☒ | 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) | (I.R.S. Employer Identification No.) | ||||||||||
Bank of Oklahoma Tower | |||||||||||
Boston Avenue at Second Street | |||||||||||
Tulsa, | OK | 74172 | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.00006 per share | BOKF | Nasdaq Stock Market |
Item 1 | ||||||||
Item 1A | ||||||||
Item 1B | ||||||||
Item 1C | ||||||||
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 10.4.13 | Amended and Restated Employment Agreement between BOK Financial and Marc C. Maun dated November 3, 2021 | |||||||
Exhibit 10.4.14 | Employment Agreement between BOK Financial and Brad A. Vincent dated August 23, 2021 | |||||||
Exhibit 10.7.16 | BOK Financial Corporation Omnibus Incentive Plan effective January 1, 2013 | |||||||
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 | |||||||
Exhibit 97 | BOK Financial Clawback Policy |
Term | Definition | |||||||
AFS | Available For Sale | |||||||
AIRS® | Advanced Internet Recruitment Strategies | |||||||
AOCI | Accumulated Other Comprehensive Income | |||||||
ASU | Accounting Standards Update | |||||||
ATM | Automated Teller Machine | |||||||
BCBS | Basel Committee on Banking Supervision | |||||||
BHCA | Bank Holding Company Act of 1956 | |||||||
Board | Board of Directors of BOK Financial Corporation | |||||||
BOK Financial | BOK Financial Corporation | |||||||
BOKF | BOK Financial Corporation | |||||||
BOKF Insurance | BOK Financial Insurance, Inc. | |||||||
BSA | Bank Secrecy Act | |||||||
CECL | Current Expected Credit Losses | |||||||
CET1 | Common Equity Tier 1 Capital | |||||||
CFPB | Consumer Financial Protection Bureau | |||||||
CFTC | Commodity Futures Trading Commission | |||||||
CISO | Chief Information Security Officer | |||||||
Company | BOK Financial Corporation | |||||||
CoP | Communities of Practice | |||||||
COSO | Committee of Sponsoring Organizations | |||||||
CRA | Community Reinvestment Act of 1977 | |||||||
CRE | Commercial Real Estate | |||||||
DEI | Diversity, Equity and Inclusion | |||||||
DIF | Deposit Insurance Fund | |||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
EFT | Electronic Funds Transfer | |||||||
FASB | Financial Accounting Standards Board | |||||||
FCA | U.K Financial Conduct Authority | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act of 1991 | |||||||
Federal Reserve Board | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank | |||||||
FINRA | Financial Industry Regulatory Authority | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
GDP | Gross Domestic Product | |||||||
GNMA | Government National Mortgage Association | |||||||
HBCUs | Historically Black Colleges and Universities | |||||||
ISMS | Information Security Management System | |||||||
ISO | International Organization for Standardization | |||||||
KBW | Keefe, Bruyette & Woods | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LIBOR Act | Adjustable Interest Rate (LIBOR) Act | |||||||
MSR | Mortgage Servicing Rights | |||||||
NASDAQ | National Association of Securities Dealers Automated Quotations | |||||||
NIST | National Institute of Standards and Technology |
Term | Definition | |||||||
NYMEX | New York Mercantile Exchange | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
PATRIOT Act | USA PATRIOT Act of 2001 | |||||||
PCAOB | Public Company Accounting Oversight Board | |||||||
Pension Plan | BOK Financial Corporation sponsored defined benefit cash balance pension plan | |||||||
PPNR | Pre-Provision Net Revenue | |||||||
RMHFS | Residential Mortgages Held for Sale | |||||||
RSUs | Restricted Stock Units | |||||||
S&P | Standard & Poor's | |||||||
SEC | Securities and Exchange Commission | |||||||
SOC | Service Organization Controls | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SVaR | Stressed Value at Risk | |||||||
TDRs | Troubled Debt Restructurings | |||||||
Thrift Plan | BOK Financial Corporation sponsored defined contribution plan | |||||||
Tier 2 | Supplementary capital | |||||||
TransFund | BOKF's electronic funds transfer network | |||||||
VA | U.S. Department of Veterans Affairs | |||||||
VaR | Value at Risk | |||||||
VIEs | Variable Interest Entities | |||||||
WTI | West Texas Intermediate | |||||||
First | Second | Third | Fourth | |||||||||||||||||||||||
2023: | ||||||||||||||||||||||||||
Low | $ | 81.54 | $ | 75.61 | $ | 78.38 | $ | 63.93 | ||||||||||||||||||
High | 105.14 | 90.40 | 91.54 | 86.27 | ||||||||||||||||||||||
Cash dividends declared | 0.54 | 0.54 | 0.54 | 0.55 | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||
Low | $ | 93.95 | $ | 74.40 | $ | 71.14 | $ | 90.41 | ||||||||||||||||||
High | 115.68 | 92.60 | 95.05 | 109.57 | ||||||||||||||||||||||
Cash dividends declared | 0.53 | 0.53 | 0.53 | 0.54 |
Period Ending December 31, | ||||||||||||||||||||||||||||||||||||||
Index | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||
BOK Financial Corporation | 100.00 | 122.09 | 98.93 | 155.90 | 156.82 | 132.90 | ||||||||||||||||||||||||||||||||
NASDAQ Composite | 100.00 | 136.69 | 198.10 | 242.03 | 163.28 | 236.17 | ||||||||||||||||||||||||||||||||
KBW NASDAQ Regional Banking Index | 100.00 | 123.81 | 113.03 | 154.45 | 143.75 | 143.17 |
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, 2023 to October 31, 2023 | 140,169 | $ | 65.65 | 140,000 | 3,132,023 | |||||||||||||||||||||
November 1, 2023 to November 30, 2023 | 372,155 | $ | 69.30 | 372,155 | 2,759,868 | |||||||||||||||||||||
December 1, 2023 to December 31, 2023 | 190,401 | $ | 78.59 | 188,082 | 2,571,786 | |||||||||||||||||||||
Total | 702,725 | 700,237 |
Table 1 – Consolidated Selected Financial Data | |||||||||||||||||
December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Selected Financial Data | |||||||||||||||||
Earnings per share (based on average equivalent shares): | |||||||||||||||||
Basic | $ | 8.02 | $ | 7.68 | $ | 8.95 | |||||||||||
Diluted | 8.02 | 7.68 | 8.95 | ||||||||||||||
Percentages (based on daily averages): | |||||||||||||||||
Return on average assets | 1.10 | % | 1.11 | % | 1.23 | % | |||||||||||
Return on average shareholders' equity | 10.82 | % | 10.81 | % | 11.59 | % | |||||||||||
Dividend payout ratio | 27.00 | % | 27.65 | % | 23.29 | % | |||||||||||
Allowance for loan losses to loans | 1.16 | % | 1.04 | % | 1.27 | % | |||||||||||
Combined allowance for credit losses to loans1 | 1.36 | % | 1.31 | % | 1.43 | % |
(Dollars in thousands, except per share data) | Year Ended | |||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | ||||||||||||||||||
Assets | ||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 632,289 | $ | 32,353 | 5.12 | % | ||||||||||||||
Trading securities | 4,559,012 | 216,269 | 4.74 | % | ||||||||||||||||
Investment securities | 2,368,749 | 34,043 | 1.44 | % | ||||||||||||||||
Available for sale securities | 11,941,222 | 388,755 | 3.06 | % | ||||||||||||||||
Fair value option securities | 150,847 | 7,760 | 5.06 | % | ||||||||||||||||
Restricted equity securities | 387,224 | 29,683 | 7.67 | % | ||||||||||||||||
Residential mortgage loans held for sale | 69,280 | 4,341 | 6.12 | % | ||||||||||||||||
Loans | 23,125,349 | 1,638,071 | 7.08 | % | ||||||||||||||||
Allowance for loan losses | (258,300) | |||||||||||||||||||
Loans, net of allowance | 22,867,049 | 1,638,071 | 7.16 | % | ||||||||||||||||
Total earning assets | 42,975,672 | 2,351,275 | 5.38 | % | ||||||||||||||||
Receivable on unsettled securities sales | 222,004 | |||||||||||||||||||
Cash and other assets | 5,046,478 | |||||||||||||||||||
Total assets | $ | 48,244,154 | ||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Transaction | $ | 19,223,863 | $ | 540,068 | 2.81 | % | ||||||||||||||
Savings | 901,008 | 2,913 | 0.32 | % | ||||||||||||||||
Time | 2,354,511 | 83,616 | 3.55 | % | ||||||||||||||||
Total interest-bearing deposits | 22,479,382 | 626,597 | 2.79 | % | ||||||||||||||||
Funds purchased and repurchase agreements | 2,653,654 | 119,018 | 4.49 | % | ||||||||||||||||
Other borrowings | 5,979,095 | 315,717 | 5.28 | % | ||||||||||||||||
Subordinated debentures | 131,155 | 8,952 | 6.83 | % | ||||||||||||||||
Total interest-bearing liabilities | 31,243,286 | 1,070,284 | 3.43 | % | ||||||||||||||||
Non-interest bearing demand deposits | 10,725,452 | |||||||||||||||||||
Due on unsettled securities purchases | 388,353 | |||||||||||||||||||
Other liabilities | 979,685 | |||||||||||||||||||
Total equity | 4,907,378 | |||||||||||||||||||
Total liabilities and equity | $ | 48,244,154 | ||||||||||||||||||
Tax-equivalent net interest revenue | $ | 1,280,991 | 1.95 | % | ||||||||||||||||
Tax-equivalent net interest revenue to earning assets | 2.93 | % | ||||||||||||||||||
Less tax-equivalent adjustment | 8,811 | |||||||||||||||||||
Net interest revenue | 1,272,180 | |||||||||||||||||||
Provision for credit losses | 46,000 | |||||||||||||||||||
Other operating revenue | 789,949 | |||||||||||||||||||
Other operating expense | 1,332,881 | |||||||||||||||||||
Net income before taxes | 683,248 | |||||||||||||||||||
Federal and state income taxes | 152,115 | |||||||||||||||||||
Net income | 531,133 | |||||||||||||||||||
Net income attributable to non-controlling interests | 387 | |||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 530,746 | ||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 8.02 | ||||||||||||||||||
Diluted | $ | 8.02 |
(Dollars in thousands, Except Per Share Data) | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 801,180 | $ | 11,552 | 1.44 | % | $ | 816,425 | $ | 1,060 | 0.13 | % | ||||||||||||||||||||||||||
Trading securities | 4,723,130 | 115,295 | 2.24 | % | 7,823,705 | 156,214 | 1.98 | % | ||||||||||||||||||||||||||||||
Investment securities | 1,493,322 | 24,490 | 1.64 | % | 222,426 | 11,065 | 4.97 | % | ||||||||||||||||||||||||||||||
Available for sale securities | 11,643,103 | 249,361 | 2.07 | % | 13,342,526 | 230,698 | 1.80 | % | ||||||||||||||||||||||||||||||
Fair value option securities | 64,776 | 2,145 | 3.40 | % | 67,881 | 1,542 | 2.38 | % | ||||||||||||||||||||||||||||||
Restricted equity securities | 180,760 | 8,282 | 4.58 | % | 195,488 | 5,703 | 2.92 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | 139,553 | 6,027 | 4.31 | % | 188,888 | 5,465 | 2.93 | % | ||||||||||||||||||||||||||||||
Loans | 21,279,187 | 983,413 | 4.62 | % | 21,495,156 | 777,124 | 3.62 | % | ||||||||||||||||||||||||||||||
Allowance for loan losses | (245,915) | (326,121) | ||||||||||||||||||||||||||||||||||||
Loans, net of allowance | 21,033,272 | 983,413 | 4.68 | % | 21,169,035 | 777,124 | 3.67 | % | ||||||||||||||||||||||||||||||
Total earning assets | 40,079,096 | 1,400,565 | 3.42 | % | 43,826,374 | 1,188,871 | 2.74 | % | ||||||||||||||||||||||||||||||
Receivable on unsettled securities sales | 310,974 | 667,149 | ||||||||||||||||||||||||||||||||||||
Cash and other assets | 6,634,566 | 5,658,180 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 47,024,636 | $ | 50,151,703 | ||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Transaction | $ | 20,550,624 | $ | 108,956 | 0.53 | % | $ | 21,673,472 | $ | 21,961 | 0.10 | % | ||||||||||||||||||||||||||
Savings | 969,279 | 489 | 0.05 | % | 865,245 | 374 | 0.04 | % | ||||||||||||||||||||||||||||||
Time | 1,446,613 | 12,304 | 0.85 | % | 1,876,901 | 11,149 | 0.59 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 22,966,516 | 121,749 | 0.53 | % | 24,415,618 | 33,484 | 0.14 | % | ||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | 1,265,045 | 13,158 | 1.04 | % | 2,238,702 | 8,084 | 0.36 | % | ||||||||||||||||||||||||||||||
Other borrowings | 1,628,972 | 39,325 | 2.41 | % | 2,599,861 | 9,793 | 0.38 | % | ||||||||||||||||||||||||||||||
Subordinated debentures | 131,206 | 6,490 | 4.95 | % | 224,058 | 10,535 | 4.70 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 25,991,739 | 180,722 | 0.70 | % | 29,478,239 | 61,896 | 0.21 | % | ||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | 14,884,765 | 13,505,359 | ||||||||||||||||||||||||||||||||||||
Due on unsettled securities purchases | 451,530 | 800,667 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 879,691 | 1,013,050 | ||||||||||||||||||||||||||||||||||||
Total equity | 4,816,911 | 5,354,388 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 47,024,636 | $ | 50,151,703 | ||||||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue | $ | 1,219,843 | 2.72 | % | $ | 1,126,975 | 2.53 | % | ||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue to earning assets | 2.98 | % | 2.60 | % | ||||||||||||||||||||||||||||||||||
Less tax-equivalent adjustment | 8,463 | 8,942 | ||||||||||||||||||||||||||||||||||||
Net interest revenue | 1,211,380 | 1,118,033 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | 30,000 | (100,000) | ||||||||||||||||||||||||||||||||||||
Other operating revenue | 643,257 | 755,775 | ||||||||||||||||||||||||||||||||||||
Other operating expense | 1,164,480 | 1,177,708 | ||||||||||||||||||||||||||||||||||||
Net income before taxes | 660,157 | 796,100 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes | 139,864 | 179,775 | ||||||||||||||||||||||||||||||||||||
Net income | 520,293 | 616,325 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 20 | (1,796) | ||||||||||||||||||||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 520,273 | $ | 618,121 | ||||||||||||||||||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 7.68 | $ | 8.95 | ||||||||||||||||||||||||||||||||||
Diluted | $ | 7.68 | $ | 8.95 | ||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2023 / 2022 | December 31, 2022 / 2021 | |||||||||||||||||||||||||||||||||||||
Change Due To1 | Change Due To1 | |||||||||||||||||||||||||||||||||||||
Change | Volume | Yield / Rate | Change | Volume | Yield / Rate | |||||||||||||||||||||||||||||||||
Tax-equivalent interest revenue: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 20,801 | $ | (5,557) | $ | 26,358 | $ | 10,492 | $ | (111) | $ | 10,603 | ||||||||||||||||||||||||||
Trading securities | 100,974 | (20,136) | 121,110 | (40,919) | (58,095) | 17,176 | ||||||||||||||||||||||||||||||||
Investment securities | 9,553 | 12,559 | (3,006) | 13,425 | 43,575 | (30,150) | ||||||||||||||||||||||||||||||||
Available for sale securities | 139,394 | 16,127 | 123,267 | 18,663 | (14,377) | 33,040 | ||||||||||||||||||||||||||||||||
Fair value option securities | 5,615 | 3,815 | 1,800 | 603 | (50) | 653 | ||||||||||||||||||||||||||||||||
Restricted equity securities | 21,401 | 13,269 | 8,132 | 2,579 | (476) | 3,055 | ||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | (1,686) | (3,592) | 1,906 | 562 | (1,696) | 2,258 | ||||||||||||||||||||||||||||||||
Loans | 654,658 | 108,241 | 546,417 | 206,289 | (8,240) | 214,529 | ||||||||||||||||||||||||||||||||
Total tax-equivalent interest revenue | 950,710 | 124,726 | 825,984 | 211,694 | (39,470) | 251,164 | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
Transaction deposits | 431,112 | (22,237) | 453,349 | 86,995 | (3,662) | 90,657 | ||||||||||||||||||||||||||||||||
Savings deposits | 2,424 | (114) | 2,538 | 115 | 35 | 80 | ||||||||||||||||||||||||||||||||
Time deposits | 71,312 | 19,985 | 51,327 | 1,155 | (3,132) | 4,287 | ||||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | 105,860 | 38,329 | 67,531 | 5,074 | (6,827) | 11,901 | ||||||||||||||||||||||||||||||||
Other borrowings | 276,392 | 167,239 | 109,153 | 29,532 | (13,467) | 42,999 | ||||||||||||||||||||||||||||||||
Subordinated debentures | 2,462 | (4) | 2,466 | (4,045) | (4,485) | 440 | ||||||||||||||||||||||||||||||||
Total interest expense | 889,562 | 203,198 | 686,364 | 118,826 | (31,538) | 150,364 | ||||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue | 61,148 | (78,472) | 139,620 | 92,868 | (7,932) | 100,800 | ||||||||||||||||||||||||||||||||
Change in tax-equivalent adjustment | 348 | (479) | ||||||||||||||||||||||||||||||||||||
Net interest revenue | $ | 60,800 | $ | 93,347 |
(In thousands, except per share data) | Three Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 605,839 | $ | 8,096 | 5.30 | % | $ | 598,734 | $ | 8,199 | 5.43 | % | ||||||||||||||||||||||||||
Trading securities | 5,448,403 | 69,013 | 5.05 | % | 5,444,587 | 65,301 | 4.76 | % | ||||||||||||||||||||||||||||||
Investment securities | 2,264,194 | 8,058 | 1.42 | % | 2,331,595 | 8,309 | 1.43 | % | ||||||||||||||||||||||||||||||
Available for sale securities | 12,063,398 | 105,556 | 3.27 | % | 11,925,800 | 99,238 | 3.11 | % | ||||||||||||||||||||||||||||||
Fair value option securities | 20,086 | 199 | 3.57 | % | 41,741 | 552 | 4.61 | % | ||||||||||||||||||||||||||||||
Restricted equity securities | 432,780 | 8,670 | 8.01 | % | 445,532 | 8,776 | 7.88 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | 61,146 | 1,036 | 6.59 | % | 77,208 | 1,234 | 6.27 | % | ||||||||||||||||||||||||||||||
Loans | 23,705,108 | 439,808 | 7.36 | % | 23,414,308 | 427,649 | 7.25 | % | ||||||||||||||||||||||||||||||
Allowance for loan losses | (273,717) | (267,205) | ||||||||||||||||||||||||||||||||||||
Loans, net of allowance | 23,431,391 | 439,808 | 7.45 | % | 23,147,103 | 427,649 | 7.33 | % | ||||||||||||||||||||||||||||||
Total earning assets | 44,327,237 | 640,436 | 5.64 | % | 44,012,300 | 619,258 | 5.49 | % | ||||||||||||||||||||||||||||||
Receivable on unsettled securities sales | 276,856 | 268,344 | ||||||||||||||||||||||||||||||||||||
Cash and other assets | 5,109,577 | 5,038,908 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 49,713,670 | $ | 49,319,552 | ||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||
Transaction | $ | 20,449,370 | $ | 177,475 | 3.44 | % | $ | 19,415,599 | $ | 155,385 | 3.18 | % | ||||||||||||||||||||||||||
Savings | 845,705 | 1,132 | 0.53 | % | 874,530 | 1,043 | 0.47 | % | ||||||||||||||||||||||||||||||
Time | 3,002,252 | 31,242 | 4.13 | % | 2,839,947 | 28,380 | 3.96 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,297,327 | 209,849 | 3.43 | % | 23,130,076 | 184,808 | 3.17 | % | ||||||||||||||||||||||||||||||
Funds purchased and repurchase agreements | 2,476,973 | 29,915 | 4.79 | % | 2,699,027 | 32,748 | 4.81 | % | ||||||||||||||||||||||||||||||
Other borrowings | 7,120,963 | 99,542 | 5.55 | % | 6,968,309 | 96,271 | 5.48 | % | ||||||||||||||||||||||||||||||
Subordinated debentures | 131,151 | 2,343 | 7.09 | % | 131,151 | 2,321 | 7.02 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 34,026,414 | 341,649 | 3.98 | % | 32,928,563 | 316,148 | 3.81 | % | ||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | 9,378,886 | 10,157,821 | ||||||||||||||||||||||||||||||||||||
Due on unsettled securities purchases | 363,358 | 435,927 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 1,008,035 | 891,675 | ||||||||||||||||||||||||||||||||||||
Total equity | 4,936,977 | 4,905,566 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 49,713,670 | $ | 49,319,552 | ||||||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue | $ | 298,787 | 1.66 | % | $ | 303,110 | 1.68 | % | ||||||||||||||||||||||||||||||
Tax-equivalent net interest revenue to earning assets | 2.64 | % | 2.69 | % | ||||||||||||||||||||||||||||||||||
Less tax-equivalent adjustment | 2,112 | 2,214 | ||||||||||||||||||||||||||||||||||||
Net interest revenue | 296,675 | 300,896 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | 6,000 | 7,000 | ||||||||||||||||||||||||||||||||||||
Other operating revenue | 204,883 | 198,152 | ||||||||||||||||||||||||||||||||||||
Other operating expense | 384,083 | 324,313 | ||||||||||||||||||||||||||||||||||||
Net income before taxes | 111,475 | 167,735 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes | 28,953 | 33,256 | ||||||||||||||||||||||||||||||||||||
Net income | 82,522 | 134,479 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (53) | (16) | ||||||||||||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 82,575 | $ | 134,495 | ||||||||||||||||||||||||||||||||||
Earnings Per Average Common Share Equivalent: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.26 | $ | 2.04 | ||||||||||||||||||||||||||||||||||
Diluted | $ | 1.26 | $ | 2.04 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Revenue /Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | ||||||||||||||||||||||||||||||||||||||||||
$ | 708,475 | $ | 9,552 | 5.41 | % | $ | 616,596 | $ | 6,506 | 4.28 | % | $ | 568,307 | $ | 5,822 | 4.06 | % | |||||||||||||||||||||||||||||||||
4,274,803 | 47,882 | 4.50 | % | 3,031,969 | 34,073 | 4.52 | % | 3,086,985 | 28,473 | 3.70 | % | |||||||||||||||||||||||||||||||||||||||
2,408,122 | 8,659 | 1.44 | % | 2,473,796 | 9,017 | 1.46 | % | 2,535,305 | 9,223 | 1.46 | % | |||||||||||||||||||||||||||||||||||||||
12,033,597 | 94,849 | 3.00 | % | 11,738,693 | 89,112 | 2.87 | % | 10,953,851 | 73,317 | 2.54 | % | |||||||||||||||||||||||||||||||||||||||
245,469 | 3,116 | 5.07 | % | 300,372 | 3,893 | 5.17 | % | 92,012 | 931 | 4.40 | % | |||||||||||||||||||||||||||||||||||||||
351,944 | 6,429 | 7.31 | % | 316,724 | 5,808 | 7.34 | % | 216,673 | 3,088 | 5.70 | % | |||||||||||||||||||||||||||||||||||||||
72,959 | 1,092 | 5.85 | % | 65,769 | 979 | 5.79 | % | 98,613 | 1,390 | 5.56 | % | |||||||||||||||||||||||||||||||||||||||
22,889,054 | 400,988 | 7.03 | % | 22,476,247 | 369,626 | 6.67 | % | 21,976,004 | 331,649 | 5.99 | % | |||||||||||||||||||||||||||||||||||||||
(252,890) | (238,909) | (242,450) | ||||||||||||||||||||||||||||||||||||||||||||||||
22,636,164 | 400,988 | 7.10 | % | 22,237,338 | 369,626 | 6.74 | % | 21,733,554 | 331,649 | 6.06 | % | |||||||||||||||||||||||||||||||||||||||
42,731,533 | 572,567 | 5.29 | % | 40,781,257 | 519,014 | 5.06 | % | 39,285,300 | 453,893 | 4.53 | % | |||||||||||||||||||||||||||||||||||||||
163,903 | 177,312 | 194,996 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,012,671 | 5,023,899 | 5,729,322 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 47,908,107 | $ | 45,982,468 | $ | 45,209,618 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 18,368,592 | $ | 119,272 | 2.60 | % | $ | 18,639,900 | $ | 87,936 | 1.91 | % | $ | 18,898,315 | $ | 60,893 | 1.28 | % | |||||||||||||||||||||||||||||||||
926,882 | 490 | 0.21 | % | 958,443 | 248 | 0.10 | % | 969,275 | 205 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||
2,076,037 | 16,904 | 3.27 | % | 1,477,720 | 7,090 | 1.95 | % | 1,417,606 | 4,476 | 1.25 | % | |||||||||||||||||||||||||||||||||||||||
21,371,511 | 136,666 | 2.56 | % | 21,076,063 | 95,274 | 1.83 | % | 21,285,196 | 65,574 | 1.22 | % | |||||||||||||||||||||||||||||||||||||||
3,670,994 | 41,905 | 4.58 | % | 1,759,237 | 14,450 | 3.33 | % | 1,046,447 | 5,407 | 2.05 | % | |||||||||||||||||||||||||||||||||||||||
5,275,291 | 67,316 | 5.12 | % | 4,512,280 | 52,588 | 4.73 | % | 2,523,195 | 25,961 | 4.08 | % | |||||||||||||||||||||||||||||||||||||||
131,153 | 2,219 | 6.79 | % | 131,166 | 2,069 | 6.40 | % | 131,180 | 2,038 | 6.16 | % | |||||||||||||||||||||||||||||||||||||||
30,448,949 | 248,106 | 3.27 | % | 27,478,746 | 164,381 | 2.43 | % | 24,986,018 | 98,980 | 1.57 | % | |||||||||||||||||||||||||||||||||||||||
10,998,201 | 12,406,408 | 14,176,189 | ||||||||||||||||||||||||||||||||||||||||||||||||
436,353 | 316,738 | 575,957 | ||||||||||||||||||||||||||||||||||||||||||||||||
1,079,692 | 939,553 | 853,134 | ||||||||||||||||||||||||||||||||||||||||||||||||
4,944,912 | 4,841,023 | 4,618,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 47,908,107 | $ | 45,982,468 | $ | 45,209,618 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 324,461 | 2.02 | % | $ | 354,633 | 2.63 | % | $ | 354,913 | 2.96 | % | |||||||||||||||||||||||||||||||||||||||
3.00 | % | 3.45 | % | 3.54 | % | |||||||||||||||||||||||||||||||||||||||||||||
2,200 | 2,285 | 2,287 | ||||||||||||||||||||||||||||||||||||||||||||||||
322,261 | 352,348 | 352,626 | ||||||||||||||||||||||||||||||||||||||||||||||||
17,000 | 16,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
209,049 | 177,865 | 197,086 | ||||||||||||||||||||||||||||||||||||||||||||||||
318,673 | 305,812 | 318,456 | ||||||||||||||||||||||||||||||||||||||||||||||||
195,637 | 208,401 | 216,256 | ||||||||||||||||||||||||||||||||||||||||||||||||
44,001 | 45,905 | 47,864 | ||||||||||||||||||||||||||||||||||||||||||||||||
151,636 | 162,496 | 168,392 | ||||||||||||||||||||||||||||||||||||||||||||||||
328 | 128 | (37) | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 151,308 | $ | 162,368 | $ | 168,429 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 2.27 | $ | 2.43 | $ | 2.51 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 2.27 | $ | 2.43 | $ | 2.51 |
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2023 / Sep. 30, 2023 | ||||||||||||||||||||
Change Due To1 | ||||||||||||||||||||
Change | Volume | Yield / Rate | ||||||||||||||||||
Tax-equivalent interest revenue: | ||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | (103) | $ | 95 | $ | (198) | ||||||||||||||
Trading securities | 3,712 | (282) | 3,994 | |||||||||||||||||
Investment securities | (251) | (249) | (2) | |||||||||||||||||
Available for sale securities | 6,318 | 1,469 | 4,849 | |||||||||||||||||
Fair value option securities | (353) | (262) | (91) | |||||||||||||||||
Restricted equity securities | (106) | (193) | 87 | |||||||||||||||||
Residential mortgage loans held for sale | (198) | (256) | 58 | |||||||||||||||||
Loans | 12,159 | 5,491 | 6,668 | |||||||||||||||||
Total tax-equivalent interest revenue | 21,178 | 5,813 | 15,365 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Transaction deposits | 22,090 | 8,826 | 13,264 | |||||||||||||||||
Savings deposits | 89 | (39) | 128 | |||||||||||||||||
Time deposits | 2,862 | 1,633 | 1,229 | |||||||||||||||||
Funds purchased and repurchase agreements | (2,833) | (2,695) | (138) | |||||||||||||||||
Other borrowings | 3,271 | 2,075 | 1,196 | |||||||||||||||||
Subordinated debentures | 22 | (1) | 23 | |||||||||||||||||
Total interest expense | 25,501 | 9,799 | 15,702 | |||||||||||||||||
Tax-equivalent net interest revenue | (4,323) | (3,986) | (337) | |||||||||||||||||
Change in tax-equivalent adjustment | (102) | |||||||||||||||||||
Net interest revenue | $ | (4,221) |
Year Ended December 31, | 2023 vs. 2022 | 2023 vs. 2022 | Year Ended December 31, | 2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | % Increase (Decrease) | 2021 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | $ | 240,610 | $ | 140,978 | $ | 99,632 | 71 | % | $ | 112,989 | $ | 27,989 | 25 | % | |||||||||||||||||||||||||||
Transaction card revenue | 106,858 | 104,266 | 2,592 | 2 | % | 96,983 | 7,283 | 8 | % | ||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | 207,318 | 196,326 | 10,992 | 6 | % | 178,274 | 18,052 | 10 | % | ||||||||||||||||||||||||||||||||
Deposit service charges and fees | 108,514 | 110,636 | (2,122) | (2) | % | 104,217 | 6,419 | 6 | % | ||||||||||||||||||||||||||||||||
Mortgage banking revenue | 55,698 | 49,365 | 6,333 | 13 | % | 105,896 | (56,531) | (53) | % | ||||||||||||||||||||||||||||||||
Other revenue | 62,120 | 55,642 | 6,478 | 12 | % | 69,950 | (14,308) | (20) | % | ||||||||||||||||||||||||||||||||
Total fees and commissions revenue | 781,118 | 657,213 | 123,905 | 19 | % | 668,309 | (11,096) | (2) | % | ||||||||||||||||||||||||||||||||
Other gains, net | 56,795 | 123 | 56,672 | N/A | 63,742 | (63,619) | N/A | ||||||||||||||||||||||||||||||||||
Loss on derivatives, net | (9,921) | (73,011) | 63,090 | N/A | (19,378) | (53,633) | N/A | ||||||||||||||||||||||||||||||||||
Loss on fair value option securities, net | (4,292) | (20,358) | 16,066 | N/A | (2,239) | (18,119) | N/A | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | (3,115) | 80,261 | (83,376) | N/A | 41,637 | 38,624 | N/A | ||||||||||||||||||||||||||||||||||
Gain (loss) on available for sale securities, net | (30,636) | (971) | (29,665) | N/A | 3,704 | (4,675) | N/A | ||||||||||||||||||||||||||||||||||
Total other operating revenue | $ | 789,949 | $ | 643,257 | $ | 146,692 | 23 | % | $ | 755,775 | $ | (112,518) | (15) | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance1 | Revenue2 | Margin3 | Balance1 | Revenue2 | Margin3 | Balance1 | Revenue2 | Margin3 | |||||||||||||||||||||||||||||||||||||||||||||
Managed fiduciary assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal | $ | 10,951,951 | $ | 103,626 | 0.95 | % | $ | 10,317,729 | $ | 107,325 | 1.04 | % | $ | 12,739,289 | $ | 110,052 | 0.86 | % | |||||||||||||||||||||||||||||||||||
Institutional | 19,310,826 | 34,995 | 0.18 | % | 17,229,041 | 33,482 | 0.19 | % | 17,477,280 | 29,286 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||
Total managed fiduciary assets | 30,262,777 | 138,621 | 0.46 | % | 27,546,770 | 140,807 | 0.51 | % | 30,216,569 | 139,338 | 0.46 | % | |||||||||||||||||||||||||||||||||||||||||
Non-managed assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiduciary | 29,535,915 | 57,114 | 0.19 | % | 28,513,725 | 43,220 | 0.15 | % | 34,320,264 | 28,645 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
Non-fiduciary | 19,670,248 | 11,583 | 0.06 | % | 19,467,202 | 12,299 | 0.06 | % | 20,253,072 | 10,291 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||
Safekeeping and brokerage assets under administration | 25,268,059 | — | — | % | 24,207,343 | — | — | % | 20,127,816 | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Total non-managed assets | 74,474,222 | 68,697 | 0.09 | % | 72,188,270 | 55,519 | 0.08 | % | 74,701,152 | 38,936 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||
Total assets under management or administration | $ | 104,736,999 | $ | 207,318 | 0.20 | % | $ | 99,735,040 | $ | 196,326 | 0.20 | % | $ | 104,917,721 | $ | 178,274 | 0.17 | % |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Beginning balance | $ | 99,735,040 | $ | 104,917,721 | $ | 91,592,247 | ||||||||||||||
Net inflows (outflows) | (3,105,170) | 572,812 | 4,786,237 | |||||||||||||||||
Net change in fair value | 8,107,129 | (5,755,493) | 8,539,237 | |||||||||||||||||
Ending balance | $ | 104,736,999 | $ | 99,735,040 | $ | 104,917,721 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Mortgage production revenue | $ | (5,339) | $ | (1,838) | $ | 60,712 | |||||||||||
Mortgage loans funded for sale | $ | 666,391 | $ | 1,180,403 | $ | 2,818,789 | |||||||||||
Add: Current year end outstanding commitments | 34,783 | 45,492 | 171,412 | ||||||||||||||
Less: Prior year end outstanding commitments | 45,492 | 171,412 | 380,637 | ||||||||||||||
Total mortgage production volume | $ | 655,682 | $ | 1,054,483 | $ | 2,609,564 | |||||||||||
Production revenue as a percentage of production volume | (0.81) | % | (0.17) | % | 2.33 | % | |||||||||||
Realized margin on funded mortgage loans | (0.75) | % | 0.63 | % | 2.71 | % | |||||||||||
Mortgage loan refinances to mortgage loans funded for sale | 9 | % | 24 | % | 54 | % | |||||||||||
Primary mortgage interest rates: | |||||||||||||||||
Average | 6.79 | % | 5.34 | % | 2.96 | % | |||||||||||
Period end | 6.42 | % | 6.41 | % | 3.11 | % | |||||||||||
Mortgage servicing revenue | $ | 61,037 | $ | 51,203 | $ | 45,184 | |||||||||||
Average outstanding principal balance of mortgage loans serviced for others | 20,779,627 | 17,871,306 | 15,404,548 | ||||||||||||||
Average mortgage servicing fee rates | 0.29 | % | 0.29 | % | 0.29 | % |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Loss on mortgage hedge derivative contracts, net | $ | (10,514) | $ | (72,987) | $ | (19,632) | |||||||||||
Loss on fair value option securities, net | (4,292) | (20,358) | (2,239) | ||||||||||||||
Loss on economic hedge of mortgage servicing rights | (14,806) | (93,345) | (21,871) | ||||||||||||||
Gain (loss) on change in fair value of mortgage servicing rights | (3,115) | 80,261 | 41,637 | ||||||||||||||
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue | (17,921) | (13,084) | 19,766 | ||||||||||||||
Net interest revenue (expense) on fair value option securities1 | (258) | 569 | 1,279 | ||||||||||||||
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | (18,179) | $ | (12,515) | $ | 21,045 |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Brokerage and trading revenue | $ | 60,896 | $ | 62,312 | $ | (1,416) | (2) | % | |||||||||||||||
Transaction card revenue | 28,847 | 26,387 | 2,460 | 9 | % | ||||||||||||||||||
Fiduciary and asset management revenue | 51,408 | 52,256 | (848) | (2) | % | ||||||||||||||||||
Deposit service charges and fees | 27,770 | 27,676 | 94 | — | % | ||||||||||||||||||
Mortgage banking revenue | 12,834 | 13,356 | (522) | (4) | % | ||||||||||||||||||
Other revenue | 15,035 | 15,865 | (830) | (5) | % | ||||||||||||||||||
Total fees and commissions revenue | 196,790 | 197,852 | (1,062) | (1) | % | ||||||||||||||||||
Other gains, net | 40,452 | 1,474 | 38,978 | N/A | |||||||||||||||||||
Gain (loss) on derivatives, net | 8,592 | (9,010) | 17,602 | N/A | |||||||||||||||||||
Gain (loss) on fair value option securities, net | 1,031 | (203) | 1,234 | N/A | |||||||||||||||||||
Change in fair value of mortgage servicing rights | (14,356) | 8,039 | (22,395) | N/A | |||||||||||||||||||
Loss on available for sale securities, net | (27,626) | — | (27,626) | N/A | |||||||||||||||||||
Total other operating revenue | $ | 204,883 | $ | 198,152 | $ | 6,731 | 3 | % |
Year Ended December 31, | 2023 vs. 2022 | 2023 vs. 2022 | Year Ended December 31, | 2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | % Increase (Decrease) | 2021 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Regular compensation | $ | 439,987 | $ | 399,107 | $ | 40,880 | 10 | % | $ | 384,808 | $ | 14,299 | 4 | % | |||||||||||||||||||||||||||
Incentive compensation: | |||||||||||||||||||||||||||||||||||||||||
Cash-based compensation | 196,368 | 172,595 | 23,773 | 14 | % | 187,974 | (15,379) | (8) | % | ||||||||||||||||||||||||||||||||
Share-based compensation | 15,358 | 9,565 | 5,793 | 61 | % | 13,246 | (3,681) | (28) | % | ||||||||||||||||||||||||||||||||
Deferred compensation | 9,818 | (6,235) | 16,053 | N/A | 9,789 | (16,024) | N/A | ||||||||||||||||||||||||||||||||||
Total incentive compensation | 221,544 | 175,925 | 45,619 | 26 | % | 211,009 | (35,084) | (17) | % | ||||||||||||||||||||||||||||||||
Employee benefits | 105,079 | 95,886 | 9,193 | 10 | % | 99,565 | (3,679) | (4) | % | ||||||||||||||||||||||||||||||||
Total personnel expense | 766,610 | 670,918 | 95,692 | 14 | % | 695,382 | (24,464) | (4) | % | ||||||||||||||||||||||||||||||||
Business promotion | 31,796 | 26,435 | 5,361 | 20 | % | 16,289 | 10,146 | 62 | % | ||||||||||||||||||||||||||||||||
Charitable contributions to BOKF Foundation | 2,707 | 2,500 | 207 | 8 | % | 9,000 | (6,500) | (72) | % | ||||||||||||||||||||||||||||||||
Professional fees and services | 55,337 | 56,342 | (1,005) | (2) | % | 50,906 | 5,436 | 11 | % | ||||||||||||||||||||||||||||||||
Net occupancy and equipment | 121,502 | 116,867 | 4,635 | 4 | % | 108,587 | 8,280 | 8 | % | ||||||||||||||||||||||||||||||||
FDIC and other insurance | 30,780 | 17,994 | 12,786 | 71 | % | 15,881 | 2,113 | 13 | % | ||||||||||||||||||||||||||||||||
FDIC special assessment | 43,773 | — | 43,773 | 100 | % | — | — | — | % | ||||||||||||||||||||||||||||||||
Data processing & communications | 181,365 | 165,907 | 15,458 | 9 | % | 151,614 | 14,293 | 9 | % | ||||||||||||||||||||||||||||||||
Printing, postage and supplies | 15,225 | 15,857 | (632) | (4) | % | 14,218 | 1,639 | 12 | % | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 13,882 | 15,692 | (1,810) | (12) | % | 18,311 | (2,619) | (14) | % | ||||||||||||||||||||||||||||||||
Mortgage banking costs | 30,524 | 35,834 | (5,310) | (15) | % | 42,698 | (6,864) | (16) | % | ||||||||||||||||||||||||||||||||
Other expense | 39,380 | 40,134 | (754) | (2) | % | 54,822 | (14,688) | (27) | % | ||||||||||||||||||||||||||||||||
Total other operating expense | $ | 1,332,881 | $ | 1,164,480 | $ | 168,401 | 14 | % | $ | 1,177,708 | $ | (13,228) | (1) | % | |||||||||||||||||||||||||||
Average number of employees (full-time equivalent) | 4,877 | 4,759 | 118 | 2 | % | 4,816 | (57) | (1) | % |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Regular compensation | $ | 114,435 | $ | 111,237 | $ | 3,198 | 3 | % | |||||||||||||||
Incentive compensation: | |||||||||||||||||||||||
Cash-based compensation | 55,163 | 51,139 | 4,024 | 8 | % | ||||||||||||||||||
Share-based compensation | 2,046 | 3,489 | (1,443) | (41) | % | ||||||||||||||||||
Deferred compensation | 5,363 | 60 | 5,303 | N/A | |||||||||||||||||||
Total incentive compensation | 62,572 | 54,688 | 7,884 | 14 | % | ||||||||||||||||||
Employee benefits | 26,015 | 24,866 | 1,149 | 5 | % | ||||||||||||||||||
Total personnel expense | 203,022 | 190,791 | 12,231 | 6 | % | ||||||||||||||||||
Business promotion | 8,629 | 6,958 | 1,671 | 24 | % | ||||||||||||||||||
Charitable contributions to BOKF Foundation | 1,542 | 23 | 1,519 | N/A | |||||||||||||||||||
Professional fees and services | 16,288 | 13,224 | 3,064 | 23 | % | ||||||||||||||||||
Net occupancy and equipment | 30,355 | 32,583 | (2,228) | (7) | % | ||||||||||||||||||
Insurance | 8,495 | 7,996 | 499 | 6 | % | ||||||||||||||||||
FDIC special assessment | 43,773 | — | 43,773 | 100 | % | ||||||||||||||||||
Data processing & communications | 45,584 | 45,672 | (88) | — | % | ||||||||||||||||||
Printing, postage and supplies | 3,844 | 3,760 | 84 | 2 | % | ||||||||||||||||||
Amortization of intangible assets | 3,543 | 3,474 | 69 | 2 | % | ||||||||||||||||||
Mortgage banking costs | 8,085 | 8,357 | (272) | (3) | % | ||||||||||||||||||
Other expense | 10,923 | 11,475 | (552) | (5) | % | ||||||||||||||||||
Total other operating expense | $ | 384,083 | $ | 324,313 | $ | 59,770 | 18 | % |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Commercial Banking | $ | 664,461 | $ | 461,536 | $ | 326,513 | |||||||||||
Consumer Banking | 221,590 | 5,889 | 27,643 | ||||||||||||||
Wealth Management | 215,483 | 106,020 | 113,246 | ||||||||||||||
Subtotal | 1,101,534 | 573,445 | 467,402 | ||||||||||||||
Funds Management and other | (570,788) | (53,172) | 150,719 | ||||||||||||||
Total | $ | 530,746 | $ | 520,273 | $ | 618,121 |
Year Ended December 31, | 2023 vs. 2022 | 2023 vs. 2022 | Year Ended December 31, | 2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | % Increase (Decrease) | 2021 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Net interest revenue from external sources | $ | 1,179,336 | $ | 818,213 | $ | 361,123 | 44 | % | $ | 606,902 | $ | 211,311 | 35 | % | |||||||||||||||||||||||||||
Net interest expense from internal sources | (146,965) | (73,764) | (73,201) | (99) | % | (71,167) | (2,597) | (4) | % | ||||||||||||||||||||||||||||||||
Total net interest revenue | 1,032,371 | 744,449 | 287,922 | 39 | % | 535,735 | 208,714 | 39 | % | ||||||||||||||||||||||||||||||||
Net loans charged off | 13,967 | 17,726 | (3,759) | (21) | % | 31,128 | (13,402) | (43) | % | ||||||||||||||||||||||||||||||||
Net interest revenue after net loans charged off | 1,018,404 | 726,723 | 291,681 | 40 | % | 504,607 | 222,116 | 44 | % | ||||||||||||||||||||||||||||||||
Fees and commissions revenue | 234,334 | 233,873 | 461 | — | % | 227,081 | 6,792 | 3 | % | ||||||||||||||||||||||||||||||||
Other gains, net | 11,891 | 7,721 | 4,170 | N/A | 35,321 | (27,600) | N/A | ||||||||||||||||||||||||||||||||||
Other operating revenue | 246,225 | 241,594 | 4,631 | 2 | % | 262,402 | (20,808) | (8) | % | ||||||||||||||||||||||||||||||||
Personnel expense | 189,430 | 173,309 | 16,121 | 9 | % | 166,940 | 6,369 | 4 | % | ||||||||||||||||||||||||||||||||
Non-personnel expense | 123,364 | 115,934 | 7,430 | 6 | % | 112,631 | 3,303 | 3 | % | ||||||||||||||||||||||||||||||||
Other operating expense | 312,794 | 289,243 | 23,551 | 8 | % | 279,571 | 9,672 | 3 | % | ||||||||||||||||||||||||||||||||
Net direct contribution | 951,835 | 679,074 | 272,761 | 40 | % | 487,438 | 191,636 | 39 | % | ||||||||||||||||||||||||||||||||
Gain on financial instruments, net | 378 | 1 | 377 | N/A | 154 | (153) | N/A | ||||||||||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | 398 | (1,903) | 2,301 | N/A | 13,001 | (14,904) | N/A | ||||||||||||||||||||||||||||||||||
Corporate expense allocations | 74,976 | 67,278 | 7,698 | 11 | % | 54,146 | 13,132 | 24 | % | ||||||||||||||||||||||||||||||||
Income before taxes | 877,635 | 609,894 | 267,741 | 44 | % | 446,447 | 163,447 | 37 | % | ||||||||||||||||||||||||||||||||
Federal and state income taxes | 213,174 | 148,358 | 64,816 | 44 | % | 119,934 | 28,424 | 24 | % | ||||||||||||||||||||||||||||||||
Net income | $ | 664,461 | $ | 461,536 | $ | 202,925 | 44 | % | $ | 326,513 | $ | 135,023 | 41 | % | |||||||||||||||||||||||||||
Average assets | $ | 28,630,716 | $ | 29,084,957 | $ | (454,241) | (2) | % | $ | 28,536,881 | $ | 548,076 | 2 | % | |||||||||||||||||||||||||||
Average loans | 19,374,791 | 17,553,398 | 1,821,393 | 10 | % | 16,853,006 | 700,392 | 4 | % | ||||||||||||||||||||||||||||||||
Average deposits | 15,311,654 | 18,323,412 | (3,011,758) | (16) | % | 17,659,695 | 663,717 | 4 | % | ||||||||||||||||||||||||||||||||
Average invested capital | 2,182,622 | 2,057,560 | 125,062 | 6 | % | 2,082,488 | (24,928) | (1) | % |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 293,073 | $ | 298,293 | $ | (5,220) | (2) | % | |||||||||||||||
Net interest expense from internal sources | (42,422) | (43,829) | 1,407 | 3 | % | ||||||||||||||||||
Total net interest revenue | 250,651 | 254,464 | (3,813) | (1) | % | ||||||||||||||||||
Net loans charged off | 2,987 | 4,904 | (1,917) | (39) | % | ||||||||||||||||||
Net interest revenue after net loans charged off | 247,664 | 249,560 | (1,896) | (1) | % | ||||||||||||||||||
Fees and commissions revenue | 60,937 | 57,858 | 3,079 | 5 | % | ||||||||||||||||||
Other gains, net | 462 | 1,295 | (833) | N/A | |||||||||||||||||||
Other operating revenue | 61,399 | 59,153 | 2,246 | 4 | % | ||||||||||||||||||
Personnel expense | 51,805 | 48,823 | 2,982 | 6 | % | ||||||||||||||||||
Non-personnel expense | 28,625 | 32,928 | (4,303) | (13) | % | ||||||||||||||||||
Other operating expense | 80,430 | 81,751 | (1,321) | (2) | % | ||||||||||||||||||
Net direct contribution | 228,633 | 226,962 | 1,671 | 1 | % | ||||||||||||||||||
Gain (loss) on financial instruments, net | 216 | (11) | 227 | N/A | |||||||||||||||||||
Loss on repossessed assets, net | (601) | (268) | (333) | N/A | |||||||||||||||||||
Corporate expense allocations | 18,020 | 17,834 | 186 | 1 | % | ||||||||||||||||||
Income before taxes | 210,228 | 208,849 | 1,379 | 1 | % | ||||||||||||||||||
Federal and state income taxes | 51,182 | 50,919 | 263 | 1 | % | ||||||||||||||||||
Net income | $ | 159,046 | $ | 157,930 | $ | 1,116 | 1 | % | |||||||||||||||
Average assets | $ | 29,324,296 | $ | 28,849,597 | $ | 474,699 | 2 | % | |||||||||||||||
Average loans | 19,928,574 | 19,645,259 | 283,315 | 1 | % | ||||||||||||||||||
Average deposits | 15,471,827 | 15,098,038 | 373,789 | 2 | % | ||||||||||||||||||
Average invested capital | 2,187,780 | 2,178,908 | 8,872 | — | % |
Year Ended December 31, | 2023 vs. 2022 | 2023 vs. 2022 | Year Ended December 31, | 2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | % Increase (Decrease) | 2021 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Net interest revenue from external sources | $ | 59,985 | $ | 69,646 | $ | (9,661) | (14) | % | $ | 67,856 | $ | 1,790 | 3 | % | |||||||||||||||||||||||||||
Net interest revenue from internal sources | 389,791 | 88,603 | 301,188 | 340 | % | 35,671 | 52,932 | 148 | % | ||||||||||||||||||||||||||||||||
Total net interest revenue | 449,776 | 158,249 | 291,527 | 184 | % | 103,527 | 54,722 | 53 | % | ||||||||||||||||||||||||||||||||
Net loans charged off | 5,157 | 5,260 | (103) | (2) | % | 4,009 | 1,251 | 31 | % | ||||||||||||||||||||||||||||||||
Net interest revenue after net loans charged off | 444,619 | 152,989 | 291,630 | 191 | % | 99,518 | 53,471 | 54 | % | ||||||||||||||||||||||||||||||||
Fees and commissions revenue | 123,732 | 121,926 | 1,806 | 1 | % | 173,364 | (51,438) | (30) | % | ||||||||||||||||||||||||||||||||
Other losses, net | (54) | (107) | 53 | N/A | (23) | (84) | N/A | ||||||||||||||||||||||||||||||||||
Other operating revenue | 123,678 | 121,819 | 1,859 | 2 | % | 173,341 | (51,522) | (30) | % | ||||||||||||||||||||||||||||||||
Personnel expense | 89,472 | 87,183 | 2,289 | 3 | % | 85,989 | 1,194 | 1 | % | ||||||||||||||||||||||||||||||||
Other non-personnel expense | 122,642 | 122,027 | 615 | 1 | % | 123,607 | (1,580) | (1) | % | ||||||||||||||||||||||||||||||||
Total other operating expense | 212,114 | 209,210 | 2,904 | 1 | % | 209,596 | (386) | — | % | ||||||||||||||||||||||||||||||||
Net direct contribution | 356,183 | 65,598 | 290,585 | 443 | % | 63,263 | 2,335 | 4 | % | ||||||||||||||||||||||||||||||||
Loss on financial instruments, net | (14,806) | (93,346) | 78,540 | N/A | (21,871) | (71,475) | N/A | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | (3,115) | 80,261 | (83,376) | N/A | 41,637 | 38,624 | N/A | ||||||||||||||||||||||||||||||||||
Gain on repossessed assets, net | 36 | 139 | (103) | N/A | 85 | 54 | N/A | ||||||||||||||||||||||||||||||||||
Corporate expense allocations | 48,565 | 44,965 | 3,600 | 8 | % | 46,010 | (1,045) | (2) | % | ||||||||||||||||||||||||||||||||
Net income before taxes | 289,733 | 7,687 | 282,046 | 3669 | % | 37,104 | (29,417) | (79) | % | ||||||||||||||||||||||||||||||||
Federal and state income taxes | 68,143 | 1,798 | 66,345 | 3690 | % | 9,461 | (7,663) | (81) | % | ||||||||||||||||||||||||||||||||
Net income | $ | 221,590 | $ | 5,889 | $ | 215,701 | 3663 | % | $ | 27,643 | $ | (21,754) | (79) | % | |||||||||||||||||||||||||||
Average assets | $ | 9,561,512 | $ | 10,230,437 | $ | (668,925) | (7) | % | $ | 10,029,687 | $ | 200,750 | 2 | % | |||||||||||||||||||||||||||
Average loans | 1,800,320 | 1,688,697 | 111,623 | 7 | % | 1,769,384 | (80,687) | (5) | % | ||||||||||||||||||||||||||||||||
Average deposits | 8,014,159 | 8,763,046 | (748,887) | (9) | % | 8,439,577 | 323,469 | 4 | % | ||||||||||||||||||||||||||||||||
Average invested capital | 285,997 | 250,546 | 35,451 | 14 | % | 250,554 | (8) | — | % |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 9,625 | $ | 11,386 | $ | (1,761) | (15) | % | |||||||||||||||
Net interest revenue from internal sources | 104,771 | 101,222 | 3,549 | 4 | % | ||||||||||||||||||
Total net interest revenue | 114,396 | 112,608 | 1,788 | 2 | % | ||||||||||||||||||
Net loans charged off (recovered) | 1,443 | 1,402 | 41 | (3) | % | ||||||||||||||||||
Net interest revenue after net loans charged off | 112,953 | 111,206 | 1,747 | 2 | % | ||||||||||||||||||
Fees and commissions revenue | 30,075 | 30,715 | (640) | (2) | % | ||||||||||||||||||
Other gains, net | — | 1 | (1) | N/A | |||||||||||||||||||
Other operating revenue | 30,075 | 30,716 | (641) | (2) | % | ||||||||||||||||||
Personnel expense | 23,051 | 22,591 | 460 | 2 | % | ||||||||||||||||||
Non-personnel expense | 32,028 | 31,906 | 122 | — | % | ||||||||||||||||||
Other operating expense | 55,079 | 54,497 | 582 | 1 | % | ||||||||||||||||||
Net direct contribution | 87,949 | 87,425 | 524 | 1 | % | ||||||||||||||||||
Gain (loss) on financial instruments, net | 9,307 | (9,183) | 18,490 | N/A | |||||||||||||||||||
Change in fair value of mortgage servicing rights | (14,356) | 8,039 | (22,395) | N/A | |||||||||||||||||||
Gain on repossessed assets, net | 11 | 11 | — | N/A | |||||||||||||||||||
Corporate expense allocations | 12,705 | 11,920 | 785 | 7 | % | ||||||||||||||||||
Income before taxes | 70,206 | 74,372 | (4,166) | (6) | % | ||||||||||||||||||
Federal and state income taxes | 16,511 | 17,491 | (980) | (6) | % | ||||||||||||||||||
Net income | $ | 53,695 | $ | 56,881 | $ | (3,186) | (6) | % | |||||||||||||||
Average assets | $ | 9,342,840 | $ | 9,379,478 | $ | (36,638) | — | % | |||||||||||||||
Average loans | 1,877,303 | 1,812,606 | 64,697 | 4 | % | ||||||||||||||||||
Average deposits | 7,890,032 | 7,936,186 | (46,154) | (1) | % | ||||||||||||||||||
Average invested capital | 291,705 | 285,325 | 6,380 | 2 | % |
Year Ended December 31, | 2023 vs. 2022 | 2023 vs. 2022 | Year Ended December 31, | 2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | % Increase (Decrease) | 2021 | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Net interest revenue from external sources | $ | 39,198 | $ | 155,974 | $ | (116,776) | (75) | % | $ | 214,458 | $ | (58,484) | (27) | % | |||||||||||||||||||||||||||
Net interest revenue (expense) from internal sources | 142,340 | 5,623 | 136,717 | 2431 | % | (386) | 6,009 | (1557) | % | ||||||||||||||||||||||||||||||||
Total net interest revenue | 181,538 | 161,597 | 19,941 | 12 | % | 214,072 | (52,475) | (25) | % | ||||||||||||||||||||||||||||||||
Net loans recovered | (50) | (175) | 125 | 71 | % | (223) | 48 | (22) | % | ||||||||||||||||||||||||||||||||
Net interest revenue after net loans recovered | 181,588 | 161,772 | 19,816 | 12 | % | 214,295 | (52,523) | (25) | % | ||||||||||||||||||||||||||||||||
Fees and commissions revenue | 475,447 | 339,538 | 135,909 | 40 | % | 298,765 | 40,773 | 14 | % | ||||||||||||||||||||||||||||||||
Other gains (losses), net | 31,000 | (37) | 31,037 | N/A | 197 | (234) | N/A | ||||||||||||||||||||||||||||||||||
Other operating revenue | 506,447 | 339,501 | 166,946 | 49 | % | 298,962 | 40,539 | 14 | % | ||||||||||||||||||||||||||||||||
Personnel expense | 251,644 | 223,718 | 27,926 | 12 | % | 234,031 | (10,313) | (4) | % | ||||||||||||||||||||||||||||||||
Other non-personnel expense | 100,896 | 88,659 | 12,237 | 14 | % | 86,695 | 1,964 | 2 | % | ||||||||||||||||||||||||||||||||
Other operating expense | 352,540 | 312,377 | 40,163 | 13 | % | 320,726 | (8,349) | (3) | % | ||||||||||||||||||||||||||||||||
Net direct contribution | 335,495 | 188,896 | 146,599 | 78 | % | 192,531 | (3,635) | (2) | % | ||||||||||||||||||||||||||||||||
Gain on financial instruments, net | — | 4 | (4) | N/A | — | 4 | N/A | ||||||||||||||||||||||||||||||||||
Corporate expense allocations | 53,463 | 50,241 | 3,222 | 6 | % | 40,341 | 9,900 | 25 | % | ||||||||||||||||||||||||||||||||
Net income before taxes | 282,032 | 138,659 | 143,373 | 103 | % | 152,190 | (13,531) | (9) | % | ||||||||||||||||||||||||||||||||
Federal and state income tax | 66,549 | 32,639 | 33,910 | 104 | % | 38,944 | (6,305) | (16) | % | ||||||||||||||||||||||||||||||||
Net income | $ | 215,483 | $ | 106,020 | $ | 109,463 | 103 | % | $ | 113,246 | $ | (7,226) | (6) | % | |||||||||||||||||||||||||||
Average assets | $ | 13,570,153 | $ | 16,209,684 | $ | (2,639,531) | (16) | % | $ | 19,425,475 | $ | (3,215,791) | (17) | % | |||||||||||||||||||||||||||
Average loans | 2,201,614 | 2,166,231 | 35,383 | 2 | % | 1,981,159 | 185,072 | 9 | % | ||||||||||||||||||||||||||||||||
Average deposits | 7,739,490 | 8,491,377 | (751,887) | (9) | % | 9,426,771 | (935,394) | (10) | % | ||||||||||||||||||||||||||||||||
Average invested capital | 333,157 | 279,939 | 53,218 | 19 | % | 310,627 | (30,688) | (10) | % |
Three Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||
Net interest revenue from external sources | $ | 6,221 | $ | 7,622 | $ | (1,401) | (18) | % | |||||||||||||||
Net interest revenue from internal sources | 35,422 | 28,815 | 6,607 | 23 | % | ||||||||||||||||||
Total net interest revenue | 41,643 | 36,437 | 5,206 | 14 | % | ||||||||||||||||||
Net loans charged off | 10 | 9 | 1 | 11 | % | ||||||||||||||||||
Net interest revenue after net loans recovered | 41,633 | 36,428 | 5,205 | 14 | % | ||||||||||||||||||
Fees and commissions revenue | 119,872 | 123,614 | (3,742) | (3) | % | ||||||||||||||||||
Other gains, net | 31,007 | — | 31,007 | N/A | |||||||||||||||||||
Other operating revenue | 150,879 | 123,614 | 27,265 | 22 | % | ||||||||||||||||||
Personnel expense | 66,151 | 63,706 | 2,445 | 4 | % | ||||||||||||||||||
Non-personnel expense | 30,124 | 25,661 | 4,463 | 17 | % | ||||||||||||||||||
Other operating expense | 96,275 | 89,367 | 6,908 | 8 | % | ||||||||||||||||||
Net direct contribution | 96,237 | 70,675 | 25,562 | 36 | % | ||||||||||||||||||
Corporate expense allocations | 14,198 | 14,331 | (133) | (1) | % | ||||||||||||||||||
Income before taxes | 82,039 | 56,344 | 25,695 | 46 | % | ||||||||||||||||||
Federal and state income taxes | 19,349 | 13,315 | 6,034 | 45 | % | ||||||||||||||||||
Net income | $ | 62,690 | $ | 43,029 | $ | 19,661 | 46 | % | |||||||||||||||
Average assets | $ | 14,879,450 | $ | 14,740,641 | $ | 138,809 | 1 | % | |||||||||||||||
Average loans | 2,154,416 | 2,219,829 | (65,413) | (3) | % | ||||||||||||||||||
Average deposits | 8,085,643 | 7,886,962 | 198,681 | 3 | % | ||||||||||||||||||
Average invested capital | 333,179 | 329,856 | 3,323 | 1 | % |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Commercial: | ||||||||||||||
Healthcare | $ | 4,143,233 | $ | 3,845,017 | ||||||||||
Services | 3,576,223 | 3,431,521 | ||||||||||||
Energy | 3,437,101 | 3,424,790 | ||||||||||||
General business | 3,647,212 | 3,511,171 | ||||||||||||
Total commercial | 14,803,769 | 14,212,499 | ||||||||||||
Commercial real estate: | ||||||||||||||
Multifamily | 1,872,760 | 1,212,883 | ||||||||||||
Industrial | 1,475,165 | 1,221,501 | ||||||||||||
Office | 909,442 | 1,053,331 | ||||||||||||
Retail | 592,632 | 620,518 | ||||||||||||
Residential construction and land development | 95,052 | 95,684 | ||||||||||||
Other commercial real estate | 392,596 | 402,860 | ||||||||||||
Total commercial real estate | 5,337,647 | 4,606,777 | ||||||||||||
Loans to individuals: | ||||||||||||||
Residential mortgage | 2,160,640 | 1,890,784 | ||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 149,807 | 245,940 | ||||||||||||
Personal | 1,453,105 | 1,601,150 | ||||||||||||
Total loans to individuals | 3,763,552 | 3,737,874 | ||||||||||||
Total | $ | 23,904,968 | $ | 22,557,150 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Texas: | ||||||||||||||
Commercial | $ | 7,384,107 | $ | 6,878,618 | ||||||||||
Commercial real estate | 1,987,037 | 1,555,508 | ||||||||||||
Loans to individuals | 914,134 | 982,700 | ||||||||||||
Total Texas | 10,285,278 | 9,416,826 | ||||||||||||
Oklahoma: | ||||||||||||||
Commercial | 3,275,907 | 3,382,577 | ||||||||||||
Commercial real estate | 606,515 | 582,109 | ||||||||||||
Loans to individuals | 2,147,782 | 2,077,124 | ||||||||||||
Total Oklahoma | 6,030,204 | 6,041,810 | ||||||||||||
Colorado: | ||||||||||||||
Commercial | 2,273,179 | 2,149,199 | ||||||||||||
Commercial real estate | 769,329 | 613,912 | ||||||||||||
Loans to individuals | 228,257 | 241,902 | ||||||||||||
Total Colorado | 3,270,765 | 3,005,013 | ||||||||||||
Arizona: | ||||||||||||||
Commercial | 1,143,682 | 1,124,289 | ||||||||||||
Commercial real estate | 1,003,331 | 860,947 | ||||||||||||
Loans to individuals | 248,873 | 229,872 | ||||||||||||
Total Arizona | 2,395,886 | 2,215,108 | ||||||||||||
Kansas/Missouri: | ||||||||||||||
Commercial | 331,179 | 310,715 | ||||||||||||
Commercial real estate | 511,947 | 479,968 | ||||||||||||
Loans to individuals | 144,958 | 131,307 | ||||||||||||
Total Kansas/Missouri | 988,084 | 921,990 | ||||||||||||
New Mexico: | ||||||||||||||
Commercial | 291,736 | 263,349 | ||||||||||||
Commercial real estate | 389,106 | 417,008 | ||||||||||||
Loans to individuals | 67,485 | 67,163 | ||||||||||||
Total New Mexico | 748,327 | 747,520 | ||||||||||||
Arkansas: | ||||||||||||||
Commercial | 103,979 | 103,752 | ||||||||||||
Commercial real estate | 70,382 | 97,325 | ||||||||||||
Loans to individuals | 12,063 | 7,806 | ||||||||||||
Total Arkansas | 186,424 | 208,883 | ||||||||||||
Total BOK Financial loans | $ | 23,904,968 | $ | 22,557,150 |
Remaining Maturities of Selected Loans | ||||||||||||||||||||||||||||||||
Total | Within 1 Year | 1-5 Years | 5 - 15 Years | After 15 Years | ||||||||||||||||||||||||||||
Loan maturity: | ||||||||||||||||||||||||||||||||
Commercial | $ | 14,803,769 | $ | 3,008,401 | $ | 9,820,829 | $ | 1,895,537 | $ | 79,002 | ||||||||||||||||||||||
Commercial real estate | 5,337,647 | 2,229,303 | 2,857,824 | 233,925 | 16,595 | |||||||||||||||||||||||||||
Loans to individuals | 3,763,552 | 651,718 | 1,004,315 | 524,789 | 1,582,730 | |||||||||||||||||||||||||||
Total | $ | 23,904,968 | $ | 5,889,422 | $ | 13,682,968 | $ | 2,654,251 | $ | 1,678,327 | ||||||||||||||||||||||
Interest rate sensitivity for selected loans with: | ||||||||||||||||||||||||||||||||
Predetermined interest rates | $ | 6,688,861 | $ | 542,790 | $ | 2,771,028 | $ | 2,077,614 | $ | 1,297,429 | ||||||||||||||||||||||
Floating or adjustable interest rates | 17,216,107 | 5,346,632 | 10,911,940 | 576,637 | 380,898 | |||||||||||||||||||||||||||
Total | $ | 23,904,968 | $ | 5,889,422 | $ | 13,682,968 | $ | 2,654,251 | $ | 1,678,327 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Loan commitments | $ | 14,793,025 | $ | 15,424,431 | ||||||||||
Standby letters of credit | 710,543 | 740,039 | ||||||||||||
Unpaid principal balance of residential mortgage loans sold with recourse | 39,333 | 44,742 | ||||||||||||
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veteran's Affairs | 959,256 | 1,005,368 |
Exchanges and clearing organizations | $ | 236,373 | ||||||
Customers | 51,774 | |||||||
Banks and other financial institutions | 40,022 | |||||||
Fair value of customer hedge asset derivative contracts, net | $ | 91,796 |
Year Ended | |||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||
Allowance for loan losses: | |||||||||||
Beginning balance | $ | 235,704 | $ | 256,421 | |||||||
Loans charged off | (27,316) | (28,746) | |||||||||
Recoveries of loans previously charged off | 9,217 | 7,601 | |||||||||
Net loans charged off | (18,099) | (21,145) | |||||||||
Provision for credit losses | 59,518 | 428 | |||||||||
Ending balance | $ | 277,123 | $ | 235,704 | |||||||
Accrual for off-balance sheet credit risk from unfunded loan commitments: | |||||||||||
Beginning balance | $ | 60,919 | 32,977 | ||||||||
Provision for credit losses | (11,942) | 27,942 | |||||||||
Ending balance | $ | 48,977 | $ | 60,919 | |||||||
Accrual for off-balance sheet credit risk associated with mortgage banking activities: | |||||||||||
Beginning balance | $ | 4,904 | $ | 3,382 | |||||||
Net loans charged off | (58) | (105) | |||||||||
Provision for credit losses | (1,354) | 1,627 | |||||||||
Ending balance | $ | 3,492 | $ | 4,904 | |||||||
Allowance for credit losses related to held-to-maturity (investment) securities: | |||||||||||
Beginning balance | $ | 558 | $ | 555 | |||||||
Provision for credit losses | (222) | 3 | |||||||||
Ending balance | $ | 336 | $ | 558 | |||||||
Total provision for credit losses | $ | 46,000 | $ | 30,000 | |||||||
Average loans by portfolio segment : | |||||||||||
Commercial | $ | 14,320,970 | $ | 13,407,297 | |||||||
Commercial real estate | 5,163,569 | 4,345,783 | |||||||||
Loans to individuals | 3,640,810 | 3,526,107 | |||||||||
Net charge-offs (annualized) to average loans | 0.08 | % | 0.10 | % | |||||||
Net charge-offs (annualized) to average loans by portfolio segment: | |||||||||||
Commercial | 0.07 | % | 0.13 | % | |||||||
Commercial real estate | 0.10 | % | — | % | |||||||
Loans to individuals | 0.09 | % | 0.10 | % | |||||||
Recoveries to gross charge-offs | 33.74 | % | 26.44 | % | |||||||
Provision for loan losses (annualized) to average loans | 0.26 | % | — | % | |||||||
Allowance for loan losses to loans outstanding at period-end | 1.16 | % | 1.04 | % | |||||||
Accrual for unfunded loan commitments to loan commitments | 0.33 | % | 0.39 | % | |||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end | 1.36 | % | 1.31 | % |
Base | Downside | Upside | |||||||||
Scenario probability weighting | 50% | 35% | 15% | ||||||||
Economic outlook | Geopolitical conflicts remain isolated. The federal funds rate target range of 5.25% to 5.50% is held flat for the forecast horizon. Core inflation continues to improve from the previous peaks and reaches 2.6% by the fourth quarter of 2024. Job openings revert to more normalized levels, and overall hiring levels decline causing the national unemployment rate to modestly increase over the next four quarters. Inflation pressures ease and help stabilize household income. A restrictive credit environment slows economic activity and results in below-trend GDP growth. | Geopolitical conflicts remain isolated. The Federal Reserve is forced to adopt an accomodative monetary policy and cut the federal funds rate significantly to encourage economic activity and job creation to help limit the depth of a recession. In total, there are ten rate cuts in 2024 bringing the target range to 2.75% to 3.00% by the fourth quarter of 2024. Tight monetary conditions result in declines in consumer spending while a restrictive credit environment decreases private sector investment. This pushes the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate. | Geopolitical conflicts remain isolated. There is one federal funds rate cut in each quarter of 2024, bringing the target range to 4.25% to 4.50% by the fourth quarter of 2024. Core inflation continues to improve from the previous peaks and reaches 2.3% by the fourth quarter of 2024. Labor force participants continue to re-enter the job market to help fill the elevated level of job openings. This increase in employment helps real household income continue to grow above its pre-pandemic trend. This supports consumer spending and maintains GDP growth consistent with pre-pandemic levels. | ||||||||
Macro-economic factors | –GDP is forecasted to grow by 1.6% over the next 12 months. –Civilian unemployment rate of 3.9% in the first quarter of 2024 increasing to 4.2% by the fourth quarter of 2024. –WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of December 2023 and are expected to average $71.34 per barrel over the next 12 months. | –GDP is forecasted to contract 1.8% over the next 12 months. –Civilian unemployment rate of 4.7% in the first quarter of 2024 worsens to 6.1% by the fourth quarter of 2024. –WTI oil prices are projected to average $54.46 per barrel over the next twelve months, with a peak of $62.44 in the first quarter of 2024 and falling 22% over the following three quarters. | –GDP is forecasted to grow by 1.9% over the next 12 months. –Civilian unemployment rate of 3.8% in the first quarter of 2024 increases slightly to 4.0% by the fourth quarter of 2024. –WTI oil prices are projected to average $74.75 per barrel over the next 12 months. |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Nonaccruing loans: | ||||||||||||||
Commercial | ||||||||||||||
Healthcare | $ | 81,529 | $ | 41,034 | ||||||||||
Energy | 17,843 | 1,399 | ||||||||||||
Services | 3,616 | 16,228 | ||||||||||||
General business | 7,143 | 1,636 | ||||||||||||
Total commercial | 110,131 | 60,297 | ||||||||||||
Commercial real estate | 7,320 | 16,570 | ||||||||||||
Loans to individuals | ||||||||||||||
Residential mortgage | 18,056 | 29,791 | ||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 9,709 | 15,005 | ||||||||||||
Personal | 253 | 134 | ||||||||||||
Total loans to individuals | 28,018 | 44,930 | ||||||||||||
Total nonaccruing loans | 145,469 | 121,797 | ||||||||||||
Accruing renegotiated loans guaranteed by U.S. government agencies1 | — | 163,535 | ||||||||||||
Real estate and other repossessed assets | 2,875 | 14,304 | ||||||||||||
Total nonperforming assets | $ | 148,344 | $ | 299,636 | ||||||||||
Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 138,635 | $ | 121,096 | ||||||||||
Allowance for loan losses to nonaccruing loans2 | 204.13 | % | 220.71 | % | ||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans2 | 240.20 | % | 277.76 | % | ||||||||||
Nonperforming assets to outstanding loans and repossessed assets | 0.62 | % | 1.33 | % | ||||||||||
Nonperforming assets to outstanding loans and repossessed assets2 | 0.58 | % | 0.54 | % | ||||||||||
Nonaccruing loans to outstanding loans | 0.61 | % | 0.54 | % | ||||||||||
Nonaccruing commercial loans to outstanding commercial loans | 0.74 | % | 0.42 | % | ||||||||||
Nonaccruing commercial real estate loans to outstanding commercial real estate loans | 0.14 | % | 0.36 | % | ||||||||||
Nonaccruing loans to individuals to outstanding loans to individuals2 | 0.51 | % | 0.86 | % | ||||||||||
Accruing loans 90 days or more past due2 | $ | 170 | $ | 510 |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Loan to Individuals | Total | Renegotiated Loans | Real Estate and Other Repossessed Assets | Total Nonperforming Assets | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 60,297 | $ | 16,570 | $ | 44,930 | $ | 121,797 | $ | 163,535 | $ | 14,304 | $ | 299,636 | ||||||||||||||||||||||||||||||
Change in accounting standard | — | — | — | — | (163,535) | — | (163,535) | |||||||||||||||||||||||||||||||||||||
Additions | 95,586 | 7,459 | 15,789 | 118,834 | — | — | 118,834 | |||||||||||||||||||||||||||||||||||||
Payments | (32,296) | (8,263) | (10,887) | (51,446) | — | — | (51,446) | |||||||||||||||||||||||||||||||||||||
Charge-offs | (12,898) | (8,446) | (5,972) | (27,316) | — | — | (27,316) | |||||||||||||||||||||||||||||||||||||
Net gains (losses) and write-downs | — | — | — | — | — | 622 | 622 | |||||||||||||||||||||||||||||||||||||
Foreclosure of nonaccruing loans | — | — | (787) | (787) | — | 787 | — | |||||||||||||||||||||||||||||||||||||
Foreclosure of loans guaranteed by U.S. government agencies | — | — | (4,634) | (4,634) | — | — | (4,634) | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | — | — | — | — | — | (12,838) | (12,838) | |||||||||||||||||||||||||||||||||||||
Net transfers to nonaccruing loans | — | — | 662 | 662 | — | — | 662 | |||||||||||||||||||||||||||||||||||||
Return to accrual status | (558) | — | (11,083) | (11,641) | — | — | (11,641) | |||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | 110,131 | $ | 7,320 | $ | 28,018 | $ | 145,469 | $ | — | $ | 2,875 | $ | 148,344 | ||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccruing Loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Loan to Individuals | Total | Renegotiated Loans | Real Estate and Other Repossessed Assets | Total Nonperforming Assets | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 74,104 | $ | 14,262 | $ | 45,693 | $ | 134,059 | $ | 210,618 | $ | 24,589 | $ | 369,266 | ||||||||||||||||||||||||||||||
Additions | 58,822 | 20,683 | 17,372 | 96,877 | 38,644 | — | 135,521 | |||||||||||||||||||||||||||||||||||||
Payments | (42,484) | (944) | (12,049) | (55,477) | (6,382) | — | (61,859) | |||||||||||||||||||||||||||||||||||||
Charge-offs | (22,382) | (269) | (6,095) | (28,746) | — | — | (28,746) | |||||||||||||||||||||||||||||||||||||
Net gains (losses) and write-downs | — | — | — | — | — | (1,194) | (1,194) | |||||||||||||||||||||||||||||||||||||
Foreclosure of nonaccruing loans | (7,960) | (3,956) | (410) | (12,326) | — | 12,326 | — | |||||||||||||||||||||||||||||||||||||
Foreclosure of loans guaranteed by U.S. government agencies | — | — | (4,929) | (4,929) | (3,431) | — | (8,360) | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | — | — | — | — | (71,520) | (21,417) | (92,937) | |||||||||||||||||||||||||||||||||||||
Net transfers to nonaccruing loans | — | — | 5,774 | 5,774 | (5,774) | — | — | |||||||||||||||||||||||||||||||||||||
Return to accrual status | 197 | (13,206) | (426) | (13,435) | — | — | (13,435) | |||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | 1,380 | — | 1,380 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 60,297 | $ | 16,570 | $ | 44,930 | $ | 121,797 | $ | 163,535 | $ | 14,304 | $ | 299,636 | ||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Commercial Banking | $ | 15,311,654 | $ | 18,323,412 | |||||||
Consumer Banking | 8,014,159 | 8,763,046 | |||||||||
Wealth Management | 7,739,490 | 8,491,377 | |||||||||
Subtotal | 31,065,303 | 35,577,835 | |||||||||
Funds Management and other | 2,139,531 | 2,273,446 | |||||||||
Total | $ | 33,204,834 | $ | 37,851,281 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Oklahoma: | ||||||||||||||
Demand | $ | 3,586,091 | $ | 4,585,963 | ||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 10,929,704 | 9,475,528 | ||||||||||||
Savings | 500,313 | 555,407 | ||||||||||||
Time | 1,984,336 | 794,002 | ||||||||||||
Total interest-bearing | 13,414,353 | 10,824,937 | ||||||||||||
Total Oklahoma | 17,000,444 | 15,410,900 | ||||||||||||
Texas: | ||||||||||||||
Demand | 2,306,334 | 3,873,759 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 5,035,856 | 4,878,482 | ||||||||||||
Savings | 155,652 | 178,356 | ||||||||||||
Time | 492,753 | 356,538 | ||||||||||||
Total interest-bearing | 5,684,261 | 5,413,376 | ||||||||||||
Total Texas | 7,990,595 | 9,287,135 | ||||||||||||
Colorado: | ||||||||||||||
Demand | 1,633,672 | 2,462,891 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 1,921,605 | 2,123,218 | ||||||||||||
Savings | 67,646 | 77,961 | ||||||||||||
Time | 201,393 | 135,043 | ||||||||||||
Total interest-bearing | 2,190,644 | 2,336,222 | ||||||||||||
Total Colorado | 3,824,316 | 4,799,113 | ||||||||||||
New Mexico: | ||||||||||||||
Demand | 794,467 | 1,141,958 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 886,089 | 691,915 | ||||||||||||
Savings | 95,453 | 112,430 | ||||||||||||
Time | 258,195 | 133,625 | ||||||||||||
Total interest-bearing | 1,239,737 | 937,970 | ||||||||||||
Total New Mexico | 2,034,204 | 2,079,928 | ||||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Arizona: | ||||||||||||||
Demand | 524,167 | 844,327 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 1,174,715 | 739,628 | ||||||||||||
Savings | 11,636 | 16,496 | ||||||||||||
Time | 41,884 | 24,846 | ||||||||||||
Total interest-bearing | 1,228,235 | 780,970 | ||||||||||||
Total Arizona | 1,752,402 | 1,625,297 | ||||||||||||
Kansas/Missouri: | ||||||||||||||
Demand | 326,496 | 436,259 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 966,166 | 694,163 | ||||||||||||
Savings | 13,821 | 20,678 | ||||||||||||
Time | 23,955 | 12,963 | ||||||||||||
Total interest-bearing | 1,003,942 | 727,804 | ||||||||||||
Total Kansas/Missouri | 1,330,438 | 1,164,063 | ||||||||||||
Arkansas: | ||||||||||||||
Demand | 25,266 | 50,180 | ||||||||||||
Interest-bearing: | ||||||||||||||
Transaction | 49,966 | 56,181 | ||||||||||||
Savings | 2,564 | 3,083 | ||||||||||||
Time | 9,506 | 4,825 | ||||||||||||
Total interest-bearing | 62,036 | 64,089 | ||||||||||||
Total Arkansas | 87,302 | 114,269 | ||||||||||||
Total BOK Financial deposits | $ | 34,019,701 | $ | 34,480,705 |
Minimum Capital Requirement | Capital Conservation Buffer | Minimum Capital Requirement Including Capital Conservation Buffer | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Capital: | |||||||||||||||||||||||||||||
Common equity Tier 1 | 4.50 | % | 2.50 | % | 7.00 | % | 12.06 | % | 11.69 | % | |||||||||||||||||||
Tier 1 capital | 6.00 | % | 2.50 | % | 8.50 | % | 12.07 | % | 11.71 | % | |||||||||||||||||||
Total capital | 8.00 | % | 2.50 | % | 10.50 | % | 13.16 | % | 12.67 | % | |||||||||||||||||||
Tier 1 Leverage | 4.00 | % | N/A | 4.00 | % | 9.45 | % | 9.91 | % | ||||||||||||||||||||
Average total equity to average assets | 10.17 | % | 10.24 | % | |||||||||||||||||||||||||
Tangible common equity ratio1 | 8.29 | % | 7.63 | % | |||||||||||||||||||||||||
Adjusted tangible common equity ratio1 | 8.02 | % | 7.36 | % | |||||||||||||||||||||||||
Performance Ratios: | |||||||||||||||||||||||||||||
Return on average equity | 10.82 | % | 10.81 | % | |||||||||||||||||||||||||
Return on average tangible common equity1 | 14.00 | % | 14.12 | % |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio: | ||||||||||||||
Total shareholders' equity | $ | 5,142,442 | $ | 4,682,649 | ||||||||||
Less: Goodwill and intangible assets, net | 1,104,728 | 1,120,880 | ||||||||||||
Tangible common equity | 4,037,714 | 3,561,769 | ||||||||||||
Add: Unrealized gain (loss) on investment securities, net | (171,903) | (167,477) | ||||||||||||
Add: Tax effect on unrealized gain (loss) on investment securities, net | 40,430 | 39,196 | ||||||||||||
Adjusted tangible common equity | $ | 3,906,241 | $ | 3,433,488 | ||||||||||
Total assets | $ | 49,824,830 | $ | 47,790,642 | ||||||||||
Less: Goodwill and intangible assets, net | 1,104,728 | 1,120,880 | ||||||||||||
Tangible assets | $ | 48,720,102 | $ | 46,669,762 | ||||||||||
Tangible common equity ratio | 8.29 | % | 7.63 | % | ||||||||||
Adjusted tangible common equity ratio | 8.02 | % | 7.36 | % | ||||||||||
Reconciliation of return on average tangible common equity: | ||||||||||||||
Total average shareholders' equity | $ | 4,903,998 | $ | 4,812,677 | ||||||||||
Less: Average goodwill and intangible assets, net | 1,113,701 | 1,128,469 | ||||||||||||
Average tangible common equity | $ | 3,790,297 | $ | 3,684,208 | ||||||||||
Net Income | $ | 530,746 | $ | 520,273 | ||||||||||
Return on average tangible common equity | 14.00 | % | 14.12 | % | ||||||||||
Reconciliation of pre-provision net revenue: | ||||||||||||||
Net income before taxes | $ | 683,248 | $ | 660,157 | ||||||||||
Add: Provision for expected credit losses | 46,000 | 30,000 | ||||||||||||
Less: Net income attributable to non-controlling interests | 387 | 20 | ||||||||||||
Pre-provision net revenue | $ | 728,861 | $ | 690,137 | ||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Calculation of efficiency ratio and efficiency ratio excluding adjustments: | ||||||||||||||
Total other operating expense | $ | 1,332,881 | $ | 1,164,480 | ||||||||||
Less: Amortization of intangible assets | 13,882 | 15,692 | ||||||||||||
Adjusted total other operating expense | 1,318,999 | 1,148,788 | ||||||||||||
Less: FDIC special assessment | 43,773 | — | ||||||||||||
Less: Expenses related to sale of BOKF Insurance | 3,436 | — | ||||||||||||
Adjusted total other operating expense excluding adjustments | $ | 1,271,790 | $ | 1,148,788 | ||||||||||
Net interest revenue | $ | 1,272,180 | $ | 1,211,380 | ||||||||||
Tax-equivalent adjustment | 8,811 | 8,463 | ||||||||||||
Tax-equivalent net interest revenue | 1,280,991 | 1,219,843 | ||||||||||||
Total other operating revenue | 789,949 | 643,257 | ||||||||||||
Less: Gain (loss) on available for sale securities, net | (30,636) | (971) | ||||||||||||
Adjusted revenue | 2,101,576 | 1,864,071 | ||||||||||||
Less: Gain on sale of BOKF Insurance | 31,007 | — | ||||||||||||
Adjusted revenue excluding adjustments | $ | 2,070,569 | $ | 1,864,071 | ||||||||||
Efficiency ratio | 62.76 | % | 61.63 | % | ||||||||||
Efficiency ratio excluding adjustments | 61.42 | % | 61.63 | % | ||||||||||
Information on net interest revenue and net interest margin excluding trading activities: | ||||||||||||||
Net interest revenue | $ | 1,272,180 | $ | 1,211,380 | ||||||||||
Less: Trading activities net interest revenue | (14,202) | 53,855 | ||||||||||||
Net interest revenue excluding trading activities | 1,286,382 | 1,157,525 | ||||||||||||
Tax-equivalent adjustment | 8,811 | 8,463 | ||||||||||||
Tax-equivalent net interest revenue excluding trading activities | $ | 1,295,193 | $ | 1,165,988 | ||||||||||
Average interest-earning assets | $ | 42,975,672 | $ | 40,079,096 | ||||||||||
Less: Average trading activities interest-earning assets | 4,559,012 | 4,723,130 | ||||||||||||
Average interest-earning assets excluding trading activities | $ | 38,416,660 | $ | 35,355,966 | ||||||||||
Net interest margin on average interest-earning assets | 2.93 | % | 2.98 | % | ||||||||||
Net interest margin on average trading activities interest-earning assets | (0.31) | % | 1.05 | % | ||||||||||
Net interest margin on average interest-earning assets excluding trading activities | 3.31 | % | 3.26 | % |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
200 bp Increase | 100 bp Increase | 100 bp Decrease | 200 bp Decrease | 200 bp Increase | 100 bp Increase | 100 bp Decrease | 200 bp Decrease | |||||||||||||||||||||||||||||||||||||||||||
Anticipated impact over the next twelve months on net interest revenue | $ | (36,100) | $ | (8,900) | $ | (7,900) | $ | (2,900) | $(10,980) | $8,440 | $(42,660) | $(73,772) | ||||||||||||||||||||||||||||||||||||||
(3.03) | % | (0.75) | % | (0.66) | % | (0.24) | % | (0.71)% | 0.54% | (2.75)% | (4.76)% | |||||||||||||||||||||||||||||||||||||||
Anticipated impact over months twelve through twenty-four | $ | (9,600) | $ | 15,300 | $ | (53,700) | $ | (84,900) | $4,090 | $40,190 | $(129,900) | $(239,320) | ||||||||||||||||||||||||||||||||||||||
(0.74) | % | 1.18 | % | (4.16) | % | (6.57) | % | 0.24% | 2.39% | (7.71)% | (14.21)% |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
MSR Asset | $ | 7,974 | $ | (9,877) | $ | 6,100 | $ | (8,195) | ||||||||||||||||||
MSR Hedge | (8,444) | 8,606 | (7,400) | 6,810 | ||||||||||||||||||||||
Net Exposure | $ | (470) | $ | (1,271) | $ | (1,300) | $ | (1,385) |
Year Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
Average1 | $ | (61) | $ | (38) | $ | (75) | $ | (183) | ||||||||||||||||||
Low2 | 49 | 61 | 381 | 91 | ||||||||||||||||||||||
High3 | (186) | (168) | (402) | (779) | ||||||||||||||||||||||
Period End | 14 | (41) | (71) | (30) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
10 day 99% VaR | 10 day 99% SVaR | 10 day 99% VaR | 10 day 99% SVaR | 10 day 99% VaR | 10 day 99% SVaR | 10 day 99% VaR | 10 day 99% SVaR | |||||||||||||||||||||||||||||||||||||||||||
Average1 | $ | 4,757 | $ | 8,154 | $ | 5,954 | $ | 6,118 | $ | 3,927 | $ | 7,091 | $ | 2,644 | $ | 7,555 | ||||||||||||||||||||||||||||||||||
Low | 2,338 | 4,067 | 3,893 | 4,027 | 933 | 3,210 | 1,044 | 4,051 | ||||||||||||||||||||||||||||||||||||||||||
High | 7,776 | 13,045 | 9,312 | 9,312 | 9,077 | 15,396 | 5,930 | 14,030 | ||||||||||||||||||||||||||||||||||||||||||
Period End | 2,977 | 4,925 | 6,455 | 6,455 | 8,000 | 13,819 | 1,584 | 5,478 |
Year Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Up 50 bp | Down 50 bp | Up 50 bp | Down 50 bp | |||||||||||||||||||||||
Average1 | $ | (1,144) | $ | 1,881 | $ | 790 | $ | 280 | ||||||||||||||||||
Low2 | 4,513 | 8,955 | 8,643 | 12,277 | ||||||||||||||||||||||
High3 | (8,223) | (4,538) | (11,253) | (6,325) | ||||||||||||||||||||||
Period End | (527) | 1,920 | 3,507 | (3,458) |
Allowance for credit losses | ||||||||
Description of the Matter | The Company’s loan portfolio totaled $23.9 billion as of December 31, 2023, and the associated allowance for credit losses (ACL) was $326 million. A $46 million provision for credit losses was recorded for the year ended December 31, 2023. 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 non-accruing 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 source documentation. 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 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 | 2023 | 2022 | 2021 | |||||||||||||||||
Loans | $ | 1,630,620 | $ | 976,653 | $ | 769,357 | ||||||||||||||
Residential mortgage loans held for sale | 4,341 | 6,027 | 5,465 | |||||||||||||||||
Trading securities | 215,994 | 115,048 | 155,989 | |||||||||||||||||
Investment securities | 33,822 | 24,072 | 10,430 | |||||||||||||||||
Available for sale securities | 387,891 | 248,323 | 230,383 | |||||||||||||||||
Fair value option securities | 7,760 | 2,145 | 1,542 | |||||||||||||||||
Restricted equity securities | 29,683 | 8,282 | 5,703 | |||||||||||||||||
Interest-bearing cash and cash equivalents | 32,353 | 11,552 | 1,060 | |||||||||||||||||
Total interest and dividend revenue | 2,342,464 | 1,392,102 | 1,179,929 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 626,597 | 121,749 | 33,484 | |||||||||||||||||
Borrowed funds | 434,735 | 52,483 | 17,877 | |||||||||||||||||
Subordinated debentures | 8,952 | 6,490 | 10,535 | |||||||||||||||||
Total interest expense | 1,070,284 | 180,722 | 61,896 | |||||||||||||||||
Net interest and dividend revenue | 1,272,180 | 1,211,380 | 1,118,033 | |||||||||||||||||
Provision for credit losses | 46,000 | 30,000 | (100,000) | |||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 1,226,180 | 1,181,380 | 1,218,033 | |||||||||||||||||
Other operating revenue | ||||||||||||||||||||
Brokerage and trading revenue | 240,610 | 140,978 | 112,989 | |||||||||||||||||
Transaction card revenue | 106,858 | 104,266 | 96,983 | |||||||||||||||||
Fiduciary and asset management revenue | 207,318 | 196,326 | 178,274 | |||||||||||||||||
Deposit service charges and fees | 108,514 | 110,636 | 104,217 | |||||||||||||||||
Mortgage banking revenue | 55,698 | 49,365 | 105,896 | |||||||||||||||||
Other revenue | 62,120 | 55,642 | 69,950 | |||||||||||||||||
Total fees and commissions | 781,118 | 657,213 | 668,309 | |||||||||||||||||
Other gains, net | 56,795 | 123 | 63,742 | |||||||||||||||||
Loss on derivatives, net | (9,921) | (73,011) | (19,378) | |||||||||||||||||
Loss on fair value option securities, net | (4,292) | (20,358) | (2,239) | |||||||||||||||||
Change in fair value of mortgage servicing rights | (3,115) | 80,261 | 41,637 | |||||||||||||||||
Gain (loss) on available for sale securities, net | (30,636) | (971) | 3,704 | |||||||||||||||||
Total other operating revenue | 789,949 | 643,257 | 755,775 | |||||||||||||||||
Other operating expense | ||||||||||||||||||||
Personnel | 766,610 | 670,918 | 695,382 | |||||||||||||||||
Business promotion | 31,796 | 26,435 | 16,289 | |||||||||||||||||
Charitable contributions to BOKF Foundation | 2,707 | 2,500 | 9,000 | |||||||||||||||||
Professional fees and services | 55,337 | 56,342 | 50,906 | |||||||||||||||||
Net occupancy and equipment | 121,502 | 116,867 | 108,587 | |||||||||||||||||
FDIC and other insurance | 30,780 | 17,994 | 15,881 | |||||||||||||||||
FDIC special assessment | 43,773 | — | — | |||||||||||||||||
Data processing and communications | 181,365 | 165,907 | 151,614 | |||||||||||||||||
Printing, postage and supplies | 15,225 | 15,857 | 14,218 | |||||||||||||||||
Amortization of intangible assets | 13,882 | 15,692 | 18,311 | |||||||||||||||||
Mortgage banking costs | 30,524 | 35,834 | 42,698 | |||||||||||||||||
Other expense | 39,380 | 40,134 | 54,822 | |||||||||||||||||
Total other operating expense | 1,332,881 | 1,164,480 | 1,177,708 | |||||||||||||||||
Net income before taxes | 683,248 | 660,157 | 796,100 | |||||||||||||||||
Federal and state income taxes | 152,115 | 139,864 | 179,775 | |||||||||||||||||
Net income | 531,133 | 520,293 | 616,325 | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | 387 | 20 | (1,796) | |||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 530,746 | $ | 520,273 | $ | 618,121 | ||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 8.02 | $ | 7.68 | $ | 8.95 | ||||||||||||||
Diluted | $ | 8.02 | $ | 7.68 | $ | 8.95 | ||||||||||||||
Average shares used in computation: | ||||||||||||||||||||
Basic | 65,651,569 | 67,212,728 | 68,591,920 | |||||||||||||||||
Diluted | 65,651,569 | 67,212,735 | 68,594,322 | |||||||||||||||||
Dividends declared per share | $ | 2.17 | $ | 2.13 | $ | 2.09 |
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net income | $ | 531,133 | $ | 520,293 | $ | 616,325 | ||||||||||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||||||||||
Net change in unrealized gain (loss) | 218,293 | (1,227,414) | (341,369) | |||||||||||||||||
Reclassification adjustments included in earnings: | ||||||||||||||||||||
Interest revenue, Investment securities | 60,394 | 42,514 | — | |||||||||||||||||
Operating expense, Personnel | — | (3,483) | — | |||||||||||||||||
Loss (gain) on available for sale securities, net | 30,636 | 971 | (3,704) | |||||||||||||||||
Other comprehensive gain (loss), before income taxes | 309,323 | (1,187,412) | (345,073) | |||||||||||||||||
Federal and state income taxes | 71,468 | (278,086) | (81,576) | |||||||||||||||||
Other comprehensive gain (loss), net of income taxes | 237,855 | (909,326) | (263,497) | |||||||||||||||||
Comprehensive income (loss) | 768,988 | (389,033) | 352,828 | |||||||||||||||||
Comprehensive income (loss) attributable to non-controlling interests | 387 | 20 | (1,796) | |||||||||||||||||
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders | $ | 768,601 | $ | (389,053) | $ | 354,624 |
(In thousands, except share data) | ||||||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 947,613 | $ | 943,810 | ||||||||||
Interest-bearing cash and cash equivalents | 400,652 | 457,906 | ||||||||||||
Trading securities | 5,193,505 | 4,464,161 | ||||||||||||
Investment securities, net of allowance (fair value: 2023 – $2,072,586; 2022 – $2,346,768) | 2,244,153 | 2,513,687 | ||||||||||||
Available for sale securities | 12,286,681 | 11,493,860 | ||||||||||||
Fair value option securities | 20,671 | 296,590 | ||||||||||||
Restricted equity securities | 423,099 | 299,651 | ||||||||||||
Residential mortgage loans held for sale | 56,935 | 75,272 | ||||||||||||
Loans | 23,904,968 | 22,557,150 | ||||||||||||
Allowance for loan losses | (277,123) | (235,704) | ||||||||||||
Loans, net of allowance | 23,627,845 | 22,321,446 | ||||||||||||
Premises and equipment, net | 622,223 | 565,175 | ||||||||||||
Receivables | 317,922 | 273,815 | ||||||||||||
Goodwill | 1,044,749 | 1,044,749 | ||||||||||||
Intangible assets, net | 59,979 | 76,131 | ||||||||||||
Mortgage servicing rights | 293,884 | 277,608 | ||||||||||||
Real estate and other repossessed assets, net of allowance (2023 – $5,355; 2022 – $10,115) | 2,875 | 14,304 | ||||||||||||
Derivative contracts, net | 410,304 | 880,343 | ||||||||||||
Cash surrender value of bank-owned life insurance | 409,548 | 406,751 | ||||||||||||
Receivable on unsettled securities sales | 391,910 | 31,004 | ||||||||||||
Other assets | 1,070,282 | 1,354,379 | ||||||||||||
Total assets | $ | 49,824,830 | $ | 47,790,642 | ||||||||||
Liabilities and Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Noninterest-bearing demand deposits | $ | 9,196,493 | $ | 13,395,337 | ||||||||||
Interest-bearing deposits: | ||||||||||||||
Transaction | 20,964,101 | 18,659,115 | ||||||||||||
Savings | 847,085 | 964,411 | ||||||||||||
Time | 3,012,022 | 1,461,842 | ||||||||||||
Total deposits | 34,019,701 | 34,480,705 | ||||||||||||
Funds purchased and repurchase agreements | 1,122,748 | 2,270,377 | ||||||||||||
Other borrowings | 7,701,552 | 4,736,908 | ||||||||||||
Subordinated debentures | 131,150 | 131,205 | ||||||||||||
Accrued interest, taxes and expense | 338,996 | 296,870 | ||||||||||||
Derivative contracts, net | 587,473 | 554,900 | ||||||||||||
Due on unsettled securities purchases | 254,057 | 147,470 | ||||||||||||
Other liabilities | 523,734 | 484,849 | ||||||||||||
Total liabilities | 44,679,411 | 43,103,284 | ||||||||||||
Shareholders' equity: | ||||||||||||||
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: 2023 – 76,593,292; 2022 – 76,423,345) | 5 | 5 | ||||||||||||
Capital surplus | 1,406,745 | 1,390,395 | ||||||||||||
Retained earnings | 5,211,512 | 4,824,164 | ||||||||||||
Treasury stock (shares at cost: 2023 – 11,626,115; 2022 – 9,464,711) | (876,720) | (694,960) | ||||||||||||
Accumulated other comprehensive income (loss) | (599,100) | (836,955) | ||||||||||||
Total shareholders’ equity | 5,142,442 | 4,682,649 | ||||||||||||
Non-controlling interests | 2,977 | 4,709 | ||||||||||||
Total equity | 5,145,419 | 4,687,358 | ||||||||||||
Total liabilities and equity | $ | 49,824,830 | $ | 47,790,642 |
(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, 2020 | 75,995 | $ | 5 | $ | 1,368,062 | $ | 3,973,675 | 6,358 | $ | (411,344) | $ | 335,868 | $ | 5,266,266 | $ | 25,295 | $ | 5,291,561 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 618,121 | — | — | — | 618,121 | (1,796) | 616,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (263,497) | (263,497) | — | (263,497) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 1,360 | (117,938) | — | (117,938) | — | (117,938) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 17 | — | 973 | — | — | — | — | 973 | — | 973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vested shares awarded, net | 242 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of non-vested shares | — | — | — | — | 68 | (5,847) | — | (5,847) | — | (5,847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 9,759 | — | — | — | — | 9,759 | — | 9,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (144,105) | — | — | — | (144,105) | — | (144,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | — | (18,860) | (18,860) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 76,254 | $ | 5 | $ | 1,378,794 | $ | 4,447,691 | 7,786 | $ | (535,129) | $ | 72,371 | $ | 5,363,732 | $ | 4,639 | $ | 5,368,371 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 520,273 | — | — | — | 520,273 | 20 | 520,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (909,326) | (909,326) | — | (909,326) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 1,633 | (154,887) | — | (154,887) | — | (154,887) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 1 | — | 37 | — | — | — | — | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vested shares awarded, net | 168 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of non-vested shares | — | — | — | — | 46 | (4,944) | — | (4,944) | — | (4,944) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 11,564 | — | — | — | — | 11,564 | — | 11,564 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (143,800) | — | — | — | (143,800) | — | (143,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | — | 50 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 76,423 | $ | 5 | $ | 1,390,395 | $ | 4,824,164 | 9,465 | $ | (694,960) | $ | (836,955) | $ | 4,682,649 | $ | 4,709 | $ | 4,687,358 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 531,133 | $ | 520,293 | $ | 616,325 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Provision for credit losses | 46,000 | 30,000 | (100,000) | |||||||||||||||||
Change in fair value of mortgage servicing rights due to market changes | 3,115 | (80,261) | (41,637) | |||||||||||||||||
Change in fair value of mortgage servicing rights due to principal payments | 27,343 | 31,741 | 38,761 | |||||||||||||||||
Net unrealized losses (gains) from derivative contracts | 133,118 | (52,214) | 30,201 | |||||||||||||||||
Share-based compensation | 16,350 | 11,564 | 9,759 | |||||||||||||||||
Depreciation and amortization | 109,893 | 107,563 | 102,468 | |||||||||||||||||
Net amortization of discounts and premiums | (19,985) | 9,215 | 18,293 | |||||||||||||||||
Net losses (gains) on financial instruments and other losses (gains), net | (26,162) | 846 | (67,446) | |||||||||||||||||
Net loss (gain) on mortgage loans held for sale | 4,483 | (2,948) | (70,464) | |||||||||||||||||
Mortgage loans originated for sale | (666,391) | (1,180,403) | (2,818,789) | |||||||||||||||||
Proceeds from sale of mortgage loans held for sale | 679,389 | 1,295,588 | 2,939,522 | |||||||||||||||||
Capitalized mortgage servicing rights | (12,141) | (18,215) | (31,132) | |||||||||||||||||
Change in trading and fair value option securities | (453,340) | 4,419,761 | (4,357,950) | |||||||||||||||||
Change in receivables | (316,819) | (34,301) | 39,183 | |||||||||||||||||
Change in other assets | 89,930 | 13,205 | (12,568) | |||||||||||||||||
Change in other liabilities | (79,733) | 50,836 | 12,897 | |||||||||||||||||
Net cash provided by (used in) operating activities | 66,183 | 5,122,270 | (3,692,577) | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Proceeds from maturities or redemptions of investment securities | 268,263 | 157,796 | 33,865 | |||||||||||||||||
Proceeds from maturities or redemptions of available for sale securities | 1,558,160 | 2,192,200 | 3,500,081 | |||||||||||||||||
Purchases of investment securities | (2,504) | (10,000) | — | |||||||||||||||||
Purchases of available for sale securities | (2,951,422) | (4,533,892) | (4,607,199) | |||||||||||||||||
Proceeds from sales of available for sale securities | 834,704 | 307,481 | 622,881 | |||||||||||||||||
Change in amount receivable on unsettled available for sale securities transactions | (86,110) | 9,629 | (10,406) | |||||||||||||||||
Loans originated, net of principal collected | (1,349,900) | (2,348,586) | 2,853,326 | |||||||||||||||||
Net payments or proceeds on derivative asset contracts | 154,602 | (7,099) | 161,093 | |||||||||||||||||
Proceeds from sale of BOKF Insurance | 32,601 | — | — | |||||||||||||||||
Net change in restricted equity securities | (123,448) | (216,538) | 88,278 | |||||||||||||||||
Proceeds from disposition of assets | 39,708 | 60,769 | 165,040 | |||||||||||||||||
Purchases of assets | (165,918) | (215,046) | (204,287) | |||||||||||||||||
Net cash provided by (used in) investing activities | (1,791,264) | (4,603,286) | 2,602,672 | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Net change in demand deposits, transaction deposits and savings accounts | (2,011,184) | (6,518,868) | 5,360,979 | |||||||||||||||||
Net change in time deposits | 1,550,180 | (242,486) | (262,800) | |||||||||||||||||
Net change in other borrowed funds | 1,802,549 | 4,609,824 | (1,269,241) | |||||||||||||||||
Repayment of subordinated debentures | — | — | (150,000) | |||||||||||||||||
Change in amount due on unsettled security purchases | 190,085 | (17,782) | (117,452) | |||||||||||||||||
Issuance of common and treasury stock, net | (4,941) | (4,907) | (4,874) | |||||||||||||||||
Net change in derivative margin accounts | 631,433 | 519,797 | (467,865) | |||||||||||||||||
Net payments or proceeds on derivative liability contracts | (166,275) | (1,569) | (79,962) | |||||||||||||||||
Repurchase of common stock | (176,819) | (154,887) | (117,938) | |||||||||||||||||
Dividends paid | (143,398) | (143,800) | (144,105) | |||||||||||||||||
Net cash provided by (used in) financing activities | 1,671,630 | (1,954,678) | 2,746,742 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (53,451) | (1,435,694) | 1,656,837 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,401,716 | 2,837,410 | 1,180,573 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,348,265 | $ | 1,401,716 | $ | 2,837,410 | ||||||||||||||
Supplemental Cash Flow Information: | ||||||||||||||||||||
Cash paid for interest | $ | 1,044,950 | $ | 176,081 | $ | 68,775 | ||||||||||||||
Cash paid for taxes | $ | 173,916 | $ | 79,532 | $ | 135,331 | ||||||||||||||
Net loans and bank premises transferred to repossessed real estate and other assets | $ | 787 | $ | 12,326 | $ | 8,320 | ||||||||||||||
Transfer of available for sale securities to investment securities | $ | — | $ | 2,454,273 | $ | — | ||||||||||||||
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period | $ | 14,466 | $ | 34,259 | $ | 87,087 | ||||||||||||||
Conveyance of other real estate owned guaranteed by U.S. government agencies | $ | 5,534 | $ | 8,451 | $ | 6,376 | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 71,865 | $ | 22,059 | $ | 40,798 |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | |||||||||||||||||||||||
U.S. government securities | $ | 10,959 | $ | 28 | $ | 9,823 | $ | (16) | ||||||||||||||||||
Residential agency mortgage-backed securities | 5,105,137 | 98,124 | 4,406,848 | 4 | ||||||||||||||||||||||
Municipal securities | 37,413 | 323 | 21,484 | (136) | ||||||||||||||||||||||
Other trading securities | 39,996 | 160 | 26,006 | (175) | ||||||||||||||||||||||
Total trading securities | $ | 5,193,505 | $ | 98,635 | $ | 4,464,161 | $ | (323) |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Amortized | Carrying | Fair | Gross Unrealized | |||||||||||||||||||||||||||||
Cost | Value1 | Value | Gain | Loss | ||||||||||||||||||||||||||||
Municipal securities | $ | 120,705 | $ | 120,705 | $ | 125,525 | $ | 5,014 | $ | (194) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Residential agency | 2,255,340 | 2,092,083 | 1,917,810 | 125 | (174,398) | |||||||||||||||||||||||||||
Commercial agency | 17,258 | 15,914 | 15,067 | — | (847) | |||||||||||||||||||||||||||
Other debt securities | 15,787 | 15,787 | 14,184 | — | (1,603) | |||||||||||||||||||||||||||
Total investment securities | 2,409,090 | 2,244,489 | 2,072,586 | 5,139 | (177,042) | |||||||||||||||||||||||||||
Allowance for credit losses | (336) | (336) | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | $ | 2,408,754 | $ | 2,244,153 | $ | 2,072,586 | $ | 5,139 | $ | (177,042) |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Amortized | Carrying | Fair | Gross Unrealized | |||||||||||||||||||||||||||||
Cost | Value1 | Value | Gain | Loss | ||||||||||||||||||||||||||||
Municipal securities | $ | 170,629 | $ | 170,629 | $ | 176,621 | $ | 6,456 | $ | (464) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Residential agency | 2,538,565 | 2,315,219 | 2,143,360 | 155 | (172,014) | |||||||||||||||||||||||||||
Commercial agency | 17,259 | 15,609 | 14,588 | — | (1,021) | |||||||||||||||||||||||||||
Other debt securities | 12,788 | 12,788 | 12,199 | — | (589) | |||||||||||||||||||||||||||
Total investment securities | 2,739,241 | 2,514,245 | 2,346,768 | 6,611 | (174,088) | |||||||||||||||||||||||||||
Allowance for credit losses | (558) | (558) | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | $ | 2,738,683 | $ | 2,513,687 | $ | 2,346,768 | $ | 6,611 | $ | (174,088) |
Less than One Year | One to Five Years | Six to Ten Years | Over Ten Years | Total | Weighted Average Maturity1 | |||||||||||||||||||||||||||||||||
Fixed maturity debt securities: | ||||||||||||||||||||||||||||||||||||||
Carrying value | $ | 17,262 | $ | 108,343 | $ | 26,788 | $ | 13 | $ | 152,406 | 3.29 | |||||||||||||||||||||||||||
Fair value | 17,314 | 112,140 | 25,309 | 13 | 154,776 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||
Carrying value | $ | 2,092,083 | 2 | |||||||||||||||||||||||||||||||||||
Fair value | 1,917,810 | |||||||||||||||||||||||||||||||||||||
Total investment securities: | ||||||||||||||||||||||||||||||||||||||
Carrying value | $ | 2,244,489 | ||||||||||||||||||||||||||||||||||||
Fair value | 2,072,586 | |||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
Investment: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 13 | $ | 1,931 | $ | 5 | $ | 6,600 | $ | 189 | $ | 8,531 | $ | 194 | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 116 | — | — | 1,916,732 | 174,398 | 1,916,732 | 174,398 | |||||||||||||||||||||||||||||||||||||
Commercial agency | 2 | — | — | 15,067 | 847 | 15,067 | 847 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 3 | — | — | 8,672 | 1,603 | 8,672 | 1,603 | |||||||||||||||||||||||||||||||||||||
Total investment securities | 134 | $ | 1,931 | $ | 5 | $ | 1,947,071 | $ | 177,037 | $ | 1,949,002 | $ | 177,042 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
Investment: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 22 | $ | 18,037 | $ | 406 | $ | 544 | $ | 58 | $ | 18,581 | $ | 464 | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 116 | 2,142,114 | 172,014 | — | — | 2,142,114 | 172,014 | |||||||||||||||||||||||||||||||||||||
Commercial agency | 2 | 14,588 | 1,021 | — | — | 14,588 | 1,021 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 3 | 9,428 | 571 | 257 | 18 | 9,685 | 589 | |||||||||||||||||||||||||||||||||||||
Total investment securities | 143 | $ | 2,184,167 | $ | 174,012 | $ | 801 | $ | 76 | $ | 2,184,968 | $ | 174,088 |
December 31, 2023 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
U.S. Treasury | $ | 1,000 | $ | 925 | $ | — | $ | (75) | ||||||||||||||||||
Municipal securities | 544,707 | 502,833 | 1 | (41,875) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential agency | 7,066,645 | 6,834,720 | 36,983 | (268,908) | ||||||||||||||||||||||
Residential non-agency | 833,535 | 799,877 | 12,865 | (46,523) | ||||||||||||||||||||||
Commercial agency | 4,456,918 | 4,147,853 | 2,972 | (312,037) | ||||||||||||||||||||||
Other debt securities | 500 | 473 | — | (27) | ||||||||||||||||||||||
Total available for sale securities | $ | 12,903,305 | $ | 12,286,681 | $ | 52,821 | $ | (669,445) |
December 31, 2022 | ||||||||||||||||||||||||||
Amortized | Fair | Gross Unrealized | ||||||||||||||||||||||||
Cost | Value | Gain | Loss | |||||||||||||||||||||||
U.S. Treasury | $ | 1,000 | $ | 898 | $ | — | $ | (102) | ||||||||||||||||||
Municipal securities | 687,875 | 624,500 | 321 | (63,696) | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential agency | 6,161,358 | 5,814,496 | 13,085 | (359,947) | ||||||||||||||||||||||
Residential non-agency | 616,423 | 577,576 | 11,776 | (50,623) | ||||||||||||||||||||||
Commercial agency | 4,892,257 | 4,475,917 | 3,479 | (419,819) | ||||||||||||||||||||||
Other debt securities | 500 | 473 | — | (27) | ||||||||||||||||||||||
Total available for sale securities | $ | 12,359,413 | $ | 11,493,860 | $ | 28,661 | $ | (894,214) |
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 | $ | 397,083 | $ | 3,008,053 | $ | 1,122,067 | $ | 475,922 | $ | 5,003,125 | 5.28 | ||||||||||||||||||||||||
Fair value | 392,254 | 2,764,659 | 1,040,314 | 454,857 | 4,652,084 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Amortized cost | $ | 7,900,180 | 2 | ||||||||||||||||||||||||||||||||
Fair value | 7,634,597 | ||||||||||||||||||||||||||||||||||
Total available for sale securities: | |||||||||||||||||||||||||||||||||||
Amortized cost | $ | 12,903,305 | |||||||||||||||||||||||||||||||||
Fair value | 12,286,681 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Proceeds | $ | 834,704 | $ | 307,481 | $ | 622,881 | |||||||||||
Gross realized gains | 1,180 | 5,054 | 5,702 | ||||||||||||||
Gross realized losses | (31,816) | (6,025) | (1,998) | ||||||||||||||
Related federal and state income tax expense (benefit) | (7,206) | (227) | 889 |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 1 | $ | — | $ | — | $ | 925 | $ | 75 | $ | 925 | $ | 75 | |||||||||||||||||||||||||||||||
Municipal securities | 190 | 6,799 | 410 | 494,955 | 41,465 | 501,754 | 41,875 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 630 | 690,118 | 3,689 | 3,717,975 | 265,219 | 4,408,093 | 268,908 | |||||||||||||||||||||||||||||||||||||
Residential non-agency | 32 | 116,077 | 1,244 | 451,370 | 45,279 | 567,447 | 46,523 | |||||||||||||||||||||||||||||||||||||
Commercial agency | 269 | 392,828 | 2,626 | 3,421,757 | 309,411 | 3,814,585 | 312,037 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | — | — | 473 | 27 | 473 | 27 | |||||||||||||||||||||||||||||||||||||
Total available for sale securities | 1,123 | $ | 1,205,822 | $ | 7,969 | $ | 8,087,455 | $ | 661,476 | $ | 9,293,277 | $ | 669,445 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 1 | $ | — | $ | — | $ | 899 | $ | 102 | $ | 899 | $ | 102 | |||||||||||||||||||||||||||||||
Municipal securities | 227 | 146,634 | 5,301 | 428,248 | 58,395 | 574,882 | 63,696 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 613 | 3,879,582 | 256,973 | 863,732 | 102,974 | 4,743,314 | 359,947 | |||||||||||||||||||||||||||||||||||||
Residential non-agency | 26 | 499,716 | 50,623 | — | — | 499,716 | 50,623 | |||||||||||||||||||||||||||||||||||||
Commercial agency | 285 | 1,647,778 | 63,701 | 2,535,816 | 356,118 | 4,183,594 | 419,819 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 1 | — | — | 473 | 27 | 473 | 27 | |||||||||||||||||||||||||||||||||||||
Total available for sale securities | 1,153 | $ | 6,173,710 | $ | 376,598 | $ | 3,829,168 | $ | 517,616 | $ | 10,002,878 | $ | 894,214 |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | |||||||||||||||||||||||
Residential agency mortgage-backed securities | $ | 20,671 | $ | (1,406) | $ | 296,590 | $ | 338 | ||||||||||||||||||
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 | $ | 2,754,476 | $ | 108,450 | $ | (6,810) | $ | 101,640 | $ | (94,608) | $ | 7,032 | ||||||||||||||||||||||||||
Energy contracts | 7,846,190 | 836,425 | (399,148) | 437,277 | (169,141) | 268,136 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 54,999 | 53,863 | — | 53,863 | (872) | 52,991 | ||||||||||||||||||||||||||||||||
Equity option contracts | 3,316 | 54 | — | 54 | (44) | 10 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 10,658,981 | 998,792 | (405,958) | 592,834 | (264,665) | 328,169 | ||||||||||||||||||||||||||||||||
Trading | 16,264,818 | 118,545 | (37,111) | 81,434 | (6,996) | 74,438 | ||||||||||||||||||||||||||||||||
Interest rate risk management programs | 425,014 | 7,697 | — | 7,697 | — | 7,697 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 27,348,813 | $ | 1,125,034 | $ | (443,069) | $ | 681,965 | $ | (271,661) | $ | 410,304 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
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 | $ | 2,754,476 | $ | 108,402 | $ | (6,810) | $ | 101,592 | $ | — | $ | 101,592 | ||||||||||||||||||||||||||
Energy contracts | 8,254,004 | 831,467 | (399,148) | 432,319 | (6,441) | 425,878 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 54,405 | 53,065 | — | 53,065 | — | 53,065 | ||||||||||||||||||||||||||||||||
Equity option contracts | 3,316 | 54 | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 11,066,201 | 992,988 | (405,958) | 587,030 | (6,441) | 580,589 | ||||||||||||||||||||||||||||||||
Trading | 20,644,156 | 224,648 | (37,111) | 187,537 | (181,917) | 5,620 | ||||||||||||||||||||||||||||||||
Interest rate risk management programs | 2,244 | 1,264 | — | 1,264 | — | 1,264 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 31,712,601 | $ | 1,218,900 | $ | (443,069) | $ | 775,831 | $ | (188,358) | $ | 587,473 |
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 | $ | 2,629,318 | $ | 158,825 | $ | — | $ | 158,825 | $ | (114,955) | $ | 43,870 | ||||||||||||||||||||||||||
Energy contracts | 7,918,020 | 1,232,283 | (594,543) | 637,740 | (67,024) | 570,716 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 219,791 | 216,569 | — | 216,569 | — | 216,569 | ||||||||||||||||||||||||||||||||
Equity option contracts | 21,102 | 193 | — | 193 | (109) | 84 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 10,788,231 | 1,607,870 | (594,543) | 1,013,327 | (182,088) | 831,239 | ||||||||||||||||||||||||||||||||
Trading | 17,400,037 | 126,910 | (74,647) | 52,263 | (4,646) | 47,617 | ||||||||||||||||||||||||||||||||
Internal risk management programs | 85,000 | 1,500 | (13) | 1,487 | — | 1,487 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 28,273,268 | $ | 1,736,280 | $ | (669,203) | $ | 1,067,077 | $ | (186,734) | $ | 880,343 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
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 | $ | 2,629,122 | $ | 158,816 | $ | — | $ | 158,816 | $ | — | $ | 158,816 | ||||||||||||||||||||||||||
Energy contracts | 8,696,060 | 1,242,058 | (594,543) | 647,515 | (484,319) | 163,196 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 214,855 | 211,233 | — | 211,233 | (7) | 211,226 | ||||||||||||||||||||||||||||||||
Equity option contracts | 21,102 | 193 | — | 193 | — | 193 | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 11,561,139 | 1,612,300 | (594,543) | 1,017,757 | (484,326) | 533,431 | ||||||||||||||||||||||||||||||||
Trading | 14,038,906 | 94,958 | (74,647) | 20,311 | (423) | 19,888 | ||||||||||||||||||||||||||||||||
Internal risk management programs | 178,806 | 1,594 | (13) | 1,581 | — | 1,581 | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | 25,778,851 | $ | 1,708,852 | $ | (669,203) | $ | 1,039,649 | $ | (484,749) | $ | 554,900 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
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 | $ | 5,531 | $ | — | $ | 10,690 | $ | — | $ | 5,503 | $ | — | ||||||||||||||||||||||||||
Energy contracts | 30,715 | — | 34,435 | — | 14,190 | — | ||||||||||||||||||||||||||||||||
Agricultural contracts | — | — | — | — | 27 | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 276 | — | 591 | — | 712 | — | ||||||||||||||||||||||||||||||||
Total customer risk management programs | 36,522 | — | 45,716 | — | 20,432 | — | ||||||||||||||||||||||||||||||||
Trading1 | (139,235) | — | 48,616 | — | (11,453) | — | ||||||||||||||||||||||||||||||||
Internal risk management programs | — | (9,921) | — | (73,011) | — | (19,378) | ||||||||||||||||||||||||||||||||
Total derivative contracts | $ | (102,713) | $ | (9,921) | $ | 94,332 | $ | (73,011) | $ | 8,979 | $ | (19,378) |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | Variable Rate | Non-accrual | Total | Fixed Rate | Variable Rate | Non- accrual | Total | |||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,558,563 | $ | 11,135,075 | $ | 110,131 | $ | 14,803,769 | $ | 3,392,422 | $ | 10,759,780 | $ | 60,297 | $ | 14,212,499 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 791,757 | 4,538,570 | 7,320 | 5,337,647 | 874,716 | 3,715,491 | 16,570 | 4,606,777 | ||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | 2,282,914 | 1,452,620 | 28,018 | 3,763,552 | 2,099,165 | 1,593,779 | 44,930 | 3,737,874 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,633,234 | $ | 17,126,265 | $ | 145,469 | $ | 23,904,968 | $ | 6,366,303 | $ | 16,069,050 | $ | 121,797 | $ | 22,557,150 | ||||||||||||||||||||||||||||||||||
Foregone interest on nonaccrual loans | $ | 7,863 | $ | 6,796 |
Commercial | Commercial Real Estate | Loans to Individuals | Total | |||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 131,586 | $ | 57,648 | $ | 46,470 | $ | 235,704 | ||||||||||||||||||
Provision for loan losses | 19,308 | 42,151 | (1,941) | 59,518 | ||||||||||||||||||||||
Loans charged off | (12,898) | (8,446) | (5,972) | (27,316) | ||||||||||||||||||||||
Recoveries of loans previously charged off | 3,236 | 3,365 | 2,616 | 9,217 | ||||||||||||||||||||||
Ending balance | $ | 141,232 | $ | 94,718 | $ | 41,173 | $ | 277,123 | ||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||
Beginning balance | $ | 18,246 | $ | 40,490 | $ | 2,183 | $ | 60,919 | ||||||||||||||||||
Provision for off-balance sheet credit risk | 1,516 | (13,051) | (407) | (11,942) | ||||||||||||||||||||||
Ending balance | $ | 19,762 | $ | 27,439 | $ | 1,776 | $ | 48,977 |
Commercial | Commercial Real Estate | Loans to Individuals | Total | |||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 162,056 | $ | 58,553 | $ | 35,812 | $ | 256,421 | ||||||||||||||||||
Provision for loan losses | (12,782) | (813) | 14,023 | 428 | ||||||||||||||||||||||
Loans charged off | (22,382) | (269) | (6,095) | (28,746) | ||||||||||||||||||||||
Recoveries of loans previously charged off | 4,694 | 177 | 2,730 | 7,601 | ||||||||||||||||||||||
Ending balance | $ | 131,586 | $ | 57,648 | $ | 46,470 | $ | 235,704 | ||||||||||||||||||
Allowance for off-balance sheet credit risk from unfunded loan commitments: | ||||||||||||||||||||||||||
Beginning balance | $ | 13,812 | $ | 17,442 | $ | 1,723 | $ | 32,977 | ||||||||||||||||||
Provision for off-balance sheet credit risk | 4,434 | 23,048 | 460 | 27,942 | ||||||||||||||||||||||
Ending balance | $ | 18,246 | $ | 40,490 | $ | 2,183 | $ | 60,919 |
Commercial | Commercial Real Estate | Loans to Individuals | 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 | 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 losses | (610) | (3,129) | (205) | (3,944) | ||||||||||||||||||||||
Ending balance | $ | 13,812 | $ | 17,442 | $ | 1,723 | $ | 32,977 | ||||||||||||||||||
Collectively Measured for General Allowances | Individually Measured for Specific Allowances | Total | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||
Commercial | $ | 14,693,638 | $ | 138,540 | $ | 110,131 | $ | 2,692 | $ | 14,803,769 | $ | 141,232 | ||||||||||||||||||||||||||
Commercial real estate | 5,330,327 | 94,718 | 7,320 | — | 5,337,647 | 94,718 | ||||||||||||||||||||||||||||||||
Loans to individuals | 3,735,534 | 41,173 | 28,018 | — | 3,763,552 | 41,173 | ||||||||||||||||||||||||||||||||
Total | $ | 23,759,499 | $ | 274,431 | $ | 145,469 | $ | 2,692 | $ | 23,904,968 | $ | 277,123 |
Collectively Measured for General Allowances | Individually Measured for Specific Allowances | Total | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||
Commercial | $ | 14,152,202 | $ | 127,566 | $ | 60,297 | $ | 4,020 | $ | 14,212,499 | $ | 131,586 | ||||||||||||||||||||||||||
Commercial real estate | 4,590,207 | 56,098 | 16,570 | 1,550 | 4,606,777 | 57,648 | ||||||||||||||||||||||||||||||||
Loans to individuals | 3,692,944 | 46,470 | 44,930 | — | 3,737,874 | 46,470 | ||||||||||||||||||||||||||||||||
Total | $ | 22,435,353 | $ | 230,134 | $ | 121,797 | $ | 5,570 | $ | 22,557,150 | $ | 235,704 |
Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||||||
Pass | $ | 650,768 | $ | 895,602 | $ | 590,736 | $ | 409,001 | $ | 331,897 | $ | 809,858 | $ | 281,378 | $ | 15 | $ | 3,969,255 | |||||||||||
Special Mention | — | — | — | 21,791 | — | 31,235 | 5 | — | 53,031 | ||||||||||||||||||||
Accruing Substandard | — | 2,128 | 18,508 | 6,911 | — | 10,896 | 975 | — | 39,418 | ||||||||||||||||||||
Nonaccrual | — | — | — | 30,290 | 23,129 | 28,110 | — | — | 81,529 | ||||||||||||||||||||
Total healthcare | 650,768 | 897,730 | 609,244 | 467,993 | 355,026 | 880,099 | 282,358 | 15 | 4,143,233 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | — | — | 2,500 | — | — | — | 2,500 | ||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Pass | 190,122 | 100,006 | 43,769 | 7,876 | 9,562 | 11,583 | 3,025,590 | — | 3,388,508 | ||||||||||||||||||||
Special Mention | — | — | — | — | — | — | 13,950 | — | 13,950 | ||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | — | 16,800 | — | 16,800 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | 99 | 17,744 | — | 17,843 | ||||||||||||||||||||
Total energy | 190,122 | 100,006 | 43,769 | 7,876 | 9,562 | 11,682 | 3,074,084 | — | 3,437,101 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Pass | 900,090 | 526,776 | 401,872 | 228,818 | 106,112 | 643,477 | 730,729 | 595 | 3,538,469 | ||||||||||||||||||||
Special Mention | — | 1,085 | 1,520 | 1,341 | 534 | 4,522 | 81 | — | 9,083 | ||||||||||||||||||||
Accruing Substandard | — | 13,712 | 178 | 326 | 3,972 | 3,746 | 3,108 | 13 | 25,055 | ||||||||||||||||||||
Nonaccrual | — | — | 1,635 | 338 | — | — | 1,643 | — | 3,616 | ||||||||||||||||||||
Total services | 900,090 | 541,573 | 405,205 | 230,823 | 110,618 | 651,745 | 735,561 | 608 | 3,576,223 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | 3,060 | — | — | — | 2,642 | — | 5,702 | ||||||||||||||||||||
General business | |||||||||||||||||||||||||||||
Pass | 942,468 | 436,832 | 224,735 | 138,951 | 101,100 | 287,744 | 1,389,128 | 2,164 | 3,523,122 | ||||||||||||||||||||
Special Mention | 10,264 | 16,167 | 8,420 | 1,253 | 321 | 8,295 | 897 | — | 45,617 | ||||||||||||||||||||
Accruing Substandard | 4,401 | 33,194 | 1,716 | 27 | — | — | 31,992 | — | 71,330 | ||||||||||||||||||||
Nonaccrual | — | 1,134 | — | — | — | 48 | 5,956 | 5 | 7,143 | ||||||||||||||||||||
Total general business | 957,133 | 487,327 | 234,871 | 140,231 | 101,421 | 296,087 | 1,427,973 | 2,169 | 3,647,212 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | 4,598 | 2 | — | 48 | 10 | 38 | 4,696 | ||||||||||||||||||||
Total commercial | 2,698,113 | 2,026,636 | 1,293,089 | 846,923 | 576,627 | 1,839,613 | 5,519,976 | 2,792 | 14,803,769 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Pass | 396,891 | 1,941,913 | 1,194,759 | 416,647 | 513,555 | 705,092 | 136,095 | — | 5,304,952 | ||||||||||||||||||||
Special Mention | — | 476 | — | — | — | 19,171 | — | — | 19,647 | ||||||||||||||||||||
Accruing Substandard | 2,992 | — | 3 | — | — | 2,733 | — | — | 5,728 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | 7,170 | 150 | — | — | 7,320 | ||||||||||||||||||||
Total commercial real estate | 399,883 | 1,942,389 | 1,194,762 | 416,647 | 520,725 | 727,146 | 136,095 | — | 5,337,647 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | — | — | — | 8,446 | — | — | 8,446 | ||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Pass | 426,089 | 320,733 | 342,927 | 349,742 | 54,801 | 243,356 | 375,739 | 23,895 | 2,137,282 | ||||||||||||||||||||
Special Mention | 157 | 140 | 131 | 1,361 | 18 | 134 | 2,982 | 93 | 5,016 | ||||||||||||||||||||
Accruing Substandard | — | 150 | — | — | 37 | 49 | 50 | — | 286 | ||||||||||||||||||||
Nonaccrual | 79 | 1,419 | 237 | 544 | 344 | 12,381 | 2,387 | 665 | 18,056 | ||||||||||||||||||||
Total residential mortgage | 426,325 | 322,442 | 343,295 | 351,647 | 55,200 | 255,920 | 381,158 | 24,653 | 2,160,640 | ||||||||||||||||||||
Loans charged off, year-to-date | — | — | 51 | 4 | — | 17 | — | 1 | 73 | ||||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | |||||||||||||||||||||||||||||
Pass | 633 | 1,788 | 2,220 | 4,297 | 6,441 | 124,719 | — | — | 140,098 | ||||||||||||||||||||
Nonaccrual | — | — | — | 280 | 375 | 9,054 | — | — | 9,709 | ||||||||||||||||||||
Total residential mortgage guaranteed by U.S. government agencies | 633 | 1,788 | 2,220 | 4,577 | 6,816 | 133,773 | — | — | 149,807 | ||||||||||||||||||||
Personal | |||||||||||||||||||||||||||||
Pass | 218,401 | 229,580 | 149,291 | 136,215 | 75,348 | 137,629 | 503,841 | 145 | 1,450,450 | ||||||||||||||||||||
Special Mention | 66 | 39 | 106 | 30 | 8 | — | 1,918 | 3 | 2,170 | ||||||||||||||||||||
Accruing Substandard | — | 64 | 12 | 9 | 144 | — | 3 | — | 232 | ||||||||||||||||||||
Nonaccrual | 4 | 51 | 9 | 16 | 3 | 12 | 158 | — | 253 | ||||||||||||||||||||
Total personal | 218,471 | 229,734 | 149,418 | 136,270 | 75,503 | 137,641 | 505,920 | 148 | 1,453,105 | ||||||||||||||||||||
Loans charged off, year-to-date1 | 5,636 | 82 | 96 | 43 | — | 10 | 6 | 26 | 5,899 | ||||||||||||||||||||
Total loans to individuals | 645,429 | 553,964 | 494,933 | 492,494 | 137,519 | 527,334 | 887,078 | 24,801 | 3,763,552 | ||||||||||||||||||||
Total loans | $ | 3,743,425 | $ | 4,522,989 | $ | 2,982,784 | $ | 1,756,064 | $ | 1,234,871 | $ | 3,094,093 | $ | 6,543,149 | $ | 27,593 | $ | 23,904,968 |
Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||||||
Pass | $ | 932,097 | $ | 604,886 | $ | 476,854 | $ | 404,204 | $ | 464,989 | $ | 618,163 | $ | 245,898 | $ | 20 | $ | 3,747,111 | |||||||||||
Special Mention | — | — | — | 20,071 | — | 18,859 | 4 | — | 38,934 | ||||||||||||||||||||
Accruing Substandard | — | — | — | — | — | 14,304 | 3,634 | — | 17,938 | ||||||||||||||||||||
Nonaccrual | — | — | — | 26,480 | 6,373 | 8,181 | — | — | 41,034 | ||||||||||||||||||||
Total healthcare | 932,097 | 604,886 | 476,854 | 450,755 | 471,362 | 659,507 | 249,536 | 20 | 3,845,017 | ||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Pass | 157,745 | 76,951 | 30,284 | 12,783 | 5,992 | 4,980 | 3,104,906 | — | 3,393,641 | ||||||||||||||||||||
Accruing Substandard | — | — | — | 664 | 385 | 683 | 28,018 | — | 29,750 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | 159 | 1,240 | — | 1,399 | ||||||||||||||||||||
Total energy | 157,745 | 76,951 | 30,284 | 13,447 | 6,377 | 5,822 | 3,134,164 | — | 3,424,790 | ||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Pass | 821,785 | 496,510 | 286,085 | 193,481 | 156,736 | 696,300 | 722,371 | 639 | 3,373,907 | ||||||||||||||||||||
Special Mention | 502 | 5,139 | 989 | 771 | 894 | 1,345 | 8,668 | — | 18,308 | ||||||||||||||||||||
Accruing Substandard | — | — | — | 2,459 | 43 | 2,789 | 17,665 | 122 | 23,078 | ||||||||||||||||||||
Nonaccrual | — | 5,570 | 449 | — | — | 2,389 | 7,820 | — | 16,228 | ||||||||||||||||||||
Total services | 822,287 | 507,219 | 287,523 | 196,711 | 157,673 | 702,823 | 756,524 | 761 | 3,431,521 | ||||||||||||||||||||
General business | |||||||||||||||||||||||||||||
Pass | 725,894 | 361,839 | 198,274 | 172,878 | 139,140 | 283,694 | 1,570,536 | 2,329 | 3,454,584 | ||||||||||||||||||||
Special Mention | 17,759 | 13,065 | 208 | 71 | 7 | 2,291 | 7,094 | 26 | 40,521 | ||||||||||||||||||||
Accruing Substandard | — | 2,169 | 66 | 4,130 | 4,680 | 3,287 | 94 | 4 | 14,430 | ||||||||||||||||||||
Nonaccrual | — | — | 1,052 | 14 | 72 | 5 | 485 | 8 | 1,636 | ||||||||||||||||||||
Total general business | 743,653 | 377,073 | 199,600 | 177,093 | 143,899 | 289,277 | 1,578,209 | 2,367 | 3,511,171 | ||||||||||||||||||||
Total commercial | 2,655,782 | 1,566,129 | 994,261 | 838,006 | 779,311 | 1,657,429 | 5,718,433 | 3,148 | 14,212,499 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Pass | 1,188,483 | 1,158,002 | 552,616 | 641,102 | 247,625 | 633,304 | 161,616 | — | 4,582,748 | ||||||||||||||||||||
Accruing Substandard | — | — | — | 7,459 | — | — | — | — | 7,459 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | 16,570 | — | — | 16,570 | ||||||||||||||||||||
Total commercial real estate | 1,188,483 | 1,158,002 | 552,616 | 648,561 | 247,625 | 649,874 | 161,616 | — | 4,606,777 | ||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Pass | 354,497 | 373,190 | 393,002 | 63,142 | 40,525 | 260,625 | 352,126 | 22,176 | 1,859,283 | ||||||||||||||||||||
Special Mention | — | 81 | 42 | — | 142 | 388 | 527 | 87 | 1,267 | ||||||||||||||||||||
Accruing Substandard | — | — | 187 | — | — | 138 | 117 | 1 | 443 | ||||||||||||||||||||
Nonaccrual | 32 | 1,656 | 2,717 | 362 | 1,904 | 20,139 | 2,216 | 765 | 29,791 | ||||||||||||||||||||
Total residential mortgage | 354,529 | 374,927 | 395,948 | 63,504 | 42,571 | 281,290 | 354,986 | 23,029 | 1,890,784 | ||||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | |||||||||||||||||||||||||||||
Pass | 289 | 2,254 | 9,000 | 10,722 | 17,244 | 191,426 | — | — | 230,935 | ||||||||||||||||||||
Nonaccrual | — | — | 299 | 1,460 | 2,319 | 10,927 | — | — | 15,005 | ||||||||||||||||||||
Total residential mortgage guaranteed by U.S. government agencies | 289 | 2,254 | 9,299 | 12,182 | 19,563 | 202,353 | — | — | 245,940 | ||||||||||||||||||||
Personal | |||||||||||||||||||||||||||||
Pass | 254,497 | 193,095 | 154,887 | 172,114 | 68,871 | 201,278 | 549,187 | 332 | 1,594,261 | ||||||||||||||||||||
Special Mention | 47 | 28 | 40 | 12 | 17 | — | 6,003 | 4 | 6,151 | ||||||||||||||||||||
Accruing Substandard | — | 444 | — | 160 | — | — | — | — | 604 | ||||||||||||||||||||
Nonaccrual | 38 | 7 | 12 | 22 | 14 | 18 | 23 | — | 134 | ||||||||||||||||||||
Total personal | 254,582 | 193,574 | 154,939 | 172,308 | 68,902 | 201,296 | 555,213 | 336 | 1,601,150 | ||||||||||||||||||||
Total loans to individuals | 609,400 | 570,755 | 560,186 | 247,994 | 131,036 | 684,939 | 910,199 | 23,365 | 3,737,874 | ||||||||||||||||||||
Total loans | $ | 4,453,665 | $ | 3,294,886 | $ | 2,107,063 | $ | 1,734,561 | $ | 1,157,972 | $ | 2,992,242 | $ | 6,790,248 | $ | 26,513 | $ | 22,557,150 |
Total | With No Allowance | With Allowance | Related Allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Healthcare | $ | 81,529 | $ | 40,372 | $ | 41,157 | $ | 1,478 | |||||||||||||||
Energy | 17,843 | 17,843 | — | — | |||||||||||||||||||
Services | 3,616 | 1,684 | 1,932 | 1,214 | |||||||||||||||||||
General business | 7,143 | 7,143 | — | — | |||||||||||||||||||
Total commercial | 110,131 | 67,042 | 43,089 | 2,692 | |||||||||||||||||||
Commercial real estate | 7,320 | 7,320 | — | — | |||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||
Residential mortgage | 18,056 | 18,056 | — | — | |||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 9,709 | 9,709 | — | — | |||||||||||||||||||
Personal | 253 | 253 | — | — | |||||||||||||||||||
Total loans to individuals | 28,018 | 28,018 | — | — | |||||||||||||||||||
Total | $ | 145,469 | $ | 102,380 | $ | 43,089 | $ | 2,692 |
Total | With No Allowance | With Allowance | Related Allowance | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Healthcare | $ | 41,034 | $ | 34,661 | $ | 6,373 | $ | 946 | |||||||||||||||
Energy | 1,399 | 1,399 | — | — | |||||||||||||||||||
Services | 16,228 | 7,835 | 8,393 | 3,074 | |||||||||||||||||||
General business | 1,636 | 1,636 | — | — | |||||||||||||||||||
Total commercial | 60,297 | 45,531 | 14,766 | 4,020 | |||||||||||||||||||
Commercial real estate | 16,570 | 393 | 16,177 | 1,550 | |||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||
Residential mortgage | 29,791 | 29,791 | — | — | |||||||||||||||||||
Residential mortgage guaranteed by U.S. government agencies | 15,005 | 15,005 | — | — | |||||||||||||||||||
Personal | 134 | 134 | — | — | |||||||||||||||||||
Total loans to individuals | 44,930 | 44,930 | — | — | |||||||||||||||||||
Total | $ | 121,797 | $ | 90,854 | $ | 30,943 | $ | 5,570 |
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: | ||||||||||||||||||||||||||||||||||||||
Healthcare | $ | 4,071,336 | $ | 18,019 | $ | 30,290 | $ | 23,588 | $ | 4,143,233 | $ | — | ||||||||||||||||||||||||||
Services | 3,575,787 | 2 | — | 434 | 3,576,223 | — | ||||||||||||||||||||||||||||||||
Energy | 3,437,101 | — | — | — | 3,437,101 | — | ||||||||||||||||||||||||||||||||
General business | 3,639,775 | 412 | 1,157 | 5,868 | 3,647,212 | — | ||||||||||||||||||||||||||||||||
Total commercial | 14,723,999 | 18,433 | 31,447 | 29,890 | 14,803,769 | — | ||||||||||||||||||||||||||||||||
Commercial real estate | 5,327,481 | 2,992 | — | 7,174 | 5,337,647 | 3 | ||||||||||||||||||||||||||||||||
Loans to individuals: | ||||||||||||||||||||||||||||||||||||||
Permanent mortgage | 2,149,927 | 6,340 | 1,494 | 2,879 | 2,160,640 | 36 | ||||||||||||||||||||||||||||||||
Permanent mortgages guaranteed by U.S. government agencies | 54,122 | 25,085 | 17,053 | 53,547 | 149,807 | 48,201 | ||||||||||||||||||||||||||||||||
Personal | 1,450,302 | 2,561 | 88 | 154 | 1,453,105 | 131 | ||||||||||||||||||||||||||||||||
Total loans to individuals | 3,654,351 | 33,986 | 18,635 | 56,580 | 3,763,552 | 48,368 | ||||||||||||||||||||||||||||||||
Total | $ | 23,705,831 | $ | 55,411 | $ | 50,082 | $ | 93,644 | $ | 23,904,968 | $ | 48,371 |
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: | ||||||||||||||||||||||||||||||||||||||
Healthcare | $ | 3,812,164 | $ | 5,914 | $ | 26,480 | $ | 459 | $ | 3,845,017 | $ | — | ||||||||||||||||||||||||||
Services | 3,423,042 | 1,060 | 2,461 | 4,958 | 3,431,521 | — | ||||||||||||||||||||||||||||||||
Energy | 3,424,766 | 24 | — | — | 3,424,790 | — | ||||||||||||||||||||||||||||||||
General business | 3,509,094 | 257 | 1,424 | 396 | 3,511,171 | 396 | ||||||||||||||||||||||||||||||||
Total commercial | 14,169,066 | 7,255 | 30,365 | 5,813 | 14,212,499 | 396 | ||||||||||||||||||||||||||||||||
Commercial real estate | 4,606,029 | 531 | — | 217 | 4,606,777 | — | ||||||||||||||||||||||||||||||||
Loans to individuals: | ||||||||||||||||||||||||||||||||||||||
Permanent mortgage | 1,872,155 | 10,632 | 1,828 | 6,169 | 1,890,784 | 114 | ||||||||||||||||||||||||||||||||
Permanent mortgages guaranteed by U.S. government agencies | 108,019 | 36,119 | 19,400 | 82,402 | 245,940 | 75,604 | ||||||||||||||||||||||||||||||||
Personal | 1,600,595 | 502 | 21 | 32 | 1,601,150 | — | ||||||||||||||||||||||||||||||||
Total loans to individuals | 3,580,769 | 47,253 | 21,249 | 88,603 | 3,737,874 | 75,718 | ||||||||||||||||||||||||||||||||
Total | $ | 22,355,864 | $ | 55,039 | $ | 51,614 | $ | 94,633 | $ | 22,557,150 | $ | 76,114 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Land | $ | 69,121 | $ | 69,944 | ||||||||||
Buildings and improvements | 525,941 | 469,001 | ||||||||||||
Software and related integration | 219,646 | 198,057 | ||||||||||||
Furniture and equipment | 211,082 | 201,830 | ||||||||||||
Construction in progress | 68,412 | 35,736 | ||||||||||||
Premises and equipment | 1,094,202 | 974,568 | ||||||||||||
Less: Accumulated depreciation | 471,979 | 409,393 | ||||||||||||
Premises and equipment, net of accumulated depreciation | $ | 622,223 | $ | 565,175 |
2024 | $ | 34,000 | ||||||
2025 | 33,351 | |||||||
2026 | 32,844 | |||||||
2027 | 30,416 | |||||||
2028 | 28,930 | |||||||
Thereafter | 182,273 | |||||||
Total undiscounted lease payments | 341,814 | |||||||
Less: Interest | 85,512 | |||||||
Lease liabilities | $ |
Dec. 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Core deposit premiums | $ | 103,200 | $ | 103,200 | ||||||||||
Less: Accumulated amortization | 65,275 | 55,130 | ||||||||||||
Net core deposit premiums | 37,925 | 48,070 | ||||||||||||
Other identifiable intangible assets | 67,151 | 78,154 | ||||||||||||
Less: Accumulated amortization | 45,097 | 50,093 | ||||||||||||
Net other identifiable intangible assets | 22,054 | 28,061 | ||||||||||||
Total intangible assets, net | $ | 59,979 | $ | 76,131 |
Core Deposit Premiums | Other Identifiable Intangible Assets | Total | ||||||||||||||||||
2024 | $ | 9,379 | $ | 2,163 | $ | 11,542 | ||||||||||||||
2025 | 8,675 | 1,817 | 10,492 | |||||||||||||||||
2026 | 7,986 | 1,498 | 9,484 | |||||||||||||||||
2027 | 6,956 | 1,313 | 8,269 | |||||||||||||||||
2028 | 4,929 | 1,022 | 5,951 | |||||||||||||||||
Thereafter | — | 14,241 | 14,241 | |||||||||||||||||
Total | $ | 37,925 | $ | 22,054 | $ | 59,979 |
Commercial Banking | Consumer Banking | Wealth Management | Funds Management and Other | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 910,589 | $ | 43,458 | $ | 90,702 | $ | — | $ | 1,044,749 | ||||||||||||||||||||||
Balance, December 31, 2022 | 910,589 | 43,458 | 90,702 | — | 1,044,749 | |||||||||||||||||||||||||||
Balance, December 31, 2023 | 910,589 | 43,458 | 90,702 | — | 1,044,749 |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Unpaid Principal Balance/ Notional | Fair Value | Unpaid Principal Balance/ Notional | Fair Value | |||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 56,922 | $ | 56,457 | $ | 74,941 | $ | 73,938 | ||||||||||||||||||
Residential mortgage loan commitments | 34,783 | 1,379 | 45,492 | 1,054 | ||||||||||||||||||||||
Forward sales contracts | 75,448 | (901) | 109,469 | 280 | ||||||||||||||||||||||
$ | 56,935 | $ | 75,272 |
Year Ended | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Production revenue: | ||||||||||||||||||||
Net realized gain (loss) on sales of mortgage loans | $ | (5,021) | $ | 7,416 | $ | 76,282 | ||||||||||||||
Net change in unrealized gain on mortgage loans held for sale | 538 | (4,468) | (5,818) | |||||||||||||||||
Net change in the fair value of mortgage loan commitments | 325 | (5,113) | (14,268) | |||||||||||||||||
Net change in the fair value of forward sales contracts | (1,181) | 327 | 4,516 | |||||||||||||||||
Total mortgage production revenue | (5,339) | (1,838) | 60,712 | |||||||||||||||||
Servicing revenue | 61,037 | 51,203 | 45,184 | |||||||||||||||||
Total mortgage banking revenue | $ | 55,698 | $ | 49,365 | $ | 105,896 |
December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Number of residential mortgage loans serviced for others | 115,967 | 110,541 | 102,008 | |||||||||||||||||
Outstanding principal balance of residential mortgage loans serviced for others | $ | 20,382,192 | $ | 18,863,201 | $ | 16,442,446 | ||||||||||||||
Weighted average interest rate | 3.64 | % | 3.59 | % | 3.58 | % | ||||||||||||||
Remaining contractual term (in months) | 280 | 283 | 281 |
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 | |||||||
Additions | 18,215 | |||||||
Acquisitions | 47,675 | |||||||
Change in fair value due to loan runoff | (31,741) | |||||||
Change in fair value due to market changes | 80,261 | |||||||
Balance, December 31, 2022 | 277,608 | |||||||
Additions | 12,142 | |||||||
Acquisitions | 34,593 | |||||||
Change in fair value due to loan runoff | (27,344) | |||||||
Change in fair value due to market changes | (3,115) | |||||||
Balance, December 31, 2023 | $ | 293,884 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Discount rate – risk-free rate plus a market premium | 9.72% | 9.51% | ||||||||||||
Prepayment rate - based upon loan interest rate, original term and loan type | 7.34% | 7.54% | ||||||||||||
Loan servicing costs – annually per loan based upon loan type: | ||||||||||||||
Performing loans | $69 - $94 | $69 - $94 | ||||||||||||
Delinquent loans | $150 - $500 | $150 - $500 | ||||||||||||
Loans in foreclosure | $875 - $8,000 | $875 - $8,000 | ||||||||||||
Primary/secondary mortgage rate spread | 105 bps | 105 bps | ||||||||||||
Escrow earnings rate – indexed to rates paid on deposit accounts with a comparable average life | 3.90% | 4.06% | ||||||||||||
Delinquency rate | 2.06% | 2.33% |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Transaction deposits | $ | 540,068 | $ | 108,956 | $ | 21,961 | ||||||||||||||
Savings | 2,913 | 489 | 374 | |||||||||||||||||
Total time | 83,616 | 12,304 | 11,149 | |||||||||||||||||
Total | $ | 626,597 | $ | 121,749 | $ | 33,484 |
As of | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | |||||||||||||||||||||||||||||||
Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
Funds purchased | $ | 515,747 | 5.17 | % | $ | 847,676 | 4.83 | % | $ | 1,711,580 | ||||||||||||||||||||||
Repurchase agreements | 607,001 | 1.70 | % | 1,805,978 | 4.32 | % | 4,433,480 | |||||||||||||||||||||||||
Other borrowings: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 7,675,000 | 5.51 | % | 5,948,863 | 5.28 | % | 7,875,000 | |||||||||||||||||||||||||
GNMA repurchase liability | 11,660 | 4.13 | % | 11,224 | 4.04 | % | 12,414 | |||||||||||||||||||||||||
Other | 14,892 | 5.50 | % | 19,008 | 3.91 | % | 26,311 | |||||||||||||||||||||||||
Total other borrowings | 7,701,552 | 5,979,095 | 5.28 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 131,150 | 6.93 | % | 131,155 | 6.83 | % | 131,164 | |||||||||||||||||||||||||
Total other borrowed funds | $ | 8,955,450 | $ | 8,763,904 | 5.06 | % |
As of | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||
Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
Funds purchased | $ | 99,843 | 0.05 | % | $ | 266,344 | 1.12 | % | $ | 444,069 | ||||||||||||||||||||||
Repurchase agreements | 2,170,534 | 4.42 | % | 998,701 | 1.02 | % | 3,034,312 | |||||||||||||||||||||||||
Other borrowings: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 4,700,000 | 4.48 | % | 1,593,699 | 2.37 | % | 4,700,000 | |||||||||||||||||||||||||
GNMA repurchase liability | 10,608 | 4.06 | % | 6,692 | 4.38 | % | 11,011 | |||||||||||||||||||||||||
Other | 26,300 | 3.20 | % | 28,581 | 3.12 | % | 30,382 | |||||||||||||||||||||||||
Total other borrowings | 4,736,908 | 1,628,972 | 2.41 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 131,205 | 6.34 | % | 131,206 | 4.95 | % | 131,230 | |||||||||||||||||||||||||
Total other borrowed funds | $ | 7,138,490 | $ | 3,025,223 | 1.95 | % |
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 | % |
2024 | $ | 8,637,633 | ||||||
2025 | 178,225 | |||||||
2026 | 3,225 | |||||||
2027 | 1,775 | |||||||
2028 | — | |||||||
Thereafter | 134,592 | |||||||
Total | $ | 8,955,450 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Deferred tax assets: | |||||||||||
Available for sale securities mark to market | $ | 183,724 | $ | 255,244 | |||||||
Credit loss reserves | 76,361 | 69,385 | |||||||||
Lease liability | 61,204 | 49,839 | |||||||||
Deferred compensation | 41,350 | 34,645 | |||||||||
Unearned fees | 12,682 | 12,915 | |||||||||
Purchased loan discount | 3,546 | 4,955 | |||||||||
Share-based compensation | 6,068 | 4,625 | |||||||||
Valuation adjustments | 4,860 | 5,792 | |||||||||
Other | 47,169 | 42,808 | |||||||||
Total deferred tax assets | 436,964 | 480,208 | |||||||||
Deferred tax liabilities: | |||||||||||
Right-of-use asset | 51,943 | 40,741 | |||||||||
Mortgage servicing rights | 47,646 | 49,001 | |||||||||
Acquired identifiable intangible | 8,166 | 11,280 | |||||||||
Depreciation | 4,578 | 7,163 | |||||||||
Lease financing | 12,148 | 12,333 | |||||||||
Other | 42,887 | 38,357 | |||||||||
Total deferred tax liabilities | 167,368 | 158,875 | |||||||||
Net deferred tax assets | $ | 269,596 | $ | 321,333 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Current income tax expense: | |||||||||||||||||
Federal | $ | 152,600 | $ | 127,144 | $ | 121,196 | |||||||||||
State | 19,298 | 18,185 | 21,065 | ||||||||||||||
Total current income tax expense | 171,898 | 145,329 | 142,261 | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | (17,973) | (4,700) | 29,777 | ||||||||||||||
State | (1,810) | (765) | 7,737 | ||||||||||||||
Total deferred income tax expense (benefit) | (19,783) | (5,465) | 37,514 | ||||||||||||||
Total income tax expense | $ | 152,115 | $ | 139,864 | $ | 179,775 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Amount: | |||||||||||||||||
Federal statutory tax | $ | 143,482 | $ | 138,633 | $ | 167,181 | |||||||||||
Tax exempt revenue | (5,786) | (5,714) | (6,084) | ||||||||||||||
Effect of state income taxes, net of federal benefit | 13,330 | 13,490 | 22,489 | ||||||||||||||
Utilization of tax credits, net of proportional amortization of low-income housing, new market, and historical tax credits | (2,673) | (8,883) | (8,801) | ||||||||||||||
Other, net | 3,762 | 2,338 | 4,990 | ||||||||||||||
Total income tax expense | $ | 152,115 | $ | 139,864 | $ | 179,775 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Percent of pretax income: | |||||||||||||||||
Federal statutory tax | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Tax exempt revenue | (0.8) | (0.8) | (0.7) | ||||||||||||||
Effect of state income taxes, net of federal benefit | 2.0 | 2.0 | 2.8 | ||||||||||||||
Utilization of tax credits, net of proportional amortization of low-income housing, new market, and historical tax credits | (0.4) | (1.4) | (1.1) | ||||||||||||||
Other, net | 0.5 | 0.4 | 0.6 | ||||||||||||||
Total | 22.3 | % | 21.2 | % | 22.6 | % |
2023 | 2022 | 2021 | |||||||||||||||
Balance as of January 1 | $ | 19,583 | $ | 21,092 | $ | 22,902 | |||||||||||
Additions for tax for current year positions | 3,239 | 3,465 | 3,961 | ||||||||||||||
Settlements during the period | — | — | (1,754) | ||||||||||||||
Lapses of applicable statute of limitations | (4,865) | (4,974) | (4,017) | ||||||||||||||
Balance as of December 31 | $ | 17,957 | $ | 19,583 | $ | 21,092 |
Restricted Stock | Restricted Stock Units | |||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Non-vested at January 1, 2021 | 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 | ||||||||||||||||||||||||
Granted | 183,809 | $ | 108.23 | 25,416 | $ | 103.79 | ||||||||||||||||||||
Vested | (139,859) | 76.80 | (61,645) | 91.38 | ||||||||||||||||||||||
Forfeited | (40,620) | 79.60 | — | — | ||||||||||||||||||||||
Non-vested at December 31, 2022 | 492,884 | 51,010 | ||||||||||||||||||||||||
Granted | 180,178 | $ | 97.56 | 7,275 | $ | 102.35 | ||||||||||||||||||||
Vested | (103,515) | 82.85 | (6,894) | 77.36 | ||||||||||||||||||||||
Forfeited | (30,557) | 95.17 | — | — | ||||||||||||||||||||||
Non-vested at December 31, 2023 | 538,990 | 51,391 |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Beginning balance | $ | 54,479 | $ | 95,219 | ||||||||||
Advances | 1,424,041 | 731,664 | ||||||||||||
Payments | (1,281,323) | (770,808) | ||||||||||||
Adjustments1 | 7,212 | (1,596) | ||||||||||||
Ending balance | $ | 204,409 | $ | 54,479 |
Minimum Capital Requirement | Capital Conservation Buffer | Minimum Capital Requirement Including Capital Conservation Buffer | Well Capitalized Bank Requirement | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 4.50% | 2.50% | 7.00% | N/A | $ | 4,683,510 | 12.06 | % | $ | 4,460,054 | 11.69 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 4.50% | N/A | 4.50% | 6.50% | 4,370,891 | 11.37 | % | 4,176,978 | 11.05 | % | ||||||||||||||||||||||||||||||||||||||||
Tier I Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 6.00% | 2.50% | 8.50% | N/A | $ | 4,686,487 | 12.07 | % | $ | 4,464,763 | 11.71 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 6.00% | N/A | 6.00% | 8.00% | 4,370,891 | 11.37 | % | 4,178,531 | 11.06 | % | ||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 8.00% | 2.50% | 10.50% | N/A | $ | 5,110,471 | 13.16 | % | $ | 4,830,827 | 12.67 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 8.00% | N/A | 8.00% | 10.00% | 4,728,876 | 12.30 | % | 4,478,559 | 11.85 | % | ||||||||||||||||||||||||||||||||||||||||
Leverage (Tier I Capital to Average Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 4.00% | N/A | 4.00% | N/A | $ | 4,686,487 | 9.45 | % | $ | 4,464,763 | 9.91 | % | ||||||||||||||||||||||||||||||||||||||
BOKF, NA | 4.00% | N/A | 4.00% | 5.00% | 4,370,891 | 8.86 | % | 4,178,531 | 9.31 | % |
Unrealized Gain (Loss) on | |||||||||||||||||||||||
Available for Sale Securities | Investment Securities Transferred from AFS | Employee Benefit Plans | Total | ||||||||||||||||||||
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 | |||||||||||||||||||
Net change in unrealized gain (loss) | (1,227,414) | — | — | (1,227,414) | |||||||||||||||||||
Transfer of net unrealized loss from AFS to investment securities | 267,509 | (267,509) | — | — | |||||||||||||||||||
Reclassification adjustments included in earnings: | |||||||||||||||||||||||
Interest revenue, Investment securities | — | 42,514 | — | 42,514 | |||||||||||||||||||
Operating expense, Personnel | — | — | (3,483) | (3,483) | |||||||||||||||||||
Loss on available for sale securities, net | 971 | — | — | 971 | |||||||||||||||||||
Other comprehensive income (loss), before income taxes | (958,934) | (224,995) | (3,483) | (1,187,412) | |||||||||||||||||||
Federal and state income tax | (224,541) | (52,658) | (887) | (278,086) | |||||||||||||||||||
Other comprehensive income (loss), net of income taxes | (734,393) | (172,337) | (2,596) | (909,326) | |||||||||||||||||||
Balance, December 31, 2022 | (664,618) | (172,337) | — | (836,955) | |||||||||||||||||||
Net change in unrealized gain (loss) | 218,293 | — | — | 218,293 | |||||||||||||||||||
Reclassification adjustments included in earnings: | |||||||||||||||||||||||
Interest revenue, Investment securities | — | 60,394 | — | 60,394 | |||||||||||||||||||
Loss on available for sale securities, net | 30,636 | — | — | 30,636 | |||||||||||||||||||
Other comprehensive income (loss), before income taxes | 248,929 | 60,394 | — | 309,323 | |||||||||||||||||||
Federal and state income tax | 57,523 | 13,945 | — | 71,468 | |||||||||||||||||||
Other comprehensive income (loss), net of income taxes | 191,406 | 46,449 | — | 237,855 | |||||||||||||||||||
Balance, December 31, 2023 | $ | (473,212) | $ | (125,888) | $ | — | $ | (599,100) |
Year Ended | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 530,746 | $ | 520,273 | $ | 618,121 | ||||||||||||||
Less: Earnings allocated to participating securities | 4,253 | 3,803 | 4,299 | |||||||||||||||||
Numerator for basic earnings per share – income available to common shareholders | 526,493 | 516,470 | 613,822 | |||||||||||||||||
Effect of reallocating undistributed earnings of participating securities | — | — | — | |||||||||||||||||
Numerator for diluted earnings per share – income available to common shareholders | $ | 526,493 | $ | 516,470 | $ | 613,822 | ||||||||||||||
Denominator: | ||||||||||||||||||||
Weighted average shares outstanding | 66,184,832 | 67,706,014 | 69,071,511 | |||||||||||||||||
Less: Participating securities included in weighted average shares outstanding | 533,263 | 493,286 | 479,591 | |||||||||||||||||
Denominator for basic earnings per common share | 65,651,569 | 67,212,728 | 68,591,920 | |||||||||||||||||
Dilutive effect of employee stock compensation plans | — | 7 | 2,402 | |||||||||||||||||
Denominator for diluted earnings per common share | 65,651,569 | 67,212,735 | 68,594,322 | |||||||||||||||||
Basic earnings per share | $ | 8.02 | $ | 7.68 | $ | 8.95 | ||||||||||||||
Diluted earnings per share | $ | 8.02 | $ | 7.68 | $ | 8.95 | ||||||||||||||
Commercial | Consumer | Wealth Management | Funds Management and Other | BOK Financial Consolidated | ||||||||||||||||||||||||||||
Net interest and dividend revenue from external sources | $ | 1,179,336 | $ | 59,985 | $ | 39,198 | $ | (6,339) | $ | 1,272,180 | ||||||||||||||||||||||
Net interest revenue (expense) from internal sources | (146,965) | 389,791 | 142,340 | (385,166) | — | |||||||||||||||||||||||||||
Net interest and dividend revenue | 1,032,371 | 449,776 | 181,538 | (391,505) | 1,272,180 | |||||||||||||||||||||||||||
Net loans charged off and provision for credit losses | 13,967 | 5,157 | (50) | 26,926 | 46,000 | |||||||||||||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 1,018,404 | 444,619 | 181,588 | (418,431) | 1,226,180 | |||||||||||||||||||||||||||
Other operating revenue | 246,225 | 123,678 | 506,447 | (86,401) | 789,949 | |||||||||||||||||||||||||||
Other operating expense | 312,794 | 212,114 | 352,540 | 455,433 | 1,332,881 | |||||||||||||||||||||||||||
Net direct contribution | 951,835 | 356,183 | 335,495 | (960,265) | 683,248 | |||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 378 | (14,806) | — | 14,428 | — | |||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (3,115) | — | 3,115 | — | |||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | 398 | 36 | — | (434) | — | |||||||||||||||||||||||||||
Corporate expense allocations | 74,976 | 48,565 | 53,463 | (177,004) | — | |||||||||||||||||||||||||||
Net income before taxes | 877,635 | 289,733 | 282,032 | (766,152) | 683,248 | |||||||||||||||||||||||||||
Federal and state income taxes | 213,174 | 68,143 | 66,549 | (195,751) | 152,115 | |||||||||||||||||||||||||||
Net income | 664,461 | 221,590 | 215,483 | (570,401) | 531,133 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | 387 | 387 | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 664,461 | $ | 221,590 | $ | 215,483 | $ | (570,788) | $ | 530,746 | ||||||||||||||||||||||
Average assets | $ | 28,630,716 | $ | 9,561,512 | $ | 13,570,153 | $ | (3,518,227) | $ | 48,244,154 |
Commercial | Consumer | Wealth Management | Funds Management and Other | BOK Financial Consolidated | ||||||||||||||||||||||||||||
Net interest and dividend revenue from external sources | $ | 818,213 | $ | 69,646 | $ | 155,974 | $ | 167,547 | $ | 1,211,380 | ||||||||||||||||||||||
Net interest revenue (expense) from internal sources | (73,764) | 88,603 | 5,623 | (20,462) | — | |||||||||||||||||||||||||||
Net interest and dividend revenue | 744,449 | 158,249 | 161,597 | 147,085 | 1,211,380 | |||||||||||||||||||||||||||
Net loans charged off and provision for credit losses | 17,726 | 5,260 | (175) | 7,189 | 30,000 | |||||||||||||||||||||||||||
Net interest and dividend revenue after provision for credit losses | 726,723 | 152,989 | 161,772 | 139,896 | 1,181,380 | |||||||||||||||||||||||||||
Other operating revenue | 241,594 | 121,819 | 339,501 | (59,657) | 643,257 | |||||||||||||||||||||||||||
Other operating expense | 289,243 | 209,210 | 312,377 | 353,650 | 1,164,480 | |||||||||||||||||||||||||||
Net direct contribution | 679,074 | 65,598 | 188,896 | (273,411) | 660,157 | |||||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 1 | (93,346) | 4 | 93,341 | — | |||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | 80,261 | — | (80,261) | — | |||||||||||||||||||||||||||
Gain (loss) on repossessed assets, net | (1,903) | 139 | — | 1,764 | — | |||||||||||||||||||||||||||
Corporate expense allocations | 67,278 | 44,965 | 50,241 | (162,484) | — | |||||||||||||||||||||||||||
Net income before taxes | 609,894 | 7,687 | 138,659 | (96,083) | 660,157 | |||||||||||||||||||||||||||
Federal and state income taxes | 148,358 | 1,798 | 32,639 | (42,931) | 139,864 | |||||||||||||||||||||||||||
Net income | 461,536 | 5,889 | 106,020 | (53,152) | 520,293 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | 20 | 20 | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 461,536 | $ | 5,889 | $ | 106,020 | $ | (53,172) | $ | 520,273 | ||||||||||||||||||||||
Average assets | $ | 29,084,957 | $ | 10,230,437 | $ | 16,209,684 | $ | (8,500,442) | $ | 47,024,636 |
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 | 279,571 | 209,596 | 320,726 | 367,815 | 1,177,708 | |||||||||||||||||||||||||||
Net direct contribution | 487,438 | 63,263 | 192,531 | 52,868 | 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 | 54,146 | 46,010 | 40,341 | (140,497) | — | |||||||||||||||||||||||||||
Net income before taxes | 446,447 | 37,104 | 152,190 | 160,359 | 796,100 | |||||||||||||||||||||||||||
Federal and state income taxes | 119,934 | 9,461 | 38,944 | 11,436 | 179,775 | |||||||||||||||||||||||||||
Net income | 326,513 | 27,643 | 113,246 | 148,923 | 616,325 | |||||||||||||||||||||||||||
Net loss attributable to non-controlling interests | — | — | — | (1,796) | (1,796) | |||||||||||||||||||||||||||
Net income attributable to BOK Financial Corp. shareholders | $ | 326,513 | $ | 27,643 | $ | 113,246 | $ | 150,719 | $ | 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 | Consolidated | Out of Scope1 | In Scope2 | |||||||||||||||||||||||||||||||||||
Trading revenue | $ | — | $ | — | $ | 134,511 | $ | — | $ | 134,511 | $ | 134,511 | $ | — | |||||||||||||||||||||||||||
Customer hedging revenue | 33,307 | — | (102) | 3,317 | 36,522 | 36,522 | — | ||||||||||||||||||||||||||||||||||
Retail brokerage revenue | — | — | 15,908 | — | 15,908 | — | 15,908 | ||||||||||||||||||||||||||||||||||
Insurance brokerage revenue | — | — | 10,679 | — | 10,679 | — | 10,679 | ||||||||||||||||||||||||||||||||||
Investment banking revenue | 17,079 | — | 25,911 | — | 42,990 | 15,525 | 27,465 | ||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | 50,386 | — | 186,907 | 3,317 | 240,610 | 186,558 | 54,052 | ||||||||||||||||||||||||||||||||||
TransFund EFT network revenue | 86,046 | 3,513 | (69) | 6 | 89,496 | — | 89,496 | ||||||||||||||||||||||||||||||||||
Merchant services revenue | 9,172 | 34 | — | — | 9,206 | — | 9,206 | ||||||||||||||||||||||||||||||||||
Corporate card revenue | 7,014 | — | 713 | 429 | 8,156 | — | 8,156 | ||||||||||||||||||||||||||||||||||
Transaction card revenue | 102,232 | 3,547 | 644 | 435 | 106,858 | — | 106,858 | ||||||||||||||||||||||||||||||||||
Personal trust revenue | — | — | 95,070 | — | 95,070 | — | 95,070 | ||||||||||||||||||||||||||||||||||
Corporate trust revenue | — | — | 31,228 | — | 31,228 | — | 31,228 | ||||||||||||||||||||||||||||||||||
Institutional trust & retirement plan services revenue | — | — | 58,692 | — | 58,692 | — | 58,692 | ||||||||||||||||||||||||||||||||||
Investment management services and other | — | — | 22,349 | (21) | 22,328 | — | 22,328 | ||||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | — | — | 207,339 | (21) | 207,318 | — | 207,318 | ||||||||||||||||||||||||||||||||||
Commercial account service charge revenue | 53,670 | 2,070 | 1,969 | — | 57,709 | — | 57,709 | ||||||||||||||||||||||||||||||||||
Overdraft fee revenue | 109 | 20,753 | 139 | 3 | 21,004 | — | 21,004 | ||||||||||||||||||||||||||||||||||
Check card revenue | — | 23,463 | — | — | 23,463 | — | 23,463 | ||||||||||||||||||||||||||||||||||
Automated service charge and other deposit fee revenue | 1,056 | 5,076 | 206 | — | 6,338 | — | 6,338 | ||||||||||||||||||||||||||||||||||
Deposit service charges and fees | 54,835 | 51,362 | 2,314 | 3 | 108,514 | — | 108,514 | ||||||||||||||||||||||||||||||||||
Mortgage production revenue | — | (5,339) | — | — | (5,339) | (5,339) | — | ||||||||||||||||||||||||||||||||||
Mortgage servicing revenue | — | 63,431 | — | (2,394) | 61,037 | 61,037 | — | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | — | 58,092 | — | (2,394) | 55,698 | 55,698 | — | ||||||||||||||||||||||||||||||||||
Other revenue | 26,881 | 10,731 | 78,243 | (53,735) | 62,120 | 34,282 | 27,838 | ||||||||||||||||||||||||||||||||||
Total fees and commissions revenue | $ | 234,334 | $ | 123,732 | $ | 475,447 | $ | (52,395) | $ | 781,118 | $ | 276,538 | $ | 504,580 |
Commercial | Consumer | Wealth Management | Funds Management and Other | Consolidated | Out of Scope1 | In Scope2 | |||||||||||||||||||||||||||||||||||
Trading revenue | $ | — | $ | — | $ | 20,332 | $ | — | $ | 20,332 | $ | 20,332 | $ | — | |||||||||||||||||||||||||||
Customer hedging revenue | 34,676 | — | 1,053 | 9,987 | 45,716 | 45,716 | — | ||||||||||||||||||||||||||||||||||
Retail brokerage revenue | — | — | 16,403 | — | 16,403 | — | 16,403 | ||||||||||||||||||||||||||||||||||
Insurance brokerage revenue | — | — | 12,879 | — | 12,879 | — | 12,879 | ||||||||||||||||||||||||||||||||||
Investment banking revenue | 25,048 | — | 20,600 | — | 45,648 | 23,730 | 21,918 | ||||||||||||||||||||||||||||||||||
Brokerage and trading revenue | 59,724 | — | 71,267 | 9,987 | 140,978 | 89,778 | 51,200 | ||||||||||||||||||||||||||||||||||
TransFund EFT network revenue | 81,097 | 3,560 | (73) | 6 | 84,590 | — | 84,590 | ||||||||||||||||||||||||||||||||||
Merchant services revenue | 12,397 | 37 | — | — | 12,434 | — | 12,434 | ||||||||||||||||||||||||||||||||||
Corporate card revenue | 6,440 | — | 410 | 392 | 7,242 | — | 7,242 | ||||||||||||||||||||||||||||||||||
Transaction card revenue | 99,934 | 3,597 | 337 | 398 | 104,266 | — | 104,266 | ||||||||||||||||||||||||||||||||||
Personal trust revenue | — | — | 99,075 | — | 99,075 | — | 99,075 | ||||||||||||||||||||||||||||||||||
Corporate trust revenue | — | — | 23,775 | — | 23,775 | — | 23,775 | ||||||||||||||||||||||||||||||||||
Institutional trust & retirement plan services revenue | — | — | 50,404 | — | 50,404 | — | 50,404 | ||||||||||||||||||||||||||||||||||
Investment management services and other | — | — | 23,242 | (170) | 23,072 | — | 23,072 | ||||||||||||||||||||||||||||||||||
Fiduciary and asset management revenue | — | — | 196,496 | (170) | 196,326 | — | 196,326 | ||||||||||||||||||||||||||||||||||
Commercial account service charge revenue | 52,779 | 1,884 | 1,965 | — | 56,628 | — | 56,628 | ||||||||||||||||||||||||||||||||||
Overdraft fee revenue | 115 | 25,229 | 77 | 5 | 25,426 | — | 25,426 | ||||||||||||||||||||||||||||||||||
Check card revenue | — | 23,312 | — | — | 23,312 | — | 23,312 | ||||||||||||||||||||||||||||||||||
Automated service charge and other deposit fee revenue | 556 | 4,612 | 102 | — | 5,270 | — | 5,270 | ||||||||||||||||||||||||||||||||||
Deposit service charges and fees | 53,450 | 55,037 | 2,144 | 5 | 110,636 | — | 110,636 | ||||||||||||||||||||||||||||||||||
Mortgage production revenue | — | (1,838) | — | — | (1,838) | (1,838) | — | ||||||||||||||||||||||||||||||||||
Mortgage servicing revenue | — | 53,236 | — | (2,033) | 51,203 | 51,203 | — | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | — | 51,398 | — | (2,033) | 49,365 | 49,365 | — | ||||||||||||||||||||||||||||||||||
Other revenue | 20,765 | 11,894 | 69,294 | (46,311) | 55,642 | 25,844 | 29,798 | ||||||||||||||||||||||||||||||||||
Total fees and commissions revenue | $ | 233,873 | $ | 121,926 | $ | 339,538 | $ | (38,124) | $ | 657,213 | $ | 164,987 | $ | 492,226 |
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 |
Total | Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||
U.S. government securities | $ | 10,959 | $ | 9,017 | $ | 1,942 | $ | — | ||||||||||||||||||
Residential agency mortgage-backed securities | 5,105,137 | — | 5,105,137 | — | ||||||||||||||||||||||
Municipal securities | 37,413 | — | 37,413 | — | ||||||||||||||||||||||
Other trading securities | 39,996 | — | 39,996 | — | ||||||||||||||||||||||
Total trading securities | 5,193,505 | 9,017 | 5,184,488 | — | ||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||
U.S. Treasury | 925 | 925 | — | — | ||||||||||||||||||||||
Municipal securities | 502,833 | — | 502,833 | — | ||||||||||||||||||||||
Residential agency mortgage-backed securities | 6,834,720 | — | 6,834,720 | — | ||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 799,877 | — | 799,877 | — | ||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,147,853 | — | 4,147,853 | — | ||||||||||||||||||||||
Other debt securities | 473 | — | — | 473 | ||||||||||||||||||||||
Total available for sale securities | 12,286,681 | 925 | 12,285,283 | 473 | ||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 20,671 | — | 20,671 | — | ||||||||||||||||||||||
Residential mortgage loans held for sale1 | 56,935 | — | 49,749 | 7,186 | ||||||||||||||||||||||
Mortgage servicing rights, net2 | 293,884 | — | — | 293,884 | ||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 410,304 | — | 410,304 | — | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 587,473 | 2,607 | 584,866 | — |
Total | Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||
U.S. government securities | $ | 9,823 | $ | 4,970 | $ | 4,853 | $ | — | ||||||||||||||||||
Residential agency mortgage-backed securities | 4,406,848 | — | 4,406,848 | — | ||||||||||||||||||||||
Municipal securities | 21,484 | — | 21,484 | — | ||||||||||||||||||||||
Other trading securities | 26,006 | — | 26,006 | — | ||||||||||||||||||||||
Total trading securities | 4,464,161 | 4,970 | 4,459,191 | — | ||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||
U.S. Treasury | 898 | 898 | — | — | ||||||||||||||||||||||
Municipal securities | 624,500 | — | 624,500 | — | ||||||||||||||||||||||
Residential agency mortgage-backed securities | 5,814,496 | — | 5,814,496 | — | ||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 577,576 | — | 577,576 | — | ||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,475,917 | — | 4,475,917 | — | ||||||||||||||||||||||
Other debt securities | 473 | — | — | 473 | ||||||||||||||||||||||
Total available for sale securities | 11,493,860 | 898 | 11,492,489 | 473 | ||||||||||||||||||||||
Fair value option securities — Residential agency mortgage-backed securities | 296,590 | — | 296,590 | — | ||||||||||||||||||||||
Residential mortgage loans held for sale1 | 75,272 | — | 68,054 | 7,218 | ||||||||||||||||||||||
Mortgage servicing rights, net2 | 277,608 | — | — | 277,608 | ||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 880,343 | 2,110 | 878,233 | — | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts, net of cash margin3 | 554,900 | 16 | 554,884 | — |
Carrying Value at December 31, 2023 | Fair Value Adjustments for the Year Ended December 31, 2023 Recognized In: | ||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | Gross charge-offs against allowance for loan losses | Other gains (losses), net | |||||||||||||||||||||||||
Nonaccruing loans | $ | — | $ | — | $ | 23,225 | $ | 3,159 | $ | — | |||||||||||||||||||
Real estate and other repossessed assets | — | 2,116 | — | — | (1,108) |
Carrying Value at December 31, 2022 | Fair Value Adjustments for the Year Ended December 31, 2022 Recognized In: | ||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments | Significant Other Observable Inputs | Significant Unobservable Inputs | Gross charge-offs against allowance for loan losses | Other gains (losses), net | |||||||||||||||||||||||||
Nonaccruing loans | $ | — | $ | 57 | $ | 4,998 | $ | 16,399 | $ | — | |||||||||||||||||||
Real estate and other repossessed assets | — | 3,873 | 1,699 | — | (6,437) |
Quantitative Information about Level 3 Non-recurring Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
Nonaccruing loans | $ | 23,225 | Discounted cash flows | Management knowledge of industry and non-real estate collateral. | 13% - 90% (88%)1 | |||||||||||||||||||||
Quantitative Information about Level 3 Non-recurring Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
Nonaccruing loans | $ | 4,998 | 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. | 9% - 24% (23%)1 | |||||||||||||||||||||
Real estate and other repossessed assets | 1,699 | 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, 2023 | ||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 947,613 | $ | 947,613 | $ | 947,613 | $ | — | $ | — | ||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 400,652 | 400,652 | 400,652 | — | — | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. government securities | 10,959 | 10,959 | 9,017 | 1,942 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 5,105,137 | 5,105,137 | — | 5,105,137 | — | |||||||||||||||||||||||||||
Municipal securities | 37,413 | 37,413 | — | 37,413 | — | |||||||||||||||||||||||||||
Other trading securities | 39,996 | 39,996 | — | 39,996 | — | |||||||||||||||||||||||||||
Total trading securities | 5,193,505 | 5,193,505 | 9,017 | 5,184,488 | — | |||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Municipal securities | 120,705 | 125,525 | — | 12,305 | 113,220 | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 2,092,083 | 1,917,810 | — | 1,917,810 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 15,914 | 15,067 | — | 15,067 | — | |||||||||||||||||||||||||||
Other debt securities | 15,787 | 14,184 | — | 14,184 | — | |||||||||||||||||||||||||||
Total investment securities | 2,244,489 | 2,072,586 | — | 1,959,366 | 113,220 | |||||||||||||||||||||||||||
Allowance for credit losses | (336) | — | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | 2,244,153 | 2,072,586 | — | 1,959,366 | 113,220 | |||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 925 | 925 | 925 | — | — | |||||||||||||||||||||||||||
Municipal securities | 502,833 | 502,833 | — | 502,833 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 6,834,720 | 6,834,720 | — | 6,834,720 | — | |||||||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 799,877 | 799,877 | — | 799,877 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,147,853 | 4,147,853 | — | 4,147,853 | — | |||||||||||||||||||||||||||
Other debt securities | 473 | 473 | — | — | 473 | |||||||||||||||||||||||||||
Total available for sale securities | 12,286,681 | 12,286,681 | 925 | 12,285,283 | 473 | |||||||||||||||||||||||||||
Fair value option securities - Residential agency mortgage-backed securities | 20,671 | 20,671 | — | 20,671 | — | |||||||||||||||||||||||||||
Residential mortgage loans held for sale | 56,935 | 56,935 | — | 49,749 | 7,186 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial | 14,803,769 | 14,862,873 | — | — | 14,862,873 | |||||||||||||||||||||||||||
Commercial real estate | 5,337,647 | 5,270,657 | — | — | 5,270,657 | |||||||||||||||||||||||||||
Loans to individuals | 3,763,552 | 3,634,855 | — | — | 3,634,855 | |||||||||||||||||||||||||||
Total loans | 23,904,968 | 23,768,385 | — | — | 23,768,385 | |||||||||||||||||||||||||||
Allowance for loan losses | (277,123) | — | — | — | — | |||||||||||||||||||||||||||
Loans, net of allowance | 23,627,845 | 23,768,385 | — | — | 23,768,385 | |||||||||||||||||||||||||||
Mortgage servicing rights | 293,884 | 293,884 | — | — | 293,884 | |||||||||||||||||||||||||||
Derivative instruments with positive fair value, net of cash margin | 410,304 | 410,304 | — | 410,304 | — | |||||||||||||||||||||||||||
Deposits with no stated maturity | 31,007,679 | 31,007,679 | — | — | 31,007,679 | |||||||||||||||||||||||||||
Time deposits | 3,012,022 | 2,993,685 | — | — | 2,993,685 | |||||||||||||||||||||||||||
Other borrowed funds | 8,824,300 | 8,824,299 | — | — | 8,824,299 | |||||||||||||||||||||||||||
Subordinated debentures | 131,150 | 115,798 | — | 115,798 | — | |||||||||||||||||||||||||||
Derivative instruments with negative fair value, net of cash margin | 587,473 | 587,473 | 2,607 | 584,866 | — |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 943,810 | $ | 943,810 | $ | 943,810 | $ | — | $ | — | ||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 457,906 | 457,906 | 457,906 | — | — | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. government securities | 9,823 | 9,823 | 4,970 | 4,853 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 4,406,848 | 4,406,848 | — | 4,406,848 | — | |||||||||||||||||||||||||||
Municipal securities | 21,484 | 21,484 | — | 21,484 | — | |||||||||||||||||||||||||||
Other trading securities | 26,006 | 26,006 | — | 26,006 | — | |||||||||||||||||||||||||||
Total trading securities | 4,464,161 | 4,464,161 | 4,970 | 4,459,191 | — | |||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Municipal securities | 170,629 | 176,621 | — | 38,106 | 138,515 | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 2,315,219 | 2,143,360 | — | 2,143,360 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 15,609 | 14,588 | — | 14,588 | — | |||||||||||||||||||||||||||
Other debt securities | 12,788 | 12,199 | — | 12,199 | — | |||||||||||||||||||||||||||
Total investment securities | 2,514,245 | 2,346,768 | — | 2,208,253 | 138,515 | |||||||||||||||||||||||||||
Allowance for credit losses | (558) | — | — | — | — | |||||||||||||||||||||||||||
Investment securities, net of allowance | 2,513,687 | 2,346,768 | — | 2,208,253 | 138,515 | |||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | 898 | 898 | 898 | — | — | |||||||||||||||||||||||||||
Municipal securities | 624,500 | 624,500 | — | 624,500 | — | |||||||||||||||||||||||||||
Residential agency mortgage-backed securities | 5,814,496 | 5,814,496 | — | 5,814,496 | — | |||||||||||||||||||||||||||
Residential non-agency mortgage-backed securities | 577,576 | 577,576 | — | 577,576 | — | |||||||||||||||||||||||||||
Commercial agency mortgage-backed securities | 4,475,917 | 4,475,917 | — | 4,475,917 | — | |||||||||||||||||||||||||||
Other debt securities | 473 | 473 | — | — | 473 | |||||||||||||||||||||||||||
Total available for sale securities | 11,493,860 | 11,493,860 | 898 | 11,492,489 | 473 | |||||||||||||||||||||||||||
Fair value option securities - Residential agency mortgage-backed securities | 296,590 | 296,590 | — | 296,590 | — | |||||||||||||||||||||||||||
Residential mortgage loans held for sale | 75,272 | 75,272 | — | 68,054 | 7,218 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial | 14,212,499 | 13,905,765 | — | — | 13,905,765 | |||||||||||||||||||||||||||
Commercial real estate | 4,606,777 | 4,454,048 | — | — | 4,454,048 | |||||||||||||||||||||||||||
Loans to individuals | 3,737,874 | 3,531,410 | — | — | 3,531,410 | |||||||||||||||||||||||||||
Total loans | 22,557,150 | 21,891,223 | — | — | 21,891,223 | |||||||||||||||||||||||||||
Allowance for loan losses | (235,704) | — | — | — | — | |||||||||||||||||||||||||||
Loans, net of allowance | 22,321,446 | 21,891,223 | — | — | 21,891,223 | |||||||||||||||||||||||||||
Mortgage servicing rights | 277,608 | 277,608 | — | — | 277,608 | |||||||||||||||||||||||||||
Derivative instruments with positive fair value, net of cash margin | 880,343 | 880,343 | 2,110 | 878,233 | — | |||||||||||||||||||||||||||
Deposits with no stated maturity | 33,018,863 | 33,018,863 | — | — | 33,018,863 | |||||||||||||||||||||||||||
Time deposits | 1,461,842 | 1,431,245 | — | — | 1,431,245 | |||||||||||||||||||||||||||
Other borrowed funds | 7,007,285 | 7,005,305 | — | — | 7,005,305 | |||||||||||||||||||||||||||
Subordinated debentures | 131,205 | 121,497 | — | 121,497 | — | |||||||||||||||||||||||||||
Derivative instruments with negative fair value, net of cash margin | 554,900 | 554,900 | 16 | 554,884 | — |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 203,808 | $ | 165,395 | ||||||||||
Loan to bank subsidiary | 65,151 | 65,169 | ||||||||||||
Investment in bank subsidiary | 4,785,453 | 4,351,280 | ||||||||||||
Investment in non-bank subsidiaries | 216,200 | 217,011 | ||||||||||||
Other assets | 17,984 | 18,302 | ||||||||||||
Total assets | $ | 5,288,596 | $ | 4,817,157 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Other liabilities | $ | 15,004 | $ | 3,303 | ||||||||||
Subordinated debentures | 131,150 | 131,205 | ||||||||||||
Total liabilities | 146,154 | 134,508 | ||||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock | 5 | 5 | ||||||||||||
Capital surplus | 1,406,745 | 1,390,395 | ||||||||||||
Retained earnings | 5,211,512 | 4,824,164 | ||||||||||||
Treasury stock | (876,720) | (694,960) | ||||||||||||
Accumulated other comprehensive income (loss) | (599,100) | (836,955) | ||||||||||||
Total shareholders’ equity | 5,142,442 | 4,682,649 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 5,288,596 | $ | 4,817,157 |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Dividends, interest and fees received from bank subsidiary | $ | 329,429 | $ | 228,689 | $ | 483,868 | ||||||||||||||
Dividends, interest and fees received from non-bank subsidiaries | 8,000 | 43,281 | 8,030 | |||||||||||||||||
Other revenue | 1,162 | 1,172 | 767 | |||||||||||||||||
Total revenue | 338,591 | 273,142 | 492,665 | |||||||||||||||||
Interest expense | 8,952 | 6,490 | 10,535 | |||||||||||||||||
Other operating expense | 5,674 | 3,005 | 2,914 | |||||||||||||||||
Total expense | 14,626 | 9,495 | 13,449 | |||||||||||||||||
Net income before taxes, other losses, net, and equity in undistributed income of subsidiaries | 323,965 | 263,647 | 479,216 | |||||||||||||||||
Other gains (losses), net | 32,656 | (4,279) | (3,415) | |||||||||||||||||
Net income before taxes and equity in undistributed income of subsidiaries | 356,621 | 259,368 | 475,801 | |||||||||||||||||
Federal and state income taxes | 5,410 | (1,776) | (4,202) | |||||||||||||||||
Net income before equity in undistributed income of subsidiaries | 351,211 | 261,144 | 480,003 | |||||||||||||||||
Equity in undistributed income of bank subsidiaries | 181,487 | 300,330 | 126,380 | |||||||||||||||||
Equity in undistributed income of non-bank subsidiaries | (1,952) | (41,201) | 11,738 | |||||||||||||||||
Net income attributable to BOK Financial shareholders | $ | 530,746 | $ | 520,273 | $ | 618,121 |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 530,746 | $ | 520,273 | $ | 618,121 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in undistributed income of bank subsidiaries | (181,487) | (300,330) | (126,380) | |||||||||||||||||
Equity in undistributed income of non-bank subsidiaries | 1,952 | 41,201 | (11,738) | |||||||||||||||||
Other losses (gains), net | (32,656) | 4,279 | 3,415 | |||||||||||||||||
Change in other assets | 1,986 | 1,317 | 1,160 | |||||||||||||||||
Change in other liabilities | 13,404 | 543 | 389 | |||||||||||||||||
Net cash provided by operating activities | 333,945 | 267,283 | 484,967 | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Investment in subsidiaries | (2,975) | (31,552) | (25,665) | |||||||||||||||||
Sale of subsidiary | 32,601 | — | — | |||||||||||||||||
Dissolution of subsidiaries | — | 2,611 | 4,457 | |||||||||||||||||
Net cash provided by (used in) investing activities | 29,626 | (28,941) | (21,208) | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Repayment of subordinated debentures | — | — | (150,000) | |||||||||||||||||
Issuance of common and treasury stock, net | (4,941) | (4,907) | (4,874) | |||||||||||||||||
Dividends paid | (143,398) | (143,800) | (144,105) | |||||||||||||||||
Repurchase of common stock | (176,819) | (154,887) | (117,938) | |||||||||||||||||
Net cash used in financing activities | (325,158) | (303,594) | (416,917) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 38,413 | (65,252) | 46,842 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 165,395 | 230,647 | 183,805 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 203,808 | $ | 165,395 | $ | 230,647 | ||||||||||||||
Cash paid for interest | $ | 8,479 | $ | 6,203 | $ | 10,559 |
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. | ||||
10.4.7 | |||||
10.4.10 | |||||
10.4.11 | |||||
10.4.12 | |||||
10.4.13 | |||||
10.4.14 | |||||
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 | |||||
10.7.16 | |||||
10.8 | |||||
Exhibit Number | Description of Exhibit | ||||
10.8.1 | |||||
21 | |||||
23 | |||||
31.1 | |||||
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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). |
BOK FINANCIAL CORPORATION | |||||||||||||||||
DATE: | February 21, 2024 | BY: | /s/ George B. Kaiser | ||||||||||||||
George B. Kaiser | |||||||||||||||||
Chairman of the Board of Directors |
/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/ Martin E. Grunst | /s/ Michael J. Rogers | |||||||
Martin E. Grunst Director, Executive Vice President and Chief Financial Officer | Michael J. Rogers Senior Vice President and Chief Accounting Officer |
/s/ Alan S. Armstrong | /s/ E. Carey Joullian, IV | |||||||
Alan S. Armstrong | E. Carey Joullian, IV | |||||||
/s/ Steven Bangert | /s/ Stanley A. Lybarger | |||||||
Steven Bangert | Stanley A. Lybarger | |||||||
/s/ Chester E. Cadieux, III | /s/ Steven J. Malcolm | |||||||
Chester E. Cadieux, III | Steven J. Malcolm | |||||||
/s/ John W. Coffey | /s/ Emmet C. Richards | |||||||
John W. Coffey | Emmet C. Richards | |||||||
/s/ Joseph W. Craft, III | /s/ Claudia San Pedro | |||||||
Joseph W. Craft, III | Claudia San Pedro | |||||||
/s/ David F. Griffin | /s/ Peggy I. Simmons | |||||||
David F. Griffin | Peggy I. Simmons | |||||||
/s/ Michael C. Turpen | ||||||||
V. Burns Hargis | Michael C. Turpen | |||||||
/s/ Rose M. Washington | ||||||||
Douglas D. Hawthorne | Rose M. Washington | |||||||
Kimberley D. Henry | ||||||||
BOK Financial Corporation | |||||
/s/ Steven Bradshaw | |||||
Name: Steven Bradshaw | |||||
Title: President and Chief Executive Officer | |||||
Executive | |||||
/s/ Marc Maun | |||||
Marc Maun, Individually |
/s/ Stacy C. Kymes | ||
Stacy C. Kymes | ||
President | ||
Chief Executive Officer | ||
BOK Financial Corporation |
/s/ Martin E. Grunst | ||
Martin E. Grunst | ||
Executive Vice President | ||
Chief Financial Officer | ||
BOK Financial Corporation |
/s/ Stacy C. Kymes | ||
Stacy C. Kymes | ||
President | ||
Chief Executive Officer | ||
BOK Financial Corporation |
/s/ Martin E. Grunst | ||
Martin E. Grunst | ||
Executive Vice President | ||
Chief Financial Officer | ||
BOK Financial Corporation |
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Term | Meaning | ||||
Accounting Error | Means incorrect financial information or results, including incorrect financial information or results in previous periods. An “Accounting Error” necessarily includes an accounting restatement of BOKF’s financial statements due to BOKF’s material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period | ||||
Applicable Period | Means the three completed fiscal years immediately preceding the date on which BOKF identifies an Accounting Error, as well as any transition period (that results from a change in BOKF’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year). The “date on which BOKF identifies an Accounting Error” is the earlier to occur of (a) the date the Board of Directors of BOKF concludes that an Accounting Error has occurred or (b) the date a court, regulator or other legally authorized body notifies BOKF of an identified Accounting Error, in each case regardless of if or when the financial statements are filed. |
Compensation Committee of the Board of Directors | The Compensation Committee is a committee composed of Board members that is governed by a committee charter outlining its duties and responsibilities, including the administration of this Policy. | ||||
Covered Executive | Means BOKF’s current and former president, principal financial officer, principal accounting officer, any vice-president in charge of a principal business unit, division or function and any other person (including executive officers of a parent or subsidiary) who performs similar policy-making functions for BOKF. | ||||
Erroneously Awarded Compensation | Has the meaning set forth in Section 7.2 of this Policy. | ||||
Financial Reporting Measure | Means any measure that is determined and presented in accordance with the accounting principles used in preparing BOKF’s financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures include but are not limited to the following (and any measures derived from the following): BOKF stock price; total shareholder return (“TSR”); revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization (“EBITDA”); funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return on assets); earnings measures (e.g., earnings per share); any of such financial reporting measures relative to a peer group, where BOKF’s financial reporting measure is subject to an Accounting Error; and tax basis income. A Financial Reporting Measure need not be presented within BOKF’s financial statements or included in a filing with the Securities Exchange Commission. | ||||
Incentive Based Compensation | Means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is “received” for purposes of this Policy in BOKF’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period. |