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Derivatives
 12 Months Ended
Dec. 31, 2014
Derivative Instrument Detail [Abstract]  
Derivatives [Text Block]
(3) Derivatives
 
The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2014 (in thousands):
 
 
Assets
 
 
Notional1
 
Gross Fair Value
 
Netting Adjustments
 
Net Fair Value Before Cash Collateral
 
Cash Collateral
 
Fair Value Net of Cash Collateral
Customer risk management programs:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
13,313,615

 
$
94,719

 
$
(39,359
)
 
$
55,360

 
$
—

 
$
55,360

Interest rate swaps
 
1,165,568

 
35,405

 
—

 
35,405

 
—

 
35,405

Energy contracts
 
579,801

 
141,166

 
(48,624
)
 
92,542

 
(71,310
)
 
21,232

Agricultural contracts
 
47,657

 
1,904

 
(1,256
)
 
648

 
—

 
648

Foreign exchange contracts
 
290,965

 
238,395

 
—

 
238,395

 
—

 
238,395

Equity option contracts
 
194,960

 
10,834

 
—

 
10,834

 
—

 
10,834

Total customer risk management programs
 
15,592,566

 
522,423

 
(89,239
)
 
433,184

 
(71,310
)
 
361,874

Interest rate risk management programs
 
—

 
—

 
—

 
—

 
—

 
—

Total derivative contracts
 
$
15,592,566

 
$
522,423

 
$
(89,239
)
 
$
433,184

 
$
(71,310
)
 
$
361,874

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
13,471,880

 
$
91,949

 
$
(39,359
)
 
$
52,590

 
$
(52,290
)
 
$
300

Interest rate swaps
 
1,165,568

 
35,599

 
—

 
35,599

 
(18,717
)
 
16,882

Energy contracts
 
579,801

 
142,839

 
(48,624
)
 
94,215

 
—

 
94,215

Agricultural contracts
 
47,418

 
1,908

 
(1,256
)
 
652

 
(596
)
 
56

Foreign exchange contracts
 
290,856

 
238,118

 
—

 
238,118

 
(6,703
)
 
231,415

Equity option contracts
 
194,960

 
10,834

 
—

 
10,834

 
—

 
10,834

Total customer risk management programs
 
15,750,483

 
521,247

 
(89,239
)
 
432,008

 
(78,306
)
 
353,702

Interest rate risk management programs
 
47,000

 
852

 
—

 
852

 
—

 
852

Total derivative contracts
 
$
15,797,483

 
$
522,099

 
$
(89,239
)
 
$
432,860

 
$
(78,306
)
 
$
354,554


1 
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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

Derivative contracts may also require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. As of December 31, 2014, a decrease in credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $19 million.
 
The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2013 (in thousands):
 
 
Assets
 
 
Notional1
 
Gross Fair Value
 
Netting Adjustments
 
Net Fair Value Before Cash Collateral
 
Cash Collateral
 
Fair Value Net of Cash Collateral
Customer risk management programs:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
10,817,159

 
$
102,921

 
$
(46,623
)
 
$
56,298

 
$
—

 
$
56,298

Interest rate swaps
 
1,283,379

 
44,124

 
—

 
44,124

 
(731
)
 
43,393

Energy contracts
 
1,263,266

 
48,078

 
(29,957
)
 
18,121

 
(2,575
)
 
15,546

Agricultural contracts
 
100,886

 
2,060

 
(1,166
)
 
894

 
—

 
894

Foreign exchange contracts
 
136,543

 
136,543

 
—

 
136,543

 
(2,147
)
 
134,396

Equity option contracts
 
210,816

 
17,957

 
—

 
17,957

 
(3,472
)
 
14,485

Total customer risk management programs
 
13,812,049

 
351,683

 
(77,746
)
 
273,937

 
(8,925
)
 
265,012

Interest rate risk management programs
 
—

 
—

 
—

 
—

 
—

 
—

Total derivative contracts
 
$
13,812,049

 
$
351,683

 
$
(77,746
)
 
$
273,937

 
$
(8,925
)
 
$
265,012

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
10,982,049

 
$
99,830

 
$
(46,623
)
 
$
53,207

 
$
—

 
$
53,207

Interest rate swaps
 
1,283,379

 
44,377

 
—

 
44,377

 
(17,853
)
 
26,524

Energy contracts
 
1,216,426

 
46,095

 
(29,957
)
 
16,138

 
(6,055
)
 
10,083

Agricultural contracts
 
99,191

 
2,009

 
(1,166
)
 
843

 
—

 
843

Foreign exchange contracts
 
135,237

 
135,237

 
—

 
135,237

 
(294
)
 
134,943

Equity option contracts
 
210,816

 
17,957

 
—

 
17,957

 
—

 
17,957

Total customer risk management programs
 
13,927,098

 
345,505

 
(77,746
)
 
267,759

 
(24,202
)
 
243,557

Interest rate risk management programs
 
47,000

 
3,628

 
—

 
3,628

 
—

 
3,628

Total derivative contracts
 
$
13,974,098

 
$
349,133

 
$
(77,746
)
 
$
271,387

 
$
(24,202
)
 
$
247,185

1 
Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.



The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the Consolidated Statement of Earnings (in thousands):
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
 
Brokerage
and Trading Revenue
 
Gain (Loss)
on Derivatives, Net
 
Brokerage
and Trading
Revenue
 
Gain (Loss)
on Derivatives,
Net
 
Brokerage
and Trading
Revenue
 
Gain (Loss)
on Derivatives,
Net
Customer risk management programs:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
27,007

 
$
—

 
$
29,614

 
$
—

 
$
25,509

 
$
—

Interest rate swaps
 
2,494

 
—

 
2,991

 
—

 
3,458

 
—

Energy contracts
 
6,572

 
—

 
8,303

 
—

 
8,171

 
—

Agricultural contracts
 
146

 
—

 
357

 
—

 
382

 
—

Foreign exchange contracts
 
1,581

 
—

 
687

 
—

 
612

 
—

Equity option contracts
 
—

 
—

 
—

 
—

 
—

 
—

Total customer risk management programs
 
37,800

 
—

 
41,952

 
—

 
38,132

 
—

Interest rate risk management programs
 
—

 
2,776

 
—

 
(4,367
)
 
—

 
(301
)
Total derivative contracts
 
$
37,800

 
$
2,776

 
$
41,952

 
$
(4,367
)
 
$
38,132

 
$
(301
)


At December 31, 2014, BOK Financial had interest rate swaps with a notional value of $47 million used as part of the economic hedge of the change in the fair value of mortgage servicing rights.

As discussed in Note 7, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 7 for additional discussion of notional, fair value and impact on earnings of these contracts. Forward sales contracts are not considered swaps under the Commodity and Futures Trading Commission final rules.

None of these derivative contracts have been designated as hedging instruments.