☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OK | 73-1373454 | ||||||||||
(State or other jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | ||||||||||
Bank of Oklahoma Tower | |||||||||||
Boston Avenue at Second Street | |||||||||||
Tulsa, | OK | 74172 | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Item 1 | ||||||||
Item 1A | ||||||||
Item 1B | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
Item 7 | ||||||||
Item 7A | ||||||||
Item 8 | ||||||||
Item 9 | ||||||||
Item 9A | ||||||||
Item 9B | ||||||||
Item 10 | ||||||||
Item 11 | ||||||||
Item 12 | ||||||||
Item 13 | ||||||||
Item 14 | ||||||||
Item 15 | ||||||||
Exhibit 10.4.10 | Amended and Restated Employment Agreement (amended as of January 1, 2022) between BOK Financial and Stacy C. Kymes | |||||||
Exhibit 21 | Subsidiaries of the Registrant | |||||||
Exhibit 23 | Consent of Independent Registered Public Accounting Firm | |||||||
Exhibit 31.1 | Chief Executive Officer Section 302 Certification | |||||||
Exhibit 31.2 | Chief Financial Officer Section 302 Certification | |||||||
Exhibit 32 | Section 906 Certifications |
First | Second | Third | Fourth | |||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||
Low | $ | 68.97 | $ | 83.71 | $ | 77.86 | $ | 90.31 | ||||||||||||||||||
High | 97.60 | 92.25 | 91.80 | 108.91 | ||||||||||||||||||||||
Cash dividends declared | 0.52 | 0.52 | 0.52 | 0.53 | ||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||
Low | $ | 35.27 | $ | 40.50 | $ | 48.94 | $ | 51.17 | ||||||||||||||||||
High | 86.82 | 67.46 | 61.55 | 72.61 | ||||||||||||||||||||||
Cash dividends declared | 0.51 | 0.51 | 0.51 | 0.52 |
Period Ending December 31, | ||||||||||||||||||||||||||||||||||||||
Index | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||
BOK Financial Corporation | 100.00 | 113.57 | 92.02 | 112.34 | 91.03 | 143.45 | ||||||||||||||||||||||||||||||||
NASDAQ Composite | 100.00 | 129.64 | 125.96 | 172.18 | 249.51 | 304.85 | ||||||||||||||||||||||||||||||||
KBW NASDAQ Bank Index | 100.00 | 118.59 | 97.58 | 132.84 | 119.14 | 164.80 |
Period | Total Number of Shares Purchased 2 | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1 | Maximum Number of Shares that May Yet Be Purchased Under the Plans | ||||||||||||||||||||||
October 1, 2021 to October 31, 2021 | 155 | $ | 102.03 | — | 1,795,052 | |||||||||||||||||||||
November 1, 2021 to November 30, 2021 | 25,154 | $ | 103.74 | 25,000 | 1,770,052 | |||||||||||||||||||||
December 1, 2021 to December 31, 2021 | 103,522 | $ | 104.65 | 103,522 | 1,666,530 | |||||||||||||||||||||
Total | 128,831 | 128,522 |
Table 1 – Consolidated Selected Financial Data | |||||||||||||||||
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Selected Financial Data | |||||||||||||||||
Earnings per share (based on average equivalent shares): | |||||||||||||||||
Basic | $ | 8.95 | $ | 6.19 | $ | 7.03 | |||||||||||
Diluted | 8.95 | 6.19 | 7.03 | ||||||||||||||
Percentages (based on daily averages): | |||||||||||||||||
Return on average assets | 1.23 | % | 0.89 | % | 1.19 | % | |||||||||||
Return on average shareholders' equity | 11.59 | % | 8.55 | % | 10.73 | % | |||||||||||
Dividend payout ratio | 23.29 | % | 33.04 | % | 28.56 | % | |||||||||||
Allowance for loan losses to loans, excluding PPP loans1 | 1.29 | % | 1.82 | % | 0.97 | % | |||||||||||
Combined allowance for credit losses to loans, excluding PPP loans1,2 | 1.45 | % | 2.00 | % | 0.98 | % |
Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2021 / 2020 | December 31, 2020 / 2019 | |||||||||||||||||||||||||||||||||||||
Change Due To1 | Change Due To1 | |||||||||||||||||||||||||||||||||||||
Change | Volume | Yield / Rate | Change | Volume | Yield / Rate | |||||||||||||||||||||||||||||||||
Tax-equivalent interest revenue: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | (1,770) | $ | 540 | $ | (2,310) | $ | (9,384) | $ | 1,332 | $ | (10,716) | ||||||||||||||||||||||||||
Trading securities | 88,272 | 128,039 | (39,767) | 5,982 | 22,824 | (16,842) | ||||||||||||||||||||||||||||||||
Investment securities | (1,695) | (2,018) | 323 | (1,657) | (2,270) | 613 | ||||||||||||||||||||||||||||||||
Available for sale securities | (30,706) | 20,115 | (50,821) | 7,303 | 47,992 | (40,689) | ||||||||||||||||||||||||||||||||
Fair value option securities | (16,933) | (16,899) | (34) | (14,461) | (9,178) | (5,283) | ||||||||||||||||||||||||||||||||
Restricted equity securities | (5,260) | (3,286) | (1,974) | (15,897) | (10,782) | (5,115) | ||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | (932) | (694) | (238) | (708) | 822 | (1,530) | ||||||||||||||||||||||||||||||||
Loans | (121,321) | (71,533) | (49,788) | (235,592) | 58,016 | (293,608) | ||||||||||||||||||||||||||||||||
Total tax-equivalent interest revenue | (90,345) | 54,264 | (144,609) | (264,414) | 108,756 | (373,170) | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
Transaction deposits | (38,463) | 6,108 | (44,571) | (72,430) | 38,117 | (110,547) | ||||||||||||||||||||||||||||||||
Savings deposits | (11) | 121 | (132) | (292) | 88 | (380) | ||||||||||||||||||||||||||||||||
Time deposits | (18,038) | (3,277) | (14,761) | (12,820) | 176 | (12,996) | ||||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | (7,521) | (5,491) | (2,030) | (37,398) | 9,191 | (46,589) | ||||||||||||||||||||||||||||||||
Other borrowings | (31,218) | (13,023) | (18,195) | (134,414) | (41,577) | (92,837) | ||||||||||||||||||||||||||||||||
Subordinated debentures | (3,409) | (2,532) | (877) | (1,169) | (8) | (1,161) | ||||||||||||||||||||||||||||||||
Total interest expense | (98,660) | (18,094) | (80,566) | (258,523) | 5,987 | (264,510) | ||||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue | 8,315 | 72,358 | (64,043) | (5,891) | 102,769 | (108,660) | ||||||||||||||||||||||||||||||||
Change in tax-equivalent adjustment | (1,274) | (1,456) | ||||||||||||||||||||||||||||||||||||
Net interest revenue | $ | 9,589 | $ | (4,435) |
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2021 / Sep. 30, 2021 | ||||||||||||||||||||
Change Due To1 | ||||||||||||||||||||
Change | Volume | Yield / Rate | ||||||||||||||||||
Tax-equivalent interest revenue: | ||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 238 | $ | 195 | $ | 43 | ||||||||||||||
Trading securities | 5,531 | 8,876 | (3,345) | |||||||||||||||||
Investment securities | (79) | (58) | (21) | |||||||||||||||||
Available for sale securities | (1,753) | 750 | (2,503) | |||||||||||||||||
Fair value option securities | (40) | (51) | 11 | |||||||||||||||||
Restricted equity securities | (537) | (705) | 168 | |||||||||||||||||
Residential mortgage loans held for sale | (32) | (33) | 1 | |||||||||||||||||
Loans | (4,570) | (5,621) | 1,051 | |||||||||||||||||
Total tax-equivalent interest revenue | (1,242) | 3,353 | (4,595) | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Transaction deposits | 95 | 149 | (54) | |||||||||||||||||
Savings deposits | — | 1 | (1) | |||||||||||||||||
Time deposits | (216) | (126) | (90) | |||||||||||||||||
Funds purchased and repurchase agreements | 4,570 | 1,681 | 2,889 | |||||||||||||||||
Other borrowings | (1,253) | (1,788) | 535 | |||||||||||||||||
Subordinated debentures | (1,175) | (909) | (266) | |||||||||||||||||
Total interest expense | 2,021 | (992) | 3,013 | |||||||||||||||||
Tax-equivalent net interest revenue | (3,263) | 4,345 | (7,608) | |||||||||||||||||
Change in tax-equivalent adjustment | (113) | |||||||||||||||||||
Net interest revenue | $ | (3,150) |
Year Ended December 31, | 2021 vs. 2020 | 2021 vs. 2020 | Year Ended December 31, | 2020 vs. 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase (Decrease) | % Increase (Decrease) | 2019 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | $ | 112,989 | $ | 221,833 | $ | (108,844) | (49) | % | $ | 159,826 | $ | 62,007 | 39 | % | |||||||||||||||||||||||||||
Transaction card revenue | 96,983 | 90,182 | 6,801 | 8 | % | 87,216 | 2,966 | 3 | % | ||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | 178,274 | 167,445 | 10,829 | 6 | % | 177,025 | (9,580) | (5) | % | ||||||||||||||||||||||||||||||||
Deposit service charges and fees | 104,217 | 96,805 | 7,412 | 8 | % | 112,485 | (15,680) | (14) | % | ||||||||||||||||||||||||||||||||
Mortgage banking revenue | 105,896 | 182,360 | (76,464) | (42) | % | 107,541 | 74,819 | 70 | % | ||||||||||||||||||||||||||||||||
Other revenue | 69,950 | 51,695 | 18,255 | 35 | % | 58,108 | (6,413) | (11) | % | ||||||||||||||||||||||||||||||||
Total fees and commissions revenue | 668,309 | 810,320 | (142,011) | (18) | % | 702,201 | 108,119 | 15 | % | ||||||||||||||||||||||||||||||||
Other gains, net | 63,742 | 6,046 | 57,696 | N/A | 10,214 | (4,168) | N/A | ||||||||||||||||||||||||||||||||||
Gain (loss) on derivatives, net | (19,378) | 42,320 | (61,698) | N/A | 14,951 | 27,369 | N/A | ||||||||||||||||||||||||||||||||||
Gain (loss) on fair value option securities, net | (2,239) | 53,248 | (55,487) | N/A | 15,787 | 37,461 | N/A | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | 41,637 | (79,524) | 121,161 | N/A | (53,517) | (26,007) | N/A | ||||||||||||||||||||||||||||||||||
Gain on available for sale securities, net | 3,704 | 9,910 | (6,206) | N/A | 5,597 | 4,313 | N/A | ||||||||||||||||||||||||||||||||||
Total other operating revenue | $ | 755,775 | $ | 842,320 | (86,545) | (10) | % | $ | 695,233 | $ | 147,087 | 21 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Revenue1 | Margin2 | Balance | Revenue1 | Margin2 | Balance | Revenue1 | Margin2 | |||||||||||||||||||||||||||||||||||||||||||||
Managed fiduciary assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal | $ | 12,739,289 | $ | 110,052 | 0.86 | % | $ | 11,172,457 | $ | 96,094 | 0.86 | % | $ | 10,441,048 | $ | 99,850 | 0.96 | % | |||||||||||||||||||||||||||||||||||
Institutional | 17,477,280 | 29,286 | 0.17 | % | 15,364,387 | 26,555 | 0.17 | % | 13,485,300 | 21,143 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||
Total managed fiduciary assets | 30,216,569 | 139,338 | 0.46 | % | 26,536,844 | 122,649 | 0.46 | % | 23,926,348 | 120,993 | 0.51 | % | |||||||||||||||||||||||||||||||||||||||||
Non-managed assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiduciary | 34,320,264 | 28,645 | 0.08 | % | 28,949,648 | 38,899 | 0.13 | % | 24,923,807 | 47,272 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||
Non-fiduciary | 20,253,072 | 10,291 | 0.05 | % | 18,599,156 | 5,897 | 0.03 | % | 17,752,566 | 8,760 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||
Safekeeping and brokerage assets under administration | 20,127,816 | — | — | % | 17,506,599 | — | — | % | 16,138,240 | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Total non-managed assets | 74,701,152 | 38,936 | 0.05 | % | 65,055,403 | 44,796 | 0.07 | % | 58,814,613 | 56,032 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||
Total assets under management or administration | $ | 104,917,721 | $ | 178,274 | 0.17 | % | $ | 91,592,247 | $ | 167,445 | 0.18 | % | $ | 82,740,961 | $ | 177,025 | 0.21 | % |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Beginning balance | $ | 91,592,247 | $ | 82,740,961 | $ | 76,279,777 | ||||||||||||||
Net inflows (outflows) | 4,786,237 | 1,859,868 | (257,531) | |||||||||||||||||
Net change in fair value | 8,539,237 | 6,991,418 | 6,718,715 | |||||||||||||||||
Ending balance | $ | 104,917,721 | $ | 91,592,247 | $ | 82,740,961 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Mortgage production revenue | $ | 60,712 | $ | 125,848 | $ | 42,720 | |||||||||||
Mortgage loans funded for sale | $ | 2,818,789 | $ | 3,764,112 | $ | 2,973,291 | |||||||||||
Add: Current year end outstanding commitments | 171,412 | 380,637 | 158,460 | ||||||||||||||
Less: Prior year end outstanding commitments | 380,637 | 158,460 | 160,848 | ||||||||||||||
Total mortgage production volume | 2,609,564 | 3,986,289 | 2,970,903 | ||||||||||||||
Production revenue as a percentage of production volume | 2.33 | % | 3.16 | % | 1.44 | % | |||||||||||
Realized margin on funded mortgage loans | 2.15 | % | 3.34 | % | 1.44 | % | |||||||||||
Mortgage loan refinances to mortgage loans funded for sale | 58 | % | 58 | % | 44 | % | |||||||||||
Primary mortgage interest rates: | |||||||||||||||||
Average | 2.96 | % | 3.10 | % | 3.94 | % | |||||||||||
Period end | 3.11 | % | 2.67 | % | 3.74 | % | |||||||||||
Mortgage servicing revenue | $ | 45,184 | $ | 56,512 | $ | 64,821 | |||||||||||
Average outstanding principal balance of mortgage loans serviced for others | 15,404,548 | 18,422,210 | 21,257,462 | ||||||||||||||
Average mortgage servicing fee rates | 0.29 | % | 0.31 | % | 0.30 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Gain (loss) on mortgage hedge derivative contracts, net | $ | (19,632) | $ | 42,096 | $ | 14,589 | |||||||||||
Gain (loss) on fair value option securities, net | (2,239) | 53,248 | 15,787 | ||||||||||||||
Gain (loss) on economic hedge of mortgage servicing rights | (21,871) | 95,344 | 30,376 | ||||||||||||||
Gain (loss) on change in fair value of mortgage servicing rights | 41,637 | (79,524) | (53,517) | ||||||||||||||
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue | 19,766 | 15,820 | (23,141) | ||||||||||||||
Net interest revenue on fair value option securities1 | 1,279 | 9,085 | 5,214 | ||||||||||||||
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | 21,045 | $ | 24,905 | $ | (17,927) |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Brokerage and trading revenue | $ | 14,869 | $ | 47,930 | $ | (33,061) | (69) | % | |||||||||||||||
Transaction card revenue | 24,998 | 24,632 | 366 | 1 | % | ||||||||||||||||||
Fiduciary and asset management revenue | 46,872 | 45,248 | 1,624 | 4 | % | ||||||||||||||||||
Deposit service charges and fees | 26,718 | 27,429 | (711) | (3) | % | ||||||||||||||||||
Mortgage banking revenue | 21,278 | 26,286 | (5,008) | (19) | % | ||||||||||||||||||
Other revenue | 11,586 | 18,896 | (7,310) | (39) | % | ||||||||||||||||||
Total fees and commissions revenue | 146,321 | 190,421 | (44,100) | (23) | % | ||||||||||||||||||
Other gains, net | 6,081 | 31,091 | (25,010) | N/A | |||||||||||||||||||
Loss on derivatives, net | (4,788) | (5,760) | 972 | N/A | |||||||||||||||||||
Gain (loss) on fair value option securities, net | 1,418 | (120) | 1,538 | N/A | |||||||||||||||||||
Change in fair value of mortgage servicing rights | 7,859 | 12,945 | (5,086) | N/A | |||||||||||||||||||
Gain on available for sale securities, net | 552 | 1,255 | (703) | N/A | |||||||||||||||||||
Total other operating revenue | 157,443 | 229,832 | (72,389) | (31) | % |
Year Ended December 31, | 2021 vs. 2020 | 2021 vs. 2020 | Year Ended December 31, | 2020 vs. 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | Increase (Decrease) | % Increase (Decrease) | 2019 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Regular compensation | $ | 384,808 | $ | 390,282 | $ | (5,474) | (1) | % | $ | 395,902 | $ | (5,620) | (1) | % | |||||||||||||||||||||||||||
Incentive compensation: | |||||||||||||||||||||||||||||||||||||||||
Cash-based compensation | 187,974 | 183,868 | 4,106 | 2 | % | 143,317 | 40,551 | 28 | % | ||||||||||||||||||||||||||||||||
Share-based compensation | 13,246 | 18,228 | (4,982) | (27) | % | 16,753 | 1,475 | 9 | % | ||||||||||||||||||||||||||||||||
Deferred compensation | 9,789 | 8,401 | 1,388 | 17 | % | 8,711 | (310) | (4) | % | ||||||||||||||||||||||||||||||||
Total incentive compensation | 211,009 | 210,497 | 512 | — | % | 168,781 | 41,716 | 25 | % | ||||||||||||||||||||||||||||||||
Employee benefits | 99,565 | 87,695 | 11,870 | 14 | % | 95,882 | (8,187) | (9) | % | ||||||||||||||||||||||||||||||||
Total personnel expense | 695,382 | 688,474 | 6,908 | 1 | % | 660,565 | 27,909 | 4 | % | ||||||||||||||||||||||||||||||||
Business promotion | 16,289 | 14,511 | 1,778 | 12 | % | 35,662 | (21,151) | (59) | % | ||||||||||||||||||||||||||||||||
Charitable contributions to BOKF Foundation | 9,000 | 9,000 | — | — | % | 3,000 | 6,000 | 200 | % | ||||||||||||||||||||||||||||||||
Professional fees and services | 50,906 | 53,437 | (2,531) | (5) | % | 54,861 | (1,424) | (3) | % | ||||||||||||||||||||||||||||||||
Net occupancy and equipment | 108,587 | 112,722 | (4,135) | (4) | % | 110,275 | 2,447 | 2 | % | ||||||||||||||||||||||||||||||||
Insurance | 15,881 | 19,990 | (4,109) | (21) | % | 20,906 | (916) | (4) | % | ||||||||||||||||||||||||||||||||
Data processing & communications | 151,614 | 135,497 | 16,117 | 12 | % | 124,983 | 10,514 | 8 | % | ||||||||||||||||||||||||||||||||
Printing, postage and supplies | 14,218 | 15,061 | (843) | (6) | % | 16,517 | (1,456) | (9) | % | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 18,311 | 20,443 | (2,132) | (10) | % | 20,618 | (175) | (1) | % | ||||||||||||||||||||||||||||||||
Mortgage banking costs | 42,698 | 56,711 | (14,013) | (25) | % | 50,685 | 6,026 | 12 | % | ||||||||||||||||||||||||||||||||
Other expense | 54,822 | 38,462 | 16,360 | 43 | % | 35,172 | 3,290 | 9 | % | ||||||||||||||||||||||||||||||||
Total other operating expense | $ | 1,177,708 | $ | 1,164,308 | $ | 13,400 | 1 | % | $ | 1,133,244 | $ | 31,064 | 3 | % | |||||||||||||||||||||||||||
Average number of employees (full-time equivalent) | 4,816 | 5,011 | (195) | (4) | % | 5,155 | (144) | (3) | % |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Regular compensation | $ | 95,708 | $ | 95,808 | $ | (100) | — | % | |||||||||||||||
Incentive compensation: | |||||||||||||||||||||||
Cash-based compensation | 45,610 | 54,437 | (8,827) | (16) | % | ||||||||||||||||||
Share-based compensation | 7,153 | 1,272 | 5,881 | 462 | % | ||||||||||||||||||
Deferred compensation | 2,071 | 1,549 | 522 | 34 | % | ||||||||||||||||||
Total incentive compensation | 54,834 | 57,258 | (2,424) | (4) | % | ||||||||||||||||||
Employee benefits | 23,932 | 22,797 | 1,135 | 5 | % | ||||||||||||||||||
Total personnel expense | 174,474 | 175,863 | (1,389) | (1) | % | ||||||||||||||||||
Business promotion | 6,452 | 4,939 | 1,513 | 31 | % | ||||||||||||||||||
Charitable contributions to BOKF Foundation | 5,000 | — | 5,000 | N/A | |||||||||||||||||||
Professional fees and services | 14,129 | 12,436 | 1,693 | 14 | % | ||||||||||||||||||
Net occupancy and equipment | 26,897 | 28,395 | (1,498) | (5) | % | ||||||||||||||||||
Insurance | 3,889 | 3,712 | 177 | 5 | % | ||||||||||||||||||
Data processing & communications | 39,358 | 38,371 | 987 | 3 | % | ||||||||||||||||||
Printing, postage and supplies | 2,935 | 3,558 | (623) | (18) | % | ||||||||||||||||||
Amortization of intangible assets | 4,438 | 4,488 | (50) | (1) | % | ||||||||||||||||||
Mortgage banking costs | 8,667 | 8,962 | (295) | (3) | % | ||||||||||||||||||
Other expense | 13,256 | 10,553 | 2,703 | 26 | % | ||||||||||||||||||
Total other operating expense | 299,495 | 291,277 | 8,218 | 3 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Commercial Banking | $ | 328,516 | $ | 306,005 | $ | 374,806 | |||||||||||
Consumer Banking | 27,643 | 97,974 | 60,193 | ||||||||||||||
Wealth Management | 113,550 | 115,614 | 95,331 | ||||||||||||||
Subtotal | 469,709 | 519,593 | 530,330 | ||||||||||||||
Funds Management and other | 148,412 | (84,563) | (29,572) | ||||||||||||||
Total | $ | 618,121 | $ | 435,030 | $ | 500,758 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net interest revenue from external sources | $ | 606,902 | $ | 714,932 | $ | 919,148 | |||||||||||
Net interest expense from internal sources | (71,167) | (126,444) | (242,907) | ||||||||||||||
Total net interest revenue | 535,735 | 588,488 | 676,241 | ||||||||||||||
Net loans charged off | 31,128 | 69,475 | 39,011 | ||||||||||||||
Net interest revenue after net loans charged off | 504,607 | 519,013 | 637,230 | ||||||||||||||
Fees and commissions revenue | 227,081 | 187,119 | 168,667 | ||||||||||||||
Other gains, net | 35,321 | 242 | 1,745 | ||||||||||||||
Other operating revenue | 262,402 | 187,361 | 170,412 | ||||||||||||||
Personnel expense | 168,285 | 159,165 | 163,106 | ||||||||||||||
Non-personnel expense | 112,804 | 99,738 | 89,353 | ||||||||||||||
Other operating expense | 281,089 | 258,903 | 252,459 | ||||||||||||||
Net direct contribution | 485,920 | 447,471 | 555,183 | ||||||||||||||
Gain on financial instruments, net | 154 | 193 | 106 | ||||||||||||||
Gain (loss) on repossessed assets, net | 13,001 | (2,677) | 331 | ||||||||||||||
Corporate expense allocations | 49,941 | 24,862 | 43,055 | ||||||||||||||
Income before taxes | 449,134 | 420,125 | 512,565 | ||||||||||||||
Federal and state income taxes | 120,618 | 114,120 | 137,759 | ||||||||||||||
Net income | $ | 328,516 | $ | 306,005 | $ | 374,806 | |||||||||||
Average assets | $ | 28,536,881 | $ | 26,994,075 | $ | 22,807,589 | |||||||||||
Average loans | 16,853,006 | 18,711,372 | 18,090,224 | ||||||||||||||
Average deposits | 17,659,695 | 14,319,729 | 10,319,677 | ||||||||||||||
Average invested capital | 2,082,488 | 2,220,177 | 2,218,013 |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 148,948 | $ | 150,211 | $ | (1,263) | (1) | % | |||||||||||||||
Net interest expense from internal sources | (8,225) | (16,107) | 7,882 | (49) | % | ||||||||||||||||||
Total net interest revenue | 140,723 | 134,104 | 6,619 | 5 | % | ||||||||||||||||||
Net loans charged off (recovered) | (1,933) | 2,807 | (4,740) | (169) | % | ||||||||||||||||||
Net interest revenue after net loans charged off (recovered) | 142,656 | 131,297 | 11,359 | 9 | % | ||||||||||||||||||
Fees and commissions revenue | 57,414 | 56,452 | 962 | 2 | % | ||||||||||||||||||
Other gains, net | 629 | 36,059 | (35,430) | N/A | |||||||||||||||||||
Other operating revenue | 58,043 | 92,511 | (34,468) | (37) | % | ||||||||||||||||||
Personnel expense | 47,242 | 41,942 | 5,300 | 13 | % | ||||||||||||||||||
Non-personnel expense | 27,217 | 26,359 | 858 | 3 | % | ||||||||||||||||||
Other operating expense | 74,459 | 68,301 | 6,158 | 9 | % | ||||||||||||||||||
Net direct contribution | 126,240 | 155,507 | (29,267) | (19) | % | ||||||||||||||||||
Gain on financial instruments, net | 43 | 44 | (1) | N/A | |||||||||||||||||||
Gain (loss) on repossessed assets, net | 646 | (3,945) | 4,591 | N/A | |||||||||||||||||||
Corporate expense allocations | 12,926 | 11,769 | 1,157 | 10 | % | ||||||||||||||||||
Income before taxes | 114,003 | 139,837 | (25,834) | (18) | % | ||||||||||||||||||
Federal and state income taxes | 30,489 | 37,143 | (6,654) | (18) | % | ||||||||||||||||||
Net income | $ | 83,514 | $ | 102,694 | $ | (19,180) | (19) | % | |||||||||||||||
Average assets | $ | 29,451,007 | $ | 28,474,132 | $ | 976,875 | 3 | % | |||||||||||||||
Average loans | 16,334,695 | 16,588,875 | (254,180) | (2) | % | ||||||||||||||||||
Average deposits | 19,537,285 | 17,881,673 | 1,655,612 | 9 | % | ||||||||||||||||||
Average invested capital | 2,021,214 | 2,038,519 | (17,305) | (1) | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net interest revenue from external sources | $ | 67,856 | $ | 78,004 | $ | 99,679 | |||||||||||
Net interest revenue from internal sources | 35,671 | 69,000 | 95,775 | ||||||||||||||
Total net interest revenue | 103,527 | 147,004 | 195,454 | ||||||||||||||
Net loans charged off | 4,009 | 2,805 | 6,271 | ||||||||||||||
Net interest revenue after net loans charged off | 99,518 | 144,199 | 189,183 | ||||||||||||||
Fees and commissions revenue | 173,364 | 245,554 | 187,996 | ||||||||||||||
Other losses, net | (23) | (1,835) | (496) | ||||||||||||||
Other operating revenue | 173,341 | 243,719 | 187,500 | ||||||||||||||
Personnel expense | 85,989 | 91,903 | 93,006 | ||||||||||||||
Other non-personnel expense | 123,607 | 138,499 | 133,340 | ||||||||||||||
Total other operating expense | 209,596 | 230,402 | 226,346 | ||||||||||||||
Net direct contribution | 63,263 | 157,516 | 150,337 | ||||||||||||||
Gain (loss) on financial instruments, net | (21,871) | 95,344 | 30,375 | ||||||||||||||
Change in fair value of mortgage servicing rights | 41,637 | (79,524) | (53,517) | ||||||||||||||
Gain on repossessed assets, net | 85 | 276 | 496 | ||||||||||||||
Corporate expense allocations | 46,010 | 42,155 | 46,926 | ||||||||||||||
Net income before taxes | 37,104 | 131,457 | 80,765 | ||||||||||||||
Federal and state income taxes | 9,461 | 33,483 | 20,572 | ||||||||||||||
Net income | $ | 27,643 | $ | 97,974 | $ | 60,193 | |||||||||||
Average assets | $ | 10,029,687 | $ | 9,842,114 | $ | 9,301,341 | |||||||||||
Average loans | 1,769,384 | 1,764,682 | 1,762,915 | ||||||||||||||
Average deposits | 8,439,577 | 7,599,937 | 6,876,676 | ||||||||||||||
Average invested capital | 250,554 | 259,333 | 294,923 |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 16,650 | $ | 16,967 | $ | (317) | (2) | % | |||||||||||||||
Net interest expense from internal sources | 13,735 | 10,255 | 3,480 | 34 | % | ||||||||||||||||||
Total net interest revenue | 30,385 | 27,222 | 3,163 | 12 | % | ||||||||||||||||||
Net loans charged off | 1,198 | 928 | 270 | 29 | % | ||||||||||||||||||
Net interest revenue after net loans charged off | 29,187 | 26,294 | 2,893 | 11 | % | ||||||||||||||||||
Fees and commissions revenue | 38,944 | 44,405 | (5,461) | (12) | % | ||||||||||||||||||
Other losses, net | — | (4) | 4 | N/A | |||||||||||||||||||
Other operating revenue | 38,944 | 44,401 | (5,457) | (12) | % | ||||||||||||||||||
Personnel expense | 21,689 | 21,284 | 405 | 2 | % | ||||||||||||||||||
Non-personnel expense | 30,347 | 28,199 | 2,148 | 8 | % | ||||||||||||||||||
Other operating expense | 52,036 | 49,483 | 2,553 | 5 | % | ||||||||||||||||||
Net direct contribution | 16,095 | 21,212 | (5,117) | (24) | % | ||||||||||||||||||
Loss on financial instruments, net | (3,444) | (5,949) | 2,505 | N/A | |||||||||||||||||||
Change in fair value of mortgage servicing rights | 7,859 | 12,945 | (5,086) | N/A | |||||||||||||||||||
Gain on repossessed assets, net | 44 | — | 44 | N/A | |||||||||||||||||||
Corporate expense allocations | 11,420 | 11,516 | (96) | (1) | % | ||||||||||||||||||
Income before taxes | 9,134 | 16,692 | (7,558) | (45) | % | ||||||||||||||||||
Federal and state income taxes | 2,324 | 4,260 | (1,936) | (45) | % | ||||||||||||||||||
Net income | $ | 6,810 | $ | 12,432 | $ | (5,622) | (45) | % | |||||||||||||||
Average assets | $ | 9,898,751 | $ | 9,813,757 | $ | 84,994 | 1 | % | |||||||||||||||
Average loans | 10,186,797 | 10,083,593 | 103,204 | 1 | % | ||||||||||||||||||
Average deposits | 8,682,437 | 8,516,942 | 165,495 | 2 | % | ||||||||||||||||||
Average invested capital | 249,446 | 242,319 | 7,127 | 3 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net interest revenue from external sources | $ | 214,458 | $ | 130,818 | $ | 61,277 | |||||||||||
Net interest revenue from internal sources | (386) | (13,528) | 38,815 | ||||||||||||||
Total net interest revenue | 214,072 | 117,290 | 100,092 | ||||||||||||||
Net loans recovered | (223) | (209) | (308) | ||||||||||||||
Net interest revenue after net loans recovered | 214,295 | 117,499 | 100,400 | ||||||||||||||
Fees and commissions revenue | 298,765 | 399,229 | 341,333 | ||||||||||||||
Other gains (losses), net | 197 | (395) | 56 | ||||||||||||||
Other operating revenue | 298,962 | 398,834 | 341,389 | ||||||||||||||
Personnel expense | 233,808 | 243,461 | 201,368 | ||||||||||||||
Other non-personnel expense | 86,549 | 82,166 | 75,899 | ||||||||||||||
Other operating expense | 320,357 | 325,627 | 277,267 | ||||||||||||||
Net direct contribution | 192,900 | 190,706 | 164,522 | ||||||||||||||
Gain on financial instruments, net | — | 4 | 2 | ||||||||||||||
Corporate expense allocations | 40,301 | 35,331 | 36,239 | ||||||||||||||
Net income before taxes | 152,599 | 155,379 | 128,285 | ||||||||||||||
Federal and state income tax | 39,049 | 39,765 | 32,954 | ||||||||||||||
Net income | $ | 113,550 | $ | 115,614 | $ | 95,331 | |||||||||||
Average assets | $ | 19,425,475 | $ | 15,695,646 | $ | 10,204,426 | |||||||||||
Average loans | 1,981,159 | 1,758,226 | 1,609,464 | ||||||||||||||
Average deposits | 9,426,771 | 8,676,047 | 6,447,987 | ||||||||||||||
Average invested capital | 310,627 | 300,860 | 274,599 |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 57,239 | $ | 55,697 | $ | 1,542 | 3 | % | |||||||||||||||
Net interest expense from internal sources | 990 | (501) | 1,491 | (298) | % | ||||||||||||||||||
Total net interest revenue | 58,229 | 55,196 | 3,033 | 5 | % | ||||||||||||||||||
Net loans recovered | (71) | (70) | (1) | 1 | % | ||||||||||||||||||
Net interest revenue after net loans recovered | 58,300 | 55,266 | 3,034 | 5 | % | ||||||||||||||||||
Fees and commissions revenue | 56,275 | 97,966 | (41,691) | (43) | % | ||||||||||||||||||
Other losses, net | (472) | (78) | (394) | 505 | % | ||||||||||||||||||
Other operating revenue | 55,803 | 97,888 | (42,085) | (43) | % | ||||||||||||||||||
Personnel expense | 51,871 | 65,802 | (13,931) | (21) | % | ||||||||||||||||||
Non-personnel expense | 23,076 | 21,615 | 1,461 | 7 | % | ||||||||||||||||||
Other operating expense | 74,947 | 87,417 | (12,470) | (14) | % | ||||||||||||||||||
Net direct contribution | 39,156 | 65,737 | (26,581) | (40) | % | ||||||||||||||||||
Corporate expense allocations | 9,971 | 10,101 | (130) | (1) | % | ||||||||||||||||||
Income before taxes | 29,185 | 55,636 | (26,451) | (48) | % | ||||||||||||||||||
Federal and state income taxes | 7,485 | 14,230 | (6,745) | (47) | % | ||||||||||||||||||
Net income | $ | 21,700 | $ | 41,406 | $ | (19,706) | (48) | % | |||||||||||||||
Average assets | $ | 20,725,903 | $ | 19,109,704 | $ | 1,616,199 | 8 | % | |||||||||||||||
Average loans | 2,065,261 | 1,971,380 | 93,881 | 5 | % | ||||||||||||||||||
Average deposits | 9,194,019 | 9,120,446 | 73,573 | 1 | % | ||||||||||||||||||
Average invested capital | 309,038 | 310,414 | (1,376) | — | % |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Commercial: | ||||||||||||||
Healthcare | $ | 3,414,940 | $ | 3,305,990 | ||||||||||
Services | 3,367,193 | 3,508,583 | ||||||||||||
Energy | 3,006,884 | 3,469,194 | ||||||||||||
General business | 2,717,448 | 2,793,768 | ||||||||||||
Total commercial | 12,506,465 | 13,077,535 | ||||||||||||
Commercial real estate: | ||||||||||||||
Office | 1,040,963 | 1,085,257 | ||||||||||||
Multifamily | 786,404 | 1,328,045 | ||||||||||||
Industrial | 766,125 | 810,510 | ||||||||||||
Retail | 679,917 | 796,223 | ||||||||||||
Residential construction and land development | 120,016 | 119,394 | ||||||||||||
Other commercial real estate | 437,900 | 559,109 | ||||||||||||
Total commercial real estate | 3,831,325 | 4,698,538 | ||||||||||||
Paycheck protection program | 276,341 | 1,682,310 | ||||||||||||
Loans to individuals: | ||||||||||||||
Residential mortgage | 1,722,170 | 1,863,003 | ||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 354,173 | 408,687 | ||||||||||||
Personal | 1,515,206 | 1,277,447 | ||||||||||||
Total loans to individuals | 3,591,549 | 3,549,137 | ||||||||||||
Total | $ | 20,205,680 | $ | 23,007,520 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Texas: | ||||||||||||||
Commercial | $ | 6,068,700 | $ | 5,926,534 | ||||||||||
Commercial real estate | 1,253,439 | 1,519,217 | ||||||||||||
Paycheck protection program | 81,654 | 501,079 | ||||||||||||
Loans to individuals | 942,982 | 855,410 | ||||||||||||
Total Texas | 8,346,775 | 8,802,240 | ||||||||||||
Oklahoma: | ||||||||||||||
Commercial | 2,633,014 | 3,144,782 | ||||||||||||
Commercial real estate | 546,021 | 597,733 | ||||||||||||
Paycheck protection program | 69,817 | 413,108 | ||||||||||||
Loans to individuals | 2,024,404 | 2,052,784 | ||||||||||||
Total Oklahoma | 5,273,256 | 6,208,407 | ||||||||||||
Colorado: | ||||||||||||||
Commercial | 1,936,149 | 1,929,320 | ||||||||||||
Commercial real estate | 470,937 | 879,648 | ||||||||||||
Paycheck protection program | 82,781 | 377,111 | ||||||||||||
Loans to individuals | 256,533 | 264,295 | ||||||||||||
Total Colorado | 2,746,400 | 3,450,374 | ||||||||||||
Arizona: | ||||||||||||||
Commercial | 1,130,798 | 1,219,072 | ||||||||||||
Commercial real estate | 674,309 | 726,111 | ||||||||||||
Paycheck protection program | 21,594 | 211,725 | ||||||||||||
Loans to individuals | 186,528 | 177,948 | ||||||||||||
Total Arizona | 2,013,229 | 2,334,856 | ||||||||||||
Kansas/Missouri: | ||||||||||||||
Commercial | 338,697 | 455,914 | ||||||||||||
Commercial real estate | 382,761 | 366,821 | ||||||||||||
Paycheck protection program | 4,718 | 56,011 | ||||||||||||
Loans to individuals | 110,889 | 105,995 | ||||||||||||
Total Kansas/Missouri | 837,065 | 984,741 | ||||||||||||
New Mexico: | ||||||||||||||
Commercial | 306,964 | 303,833 | ||||||||||||
Commercial real estate | 442,128 | 473,204 | ||||||||||||
Paycheck protection program | 13,510 | 109,881 | ||||||||||||
Loans to individuals | 63,930 | 75,665 | ||||||||||||
Total New Mexico | 826,532 | 962,583 | ||||||||||||
Arkansas: | ||||||||||||||
Commercial | 92,143 | 98,080 | ||||||||||||
Commercial real estate | 61,730 | 135,804 | ||||||||||||
Paycheck protection program | 2,267 | 13,395 | ||||||||||||
Loans to individuals | 6,283 | 17,040 | ||||||||||||
Total Arkansas | 162,423 | 264,319 | ||||||||||||
Total BOK Financial loans | $ | 20,205,680 | $ | 23,007,520 |
Remaining Maturities of Selected Loans | ||||||||||||||||||||||||||||||||
Total | Within 1 Year | 1-5 Years | 5 - 15 Years | After 15 Years | ||||||||||||||||||||||||||||
Loan maturity: | ||||||||||||||||||||||||||||||||
Commercial | $ | 12,506,465 | $ | 2,308,134 | $ | 8,180,566 | $ | 1,924,275 | $ | 93,490 | ||||||||||||||||||||||
Commercial real estate | 3,831,325 | 1,187,686 | 2,314,303 | 307,062 | 22,274 | |||||||||||||||||||||||||||
Paycheck protection program | 276,341 | 35,989 | 240,352 | — | — | |||||||||||||||||||||||||||
Loans to individuals | 3,591,549 | 543,644 | 912,965 | 771,208 | 1,363,732 | |||||||||||||||||||||||||||
Total | $ | 20,205,680 | $ | 4,075,453 | $ | 11,648,186 | $ | 3,002,545 | $ | 1,479,496 | ||||||||||||||||||||||
Interest rate sensitivity for selected loans with: | ||||||||||||||||||||||||||||||||
Predetermined interest rates | $ | 6,507,283 | $ | 263,902 | $ | 2,674,422 | $ | 2,418,355 | $ | 1,150,604 | ||||||||||||||||||||||
Floating or adjustable interest rates | 13,698,397 | 3,811,551 | 8,973,764 | 584,190 | 328,892 | |||||||||||||||||||||||||||
Total | $ | 20,205,680 | $ | 4,075,453 | $ | 11,648,186 | $ | 3,002,545 | $ | 1,479,496 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Loan commitments | $ | 12,471,482 | $ | 10,967,546 | ||||||||||
Standby letters of credit | 699,743 | 764,886 | ||||||||||||
Unpaid principal balance of residential mortgage loans sold with recourse | 54,619 | 73,055 | ||||||||||||
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veteran's Affairs | 1,095,877 | 1,442,504 |
Customers | $ | 917,987 | ||||||
Banks and other financial institutions | 134,193 | |||||||
Fair value of customer hedge asset derivative contracts, net | $ | 1,052,180 |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | PPP | Individual | Nonspecific Allowance | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 254,934 | $ | 86,558 | $ | — | $ | 47,148 | $ | — | $ | 388,640 | ||||||||||||||||||||||||||
Provision for loan losses | (59,326) | (26,522) | — | (9,354) | — | (95,202) | ||||||||||||||||||||||||||||||||
Loans charged off | (43,956) | (2,485) | — | (4,910) | — | (51,351) | ||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 10,404 | 1,002 | — | 2,928 | — | 14,334 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 162,056 | $ | 58,553 | $ | — | $ | 35,812 | $ | — | $ | 256,421 | ||||||||||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,422 | $ | 20,571 | $ | — | $ | 1,928 | $ | — | $ | 36,921 | ||||||||||||||||||||||||||
Provision for off-balance sheet credit risk | (610) | (3,129) | — | (205) | — | (3,944) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 13,812 | $ | 17,442 | $ | — | $ | 1,723 | $ | — | $ | 32,977 | ||||||||||||||||||||||||||
Outstanding loans | $ | 12,506,465 | $ | 3,831,325 | $ | 276,341 | $ | 3,591,549 | $ | — | $ | 20,205,680 | ||||||||||||||||||||||||||
% of outstanding loans1 | 61.90 | % | 18.96 | % | 1.37 | % | 17.77 | % | — | % | 100.00 | % | ||||||||||||||||||||||||||
Average loans | $ | 13,304,596 | $ | 4,075,831 | $ | 293,976 | $ | 3,820,753 | $ | — | $ | 21,495,156 | ||||||||||||||||||||||||||
Provision for loan losses to average loans | (0.45) | % | (0.65) | % | — | % | (0.24) | % | — | % | (0.44) | % | ||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | 0.25 | % | 0.04 | % | — | % | 0.05 | % | — | % | 0.17 | % | ||||||||||||||||||||||||||
Recoveries to gross charge-offs | 23.67 | % | 40.32 | % | — | % | 59.63 | % | — | % | 27.91 | % | ||||||||||||||||||||||||||
Accrual for unfunded loan commitments to loan commitments | 0.15 | % | 0.92 | % | — | % | 0.12 | % | — | % | 0.26 | % | ||||||||||||||||||||||||||
Allowance for loan losses to loans outstanding at period-end | 1.30 | % | 1.53 | % | — | % | 1.00 | % | — | % | 1.27 | % | ||||||||||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end | 1.41 | % | 1.98 | % | — | % | 1.05 | % | — | % | 1.43 | % |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | PPP | Individual | Nonspecific Allowance | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 118,187 | $ | 51,805 | $ | — | $ | 23,572 | $ | 17,195 | $ | 210,759 | ||||||||||||||||||||||||||
CECL transition adjustment1 | 33,681 | (4,620) | — | 13,943 | (17,195) | 25,809 | ||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 151,868 | 47,185 | — | 37,515 | — | 236,568 | ||||||||||||||||||||||||||||||||
Provision for loan losses | 171,800 | 40,407 | — | 10,253 | — | 222,460 | ||||||||||||||||||||||||||||||||
Loans charged off | (73,370) | (1,300) | — | (4,729) | — | (79,399) | ||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 4,636 | 266 | — | 4,109 | — | 9,011 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 254,934 | $ | 86,558 | $ | — | $ | 47,148 | $ | — | $ | 388,640 | ||||||||||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,434 | $ | 107 | $ | — | $ | 44 | $ | — | $ | 1,585 | ||||||||||||||||||||||||||
Transition adjustment | 10,144 | 11,660 | — | 1,748 | — | 23,552 | ||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 11,578 | 11,767 | — | 1,792 | — | 25,137 | ||||||||||||||||||||||||||||||||
Provision for off-balance sheet credit risk | 2,844 | 8,804 | — | 136 | — | 11,784 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 14,422 | $ | 20,571 | $ | — | $ | 1,928 | $ | — | $ | 36,921 | ||||||||||||||||||||||||||
Outstanding loans | $ | 13,077,535 | $ | 4,698,538 | $ | 1,682,310 | $ | 3,549,137 | $ | — | $ | 23,007,520 | ||||||||||||||||||||||||||
% of outstanding loans2 | 56.84 | % | 20.42 | % | 7.31 | % | 15.43 | % | — | % | 100.00 | % | ||||||||||||||||||||||||||
Average loans | $ | 13,301,869 | $ | 4,779,138 | $ | 1,711,169 | $ | 3,610,019 | $ | — | $ | 23,402,195 | ||||||||||||||||||||||||||
Provision for loan losses to average loans | 1.29 | % | 0.85 | % | — | % | 0.28 | % | — | % | 0.95 | % | ||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | 0.52 | % | 0.02 | % | — | % | 0.02 | % | — | % | 0.30 | % | ||||||||||||||||||||||||||
Recoveries to gross charge-offs | 6.32 | % | 20.46 | % | — | % | 86.89 | % | — | % | 11.35 | % | ||||||||||||||||||||||||||
Accrual for unfunded loan commitments to loan commitments | 0.17 | % | 1.46 | % | — | % | 0.15 | % | — | % | 0.34 | % | ||||||||||||||||||||||||||
Allowance for loan losses to loans outstanding at period-end | 1.95 | % | 1.84 | % | — | % | 1.33 | % | — | % | 1.69 | % | ||||||||||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end | 2.06 | % | 2.28 | % | — | % | 1.38 | % | — | % | 1.85 | % |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Nonaccruing loans: | ||||||||||||||
Commercial | ||||||||||||||
Energy | $ | 31,091 | $ | 125,059 | ||||||||||
Healthcare | 15,762 | 3,645 | ||||||||||||
Services | 17,170 | 25,598 | ||||||||||||
General business | 10,081 | 12,857 | ||||||||||||
Total commercial | 74,104 | 167,159 | ||||||||||||
Commercial real estate | 14,262 | 27,246 | ||||||||||||
Paycheck protection program | — | — | ||||||||||||
Loans to individuals | ||||||||||||||
Residential mortgage | 31,574 | 32,228 | ||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 13,861 | 7,741 | ||||||||||||
Personal | 258 | 319 | ||||||||||||
Total loans to individuals | 45,693 | 40,288 | ||||||||||||
Total nonaccruing loans | $ | 134,059 | $ | 234,693 | ||||||||||
Accruing renegotiated loans guaranteed by U.S. government agencies | 210,618 | 151,775 | ||||||||||||
Real estate and other repossessed assets | 24,589 | 90,526 | ||||||||||||
Total nonperforming assets | $ | 369,266 | $ | 476,994 | ||||||||||
Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 144,787 | $ | 317,478 | ||||||||||
Allowance for loan losses to nonaccruing loans1 | 213.33 | % | 171.24 | % | ||||||||||
Nonperforming assets to outstanding loans and repossessed assets1 | 0.74 | % | 1.51 | % | ||||||||||
Nonaccruing loans to outstanding loans | 0.66 | % | 1.02 | % | ||||||||||
Nonaccruing commercial loans to outstanding commercial loans | 0.59 | % | 1.28 | % | ||||||||||
Nonaccruing commercial real estate loans to outstanding commercial real estate loans | 0.37 | % | 0.58 | % | ||||||||||
Nonaccruing loans to individuals to outstanding loans to individuals1 | 0.98 | % | 1.04 | % | ||||||||||
Accruing loans 90 days or more past due1 | $ | 313 | $ | 10,369 |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Loan to Individuals | Total | Renegotiated Loans | Real Estate and Other Repossessed Assets | Total Nonperforming Assets | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 167,159 | $ | 27,246 | $ | 40,288 | $ | 234,693 | $ | 151,775 | $ | 90,526 | $ | 476,994 | ||||||||||||||||||||||||||||||
Additions | 61,129 | 327 | 25,241 | 86,697 | 105,535 | 8,688 | 200,920 | |||||||||||||||||||||||||||||||||||||
Net transfer from premises and equipment | — | — | 217 | 217 | ||||||||||||||||||||||||||||||||||||||||
Payments | (102,717) | (10,537) | (17,443) | (130,697) | (3,948) | — | (134,645) | |||||||||||||||||||||||||||||||||||||
Charge-offs | (43,956) | (2,485) | (4,910) | (51,351) | — | — | (51,351) | |||||||||||||||||||||||||||||||||||||
Net gains (losses) and write-downs | — | — | — | — | — | 13,842 | 13,842 | |||||||||||||||||||||||||||||||||||||
Foreclosure of nonaccruing loans | (7,511) | — | (809) | (8,320) | — | 8,320 | — | |||||||||||||||||||||||||||||||||||||
Foreclosure of loans guaranteed by U.S. government agencies | — | — | (2,435) | (2,435) | (866) | — | (3,301) | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | — | — | — | — | (37,322) | (97,004) | (134,326) | |||||||||||||||||||||||||||||||||||||
Net transfers to nonaccruing loans | — | — | 6,081 | 6,081 | (6,081) | — | — | |||||||||||||||||||||||||||||||||||||
Return to accrual status | — | (289) | (320) | (609) | — | — | (609) | |||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | 1,525 | — | 1,525 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 74,104 | $ | 14,262 | $ | 45,693 | $ | 134,059 | $ | 210,618 | $ | 24,589 | $ | 369,266 | ||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Loan to Individuals | Total | Renegotiated Loans | Real Estate and Other Repossessed Assets | Total Nonperforming Assets | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 115,416 | $ | 27,626 | $ | 37,909 | $ | 180,951 | $ | 92,452 | $ | 20,359 | $ | 293,762 | ||||||||||||||||||||||||||||||
Additions | 263,981 | 19,919 | 20,658 | 304,558 | 96,935 | — | 401,493 | |||||||||||||||||||||||||||||||||||||
Payments | (61,617) | (459) | (11,567) | (73,643) | (2,752) | — | (76,395) | |||||||||||||||||||||||||||||||||||||
Charge-offs | (73,370) | (1,300) | (4,729) | (79,399) | — | — | (79,399) | |||||||||||||||||||||||||||||||||||||
Net gains (losses) and write-downs | — | — | — | — | — | (1,628) | (1,628) | |||||||||||||||||||||||||||||||||||||
Foreclosure of nonaccruing loans | (65,690) | (18,540) | (1,093) | (85,323) | — | 85,323 | — | |||||||||||||||||||||||||||||||||||||
Foreclosure of loans guaranteed by U.S. government agencies | — | — | (1,506) | (1,506) | (3,422) | — | (4,928) | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | — | — | — | — | (30,860) | (13,528) | (44,388) | |||||||||||||||||||||||||||||||||||||
Net transfers to nonaccruing loans | — | — | 1,326 | 1,326 | — | — | 1,326 | |||||||||||||||||||||||||||||||||||||
Return to accrual status | (11,561) | — | (710) | (12,271) | (1,916) | — | (14,187) | |||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | 1,338 | — | 1,338 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 167,159 | $ | 27,246 | $ | 40,288 | $ | 234,693 | $ | 151,775 | $ | 90,526 | $ | 476,994 | ||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Commercial Banking | $ | 17,659,695 | $ | 14,319,729 | |||||||
Consumer Banking | 8,439,577 | 7,599,937 | |||||||||
Wealth Management | 9,426,771 | 8,676,047 | |||||||||
Subtotal | 35,526,043 | 30,595,713 | |||||||||
Funds Management and other | 2,394,934 | 2,169,285 | |||||||||
Total | $ | 37,920,977 | $ | 32,764,998 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Oklahoma: | ||||||||||||||
Demand | $ | 5,433,405 | $ | 4,329,205 | ||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 12,689,367 | 12,603,658 | ||||||||||||
Savings | 521,439 | 420,996 | ||||||||||||
Time | 978,822 | 1,134,453 | ||||||||||||
Total interest-bearing | 14,189,628 | 14,159,107 | ||||||||||||
Total Oklahoma | 19,623,033 | 18,488,312 | ||||||||||||
Texas: | ||||||||||||||
Demand | 4,552,983 | 3,449,882 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 5,345,461 | 3,800,427 | ||||||||||||
Savings | 178,458 | 139,173 | ||||||||||||
Time | 337,559 | 383,062 | ||||||||||||
Total interest-bearing | 5,861,478 | 4,322,662 | ||||||||||||
Total Texas | 10,414,461 | 7,772,544 | ||||||||||||
Colorado: | ||||||||||||||
Demand | 2,526,855 | 2,168,404 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 2,334,371 | 2,170,485 | ||||||||||||
Savings | 78,636 | 69,384 | ||||||||||||
Time | 174,351 | 208,778 | ||||||||||||
Total interest-bearing | 2,587,358 | 2,448,647 | ||||||||||||
Total Colorado | 5,114,213 | 4,617,051 | ||||||||||||
New Mexico: | ||||||||||||||
Demand | 1,196,057 | 941,074 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 858,394 | 733,007 | ||||||||||||
Savings | 107,963 | 91,646 | ||||||||||||
Time | 163,871 | 186,307 | ||||||||||||
Total interest-bearing | 1,130,228 | 1,010,960 | ||||||||||||
Total New Mexico | 2,326,285 | 1,952,034 | ||||||||||||
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Arizona: | ||||||||||||||
Demand | 934,282 | 905,201 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 834,491 | 768,220 | ||||||||||||
Savings | 16,182 | 12,174 | ||||||||||||
Time | 31,274 | 32,721 | ||||||||||||
Total interest-bearing | 881,947 | 813,115 | ||||||||||||
Total Arizona | 1,816,229 | 1,718,316 | ||||||||||||
Kansas/Missouri: | ||||||||||||||
Demand | 658,342 | 426,738 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 1,086,946 | 960,237 | ||||||||||||
Savings | 18,844 | 16,286 | ||||||||||||
Time | 12,255 | 14,610 | ||||||||||||
Total interest-bearing | 1,118,045 | 991,133 | ||||||||||||
Total Kansas/Missouri | 1,776,387 | 1,417,871 | ||||||||||||
Arkansas: | ||||||||||||||
Demand | 42,499 | 45,834 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 119,543 | 122,388 | ||||||||||||
Savings | 3,213 | 2,333 | ||||||||||||
Time | 6,196 | 7,197 | ||||||||||||
Total interest-bearing | 128,952 | 131,918 | ||||||||||||
Total Arkansas | 171,451 | 177,752 | ||||||||||||
Total BOK Financial deposits | $ | 41,242,059 | $ | 36,143,880 |
Minimum Capital Requirement | Capital Conservation Buffer | Minimum Capital Requirement Including Capital Conservation Buffer | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||||||
Common equity Tier 1 | 4.50 | % | 2.50 | % | 7.00 | % | 12.24 | % | 11.95 | % | |||||||||||||||||||
Tier 1 capital | 6.00 | % | 2.50 | % | 8.50 | % | 12.25 | % | 11.95 | % | |||||||||||||||||||
Total capital | 8.00 | % | 2.50 | % | 10.50 | % | 13.29 | % | 13.82 | % | |||||||||||||||||||
Tier 1 Leverage | 4.00 | % | N/A | 4.00 | % | 8.55 | % | 8.28 | % | ||||||||||||||||||||
Average total equity to average assets | 10.68 | % | 10.46 | % | |||||||||||||||||||||||||
Tangible common equity ratio | 8.61 | % | 9.02 | % |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Tangible common equity ratio: | ||||||||||||||
Total shareholders' equity | $ | 5,363,732 | $ | 5,266,266 | ||||||||||
Less: Goodwill and intangible assets, net | 1,136,527 | 1,161,527 | ||||||||||||
Tangible common equity | 4,227,205 | 4,104,739 | ||||||||||||
Total assets | 50,249,431 | 46,671,088 | ||||||||||||
Less: Goodwill and intangible assets, net | 1,136,527 | 1,161,527 | ||||||||||||
Tangible assets | $ | 49,112,904 | $ | 45,509,561 | ||||||||||
Tangible common equity ratio | 8.61 | % | 9.02 | % | ||||||||||
Pre-provision net revenue: | ||||||||||||||
Net income before taxes | $ | 796,100 | $ | 563,864 | ||||||||||
Add: Provision for expected credit losses | (100,000) | 222,592 | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests | (1,796) | 41 | ||||||||||||
Pre-provision net revenue | $ | 697,896 | $ | 786,415 |
200 bp Increase | 100 bp Increase | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Anticipated impact over the next twelve months on net interest revenue | $ | 87,241 | $ | 24,489 | $54,213 | $22,186 | ||||||||||||||||||||
7.60 | % | 2.33 | % | 4.72% | 2.11% | |||||||||||||||||||||
Anticipated impact over months twelve through twenty-four | $ | 185,054 | $ | 109,549 | $129,850 | $84,648 | ||||||||||||||||||||
16.03 | % | 10.85 | % | 11.25% | 8.38% |
December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
MSR Asset | $ | 31,856 | $ | (41,815) | $ | 29,065 | $ | (14,585) | ||||||||||||||||||
MSR Hedge | (38,213) | 36,692 | (19,873) | 18,354 | ||||||||||||||||||||||
Net Exposure | (6,357) | (5,123) | 9,192 | 3,769 |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
Average1 | $ | (430) | $ | (439) | $ | (386) | $ | (414) | ||||||||||||||||||
Low2 | 103 | 13 | 582 | 998 | ||||||||||||||||||||||
High3 | (1,244) | (1,097) | (799) | (1,483) | ||||||||||||||||||||||
Period End | (85) | (181) | (507) | (510) |
Three Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | |||||||||||||||||||||||||
10 day 99% VaR | 10 day 99% SVaR | 10 day 99% VaR | 10 day 99% SVaR | |||||||||||||||||||||||
Mean | $ | 8,930 | $ | 40,010 | $ | 9,600 | $ | 19,230 | ||||||||||||||||||
Low | 6,100 | 21,390 | 5,220 | 9,050 | ||||||||||||||||||||||
High | 15,060 | 67,440 | 16,350 | 37,810 | ||||||||||||||||||||||
Period End | 9,770 | 45,050 | 5,690 | 22,200 |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
Average1 | $ | (852) | $ | 3,364 | $ | (2,473) | $ | 3,910 | ||||||||||||||||||
Low2 | 8,631 | 13,323 | 7,893 | 15,309 | ||||||||||||||||||||||
High3 | (9,345) | (5,392) | (12,490) | (4,855) | ||||||||||||||||||||||
Period End | 1,587 | 355 | (4,380) | 4,241 |
Allowance for credit losses | ||||||||
Description of the Matter | The Company’s loan portfolio totaled $20.2 billion as of December 31, 2021, and the associated allowance for credit losses (ACL) was $289.4 million. A $100 million negative provision for credit losses was recorded for the year ended December 31, 2021. As discussed in Note 1 and 4 to the consolidated financial statements, management’s estimate for the expected credit losses within the loan portfolio represents the portion of amortized cost basis of loans and related unfunded commitments they do not expect to collect over the asset’s contractual life, considering past events, current conditions, as well as reasonable and supportable forecasts of future economic conditions. The allowance for credit 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 they expect to recover, general allowances for estimated credit losses on pools of loans that share similar risk characteristics, and qualitative reserves with the estimated impact of factors that are not captured in the modeled results or historical experience. Auditing management’s estimate of the ACL and related provision for credit losses was complex due to the allowance models used, high degree of subjectivity in evaluating management’s development of forecasts of future economic conditions (“economic scenarios”), probability weighting of economic scenarios, and qualitative reserves used in the general allowance. | |||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the ACL process, including, among others, controls over the development, operation, and monitoring of economic scenarios, probability weighting of economic scenarios and qualitative reserves used in the allowance results. We involved EY specialists in testing management’s models including evaluating model methodology, model performance and testing key modeling assumptions as well as controls covering the economic scenarios used by the ACL models. Additionally, with the support of EY specialists, we assessed the economic scenarios and related probability weights by evaluating management’s methodology and agreeing a sample of key economic variables used to external sources. We also performed various sensitivity analyses and analytical procedures, including comparison of a sample of the key economic variables to alternative external sources and historical statistics. With respect to general ACL models, with the support of EY specialists, we evaluated model design and re-performed the calculation for a sample of models. We also tested the appropriateness of key inputs and assumptions used in these models by agreeing a sample of inputs to internal sources. | |||||||
We evaluated the overall ACL amount, including model estimates, qualitative reserves, and whether the recorded ACL appropriately reflects expected credit losses. We performed analytical procedures on the ACL, charge-off and delinquency rates, and coverage ratios of the allowance. Our audit response also included specific substantive tests of management’s process to measure qualitative reserves, including those related to the significant judgments made by management. We compared calculations to industry peer data and compared qualitative reserves to prior periods and prior economic cycles. We also evaluated if the qualitative reserves were applied based on a comprehensive framework and that all available information was considered, well-documented, and consistently applied. We searched for and evaluated information that corroborates or contradicts management’s economic scenarios and related probability weights as well as identification and measurement of qualitative reserves. |
(In thousands, except share and per share data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Interest and dividend revenue | 2021 | 2020 | 2019 | |||||||||||||||||
Loans | $ | 769,357 | $ | 889,507 | $ | 1,123,791 | ||||||||||||||
Residential mortgage loans held for sale | 5,465 | 6,397 | 7,105 | |||||||||||||||||
Trading securities | 155,989 | 67,689 | 61,595 | |||||||||||||||||
Investment securities | 10,430 | 11,943 | 13,426 | |||||||||||||||||
Available for sale securities | 230,383 | 261,196 | 254,031 | |||||||||||||||||
Fair value option securities | 1,542 | 18,475 | 32,936 | |||||||||||||||||
Restricted equity securities | 5,703 | 10,963 | 26,860 | |||||||||||||||||
Interest-bearing cash and cash equivalents | 1,060 | 2,830 | 12,214 | |||||||||||||||||
Total interest and dividend revenue | 1,179,929 | 1,269,000 | 1,531,958 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 33,484 | 89,996 | 175,538 | |||||||||||||||||
Borrowed funds | 17,877 | 56,616 | 228,428 | |||||||||||||||||
Subordinated debentures | 10,535 | 13,944 | 15,113 | |||||||||||||||||
Total interest expense | 61,896 | 160,556 | 419,079 | |||||||||||||||||
Net interest and dividend revenue | 1,118,033 | 1,108,444 | 1,112,879 | |||||||||||||||||
Provision for credit losses | (100,000) | 222,592 | 44,000 | |||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 1,218,033 | 885,852 | 1,068,879 | |||||||||||||||||
Other operating revenue | ||||||||||||||||||||
Brokerage and trading revenue | 112,989 | 221,833 | 159,826 | |||||||||||||||||
Transaction card revenue | 96,983 | 90,182 | 87,216 | |||||||||||||||||
Fiduciary and asset management revenue | 178,274 | 167,445 | 177,025 | |||||||||||||||||
Deposit service charges and fees | 104,217 | 96,805 | 112,485 | |||||||||||||||||
Mortgage banking revenue | 105,896 | 182,360 | 107,541 | |||||||||||||||||
Other revenue | 69,950 | 51,695 | 58,108 | |||||||||||||||||
Total fees and commissions | 668,309 | 810,320 | 702,201 | |||||||||||||||||
Other gains, net | 63,742 | 6,046 | 10,214 | |||||||||||||||||
Gain (loss) on derivatives, net | (19,378) | 42,320 | 14,951 | |||||||||||||||||
Gain (loss) on fair value option securities, net | (2,239) | 53,248 | 15,787 | |||||||||||||||||
Change in fair value of mortgage servicing rights | 41,637 | (79,524) | (53,517) | |||||||||||||||||
Gain on available for sale securities, net | 3,704 | 9,910 | 5,597 | |||||||||||||||||
Total other operating revenue | 755,775 | 842,320 | 695,233 | |||||||||||||||||
Other operating expense | ||||||||||||||||||||
Personnel | 695,382 | 688,474 | 660,565 | |||||||||||||||||
Business promotion | 16,289 | 14,511 | 35,662 | |||||||||||||||||
Charitable contributions to BOKF Foundation | 9,000 | 9,000 | 3,000 | |||||||||||||||||
Professional fees and services | 50,906 | 53,437 | 54,861 | |||||||||||||||||
Net occupancy and equipment | 108,587 | 112,722 | 110,275 | |||||||||||||||||
Insurance | 15,881 | 19,990 | 20,906 | |||||||||||||||||
Data processing and communications | 151,614 | 135,497 | 124,983 | |||||||||||||||||
Printing, postage and supplies | 14,218 | 15,061 | 16,517 | |||||||||||||||||
Amortization of intangible assets | 18,311 | 20,443 | 20,618 | |||||||||||||||||
Mortgage banking costs | 42,698 | 56,711 | 50,685 | |||||||||||||||||
Other expense | 54,822 | 38,462 | 35,172 | |||||||||||||||||
Total other operating expense | 1,177,708 | 1,164,308 | 1,133,244 | |||||||||||||||||
Net income before taxes | 796,100 | 563,864 | 630,868 | |||||||||||||||||
Federal and state income taxes | 179,775 | 128,793 | 130,183 | |||||||||||||||||
Net income | 616,325 | 435,071 | 500,685 | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | (1,796) | 41 | (73) | |||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 618,121 | $ | 435,030 | $ | 500,758 | ||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 8.95 | $ | 6.19 | $ | 7.03 | ||||||||||||||
Diluted | $ | 8.95 | $ | 6.19 | $ | 7.03 | ||||||||||||||
Average shares used in computation: | ||||||||||||||||||||
Basic | 68,591,920 | 69,840,977 | 70,787,700 | |||||||||||||||||
Diluted | 68,594,322 | 69,844,172 | 70,802,612 | |||||||||||||||||
Dividends declared per share | $ | 2.09 | $ | 2.05 | $ | 2.01 |
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net income | $ | 616,325 | $ | 435,071 | $ | 500,685 | ||||||||||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | (341,369) | 313,796 | 241,047 | |||||||||||||||||
Reclassification adjustments included in earnings: | ||||||||||||||||||||
Gain on available for sale securities, net | (3,704) | (9,910) | (5,597) | |||||||||||||||||
Other comprehensive gain (loss), before income taxes | (345,073) | 303,886 | 235,450 | |||||||||||||||||
Federal and state income taxes | (81,576) | 72,941 | 57,942 | |||||||||||||||||
Other comprehensive gain (loss), net of income taxes | (263,497) | 230,945 | 177,508 | |||||||||||||||||
Comprehensive income | 352,828 | 666,016 | 678,193 | |||||||||||||||||
Comprehensive income (loss) attributable to non-controlling interests | (1,796) | 41 | (73) | |||||||||||||||||
Comprehensive income attributable to BOK Financial Corp. shareholders | $ | 354,624 | $ | 665,975 | $ | 678,266 |
(In thousands, except share data) | ||||||||||||||
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 712,067 | $ | 798,757 | ||||||||||
Interest-bearing cash and cash equivalents | 2,125,343 | 381,816 | ||||||||||||
Trading securities | 9,136,813 | 4,707,975 | ||||||||||||
Investment securities, net of allowance (fair value: 2021 – $231,395; 2020 – $272,431) | 210,444 | 244,843 | ||||||||||||
Available for sale securities | 13,157,817 | 13,050,665 | ||||||||||||
Fair value option securities | 43,770 | 114,982 | ||||||||||||
Restricted equity securities | 83,113 | 171,391 | ||||||||||||
Residential mortgage loans held for sale | 192,295 | 252,316 | ||||||||||||
Loans | 20,205,680 | 23,007,520 | ||||||||||||
Allowance for loan losses | (256,421) | (388,640) | ||||||||||||
Loans, net of allowance | 19,949,259 | 22,618,880 | ||||||||||||
Premises and equipment, net | 574,148 | 551,308 | ||||||||||||
Receivables | 223,021 | 245,880 | ||||||||||||
Goodwill | 1,044,749 | 1,048,091 | ||||||||||||
Intangible assets, net | 91,778 | 113,436 | ||||||||||||
Mortgage servicing rights | 163,198 | 101,172 | ||||||||||||
Real estate and other repossessed assets, net of allowance (2021 – $6,083; 2020 – $15,060) | 24,589 | 90,526 | ||||||||||||
Derivative contracts, net | 1,097,297 | 810,688 | ||||||||||||
Cash surrender value of bank-owned life insurance | 405,607 | 398,758 | ||||||||||||
Receivable on unsettled securities sales | 56,172 | 62,386 | ||||||||||||
Other assets | 957,951 | 907,218 | ||||||||||||
Total assets | $ | 50,249,431 | $ | 46,671,088 | ||||||||||
Liabilities and Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Noninterest-bearing demand deposits | $ | 15,344,423 | $ | 12,266,338 | ||||||||||
Interest-bearing deposits: | ||||||||||||||
Transaction | 23,268,573 | 21,158,422 | ||||||||||||
Savings | 924,735 | 751,992 | ||||||||||||
Time | 1,704,328 | 1,967,128 | ||||||||||||
Total deposits | 41,242,059 | 36,143,880 | ||||||||||||
Funds purchased and repurchase agreements | 2,326,449 | 1,662,386 | ||||||||||||
Other borrowings | 36,753 | 1,882,970 | ||||||||||||
Subordinated debentures | 131,226 | 276,005 | ||||||||||||
Accrued interest, taxes and expense | 273,041 | 323,667 | ||||||||||||
Derivative contracts, net | 275,625 | 405,779 | ||||||||||||
Due on unsettled securities purchases | 160,686 | 257,627 | ||||||||||||
Other liabilities | 435,221 | 427,213 | ||||||||||||
Total liabilities | 44,881,060 | 41,379,527 | ||||||||||||
Shareholders' equity: | ||||||||||||||
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: 2021 – 76,254,029; 2020 – 75,995,205) | 5 | 5 | ||||||||||||
Capital surplus | 1,378,794 | 1,368,062 | ||||||||||||
Retained earnings | 4,447,691 | 3,973,675 | ||||||||||||
Treasury stock (shares at cost: 2021 – 7,786,257; 2020 – 6,357,605) | (535,129) | (411,344) | ||||||||||||
Accumulated other comprehensive income (loss) | 72,371 | 335,868 | ||||||||||||
Total shareholders’ equity | 5,363,732 | 5,266,266 | ||||||||||||
Non-controlling interests | 4,639 | 25,295 | ||||||||||||
Total equity | 5,368,371 | 5,291,561 | ||||||||||||
Total liabilities and equity | $ | 50,249,431 | $ | 46,671,088 |
(In thousands) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Total Shareholders’ Equity | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 75,711 | $ | 5 | $ | 1,334,030 | $ | 3,369,654 | 3,589 | $ | (198,995) | $ | (72,585) | $ | 4,432,109 | $ | 10,936 | $ | 4,443,045 | ||||||||||||||||||||||||||||||||||||||||||||
Transition adjustment - Leasing standard | — | — | — | 2,862 | — | — | — | 2,862 | — | 2,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019, Adjusted | 75,711 | $ | 5 | $ | 1,334,030 | $ | 3,372,516 | 3,589 | $ | (198,995) | $ | (72,585) | $ | 4,434,971 | $ | 10,936 | $ | 4,445,907 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 500,758 | — | — | — | 500,758 | (73) | 500,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 177,508 | 177,508 | — | 177,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 1,572 | (129,483) | — | (129,483) | — | (129,483) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 27 | — | 1,421 | — | — | — | — | 1,421 | — | 1,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vested shares awarded, net | 21 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of non-vested shares | — | — | — | — | 18 | (1,428) | — | (1,428) | — | (1,428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 15,544 | — | — | — | — | 15,544 | — | 15,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (143,496) | — | — | — | (143,496) | — | (143,496) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | — | (2,739) | (2,739) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 75,759 | 5 | 1,350,995 | 3,729,778 | 5,179 | (329,906) | 104,923 | 4,855,795 | 8,124 | 4,863,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transition adjustment - CECL | — | — | — | (46,696) | — | — | — | (46,696) | — | (46,696) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020, Adjusted | 75,759 | 5 | 1,350,995 | 3,683,082 | 5,179 | (329,906) | 104,923 | 4,809,099 | 8,124 | 4,817,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 435,030 | — | — | — | 435,030 | 41 | 435,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 230,945 | 230,945 | — | 230,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 1,107 | (75,830) | — | (75,830) | — | (75,830) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 12 | — | 675 | — | — | — | — | 675 | — | 675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vested shares awarded, net | 224 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of non-vested shares | — | — | — | — | 72 | (5,608) | — | (5,608) | — | (5,608) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 16,392 | — | — | — | — | 16,392 | — | 16,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (144,437) | — | — | — | (144,437) | — | (144,437) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | — | 17,130 | 17,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 75,995 | $ | 5 | $ | 1,368,062 | $ | 3,973,675 | 6,358 | $ | (411,344) | $ | 335,868 | $ | 5,266,266 | $ | 25,295 | $ | 5,291,561 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 616,325 | $ | 435,071 | $ | 500,685 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Provision for credit losses | (100,000) | 222,592 | 44,000 | |||||||||||||||||
Change in fair value of mortgage servicing rights due to market changes | (41,637) | 79,524 | 53,517 | |||||||||||||||||
Change in fair value of mortgage servicing rights due to principal payments | 38,761 | 41,598 | 38,979 | |||||||||||||||||
Net unrealized losses (gains) from derivative contracts | 30,201 | (59,253) | (25,936) | |||||||||||||||||
Share-based compensation | 9,759 | 16,392 | 15,544 | |||||||||||||||||
Depreciation and amortization | 102,468 | 99,013 | 95,416 | |||||||||||||||||
Net amortization of discounts and premiums | 18,293 | 5,357 | (16,984) | |||||||||||||||||
Net losses (gains) on financial instruments and other losses (gains), net | (67,446) | (15,949) | (583) | |||||||||||||||||
Net gain on mortgage loans held for sale | (70,464) | (114,545) | (40,402) | |||||||||||||||||
Mortgage loans originated for sale | (2,818,789) | (3,764,112) | (3,025,930) | |||||||||||||||||
Proceeds from sale of mortgage loans held for sale | 2,939,522 | 3,817,475 | 3,035,600 | |||||||||||||||||
Capitalized mortgage servicing rights | (31,132) | (31,209) | (35,128) | |||||||||||||||||
Change in trading and fair value option securities | (4,357,950) | (2,103,931) | (483,007) | |||||||||||||||||
Change in receivables | 39,183 | 945,087 | (740,868) | |||||||||||||||||
Change in other assets | (12,568) | 1,739 | 18,955 | |||||||||||||||||
Change in other liabilities | 12,897 | 8,895 | 92,463 | |||||||||||||||||
Net cash provided by (used in) operating activities | (3,692,577) | (416,256) | (473,679) | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Proceeds from maturities or redemptions of investment securities | 33,865 | 46,992 | 60,128 | |||||||||||||||||
Proceeds from maturities or redemptions of available for sale securities | 3,500,081 | 2,695,067 | 1,841,069 | |||||||||||||||||
Purchases of available for sale securities | (4,607,199) | (4,575,324) | (5,245,256) | |||||||||||||||||
Proceeds from sales of available for sale securities | 622,881 | 384,507 | 1,211,718 | |||||||||||||||||
Change in amount receivable on unsettled available for sale securities transactions | (10,406) | (6,357) | 25,410 | |||||||||||||||||
Loans originated, net of principal collected | 2,853,326 | (1,103,752) | (44,414) | |||||||||||||||||
Net payments or proceeds on derivative asset contracts | 161,093 | (121,130) | 33,566 | |||||||||||||||||
Net change in restricted equity securities | 88,278 | 289,161 | 116,105 | |||||||||||||||||
Proceeds from disposition of assets | 165,040 | 73,135 | 62,576 | |||||||||||||||||
Purchases of assets | (204,287) | (141,134) | (384,639) | |||||||||||||||||
Net cash provided by (used in) investing activities | 2,602,672 | (2,458,835) | (2,323,737) | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Net change in demand deposits, transaction deposits and savings accounts | 5,360,979 | 8,773,433 | 2,252,936 | |||||||||||||||||
Net change in time deposits | (262,800) | (250,721) | 104,288 | |||||||||||||||||
Net change in other borrowed funds | (1,269,241) | (5,091,026) | 1,110,970 | |||||||||||||||||
Repayment of subordinated debentures | (150,000) | — | — | |||||||||||||||||
Change in amount due on unsettled security purchases | (117,452) | 63,521 | (41,651) | |||||||||||||||||
Issuance of common and treasury stock, net | (4,874) | (4,933) | (7) | |||||||||||||||||
Net change in derivative margin accounts | (467,865) | (600,218) | (207,122) | |||||||||||||||||
Net payments or proceeds on derivative liability contracts | (79,962) | 127,054 | (33,622) | |||||||||||||||||
Repurchase of common stock | (117,938) | (75,830) | (129,483) | |||||||||||||||||
Dividends paid | (144,105) | (144,437) | (143,496) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,746,742 | 2,796,843 | 2,912,813 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,656,837 | (78,248) | 115,397 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,180,573 | 1,258,821 | 1,143,424 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 2,837,410 | $ | 1,180,573 | $ | 1,258,821 | ||||||||||||||
Supplemental Cash Flow Information: | ||||||||||||||||||||
Cash paid for interest | $ | 68,775 | $ | 160,288 | $ | 417,070 | ||||||||||||||
Cash paid for taxes | $ | 135,331 | $ | 136,181 | $ | 87,361 | ||||||||||||||
Net loans and bank premises transferred to repossessed real estate and other assets | $ | 8,320 | $ | 85,323 | $ | 10,665 | ||||||||||||||
Increase in U.S. government guaranteed loans eligible for repurchase | $ | 87,087 | $ | 290,977 | $ | 91,634 | ||||||||||||||
Increase in receivables from conveyance of GNMA OREO | $ | 6,376 | $ | 11,322 | $ | 28,669 | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 40,798 | $ | 16,177 | $ | 62,755 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | |||||||||||||||||||||||
U.S. government securities | $ | 23,610 | $ | 40 | $ | 9,183 | $ | — | ||||||||||||||||||
Residential agency mortgage-backed securities | 9,068,900 | (9,338) | 4,669,148 | (3,624) | ||||||||||||||||||||||
Municipal securities | 25,783 | 34 | 19,172 | 42 | ||||||||||||||||||||||
Other debt securities | 18,520 | (26) | 10,472 | 22 | ||||||||||||||||||||||
Total trading securities | $ | 9,136,813 | $ | (9,290) | $ | 4,707,975 | $ | (3,560) |
December 31, 2021 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
Municipal securities | $ | 203,772 | $ | 223,609 | $ | 19,851 | $ | (14) | ||||||||||||||||||
Residential agency mortgage-backed securities | 6,939 | 7,500 | 561 | — | ||||||||||||||||||||||
Other debt securities | 288 | 286 | — | (2) | ||||||||||||||||||||||
Total investment securities | $ | 210,999 | $ | 231,395 | $ | 20,412 | $ | (16) | ||||||||||||||||||
Allowance for credit losses1 | (555) | |||||||||||||||||||||||||
Investment securities, net of allowance | $ | 210,444 | $ | 231,395 | $ | 20,412 | $ | (16) |
December 31, 2020 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
Municipal securities | $ | 229,245 | $ | 255,270 | $ | 26,169 | $ | (144) | ||||||||||||||||||
Residential agency mortgage-backed securities | 8,913 | 9,790 | 877 | — | ||||||||||||||||||||||
Other debt securities | 7,373 | 7,371 | — | (2) | ||||||||||||||||||||||
Total investment securities | $ | 245,531 | $ | 272,431 | $ | 27,046 | $ | (146) | ||||||||||||||||||
Allowance for credit losses1 | (688) | |||||||||||||||||||||||||
Investment securities, net of allowance | $ | 244,843 | $ | 272,431 | $ | 27,046 | $ | (146) |
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 | $ | 21,800 | $ | 103,923 | $ | 72,262 | $ | 6,075 | $ | 204,060 | 4.45 | |||||||||||||||||||||||||||
Fair value | 21,960 | 117,750 | 78,053 | 6,132 | 223,895 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||
Amortized cost | $ | 6,939 | 2 | |||||||||||||||||||||||||||||||||||
Fair value | 7,500 | |||||||||||||||||||||||||||||||||||||
Total investment securities: | ||||||||||||||||||||||||||||||||||||||
Amortized cost | $ | 210,999 | ||||||||||||||||||||||||||||||||||||
Fair value | 231,395 | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1 | $ | — | $ | — | $ | 587 | $ | 14 | $ | 587 | $ | 14 | |||||||||||||||||||||||||||||||
Other debt securities | 2 | $ | 273 | $ | 2 | $ | — | $ | — | $ | 273 | $ | 2 | |||||||||||||||||||||||||||||||
Total investment securities | 3 | $ | 273 | $ | 2 | $ | 587 | $ | 14 | $ | 860 | $ | 16 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 6 | $ | 2,451 | $ | 40 | $ | 2,043 | $ | 104 | $ | 4,494 | $ | 144 | |||||||||||||||||||||||||||||||
Other debt securities | 2 | 250 | 1 | 25 | 1 | 275 | 2 | |||||||||||||||||||||||||||||||||||||
Total investment securities | 8 | $ | 2,701 | $ | 41 | $ | 2,068 | $ | 105 | $ | 4,769 | $ | 146 |
December 31, 2021 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
U.S. Treasury | $ | 1,001 | $ | 1,000 | $ | — | $ | (1) | ||||||||||||||||||
Municipal securities | 515,551 | 508,365 | 1,302 | (8,488) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential agency | 7,908,587 | 8,006,616 | 155,477 | (57,448) | ||||||||||||||||||||||
Residential non-agency | 10,625 | 24,339 | 13,714 | — | ||||||||||||||||||||||
Commercial agency | 4,628,172 | 4,617,025 | 36,868 | (48,015) | ||||||||||||||||||||||
Other debt securities | 500 | 472 | — | (28) | ||||||||||||||||||||||
Total available for sale securities | $ | 13,064,436 | $ | 13,157,817 | $ | 207,361 | $ | (113,980) |
December 31, 2020 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
U.S. Treasury | $ | 500 | $ | 508 | $ | 8 | $ | — | ||||||||||||||||||
Municipal securities | 165,318 | 167,979 | 2,666 | (5) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential agency | 9,019,013 | 9,340,471 | 328,183 | (6,725) | ||||||||||||||||||||||
Residential non-agency | 17,563 | 32,770 | 15,207 | — | ||||||||||||||||||||||
Commercial agency | 3,406,956 | 3,508,465 | 103,590 | (2,081) | ||||||||||||||||||||||
Other debt securities | 500 | 472 | — | (28) | ||||||||||||||||||||||
Total available for sale securities | $ | 12,609,850 | $ | 13,050,665 | $ | 449,654 | $ | (8,839) |
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 | $ | 74,454 | $ | 1,881,944 | $ | 2,695,022 | $ | 493,804 | $ | 5,145,224 | 6.76 | ||||||||||||||||||||||||
Fair value | 74,874 | 1,898,237 | 2,657,759 | 495,992 | 5,126,862 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Amortized cost | $ | 7,919,212 | 2 | ||||||||||||||||||||||||||||||||
Fair value | 8,030,955 | ||||||||||||||||||||||||||||||||||
Total available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Amortized cost | $ | 13,064,436 | |||||||||||||||||||||||||||||||||
Fair value | 13,157,817 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Proceeds | $ | 622,881 | $ | 384,507 | $ | 1,211,718 | |||||||||||
Gross realized gains | 5,702 | 9,976 | 14,996 | ||||||||||||||
Gross realized losses | (1,998) | (66) | (9,399) | ||||||||||||||
Related federal and state income tax expense | 889 | 2,524 | 1,425 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,000 | $ | 1 | $ | — | $ | — | $ | 1,000 | $ | 1 | |||||||||||||||||||||||||||||||
Municipal securities | 175 | 423,575 | 7,762 | 22,476 | 726 | 446,051 | 8,488 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 120 | $ | 2,382,094 | $ | 37,121 | $ | 750,044 | $ | 20,327 | $ | 3,132,138 | $ | 57,448 | |||||||||||||||||||||||||||||||
Commercial agency | 165 | 2,104,689 | 35,488 | 703,216 | 12,527 | 2,807,905 | 48,015 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | — | — | 472 | 28 | 472 | 28 | |||||||||||||||||||||||||||||||||||||
Total available for sale securities | 462 | $ | 4,911,358 | $ | 80,372 | $ | 1,476,208 | $ | 33,608 | $ | 6,387,566 | $ | 113,980 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 1 | 6,166 | 5 | — | — | 6,166 | 5 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 38 | $ | 786,890 | $ | 6,605 | $ | 160,747 | $ | 120 | $ | 947,637 | $ | 6,725 | |||||||||||||||||||||||||||||||
Commercial agency | 37 | 350,506 | 1,587 | 277,627 | 494 | 628,133 | 2,081 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | — | — | 472 | 28 | 472 | 28 | |||||||||||||||||||||||||||||||||||||
Total available for sale securities | 77 | $ | 1,143,562 | $ | 8,197 | $ | 438,846 | $ | 642 | $ | 1,582,408 | $ | 8,839 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | |||||||||||||||||||||||
Residential agency mortgage-backed securities | 43,770 | 1,591 | 114,982 | 4,463 | ||||||||||||||||||||||
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 | $ | 2,614,162 | $ | 53,881 | $ | (10,101) | $ | 43,780 | $ | — | $ | 43,780 | ||||||||||||||||||||||||||
Energy contracts | 6,360,095 | 1,168,363 | (375,624) | 792,739 | — | 792,739 | ||||||||||||||||||||||||||||||||
Agricultural contracts | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 216,272 | 215,148 | — | 215,148 | — | 215,148 | ||||||||||||||||||||||||||||||||
Equity option contracts | 42,136 | 755 | — | 755 | (242) | 513 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 9,232,665 | 1,438,147 | (385,725) | 1,052,422 | (242) | 1,052,180 | ||||||||||||||||||||||||||||||||
Trading | 35,592,751 | 139,694 | (104,326) | 35,368 | (721) | 34,647 | ||||||||||||||||||||||||||||||||
Interest rate risk management programs | 869,506 | 10,687 | (217) | 10,470 | — | 10,470 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 45,694,922 | $ | 1,588,528 | $ | (490,268) | $ | 1,098,260 | $ | (963) | $ | 1,097,297 | ||||||||||||||||||||||||||
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 | $ | 2,614,162 | $ | 54,062 | $ | (10,101) | $ | 43,961 | $ | (33,870) | $ | 10,091 | ||||||||||||||||||||||||||
Energy contracts | 6,480,840 | 1,210,946 | (375,624) | 835,322 | (803,102) | 32,220 | ||||||||||||||||||||||||||||||||
Agricultural contracts | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 208,381 | 207,119 | — | 207,119 | (447) | 206,672 | ||||||||||||||||||||||||||||||||
Equity option contracts | 42,136 | 755 | — | 755 | — | 755 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 9,345,519 | 1,472,882 | (385,725) | 1,087,157 | (837,419) | 249,738 | ||||||||||||||||||||||||||||||||
Trading | 41,285,649 | 152,947 | (104,326) | 48,621 | (24,074) | 24,547 | ||||||||||||||||||||||||||||||||
Interest rate risk management programs | 298,832 | 1,557 | (217) | 1,340 | — | 1,340 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 50,930,000 | $ | 1,627,386 | $ | (490,268) | $ | 1,137,118 | $ | (861,493) | $ | 275,625 |
Assets | ||||||||||||||||||||||||||||||||||||||
Notional1 | Gross Fair Value | Netting Adjustments | Net Fair Value Before Cash Collateral | Cash Collateral | Fair Value Net of Cash Collateral | |||||||||||||||||||||||||||||||||
Customer risk management programs: | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,212,469 | $ | 113,524 | $ | (144) | $ | 113,380 | $ | — | $ | 113,380 | ||||||||||||||||||||||||||
Energy contracts | 3,791,565 | 386,008 | (211,468) | 174,540 | — | 174,540 | ||||||||||||||||||||||||||||||||
Agricultural contracts | 14,765 | 3,859 | — | 3,859 | — | 3,859 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 337,001 | 332,257 | — | 332,257 | (420) | 331,837 | ||||||||||||||||||||||||||||||||
Equity option contracts | 70,199 | 1,222 | — | 1,222 | (285) | 937 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 7,425,999 | 836,870 | (211,612) | 625,258 | (705) | 624,553 | ||||||||||||||||||||||||||||||||
Trading | 84,997,593 | 440,627 | (240,655) | 199,972 | (26,958) | 173,014 | ||||||||||||||||||||||||||||||||
Internal risk management programs | 995,123 | 17,352 | (4,231) | 13,121 | — | 13,121 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 93,418,715 | $ | 1,294,849 | $ | (456,498) | $ | 838,351 | $ | (27,663) | $ | 810,688 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Notional¹ | Gross Fair Value | Netting Adjustments | Net Fair Value Before Cash Collateral | Cash Collateral | Fair Value Net of Cash Collateral | |||||||||||||||||||||||||||||||||
Customer risk management programs: | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,212,469 | $ | 113,900 | $ | (144) | $ | 113,756 | $ | (104,202) | $ | 9,554 | ||||||||||||||||||||||||||
Energy contracts | 3,617,678 | 361,334 | (211,468) | 149,866 | (114,070) | 35,796 | ||||||||||||||||||||||||||||||||
Agricultural contracts | 14,781 | 3,844 | — | 3,844 | (3,844) | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 336,223 | 331,035 | — | 331,035 | (1,165) | 329,870 | ||||||||||||||||||||||||||||||||
Equity option contracts | 70,199 | 1,222 | — | 1,222 | — | 1,222 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 7,251,350 | 811,335 | (211,612) | 599,723 | (223,281) | 376,442 | ||||||||||||||||||||||||||||||||
Trading | 88,929,916 | 414,801 | (240,655) | 174,146 | (145,692) | 28,454 | ||||||||||||||||||||||||||||||||
Internal risk management programs | 145,256 | 5,529 | (4,231) | 1,298 | (415) | 883 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 96,326,522 | $ | 1,231,665 | $ | (456,498) | $ | 775,167 | $ | (369,388) | $ | 405,779 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Brokerage and Trading Revenue | Gain (Loss) on Derivatives, Net | 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 | ||||||||||||||||||||||||||||||||||||||
To-be-announced U.S. agency residential mortgage-backed securities1 | $ | — | $ | — | $ | — | $ | — | $ | 9,579 | $ | — | ||||||||||||||||||||||||||
Interest rate swaps | 5,503 | — | 4,507 | — | 3,647 | — | ||||||||||||||||||||||||||||||||
Energy contracts | 14,190 | — | 17,287 | — | 5,064 | — | ||||||||||||||||||||||||||||||||
Agricultural contracts | 27 | — | 34 | — | 28 | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 712 | — | 921 | — | 623 | — | ||||||||||||||||||||||||||||||||
Equity option contracts | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 20,432 | — | 22,749 | — | 18,941 | — | ||||||||||||||||||||||||||||||||
Trading2 | (11,453) | — | 8,255 | — | 13,999 | — | ||||||||||||||||||||||||||||||||
Internal risk management programs | — | (19,378) | — | 42,320 | — | 14,951 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 8,979 | $ | (19,378) | $ | 31,004 | $ | 42,320 | $ | 32,940 | $ | 14,951 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | Variable Rate | Non-accrual | Total | Fixed Rate | Variable Rate | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,360,117 | $ | 9,072,244 | $ | 74,104 | $ | 12,506,465 | $ | 3,174,203 | $ | 9,736,173 | $ | 167,159 | $ | 13,077,535 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 929,015 | 2,888,048 | 14,262 | 3,831,325 | 1,047,486 | 3,623,806 | 27,246 | 4,698,538 | ||||||||||||||||||||||||||||||||||||||||||
Paycheck protection program | 276,341 | — | — | 276,341 | 1,682,310 | — | — | 1,682,310 | ||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | 2,037,792 | 1,508,064 | 45,693 | 3,591,549 | 2,174,874 | 1,333,975 | 40,288 | 3,549,137 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,603,265 | $ | 13,468,356 | $ | 134,059 | $ | 20,205,680 | $ | 8,078,873 | $ | 14,693,954 | $ | 234,693 | $ | 23,007,520 | ||||||||||||||||||||||||||||||||||
Foregone interest on nonaccrual loans | $ | 14,102 | $ | 22,870 |
Commercial | Commercial Real Estate | Paycheck Protection Program | Loans to Individuals | Nonspecific Allowance | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 254,934 | 86,558 | — | 47,148 | — | 388,640 | ||||||||||||||||||||||||||||||||
Provision for loan losses | (59,326) | (26,522) | — | (9,354) | — | (95,202) | ||||||||||||||||||||||||||||||||
Loans charged off | (43,956) | (2,485) | — | (4,910) | — | (51,351) | ||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 10,404 | 1,002 | — | 2,928 | — | 14,334 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 162,056 | $ | 58,553 | $ | — | $ | 35,812 | $ | — | $ | 256,421 | ||||||||||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 14,422 | 20,571 | — | 1,928 | — | 36,921 | ||||||||||||||||||||||||||||||||
Provision for off-balance sheet credit risk | (610) | (3,129) | — | (205) | — | (3,944) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 13,812 | $ | 17,442 | $ | — | $ | 1,723 | $ | — | $ | 32,977 |
Commercial | Commercial Real Estate | Paycheck Protection Program | Loans to Individuals | Nonspecific Allowance | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 118,187 | $ | 51,805 | $ | — | $ | 23,572 | $ | 17,195 | $ | 210,759 | ||||||||||||||||||||||||||
Transition adjustment | 33,681 | (4,620) | — | 13,943 | (17,195) | 25,809 | ||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 151,868 | 47,185 | — | 37,515 | — | 236,568 | ||||||||||||||||||||||||||||||||
Provision for loan losses | 171,800 | 40,407 | — | 10,253 | — | 222,460 | ||||||||||||||||||||||||||||||||
Loans charged off | (73,370) | (1,300) | — | (4,729) | — | (79,399) | ||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 4,636 | 266 | — | 4,109 | — | 9,011 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 254,934 | $ | 86,558 | $ | — | $ | 47,148 | $ | — | $ | 388,640 | ||||||||||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,434 | $ | 107 | $ | — | $ | 44 | $ | — | $ | 1,585 | ||||||||||||||||||||||||||
Transition adjustment | 10,144 | 11,660 | — | 1,748 | — | 23,552 | ||||||||||||||||||||||||||||||||
Beginning balance, adjusted | 11,578 | 11,767 | — | 1,792 | — | 25,137 | ||||||||||||||||||||||||||||||||
Provision for off-balance sheet credit risk | 2,844 | 8,804 | — | 136 | — | 11,784 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 14,422 | $ | 20,571 | $ | — | $ | 1,928 | $ | — | $ | 36,921 |
Collectively Measured for General Allowances | Individually Measured for Specific Allowances | Total | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||
Commercial | $ | 12,432,361 | $ | 158,063 | $ | 74,104 | $ | 3,993 | $ | 12,506,465 | $ | 162,056 | ||||||||||||||||||||||||||
Commercial real estate | 3,817,063 | 56,204 | 14,262 | 2,349 | 3,831,325 | 58,553 | ||||||||||||||||||||||||||||||||
Paycheck protection program | 276,341 | — | — | — | 276,341 | — | ||||||||||||||||||||||||||||||||
Loans to individuals | 3,545,856 | 35,812 | 45,693 | — | 3,591,549 | 35,812 | ||||||||||||||||||||||||||||||||
Total | $ | 20,071,621 | $ | 250,079 | $ | 134,059 | $ | 6,342 | $ | 20,205,680 | $ | 256,421 |
Collectively Measured for General Allowances | Individually Measured for Specific Allowances | Total | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||
Commercial | $ | 12,910,376 | $ | 235,882 | $ | 167,159 | $ | 19,052 | $ | 13,077,535 | $ | 254,934 | ||||||||||||||||||||||||||
Commercial real estate | 4,671,292 | 83,169 | 27,246 | 3,389 | 4,698,538 | 86,558 | ||||||||||||||||||||||||||||||||
Paycheck protection program | 1,682,310 | — | — | — | 1,682,310 | — | ||||||||||||||||||||||||||||||||
Loans to individuals | 3,508,849 | 47,148 | 40,288 | — | 3,549,137 | 47,148 | ||||||||||||||||||||||||||||||||
Total | $ | 22,772,827 | $ | 366,199 | $ | 234,693 | $ | 22,441 | $ | 23,007,520 | $ | 388,640 |
Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Pass | $ | 252,133 | $ | 29,556 | $ | 15,914 | $ | 13,548 | $ | 4,741 | $ | 6,765 | $ | 2,540,525 | $ | — | $ | 2,863,182 | |||||||||||
Special Mention | 558 | 771 | — | — | — | — | 750 | — | 2,079 | ||||||||||||||||||||
Accruing Substandard | 10,650 | 22,611 | 1,185 | 814 | — | 716 | 74,556 | — | 110,532 | ||||||||||||||||||||
Nonaccrual | — | 20,487 | — | — | — | 714 | 9,890 | — | 31,091 | ||||||||||||||||||||
Total energy | 263,341 | 73,425 | 17,099 | 14,362 | 4,741 | 8,195 | 2,625,721 | — | 3,006,884 | ||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||||||
Pass | 563,800 | 589,193 | 516,558 | 498,998 | 319,096 | 688,136 | 160,154 | 26 | 3,335,961 | ||||||||||||||||||||
Special Mention | 6,835 | — | 15,583 | — | 11,135 | — | 5 | — | 33,558 | ||||||||||||||||||||
Accruing Substandard | — | — | 27,135 | 543 | — | 1,981 | — | — | 29,659 | ||||||||||||||||||||
Nonaccrual | — | — | — | 6,542 | — | 8,711 | 509 | — | 15,762 | ||||||||||||||||||||
Total healthcare | 570,635 | 589,193 | 559,276 | 506,083 | 330,231 | 698,828 | 160,668 | 26 | 3,414,940 | ||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Pass | 696,149 | 405,057 | 289,375 | 275,010 | 225,404 | 795,029 | 607,958 | 375 | 3,294,357 | ||||||||||||||||||||
Special Mention | 434 | 405 | 1,830 | 1,047 | 3,290 | 47 | 17,210 | 192 | 24,455 | ||||||||||||||||||||
Accruing Substandard | 43 | 530 | 4,166 | 10,714 | 1,785 | 2,366 | 11,607 | — | 31,211 | ||||||||||||||||||||
Nonaccrual | — | — | — | 230 | 13,918 | 2,519 | 503 | — | 17,170 | ||||||||||||||||||||
Total services | 696,626 | 405,992 | 295,371 | 287,001 | 244,397 | 799,961 | 637,278 | 567 | 3,367,193 | ||||||||||||||||||||
General business | |||||||||||||||||||||||||||||
Pass | 584,438 | 211,892 | 264,462 | 177,384 | 168,977 | 215,014 | 1,047,420 | 2,284 | 2,671,871 | ||||||||||||||||||||
Special Mention | 218 | 223 | 60 | 1,435 | 3,842 | — | 5,875 | — | 11,653 | ||||||||||||||||||||
Accruing Substandard | 265 | 1,066 | 1,634 | 7,697 | 8,336 | 3,024 | 1,821 | — | 23,843 | ||||||||||||||||||||
Nonaccrual | — | 2,444 | 4,562 | 1,046 | 762 | 518 | 730 | 19 | 10,081 | ||||||||||||||||||||
Total general business | 584,921 | 215,625 | 270,718 | 187,562 | 181,917 | 218,556 | 1,055,846 | 2,303 | 2,717,448 | ||||||||||||||||||||
Total commercial | 2,115,523 | 1,284,235 | 1,142,464 | 995,008 | 761,286 | 1,725,540 | 4,479,513 | 2,896 | 12,506,465 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Pass | 717,400 | 711,231 | 871,283 | 403,115 | 279,058 | 664,684 | 117,847 | 31 | 3,764,649 | ||||||||||||||||||||
Special Mention | — | — | — | 6,660 | 10,898 | 9,244 | — | — | 26,802 | ||||||||||||||||||||
Accruing Substandard | — | — | — | 13,352 | 4,480 | 7,780 | — | — | 25,612 | ||||||||||||||||||||
Nonaccrual | — | — | 8,076 | — | — | 6,186 | — | — | 14,262 | ||||||||||||||||||||
Total commercial real estate | 717,400 | 711,231 | 879,359 | 423,127 | 294,436 | 687,894 | 117,847 | 31 | 3,831,325 | ||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Paycheck protection program: | |||||||||||||||||||||||||||||
Pass | 237,357 | 38,984 | — | — | — | — | — | — | 276,341 | ||||||||||||||||||||
Total paycheck protection program | 237,357 | 38,984 | — | — | — | — | — | — | 276,341 | ||||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Pass | 386,092 | 452,537 | 84,001 | 60,390 | 68,150 | 295,632 | 320,638 | 21,463 | 1,688,903 | ||||||||||||||||||||
Special Mention | — | — | 156 | — | 19 | 411 | 282 | 159 | 1,027 | ||||||||||||||||||||
Accruing Substandard | 98 | — | — | — | 127 | 41 | 400 | — | 666 | ||||||||||||||||||||
Nonaccrual | 1,516 | 1,809 | 383 | 1,968 | 629 | 22,289 | 2,177 | 803 | 31,574 | ||||||||||||||||||||
Total residential mortgage | 387,706 | 454,346 | 84,540 | 62,358 | 68,925 | 318,373 | 323,497 | 22,425 | 1,722,170 | ||||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | |||||||||||||||||||||||||||||
Pass | 699 | 11,380 | 20,650 | 27,970 | 32,742 | 246,871 | — | — | 340,312 | ||||||||||||||||||||
Nonaccrual | — | — | 1,259 | 821 | 635 | 11,146 | — | — | 13,861 | ||||||||||||||||||||
Total residential mortgage guaranteed by U.S. government agencies | 699 | 11,380 | 21,909 | 28,791 | 33,377 | 258,017 | — | — | 354,173 | ||||||||||||||||||||
Personal: | |||||||||||||||||||||||||||||
Pass | 218,960 | 180,577 | 177,389 | 70,249 | 92,592 | 135,041 | 638,713 | 728 | 1,514,249 | ||||||||||||||||||||
Special Mention | — | 9 | 34 | 3 | — | 47 | — | — | 93 | ||||||||||||||||||||
Accruing Substandard | 435 | 5 | 165 | — | — | 1 | — | — | 606 | ||||||||||||||||||||
Nonaccrual | 110 | 14 | 10 | 24 | 35 | 40 | 25 | — | 258 | ||||||||||||||||||||
Total personal | 219,505 | 180,605 | 177,598 | 70,276 | 92,627 | 135,129 | 638,738 | 728 | 1,515,206 | ||||||||||||||||||||
Total loans to individuals | 607,910 | 646,331 | 284,047 | 161,425 | 194,929 | 711,519 | 962,235 | 23,153 | 3,591,549 | ||||||||||||||||||||
Total loans | $ | 3,678,190 | $ | 2,680,781 | $ | 2,305,870 | $ | 1,579,560 | $ | 1,250,651 | $ | 3,124,953 | $ | 5,559,595 | $ | 26,080 | $ | 20,205,680 |
Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Pass | $ | 112,614 | $ | 51,863 | $ | 89,346 | $ | 7,178 | $ | 1,148 | $ | 7,956 | $ | 2,548,663 | $ | — | $ | 2,818,768 | |||||||||||
Special Mention | — | — | — | — | — | — | 202,590 | — | 202,590 | ||||||||||||||||||||
Accruing Substandard | 24,000 | 1,363 | 1,453 | — | 12,667 | — | 283,294 | — | 322,777 | ||||||||||||||||||||
Nonaccrual | 21,076 | 2,607 | — | — | — | 21,064 | 80,312 | — | 125,059 | ||||||||||||||||||||
Total energy | 157,690 | 55,833 | 90,799 | 7,178 | 13,815 | 29,020 | 3,114,859 | — | 3,469,194 | ||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||||||
Pass | 536,745 | 615,221 | 638,302 | 422,834 | 234,399 | 658,286 | 147,132 | — | 3,252,919 | ||||||||||||||||||||
Special Mention | — | 27,500 | — | — | — | 8,282 | 5 | — | 35,787 | ||||||||||||||||||||
Accruing Substandard | — | — | 1,191 | 929 | 132 | 11,387 | — | — | 13,639 | ||||||||||||||||||||
Nonaccrual | — | 18 | 183 | — | — | 2,935 | 509 | — | 3,645 | ||||||||||||||||||||
Total healthcare | 536,745 | 642,739 | 639,676 | 423,763 | 234,531 | 680,890 | 147,646 | — | 3,305,990 | ||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Pass | 534,853 | 436,384 | 372,867 | 307,374 | 373,785 | 683,936 | 665,491 | 682 | 3,375,372 | ||||||||||||||||||||
Special Mention | 150 | 9,057 | 389 | 291 | 2,038 | 2,000 | 3,063 | — | 16,988 | ||||||||||||||||||||
Accruing Substandard | 429 | 6,380 | 26,008 | 6,027 | 5,030 | 7,954 | 38,797 | — | 90,625 | ||||||||||||||||||||
Nonaccrual | 4,833 | 448 | — | 12,590 | 1,049 | 6,138 | 540 | — | 25,598 | ||||||||||||||||||||
Total services | 540,265 | 452,269 | 399,264 | 326,282 | 381,902 | 700,028 | 707,891 | 682 | 3,508,583 | ||||||||||||||||||||
General business | |||||||||||||||||||||||||||||
Pass | 419,756 | 394,985 | 310,273 | 236,222 | 103,987 | 186,600 | 1,055,878 | 2,316 | 2,710,017 | ||||||||||||||||||||
Special Mention | 197 | 4,519 | 9,713 | 7,803 | 2,511 | 3,159 | 2,483 | 19 | 30,404 | ||||||||||||||||||||
Accruing Substandard | 1,432 | 3,069 | 6,694 | 10,935 | 10,042 | 3,729 | 4,449 | 140 | 40,490 | ||||||||||||||||||||
Nonaccrual | 1,675 | 3,728 | 4,863 | 1,436 | 530 | 107 | 477 | 41 | 12,857 | ||||||||||||||||||||
Total general business | 423,060 | 406,301 | 331,543 | 256,396 | 117,070 | 193,595 | 1,063,287 | 2,516 | 2,793,768 | ||||||||||||||||||||
Total commercial | 1,657,760 | 1,557,142 | 1,461,282 | 1,013,619 | 747,318 | 1,603,533 | 5,033,683 | 3,198 | 13,077,535 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Pass | 725,577 | 1,211,338 | 954,226 | 489,193 | 314,899 | 722,475 | 223,131 | 38 | 4,640,877 | ||||||||||||||||||||
Special Mention | — | — | 259 | 12,311 | 2,725 | 5,831 | — | — | 21,126 | ||||||||||||||||||||
Accruing Substandard | — | — | — | 4,410 | — | 4,852 | 27 | — | 9,289 | ||||||||||||||||||||
Nonaccrual | — | 8,300 | — | 232 | 7,468 | 11,246 | — | — | 27,246 | ||||||||||||||||||||
Total commercial real estate | 725,577 | 1,219,638 | 954,485 | 506,146 | 325,092 | 744,404 | 223,158 | 38 | 4,698,538 | ||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Paycheck protection program: | |||||||||||||||||||||||||||||
Pass | 1,682,310 | — | — | — | — | — | — | — | 1,682,310 | ||||||||||||||||||||
Total paycheck protection program | 1,682,310 | — | — | — | — | — | — | — | 1,682,310 | ||||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Pass | 564,325 | 149,832 | 120,875 | 124,930 | 158,801 | 348,292 | 335,259 | 24,553 | 1,826,867 | ||||||||||||||||||||
Special Mention | 33 | 11 | 2,094 | — | 59 | 318 | 950 | 10 | 3,475 | ||||||||||||||||||||
Accruing Substandard | — | — | 51 | — | — | 34 | 272 | 76 | 433 | ||||||||||||||||||||
Nonaccrual | 648 | 104 | 1,658 | 784 | 2,010 | 22,415 | 3,835 | 774 | 32,228 | ||||||||||||||||||||
Total residential mortgage | 565,006 | 149,947 | 124,678 | 125,714 | 160,870 | 371,059 | 340,316 | 25,413 | 1,863,003 | ||||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | |||||||||||||||||||||||||||||
Pass | 4,859 | 33,880 | 34,464 | 43,099 | 58,264 | 226,380 | — | — | 400,946 | ||||||||||||||||||||
Nonaccrual | — | — | 545 | — | 309 | 6,887 | — | — | 7,741 | ||||||||||||||||||||
Total residential mortgage guaranteed by U.S. government agencies | 4,859 | 33,880 | 35,009 | 43,099 | 58,573 | 233,267 | — | — | 408,687 | ||||||||||||||||||||
Personal: | |||||||||||||||||||||||||||||
Pass | 219,873 | 200,580 | 76,246 | 100,229 | 64,104 | 102,126 | 510,571 | 1,510 | 1,275,239 | ||||||||||||||||||||
Special Mention | 39 | 55 | 66 | — | 469 | 31 | 965 | — | 1,625 | ||||||||||||||||||||
Accruing Substandard | 11 | 214 | 10 | — | — | — | 29 | — | 264 | ||||||||||||||||||||
Nonaccrual | 28 | 17 | 57 | 73 | 50 | 49 | 45 | — | 319 | ||||||||||||||||||||
Total personal | 219,951 | 200,866 | 76,379 | 100,302 | 64,623 | 102,206 | 511,610 | 1,510 | 1,277,447 | ||||||||||||||||||||
Total loans to individuals | 789,816 | 384,693 | 236,066 | 269,115 | 284,066 | 706,532 | 851,926 | 26,923 | 3,549,137 | ||||||||||||||||||||
Total loans | $ | 4,855,463 | $ | 3,161,473 | $ | 2,651,833 | $ | 1,788,880 | $ | 1,356,476 | $ | 3,054,469 | $ | 6,108,767 | $ | 30,159 | $ | 23,007,520 |
Total | With No Allowance | With Allowance | Related Allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Energy | $ | 31,091 | $ | 31,091 | $ | — | $ | — | |||||||||||||||
Healthcare | 15,762 | 9,679 | 6,083 | 53 | |||||||||||||||||||
Services | 17,170 | 13,686 | 3,484 | 2,584 | |||||||||||||||||||
General business | 10,081 | 7,690 | 2,391 | 1,357 | |||||||||||||||||||
Total commercial | 74,104 | 62,146 | 11,958 | 3,994 | |||||||||||||||||||
Commercial real estate | 14,262 | 6,186 | 8,076 | 2,349 | |||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||
Residential mortgage | 31,574 | 31,574 | — | — | |||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 13,861 | 13,861 | — | — | |||||||||||||||||||
Personal | 258 | 258 | — | — | |||||||||||||||||||
Total loans to individuals | 45,693 | 45,693 | — | — | |||||||||||||||||||
Total | $ | 134,059 | $ | 114,025 | $ | 20,034 | $ | 6,343 |
Total | With No Allowance | With Allowance | Related Allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Energy | $ | 125,059 | $ | 76,633 | $ | 48,426 | $ | 16,478 | |||||||||||||||
Healthcare | 3,645 | 3,645 | — | — | |||||||||||||||||||
Services | 25,598 | 20,810 | 4,788 | 2,574 | |||||||||||||||||||
General business | 12,857 | 12,857 | — | — | |||||||||||||||||||
Total commercial | 167,159 | 113,945 | 53,214 | 19,052 | |||||||||||||||||||
Commercial real estate | 27,246 | 13,645 | 13,601 | 3,389 | |||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||
Residential mortgage | 32,228 | 32,228 | — | — | |||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 7,741 | 7,741 | — | — | |||||||||||||||||||
Personal | 319 | 319 | — | — | |||||||||||||||||||
Total loans to individuals | 40,288 | 40,288 | — | — | |||||||||||||||||||
Total | $ | 234,693 | $ | 167,878 | $ | 66,815 | $ | 22,441 |
Past Due | ||||||||||||||||||||||||||||||||||||||
Current | 30 to 59 Days | 60 to 89 Days | 90 Days or More | Total | Past Due 90 Days or More and Accruing | |||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Energy | $ | 3,002,623 | $ | 545 | 3,716 | $ | — | $ | 3,006,884 | $ | — | |||||||||||||||||||||||||||
Healthcare | 3,412,072 | 2,359 | — | 509 | 3,414,940 | — | ||||||||||||||||||||||||||||||||
Services | 3,352,639 | 920 | 4,620 | 9,014 | 3,367,193 | — | ||||||||||||||||||||||||||||||||
General business | 2,705,596 | 6,080 | 997 | 4,775 | 2,717,448 | 199 | ||||||||||||||||||||||||||||||||
Total commercial | 12,472,930 | 9,904 | 9,333 | 14,298 | 12,506,465 | 199 | ||||||||||||||||||||||||||||||||
Commercial real estate | 3,827,962 | — | 206 | 3,157 | 3,831,325 | — | ||||||||||||||||||||||||||||||||
Paycheck protection program | 276,341 | — | — | — | 276,341 | 74 | ||||||||||||||||||||||||||||||||
Loans to individuals | ||||||||||||||||||||||||||||||||||||||
Permanent mortgage | 1,707,654 | 6,263 | 1,556 | 6,697 | 1,722,170 | — | ||||||||||||||||||||||||||||||||
Permanent mortgages guaranteed by U.S. government agencies | 181,022 | 26,869 | 16,751 | 129,531 | 354,173 | 118,819 | ||||||||||||||||||||||||||||||||
Personal | 1,514,938 | 66 | 24 | 178 | 1,515,206 | 40 | ||||||||||||||||||||||||||||||||
Total loans to individuals | 3,403,614 | 33,198 | 18,331 | 136,406 | 3,591,549 | 118,859 | ||||||||||||||||||||||||||||||||
Total | $ | 19,980,847 | $ | 43,102 | $ | 27,870 | $ | 153,861 | $ | 20,205,680 | $ | 119,132 |
Past Due | ||||||||||||||||||||||||||||||||||||||
Current | 30 to 59 Days | 60 to 89 Days | 90 Days or More | Total | Past Due 90 Days or More and Accruing | |||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Energy | $ | 3,410,995 | $ | 12,735 | 4,050 | $ | 41,414 | $ | 3,469,194 | $ | — | |||||||||||||||||||||||||||
Healthcare | 3,302,345 | — | — | 3,645 | 3,305,990 | — | ||||||||||||||||||||||||||||||||
Services | 3,489,423 | 3,278 | 177 | 15,705 | 3,508,583 | 326 | ||||||||||||||||||||||||||||||||
General business | 2,776,038 | 1,206 | 6,277 | 10,247 | 2,793,768 | 4,495 | ||||||||||||||||||||||||||||||||
Total commercial | 12,978,801 | 17,219 | 10,504 | 71,011 | 13,077,535 | 4,821 | ||||||||||||||||||||||||||||||||
Commercial real estate | 4,672,279 | 276 | 5,310 | 20,673 | 4,698,538 | 5,126 | ||||||||||||||||||||||||||||||||
Paycheck protection program | 1,682,310 | — | — | — | 1,682,310 | — | ||||||||||||||||||||||||||||||||
Loans to individuals | ||||||||||||||||||||||||||||||||||||||
Permanent mortgage | 1,849,304 | 5,812 | 837 | 7,050 | 1,863,003 | 181 | ||||||||||||||||||||||||||||||||
Permanent mortgages guaranteed by U.S. government agencies | 262,102 | 41,389 | 22,041 | 83,155 | 408,687 | 78,349 | ||||||||||||||||||||||||||||||||
Personal | 1,273,702 | 3,317 | 90 | 338 | 1,277,447 | 241 | ||||||||||||||||||||||||||||||||
Total loans to individuals | 3,385,108 | 50,518 | 22,968 | 90,543 | 3,549,137 | 78,771 | ||||||||||||||||||||||||||||||||
Total | $ | 22,718,498 | $ | 68,013 | $ | 38,782 | $ | 182,227 | $ | 23,007,520 | $ | 88,718 |
Commercial | Commercial Real Estate | Residential Mortgage | Personal | Nonspecific Allowance | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 102,226 | $ | 60,026 | $ | 17,964 | $ | 9,473 | $ | 17,768 | $ | 207,457 | ||||||||||||||||||||||||||
Provision for loan losses | 57,125 | (12,046) | (3,838) | 3,537 | (573) | 44,205 | ||||||||||||||||||||||||||||||||
Loans charged off | (43,185) | (1,161) | (288) | (6,343) | — | (50,977) | ||||||||||||||||||||||||||||||||
Recoveries | 2,021 | 4,986 | 562 | 2,505 | — | 10,074 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 118,187 | $ | 51,805 | $ | 14,400 | $ | 9,172 | $ | 17,195 | $ | 210,759 | ||||||||||||||||||||||||||
Allowance for off-balance sheet credit losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | 1,655 | 52 | 52 | 31 | — | 1,790 | ||||||||||||||||||||||||||||||||
Provision for off-balance sheet credit losses | (221) | 55 | (8) | (31) | — | (205) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,434 | $ | 107 | $ | 44 | $ | — | $ | — | $ | 1,585 | ||||||||||||||||||||||||||
Total provision for credit losses | $ | 56,904 | $ | (11,991) | $ | (3,846) | $ | 3,506 | $ | (573) | $ | 44,000 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Land | $ | 69,776 | $ | 69,776 | ||||||||||
Buildings and improvements | 472,450 | 440,528 | ||||||||||||
Software and related integration | 159,063 | 120,444 | ||||||||||||
Furniture and equipment | 186,092 | 165,344 | ||||||||||||
Construction in progress | 36,917 | 46,949 | ||||||||||||
Premises and equipment | 924,298 | 843,041 | ||||||||||||
Less accumulated depreciation | 350,150 | 291,733 | ||||||||||||
Premises and equipment, net of accumulated depreciation | $ | 574,148 | $ | 551,308 |
Dec. 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Core deposit premiums | $ | 103,200 | $ | 103,200 | ||||||||||
Less accumulated amortization | 44,149 | 32,256 | ||||||||||||
Net core deposit premiums | 59,051 | 70,944 | ||||||||||||
Other identifiable intangible assets | 78,154 | 82,731 | ||||||||||||
Less accumulated amortization | 45,427 | 40,239 | ||||||||||||
Net other identifiable intangible assets | 32,727 | 42,492 | ||||||||||||
Total intangible assets, net | $ | 91,778 | $ | 113,436 |
Core Deposit Premiums | Other Identifiable Intangible Assets | Total | ||||||||||||||||||
2022 | $ | 10,981 | $ | 4,665 | $ | 15,646 | ||||||||||||||
2023 | 10,145 | 3,625 | 13,770 | |||||||||||||||||
2024 | 9,379 | 2,611 | 11,990 | |||||||||||||||||
2025 | 8,675 | 2,201 | 10,876 | |||||||||||||||||
2026 | 7,986 | 1,828 | 9,814 | |||||||||||||||||
Thereafter | 11,885 | 17,797 | 29,682 | |||||||||||||||||
$ | 59,051 | $ | 32,727 | $ | 91,778 |
Commercial Banking | Consumer Banking | Wealth Management | Funds Management and Other | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 913,931 | $ | 43,458 | $ | 90,702 | $ | — | $ | 1,048,091 | ||||||||||||||||||||||
Balance, December 31, 2020 | 913,931 | 43,458 | 90,702 | — | 1,048,091 | |||||||||||||||||||||||||||
Sale of consolidated merchant banking investment during 2021 | (3,342) | — | — | — | (3,342) | |||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 910,589 | $ | 43,458 | $ | 90,702 | $ | — | $ | 1,044,749 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Unpaid Principal Balance/ Notional | Fair Value | Unpaid Principal Balance/ Notional | Fair Value | |||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 182,710 | $ | 186,175 | $ | 227,161 | $ | 236,444 | ||||||||||||||||||
Residential mortgage loan commitments | 171,412 | 6,167 | 380,637 | 20,435 | ||||||||||||||||||||||
Forward sales contracts | 328,433 | (47) | 549,414 | (4,563) | ||||||||||||||||||||||
$ | 192,295 | $ | 252,316 |
Year Ended | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Production revenue: | ||||||||||||||||||||
Net realized gains on sales of mortgage loans | $ | 76,282 | $ | 107,847 | $ | 39,730 | ||||||||||||||
Net change in unrealized gain on mortgage loans held for sale | (5,818) | 6,697 | 672 | |||||||||||||||||
Net change in the fair value of mortgage loan commitments | (14,268) | 15,202 | (145) | |||||||||||||||||
Net change in the fair value of forward sales contracts | 4,516 | (3,898) | 2,463 | |||||||||||||||||
Total mortgage production revenue | 60,712 | 125,848 | 42,720 | |||||||||||||||||
Servicing revenue | 45,184 | 56,512 | 64,821 | |||||||||||||||||
Total mortgage banking revenue | $ | 105,896 | $ | 182,360 | $ | 107,541 |
December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Number of residential mortgage loans serviced for others | 102,008 | 106,201 | 126,828 | |||||||||||||||||
Outstanding principal balance of residential mortgage loans serviced for others | $ | 16,442,446 | $ | 16,228,449 | $ | 20,727,106 | ||||||||||||||
Weighted average interest rate | 3.58 | % | 3.84 | % | 3.98 | % | ||||||||||||||
Remaining contractual term (in months) | 281 | 280 | 289 |
Balance, December 31, 2018 | $ | 259,254 | ||||||
Additions | 35,128 | |||||||
Change in fair value due to loan runoff | (38,979) | |||||||
Change in fair value due to market changes | (53,517) | |||||||
Balance, December 31, 2019 | 201,886 | |||||||
Additions | 31,209 | |||||||
Disposals | (10,801) | |||||||
Change in fair value due to loan runoff | (41,598) | |||||||
Change in fair value due to market changes | (79,524) | |||||||
Balance, December 31, 2020 | 101,172 | |||||||
Additions | 31,132 | |||||||
Acquisitions | 28,018 | |||||||
Change in fair value due to loan runoff | (38,761) | |||||||
Change in fair value due to market changes | 41,637 | |||||||
Balance, December 31, 2021 | $ | 163,198 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Discount rate – risk-free rate plus a market premium | 8.39% | 9.14% | ||||||||||||
Prepayment rate - based upon loan interest rate, original term and loan type | 12.11% | 19.73% | ||||||||||||
Loan servicing costs – annually per loan based upon loan type: | ||||||||||||||
Performing loans | $69 - $94 | $69 - $94 | ||||||||||||
Delinquent loans | $150 - $500 | $150 - $500 | ||||||||||||
Loans in foreclosure | $1,000 - $4,000 | $1,000 - $4,000 | ||||||||||||
Primary/secondary mortgage rate spread | 105 bps | 105 bps | ||||||||||||
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life | 1.32% | 0.43% | ||||||||||||
Delinquency rate | 2.05% | 3.54% |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Transaction deposits | $ | 21,961 | $ | 60,424 | $ | 132,854 | ||||||||||||||
Savings | 374 | 385 | 677 | |||||||||||||||||
Time: | ||||||||||||||||||||
Certificates of deposits under $100,000 | 2,961 | 6,741 | 8,299 | |||||||||||||||||
Certificates of deposits $100,000 and over | 4,719 | 18,270 | 29,288 | |||||||||||||||||
Other time deposits | 3,469 | 4,176 | 4,420 | |||||||||||||||||
Total time | 11,149 | 29,187 | 42,007 | |||||||||||||||||
Total | $ | 33,484 | $ | 89,996 | $ | 175,538 |
As of | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||
Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
Funds purchased | $ | 199,513 | 0.05 | % | $ | 543,183 | 0.46 | % | $ | 542,465 | ||||||||||||||||||||||
Repurchase agreements | 2,126,936 | 0.08 | % | 1,695,519 | 0.33 | % | 2,920,728 | |||||||||||||||||||||||||
Other borrowings: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | — | — | % | 1,679,315 | 0.27 | % | 2,600,000 | |||||||||||||||||||||||||
GNMA repurchase liability | 7,420 | 4.36 | % | 11,956 | 4.06 | % | 23,856 | |||||||||||||||||||||||||
Paycheck protection program liquidity facility | — | — | % | 879,145 | 0.35 | % | 1,662,598 | |||||||||||||||||||||||||
Other | 29,333 | 3.23 | % | 29,445 | 4.18 | % | 31,875 | |||||||||||||||||||||||||
Total other borrowings | 36,753 | 2,599,861 | 0.38 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 131,226 | 3.95 | % | 224,058 | 4.70 | % | 276,049 | |||||||||||||||||||||||||
Total other borrowed funds | $ | 2,494,428 | $ | 5,062,621 | 0.56 | % |
As of | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||
Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
Funds purchased | $ | 769,365 | 0.05 | % | $ | 2,045,795 | 0.58 | % | $ | 3,311,938 | ||||||||||||||||||||||
Repurchase agreements | 893,021 | 0.09 | % | 1,589,746 | 0.24 | % | 3,230,097 | |||||||||||||||||||||||||
Other borrowings: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 200,000 | 0.29 | % | 3,393,989 | 1.00 | % | 7,500,000 | |||||||||||||||||||||||||
GNMA repurchase liability | 19,500 | 4.35 | % | 42,771 | 4.18 | % | 126,569 | |||||||||||||||||||||||||
Federal Reserve Bank advances | — | — | % | 42,464 | 0.26 | % | — | |||||||||||||||||||||||||
Paycheck protection program liquidity facility | 1,635,963 | 0.35 | % | 1,152,073 | 0.35 | % | 2,013,414 | |||||||||||||||||||||||||
Other | 27,507 | 5.24 | % | 28,156 | 5.12 | % | 49,376 | |||||||||||||||||||||||||
Total other borrowings | 1,882,970 | 4,659,453 | 0.88 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 276,005 | 4.72 | % | 275,965 | 5.05 | % | 276,005 | |||||||||||||||||||||||||
Total other borrowed funds | $ | 3,821,361 | $ | 8,570,959 | 0.82 | % |
As of | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||
Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
Funds purchased | $ | 3,390,528 | 1.53 | % | $ | 2,438,376 | 2.08 | % | $ | 3,390,528 | ||||||||||||||||||||||
Repurchase agreements | 427,822 | 0.50 | % | 399,785 | 0.57 | % | 427,822 | |||||||||||||||||||||||||
Other borrowings: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 4,500,000 | 1.79 | % | 7,122,466 | 2.44 | % | 8,000,000 | |||||||||||||||||||||||||
GNMA repurchase liability | 15,417 | 4.32 | % | 13,746 | 4.47 | % | 19,581 | |||||||||||||||||||||||||
Other | 11,638 | 5.09 | % | 11,144 | 5.30 | % | 34,676 | |||||||||||||||||||||||||
Total other borrowings | 4,527,055 | 7,147,356 | 2.45 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 275,923 | 5.15 | % | 276,075 | 5.47 | % | 275,923 | |||||||||||||||||||||||||
Total other borrowed funds | $ | 8,621,328 | $ | 10,261,592 | 2.37 | % |
2022 | $ | 2,343,341 | ||||||
2023 | 3,378 | |||||||
2024 | 3,498 | |||||||
2025 | 3,622 | |||||||
2026 | 3,752 | |||||||
Thereafter | 136,837 | |||||||
Total | $ | 2,494,428 |
December 31, 2021 | ||||||||||||||||||||||||||
Amortized | Fair | Repurchase | ||||||||||||||||||||||||
Security Sold/Maturity | Cost | Value | Liability1 | Rate | ||||||||||||||||||||||
U.S. government agency mortgage-backed securities: | ||||||||||||||||||||||||||
Overnight1 | $ | 907,154 | $ | 902,507 | $ | 884,936 | 0.08 | % | ||||||||||||||||||
Less than 30 days2 | N/A | 1,242,000 | 1,242,000 | 1.50 | % | |||||||||||||||||||||
Total Agency Securities | $ | 907,154 | $ | 2,144,507 | $ | 2,126,936 | 1.58 | % | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Amortized | Fair | Repurchase | ||||||||||||||||||||||||
Security Sold/Maturity | Cost | Value | Liability1 | Rate | ||||||||||||||||||||||
U.S. government agency mortgage-backed securities: | ||||||||||||||||||||||||||
Overnight1 | $ | 893,069 | $ | 910,885 | $ | 893,021 | 0.09 | % | ||||||||||||||||||
Less than 30 days | — | — | — | — | % | |||||||||||||||||||||
Total Agency Securities | $ | 893,069 | $ | 910,885 | $ | 893,021 | 0.09 | % |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Deferred tax assets: | |||||||||||
Credit loss reserves | $ | 67,339 | $ | 101,265 | |||||||
Lease liability | 48,457 | 44,794 | |||||||||
Deferred compensation | 33,945 | 29,504 | |||||||||
Unearned fees | 11,368 | 14,584 | |||||||||
Purchased loan discount | 7,498 | 11,537 | |||||||||
Share-based compensation | 5,989 | 6,525 | |||||||||
Valuation adjustments | 1,883 | 3,834 | |||||||||
Other | 28,958 | 29,963 | |||||||||
Total deferred tax assets | 205,437 | 242,006 | |||||||||
Deferred tax liabilities: | |||||||||||
Available for sale securities mark to market | 21,841 | 105,769 | |||||||||
Right-of-use asset | 41,291 | 38,635 | |||||||||
Mortgage servicing rights | 31,703 | 24,182 | |||||||||
Acquired identifiable intangible | 14,307 | 18,138 | |||||||||
Depreciation | 10,939 | 13,754 | |||||||||
Lease financing | 11,120 | 11,828 | |||||||||
Other | 39,698 | 39,210 | |||||||||
Total deferred tax liabilities | 170,899 | 251,516 | |||||||||
Net deferred tax assets (liabilities) | $ | 34,538 | $ | (9,510) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Current income tax expense: | |||||||||||||||||
Federal | $ | 121,196 | $ | 173,888 | $ | 110,887 | |||||||||||
State | 21,065 | 29,889 | 15,088 | ||||||||||||||
Total current income tax expense | 142,261 | 203,777 | 125,975 | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | 29,777 | (65,989) | 3,416 | ||||||||||||||
State | 7,737 | (8,995) | 792 | ||||||||||||||
Total deferred income tax expense (benefit) | 37,514 | (74,984) | 4,208 | ||||||||||||||
Total income tax expense | $ | 179,775 | $ | 128,793 | $ | 130,183 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Amount: | |||||||||||||||||
Federal statutory tax | $ | 167,181 | $ | 118,412 | $ | 132,482 | |||||||||||
Tax exempt revenue | (6,084) | (7,035) | (12,227) | ||||||||||||||
Effect of state income taxes, net of federal benefit | 22,489 | 14,251 | 12,715 | ||||||||||||||
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments | (8,801) | (6,994) | (5,127) | ||||||||||||||
Other, net | 4,990 | 10,159 | 2,340 | ||||||||||||||
Total income tax expense | $ | 179,775 | $ | 128,793 | $ | 130,183 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Percent of pretax income: | |||||||||||||||||
Federal statutory tax | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Tax exempt revenue | (0.7) | (1.2) | (1.9) | ||||||||||||||
Effect of state income taxes, net of federal benefit | 2.8 | 2.5 | 2.0 | ||||||||||||||
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments | (1.1) | (1.2) | (0.8) | ||||||||||||||
Other, net | 0.6 | 1.7 | 0.3 | ||||||||||||||
Total | 22.6 | % | 22.8 | % | 20.6 | % |
2021 | 2020 | 2019 | |||||||||||||||
Balance as of January 1 | $ | 22,902 | $ | 20,465 | $ | 18,869 | |||||||||||
Additions for tax for current year positions | 3,961 | 6,384 | 5,649 | ||||||||||||||
Settlements during the period | (1,754) | — | — | ||||||||||||||
Lapses of applicable statute of limitations | (4,017) | (3,947) | (4,053) | ||||||||||||||
Balance as of December 31 | $ | 21,092 | $ | 22,902 | $ | 20,465 |
2021 | 2020 | |||||||||||||
Discount rate | 1.73 | % | 2.69 | % | ||||||||||
Expected return on plan assets | 5.50 | % | 5.50 | % |
Restricted Stock | Restricted Stock Units | |||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Non-vested at January 1, 2019 | 527,607 | — | ||||||||||||||||||||||||
Granted | 145,724 | $ | 76.74 | 46,689 | $ | 87.40 | ||||||||||||||||||||
Vested | (114,201) | 61.28 | — | — | ||||||||||||||||||||||
Forfeited | (131,952) | 83.69 | — | — | ||||||||||||||||||||||
Non-vested at December 31, 2019 | 427,178 | 46,689 | ||||||||||||||||||||||||
Granted | 236,750 | $ | 83.49 | 22,980 | $ | 77.36 | ||||||||||||||||||||
Vested | (225,527) | 83.50 | — | — | ||||||||||||||||||||||
Forfeited | (18,167) | 83.10 | — | — | ||||||||||||||||||||||
Non-vested at December 31, 2020 | 420,234 | 69,669 | ||||||||||||||||||||||||
Granted | 247,917 | $ | 73.01 | 17,570 | $ | 88.25 | ||||||||||||||||||||
Vested | (166,965) | 94.96 | — | — | ||||||||||||||||||||||
Forfeited | (11,632) | 75.83 | — | — | ||||||||||||||||||||||
Non-vested at December 31, 2021 | 489,554 | 87,239 |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Beginning balance | $ | 92,940 | $ | 75,189 | ||||||||||
Advances | 588,252 | 498,425 | ||||||||||||
Payments | (583,040) | (484,958) | ||||||||||||
Adjustments1 | (2,933) | 4,284 | ||||||||||||
Ending balance | $ | 95,219 | $ | 92,940 |
Minimum Capital Requirement | Capital Conservation Buffer | Minimum Capital Requirement Including Capital Conservation Buffer | Well Capitalized Bank Requirement | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 4.50% | 2.50% | 7.00% | N/A | $ | 4,230,626 | 12.24 | % | $ | 3,881,912 | 11.95 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 4.50% | N/A | 4.50% | 6.50% | 3,869,454 | 11.27 | % | 3,756,950 | 11.66 | % | ||||||||||||||||||||||||||||||||||||||||
Tier I Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 6.00% | 2.50% | 8.50% | N/A | $ | 4,235,265 | 12.25 | % | $ | 3,881,912 | 11.95 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 6.00% | N/A | 6.00% | 8.00% | 3,871,457 | 11.28 | % | 3,756,950 | 11.66 | % | ||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 8.00% | 2.50% | 10.50% | N/A | $ | 4,594,787 | 13.29 | % | $ | 4,489,110 | 13.82 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 8.00% | N/A | 8.00% | 10.00% | 4,164,940 | 12.13 | % | 4,153,347 | 12.89 | % | ||||||||||||||||||||||||||||||||||||||||
Leverage (Tier I Capital to Average Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 4.00% | N/A | 4.00% | N/A | $ | 4,235,265 | 8.55 | % | $ | 3,881,912 | 8.28 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 4.00% | N/A | 4.00% | 5.00% | 3,871,457 | 7.84 | % | 3,756,950 | 8.04 | % |
Unrealized Gain (Loss) on | |||||||||||||||||
Available for Sale Securities | Employee Benefit Plans | Total | |||||||||||||||
Balance, December 31, 2018 | $ | (70,999) | $ | (1,586) | $ | (72,585) | |||||||||||
Net change in unrealized gain (loss) | 239,017 | 2,030 | 241,047 | ||||||||||||||
Reclassification adjustments included in earnings: | |||||||||||||||||
Gain on available for sale securities, net | (5,597) | — | (5,597) | ||||||||||||||
Other comprehensive income (loss), before income taxes | 233,420 | 2,030 | 235,450 | ||||||||||||||
Federal and state income tax | 57,425 | 517 | 57,942 | ||||||||||||||
Other comprehensive income (loss), net of income taxes | 175,995 | 1,513 | 177,508 | ||||||||||||||
Balance, December 31, 2019 | 104,996 | (73) | 104,923 | ||||||||||||||
Net change in unrealized gain (loss) | 312,576 | 1,220 | 313,796 | ||||||||||||||
Reclassification adjustments included in earnings: | |||||||||||||||||
Gain on available for sale securities, net | (9,910) | — | (9,910) | ||||||||||||||
Other comprehensive income (loss), before income taxes | 302,666 | 1,220 | 303,886 | ||||||||||||||
Federal and state income tax | 72,630 | 311 | 72,941 | ||||||||||||||
Other comprehensive income (loss), net of income taxes | 230,036 | 909 | 230,945 | ||||||||||||||
Balance, December 31, 2020 | 335,032 | 836 | 335,868 | ||||||||||||||
Net change in unrealized gain (loss) | (343,730) | 2,361 | (341,369) | ||||||||||||||
Reclassification adjustments included in earnings: | |||||||||||||||||
Gain on available for sale securities, net | (3,704) | — | (3,704) | ||||||||||||||
Other comprehensive income (loss), before income taxes | (347,434) | 2,361 | (345,073) | ||||||||||||||
Federal and state income tax | (82,177) | 601 | (81,576) | ||||||||||||||
Other comprehensive income (loss), net of income taxes | (265,257) | 1,760 | (263,497) | ||||||||||||||
Balance, December 31, 2021 | $ | 69,775 | $ | 2,596 | $ | 72,371 |
Year Ended | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 618,121 | $ | 435,030 | $ | 500,758 | ||||||||||||||
Less: Earnings allocated to participating securities | 4,299 | 2,612 | 3,227 | |||||||||||||||||
Numerator for basic earnings per share – income available to common shareholders | 613,822 | 432,418 | 497,531 | |||||||||||||||||
Effect of reallocating undistributed earnings of participating securities | — | — | — | |||||||||||||||||
Numerator for diluted earnings per share – income available to common shareholders | $ | 613,822 | $ | 432,418 | $ | 497,531 | ||||||||||||||
Denominator: | ||||||||||||||||||||
Weighted average shares outstanding | 69,071,511 | 70,259,553 | 71,250,081 | |||||||||||||||||
Less: Participating securities included in weighted average shares outstanding | 479,591 | 418,576 | 462,381 | |||||||||||||||||
Denominator for basic earnings per common share | 68,591,920 | 69,840,977 | 70,787,700 | |||||||||||||||||
Dilutive effect of employee stock compensation plans | 2,402 | 3,195 | 14,912 | |||||||||||||||||
Denominator for diluted earnings per common share | 68,594,322 | 69,844,172 | 70,802,612 | |||||||||||||||||
Basic earnings per share | $ | 8.95 | $ | 6.19 | $ | 7.03 | ||||||||||||||
Diluted earnings per share | $ | 8.95 | $ | 6.19 | $ | 7.03 | ||||||||||||||
Commercial | Consumer | Wealth Management | Funds Management and Other | BOK Financial Consolidated | ||||||||||||||||||||||||||||
Net interest and dividend revenue from external sources | $ | 606,902 | $ | 67,856 | $ | 214,458 | $ | 228,817 | $ | 1,118,033 | ||||||||||||||||||||||
Net interest revenue (expense) from internal sources | (71,167) | 35,671 | (386) | 35,882 | — | |||||||||||||||||||||||||||
Net interest and dividend revenue | 535,735 | 103,527 | 214,072 | 264,699 | 1,118,033 | |||||||||||||||||||||||||||
Net loans charged off and provision for credit losses | 31,128 | 4,009 | (223) | (134,914) | (100,000) | |||||||||||||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 504,607 | 99,518 | 214,295 | 399,613 | 1,218,033 | |||||||||||||||||||||||||||
Other operating revenue | 262,402 | 173,341 | 298,962 | 21,070 | 755,775 | |||||||||||||||||||||||||||
Other operating expense | 281,089 | 209,596 | 320,357 | 366,666 | 1,177,708 | |||||||||||||||||||||||||||
Net direct contribution | 485,920 | 63,263 | 192,900 | 54,017 | 796,100 | |||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 154 | (21,871) | — | 21,717 | — | |||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | 41,637 | — | (41,637) | — | |||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | 13,001 | 85 | — | (13,086) | — | |||||||||||||||||||||||||||
Corporate expense allocations | 49,941 | 46,010 | 40,301 | (136,252) | — | |||||||||||||||||||||||||||
Net income before taxes | 449,134 | 37,104 | 152,599 | 157,263 | 796,100 | |||||||||||||||||||||||||||
Federal and state income taxes | 120,618 | 9,461 | 39,049 | 10,647 | 179,775 | |||||||||||||||||||||||||||
Net income | 328,516 | 27,643 | 113,550 | 146,616 | 616,325 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | (1,796) | (1,796) | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 328,516 | $ | 27,643 | $ | 113,550 | $ | 148,412 | $ | 618,121 | ||||||||||||||||||||||
Average assets | $ | 28,536,881 | $ | 10,029,687 | $ | 19,425,475 | $ | (7,840,340) | $ | 50,151,703 |
Commercial | Consumer | Wealth Management | Funds Management and Other | BOK Financial Consolidated | ||||||||||||||||||||||||||||
Net interest and dividend revenue from external sources | $ | 714,932 | $ | 78,004 | $ | 130,818 | $ | 184,690 | $ | 1,108,444 | ||||||||||||||||||||||
Net interest revenue (expense) from internal sources | (126,444) | 69,000 | (13,528) | 70,972 | — | |||||||||||||||||||||||||||
Net interest and dividend revenue | 588,488 | 147,004 | 117,290 | 255,662 | 1,108,444 | |||||||||||||||||||||||||||
Net loans charged off and provision for credit losses | 69,475 | 2,805 | (209) | 150,521 | 222,592 | |||||||||||||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 519,013 | 144,199 | 117,499 | 105,141 | 885,852 | |||||||||||||||||||||||||||
Other operating revenue | 187,361 | 243,719 | 398,834 | 12,406 | 842,320 | |||||||||||||||||||||||||||
Other operating expense | 258,903 | 230,402 | 325,627 | 349,376 | 1,164,308 | |||||||||||||||||||||||||||
Net direct contribution | 447,471 | 157,516 | 190,706 | (231,829) | 563,864 | |||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 193 | 95,344 | 4 | (95,541) | — | |||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (79,524) | — | 79,524 | — | |||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | (2,677) | 276 | — | 2,401 | — | |||||||||||||||||||||||||||
Corporate expense allocations | 24,862 | 42,155 | 35,331 | (102,348) | — | |||||||||||||||||||||||||||
Net income before taxes | 420,125 | 131,457 | 155,379 | (143,097) | 563,864 | |||||||||||||||||||||||||||
Federal and state income taxes | 114,120 | 33,483 | 39,765 | (58,575) | 128,793 | |||||||||||||||||||||||||||
Net income | 306,005 | 97,974 | 115,614 | (84,522) | 435,071 | |||||||||||||||||||||||||||
Net loss attributable to non-controlling interests | — | — | — | 41 | 41 | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 306,005 | $ | 97,974 | $ | 115,614 | $ | (84,563) | $ | 435,030 | ||||||||||||||||||||||
Average assets | $ | 26,994,075 | $ | 9,842,114 | $ | 15,695,646 | $ | (3,827,445) | $ | 48,704,390 |
Commercial | Consumer | Wealth Management | Funds Management and Other | BOK Financial Consolidated | ||||||||||||||||||||||||||||
Net interest and dividend revenue from external sources | $ | 919,148 | $ | 99,679 | $ | 61,277 | $ | 32,775 | $ | 1,112,879 | ||||||||||||||||||||||
Net interest revenue (expense) from internal sources | (242,907) | 95,775 | 38,815 | 108,317 | — | |||||||||||||||||||||||||||
Net interest and dividend revenue | 676,241 | 195,454 | 100,092 | 141,092 | 1,112,879 | |||||||||||||||||||||||||||
Net loans charged off and provision for credit losses | 39,011 | 6,271 | (308) | (974) | 44,000 | |||||||||||||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 637,230 | 189,183 | 100,400 | 142,066 | 1,068,879 | |||||||||||||||||||||||||||
Other operating revenue | 170,412 | 187,500 | 341,389 | (4,068) | 695,233 | |||||||||||||||||||||||||||
Other operating expense | 252,459 | 226,346 | 277,267 | 377,172 | 1,133,244 | |||||||||||||||||||||||||||
Net direct contribution | 555,183 | 150,337 | 164,522 | (239,174) | 630,868 | |||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 106 | 30,375 | 2 | (30,483) | — | |||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (53,517) | — | 53,517 | — | |||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | 331 | 496 | — | (827) | — | |||||||||||||||||||||||||||
Corporate expense allocations | 43,055 | 46,926 | 36,239 | (126,220) | — | |||||||||||||||||||||||||||
Net income before taxes | 512,565 | 80,765 | 128,285 | (90,747) | 630,868 | |||||||||||||||||||||||||||
Federal and state income taxes | 137,759 | 20,572 | 32,954 | (61,102) | 130,183 | |||||||||||||||||||||||||||
Net income | 374,806 | 60,193 | 95,331 | (29,645) | 500,685 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | (73) | (73) | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 374,806 | $ | 60,193 | $ | 95,331 | $ | (29,572) | $ | 500,758 | ||||||||||||||||||||||
Average assets | $ | 22,807,589 | $ | 9,301,341 | $ | 10,204,426 | $ | (219,009) | $ | 42,094,347 |
Commercial | Consumer | Wealth Management | Funds Management and Other | Consolidated | Out of Scope1 | In Scope2 | |||||||||||||||||||||||||||||||||||
Trading revenue | $ | — | $ | — | $ | 27,595 | $ | — | $ | 27,595 | $ | 27,595 | $ | — | |||||||||||||||||||||||||||
Customer hedging revenue | 23,424 | — | 300 | (3,292) | 20,432 | 20,432 | — | ||||||||||||||||||||||||||||||||||
Retail brokerage revenue | — | — | 18,762 | — | 18,762 | — | 18,762 | ||||||||||||||||||||||||||||||||||
Insurance brokerage revenue | — | — | 11,765 | — | 11,765 | — | 11,765 | ||||||||||||||||||||||||||||||||||
Investment banking revenue | 19,129 | — | 16,742 | (1,436) | 34,435 | 16,272 | 18,163 | ||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | 42,553 | — | 75,164 | (4,728) | 112,989 | 64,299 | 48,690 | ||||||||||||||||||||||||||||||||||
TransFund EFT network revenue | 76,603 | 3,591 | (67) | 6 | 80,133 | — | 80,133 | ||||||||||||||||||||||||||||||||||
Merchant services revenue | 11,806 | 55 | — | — | 11,861 | — | 11,861 | ||||||||||||||||||||||||||||||||||
Corporate card revenue | 4,502 | — | 169 | 318 | 4,989 | — | 4,989 | ||||||||||||||||||||||||||||||||||
Transaction card revenue | 92,911 | 3,646 | 102 | 324 | 96,983 | — | 96,983 | ||||||||||||||||||||||||||||||||||
Personal trust revenue | — | — | 97,582 | — | 97,582 | — | 97,582 | ||||||||||||||||||||||||||||||||||
Corporate trust revenue | — | — | 14,805 | — | 14,805 | — | 14,805 | ||||||||||||||||||||||||||||||||||
Institutional trust & retirement plan services revenue | — | — | 50,765 | — | 50,765 | — | 50,765 | ||||||||||||||||||||||||||||||||||
Investment management services and other | — | — | 15,300 | (178) | 15,122 | — | 15,122 | ||||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | — | — | 178,452 | (178) | 178,274 | — | 178,274 | ||||||||||||||||||||||||||||||||||
Commercial account service charge revenue | 50,213 | 1,821 | 2,326 | — | 54,360 | — | 54,360 | ||||||||||||||||||||||||||||||||||
Overdraft fee revenue | 104 | 21,439 | 70 | 9 | 21,622 | — | 21,622 | ||||||||||||||||||||||||||||||||||
Check card revenue | — | 23,714 | — | — | 23,714 | — | 23,714 | ||||||||||||||||||||||||||||||||||
Automated service charge and other deposit fee revenue | 94 | 4,340 | 87 | — | 4,521 | — | 4,521 | ||||||||||||||||||||||||||||||||||
Deposit service charges and fees | 50,411 | 51,314 | 2,483 | 9 | 104,217 | — | 104,217 | ||||||||||||||||||||||||||||||||||
Mortgage production revenue | — | 60,712 | — | — | 60,712 | 60,712 | — | ||||||||||||||||||||||||||||||||||
Mortgage servicing revenue | — | 47,055 | — | (1,871) | 45,184 | 45,184 | — | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | — | 107,767 | — | (1,871) | 105,896 | 105,896 | — | ||||||||||||||||||||||||||||||||||
Other revenue | 41,206 | 10,637 | 42,564 | (24,457) | 69,950 | 54,349 | 15,601 | ||||||||||||||||||||||||||||||||||
Total fees and commissions revenue | $ | 227,081 | $ | 173,364 | $ | 298,765 | $ | (30,901) | $ | 668,309 | $ | 224,544 | $ | 443,765 |
Commercial | Consumer | Wealth Management | Funds Management and Other | Consolidated | Out of Scope1 | In Scope2 | |||||||||||||||||||||||||||||||||||
Trading revenue | $ | — | $ | — | $ | 144,299 | $ | — | $ | 144,299 | $ | 144,299 | $ | — | |||||||||||||||||||||||||||
Customer hedging revenue | 22,767 | — | 395 | (413) | 22,749 | 22,749 | — | ||||||||||||||||||||||||||||||||||
Retail brokerage revenue | — | — | 15,690 | — | 15,690 | — | 15,690 | ||||||||||||||||||||||||||||||||||
Insurance brokerage revenue | — | — | 12,702 | — | 12,702 | — | 12,702 | ||||||||||||||||||||||||||||||||||
Investment banking revenue | 9,183 | — | 17,391 | (181) | 26,393 | 8,530 | 17,863 | ||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | 31,950 | — | 190,477 | (594) | 221,833 | 175,578 | 46,255 | ||||||||||||||||||||||||||||||||||
TransFund EFT network revenue | 75,363 | 3,058 | (56) | 5 | 78,370 | — | 78,370 | ||||||||||||||||||||||||||||||||||
Merchant services revenue | 9,172 | 60 | — | — | 9,232 | — | 9,232 | ||||||||||||||||||||||||||||||||||
Corporate card revenue | 2,362 | — | 75 | 143 | 2,580 | — | 2,580 | ||||||||||||||||||||||||||||||||||
Transaction card revenue | 86,897 | 3,118 | 19 | 148 | 90,182 | — | 90,182 | ||||||||||||||||||||||||||||||||||
Personal trust revenue | — | — | 84,759 | — | 84,759 | — | 84,759 | ||||||||||||||||||||||||||||||||||
Corporate trust revenue | — | — | 19,308 | — | 19,308 | — | 19,308 | ||||||||||||||||||||||||||||||||||
Institutional trust & retirement plan services revenue | — | — | 46,253 | — | 46,253 | — | 46,253 | ||||||||||||||||||||||||||||||||||
Investment management services and other | — | — | 17,290 | (165) | 17,125 | — | 17,125 | ||||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | — | — | 167,610 | (165) | 167,445 | — | 167,445 | ||||||||||||||||||||||||||||||||||
Commercial account service charge revenue | 44,489 | 1,654 | 2,282 | (4) | 48,421 | — | 48,421 | ||||||||||||||||||||||||||||||||||
Overdraft fee revenue | 132 | 21,679 | 74 | 7 | 21,892 | — | 21,892 | ||||||||||||||||||||||||||||||||||
Check card revenue | — | 21,355 | — | — | 21,355 | — | 21,355 | ||||||||||||||||||||||||||||||||||
Automated service charge and other deposit fee revenue | 311 | 4,749 | 74 | 3 | 5,137 | — | 5,137 | ||||||||||||||||||||||||||||||||||
Deposit service charges and fees | 44,932 | 49,437 | 2,430 | 6 | 96,805 | — | 96,805 | ||||||||||||||||||||||||||||||||||
Mortgage production revenue | — | 125,848 | — | — | 125,848 | 125,848 | — | ||||||||||||||||||||||||||||||||||
Mortgage servicing revenue | — | 58,249 | — | (1,737) | 56,512 | 56,512 | — | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | — | 184,097 | — | (1,737) | 182,360 | 182,360 | — | ||||||||||||||||||||||||||||||||||
Other revenue | 23,340 | 8,902 | 38,693 | (19,240) | 51,695 | 39,092 | 12,603 | ||||||||||||||||||||||||||||||||||
Total fees and commissions revenue | $ | 187,119 | $ | 245,554 | $ | 399,229 | $ | (21,582) | $ | 810,320 | $ | 397,030 | $ | 413,290 |
Commercial | Consumer | Wealth Management | Funds Management and Other | Consolidated | Out of Scope1 | In Scope2 | |||||||||||||||||||||||||||||||||||
Trading revenue | $ | — | $ | — | $ | 88,558 | $ | — | $ | 88,558 | $ | 88,558 | $ | — | |||||||||||||||||||||||||||
Customer hedging revenue | 8,422 | — | 9,667 | 852 | 18,941 | 18,941 | — | ||||||||||||||||||||||||||||||||||
Retail brokerage revenue | — | — | 16,251 | (115) | 16,136 | — | 16,136 | ||||||||||||||||||||||||||||||||||
Insurance brokerage revenue | — | — | 10,131 | 3,730 | 13,861 | — | 13,861 | ||||||||||||||||||||||||||||||||||
Investment banking revenue | 10,136 | — | 12,194 | — | 22,330 | 8,678 | 13,652 | ||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | 18,558 | — | 136,801 | 4,467 | 159,826 | 116,177 | 43,649 | ||||||||||||||||||||||||||||||||||
TransFund EFT network revenue | 73,479 | 3,924 | (82) | 3 | 77,324 | — | 77,324 | ||||||||||||||||||||||||||||||||||
Merchant services revenue | 8,607 | 56 | — | 123 | 8,786 | — | 8,786 | ||||||||||||||||||||||||||||||||||
Corporate card revenue | 1,072 | — | 32 | 2 | 1,106 | — | 1,106 | ||||||||||||||||||||||||||||||||||
Transaction card revenue | 83,158 | 3,980 | (50) | 128 | 87,216 | — | 87,216 | ||||||||||||||||||||||||||||||||||
Personal trust revenue | — | — | 81,763 | — | 81,763 | — | 81,763 | ||||||||||||||||||||||||||||||||||
Corporate trust revenue | — | — | 24,635 | — | 24,635 | — | 24,635 | ||||||||||||||||||||||||||||||||||
Institutional trust & retirement plan services revenue | — | — | 45,084 | — | 45,084 | — | 45,084 | ||||||||||||||||||||||||||||||||||
Investment management services and other | — | — | 23,993 | 1,550 | 25,543 | — | 25,543 | ||||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | — | — | 175,475 | 1,550 | 177,025 | — | 177,025 | ||||||||||||||||||||||||||||||||||
Commercial account service charge revenue | 42,251 | 1,713 | 2,137 | 1,804 | 47,905 | — | 47,905 | ||||||||||||||||||||||||||||||||||
Overdraft fee revenue | 313 | 35,134 | 138 | (229) | 35,356 | — | 35,356 | ||||||||||||||||||||||||||||||||||
Check card revenue | — | 21,865 | — | 165 | 22,030 | — | 22,030 | ||||||||||||||||||||||||||||||||||
Automated service charge and other deposit fee revenue | 823 | 6,155 | 168 | 48 | 7,194 | — | 7,194 | ||||||||||||||||||||||||||||||||||
Deposit service charges and fees | 43,387 | 64,867 | 2,443 | 1,788 | 112,485 | — | 112,485 | ||||||||||||||||||||||||||||||||||
Mortgage production revenue | — | 42,724 | — | (4) | 42,720 | 42,720 | — | ||||||||||||||||||||||||||||||||||
Mortgage servicing revenue | — | 66,692 | — | (1,871) | 64,821 | 64,821 | — | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | — | 109,416 | — | (1,875) | 107,541 | 107,541 | — | ||||||||||||||||||||||||||||||||||
Other revenue | 23,564 | 9,733 | 26,664 | (1,853) | 58,108 | 39,428 | 18,680 | ||||||||||||||||||||||||||||||||||
Total fees and commissions revenue | $ | 168,667 | $ | 187,996 | $ | 341,333 | $ | 4,205 | $ | 702,201 | $ | 263,146 | $ | 439,055 |
Total | Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||
U.S. government securities | $ | 23,610 | $ | 4,999 | $ | 18,611 | $ | — | ||||||||||||||||||
Residential agency mortgage-backed securities | 9,068,900 | — | 9,068,900 | — | ||||||||||||||||||||||
Municipal securities | 25,783 | — | 25,783 | — | ||||||||||||||||||||||
Other trading securities | 18,520 | — | 18,520 | — | ||||||||||||||||||||||
Total trading securities | 9,136,813 | 4,999 | 9,131,814 | — | ||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||
U.S. Treasury | 1,000 | 1,000 | — | — | ||||||||||||||||||||||
Municipal securities | 508,365 | — | 508,365 | — | ||||||||||||||||||||||
Residential agency mortgage-backed securities | 8,006,616 | — | 8,006,616 | — | ||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 24,339 | — | 24,339 | — | ||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,617,025 | — | 4,617,025 | — | ||||||||||||||||||||||
Other debt securities | 472 | — | — | 472 | ||||||||||||||||||||||
Total available for sale securities | 13,157,817 | 1,000 | 13,156,345 | 472 | ||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 43,770 | — | 43,770 | — | ||||||||||||||||||||||
Residential mortgage loans held for sale1 | 192,295 | — | 185,969 | 6,326 | ||||||||||||||||||||||
Mortgage servicing rights, net2 | 163,198 | — | — | 163,198 | ||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 1,097,297 | 8,331 | 1,088,966 | — | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 275,625 | — | 275,625 | — |
Total | Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||
U.S. government securities | $ | 9,183 | $ | 4,999 | $ | 4,184 | $ | — | ||||||||||||||||||
Residential agency mortgage-backed securities | 4,669,148 | — | 4,669,148 | — | ||||||||||||||||||||||
Municipal securities | 19,172 | — | 19,172 | — | ||||||||||||||||||||||
Other trading securities | 10,472 | — | 10,472 | — | ||||||||||||||||||||||
Total trading securities | 4,707,975 | 4,999 | 4,702,976 | — | ||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||
U.S. Treasury | 508 | 508 | — | — | ||||||||||||||||||||||
Municipal securities | 167,979 | — | 167,979 | — | ||||||||||||||||||||||
Residential agency mortgage-backed securities | 9,340,471 | — | 9,340,471 | — | ||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 32,770 | — | 32,770 | — | ||||||||||||||||||||||
Commercial agency mortgage-backed securities | 3,508,465 | — | 3,508,465 | — | ||||||||||||||||||||||
Other debt securities | 472 | — | — | 472 | ||||||||||||||||||||||
Total available for sale securities | 13,050,665 | 508 | 13,049,685 | 472 | ||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 114,982 | — | 114,982 | — | ||||||||||||||||||||||
Residential mortgage loans held for sale1 | 252,316 | — | 245,299 | 7,017 | ||||||||||||||||||||||
Mortgage servicing rights, net2 | 101,172 | — | — | 101,172 | ||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 810,688 | 10,780 | 799,908 | — | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 405,779 | — | 405,779 | — |
Carrying Value at December 31, 2021 | Fair Value Adjustments for the Year Ended December 31, 2021 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 | |||||||||||||||||||||||||
Nonaccruing loans | $ | — | $ | 808 | $ | 1,990 | $ | 2,087 | $ | — | |||||||||||||||||||
Real estate and other repossessed assets | — | 1,706 | — | — | (150) |
Carrying Value at December 31, 2020 | Fair Value Adjustments for the Year Ended December 31, 2020 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 | |||||||||||||||||||||||||
Nonaccruing loans | $ | — | $ | 801 | $ | 20,423 | $ | 39,299 | $ | — | |||||||||||||||||||
Real estate and other repossessed assets | — | 18,188 | 2,842 | — | 4,602 |
Quantitative Information about Level 3 Non-recurring Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
Nonaccruing loans | $ | 1,990 | Discounted cash flows | Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs | 16% - 97% (37%)1 | |||||||||||||||||||||
Quantitative Information about Level 3 Non-recurring Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
Nonaccruing loans | $ | 20,423 | Discounted cash flows | Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs | 1% - 91% (23%)1 | |||||||||||||||||||||
Real estate and other repossessed assets | 2,842 | Discounted cash flows | Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil & gas reserves, forward looking commodity prices, and estimated operating costs | N/A |
December 31, 2021 | ||||||||||||||||||||||||||||||||
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 | $ | 712,067 | $ | 712,067 | $ | 712,067 | $ | — | $ | — | ||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 2,125,343 | 2,125,343 | 2,125,343 | — | — | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. government securities | 23,610 | 23,610 | 4,999 | 18,611 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 9,068,900 | 9,068,900 | — | 9,068,900 | — | |||||||||||||||||||||||||||
Municipal securities | 25,783 | 25,783 | — | 25,783 | — | |||||||||||||||||||||||||||
Other trading securities | 18,520 | 18,520 | — | 18,520 | — | |||||||||||||||||||||||||||
Total trading securities | 9,136,813 | 9,136,813 | 4,999 | 9,131,814 | — | |||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Municipal securities | 203,772 | 223,609 | — | 57,698 | 165,911 | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 6,939 | 7,500 | — | 7,500 | — | |||||||||||||||||||||||||||
Other debt securities | 288 | 286 | — | 286 | — | |||||||||||||||||||||||||||
Total investment securities | 210,999 | 231,395 | — | 65,484 | 165,911 | |||||||||||||||||||||||||||
Allowance for credit losses | (555) | — | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | 210,444 | 231,395 | — | 65,484 | 165,911 | |||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 1,000 | 1,000 | 1,000 | — | — | |||||||||||||||||||||||||||
Municipal securities | 508,365 | 508,365 | — | 508,365 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 8,006,616 | 8,006,616 | — | 8,006,616 | — | |||||||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 24,339 | 24,339 | — | 24,339 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,617,025 | 4,617,025 | — | 4,617,025 | — | |||||||||||||||||||||||||||
Other debt securities | 472 | 472 | — | — | 472 | |||||||||||||||||||||||||||
Total available for sale securities | 13,157,817 | 13,157,817 | 1,000 | 13,156,345 | 472 | |||||||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 43,770 | 43,770 | — | 43,770 | — | |||||||||||||||||||||||||||
Residential mortgage loans held for sale | 192,295 | 192,295 | — | 185,969 | 6,326 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial | 12,506,465 | 12,395,664 | — | — | 12,395,664 | |||||||||||||||||||||||||||
Commercial real estate | 3,831,325 | 3,786,767 | — | — | 3,786,767 | |||||||||||||||||||||||||||
Paycheck protection program | 276,341 | 269,912 | — | — | 269,912 | |||||||||||||||||||||||||||
Loans to individuals | 3,591,549 | 3,586,878 | — | — | 3,586,878 | |||||||||||||||||||||||||||
Total loans | 20,205,680 | 20,039,221 | — | — | 20,039,221 | |||||||||||||||||||||||||||
Allowance for loan losses | (256,421) | — | — | — | — | |||||||||||||||||||||||||||
Loans, net of allowance | 19,949,259 | 20,039,221 | — | — | 20,039,221 | |||||||||||||||||||||||||||
Mortgage servicing rights | 163,198 | 163,198 | — | — | 163,198 | |||||||||||||||||||||||||||
Derivative instruments with positive fair value, net of cash margin | 1,097,297 | 1,097,297 | 8,331 | 1,088,966 | — | |||||||||||||||||||||||||||
Deposits with no stated maturity | 39,537,731 | 39,537,731 | — | — | 39,537,731 | |||||||||||||||||||||||||||
Time deposits | 1,704,328 | 1,703,886 | — | — | 1,703,886 | |||||||||||||||||||||||||||
Other borrowed funds | 2,363,202 | 2,360,746 | — | — | 2,360,746 | |||||||||||||||||||||||||||
Subordinated debentures | 131,226 | 141,761 | — | 141,761 | — | |||||||||||||||||||||||||||
Derivative instruments with negative fair value, net of cash margin | 275,625 | 275,625 | — | 275,625 | — |
December 31, 2020 | ||||||||||||||||||||||||||||||||
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 | $ | 798,757 | $ | 798,757 | $ | 798,757 | $ | — | $ | — | ||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 381,816 | 381,816 | 381,816 | — | — | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. government securities | 9,183 | 9,183 | 4,999 | 4,184 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 4,669,148 | 4,669,148 | — | 4,669,148 | — | |||||||||||||||||||||||||||
Municipal securities | 19,172 | 19,172 | — | 19,172 | — | |||||||||||||||||||||||||||
Other trading securities | 10,472 | 10,472 | — | 10,472 | — | |||||||||||||||||||||||||||
Total trading securities | 4,707,975 | 4,707,975 | 4,999 | 4,702,976 | — | |||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Municipal securities | 229,245 | 255,270 | — | 69,404 | 185,866 | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 8,913 | 9,790 | — | 9,790 | — | |||||||||||||||||||||||||||
Other debt securities | 7,373 | 7,371 | — | 7,371 | — | |||||||||||||||||||||||||||
Total investment securities | 245,531 | 272,431 | — | 86,565 | 185,866 | |||||||||||||||||||||||||||
Allowance for credit losses | (688) | — | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | 244,843 | 272,431 | — | 86,565 | 185,866 | |||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | 508 | 508 | 508 | — | — | |||||||||||||||||||||||||||
Municipal securities | 167,979 | 167,979 | — | 167,979 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 9,340,471 | 9,340,471 | — | 9,340,471 | — | |||||||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 32,770 | 32,770 | — | 32,770 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 3,508,465 | 3,508,465 | — | 3,508,465 | — | |||||||||||||||||||||||||||
Other debt securities | 472 | 472 | — | — | 472 | |||||||||||||||||||||||||||
Total available for sale securities | 13,050,665 | 13,050,665 | 508 | 13,049,685 | 472 | |||||||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 114,982 | 114,982 | — | 114,982 | — | |||||||||||||||||||||||||||
Residential mortgage loans held for sale | 252,316 | 252,316 | — | 245,299 | 7,017 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial | 13,077,535 | 13,003,383 | — | — | 13,003,383 | |||||||||||||||||||||||||||
Commercial real estate | 4,698,538 | 4,649,763 | — | — | 4,649,763 | |||||||||||||||||||||||||||
Paycheck protection program | 1,682,310 | 1,669,461 | — | — | 1,669,461 | |||||||||||||||||||||||||||
Loans to individuals | 3,549,137 | 3,563,199 | — | — | 3,563,199 | |||||||||||||||||||||||||||
Total loans | 23,007,520 | 22,885,806 | — | — | 22,885,806 | |||||||||||||||||||||||||||
Allowance for loan losses | (388,640) | — | — | — | — | |||||||||||||||||||||||||||
Loans, net of allowance | 22,618,880 | 22,885,806 | — | — | 22,885,806 | |||||||||||||||||||||||||||
Mortgage servicing rights | 101,172 | 101,172 | — | — | 101,172 | |||||||||||||||||||||||||||
Derivative instruments with positive fair value, net of cash margin | 810,688 | 810,688 | 10,780 | 799,908 | — | |||||||||||||||||||||||||||
Deposits with no stated maturity | 34,176,752 | 34,176,752 | — | — | 34,176,752 | |||||||||||||||||||||||||||
Time deposits | 1,967,128 | 1,976,936 | — | — | 1,976,936 | |||||||||||||||||||||||||||
Other borrowed funds | 3,545,356 | 3,542,489 | — | — | 3,542,489 | |||||||||||||||||||||||||||
Subordinated debentures | 276,005 | 269,544 | — | 269,544 | — | |||||||||||||||||||||||||||
Derivative instruments with negative fair value, net of cash margin | 405,779 | 405,779 | — | 405,779 | — |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 230,647 | $ | 183,805 | ||||||||||
Loan to bank subsidiary | 65,187 | 65,204 | ||||||||||||
Investment in bank subsidiary | 4,951,405 | 5,079,336 | ||||||||||||
Investment in non-bank subsidiaries | 228,447 | 195,768 | ||||||||||||
Other assets | 22,011 | 24,338 | ||||||||||||
Total assets | $ | 5,497,697 | $ | 5,548,451 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Other liabilities | $ | 2,739 | $ | 6,180 | ||||||||||
Subordinated debentures | 131,226 | 276,005 | ||||||||||||
Total liabilities | 133,965 | 282,185 | ||||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock | 5 | 5 | ||||||||||||
Capital surplus | 1,378,794 | 1,368,062 | ||||||||||||
Retained earnings | 4,447,691 | 3,973,675 | ||||||||||||
Treasury stock | (535,129) | (411,344) | ||||||||||||
Accumulated other comprehensive income | 72,371 | 335,868 | ||||||||||||
Total shareholders’ equity | 5,363,732 | 5,266,266 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 5,497,697 | $ | 5,548,451 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Dividends, interest and fees received from bank subsidiary | $ | 483,868 | $ | 179,140 | $ | 344,007 | ||||||||||||||
Dividends, interest and fees received from non-bank subsidiaries | 8,030 | 25,050 | 9,325 | |||||||||||||||||
Other revenue | 767 | 907 | 1,036 | |||||||||||||||||
Total revenue | 492,665 | 205,097 | 354,368 | |||||||||||||||||
Interest expense | 10,535 | 13,944 | 15,113 | |||||||||||||||||
Other operating expense | 2,914 | 2,697 | 2,352 | |||||||||||||||||
Total expense | 13,449 | 16,641 | 17,465 | |||||||||||||||||
Net income before taxes, other losses, net, and equity in undistributed income of subsidiaries | 479,216 | 188,456 | 336,903 | |||||||||||||||||
Other gains (losses), net | (3,415) | 1,465 | 3,310 | |||||||||||||||||
Net income before taxes and equity in undistributed income of subsidiaries | 475,801 | 189,921 | 340,213 | |||||||||||||||||
Federal and state income taxes | (4,202) | (4,502) | (4,516) | |||||||||||||||||
Net income before equity in undistributed income of subsidiaries | 480,003 | 194,423 | 344,729 | |||||||||||||||||
Equity in undistributed income of bank subsidiaries | 126,380 | 276,217 | 166,797 | |||||||||||||||||
Equity in undistributed income of non-bank subsidiaries | 11,738 | (35,610) | (10,768) | |||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 618,121 | $ | 435,030 | $ | 500,758 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 618,121 | $ | 435,030 | $ | 500,758 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in undistributed income of bank subsidiaries | (126,380) | (276,217) | (166,797) | |||||||||||||||||
Equity in undistributed income of non-bank subsidiaries | (11,738) | 35,610 | 10,768 | |||||||||||||||||
Other losses (gains), net | 3,415 | (1,465) | (3,310) | |||||||||||||||||
Change in other assets | 1,160 | 15,225 | (1,765) | |||||||||||||||||
Change in other liabilities | 389 | 850 | 855 | |||||||||||||||||
Net cash provided by operating activities | 484,967 | 209,033 | 340,509 | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Investment in subsidiaries | (25,665) | (14,807) | (19,837) | |||||||||||||||||
Dissolution of subsidiaries | 4,457 | — | — | |||||||||||||||||
Net cash used in investing activities | (21,208) | (14,807) | (19,837) | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Repayment of subordinated debentures | (150,000) | — | — | |||||||||||||||||
Issuance of common and treasury stock, net | (4,874) | (4,933) | (7) | |||||||||||||||||
Dividends paid | (144,105) | (144,437) | (143,496) | |||||||||||||||||
Repurchase of common stock | (117,938) | (75,830) | (129,483) | |||||||||||||||||
Net cash used in financing activities | (416,917) | (225,200) | (272,986) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 46,842 | (30,974) | 47,686 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 183,805 | 214,779 | 167,093 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 230,647 | $ | 183,805 | $ | 214,779 | ||||||||||||||
Cash paid for interest | $ | 10,559 | $ | 14,064 | $ | 15,099 |
(Dollars in Thousands, Except Per Share Data) | Year Ended | |||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | ||||||||||||||||||
Assets | ||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 816,425 | $ | 1,060 | 0.13 | % | ||||||||||||||
Trading securities | 7,823,705 | 156,214 | 1.98 | % | ||||||||||||||||
Investment securities | 222,426 | 11,065 | 4.97 | % | ||||||||||||||||
Available for sale securities | 13,342,526 | 230,698 | 1.80 | % | ||||||||||||||||
Fair value option securities | 67,881 | 1,542 | 2.38 | % | ||||||||||||||||
Restricted equity securities | 195,488 | 5,703 | 2.92 | % | ||||||||||||||||
Residential mortgage loans held for sale | 188,888 | 5,465 | 2.93 | % | ||||||||||||||||
Loans | 21,495,156 | 777,124 | 3.62 | % | ||||||||||||||||
Allowance for loan losses | (326,121) | |||||||||||||||||||
Loans, net of allowance | 21,169,035 | 777,124 | 3.67 | % | ||||||||||||||||
Total earning assets | 43,826,374 | 1,188,871 | 2.74 | % | ||||||||||||||||
Receivable on unsettled securities sales | 667,149 | |||||||||||||||||||
Cash and other assets | 5,658,180 | |||||||||||||||||||
Total assets | $ | 50,151,703 | ||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Transaction | $ | 21,673,472 | $ | 21,961 | 0.10 | % | ||||||||||||||
Savings | 865,245 | 374 | 0.04 | % | ||||||||||||||||
Time | 1,876,901 | 11,149 | 0.59 | % | ||||||||||||||||
Total interest-bearing deposits | 24,415,618 | 33,484 | 0.14 | % | ||||||||||||||||
Funds purchased and repurchase agreements | 2,238,702 | 8,084 | 0.36 | % | ||||||||||||||||
Other borrowings | 2,599,861 | 9,793 | 0.38 | % | ||||||||||||||||
Subordinated debentures | 224,058 | 10,535 | 4.70 | % | ||||||||||||||||
Total interest-bearing liabilities | 29,478,239 | 61,896 | 0.21 | % | ||||||||||||||||
Non-interest bearing demand deposits | 13,505,359 | |||||||||||||||||||
Due on unsettled securities purchases | 800,667 | |||||||||||||||||||
Other liabilities | 1,013,050 | |||||||||||||||||||
Total equity | 5,354,388 | |||||||||||||||||||
Total liabilities and equity | $ | 50,151,703 | ||||||||||||||||||
Tax-equivalent Net Interest Revenue | $ | 1,126,975 | 2.53 | % | ||||||||||||||||
Tax-equivalent Net Interest Revenue to Earning Assets | 2.60 | % | ||||||||||||||||||
Less tax-equivalent adjustment | 8,942 | |||||||||||||||||||
Net Interest Revenue | 1,118,033 | |||||||||||||||||||
Provision for credit losses | (100,000) | |||||||||||||||||||
Other operating revenue | 755,775 | |||||||||||||||||||
Other operating expense | 1,177,708 | |||||||||||||||||||
Net income before taxes | 796,100 | |||||||||||||||||||
Federal and state income taxes | 179,775 | |||||||||||||||||||
Net income | 616,325 | |||||||||||||||||||
Net income attributable to non-controlling interests | (1,796) | |||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 618,121 | ||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 8.95 | ||||||||||||||||||
Diluted | $ | 8.95 |
(Dollars in Thousands, Except Per Share Data) | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 634,401 | $ | 2,830 | 0.45 | % | $ | 536,853 | $ | 12,214 | 2.28 | % | ||||||||||||||||||||||||||
Trading securities | 3,078,075 | 67,942 | 2.75 | % | 1,772,660 | 61,960 | 3.55 | % | ||||||||||||||||||||||||||||||
Investment securities | 265,455 | 12,760 | 4.81 | % | 319,451 | 14,417 | 4.51 | % | ||||||||||||||||||||||||||||||
Available for sale securities | 12,420,678 | 261,404 | 2.21 | % | 10,108,409 | 254,101 | 2.58 | % | ||||||||||||||||||||||||||||||
Fair value option securities | 769,760 | 18,475 | 2.39 | % | 1,145,800 | 32,936 | 2.95 | % | ||||||||||||||||||||||||||||||
Restricted equity securities | 281,594 | 10,963 | 3.89 | % | 441,756 | 26,860 | 6.08 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | 215,296 | 6,397 | 3.05 | % | 186,207 | 7,105 | 3.82 | % | ||||||||||||||||||||||||||||||
Loans | 23,402,195 | 898,445 | 3.84 | % | 22,106,979 | 1,134,037 | 5.13 | % | ||||||||||||||||||||||||||||||
Allowance for loan losses | (368,820) | (204,679) | ||||||||||||||||||||||||||||||||||||
Loans, net of allowance | 23,033,375 | 898,445 | 3.90 | % | 21,902,300 | 1,134,037 | 5.18 | % | ||||||||||||||||||||||||||||||
Total earning assets | 40,698,634 | 1,279,216 | 3.24 | % | 36,413,436 | 1,543,630 | 4.27 | % | ||||||||||||||||||||||||||||||
Receivable on unsettled securities sales | 3,329,727 | 1,597,098 | ||||||||||||||||||||||||||||||||||||
Cash and other assets | 4,676,029 | 4,083,813 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 48,704,390 | $ | 42,094,347 | ||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Transaction | $ | 18,676,146 | $ | 60,424 | 0.32 | % | $ | 13,072,914 | $ | 132,854 | 1.02 | % | ||||||||||||||||||||||||||
Savings | 666,549 | 385 | 0.06 | % | 553,057 | 677 | 0.12 | % | ||||||||||||||||||||||||||||||
Time | 2,220,749 | 29,187 | 1.31 | % | 2,215,405 | 42,007 | 1.90 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 21,563,444 | 89,996 | 0.42 | % | 15,841,376 | 175,538 | 1.11 | % | ||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | 3,635,541 | 15,605 | 0.43 | % | 2,838,161 | 53,003 | 1.87 | % | ||||||||||||||||||||||||||||||
Other borrowings | 4,659,453 | 41,011 | 0.88 | % | 7,147,356 | 175,425 | 2.45 | % | ||||||||||||||||||||||||||||||
Subordinated debentures | 275,965 | 13,944 | 5.05 | % | 276,075 | 15,113 | 5.47 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 30,134,403 | 160,556 | 0.53 | % | 26,102,968 | 419,079 | 1.61 | % | ||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | 11,201,554 | 9,809,905 | ||||||||||||||||||||||||||||||||||||
Due on unsettled securities purchases | 1,081,674 | 702,450 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 1,193,445 | 801,474 | ||||||||||||||||||||||||||||||||||||
Total equity | 5,093,314 | 4,677,550 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 48,704,390 | $ | 42,094,347 | ||||||||||||||||||||||||||||||||||
Tax-equivalent Net Interest Revenue | $ | 1,118,660 | 2.71 | % | $ | 1,124,551 | 2.66 | % | ||||||||||||||||||||||||||||||
Tax-equivalent Net Interest Revenue to Earning Assets | 2.83 | % | 3.11 | % | ||||||||||||||||||||||||||||||||||
Less tax-equivalent adjustment | 10,216 | 11,672 | ||||||||||||||||||||||||||||||||||||
Net Interest Revenue | 1,108,444 | 1,112,879 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | 222,592 | 44,000 | ||||||||||||||||||||||||||||||||||||
Other operating revenue | 842,320 | 695,233 | ||||||||||||||||||||||||||||||||||||
Other operating expense | 1,164,308 | 1,133,244 | ||||||||||||||||||||||||||||||||||||
Net income before taxes | 563,864 | 630,868 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes | 128,793 | 130,183 | ||||||||||||||||||||||||||||||||||||
Net income | 435,071 | 500,685 | ||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | 41 | (73) | ||||||||||||||||||||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 435,030 | $ | 500,758 | ||||||||||||||||||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 6.19 | $ | 7.03 | ||||||||||||||||||||||||||||||||||
Diluted | $ | 6.19 | $ | 7.03 |
(In Thousands, Except Per Share Data) | Three Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 1,208,552 | $ | 483 | 0.16 | % | $ | 682,788 | $ | 245 | 0.14 | % | ||||||||||||||||||||||||||
Trading securities | 9,260,778 | 44,537 | 1.89 | % | 7,617,236 | 39,006 | 2.04 | % | ||||||||||||||||||||||||||||||
Investment securities | 213,188 | 2,661 | 4.99 | % | 218,117 | 2,740 | 5.02 | % | ||||||||||||||||||||||||||||||
Available for sale securities | 13,247,607 | 55,638 | 1.72 | % | 13,446,095 | 57,391 | 1.80 | % | ||||||||||||||||||||||||||||||
Fair value option securities | 46,458 | 302 | 2.71 | % | 56,307 | 342 | 2.62 | % | ||||||||||||||||||||||||||||||
Restricted equity securities | 137,874 | 1,028 | 2.98 | % | 245,485 | 1,565 | 2.55 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | 163,433 | 1,242 | 3.06 | % | 167,620 | 1,274 | 3.06 | % | ||||||||||||||||||||||||||||||
Loans | 20,242,653 | 188,547 | 3.70 | % | 20,848,608 | 193,117 | 3.68 | % | ||||||||||||||||||||||||||||||
Allowance for loan losses | (271,794) | (306,125) | ||||||||||||||||||||||||||||||||||||
Loans, net of allowance | 19,970,859 | 188,547 | 3.75 | % | 20,542,483 | 193,117 | 3.73 | % | ||||||||||||||||||||||||||||||
Total earning assets | 44,248,749 | 294,438 | 2.66 | % | 42,976,131 | 295,680 | 2.78 | % | ||||||||||||||||||||||||||||||
Receivable on unsettled securities sales | 585,901 | 632,539 | ||||||||||||||||||||||||||||||||||||
Cash and other assets | 5,769,406 | 5,890,479 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 50,604,056 | $ | 49,499,149 | ||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Transaction | $ | 22,326,401 | $ | 5,097 | 0.09 | % | $ | 21,435,736 | $ | 5,002 | 0.09 | % | ||||||||||||||||||||||||||
Savings | 909,131 | 96 | 0.04 | % | 888,011 | 96 | 0.04 | % | ||||||||||||||||||||||||||||||
Time | 1,747,715 | 2,351 | 0.53 | % | 1,839,983 | 2,567 | 0.55 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,983,247 | 7,544 | 0.12 | % | 24,163,730 | 7,665 | 0.13 | % | ||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | 2,893,128 | 5,292 | 0.73 | % | 1,448,800 | 722 | 0.20 | % | ||||||||||||||||||||||||||||||
Other borrowings | 880,837 | 1,091 | 0.49 | % | 2,546,083 | 2,344 | 0.37 | % | ||||||||||||||||||||||||||||||
Subordinated debentures | 131,224 | 1,330 | 4.02 | % | 214,654 | 2,505 | 4.63 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 28,888,436 | 15,257 | 0.21 | % | 28,373,267 | 13,236 | 0.19 | % | ||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | 14,818,841 | 13,670,656 | ||||||||||||||||||||||||||||||||||||
Due on unsettled securities purchases | 629,642 | 957,538 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 898,848 | 1,054,247 | ||||||||||||||||||||||||||||||||||||
Total equity | 5,368,289 | 5,443,441 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 50,604,056 | $ | 49,499,149 | ||||||||||||||||||||||||||||||||||
Tax-equivalent Net Interest Revenue | $ | 279,181 | 2.45 | % | $ | 282,444 | 2.59 | % | ||||||||||||||||||||||||||||||
Tax-equivalent Net Interest Revenue to Earning Assets | 2.52 | % | 2.66 | % | ||||||||||||||||||||||||||||||||||
Less tax-equivalent adjustment | 2,104 | 2,217 | ||||||||||||||||||||||||||||||||||||
Net Interest Revenue | 277,077 | 280,227 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | (17,000) | (23,000) | ||||||||||||||||||||||||||||||||||||
Other operating revenue | 157,443 | 229,832 | ||||||||||||||||||||||||||||||||||||
Other operating expense | 299,495 | 291,277 | ||||||||||||||||||||||||||||||||||||
Net income before taxes | 152,025 | 241,782 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes | 34,836 | 54,061 | ||||||||||||||||||||||||||||||||||||
Net income | 117,189 | 187,721 | ||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | (129) | (601) | ||||||||||||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 117,318 | $ | 188,322 | ||||||||||||||||||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.71 | $ | 2.74 | ||||||||||||||||||||||||||||||||||
Diluted | $ | 1.71 | $ | 2.74 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Revenue /Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | ||||||||||||||||||||||||||||||||||||||||||
$ | 659,312 | $ | 158 | 0.10 | % | $ | 711,047 | $ | 174 | 0.10 | % | $ | 643,926 | $ | 158 | 0.10 | % | |||||||||||||||||||||||||||||||||
7,430,217 | 36,702 | 1.95 | % | 6,963,617 | 35,969 | 2.06 | % | 6,888,189 | 35,848 | 2.02 | % | |||||||||||||||||||||||||||||||||||||||
221,401 | 2,771 | 5.01 | % | 237,313 | 2,893 | 4.88 | % | 251,863 | 3,071 | 4.88 | % | |||||||||||||||||||||||||||||||||||||||
13,243,542 | 58,989 | 1.85 | % | 13,433,767 | 58,680 | 1.84 | % | 12,949,702 | 60,885 | 1.98 | % | |||||||||||||||||||||||||||||||||||||||
64,864 | 402 | 2.60 | % | 104,662 | 496 | 1.95 | % | 122,329 | 671 | 2.27 | % | |||||||||||||||||||||||||||||||||||||||
208,692 | 1,751 | 3.36 | % | 189,921 | 1,359 | 2.86 | % | 280,428 | 2,276 | 3.25 | % | |||||||||||||||||||||||||||||||||||||||
218,200 | 1,569 | 2.91 | % | 207,013 | 1,380 | 2.71 | % | 229,631 | 1,549 | 2.75 | % | |||||||||||||||||||||||||||||||||||||||
22,167,089 | 195,871 | 3.54 | % | 22,757,007 | 199,589 | 3.55 | % | 23,447,518 | 216,976 | 3.68 | % | |||||||||||||||||||||||||||||||||||||||
(345,269) | (382,734) | (414,225) | ||||||||||||||||||||||||||||||||||||||||||||||||
21,821,820 | 195,871 | 3.60 | % | 22,374,273 | 199,589 | 3.62 | % | 23,033,293 | 216,976 | 3.75 | % | |||||||||||||||||||||||||||||||||||||||
43,868,048 | 298,213 | 2.75 | % | 44,221,613 | 300,540 | 2.78 | % | 44,399,361 | 321,434 | 2.92 | % | |||||||||||||||||||||||||||||||||||||||
716,700 | 735,482 | 1,094,198 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,612,174 | 5,353,538 | 4,893,605 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,196,922 | $ | 50,310,633 | $ | 50,387,164 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 21,491,145 | $ | 5,539 | 0.10 | % | $ | 21,433,406 | $ | 6,323 | 0.12 | % | $ | 20,718,390 | $ | 7,047 | 0.14 | % | |||||||||||||||||||||||||||||||||
872,618 | 96 | 0.04 | % | 789,656 | 86 | 0.04 | % | 737,360 | 87 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||
1,936,510 | 2,790 | 0.58 | % | 1,986,425 | 3,441 | 0.70 | % | 1,930,808 | 4,300 | 0.89 | % | |||||||||||||||||||||||||||||||||||||||
24,300,273 | 8,425 | 0.14 | % | 24,209,487 | 9,850 | 0.17 | % | 23,386,558 | 11,434 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||
1,790,490 | 722 | 0.16 | % | 2,830,378 | 1,348 | 0.19 | % | 2,153,254 | 1,526 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||
3,608,369 | 3,084 | 0.34 | % | 3,392,346 | 3,274 | 0.39 | % | 5,193,656 | 5,453 | 0.42 | % | |||||||||||||||||||||||||||||||||||||||
276,034 | 3,353 | 4.87 | % | 276,015 | 3,347 | 4.92 | % | 275,998 | 3,377 | 4.87 | % | |||||||||||||||||||||||||||||||||||||||
29,975,166 | 15,584 | 0.21 | % | 30,708,226 | 17,819 | 0.24 | % | 31,009,466 | 21,790 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||
13,189,954 | 12,312,629 | 12,136,071 | ||||||||||||||||||||||||||||||||||||||||||||||||
701,495 | 915,410 | 957,642 | ||||||||||||||||||||||||||||||||||||||||||||||||
1,000,662 | 1,100,203 | 1,055,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,329,645 | 5,274,165 | 5,228,362 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,196,922 | $ | 50,310,633 | $ | 50,387,164 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 282,629 | 2.54 | % | $ | 282,721 | 2.54 | % | $ | 299,644 | 2.64 | % | |||||||||||||||||||||||||||||||||||||||
2.60 | % | 2.62 | % | 2.72 | % | |||||||||||||||||||||||||||||||||||||||||||||
2,320 | 2,301 | 2,414 | ||||||||||||||||||||||||||||||||||||||||||||||||
280,309 | 280,420 | 297,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
(35,000) | (25,000) | (6,500) | ||||||||||||||||||||||||||||||||||||||||||||||||
191,446 | 177,054 | 198,789 | ||||||||||||||||||||||||||||||||||||||||||||||||
291,152 | 295,784 | 302,672 | ||||||||||||||||||||||||||||||||||||||||||||||||
215,603 | 186,690 | 199,847 | ||||||||||||||||||||||||||||||||||||||||||||||||
48,496 | 42,382 | 45,138 | ||||||||||||||||||||||||||||||||||||||||||||||||
167,107 | 144,308 | 154,709 | ||||||||||||||||||||||||||||||||||||||||||||||||
686 | (1,752) | 485 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 166,421 | $ | 146,060 | $ | 154,224 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 2.40 | $ | 2.10 | $ | 2.21 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 2.40 | $ | 2.10 | $ | 2.21 |
Exhibit Number | Description of Exhibit | ||||
3.0 | The Articles of Incorporation of BOK Financial, incorporated by reference to (i) Amended and Restated Certificate of Incorporation of BOK Financial filed with the Oklahoma Secretary of State on May 28, 1991, filed as Exhibit 3.0 to S-1 Registration Statement No. 33-90450, and (ii) Amendment attached as Exhibit A to Information Statement and Prospectus Supplement filed November 20, 1991. | ||||
3.1 | |||||
4.0 | The rights of the holders of the Common Stock of BOK Financial are set forth in its Certificate of Incorporation. | ||||
4.3 | |||||
4.4 | |||||
10.4 | Employment and Compensation Agreements. | ||||
10.4.2 | |||||
10.4.2 (a) | |||||
10.4.2 (b) | |||||
10.4.7 | |||||
10.4.9 | |||||
10.4.10 | |||||
10.4.11 | |||||
10.7.7 | |||||
10.7.8 | BOK Financial Corporation Directors' Stock Compensation Plan, incorporated by reference to Exhibit 4.0 of S-8 Registration Statement No. 33-79836. | ||||
10.7.9 | Bank of Oklahoma Thrift Plan (Amended and Restated Effective as of January 1, 1995), incorporated by reference to Exhibit 10.7.6 of Form 10-K for the year ended December 31, 1994. | ||||
10.7.10 | Trust Agreement for the Bank of Oklahoma Thrift Plan (December 30, 1994), incorporated by reference to Exhibit 10.7.7 of Form 10-K for the year ended December 31, 1994. | ||||
10.7.11 | |||||
10.7.12 | |||||
10.7.14 |
Exhibit Number | Description of Exhibit | ||||
10.7.16 | |||||
10.8 | |||||
10.8.1 | |||||
21 | |||||
23 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
99 | Additional Exhibits. | ||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Cover Page, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statement of Cash Flows and (vi) the Notes to the Consolidated Financial Statements, filed herewith. 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). |
/s/ George B. Kaiser | /s/ Stacy C. Kymes | |||||||
George B. Kaiser Chairman of the Board of Directors | Stacy C. Kymes Director, President and Chief Executive Officer | |||||||
/s/ Steven E. Nell | /s/ John C. Morrow | |||||||
Steven E. Nell Director, Executive Vice President and Chief Financial Officer | John C. Morrow Senior Vice President and Chief Accounting Officer |
/s/ Alan S. Armstrong | /s/ Kimberley D. Henry | |||||||
Alan S. Armstrong | Kimberley D. Henry | |||||||
/s/ C. Frederick Ball, Jr. | /s/ E. Carey Joullian, IV | |||||||
C. Frederick Ball, Jr. | E. Carey Joullian, IV | |||||||
/s/ Steve Bangert | /s/ Stanley A. Lybarger | |||||||
Steve Bangert | Stanley A. Lybarger | |||||||
Steven G. Bradshaw | Steven J. Malcolm | |||||||
Chester E. Cadieux, III | Emmet C. Richards | |||||||
/s/ John W. Coffey | ||||||||
John W. Coffey | Claudia San Pedro | |||||||
/s/ Joseph W. Craft, III | ||||||||
Joseph W. Craft, III | Peggy Simmons | |||||||
/s/ David F. Griffin | /s/ Michael C. Turpen | |||||||
David F. Griffin | Michael C. Turpen | |||||||
/s/ V. Burns Hargis | /s/ Rose M. Washington | |||||||
V. Burns Hargis | Rose M. Washington | |||||||
/s/ Douglas D. Hawthorne | ||||||||
Douglas D. Hawthorne | ||||||||
/s/ Stacy C. Kymes | ||
Stacy C. Kymes | ||
President | ||
Chief Executive Officer | ||
BOK Financial Corporation |
/s/ Steven E. Nell | ||
Steven E. Nell | ||
Executive Vice President | ||
Chief Financial Officer | ||
BOK Financial Corporation |
/s/ Stacy C. Kymes | ||
Stacy C. Kymes | ||
President | ||
Chief Executive Officer | ||
BOK Financial Corporation |
/s/ Steven E. Nell | ||
Steven E. Nell | ||
Executive Vice President | ||
Chief Financial Officer | ||
BOK Financial Corporation |