 45,375,438  641,591  5.59  % 45,911,383  682,695  5.89  %
Receivable on unsettled securities sales 284,793  216,158 
Cash and other assets 4,954,955  5,029,494 
Total assets $ 50,615,186  $ 51,157,035 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 24,992,464  $ 214,868  3.42  % $ 23,986,697  $ 227,767  3.78  %
Savings 818,210  1,213  0.59  % 820,980  1,232  0.60  %
Time 3,629,882  41,643  4.56  % 3,678,964  42,129  4.56  %
Total interest-bearing deposits 29,440,556  257,724  3.48  % 28,486,641  271,128  3.79  %
Funds purchased and repurchase agreements 1,076,400  10,231  3.78  % 1,016,688  9,932  3.89  %
Other borrowings 4,489,870  55,883  4.95  % 6,366,046  88,774  5.55  %
Subordinated debentures 131,185  2,241  6.80  % 131,155  2,357  7.15  %
Total interest-bearing liabilities 35,138,011  326,079  3.69  % 36,000,530  372,191  4.11  %
Non-interest bearing demand deposits
 8,378,558  8,273,656 
Due on unsettled securities purchases 472,334  348,585 
Other liabilities 1,047,983  1,084,458 
Total equity 5,578,300  5,449,806 
Total liabilities and equity $ 50,615,186  $ 51,157,035 
Tax-equivalent net interest income
 $ 315,512  1.90  % $ 310,504  1.78  %
Tax-equivalent net interest income to earning assets
 2.75  % 2.68  %
Less tax-equivalent adjustment 2,466  2,385 
Net interest income
 313,046  308,119 
Provision for credit losses
 —  2,000 
Other operating revenue 210,044  208,192 
Other operating expense 347,656  341,025 
Income before taxes 175,434  173,286 
Federal and state income taxes 39,280  33,313 
Net income 136,154  139,973 
Net income (loss) attributable to non-controlling interests —  (26)
Net income attributable to BOK Financial Corporation shareholders
 $ 136,154  $ 139,999 
Earnings per share:
Basic   $ 2.12      $ 2.18   
Diluted   $ 2.12      $ 2.18   
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 93 -

(In thousands, except per share data) Three Months Ended
June 30, 2024
Average Balance Revenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents $ 533,760  $ 7,776  5.86  %
Trading securities 5,922,891  74,856  5.06  %
Investment securities, net of allowance 2,151,079  7,589  1.41  %
Available-for-sale securities
 12,755,865  123,916  3.71  %
Fair value option securities 19,170  194  3.68  %
Restricted equity securities 453,303  9,192  8.11  %
Residential mortgage loans held for sale 81,371  1,348  6.50  %
Loans 24,385,153  449,142  7.41  %
Allowance for loan losses (283,246)
Loans, net of allowance 24,101,907  449,142  7.49  %
Total earning assets
 46,019,346  674,013  5.80  %
Receivable on unsettled securities sales 171,344 
Cash and other assets 5,004,509 
Total assets $ 51,195,199 
Liabilities and equity
Interest-bearing deposits:
Transaction $ 23,006,204  $ 215,122  3.76  %
Savings 832,704  1,196  0.58  %
Time 3,427,336  38,435  4.51  %
Total interest-bearing deposits 27,266,244  254,753  3.76  %
Funds purchased and repurchase agreements 1,838,323  19,544  4.28  %
Other borrowings 7,151,228  99,193  5.58  %
Subordinated debentures 131,156  2,306  7.07  %
Total interest-bearing liabilities 36,386,951  375,796  4.15  %
Non-interest bearing demand deposits
 8,386,979 
Due on unsettled securities purchases 351,199 
Other liabilities 920,427 
Total equity 5,149,643 
Total liabilities and equity $ 51,195,199 
Tax-equivalent net interest income
 $ 298,217  1.65  %
Tax-equivalent net interest income to earning assets
 2.56  %
Less tax-equivalent adjustment 2,196 
Net interest income
 296,021 
Provision for credit losses
 8,000 
Other operating revenue 259,704 
Other operating expense 336,690 
Income before taxes 211,035 
Federal and state income taxes 47,303 
Net income 163,732 
Net income attributable to non-controlling interests
 19 
Net income attributable to BOK Financial Corporation shareholders
 $ 163,713 
Earnings per share:
Basic $ 2.54 
Diluted $ 2.54 
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 94 -

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


- 95 -

PART II. Other Information

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

Item 1A. Risk Factors
There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended June 30, 2025.
 
Period
Total Number of Shares Purchased2
 Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
 Maximum Number of Shares that May Yet Be Purchased Under the Plans
April 1 to April 30, 2025 246,557  $ 92.30  246,000  1,286,980 
May 1 to May 31, 2025 297,487  $ 95.15  297,298  989,682 
June 1 to June 30, 2025 127,030  $ 94.70  120,000  869,682 
Total 671,074    663,298   
1On November 1, 2022, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of June 30, 2025, the Company had repurchased 4,130,318 shares under this plan. On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.
2The Company may repurchase vested shares from employees to cover taxes in connection with employee equity compensation.
Item 5. Other Information

Trading Plans

No Company director or officer (as defined in Exchange Act Rule 16a-1(f)) has adopted, modified or terminated any trading arrangements during the second quarter of 2025.

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

- 96 -

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.
- 97 -

Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


BOK FINANCIAL CORPORATION
(Registrant)



Date:        July 30, 2025           


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

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

- 98 -
EX-31.1 2 a20250630bokfex311.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:  July 30, 2025

 
/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation
EX-31.2 3 a20250630bokfex312.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:  July 30, 2025 



/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President
Chief Financial Officer
BOK Financial Corporation
EX-32 4 a20250630bokfex32.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 June 30, 2025 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.

 
 
July 30, 2025
 

 
/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