Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets [Text Block] | Goodwill and Intangible Assets On May 4, 2015, the Company acquired a majority voting interest in Heartland Food Products, LLC, a Kansas-based food product and restaurant equipment company pursuant to merchant banking regulations and restrictions. The cash purchase price for this acquisition was $18 million. The purchase price allocation included $11 million of identifiable intangible assets and $2.7 million of goodwill. On January 12, 2016, the Company acquired E-Spectrum Advisors, a boutique energy investment banking firm based in Dallas that offers a broad range of oil and natural gas property sales and strategic advisory services. On February 29, 2016, the Company acquired Weaver and Tidwell Financial Advisors LTD d/b/a Weaver Wealth Management, a registered investment advisor. The acquisition included hiring Weaver Wealth Management’s team and transitioning its wealth management clients to The Milestone Group, a wholly owned subsidiary of BOK Financial. The acquisition increased BOK Financial’s assets under management and administration by approximately $340 million. The combined cash purchase price for these two acquisitions in 2016 totaled $7.7 million, including $5.3 million of identifiable intangible assets and $3.3 million of goodwill. On December 1, 2016, the Company acquired MBT Bancshares, Inc. ("MBT"), parent company of Missouri Bank and Trust of Kansas City (“Mobank”). Mobank operates four banking branches in the Kansas City, Missouri area. BOK Financial paid $102.5 million in an all-cash deal for all outstanding shares of MBT stock. MBT was merged into BOK Financial and Mobank became a wholly owned subsidiary of BOK Financial on December 1, 2016. On February 17, 2017, Mobank was merged with the Bank of Kansas City banking division of BOKF, NA. All branches in the Kansas City market will operate under the Mobank name. A summary of the preliminary purchase price allocation and resulting goodwill follows (in thousands):
1 Loans are presented net of participations sold to BOKF NA. The pro-forma impact of all acquisition transactions for periods prior to the acquisition dates was not material to the Company's consolidated financial statements. The following table presents the original cost and accumulated amortization of intangible assets (in thousands):
Expected amortization expense for intangible assets that will continue to be amortized (in thousands):
The changes in the carrying value of goodwill by operating segment are as follows (in thousands):
Goodwill related to the Mobank acquisition was not yet allocated to the operating segments as of December 31, 2016 and accordingly is included in Funds Management and Other above. All of the goodwill related to the Mobank acquisition is tax deductible. The annual goodwill evaluations for 2016 and 2015 did not indicate impairment for any reporting unit. Economic conditions did not indicate that impairment existed for any identifiable intangible assets and therefore no impairment evaluation was performed. |