0000875357false00008753572024-10-212024-10-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
October 21, 2024

Commission File No. 001-37811

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

N/A
__________________________________________
(Former name or former address, if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00006 per shareBOKFNasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On October 21, 2024, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three and nine months ended September 30, 2024 (“Press Release”). The full text of the Press Release is attached as Exhibit 99.1(a) to this report and is incorporated herein by reference. On October 21, 2024, in connection with the issuance of the Press Release, BOK Financial released financial information related to the three and nine months ended September 30, 2024 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99.1(b) to this report and is incorporated herein by reference.

ITEM 7.01. Regulation FD Disclosure.

On October 21, 2024, in connection with the issuance of the Press Release, BOK Financial released financial information related to the three and nine months ended September 30, 2024 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99.2(a) to this report and is incorporated herein by reference.


ITEM 9.01. Financial Statements and Exhibits.

(d)    Exhibits


104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signature

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


                        BOK FINANCIAL CORPORATION




                        By: /s/ Martin E. Grunst            
                         Martin E. Grunst
                         Executive Vice President
                         Chief Financial Officer
Date: October 21, 2024


pressreleaseheader.jpg
We


                                
BOK Financial Corporation reports quarterly earnings of $140 million, or $2.18 per share, in the third quarter.
Third quarter 2024 financial highlights1
Net Income
Net income was $140.0 million, or $2.18 per diluted share, compared to $163.7 million, or $2.54 per diluted share.
Net Interest Income & Margin
Net interest income totaled $308.1 million, an increase of $12.1 million. Net interest margin expanded to 2.68% compared to 2.56% in the prior quarter.
Fees & Commissions Revenue
Fees and commissions revenue was $202.5 million, an increase of $2.5 million. Higher transaction card revenue and other revenue was partially offset by lower brokerage and trading revenue.
Operating Expense
Operating expense increased $4.3 million to $341.0 million, primarily due to an increase in personnel expense with higher incentive compensation and regular compensation. Non-personnel expense decreased $11.4 million, largely due to our contribution to the BOKF Foundation in the prior quarter.
Loans
Period end loans were $24.0 billion, a decrease of $569 million. A decrease in commercial loan balances was partially offset by growth in commercial real estate loans. Average outstanding loan balances were $24.3 billion, an $80 million decrease.
Credit Quality
Nonperforming assets declined to $87 million, or 0.36% of outstanding loans and repossessed assets, at September 30, 2024, from $93 million, or 0.38%, at June 30, 2024. Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter.
Deposits
Period end deposits grew by $985 million to $37.2 billion, while average deposits increased $1.1 billion to $36.8 billion. Average interest-bearing deposits increased $1.2 billion, while average demand deposits decreased by $113 million. The loan to deposit ratio was 64% at September 30, 2024, compared to 68% at June 30, 2024.
Capital
Tangible common equity ratio was 9.22% compared to 8.38% at June 30, 2024. Tier 1 capital ratio was 12.74%, Common equity Tier 1 capital ratio was 12.73%, and total capital ratio was 13.91%.
1 Comparisons are to prior quarter unless otherwise noted.

p
$12.1 million
Zero bps
3%
p
$1.1 billion
NET INTEREST INCOME
NET CHARGE OFFS - ANNUALIZED
AVERAGE DEPOSIT GROWTH

CEO Commentary
“BOK Financial maintained our consistent earnings growth in the third quarter as we benefited from net interest income growth and exceptional asset quality. Our business model has proven resilient through many different types of business cycles given our revenue diversity and commitment to risk management. The economic growth of our eight-state footprint coupled with our high levels of tangible capital and liquidity should be the raw materials for future growth for BOK Financial. We’ve proven over a long history that we have strong risk management practices as it relates to credit, interest rate, liquidity and capital risk while also demonstrating a higher long-term earnings growth profile.”
    

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Net Interest Income
(In thousands)Sep. 30, 2024June 30, 2024Change% Change
Interest revenue$680,310 $671,817 $8,493 1.3 %
Interest expense372,191 375,796 (3,605)(1.0)%
Net interest income
$308,119 $296,021 $12,098 4.1 %
Net interest margin2.68 %2.56 %0.12 %N/A
Average earning assets$45,911,383 $46,019,346 $(107,963)(0.2)%
Average trading securities5,802,448 5,922,891 (120,443)(2.0)%
Average investment securities2,094,408 2,151,079 (56,671)(2.6)%
Average available for sale securities12,939,422 12,755,865 183,557 1.4 %
Average loans balance24,304,884 24,385,153 (80,269)(0.3)%
Average interest-bearing deposits28,486,641 27,266,244 1,220,397 4.5 %
Funds purchased and repurchase agreements1,016,688 1,838,323 (821,635)(44.7)%
Other borrowings6,366,046 7,151,228 (785,182)(11.0)%
Net interest income was $308.1 million for the third quarter of 2024, compared to $296.0 million for the prior quarter. Net interest margin was 2.68%, compared to 2.56%, due to increased yields on our available for sale securities portfolio, combined with higher loan fees driven by payoffs and the funding shift from wholesale borrowings to interest-bearing deposits. For the third quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.02% compared to 2.94% in the prior quarter.
Average earning assets decreased $108 million. Average loan balances decreased $80 million, largely due to a decrease in commercial loans, partially offset by growth in commercial real estate loan balances. Average available for sale securities grew $184 million, while average trading securities decreased $120 million. Average interest-bearing deposits increased $1.2 billion, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements decreased $822 million, while average other borrowings decreased $785 million.
The yield on average earning assets was 5.89%, up 9 basis points. The loan portfolio yield increased 6 basis points to 7.47%, while the yield on the available for sale securities portfolio increased 5 basis points to 3.76%. The yield on trading securities was up 30 basis points to 5.36% and the yield on interest-bearing cash and cash equivalents decreased 53 basis points to 5.33%.
Funding costs were 4.11%, down 4 basis points. The cost of interest-bearing deposits increased 3 basis points to 3.79%. The cost of funds purchased and repurchase agreements decreased 39 basis points to 3.89%. The benefit to net interest margin from assets funded by non-interest liabilities was 90 basis points, a decrease of 1 basis point.






2

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Other Operating Revenue
(In thousands)Sep. 30, 2024June 30, 2024Change% Change
Brokerage and trading revenue$50,391 $53,017 $(2,626)(5.0)%
Transaction card revenue28,495 27,246 1,249 4.6 %
Fiduciary and asset management revenue57,384 57,576 (192)(0.3)%
Deposit service charges and fees30,450 29,572 878 3.0 %
Mortgage banking revenue18,372 18,628 (256)(1.4)%
Other revenue17,402 13,988 3,414 24.4 %
Total fees and commissions202,494 200,027 2,467 1.2 %
Other gains, net13,087 57,375 (44,288)N/A
Gain (loss) on derivatives, net8,991 (1,091)10,082 N/A
Gain (loss) on fair value option securities, net764 (94)858 N/A
Change in fair value of mortgage servicing rights(16,453)3,453 (19,906)N/A
Gain (loss) on available for sale securities, net(691)34 (725)N/A
Total other operating revenue$208,192 $259,704 $(51,512)(19.8)%
Fees and commissions revenue totaled $202.5 million for the third quarter of 2024, an increase of $2.5 million over the prior quarter.
Other revenue increased $3.4 million to $17.4 million, largely due to an increase in letter of credit fees and fees earned on derivative counterparty margin.
Transaction card revenue grew $1.2 million to $28.5 million, primarily due to an increase in the volume of transactions processed during the third quarter of 2024.
Brokerage and trading revenue decreased $2.6 million to $50.4 million. Trading revenue decreased $4.1 million to $23.6 million. A decline in U.S agency residential mortgage-backed securities trading volumes, driven by market conditions in the third quarter of 2024, was partially offset by an increase in municipal trading revenue led by strong activity in this sector. Investment banking revenue and customer hedging revenue also grew slightly over the prior quarter.
Other gains, net, were $13.1 million for the third quarter of 2024, compared to $57.4 million in the second quarter of 2024. The prior quarter included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the exchange offer announced by Visa, Inc. During the third quarter of 2024, we sold the remaining 133,472 converted shares of Visa common stock and realized an additional pre-tax gain of $3.1 million. The current quarter also included a gain on merchant banking investments of $5.0 million and a gain on investments related to deferred compensation of $3.8 million.





3

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Operating Expenses
(In thousands)Sep. 30, 2024June 30, 2024Change% Change
Personnel$206,821 $191,090 $15,731 8.2 %
Business promotion7,681 8,250 (569)(6.9)%
Charitable contributions to BOKF Foundation— 13,610 (13,610)N/A
Professional fees and services13,405 13,331 74 0.6 %
Net occupancy and equipment32,077 30,245 1,832 6.1 %
FDIC and other insurance8,186 7,317 869 11.9 %
FDIC special assessment(1,437)1,190 (2,627)N/A
Data processing and communications47,554 46,131 1,423 3.1 %
Printing, postage and supplies3,594 3,789 (195)(5.1)%
Amortization of intangible assets2,856 2,898 (42)(1.4)%
Mortgage banking costs9,059 8,532 527 6.2%
Other expense11,229 10,307 922 8.9 %
Total operating expense$341,025 $336,690 $4,335 1.3 %
Total operating expense was $341.0 million for the third quarter of 2024, an increase of $4.3 million compared to the second quarter of 2024.
Personnel expense was $206.8 million, an increase of $15.7 million. Cash-based incentive compensation expense increased $7.8 million as the prior quarter received a benefit due to a shift in the timing of expense recognition as commercial incentive compensation plans moved to being primarily share-based rather than cash-based awards. Share-based compensation increased $3.5 million based on changes in assumptions of certain performance-based equity awards. Deferred compensation expense increased $1.8 million to $4.0 million; however, this was largely offset by an increase in the value of related investments included in Other gains, net. Regular compensation expense increased $2.7 million, driven by additional staffing and a reduction in the amount of compensation expense capitalized during the third quarter. This was due to decreased loan production levels and the implementation of a significant project in the prior quarter.
Non-personnel expense was $134.2 million, a decrease of $11.4 million. The prior quarter included a $13.6 million charitable donation to the BOKF Foundation. In the third quarter of 2024, the FDIC updated their estimate of the special assessment, resulting in a benefit of $1.4 million, compared to $1.2 million of expense in the prior quarter. Net occupancy and equipment expense increased $1.8 million and data processing and communications expense grew $1.4 million, primarily due to ongoing projects.





4

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Loans
(In thousands)Sep. 30, 2024June 30, 2024Change% Change
Commercial:
Healthcare$4,149,069$4,231,058$(81,989)(1.9)%
Services3,573,6703,577,144(3,474)(0.1)%
Energy3,126,6353,451,485(324,850)(9.4)%
General business4,028,5484,363,722(335,174)(7.7)%
Total commercial14,877,92215,623,409(745,487)(4.8)%
Commercial Real Estate:
Multifamily2,109,4451,997,282112,1635.6%
Industrial1,270,9281,214,99155,9374.6%
Office815,966876,897(60,931)(6.9)%
Retail521,874547,706(25,832)(4.7)%
Residential construction and land development
105,04888,25216,79619.0%
Other real estate loans365,394358,4476,9471.9%
Total commercial real estate5,188,6555,083,575105,0802.1%
Loans to individuals:
Residential mortgage
2,370,2932,281,22689,0673.9%
Residential mortgages guaranteed by U.S. government agencies127,747131,825(4,078)(3.1)%
Personal1,420,4441,433,546(13,102)(0.9)%
Total loans to individuals3,918,4843,846,59771,8871.9%
Total loans$23,985,061$24,553,581$(568,520)(2.3)%
Outstanding loans were $24.0 billion at September 30, 2024, a decrease of $569 million compared to June 30, 2024, largely due to a reduction in commercial loans, partially offset by an increase in commercial real estate loans and loans to individuals. Unfunded loan commitments increased $441 million compared to the second quarter of 2024.
Outstanding commercial loan balances, which includes healthcare, services, energy and general business loans, decreased $745 million compared to the prior quarter.
General business loans decreased $335 million to $4.0 billion, or 17% of total loans. General business loans include $2.6 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.
Energy loan balances decreased $325 million to $3.1 billion, or 13% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil. The remaining 30% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.5 billion at September 30, 2024, a $95 million increase over June 30, 2024.
Healthcare sector loan balances decreased $82 million, totaling $4.1 billion, or 17% of total loans. Our healthcare sector loans primarily consist of $3.4 billion of senior housing and care facilities, including independent living, assisted living and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.
Services sector loan balances were unchanged at $3.6 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors.





5

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Commercial real estate loan balances increased $105 million to $5.2 billion and represent 22% of total loans. Loans secured by multifamily properties increased $112 million to $2.1 billion. Loans secured by industrial facilities increased $56 million to $1.3 billion, and construction and land development loans increased $17 million to $105 million. The increases in these portfolios were partially offset by a $61 million decrease in loans secured by office facilities and a $26 million decrease in loans secured by retail facilities. Unfunded commercial real estate loan commitments were $1.7 billion at September 30, 2024, a $131 million increase compared to June 30, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to individuals increased $72 million and represent 16% of total loans. Residential mortgage loans increased $85 million while personal loans decreased $13 million.

Period End & Average Deposits
(In thousands)Sep. 30, 2024June 30, 2024Change% Change
Period end deposits
Demand$8,260,244 $8,840,178 $(579,934)(6.6)%
Interest-bearing transaction24,312,211 23,107,042 1,205,169 5.2 %
Savings816,707 830,489 (13,782)(1.7)%
Time3,837,956 3,463,935 374,021 10.8 %
Total deposits$37,227,118 $36,241,644 $985,474 2.7 %
Average deposits
Demand$8,273,656 $8,386,979 $(113,323)(1.4)%
Interest-bearing transaction23,986,697 23,006,204 980,493 4.3 %
Savings820,980 832,704 (11,724)(1.4)%
Time3,678,964 3,427,336 251,628 7.3 %
Total average deposits$36,760,297 $35,653,223 $1,107,074 3.1 %
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 64% at September 30, 2024, compared to 68% at June 30, 2024, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $37.2 billion at September 30, 2024, a $985 million increase. Interest-bearing transaction account balances increased $1.2 billion while time deposits increased $374 million. Demand deposits decreased $580 million following elevated customer activity at the end of the previous quarter.
Average deposits were $36.8 billion at September 30, 2024, a $1.1 billion increase. Average interest-bearing transaction account balances increased $980 million and average time deposits increased $252 million. Average demand deposit account balances decreased $113 million.
Average Commercial Banking deposits increased $942 million to $17.1 billion, or 47% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 9% of our total deposits. Wealth Management deposits increased $287 million to $9.8 billion, or 27% of total deposits. Consumer Banking deposits increased $63 million to $8.1 billion, or 22% of total deposits.






6

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Capital
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferSep. 30, 2024June 30, 2024
Common equity Tier 14.50 %2.50 %7.00 %12.73 %12.10 %
Tier 1 capital6.00 %2.50 %8.50 %12.74 %12.11 %
Total capital8.00 %2.50 %10.50 %13.91 %13.25 %
Tier 1 Leverage4.00 %N/A4.00 %9.67 %9.39 %
Tangible common equity ratio1
9.22 %8.38 %
Adjusted common tangible equity ratio1
9.01 %8.06 %
Common stock repurchased (shares)— 412,176 
Average price per share repurchased$— $90.38 
1 See Explanation and Reconciliation of Non-GAAP Measures following.
The company's common equity Tier 1 capital ratio was 12.73% at September 30, 2024. In addition, the company's Tier 1 capital ratio was 12.74%, total capital ratio was 13.91%, and leverage ratio was 9.67% at September 30, 2024. At the beginning of 2020, we elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period. This election added 3 basis points to the company's common equity Tier 1 capital ratio at September 30, 2024. At June 30, 2024, the company's common equity Tier 1 capital ratio was 12.10%, Tier 1 capital ratio was 12.11%, total capital ratio was 13.25%, and leverage ratio was 9.39%.
The company's tangible common equity ratio, a non-GAAP measure, was 9.22% at September 30, 2024, and 8.38% at June 30, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 9.01%.
No shares were repurchased during the third quarter of 2024. The company repurchased 412,176 shares of common stock at an average price paid of $90.38 a share in the second quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality
Nonperforming assets totaled $87 million, or 0.36% of outstanding loans and repossessed assets, at September 30, 2024, compared to $93 million, or 0.38%, at June 30, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $80 million, or 0.34% of outstanding loans and repossessed assets, at September 30, 2024, compared to $86 million, or 0.35%, at June 30, 2024.
Nonaccruing loans decreased $6.4 million compared to June 30, 2024. New nonaccruing loans identified in the third quarter totaled $26 million, offset by $29 million in payments received and $2.5 million in charge-offs. Nonaccruing healthcare loans decreased $4.9 million and nonaccruing services loans decreased $1.7 million, partially offset by a $1.1 million increase in nonaccruing residential mortgage loans.
Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter. Net charge-offs were $6.9 million, or 0.11% of average loans on an annualized basis, in the second quarter of 2024.
The provision for credit losses of $2.0 million in the third quarter of 2024 reflects continued strong credit quality, net loan paydowns, and relatively minor changes in economic forecast scenario assumptions. The provision for credit losses was $8.0 million in the second quarter of 2024.





7

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
At September 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.39% of outstanding loans and 427% of nonaccruing loans. At June 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.34% of outstanding loans and 393% of nonaccruing loans.

Securities & Derivatives
The fair value of the available for sale securities portfolio totaled $13.0 billion at September 30, 2024, a $222 million increase compared to June 30, 2024. At September 30, 2024, the available for sale securities portfolio consisted primarily of $8.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.4 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At September 30, 2024, the available for sale securities portfolio had a net unrealized loss of $307 million, compared to $649 million at June 30, 2024.
We hold an inventory of trading securities in support of sales to a variety of customers. At September 30, 2024, the trading securities portfolio totaled $5.1 billion, compared to $5.2 billion at June 30, 2024.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities increased $122 thousand to $19.2 million at September 30, 2024.
Derivative contracts are carried at fair value. At September 30, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $415 million, compared to $339 million at June 30, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $393 million at September 30, 2024, and $327 million at June 30, 2024.
The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.5 million during the third quarter of 2024, including a $16.5 million decrease in the fair value of mortgage servicing rights, a $12.1 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $146 thousand of related net interest expense.

Third Quarter 2024 Segment Highlights
Commercial BankingConsumer BankingWealth Management
(In thousands)Sep. 30, 2024June 30, 2024Sep. 30, 2024June 30, 2024Sep. 30, 2024June 30, 2024
Net interest income and fee revenue
$263,475 $257,476$101,962 $101,416$145,642 $142,709
Net loans charged-off (recovered)(1,329)6,1341,779 1,247(159)—
Personnel expense48,152 45,96424,616 24,01666,524 63,669
Non-personnel expense30,235 30,15033,163 31,11227,015 26,545
Net income129,854 119,57918,948 24,11729,616 27,497
Average loans20,340,512 20,403,8372,057,870 1,975,1062,151,196 2,199,747
Average deposits17,131,237 16,189,0038,136,312 8,073,7829,837,888 9,551,307
Assets under management or administration— —— —110,702,612 107,477,030
Commercial Banking contributed $129.9 million to net income in the third quarter of 2024, an increase of $10.3 million compared to the second quarter of 2024. Combined net interest income and fee revenue increased $6.0 million. Net interest income increased $3.9 million due to increased loan fees from early payoffs and increased non-use fees. Transaction card revenue increased $1.2 million driven by a rise in transaction volume processed during the third quarter. Net loans charged-off decreased $7.5 million to recoveries of $1.3 million in the third quarter of 2024. Personnel expense increased $2.2 million due to increased incentive compensation costs during the quarter while non-personnel expense was consistent with the prior quarter. Other gains, net, grew $2.6 million related to increased gains on merchant banking





8

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
investments. Average loans were relatively consistent with the prior quarter at $20.3 billion. Average deposits increased $942 million, or 6%, to $17.1 billion.
Consumer Banking contributed $18.9 million to net income in the third quarter of 2024, a decrease of $5.2 million compared to the prior quarter. Combined net interest income and fee revenue was consistent with the prior quarter. Operating expense increased $2.7 million. The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.5 million, compared to $221 thousand for the second quarter of 2024. Average loans increased $83 million, or 4%, to $2.1 billion. Average deposits increased $63 million, or 1%, to $8.1 billion.
Wealth Management contributed $29.6 million to net income in the third quarter of 2024, an increase of $2.1 million over the second quarter of 2024. Combined net interest income and fee revenue increased $2.9 million, primarily due to an increase in letter of credit fees and fees earned on derivative counterparty margin. Operating expense increased $3.3 million, largely due to growth in incentive compensation expense. Corporate expense allocations decreased $3.0 million compared to the prior quarter. Average loans decreased $49 million, or 2%, to $2.2 billion. Average deposits increased $287 million, or 3%, to $9.8 billion. Assets under management or administration were $110.7 billion, an increase of $3.2 billion, or 3%.

Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, October 22, 2024, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing playback ID: 6617678.

About BOK Financial Corporation
BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $111 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of September 30, 2024 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.





9

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Sep. 30, 2024June 30, 2024
Assets
Cash and due from banks$928,997 $897,811 
Interest-bearing cash and cash equivalents547,043 178,352 
Trading securities5,139,725 5,212,791 
Investment securities, net of allowance2,069,865 2,128,881 
Available for sale securities13,015,986 12,793,784 
Fair value option securities19,172 19,050 
Restricted equity securities389,335 475,209 
Residential mortgage loans held for sale95,494 107,465 
Loans:
Commercial14,877,922 15,623,409 
Commercial real estate5,188,655 5,083,575 
Loans to individuals3,918,484 3,846,597 
Total loans23,985,061 24,553,581 
Allowance for loan losses(284,456)(287,826)
Loans, net of allowance23,700,605 24,265,755 
Premises and equipment, net632,819 632,388 
Receivables299,686 334,019 
Goodwill1,044,749 1,044,749 
Intangible assets, net51,205 54,028 
Mortgage servicing rights315,920 333,246 
Real estate and other repossessed assets, net2,625 2,334 
Derivative contracts, net334,382 225,076 
Cash surrender value of bank-owned life insurance413,682 412,278 
Receivable on unsettled securities sales98,526 14,673 
Other assets982,169 1,271,568 
Total assets$50,081,985 $50,403,457 
Liabilities
Deposits:
Demand$8,260,244 $8,840,178 
Interest-bearing transaction24,312,211 23,107,042 
Savings816,707 830,489 
Time3,837,956 3,463,935 
Total deposits37,227,118 36,241,644 
Funds purchased and repurchase agreements743,903 813,758 
Other borrowings4,729,880 6,528,538 
Subordinated debentures131,188 131,156 
Accrued interest, taxes and expense340,290 305,839 
Due on unsettled securities purchases377,240 347,663 
Derivative contracts, net402,559 287,509 
Other liabilities514,609 515,380 
Total liabilities44,466,787 45,171,487 
Shareholders' equity
Capital, surplus and retained earnings5,947,732 5,834,632 
Accumulated other comprehensive loss(335,289)(605,502)
Total shareholders’ equity5,612,443 5,229,130 
Non-controlling interests2,755 2,840 
Total equity5,615,198 5,231,970 
Total liabilities and equity$50,081,985 $50,403,457 





10

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Assets
Interest-bearing cash and cash equivalents$531,811 $533,760 $567,680 $605,839 $598,734 
Trading securities5,802,448 5,922,891 5,371,209 5,448,403 5,444,587 
Investment securities, net of allowance2,094,408 2,151,079 2,210,040 2,264,194 2,331,595 
Available for sale securities12,939,422 12,755,865 12,537,981 12,063,398 11,925,800 
Fair value option securities19,095 19,170 20,080 20,086 41,741 
Restricted equity securities410,800 453,303 412,376 432,780 445,532 
Residential mortgage loans held for sale95,742 81,371 57,402 61,146 77,208 
Loans:
Commercial15,076,308 15,516,238 14,992,639 14,680,001 14,527,676 
Commercial real estate5,257,842 5,048,704 5,188,152 5,293,021 5,172,876 
Loans to individuals3,970,734 3,820,211 3,767,776 3,732,086 3,713,756 
Total loans24,304,884 24,385,153 23,948,567 23,705,108 23,414,308 
Allowance for loan losses(287,227)(283,246)(278,449)(273,717)(267,205)
Loans, net of allowance24,017,657 24,101,907 23,670,118 23,431,391 23,147,103 
Total earning assets45,911,383 46,019,346 44,846,886 44,327,237 44,012,300 
Cash and due from banks884,053 871,171 861,319 883,858 799,291 
Derivative contracts, net294,276 273,052 326,564 372,789 412,707 
Cash surrender value of bank-owned life insurance412,945 410,679 409,230 407,665 408,295 
Receivable on unsettled securities sales216,158 171,344 307,389 276,856 268,344 
Other assets3,438,220 3,449,607 3,276,184 3,445,265 3,418,615 
Total assets$51,157,035 $51,195,199 $50,027,572 $49,713,670 $49,319,552 
Liabilities
Deposits:
Demand$8,273,656 $8,386,979 $8,631,416 $9,378,886 $10,157,821 
Interest-bearing transaction23,986,697 23,006,204 22,264,259 20,449,370 19,415,599 
Savings820,980 832,704 843,037 845,705 874,530 
Time3,678,964 3,427,336 3,287,179 3,002,252 2,839,947 
Total deposits36,760,297 35,653,223 35,025,891 33,676,213 33,287,897 
Funds purchased and repurchase agreements1,016,688 1,838,323 1,258,044 2,476,973 2,699,027 
Other borrowings6,366,046 7,151,228 6,844,633 7,120,963 6,968,309 
Subordinated debentures131,155 131,156 131,154 131,151 131,151 
Derivative contracts, net466,271 380,942 537,993 524,101 429,989 
Due on unsettled securities purchases348,585 351,199 499,936 363,358 435,927 
Other liabilities618,187 539,485 574,954 483,934 461,686 
Total liabilities45,707,229 46,045,556 44,872,605 44,776,693 44,413,986 
Total equity5,449,806 5,149,643 5,154,967 4,936,977 4,905,566 
Total liabilities and equity
$51,157,035 $51,195,199 $50,027,572 $49,713,670 $49,319,552 





11

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands, except per share data)2024202320242023
Interest revenue$680,310 $617,044 $1,997,339 $1,704,140 
Interest expense372,191 316,148 1,099,627 728,635 
Net interest income
308,119 300,896 897,712 975,505 
Provision for credit losses2,000 7,000 18,000 40,000 
Net interest income after provision for credit losses
306,119 293,896 879,712 935,505 
Other operating revenue:
Brokerage and trading revenue50,391 62,312 162,587 179,714 
Transaction card revenue28,495 26,387 81,234 78,011 
Fiduciary and asset management revenue57,384 52,256 170,265 155,910 
Deposit service charges and fees30,450 27,676 88,707 80,744 
Mortgage banking revenue18,372 13,356 55,967 42,864 
Other revenue17,402 15,865 44,325 47,085 
Total fees and commissions202,494 197,852 603,085 584,328 
Other gains, net13,087 1,474 74,731 16,343 
Gain (loss) on derivatives, net8,991 (9,010)(733)(18,513)
Gain (loss) on fair value option securities, net764 (203)365 (5,323)
Change in fair value of mortgage servicing rights(16,453)8,039 (2,023)11,241 
Loss on available for sale securities, net(691)— (45,828)(3,010)
Total other operating revenue208,192 198,152 629,597 585,066 
Other operating expense:
Personnel206,821 190,791 600,564 563,588 
Business promotion7,681 6,958 23,909 23,167 
Charitable contributions to BOKF Foundation— 23 13,610 1,165 
Professional fees and services13,405 13,224 38,746 39,049 
Net occupancy and equipment32,077 32,583 92,615 91,147 
FDIC and other insurance8,186 7,996 24,243 22,285 
FDIC special assessment(1,437)— 6,207 — 
Data processing and communications47,554 45,672 139,249 135,781 
Printing, postage and supplies3,594 3,760 11,380 11,381 
Amortization of intangible assets2,856 3,474 8,757 10,339 
Mortgage banking costs9,059 8,357 23,946 22,439 
Other expense11,229 11,475 34,873 28,457 
Total other operating expense341,025 324,313 1,018,099 948,798 
Net income before taxes173,286 167,735 491,210 571,773 
Federal and state income taxes33,313 33,256 103,811 123,162 
Net income139,973 134,479 387,399 448,611 
Net income (loss) attributable to non-controlling interests(26)(16)(16)440 
Net income attributable to BOK Financial Corporation shareholders$139,999 $134,495 $387,415 $448,171 
Average shares outstanding:
Basic63,489,581 65,548,307 63,830,188 65,955,294 
Diluted63,489,581 65,548,307 63,830,188 65,955,294 
Net income per share:
Basic$2.18 $2.04 $6.01 $6.74 
Diluted$2.18 $2.04 $6.01 $6.74 





12

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and per share data)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Interest revenue$680,310 $671,817 $645,212 $638,324 $617,044 
Interest expense372,191 375,796 351,640 341,649 316,148 
Net interest income
308,119 296,021 293,572 296,675 300,896 
Provision for credit losses2,000 8,000 8,000 6,000 7,000 
Net interest income after provision for credit losses
306,119 288,021 285,572 290,675 293,896 
Other operating revenue:
Brokerage and trading revenue50,391 53,017 59,179 60,896 62,312 
Transaction card revenue28,495 27,246 25,493 28,847 26,387 
Fiduciary and asset management revenue57,384 57,576 55,305 51,408 52,256 
Deposit service charges and fees30,450 29,572 28,685 27,770 27,676 
Mortgage banking revenue18,372 18,628 18,967 12,834 13,356 
Other revenue17,402 13,988 12,935 15,035 15,865 
Total fees and commissions202,494 200,027 200,564 196,790 197,852 
Other gains, net13,087 57,375 4,269 40,452 1,474 
Gain (loss) on derivatives, net8,991 (1,091)(8,633)8,592 (9,010)
Gain (loss) on fair value option securities, net764 (94)(305)1,031 (203)
Change in fair value of mortgage servicing rights(16,453)3,453 10,977 (14,356)8,039 
Gain (loss) on available for sale securities, net(691)34 (45,171)(27,626)— 
Total other operating revenue208,192 259,704 161,701 204,883 198,152 
Other operating expense:
Personnel206,821 191,090 202,653 203,022 190,791 
Business promotion7,681 8,250 7,978 8,629 6,958 
Charitable contributions to BOKF Foundation
— 13,610 — 1,542 23 
Professional fees and services13,405 13,331 12,010 16,288 13,224 
Net occupancy and equipment32,077 30,245 30,293 30,355 32,583 
FDIC and other insurance8,186 7,317 8,740 8,495 7,996 
FDIC special assessment(1,437)1,190 6,454 43,773 — 
Data processing and communications47,554 46,131 45,564 45,584 45,672 
Printing, postage and supplies3,594 3,789 3,997 3,844 3,760 
Amortization of intangible assets2,856 2,898 3,003 3,543 3,474 
Mortgage banking costs9,059 8,532 6,355 8,085 8,357 
Other expense11,229 10,307 13,337 10,923 11,475 
Total other operating expense341,025 336,690 340,384 384,083 324,313 
Net income before taxes173,286 211,035 106,889 111,475 167,735 
Federal and state income taxes33,313 47,303 23,195 28,953 33,256 
Net income139,973 163,732 83,694 82,522 134,479 
Net income (loss) attributable to non-controlling interests(26)19 (9)(53)(16)
Net income attributable to BOK Financial Corporation shareholders$139,999 $163,713 $83,703 $82,575 $134,495 
Average shares outstanding:
Basic63,489,581 63,714,204 64,290,105 64,750,171 65,548,307 
Diluted63,489,581 63,714,204 64,290,105 64,750,171 65,548,307 
Net income per share:
Basic$2.18 $2.54 $1.29 $1.26 $2.04 
Diluted$2.18 $2.54 $1.29 $1.26 $2.04 





13

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Capital:
Period end shareholders' equity
$5,612,443 $5,229,130 $5,128,751 $5,142,442 $4,814,019 
Risk weighted assets$38,365,133 $39,405,794 $38,952,555 $38,820,979 $38,791,023 
Risk-based capital ratios:
Common equity Tier 1
12.73 %12.10 %11.99 %12.06 %12.06 %
Tier 112.74 %12.11 %12.00 %12.07 %12.07 %
Total capital13.91 %13.25 %13.15 %13.16 %13.16 %
Leverage ratio9.67 %9.39 %9.42 %9.45 %9.52 %
Tangible common equity ratio1
9.22 %8.38 %8.21 %8.29 %7.74 %
Adjusted tangible common equity ratio1
9.01 %8.06 %7.92 %8.02 %7.35 %
Common stock:
Book value per share$87.53 $81.54 $79.50 $79.15 $73.31 
Tangible book value per share$70.44 $64.41 $62.42 $62.15 $56.40 
Market value per share:
High$108.01 $96.41 $92.08 $87.52 $92.41 
Low$86.43 $85.02 $77.86 $62.42 $77.61 
Cash dividends paid$35,147 $35,288 $35,568 $35,739 $35,655 
Dividend payout ratio25.11 %21.55 %42.49 %43.28 %26.51 %
Shares outstanding, net64,118,417 64,127,824 64,515,035 64,967,177 65,664,840 
Stock buy-back program:
Shares repurchased— 412,176 616,630 700,237 700,500 
Amount$— $37,253 $51,727 $49,710 $58,961 
Average price paid per share2
$— $90.38 $83.89 $70.99 $84.17 
Performance ratios (quarter annualized):
Return on average assets1.09 %1.29 %0.67 %0.66 %1.08 %
Return on average equity10.22 %12.79 %6.53 %6.64 %10.88 %
Return on average tangible common equity1
12.80 %16.27 %8.31 %8.56 %14.08 %
Net interest margin2.68 %2.56 %2.61 %2.64 %2.69 %
Efficiency ratio1
65.11 %59.83 %67.13 %71.62 %64.01 %
Other data:
Tax equivalent interest$2,385 $2,196 $2,100 $2,112 $2,214 
Net unrealized loss on available for sale securities$(307,360)$(649,236)$(643,259)$(616,624)$(1,034,520)





14

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Mortgage banking:
Mortgage production revenue$1,563 $2,369 $3,525 $(2,535)$(1,887)
Mortgage loans funded for sale$224,749 $240,038 $139,176 $139,255 $173,727 
Add: Current period end outstanding commitments
70,102 62,960 67,951 34,783 49,284 
Less: Prior period end outstanding commitments62,960 67,951 34,783 49,284 55,031 
Total mortgage production volume$231,891 $235,047 $172,344 $124,754 $167,980 
Mortgage loan refinances to mortgage loans funded for sale11 %7 %10 %10 %9 %
Realized margin on funded mortgage loans0.93 %0.97 %1.46 %(0.98)%(0.94)%
Production revenue as a percentage of production volume0.67 %1.01 %2.05 %(2.03)%(1.12)%
Mortgage servicing revenue$16,809 $16,259 $15,442 $15,369 $15,243 
Average outstanding principal balance of mortgage loans serviced for others$22,212,755 $22,287,559 $21,088,898 $20,471,030 $20,719,116 
Average mortgage servicing revenue rates0.30 %0.29 %0.29 %0.30 %0.29 %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net$11,357 $(3,484)$(9,357)$8,275 $(8,980)
Gain (loss) on fair value option securities, net764 (94)(305)1,031 (203)
Gain (loss) on economic hedge of mortgage servicing rights12,121 (3,578)(9,662)9,306 (9,183)
Change in fair value of mortgage servicing rights(16,453)3,453 10,977 (14,356)8,039 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue(4,332)(125)1,315 (5,050)(1,144)
Net interest expense on fair value option securities3
(146)(96)(155)(101)(112)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(4,478)$(221)$1,160 $(5,151)$(1,256)
1 See Reconciliation of Non-GAAP Measures following.
2 Excludes 1% excise tax on corporate stock repurchases.
3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds.






15

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$5,612,443 $5,229,130 $5,128,751 $5,142,442 $4,814,019 
Less: Goodwill and intangible assets, net1,095,954 1,098,777 1,101,643 1,104,728 1,110,553 
Tangible common equity4,516,489 4,130,353 4,027,108 4,037,714 3,703,466 
Add: Unrealized loss on investment securities, net
(132,192)(204,636)(185,978)(171,903)(246,395)
Add: Tax effect on unrealized loss on investment securities, net
31,090 48,128 43,740 40,430 57,949 
Adjusted tangible common equity$4,415,387 $3,973,845 $3,884,870 $3,906,241 $3,515,020 
Total assets$50,081,985 $50,403,457 $50,160,380 $49,824,830 $48,931,397 
Less: Goodwill and intangible assets, net1,095,954 1,098,777 1,101,643 1,104,728 1,110,553 
Tangible assets$48,986,031 $49,304,680 $49,058,737 $48,720,102 $47,820,844 
Tangible common equity ratio9.22 %8.38 %8.21 %8.29 %7.74 %
Adjusted tangible common equity ratio9.01 %8.06 %7.92 %8.02 %7.35 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,446,998 $5,146,785 $5,152,061 $4,933,917 $4,902,119 
Less: Average goodwill and intangible assets, net1,097,317 1,100,139 1,103,090 1,107,949 1,112,217 
Average tangible common equity$4,349,681 $4,046,646 $4,048,971 $3,825,968 $3,789,902 
Net income
$139,999 $163,713 $83,703 $82,575 $134,495 
Return on average tangible common equity12.80 %16.27 %8.31 %8.56 %14.08 %
Reconciliation of pre-provision net revenue:
Net income before taxes$173,286 $211,035 $106,889 $111,475 $167,735 
Add: Provision for expected credit losses
2,000 8,000 8,000 6,000 7,000 
Less: Net income (loss) attributable to non-controlling interests
(26)19 (9)(53)(16)
Pre-provision net revenue$175,312 $219,016 $114,898 $117,528 $174,751 
Calculation of efficiency ratio:
Total other operating expense$341,025 $336,690 $340,384 $384,083 $324,313 
Less: Amortization of intangible assets2,856 2,898 3,003 3,543 3,474 
Numerator for efficiency ratio
$338,169 $333,792 $337,381 $380,540 $320,839 
Net interest income
$308,119 $296,021 $293,572 $296,675 $300,896 
Tax-equivalent adjustment2,385 2,196 2,100 2,112 2,214 
Tax-equivalent net interest income
310,504 298,217 295,672 298,787 303,110 
Total other operating revenue208,192 259,704 161,701 204,883 198,152 
Less: Gain (loss) on available for sale securities, net
(691)34 (45,171)(27,626)— 
Denominator for efficiency ratio
$519,387 $557,887 $502,544 $531,296 $501,262 
Efficiency ratio65.11 %59.83 %67.13 %71.62 %64.01 %





16

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$308,119 $296,021 $293,572 $296,675 $300,896 
Less: Trading activities net interest income
3,751 (275)(498)(3,305)(7,343)
Net interest income excluding trading activities
304,368 296,296 294,070 299,980 308,239 
Tax-equivalent adjustment2,385 2,196 2,100 2,112 2,214 
Tax-equivalent net interest income excluding trading activities
$306,753 $298,492 $296,170 $302,092 $310,453 
Average interest-earning assets$45,911,383 $46,019,346 $44,846,886 $44,327,237 $44,012,300 
Less: Average trading activities interest-earning assets5,802,448 5,922,891 5,371,209 5,448,403 5,444,587 
Average interest-earning assets excluding trading activities$40,108,935 $40,096,455 $39,475,677 $38,878,834 $38,567,713 
Net interest margin on average interest-earning assets2.68 %2.56 %2.61 %2.64 %2.69 %
Net interest margin on average trading activities interest-earning assets0.29 %(0.05)%(0.07)%(0.20)%(0.49)%
Net interest margin on average interest-earning assets excluding trading activities3.02 %2.94 %2.97 %3.03 %3.14 %

Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.
Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.






17

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Commercial:     
Healthcare$4,149,069 $4,231,058 $4,245,939 $4,143,233 $4,083,134 
Services3,573,670 3,577,144 3,529,421 3,576,223 3,566,361 
Energy3,126,635 3,451,485 3,443,719 3,437,101 3,490,602 
General business4,028,548 4,363,722 3,913,788 3,647,212 3,579,742 
Total commercial14,877,922 15,623,409 15,132,867 14,803,769 14,719,839 
Commercial real estate:
Multifamily2,109,445 1,997,282 1,960,839 1,872,760 1,734,688 
Industrial1,270,928 1,214,991 1,343,970 1,475,165 1,432,629 
Office815,966 876,897 901,105 909,442 981,876 
Retail521,874 547,706 543,735 592,632 608,073 
Residential construction and land development105,048 88,252 83,906 95,052 100,465 
Other commercial real estate365,394 358,447 403,122 392,596 383,569 
Total commercial real estate5,188,655 5,083,575 5,236,677 5,337,647 5,241,300 
Loans to individuals:     
Residential mortgage2,370,293 2,281,226 2,192,584 2,160,640 2,090,992 
Residential mortgages guaranteed by U.S. government agencies127,747 131,825 139,456 149,807 161,092 
Personal1,420,444 1,433,546 1,470,976 1,453,105 1,510,795 
Total loans to individuals3,918,484 3,846,597 3,803,016 3,763,552 3,762,879 
Total$23,985,061 $24,553,581 $24,172,560 $23,904,968 $23,724,018 





18

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Texas:
Commercial$7,437,800 $7,879,143 $7,515,070 $7,384,107 $7,249,963 
Commercial real estate1,816,276 1,754,087 1,935,728 1,987,037 1,873,477 
Loans to individuals880,213 908,920 964,464 914,134 961,299 
Total Texas10,134,289 10,542,150 10,415,262 10,285,278 10,084,739 
Oklahoma:
Commercial3,440,385 3,619,136 3,478,146 3,275,907 3,384,627 
Commercial real estate557,025 556,971 605,419 606,515 601,087 
Loans to individuals2,367,725 2,273,240 2,176,268 2,147,782 2,100,974 
Total Oklahoma6,365,135 6,449,347 6,259,833 6,030,204 6,086,688 
Colorado:
Commercial2,175,540 2,220,887 2,244,416 2,273,179 2,219,460 
Commercial real estate835,478 806,522 766,100 769,329 710,552 
Loans to individuals216,938 217,990 221,291 228,257 227,569 
Total Colorado3,227,956 3,245,399 3,231,807 3,270,765 3,157,581 
Arizona:
Commercial1,064,380 1,104,875 1,149,394 1,143,682 1,173,491 
Commercial real estate1,115,928 1,045,837 1,007,972 1,003,331 1,014,151 
Loans to individuals218,340 208,419 218,664 248,873 260,282 
Total Arizona2,398,648 2,359,131 2,376,030 2,395,886 2,447,924 
Kansas/Missouri:
Commercial306,370 336,232 320,609 331,179 307,725 
Commercial real estate438,424 482,249 497,036 511,947 547,708 
Loans to individuals158,524 157,750 141,767 144,958 132,137 
Total Kansas/Missouri903,318 976,231 959,412 988,084 987,570 
New Mexico:
Commercial324,605 318,711 317,651 291,736 297,714 
Commercial real estate386,037 367,678 352,559 389,106 405,989 
Loans to individuals64,511 67,747 67,814 67,485 69,418 
Total New Mexico775,153 754,136 738,024 748,327 773,121 
Arkansas:
Commercial128,842 144,425 107,581 103,979 86,859 
Commercial real estate39,487 70,231 71,863 70,382 88,336 
Loans to individuals12,233 12,531 12,748 12,063 11,200 
Total Arkansas180,562 227,187 192,192 186,424 186,395 
Total BOK Financial$23,985,061 $24,553,581 $24,172,560 $23,904,968 $23,724,018 
Loans attributed to a principal market may not always represent the location of the borrower or the collateral.






19

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Oklahoma:
    Demand$3,491,996 $3,721,009 $3,365,529 $3,586,091 $4,019,019 
    Interest-bearing:
       Transaction12,474,626 12,115,793 12,362,193 10,929,704 9,970,955 
       Savings490,957 496,289 509,775 500,313 508,619 
       Time2,462,463 2,157,778 2,136,583 1,984,336 2,019,749 
    Total interest-bearing15,428,046 14,769,860 15,008,551 13,414,353 12,499,323 
Total Oklahoma18,920,042 18,490,869 18,374,080 17,000,444 16,518,342 
Texas:
    Demand2,228,690 2,448,433 2,201,561 2,306,334 2,599,998 
    Interest-bearing:
       Transaction6,191,794 5,425,670 5,125,834 5,035,856 5,046,288 
       Savings152,392 150,812 157,108 155,652 154,863 
       Time648,796 626,724 605,526 492,753 436,218 
    Total interest-bearing6,992,982 6,203,206 5,888,468 5,684,261 5,637,369 
Total Texas9,221,672 8,651,639 8,090,029 7,990,595 8,237,367 
Colorado:
    Demand1,195,637 1,244,848 1,316,971 1,633,672 1,598,622 
    Interest-bearing:
       Transaction1,935,685 1,921,671 1,951,232 1,921,605 1,888,026 
       Savings56,275 61,184 63,675 67,646 63,129 
       Time279,887 261,237 237,656 201,393 185,030 
    Total interest-bearing2,271,847 2,244,092 2,252,563 2,190,644 2,136,185 
Total Colorado3,467,484 3,488,940 3,569,534 3,824,316 3,734,807 
New Mexico:
    Demand628,594 661,677 683,643 794,467 853,571 
    Interest-bearing:
       Transaction1,275,502 1,323,750 1,085,946 886,089 1,049,903 
       Savings90,867 92,910 95,944 95,453 97,753 
       Time336,830 314,133 298,556 258,195 217,535 
    Total interest-bearing1,703,199 1,730,793 1,480,446 1,239,737 1,365,191 
Total New Mexico2,331,793 2,392,470 2,164,089 2,034,204 2,218,762 
Arizona:
    Demand435,553 448,587 502,143 524,167 522,142 
    Interest-bearing:
       Transaction1,237,811 1,227,895 1,181,539 1,174,715 903,535 
       Savings11,228 11,542 12,024 11,636 12,340 
       Time59,508 56,102 46,962 41,884 36,689 
    Total interest-bearing1,308,547 1,295,539 1,240,525 1,228,235 952,564 
Total Arizona1,744,100 1,744,126 1,742,668 1,752,402 1,474,706 





20

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
(In thousands)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Kansas/Missouri:
    Demand255,950 291,045 316,041 326,496 351,236 
    Interest-bearing:
       Transaction1,134,544 1,040,114 985,706 966,166 981,091 
       Savings11,896 14,998 13,095 13,821 14,331 
       Time35,316 32,921 30,411 23,955 22,437 
    Total interest-bearing1,181,756 1,088,033 1,029,212 1,003,942 1,017,859 
Total Kansas/Missouri1,437,706 1,379,078 1,345,253 1,330,438 1,369,095 
Arkansas:
    Demand23,824 24,579 28,168 25,266 29,635 
    Interest-bearing:
       Transaction62,249 52,149 55,735 49,966 57,381 
       Savings3,092 2,754 2,776 2,564 2,898 
       Time15,156 15,040 11,215 9,506 9,559 
    Total interest-bearing80,497 69,943 69,726 62,036 69,838 
Total Arkansas104,321 94,522 97,894 87,302 99,473 
Total BOK Financial$37,227,118 $36,241,644 $35,383,547 $34,019,701 $33,652,552 





21

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents5.33 %5.86 %4.96 %5.30 %5.43 %
Trading securities5.36 %5.06 %5.12 %5.05 %4.76 %
Investment securities, net of allowance1.41 %1.41 %1.42 %1.42 %1.43 %
Available for sale securities3.76 %3.71 %3.48 %3.27 %3.11 %
Fair value option securities3.69 %3.68 %3.59 %3.57 %4.61 %
Restricted equity securities8.20 %8.11 %8.59 %8.01 %7.88 %
Residential mortgage loans held for sale6.15 %6.50 %6.25 %6.59 %6.27 %
Loans7.47 %7.41 %7.40 %7.36 %7.25 %
Allowance for loan losses
Loans, net of allowance7.55 %7.49 %7.48 %7.45 %7.33 %
Total tax-equivalent yield on earning assets5.89 %5.80 %5.73 %5.64 %5.49 %
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction3.78 %3.76 %3.68 %3.44 %3.18 %
Savings0.60 %0.58 %0.57 %0.53 %0.47 %
Time4.56 %4.51 %4.54 %4.13 %3.96 %
Total interest-bearing deposits3.79 %3.76 %3.69 %3.43 %3.17 %
Funds purchased and repurchase agreements3.89 %4.28 %4.05 %4.79 %4.81 %
Other borrowings5.55 %5.58 %5.56 %5.55 %5.48 %
Subordinated debt7.15 %7.07 %7.09 %7.09 %7.02 %
Total cost of interest-bearing liabilities4.11 %4.15 %4.08 %3.98 %3.81 %
Tax-equivalent net interest spread
1.78 %1.65 %1.65 %1.66 %1.68 %
Effect of noninterest-bearing funding sources and other0.90 %0.91 %0.96 %0.98 %1.01 %
Tax-equivalent net interest margin2.68 %2.56 %2.61 %2.64 %2.69 %
Yield calculations are shown on a tax equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.





22

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratios)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy$28,986 $28,668 $14,991 $17,843 $19,559 
Healthcare15,927 20,845 49,307 81,529 41,836 
Services1,425 3,165 3,319 3,616 2,820 
General business5,334 5,756 7,003 7,143 6,483 
Total commercial51,672 58,434 74,620 110,131 70,698 
Commercial real estate12,364 12,883 22,087 7,320 7,418 
Loans to individuals:
Permanent mortgage13,688 12,627 13,449 18,056 30,954 
Permanent mortgage guaranteed by U.S. government agencies6,520 6,617 9,217 9,709 10,436 
Personal71 122 142 253 79 
Total loans to individuals20,279 19,366 22,808 28,018 41,469 
Total nonaccruing loans84,315 90,683 119,515 145,469 119,585 
Real estate and other repossessed assets2,625 2,334 2,860 2,875 3,753 
Total nonperforming assets$86,940 $93,017 $122,375 $148,344 $123,338 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$80,420 $86,400 $113,158 $138,635 $112,902 
Accruing loans 90 days past due1
$597 $2,962 $— $170 $64 
Gross charge-offs$2,496 $7,940 $7,060 $5,007 $10,593 
Recoveries(2,550)(995)(1,600)(911)(4,062)
Net charge-offs (recoveries)$(54)$6,945 $5,460 $4,096 $6,531 
Provision for loan losses$(3,424)$13,148 $9,960 $9,105 $15,931 
Provision for credit losses from off-balance sheet unfunded loan commitments5,430 (4,983)(1,658)(3,627)(7,336)
Provision for expected credit losses from mortgage banking activities47 (153)(265)530 (1,474)
Provision for credit losses related to held-to maturity (investment) securities portfolio(53)(12)(37)(8)(121)
Total provision for credit losses$2,000 $8,000 $8,000 $6,000 $7,000 





23

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratios)Sep. 30, 2024June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023
Allowance for loan losses to period end loans1.19 %1.17 %1.17 %1.16 %1.15 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans1.39 %1.34 %1.36 %1.36 %1.37 %
Nonperforming assets to period end loans and repossessed assets0.36 %0.38 %0.51 %0.62 %0.52 %
Net charge-offs (annualized) to average loans— %0.11 %0.09 %0.07 %0.11 %
Allowance for loan losses to nonaccruing loans1
365.65 %342.38 %255.33 %204.13 %249.31 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
427.05 %392.74 %298.23 %240.20 %297.50 %
1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.





24

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
3Q24 vs 2Q24
3Q24 vs 3Q23
(In thousands, except ratios)
Sep. 30, 2024June 30, 2024Sep. 30, 2023Change% ChangeChange% Change
Commercial Banking:
Net interest income
$207,610 $203,756 $214,143 $3,854 1.9 %$(6,533)(3.1)%
Fees and commissions revenue55,865 53,720 57,858 2,145 4.0 %(1,993)(3.4)%
Combined net interest income and fee revenue
263,475 257,476 272,001 5,999 2.3 %(8,526)(3.1)%
Other operating expense78,387 76,114 83,256 2,273 3.0 %(4,869)(5.8)%
Corporate expense allocations17,371 17,381 17,838 (10)(0.1)%(467)(2.6)%
Net income129,854 119,579 125,938 10,275 8.6 %3,916 3.1 %
Average assets30,657,285 30,305,613 28,867,129 351,672 1.2 %1,790,156 6.2 %
Average loans20,340,512 20,403,837 19,645,259 (63,325)(0.3)%695,253 3.5 %
Average deposits17,131,237 16,189,003 15,115,313 942,234 5.8 %2,015,924 13.3 %
Consumer Banking:
Net interest income
$65,263 $65,164 $66,378 $99 0.2 %$(1,115)(1.7)%
Fees and commissions revenue36,699 36,252 30,715 447 1.2 %5,984 19.5 %
Combined net interest income and fee revenue
101,962 101,416 97,093 546 0.5 %4,869 5.0 %
Other operating expense57,779 55,128 54,497 2,651 4.8 %3,282 6.0 %
Corporate expense allocations13,298 13,392 11,920 (94)(0.7)%1,378 11.6 %
Net income18,948 24,117 22,651 (5,169)(21.4)%(3,703)(16.3)%
Average assets9,804,990 9,630,470 9,379,478 174,520 1.8 %425,512 4.5 %
Average loans2,057,870 1,975,106 1,812,606 82,764 4.2 %245,264 13.5 %
Average deposits8,136,312 8,073,782 7,936,186 62,530 0.8 %200,126 2.5 %
Wealth Management:
Net interest income
$33,185 $29,501 $22,667 $3,684 12.5 %$10,518 46.4 %
Fees and commissions revenue112,457 113,208 123,614 (751)(0.7)%(11,157)(9.0)%
Combined net interest income and fee revenue
145,642 142,709 146,281 2,933 2.1 %(639)(0.4)%
Other operating expense93,539 90,214 89,108 3,325 3.7 %4,431 5.0 %
Corporate expense allocations13,458 16,484 14,562 (3,026)(18.4)%(1,104)(7.6)%
Net income29,616 27,497 32,519 2,119 7.7 %(2,903)(8.9)%
Average assets16,344,623 16,452,098 14,740,641 (107,475)(0.7)%1,603,982 10.9 %
Average loans2,151,196 2,199,747 2,219,829 (48,551)(2.2)%(68,633)(3.1)%
Average deposits9,837,888 9,551,307 7,886,962 286,581 3.0 %1,950,926 24.7 %
Fiduciary assets63,703,618 61,917,694 56,380,009 1,785,924 2.9 %7,323,609 13.0 %
Assets under management or administration110,702,612 107,477,030 99,004,179 3,225,582 3.0 %11,698,433 11.8 %
Certain prior period amounts have been reclassified to conform to current period presentation.





25
October 22, 2024 Q3 Earnings Conference Call

 
This presentation contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” "outlook," “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. For a discussion of risk factors that may cause actual results to differ from expectations, please refer to BOK Financial Corporation’s most recent annual and quarterly reports. BOK Financial Corporation and its affiliates undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measures: This presentation may refer to non-GAAP financial measures. Additional information on these financial measures is available in BOK Financial’s 10-Q and 10-K filings with the Securities and Exchange Commission which can be accessed at bokf.com. All data is presented as of September 30, 2024 unless otherwise noted. Legal Disclaimers 2

 
Stacy Kymes Chief Executive Officer 3

 
Q3 Financial Highlights * Non-GAAP measure Attributable to shareholders Per share (diluted) Net Income • Net Income was $140.0 million, or $2.18 per diluted share • Asset quality remains strong with criticized levels remaining well below pre-pandemic levels and non- performing assets declining 6.5%. We had net recoveries of $54 thousand during Q3 • Loan growth trends from earlier in the year were muted in Q3, largely due to a more accommodating bond market for energy debt transactions and M&A activity • Continued strong capital and liquidity position with deposits growing $985 million during the quarter 4 ($Million, exc. EPS) Q3 2024 Q2 2024 Q3 2023 Net income $140.0 $163.7 $134.5 Diluted EPS $2.18 $2.54 $2.04 Net income before taxes $173.3 $211.0 $167.7 Provision for credit losses $2.0 $8.0 $7.0 Pre-provision net revenue* $175.3 $219.0 $174.8 Efficiency ratio 65.1% 59.8% 64.0% Revenue Composition as of 9/30/2024 Net Interest Income Trading & Brokerage Fiduciary & Asset Management Transaction Card Deposit Service Charges Mortgage Banking Other Revenue

 
Additional Details 5 ◦ Period end loan balances declined $569 million with lower commercial balances, partially offset by increased CRE activity while average loan balances were relatively consistent, declining only $80 million ◦ Average deposits increased $1.1 billion in Q3, with the mix continuing to shift to interest bearing ◦ Loan to deposit ratio decreased 4% to 64% at September 30, well below the pre-pandemic level of 79% at Dec. 31, 2019 ◦ Assets under management or administration increased $3.2 billion, driven by increased market valuations ($Billion) Q3 2024 Quarterly Sequential Quarterly YOY Period End Loans $24.0 (2.3)% 1.1% Average Loans $24.3 (0.3)% 3.8% Period End Deposits $37.2 2.7% 10.6% Average Deposits $36.8 3.1% 10.4% Fiduciary Assets $63.7 2.9% 13.0% Assets Under Management or Administration $110.7 3.0% 11.8%

 
Marc Maun EVP, Regional Banking Executive 6

 
Loan Portfolio • Combined Services & General Business (Core C&I) balances decreased $339 million; however are up $456 million or 6.4% year over year with a robust pipeline going into Q4 • Energy balances decreased $325 million with a more accommodating bond market and M&A activity contributing to paydowns • Healthcare balances decreased $82 million linked quarter • Commercial Real Estate loan balances grew $105 million or 2.1% linked quarter as new loans fund up during construction 7 ($Million) Sep. 30, 2024 June 30, 2024 Sep. 30, 2023 Seq. Loan Growth YOY Loan Growth Energy $ 3,126.6 $ 3,451.5 $ 3,490.6 (9.4)% (10.4)% Services 3,573.7 3,577.1 3,566.4 (0.1)% 0.2% Healthcare 4,149.1 4,231.1 4,083.1 (1.9)% 1.6% General Business 4,028.5 4,363.7 3,579.7 (7.7)% 12.5% Total Commercial $ 14,877.9 $ 15,623.4 $ 14,719.8 (4.8)% 1.1% Multifamily $ 2,109.4 $ 1,997.3 $ 1,734.7 5.6% 21.6% Industrial 1,270.9 1,215.0 1,432.6 4.6% (11.3)% Office 816.0 876.9 981.9 (6.9)% (16.9)% Retail 521.9 547.7 608.1 (4.7)% (14.2)% Residential Construction and Land Development 105.0 88.3 100.5 19.0% 4.6% Other Commercial Real Estate 365.4 358.4 383.6 1.9% (4.7)% Total Commercial Real Estate $ 5,188.7 $ 5,083.6 $ 5,241.3 2.1% (1.0)% Loans to individuals $ 3,918.5 $ 3,846.6 $ 3,762.9 1.9% 4.1% Total Loans $ 23,985.1 $ 24,553.6 $ 23,724.0 (2.3)% 1.1%

 
Credit Resilience Disciplined Credit Concentration • CRE limit on total committed balances is 185% of tier one capital plus reserves • Office CRE outstandings only comprise 3% of total loans 8 100 year history in energy lending and a tested playbook that works • 70% oil / 30% gas-weighted borrowers • Robust stress testing process and 17 petroleum engineers on staff * '24 YTD has been annualized for comparability with prior periods.

 
Credit Quality Metrics • Credit quality remains better than pre-pandemic levels with a 6.9% decline during the quarter in non-performing assets, excluding those guaranteed by U.S. government agencies • Trailing 12 months net charge-offs at 7 bps with net recoveries of $54 thousand during Q3 • CRE office exposure is 3% of outstanding period end total loan balances, with properties in resilient markets • $2 million credit provision in Q3 reflecting strong credit quality, net loan paydowns and minor changes in the economic forecast; with a combined allowance for credit losses of $332 million or 1.39% Net Charge-Offs to Average Loans CRE Office by Location Annualized 9 Committed Criticized Assets / Tier 1 Capital & Reserves

 
Scott Grauer EVP, Wealth Management Executive 10

 
Fee Income - Markets & Securities Trading Fees • Decreased 14.6% driven by market conditions during the quarter, partially offset by strong activity in the municipal sector Mortgage Banking • Revenue consistent with prior quarter, which reflects higher production volume than 2023 as the origination market strengthens over the prior year, but remains relatively soft Syndication and Investment Banking Fees • Q3 represents a record quarter for investment banking fees, led by our Texas municipal bond underwriting team and bond economics from Energy payoffs 11 ($Million) Q3 2024 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Trading Fees $ 23.6 $ (4.1) (14.6)% (31.4)% Mortgage Banking 18.4 (0.3) (1.4)% 37.6% Customer Hedging Fees 7.4 0.7 9.8% 8.3% Brokerage Fees* 4.9 0.1 1.8% (30.3)% Syndication Fees 3.6 (0.3) (7.9)% (5.0)% Investment Banking Fees 10.8 1.0 10.1% 6.5% Markets & Securities $ 68.7 $ (2.9) (4.0)% (9.1)% * The year-over-year decrease of 30.3% is affected by the sale of our insurance brokerage business in Q4 of 2023. Excluding that impact, Brokerage fees would have increased 13.0%.

 
Fee Income - Asset Management & Transactions Fiduciary & Asset Management • Assets under management and administration (“AUMA”) increased $3.2 billion during the quarter driven by increased market valuations Transaction Card • Increase primarily due to volume of transactions processed 12 ($Million) Q3 2024 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Markets & Securities $ 68.7 $ (2.9) (4.0)% (9.1)% Fiduciary & Asset Management 57.4 (0.2) (0.3)% 9.8% Transaction Card 28.5 1.2 4.6% 8.0% Deposit Service Charges & Fees 30.5 0.9 3.0% 10.0% Other Revenue 17.4 3.4 24.4% 9.7% Asset Management & Transactions 133.8 5.3 4.2% 9.5% Total Fees & Commissions $ 202.5 $ 2.5 1.2% 2.3% B+A A B

 
Marty Grunst EVP, Chief Financial Officer 13

 
Yields, Rate & Margin Net Interest Income • Net interest income was up $12.1 million linked quarter led by a combination of increased loan yields, the benefit from upward repricing of our short duration securities portfolios, and a reduction of interest on borrowings Net Interest Margin • 12 bps NIM increase, consistent with prior expectations, and related to loan yields and the repricing activity noted above 14 ($Million) Q3 2024 Q2 2024 Q3 2023 Quarterly sequential Quarterly YOY Net Interest Income $308.1 $296.0 $300.9 4.1% 2.4% Net Interest Margin 2.68% 2.56% 2.69% 12 bps (1) bps Yield on Loans 7.47% 7.41% 7.25% 6 bps 22 bps Tax-equivalent Yield on Earning Assets 5.89% 5.80% 5.49% 9 bps 40 bps Cost of interest-bearing deposits 3.79% 3.76% 3.17% 3 bps 62 bps Rate on interest-bearing liabilities 4.11% 4.15% 3.81% (4) bps 30 bps Net Interest Income ($Million) Net Interest Margin * Non-GAAP measure

 
Expenses • Quarterly personnel expenses increased $15.7 million due primarily to higher incentive compensation costs. These are largely timing related as commercial incentive compensation plans moved to being largely share-based rather than cash-based awards in Q2. • Non-personnel expense decreased $11.4 million as the prior quarter included a $13.6 million charitable donation to the BOKF Foundation 15 ($Million) Q3 2024 Q2 2024 Q3 2023 % Incr. Seq. % Incr. YOY Personnel Expense $206.8 $191.1 $190.8 8.2% 8.4% Other Operating Expense $134.2 $145.6 $133.5 (7.8)% 0.5% Total Operating Expense $341.0 $336.7 $324.3 1.3% 5.2% Efficiency Ratio 65.1% 59.8% 64.0% --- ---

 
2024 Full Year Outlook 16 • We pursue share repurchase activity on an opportunistic basis. • Changes to outlook shown in Bold font *Refer to Slide #2 regarding forward looking statements, expectations above assume no change to economic environment. Business Driver FY as of 10/21/24 FY as of 7/23/24 Notes Loans (EOP) Low single digit growth rate +5% to +7% Reflects specialized lending payoff activity seen in Q3 Deposits (EOP) Moderate growth Modest growth Loan to deposit ratio is expected to remain below 70% Investment Securities No change Flat Net Interest Income Slightly above $1.2 billion ~$1.2 billion 1 additional 25 basis point cut by year end Fees & Commissions $800 - $825 million Near $825 million Expense Growth No change Mid-single digits Applies to the adjusted 2023 full year expenses of $1.28 billion Efficiency Ratio No change ~64% Average over the course of the year. Provision Expense Below 2023 Near to slightly below 2023 Consistent economic outlook and stable combined reserve levels

 
Question & Answer Session 17

 
Stacy Kymes Chief Executive Officer 18

 
Appendix 19

 
Securities and Interest Rate Risk Position Interest Rate Risk • Approximately 74% of the total loan portfolio is variable rate or fixed rate that reprice within a year • Approximately 81% of Commercial and Commercial Real Estate portfolios are variable rate or fixed rate that reprice within a year • Sensitivity to betas - The impact of decreasing our deposit beta by 10% in a down -100 interest rate scenario is (0.59)% on NII 20 Scenario* ∆ NII % ∆ NII $ Down 200 Ramp, year 1 0.43% $5.4 million Down 100 Ramp, year 1 (0.07)% $(0.9) million Up 100 Ramp, year 1 (0.70)% $(8.8) million Up 200 Ramp, year 1 (3.09)% $(38.5) million Securities Portfolio • Short duration with limited extension, current portfolio duration is 3.0 years, extending to only 3.7 years if rates increase 300 bps • RMBS portfolio is all "AAA" rated with average credit enhancement of ~17% • Portfolio runoff for Q3 2024 was $760 million Govt/GSE Guaranteed RMBS Muni BOKF Securities by Guarantee Type 9/30/2024

 
Liquidity & Capital * Non-GAAP measure **Uninsured and non-collateralized deposits excludes intra-bank deposits Liquidity • Period-end deposit balances increased $985 million this quarter • Uninsured and non-collateralized deposit coverage ratio decreased slightly ~ 183% at September 30. Capital • Robust capital ratios consistently remain well above regulatory and internal policy thresholds • Tier 1 Common Equity ratio if adjusted to include all securities portfolio losses was 11.6%* • Tangible Common Equity ratio including held-to-maturity losses was 9.01%* • No shares were repurchased in the open market in Q3 21 Q3 2024 Q2 2024 Q3 2023 Loan to Deposit Ratio 64.4% 67.7% 70.5% Period-End Deposits $37.2 billion $36.2 billion $33.7 billion Available Secured Capacity $22.8 billion $20.4 billion $19.2 billion Common Equity Tier 1 12.7% 12.1% 12.1% Total Capital Ratio 13.9% 13.3% 13.2% Tangible Common Equity Ratio * 9.2% 8.4% 7.7% Coverage Ratio ~183% Uninsured Deposit Coverage ($Billion)

 

 
v3.24.3
Document and Entity Information Document
Oct. 21, 2024
DEI [Abstract]  
Entity Central Index Key 0000875357
Entity Incorporation, State or Country Code OK
Document Type 8-K
Document Period End Date Oct. 21, 2024
Entity File Number 001-37811
Entity Registrant Name BOK FINANCIAL CORP
City Area Code 918
Local Phone Number 588-6000
Entity Tax Identification Number 73-1373454
Entity Address, Address Line One Boston Avenue at Second Street
Entity Address, City or Town Tulsa,
Entity Address, State or Province OK
Entity Address, Postal Zip Code 74192
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.00006 per share
Trading Symbol BOKF
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
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