Exhibit 99(a)

                                                    NASD: BOKF

BOK Financial Corporation Reports Annual Earnings of $435 million or $6.19 Per Share and

Record Quarterly Earnings of $154 million or $2.21Per Share in the Fourth Quarter

CEO Commentary

Steven G. Bradshaw, president and chief executive officer stated, “Despite the macroeconomic challenges in the first half of the year, BOK Financial ended 2020 on a high note. The fourth quarter was the second-consecutive, record earnings quarter for the company, and ultimately culminated in record annual revenue in our wealth management and mortgage businesses, proving the value of our diversified revenue earnings model during times of economic uncertainty.”

Bradshaw continued, “In addition to our earnings success, our differentiated credit culture was also a standout in the fourth quarter and throughout 2020. We once again proved the depth of our energy expertise as we navigated another steep commodities downturn with net charge-off performance near the top of our peer group of energy banks. Our success in 2020 proves why diversified revenue and strong credit culture have been the company’s defining hallmarks for decades. These guiding principles give us confidence for continued success in 2021.”

2020 Financial Highlights

•Net income for the year ended December 31, 2020 totaled $435.0 million or $6.19 per diluted share compared to $500.8 million or $7.03 per diluted share for the year ended December 31, 2019. A pre-tax provision for expected credit losses of $222.6 million was included in 2020 while a pre-tax provision for incurred losses of $44.0 million was included in 2019. The Company adopted the current expected credit loss ("CECL") model on January 1, 2020.

•Net interest revenue totaled $1.1 billion, consistent with the prior year. Net interest margin was 2.83 percent for 2020 compared to 3.11 percent for 2019. The Federal Reserve reduced the federal funds rate to near zero early in the year putting pressure on the margin in 2020.

•Fees and commissions revenue increased $108.1 million to $810.3 million in 2020, led by strong growth in mortgage banking revenue and brokerage and trading revenue. Declining mortgage interest rates have propelled mortgage production and related trading activities.

•Operating expense totaled $1.2 billion in 2020, an increase of $33.6 million. Incentive compensation expense increased $41.7 million, largely related to the increase in trading and mortgage activity in 2020. This increase was partially offset by decreased business promotion expenses of $21.2 million related to lower advertising and travel and entertainment costs as a result of the ongoing pandemic.

•The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $24.9 million during 2020 compared to an economic cost of $17.9 million during 2019.

•Period-end loans were up $1.3 billion to $23.0 billion while average loans increased $1.3 billion to $23.4 billion. We are actively participating in programs initiated by the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), including the Small Business Administration's Paycheck Protection Program ("PPP"). PPP loans accounted for $1.7 billion at December 31, 2020 and averaged $1.4 billion for 2020.

•Period-end deposits increased $8.5 billion to $36.1 billion and average deposits increased $7.1 billion to $32.8 billion. Deposit growth was largely due to customers retaining higher balances in the current economic environment combined with increases due to various COVID-19 related government program stimulus payments.

•Commercial Banking added $306.0 million to net income in 2020 compared to $374.8 million in 2019. Combined net interest and fee revenue decreased $69.3 million compared to the prior year. A decrease in net interest revenue, largely due to compressed loan spreads, was partially offset by growth in customer energy hedging revenue. Transaction card revenue also increased $3.7 million. An increase in financial institution customer contracts during 2020 provides opportunities for future growth. Operating expense increased $6.4 million.

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Increased non-personnel expense was partially offset by decreased incentive compensation costs. Charge-offs increased $30.5 million, primarily due to energy loans. Average loans for 2020 increased $621 million to $18.7 billion. Average deposits increased $4.0 billion to $14.3 billion. Government stimulus payments were received during the year from the PPP and other government programs and customers are retaining higher cash balances due to the uncertain economic environment.

•Consumer Banking added a record $95.4 million to net income during the year compared to $56.6 million in the prior year. Combined net interest and fee revenue increased $9.1 million over the prior year. Net interest revenue was significantly affected by lower yields on deposits sold to our Funds Management unit and compressed loan spreads. However, mortgage production revenue increased $83.1 million due to lower mortgage interest rates. Service charges declined $15.4 million as we waived certain fees in the midst of the pandemic. The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $24.9 million during 2020 compared to an economic cost of $17.9 million in 2019.

•With revenues surpassing $500 million, Wealth Management produced a record year, contributing $115.6 million to net income in 2020 compared to $95.3 million in 2019. Combined net interest and fee revenue increased $75.1 million over the prior year. Low mortgage interest rates significantly increased mortgage trading activity, which led to an increase in both trading interest income and brokerage and trading revenue. This increase was partially offset by lower yields on deposits sold to our Funds Management unit. We increased our trading pipeline to provide greater liquidity to the housing market during a time of record loan production volumes. Fiduciary and asset management revenue decreased $7.9 million compared to 2019. The low rate environment has put pressure on our mutual fund revenue streams, partially offset by increased trust and managed account fees from higher client asset balances. Operating expense increased $48.3 million, primarily due to incentive compensation driven by growth in our trading business. Average deposits grew $2.2 billion to $8.7 billion in 2020, led by growth in interest-bearing transaction deposits.

Fourth Quarter 2020 Financial Highlights

•Net income was $154.2 million or $2.21 per diluted share for the fourth quarter of 2020 and $154.0 million or $2.19 per diluted share for the third quarter of 2020. A negative pre-tax provision for expected credit losses of $6.5 million was recorded in the fourth quarter of 2020 compared to no provision in the prior quarter.

•Net interest revenue totaled $297.2 million, an increase of $25.5 million, largely due to a $5.1 billion increase in average trading securities. Net interest margin was 2.72 percent compared to 2.81 percent in the third quarter of 2020. The increase in the trading securities portfolio combined with the repricing of our available for sale securities portfolio at current interest rates decreased the net interest margin in the fourth quarter. The company has been proactive in reducing deposit costs and implementing LIBOR floors in loan agreements to support the margin.

•Fees and commissions revenue totaled $181.1 million, a decrease of $41.8 million. Brokerage and trading revenue decreased $30.0 million, largely due to a shift from trading revenue to interest income on trading securities. While still strong, mortgage banking revenue decreased $12.7 million compared to the prior quarter, primarily the result of seasonal declines in production coupled with market driven margin compression.

•Operating expense was $300.7 million, consistent with the prior quarter. Personnel expense decreased $3.7 million, primarily due to lower incentive compensation and a seasonal decrease in employee benefits costs. Non-personnel expense increased $3.1 million compared to the third quarter of 2020. We made a $6.0 million charitable contribution to the BOKF Foundation in the fourth quarter. This increase, along with an increase in business promotion expense, was partially offset by lower FDIC insurance expense and net losses and expenses on repossessed assets.

•Period-end loans decreased $796 million to $23.0 billion at December 31, 2020, primarily due to paydowns of commercial loans and PPP loans. Average loans were $23.4 billion, a $663 million decrease compared to the third quarter.

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•The allowance for loan losses totaled $389 million or 1.69 percent of outstanding loans at December 31, 2020. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $426 million or 1.85 percent of outstanding loans at December 31, 2020. Excluding PPP loans, the allowance for loan losses was 1.82 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 2.00 percent. Excluding PPP loans, the allowance for loan losses was $420 million or 1.93 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $448 million or 2.06 percent of outstanding loans at September 30, 2020.

•Average deposits increased $883 million to $35.5 billion and period-end deposits increased $1.2 billion to $36.1 billion, largely due to growth in wealth management balances. Continued deposit growth was due primarily to customers retaining higher balances in the current economic environment.

•The company's common equity Tier 1 capital ratio was 11.94 percent at December 31, 2020. In addition, the company's Tier 1 capital ratio was 11.94 percent, total capital ratio was 13.81 percent, and leverage ratio was 8.28 percent at December 31, 2020. At September 30, 2020, the company's common equity Tier 1 capital ratio was 12.07 percent, Tier 1 capital ratio was 12.07 percent, total capital ratio was 14.05 percent, and leverage ratio was 8.39 percent.

•The company repurchased 665,100 shares of common stock at an average price of $63.82 a share in the fourth quarter.

•Commercial Banking contributed $74.9 million to net income in the fourth quarter of 2020, consistent with the third quarter. Combined net interest revenue decreased $8.9 million, primarily due to compressed loan spreads. This was partially offset by a decrease in net loans charged off of $6.4 million. Average Commercial Banking loans decreased $577 million due to purposeful deleveraging by our customers.

•Consumer Banking contributed $14.3 million to net income in the fourth quarter of 2020, a decrease of $12.0 million compared to the third quarter. Combined net interest and fee revenue decreased $15.1 million. Net interest revenue decreased $2.5 million, mainly due to lower yields on deposits sold to our Funds Management unit and compressed loan spreads. Fees and commissions revenue decreased $12.6 million due to normal seasonality in mortgage production combined with reduced gain on sale margins. While mortgage production revenue decreased, it remained a strong quarter for our mortgage banking business.

•Wealth Management contributed $28.4 million to net income in the fourth quarter of 2020, a decrease of $2.8 million compared to the third quarter. Combined net interest and fee revenue decreased $3.2 million. Deposit growth remains strong with total average deposits growing $500 million compared to the previous quarter. Assets under management or administration totaled $91.6 billion compared to $82.4 billion in the prior quarter.

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Net Interest Revenue

Net interest revenue was $297.2 million for the fourth quarter of 2020, a $25.5 million increase compared to the third quarter of 2020, primarily due to the increase in average trading securities.

Average earning assets increased $4.8 billion compared to the third quarter of 2020. Average trading securities balances increased $5.1 billion due to continued growth in our trading of U.S. government issued mortgage-backed securities and timing of settlements. Average loan balances decreased $663 million, primarily from commercial loan payments. Available for sale securities increased $369 million and restricted equity securities increased $136 million. Average interest-bearing deposits grew by $676 million, primarily due to higher interest-bearing transaction deposits, partially offset by lower time deposits. Other borrowings increased $1.8 billion while funds purchased and repurchase agreements decreased $629 million.

Net interest margin was 2.72 percent compared to 2.81 percent in the third quarter of 2020. Growth in our trading securities portfolio contributed approximately $25.1 million to net interest revenue, but diluted the net interest margin by approximately 9 basis points. This, combined with the repricing of our available for sale securities portfolio to current interest rates has resulted in a decrease to net interest margin in the fourth quarter. However, the company has been proactive in reducing deposit costs and implementing LIBOR floors in loan agreements to support the margin.

The yield on average earning assets was 2.92 percent, a 12 basis point decrease from the prior quarter. The yield on the available for sale securities portfolio decreased 13 basis points to 1.98 percent. The loan portfolio yield increased 8 basis points to 3.68 percent due to the timing of loan fees and recovery of non-accrual interest. In addition, net purchase accounting discount accretion added $5.3 million or 9 basis points to the loan portfolio yield in the fourth quarter and $13.3 million or 22 basis points to the third quarter. Approximately $48 million of purchase accounting discount remains to be accreted.

Funding costs were 0.28 percent, down 3 basis points. The cost of interest-bearing deposits decreased 7 basis points to 0.19 percent. The cost of other borrowed funds was up 7 basis points to 0.38 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 8 basis points for the fourth quarter of 2020, consistent with the prior quarter.

Fees and Commissions Revenue

Fees and commissions revenue totaled $181.1 million for the fourth quarter of 2020, a decrease of $41.8 million compared to the third quarter of 2020. Brokerage and trading revenue decreased $30.0 million to $39.5 million, largely due to the shift of brokerage and trading fee revenue to net interest revenue. In addition, customer hedging revenue decreased $4.0 million, primarily due to decreased energy customer hedging activities. Investment banking revenue grew by $1.9 million, mainly due to timing of loan syndication activity.

Mortgage banking revenue decreased $12.7 million compared to the prior quarter. While mortgage interest rates remain at record low levels, mortgage production experienced a normal seasonal decline and margins also started to compress. The gain on sale margin decreased 41 basis points to 3.26 percent. Transaction card revenue decreased $1.6 million, primarily due to lower transaction volumes.

Fiduciary and asset management revenue increased $1.9 million, primarily driven by the increase in the fair value of assets under management in the fourth quarter.

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Operating Expense

Total operating expense was $300.7 million for the fourth quarter of 2020, consistent with the third quarter of 2020.

Personnel expense decreased $3.7 million. Share based incentive compensation decreased $7.4 million from elevated levels in the prior quarter due to vesting assumption changes. This decrease was partially offset by growth in cash based incentive compensation and deferred compensation, which is largely offset by a decrease in the value of related investments included in Other gains (losses).

Non-personnel expense increased $3.1 million over the third quarter of 2020. We made a charitable contribution of $6.0 million to the BOKF Foundation in the fourth quarter as we continue to focus on the communities we serve and the extreme needs created by the pandemic. Business promotion expense increased $1.1 million, largely due to increased advertising expense, while other expense increased $3.3 million.

Net losses and expenses on repossessed assets decreased $5.1 million, primarily due to write-downs on a set of oil and gas properties and a retail commercial real estate property in the third quarter. Insurance expense also decreased $1.8 million while mortgage banking costs dropped by $1.0 million.

Loans, Deposits and Capital

Loans

Outstanding loans were $23.0 billion at December 31, 2020, a $796 million decrease compared to September 30, 2020, primarily due to payoffs of commercial loans and PPP loans.

Outstanding core commercial loan balances decreased $488 million or 4 percent compared to September 30, 2020, primarily due to continued pay downs as borrowers continue to reduce leverage during the time of economic uncertainty. Although the primary source of repayment of our commercial loan portfolio is the on-going cash flow from operations of the customer's business, loans are generally governed by a borrowing base and secured by the customer’s assets.

Energy loan balances decreased $248 million to $3.5 billion or 15 percent of total loans. Although the commodity price environment has improved considerably over the past few months, sourcing new loans remains a challenge in this environment and existing borrowers continue to pay down debt to reduce leverage. 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 67 percent of committed production loans are secured by properties primarily producing oil. The remaining 33 percent is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $2.4 billion at December 31, 2020, a $136 million increase over September 30, 2020, and a $524 million decrease compared to December 31, 2019, largely as a result of the semi-annual borrowing base redetermination process in the second and fourth quarters.

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Healthcare sector loan balances decreased$20 million to $3.3 billion or 14 percent of total loans. Growth in loans to senior housing and care facilities was offset by a decrease in loans to hospital systems. Our healthcare sector loans primarily consist of $2.6 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 that serves to help diversify risks specific to a single facility. The most recent stimulus bill passed last month, like the CARES Act, has multiple revenue enhancement measures for both hospitals and skilled nursing facilities as they manage through the risks of the virus.

General business loans decreased $183 million to $2.8 billion or 12 percent of total loans. General business loans include $1.6 billion of wholesale/retail loans and $701 million of loans from other commercial industries. Broad pay downs across our core commercial and industrial loan book contracted the portfolio.

Services loan balances decreased $37 million to $3.5 billion or 15 percent 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, educational services, foundations and not-for-profit organizations and specialty trade contractors.

Although not a significant portion of our commercial portfolio, our services and general business loans also include areas we consider to be more exposed to the economic slowdown as a result of the social distancing measures in place to combat the COVID-19 pandemic such as entertainment and recreation, retail, hotels, churches, airline travel, and higher education that are dependent on large social gatherings to remain profitable. This represents less than 7 percent of our total portfolio. Some of these borrowers have participated in the PPP, which has provided some measure of relief. We will continue to monitor these areas closely in the coming months.

Commercial real estate loan balances were largely unchanged compared to September 30, 2020 and represent 20 percent of total loans at December 31, 2020. Loans secured by other commercial real estate properties increased $52 million to $559 million. Loans secured by industrial facilities increased $18 million to $811 million. Multifamily residential loans, our largest exposure in commercial real estate, decreased $59 million to $1.3 billion at December 31, 2020. Loans secured by office buildings decreased $14 million to $1.1 billion. Loans secured by retail facilities were $796 million at December 31, 2020, a $10 million increase over September 30. Loans secured by retail facilities and office buildings may be impacted by measures being taken to hinder the spread of the virus as well as changes in consumer behavior.

PPP loan balances decreased $415 million to $1.7 billion or 7 percent of total loans. The complexity of the forgiveness process and borrowers' reluctance to apply for forgiveness in hopes of further legislative action that would relax the requirements has made the forgiveness process slower than initially anticipated. The recent Economic Aid Act will provide substantial forgiveness process relief, particularly for those clients with existing loans of less than $150 thousand, which represents more the 70 percent of our total PPP loan volume. The Company expects to participate in the newest round of PPP, with largely the same strategy of focusing on our existing client base in order to timely meet our existing clients' needs.

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Loans to individuals increased $103 million and represent 15 percent of total loans at December 31, 2020. Personal loans were up $64 million and residential mortgage loans guaranteed by U.S. government agencies increased $24 million. The Company may repurchase loans previously sold into GNMA mortgage pools when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet.

Deposits

Period-end deposits totaled $36.1 billion at December 31, 2020, a $1.2 billion increase over September 30, 2020. Continued deposit growth was due primarily to customers retaining higher balances in the current economic environment. Interest-bearing transaction account balances grew by $1.0 billion. Average deposits were $35.5 billion at December 31, 2020, an $883 million increase compared to September 30, 2020. Interest-bearing transaction deposits increased $1.0 billion.

Capital

The company's common equity Tier 1 capital ratio was 11.94 percent at December 31, 2020. In addition, the company's Tier 1 capital ratio was 11.94 percent, total capital ratio was 13.81 percent, and leverage ratio was 8.28 percent at December 31, 2020. We have 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, which added 27 basis points to the company's common equity tier 1 capital ratio at December 31. At September 30, 2020, the company's common equity Tier 1 capital ratio was 12.07 percent, Tier 1 capital ratio was 12.07 percent, total capital ratio was 14.05 percent, and leverage ratio was 8.39 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 9.02 percent at December 31, 2020 and 9.02 percent at September 30, 2020. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.

The company repurchased 665,100 shares of common stock at an average price of $63.82 a share in the fourth quarter. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

The Company adopted FASB Accounting Standard Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Assets Measured at Amortized Cost ("CECL") on January 1, 2020. CECL requires recognition of expected credit losses on assets carried at amortized cost over their expected lives. Our CECL models measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside and upside macroeconomic variables such as real gross domestic product ("GDP") growth, civilian unemployment rate and West Texas Intermediate ("WTI") oil prices on a probability weighted basis.

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We recorded a $6.5 million negative provision for credit losses in the fourth quarter of 2020. Changes in our reasonable and supportable forecasts of macroeconomic variables, primarily due to an improved economic outlook related to the anticipated impact of the on-going COVID-19 pandemic offset by changes in the probability weighting of the economic scenarios and other assumptions, resulted in a $3.0 million increase in the provision for credit losses from lending activities. Changes in the loan portfolio characteristics, including specific impairment and losses, risk grading and loan balances resulted in an $8.6 million decrease in the provision for credit losses from lending activities.

Our base case reasonable and supportable forecast assumes that the COVID-19 pandemic maintains its current trajectory with localized and state-level hotspots. This scenario assumes approval of several more vaccines through the first half of 2021, with a large share of the U.S. population vaccinated by the end of the third quarter of 2021. Regional shutdown and consumer risk aversion weigh negatively on the economic and employment recovery in the first quarter of 2021. However, widespread vaccine distribution helps boost consumer confidence and GDP recovers to pre-COVID levels by the third quarter of 2021. We expect a 4.1 percent increase in GDP over the next twelve months. Our forecasted civilian unemployment rate is 6.8 percent for the first quarter of 2021, improving to 6.3 percent by the fourth quarter of 2021. WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of December 2020, averaging $46.80 per barrel over the next twelve months. The probability weighting of our base case reasonable and supportable forecast increased to 60 percent for the fourth quarter compared to 50 percent in the third quarter.

The probability weighting of our downside case reasonable and supportable forecast increased to 30 percent from 25 percent, while the probability weighting of our upside case reasonable and supportable forecast decreased to 10 percent from 25 percent in the third quarter. There continues to be a high level of uncertainty in the current economic outlook. Our downside case assumes additional waves and hotspot emerge throughout the first half of 2021 and more constrained distribution of vaccines not reaching widespread distribution until the first quarter of 2022. This results in no GDP growth over the next twelve months and unemployment rates remaining elevated throughout 2021.

The allowance for loan losses totaled $389 million or 1.69 percent of outstanding loans and 171 percent of nonaccruing loans at December 31, 2020, excluding residential mortgage loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $426 million or 1.85 percent of outstanding loans and 188 percent of nonaccruing loans at December 31, 2020. The combined allowance for credit losses attributed to energy was 3.61 percent of outstanding energy loans at December 31 compared to 4.30 at September 30. Excluding PPP loans, the allowance for loan losses was 1.82 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 2.00 percent.

At September 30, 2020, the allowance for loan losses was $420 million or 1.76 percent of outstanding loans and 195 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $448 million or 1.88 percent of outstanding loans and 208 percent of nonaccruing loans.

Nonperforming assets totaled $477 million or 2.07 percent of outstanding loans and repossessed assets at December 31, 2020, compared to $417 million or 1.75 percent at September 30, 2020. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $317 million or 1.51 percent of outstanding loans and repossessed assets at December 31, 2020, up from $268 million or 1.25 percent at September 30, 2020.

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Nonaccruing loans were $235 million or 1.10 percent of outstanding loans, excluding PPP loans, at December 31, 2020. Nonaccruing commercial loans totaled $167 million or 1.28 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $27 million or 0.58 percent of outstanding commercial real estate loans. Nonaccruing loans to individuals totaled $40 million or 1.14 percent of outstanding loans to individuals.

Nonaccruing loans increased$14 million over September 30, 2020, primarily due to an increase in nonaccruing commercial real estate loans. New nonaccruing loans identified in the fourth quarter totaled $99 million, offset by $13 million in payments received, $18 million in charge-offs and $43 million of foreclosures.

Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $478 million at December 31, down from $623 million at September 30. Almost all potential problem loan classes were down compared to the prior quarter, led by potential problem energy and general business loans.

Net charge-offs were $16.7 million or 0.31 percent of average loans on an annualized basis for the fourth quarter of 2020, excluding PPP loans. Net charge-offs were 0.32 percent of average loans over the last four quarters. Net charge-offs were $22.4 million or 0.41 percent of average loans on an annualized basis for the third quarter of 2020, excluding PPP loans. Gross charge-offs were $18.3 million for the fourth quarter compared to $26.7 million for the previous quarter. Recoveries totaled $1.6 million for the fourth quarter of 2020 and $4.2 million for the third quarter of 2020.

Loans in deferral status have dropped to just below 1 percent of total loans from a peak of more than 7 percent. More than 90 percent of the loans that were deferred have now moved back to payment status.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $13.1 billion at December 31, 2020, a $233 million increase compared to September 30, 2020. At December 31, 2020, the available for sale securities portfolio consisted primarily of $9.3 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.5 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2020, the available for sale securities portfolio had a net unrealized gain of $441 million compared to $481 million at September 30, 2020.

We hold an inventory of trading securities in support of sales to a variety of customers. At December 31, 2020, the trading securities portfolio totaled $4.7 billion compared to $2.2 billion in the prior quarter. We have increased our bond trading pipeline to provide greater liquidity to the housing market during a time of high mortgage loan production volumes.

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 decreased $20 million to $115 million at December 31, 2020.

The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $6.5 million during the fourth quarter of 2020, including a $6.3 million increase in the fair value of mortgage servicing rights, $317 thousand decrease in the fair value of securities and derivative contracts held as an economic hedge, and $550 thousand of related net interest revenue.

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Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on January 20, 2021 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13714612.

About BOK Financial Corporation

BOK Financial Corporation is a $47 billion regional financial services company headquartered in Tulsa, Oklahoma with $92 billion in assets under management and 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., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset 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, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance 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 December 31, 2020 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, the economy generally and the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and others, on our business, financial condition and results of operations. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “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, consumer or business responses to, and ability to treat or prevent further outbreak of the COVID-19 pandemic, 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

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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.

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Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)

	Dec. 31, 2020		Sept. 30, 2020
ASSETS
Cash and due from banks	$	798,757	$	658,612
Interest-bearing cash and cash equivalents	381,816		347,759
Trading securities	4,707,975		2,245,480
Investment securities, net of allowance	244,843		256,001
Available for sale securities	13,050,665		12,817,269
Fair value option securities	114,982		134,756
Restricted equity securities	171,391		111,656
Residential mortgage loans held for sale	252,316		295,290
Loans:
Commercial	13,077,535		13,565,706
Commercial real estate	4,698,538		4,693,700
Paycheck protection program	1,682,310		2,097,325
Loans to individuals	3,549,137		3,446,569
Total loans	23,007,520		23,803,300
Allowance for loan losses	(388,640)		(419,777)
Loans, net of allowance	22,618,880		23,383,523
Premises and equipment, net	551,308		542,625
Receivables	245,880		245,514
Goodwill	1,048,091		1,048,091
Intangible assets, net	113,436		118,524
Mortgage servicing rights	101,172		97,644
Real estate and other repossessed assets, net	90,526		52,847
Derivative contracts, net	810,688		593,568
Cash surrender value of bank-owned life insurance	398,758		396,497
Receivable on unsettled securities sales	62,386		1,934,495
Other assets	907,218		787,073
TOTAL ASSETS	$	46,671,088	$	46,067,224
LIABILITIES AND EQUITY
Deposits:
Demand	$	12,266,338	$	12,047,338
Interest-bearing transaction	21,158,422		20,196,740
Savings	751,992		720,949
Time	1,967,128		2,007,973
Total deposits	36,143,880		34,973,000
Funds purchased and repurchase agreements	1,662,386		973,652
Other borrowings	1,882,970		2,771,429
Subordinated debentures	276,005		275,986
Accrued interest, taxes and expense	323,667		335,914
Due on unsettled securities purchases	257,627		641,817
Derivative contracts, net	405,779		446,328
Other liabilities	427,213		422,989
TOTAL LIABILITIES	41,379,527		40,841,115
Shareholders' equity:
Capital, surplus and retained earnings	4,930,398		4,853,617
Accumulated other comprehensive gain	335,868		365,170
TOTAL SHAREHOLDERS' EQUITY	5,266,266		5,218,787
Non-controlling interests	25,295		7,322
TOTAL EQUITY	5,291,561		5,226,109
TOTAL LIABILITIES AND EQUITY	$	46,671,088	$	46,067,224

12

AVERAGE BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Three Months Ended
	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
ASSETS
Interest-bearing cash and cash equivalents	$	643,926	$	553,070	$	619,737	$	721,659	$	573,203
Trading securities	6,888,189		1,834,160		1,871,647		1,690,104		1,672,426
Investment securities, net of allowance	251,863		258,965		268,947		282,265		298,567
Available for sale securities	12,949,702		12,580,850		12,480,065		11,664,521		11,333,524
Fair value option securities	122,329		387,784		786,757		1,793,480		1,521,528
Restricted equity securities	280,428		144,415		273,922		429,133		479,687
Residential mortgage loans held for sale	229,631		213,125		288,588		129,708		203,535
Loans:
Commercial	13,113,449		13,772,217		14,502,652		14,452,851		14,344,534
Commercial real estate	4,788,393		4,754,269		4,543,511		4,346,886		4,532,649
Paycheck protection program	1,928,665		2,092,933		1,699,369		—		—
Loans to individuals	3,617,011		3,491,044		3,353,960		3,143,286		3,358,817
Total loans	23,447,518		24,110,463		24,099,492		21,943,023		22,236,000
Allowance for loan losses	(414,225)		(441,831)		(367,583)		(250,338)		(205,417)
Loans, net of allowance	23,033,293		23,668,632		23,731,909		21,692,685		22,030,583
Total earning assets	44,399,361		39,641,001		40,321,572		38,403,555		38,113,053
Cash and due from banks	742,432		723,826		678,878		669,369		690,806
Derivative contracts, net	553,779		581,839		642,969		376,621		311,542
Cash surrender value of bank-owned life insurance	397,354		394,680		391,951		390,009		388,012
Receivable on unsettled securities sales	1,094,198		4,563,301		4,626,307		3,046,111		1,973,604
Other assets	3,200,040		3,027,108		3,095,354		2,834,953		2,736,337
TOTAL ASSETS	$	50,387,164	$	48,931,755	$	49,757,031	$	45,720,618	$	44,213,354
LIABILITIES AND EQUITY
Deposits:
Demand	$	12,136,071	$	11,929,694	$	11,489,322	$	9,232,859	$	9,612,533
Interest-bearing transaction	20,718,390		19,752,106		18,040,170		16,159,654		14,685,385
Savings	737,360		707,121		656,669		563,821		554,605
Time	1,930,808		2,251,012		2,464,793		2,239,234		2,247,717
Total deposits	35,522,629		34,639,933		32,650,954		28,195,568		27,100,240
Funds purchased and repurchase agreements	2,153,254		2,782,150		5,816,484		3,815,941		4,120,610
Other borrowings	5,193,656		3,382,688		3,527,303		6,542,325		6,247,194
Subordinated debentures	275,998		275,980		275,949		275,932		275,916
Derivative contracts, net	399,476		458,390		836,667		379,342		276,078
Due on unsettled securities purchases	957,642		1,516,880		887,973		960,780		784,174
Other liabilities	656,147		712,674		690,087		642,764		561,654
TOTAL LIABILITIES	45,158,802		43,768,695		44,685,417		40,812,652		39,365,866
Total equity	5,228,362		5,163,060		5,071,614		4,907,966		4,847,488
TOTAL LIABILITIES AND EQUITY	$	50,387,164	$	48,931,755	$	49,757,031	$	45,720,618	$	44,213,354

13

STATEMENTS OF EARNINGS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
Interest revenue	$	319,020	$	369,857	$	1,269,000	$	1,531,958
Interest expense	21,790		99,608		160,556		419,079
Net interest revenue	297,230		270,249		1,108,444		1,112,879
Provision for credit losses	(6,500)		19,000		222,592		44,000
Net interest revenue after provision for credit losses	303,730		251,249		885,852		1,068,879
Other operating revenue:
Brokerage and trading revenue	39,506		43,843		221,833		159,826
Transaction card revenue	21,896		22,548		90,182		87,216
Fiduciary and asset management revenue	41,799		45,021		167,445		177,025
Deposit service charges and fees	24,343		27,331		96,805		112,485
Mortgage banking revenue	39,298		25,396		182,360		107,541
Other revenue	14,209		15,283		51,695		58,108
Total fees and commissions	181,051		179,422		810,320		702,201
Other gains (losses), net	5,383		(1,649)		7,675		9,351
Gain (loss) on derivatives, net	(339)		(4,644)		42,320		14,951
Gain (loss) on fair value option securities, net	68		(8,328)		53,248		15,787
Change in fair value of mortgage servicing rights	6,276		9,297		(79,524)		(53,517)
Gain on available for sale securities, net	4,339		4,487		9,910		5,597
Total other operating revenue	196,778		178,585		843,949		694,370
Other operating expense:
Personnel	176,198		168,422		688,474		660,565
Business promotion	3,728		8,787		14,511		35,662
Charitable contributions to BOKF Foundation	6,000		2,000		9,000		3,000
Professional fees and services	14,254		13,408		53,437		54,861
Net occupancy and equipment	27,875		26,316		112,722		110,275
Insurance	4,006		5,393		19,990		20,906
Data processing and communications	35,061		31,884		135,497		124,983
Printing, postage and supplies	3,805		3,700		15,061		16,517
Net losses and operating expenses of repossessed assets	1,168		2,403		10,709		6,707
Amortization of intangible assets	5,088		5,225		20,443		20,618
Mortgage banking costs	14,765		14,259		56,711		50,685
Other expense	8,713		6,998		29,382		27,602
Total other operating expense	300,661		288,795		1,165,937		1,132,381
Net income before taxes	199,847		141,039		563,864		630,868
Federal and state income taxes	45,138		30,257		128,793		130,183
Net income	154,709		110,782		435,071		500,685
Net income (loss) attributable to non-controlling interests	485		430		41		(73)
Net income attributable to BOK Financial Corporation shareholders	$	154,224	$	110,352	$	435,030	$	500,758
Average shares outstanding:
Basic	69,489,597		70,295,899		69,840,977		70,787,700
Diluted	69,493,050		70,309,644		69,844,172		70,802,612
Net income per share:
Basic	$	2.21	$	1.56	$	6.19	$	7.03
Diluted	$	2.21	$	1.56	$	6.19	$	7.03

14

FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)

	Three Months Ended
	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			Mar. 31, 2020			Dec. 31, 2019
Capital:
Period-end shareholders' equity	$	5,266,266		$	5,218,787		$	5,096,995		$	5,026,248		$	4,855,795
Risk weighted assets	$	32,501,807		$	31,529,826		$	32,180,602		$	32,973,242		$	31,673,425
Risk-based capital ratios:
Common equity tier 1	11.94		%	12.07		%	11.44		%	10.98		%	11.39		%
Tier 1	11.94		%	12.07		%	11.44		%	10.98		%	11.39		%
Total capital	13.81		%	14.05		%	13.43		%	12.65		%	12.94		%
Leverage ratio	8.28		%	8.39		%	7.74		%	8.15		%	8.40		%
Tangible common equity ratio1	9.02		%	9.02		%	8.79		%	8.39		%	8.98		%
Common stock:
Book value per share	$	75.62		$	74.23		$	72.50		$	71.49		$	68.80
Tangible book value per share	58.94			57.64			55.83			54.85			52.17
Market value per share:
High	$	73.07		$	62.86		$	67.62		$	87.40		$	88.28
Low	$	50.09		$	48.41		$	37.80		$	34.57		$	71.85
Cash dividends paid	$	36,219		$	35,799		$	35,769		$	35,949		$	36,011
Dividend payout ratio	23.48		%	23.24		%	55.29		%	57.91		%	32.63		%
Shares outstanding, net	69,637,600			70,305,833			70,306,690			70,308,532			70,579,598
Stock buy-back program:
Shares repurchased	665,100			—			—			442,000			280,000
Amount	$	42,450		$	—		$	—		$	33,380		$	22,844
Average price per share	$	63.82		$	—		$	—		$	75.52		$	81.59
Performance ratios (quarter annualized):
Return on average assets	1.22		%	1.25		%	0.52		%	0.55		%	0.99		%
Return on average equity	11.75		%	11.89		%	5.14		%	5.10		%	9.05		%
Net interest margin	2.72		%	2.81		%	2.83		%	2.80		%	2.88		%
Efficiency ratio	62.36		%	60.41		%	59.57		%	58.62		%	63.65		%
Reconciliation of non-GAAP measures:
1 Tangible common equity ratio:
Total shareholders' equity	$	5,266,266		$	5,218,787		$	5,096,995		$	5,026,248		$	4,855,795
Less: Goodwill and intangible assets, net	1,161,527			1,166,615			1,171,686			1,169,898			1,173,362
Tangible common equity	$	4,104,739		$	4,052,172		$	3,925,309		$	3,856,350		$	3,682,433
Total assets	$	46,671,088		$	46,067,224		$	45,819,874		$	47,119,162		$	42,172,021
Less: Goodwill and intangible assets, net	1,161,527			1,166,615			1,171,686			1,169,898			1,173,362
Tangible assets	$	45,509,561		$	44,900,609		$	44,648,188		$	45,949,264		$	40,998,659
Tangible common equity ratio	9.02		%	9.02		%	8.79		%	8.39		%	8.98		%

15

	Three Months Ended
	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			Mar. 31, 2020			Dec. 31, 2019
Pre-provision net revenue:
Net income before taxes	$	199,847		$	204,644		$	80,089		$	79,284		$	141,039
Provision for expected credit losses	(6,500)			—			135,321			93,771			19,000
Net income (loss) attributable to non-controlling interests	485			58			(407)			(95)			430
Pre-provision net revenue	$	192,862		$	204,586		$	215,817		$	173,150		$	159,609
Other data:
Tax equivalent interest	$	2,414		$	2,457		$	2,630		$	2,715		$	2,726
Net unrealized gain on available for sale securities	$	440,814		$	480,563		$	487,334		$	435,989		$	138,149
Mortgage banking:
Mortgage production revenue	$	26,662		$	38,431		$	39,185		$	21,570		$	9,169
Mortgage loans funded for sale	$	998,435		$	1,032,472		$	1,184,249		$	548,956		$	855,643
Add: current period-end outstanding commitments	380,637			560,493			546,304			657,570			158,460
Less: prior period end outstanding commitments	560,493			546,304			657,570			158,460			379,377
Total mortgage production volume	$	818,579		$	1,046,661		$	1,072,983		$	1,048,066		$	634,726
Mortgage loan refinances to mortgage loans funded for sale	58		%	54		%	71		%	57		%	57		%
Gain on sale margin	3.26		%	3.67		%	3.65		%	2.06		%	1.44		%
Mortgage servicing revenue	$	12,636		$	13,528		$	14,751		$	15,597		$	16,227
Average outstanding principal balance of mortgage loans serviced for others	16,518,208			17,434,215			19,319,872			20,416,546			20,856,446
Average mortgage servicing revenue rates	0.30		%	0.31		%	0.31		%	0.31		%	0.31		%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	(385)		$	2,295		$	21,815		$	18,371		$	(4,714)
Gain (loss) on fair value option securities, net	68			(754)			(14,459)			68,393			(8,328)
Gain (loss) on economic hedge of mortgage servicing rights	(317)			1,541			7,356			86,764			(13,042)
Gain (loss) on changes in fair value of mortgage servicing rights	6,276			3,441			(761)			(88,480)			9,297
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	5,959			4,982			6,595			(1,716)			(3,745)
Net interest revenue on fair value option securities2	550			1,565			2,702			4,268			1,544
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	6,509		$	6,547		$	9,297		$	2,552		$	(2,201)

2     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

16

QUARTERLY EARNINGS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and per share data)

	Three Months Ended
	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Interest revenue	$	319,020	$	294,659	$	306,384	$	348,937	$	369,857
Interest expense	21,790		22,909		28,280		87,577		99,608
Net interest revenue	297,230		271,750		278,104		261,360		270,249
Provision for credit losses	(6,500)		—		135,321		93,771		19,000
Net interest revenue after provision for credit losses	303,730		271,750		142,783		167,589		251,249
Other operating revenue:
Brokerage and trading revenue	39,506		69,526		62,022		50,779		43,843
Transaction card revenue	21,896		23,465		22,940		21,881		22,548
Fiduciary and asset management revenue	41,799		39,931		41,257		44,458		45,021
Deposit service charges and fees	24,343		24,286		22,046		26,130		27,331
Mortgage banking revenue	39,298		51,959		53,936		37,167		25,396
Other revenue	14,209		13,698		11,479		12,309		15,283
Total fees and commissions	181,051		222,865		213,680		192,724		179,422
Other gains (losses), net	5,383		6,265		6,768		(10,741)		(1,649)
Gain (loss) on derivatives, net	(339)		2,354		21,885		18,420		(4,644)
Gain (loss) on fair value option securities, net	68		(754)		(14,459)		68,393		(8,328)
Change in fair value of mortgage servicing rights	6,276		3,441		(761)		(88,480)		9,297
Gain (loss) on available for sale securities, net	4,339		(12)		5,580		3		4,487
Total other operating revenue	196,778		234,159		232,693		180,319		178,585
Other operating expense:
Personnel	176,198		179,860		176,235		156,181		168,422
Business promotion	3,728		2,633		1,935		6,215		8,787
Charitable contributions to BOKF Foundation	6,000		—		3,000		—		2,000
Professional fees and services	14,254		14,074		12,161		12,948		13,408
Net occupancy and equipment	27,875		28,111		30,675		26,061		26,316
Insurance	4,006		5,848		5,156		4,980		5,393
Data processing and communications	35,061		34,751		32,942		32,743		31,884
Printing, postage and supplies	3,805		3,482		3,502		4,272		3,700
Net losses and operating expenses of repossessed assets	1,168		6,244		1,766		1,531		2,403
Amortization of intangible assets	5,088		5,071		5,190		5,094		5,225
Mortgage banking costs	14,765		15,803		15,598		10,545		14,259
Other expense	8,713		5,388		7,227		8,054		6,998
Total other operating expense	300,661		301,265		295,387		268,624		288,795
Net income before taxes	199,847		204,644		80,089		79,284		141,039
Federal and state income taxes	45,138		50,552		15,803		17,300		30,257
Net income	154,709		154,092		64,286		61,984		110,782
Net income (loss) attributable to non-controlling interests	485		58		(407)		(95)		430
Net income attributable to BOK Financial Corporation shareholders	$	154,224	$	154,034	$	64,693	$	62,079	$	110,352
Average shares outstanding:
Basic	69,489,597		69,877,866		69,876,043		70,123,685		70,295,899
Diluted	69,493,050		69,879,290		69,877,467		70,130,166		70,309,644
Net income per share:
Basic	$	2.21	$	2.19	$	0.92	$	0.88	$	1.56
Diluted	$	2.21	$	2.19	$	0.92	$	0.88	$	1.56

17

LOANS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)

	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Commercial:
Services	$	3,508,583	$	3,545,825	$	3,779,881	$	3,955,748	$	3,832,031
Energy	3,469,194		3,717,101		3,974,174		4,111,676		3,973,377
Healthcare	3,305,990		3,325,790		3,289,343		3,165,096		3,033,916
General business	2,793,768		2,976,990		3,115,112		3,563,455		3,192,326
Total commercial	13,077,535		13,565,706		14,158,510		14,795,975		14,031,650
Commercial real estate:
Multifamily	1,328,045		1,387,461		1,407,107		1,282,457		1,265,562
Office	1,085,257		1,099,563		973,995		962,004		928,379
Industrial	810,510		792,389		723,005		728,026		856,117
Retail	796,223		786,211		780,467		774,198		775,521
Residential construction and land development	119,394		121,258		136,911		138,958		150,879
Other commercial real estate	559,109		506,818		532,659		564,442		457,325
Total commercial real estate	4,698,538		4,693,700		4,554,144		4,450,085		4,433,783
Paycheck protection program	1,682,310		2,097,325		2,081,428		—		—
Loans to individuals:
Residential mortgage	1,863,003		1,849,144		1,813,442		1,844,555		1,886,378
Residential mortgages guaranteed by U.S. government agencies	408,687		384,247		322,269		197,889		197,794
Personal	1,277,447		1,213,178		1,226,097		1,175,466		1,201,382
Total loans to individuals	3,549,137		3,446,569		3,361,808		3,217,910		3,285,554
Total	$	23,007,520	$	23,803,300	$	24,155,890	$	22,463,970	$	21,750,987

18

LOANS MANAGED BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Texas:
Commercial	$	5,445,132	$	5,545,158	$	5,771,691	$	6,350,690	$	6,174,894
Commercial real estate	1,500,250		1,499,630		1,389,547		1,296,266		1,259,117
Paycheck protection program	501,079		614,970		612,133		—		—
Loans to individuals	854,700		792,994		748,474		756,634		727,175
Total Texas	8,301,161		8,452,752		8,521,845		8,403,590		8,161,186
Oklahoma:
Commercial	4,381,569		4,901,666		5,086,934		3,886,086		3,454,825
Commercial real estate	628,727		647,228		636,021		593,473		631,026
Paycheck protection program	413,108		487,247		442,518		—		—
Loans to individuals	2,054,205		2,036,452		1,967,665		1,788,518		1,854,864
Total Oklahoma	7,477,609		8,072,593		8,133,138		6,268,077		5,940,715
Colorado:
Commercial	1,554,670		1,501,821		1,600,382		2,181,309		2,169,598
Commercial real estate	877,610		890,746		937,742		955,608		927,826
Paycheck protection program	377,111		494,910		488,279		—		—
Loans to individuals	263,872		257,345		264,872		268,674		276,939
Total Colorado	3,073,263		3,144,822		3,291,275		3,405,591		3,374,363
Arizona:
Commercial	1,014,958		956,047		1,036,862		1,396,582		1,307,073
Commercial real estate	718,548		692,987		689,121		714,161		728,832
Paycheck protection program	211,725		272,114		318,961		—		—
Loans to individuals	177,900		166,115		177,066		181,821		186,539
Total Arizona	2,123,131		2,087,263		2,222,010		2,292,564		2,222,444
Kansas/Missouri:
Commercial	400,555		414,038		404,860		556,255		527,872
Commercial real estate	366,409		352,241		314,504		310,799		322,541
Paycheck protection program	56,011		80,230		76,724		—		—
Loans to individuals	105,755		96,358		102,577		116,734		131,069
Total Kansas/Missouri	928,730		942,867		898,665		983,788		981,482
New Mexico:
Commercial	195,846		157,322		182,688		327,164		305,320
Commercial real estate	471,310		471,505		455,574		434,150		402,148
Paycheck protection program	109,881		133,244		128,058		—		—
Loans to individuals	75,665		79,890		83,470		87,110		90,257
Total New Mexico	852,702		841,961		849,790		848,424		797,725
Arkansas:
Commercial	84,805		89,654		75,093		97,889		92,068
Commercial real estate	135,684		139,363		131,635		145,628		162,293
Paycheck protection program	13,395		14,610		14,755		—		—
Loans to individuals	17,040		17,415		17,684		18,419		18,711
Total Arkansas	250,924		261,042		239,167		261,936		273,072
TOTAL BOK FINANCIAL	$	23,007,520	$	23,803,300	$	24,155,890	$	22,463,970	$	21,750,987

Loans attributed to a principal market may not always represent the location of the borrower or the collateral.

19

DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Oklahoma:
Demand	$	4,328,619	$	4,493,691	$	4,378,559	$	3,669,558	$	3,257,337
Interest-bearing:
Transaction	12,603,603		12,586,401		11,438,489		9,955,697		8,574,912
Savings	420,996		401,062		387,557		329,631		306,194
Time	1,134,453		1,081,176		1,330,619		1,137,802		1,125,446
Total interest-bearing	14,159,052		14,068,639		13,156,665		11,423,130		10,006,552
Total Oklahoma	18,487,671		18,562,330		17,535,224		15,092,688		13,263,889
Texas:
Demand	3,450,468		3,152,393		3,070,955		2,767,399		2,757,376
Interest-bearing:
Transaction	3,800,482		3,482,603		3,358,090		2,874,362		2,911,731
Savings	139,173		136,787		128,892		115,039		102,456
Time	383,062		438,337		476,867		505,565		495,343
Total interest-bearing	4,322,717		4,057,727		3,963,849		3,494,966		3,509,530
Total Texas	7,773,185		7,210,120		7,034,804		6,262,365		6,266,906
Colorado:
Demand	2,168,404		2,057,603		2,096,075		1,579,764		1,729,674
Interest-bearing:
Transaction	2,170,485		1,861,763		1,816,604		1,759,384		1,769,037
Savings	69,384		68,230		67,477		58,000		53,307
Time	208,778		226,780		254,845		279,105		283,517
Total interest-bearing	2,448,647		2,156,773		2,138,926		2,096,489		2,105,861
Total Colorado	4,617,051		4,214,376		4,235,001		3,676,253		3,835,535
New Mexico:
Demand	941,074		964,908		965,877		750,052		623,722
Interest-bearing:
Transaction	733,007		713,418		752,565		563,891		558,493
Savings	91,646		85,463		80,242		67,553		63,999
Time	186,307		200,525		222,370		235,778		238,140
Total interest-bearing	1,010,960		999,406		1,055,177		867,222		860,632
Total New Mexico	1,952,034		1,964,314		2,021,054		1,617,274		1,484,354
Arizona:
Demand	905,201		928,671		985,757		665,396		681,268
Interest-bearing:
Transaction	768,220		771,319		780,500		729,603		684,929
Savings	12,174		11,498		15,669		8,832		10,314
Time	32,721		36,929		42,318		47,081		49,676
Total interest-bearing	813,115		819,746		838,487		785,516		744,919
Total Arizona	1,718,316		1,748,417		1,824,244		1,450,912		1,426,187

20

	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Kansas/Missouri:
Demand	426,738		405,360		427,795		318,985		384,533
Interest-bearing:
Transaction	960,237		616,797		526,635		537,552		784,574
Savings	16,286		15,520		15,033		12,888		12,169
Time	14,610		16,430		17,746		19,137		17,877
Total interest-bearing	991,133		648,747		559,414		569,577		814,620
Total Kansas/Missouri	1,417,871		1,054,107		987,209		888,562		1,199,153
Arkansas:
Demand	45,834		44,712		67,147		70,428		27,381
Interest-bearing:
Transaction	122,388		164,439		177,535		175,803		108,076
Savings	2,333		2,389		2,101		1,862		1,837
Time	7,197		7,796		7,995		8,005		7,850
Total interest-bearing	131,918		174,624		187,631		185,670		117,763
Total Arkansas	177,752		219,336		254,778		256,098		145,144
TOTAL BOK FINANCIAL	$	36,143,880	$	34,973,000	$	33,892,314	$	29,244,152	$	27,621,168

21

NET INTEREST MARGIN TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
TAX-EQUIVALENT ASSETS YIELDS
Interest-bearing cash and cash equivalents	0.10	%	0.12	%	0.07	%	1.33	%	1.62	%
Trading securities	2.02	%	1.92	%	2.46	%	2.89	%	3.19	%
Investment securities, net of allowance	4.88	%	4.85	%	4.77	%	4.73	%	4.69	%
Available for sale securities	1.98	%	2.11	%	2.29	%	2.48	%	2.52	%
Fair value option securities	2.27	%	1.92	%	2.00	%	2.67	%	2.62	%
Restricted equity securities	3.25	%	2.53	%	2.75	%	5.49	%	5.37	%
Residential mortgage loans held for sale	2.75	%	3.01	%	3.10	%	3.50	%	3.55	%
Loans	3.68	%	3.60	%	3.63	%	4.50	%	4.75	%
Allowance for loan losses
Loans, net of allowance	3.75	%	3.67	%	3.69	%	4.55	%	4.80	%
Total tax-equivalent yield on earning assets	2.92	%	3.04	%	3.12	%	3.73	%	3.93	%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.14	%	0.17	%	0.21	%	0.89	%	1.00	%
Savings	0.05	%	0.05	%	0.05	%	0.09	%	0.11	%
Time	0.89	%	1.13	%	1.36	%	1.83	%	1.94	%
Total interest-bearing deposits	0.19	%	0.26	%	0.34	%	0.98	%	1.09	%
Funds purchased and repurchase agreements	0.28	%	0.17	%	0.14	%	1.14	%	1.56	%
Other borrowings	0.42	%	0.43	%	0.56	%	1.66	%	2.01	%
Subordinated debt	4.87	%	4.89	%	5.16	%	5.30	%	5.40	%
Total cost of interest-bearing liabilities	0.28	%	0.31	%	0.37	%	1.19	%	1.40	%
Tax-equivalent net interest revenue spread	2.64	%	2.73	%	2.75	%	2.54	%	2.53	%
Effect of noninterest-bearing funding sources and other	0.08	%	0.08	%	0.08	%	0.26	%	0.35	%
Tax-equivalent net interest margin	2.72	%	2.81	%	2.83	%	2.80	%	2.88	%

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

CREDIT QUALITY INDICATORS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratios)

	Three Months Ended
	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy	$	125,059	$	126,816	$	162,989	$	96,448	$	91,722
Services	25,598		25,817		21,032		8,425		7,483
Healthcare	3,645		3,645		3,645		4,070		4,480
General business	12,857		13,675		14,333		9,681		11,731
Total commercial	167,159		169,953		201,999		118,624		115,416
Commercial real estate	27,246		12,952		13,956		8,545		27,626
Loans to individuals:
Permanent mortgage	32,228		31,599		33,098		30,721		31,522
Permanent mortgage guaranteed by U.S. government agencies	7,741		6,397		6,110		5,005		6,100
Personal	319		252		233		277		287
Total loans to individuals	40,288		38,248		39,441		36,003		37,909
Total nonaccruing loans	$	234,693	$	221,153	$	255,396	$	163,172	$	180,951
Accruing renegotiated loans guaranteed by U.S. government agencies	151,775		142,770		114,571		91,757		92,452
Real estate and other repossessed assets	90,526		52,847		35,330		36,744		20,359
Total nonperforming assets	$	476,994	$	416,770	$	405,297	$	291,673	$	293,762
Total nonperforming assets excluding those guaranteed by U.S. government agencies	317,478		267,603		284,616		194,911		195,210
Accruing loans 90 days past due1	10,369		7,684		10,992		3,706		7,680
Gross charge-offs	$	18,251	$	26,661	$	15,570	$	18,917	$	14,268
Recoveries	(1,592)		(4,232)		(1,491)		(1,696)		(1,816)
Net charge-offs	$	16,659	$	22,429	$	14,079	$	17,221	$	12,452
Provision for loan losses	$	(14,478)	$	6,609	$	134,365	$	95,964	$	18,779
Provision for credit losses from off-balance sheet unfunded loan commitments	8,952		(4,950)		4,405		3,377		221
Provision for expected credit losses from mortgage banking acitivities2	(923)		(770)		(3,575)		(6,020)		—
Provision for credit losses related to held-to maturity (investment) securities portfolio2	(51)		(889)		126		450		—
Total provision for credit losses	$	(6,500)	$	—	$	135,321	$	93,771	$	19,000

23

	Three Months Ended
	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Allowance for loan losses to period end loans	1.69	%	1.76	%	1.80	%	1.40	%	0.97	%
Allowance for loan losses to period end loans excluding PPP loans3	1.82	%	1.93	%	1.97	%	1.40	%	0.97	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.85	%	1.88	%	1.94	%	1.53	%	0.98	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans excluding PPP loans3	2.00	%	2.06	%	2.12	%	1.53	%	0.98	%
Nonperforming assets to period end loans and repossessed assets	2.07	%	1.75	%	1.68	%	1.30	%	1.35	%
Net charge-offs (annualized) to average loans	0.28	%	0.37	%	0.23	%	0.31	%	0.22	%
Net charge-offs (annualized) to average loans excluding PPP loans3	0.31	%	0.41	%	0.25	%	0.31	%	0.22	%
Allowance for loan losses to nonaccruing loans1	171.24	%	195.47	%	174.74	%	199.35	%	120.54	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	187.51	%	208.49	%	187.94	%	217.38	%	121.44	%

1Excludes residential mortgage loans guaranteed by agencies of the U.S. government.

2    Included in Provision for credit losses effective with implementation of CECL on January 1, 2020.

3    Metric meaningful due to the unique characteristics and short-term nature of the PPP loans.

24

SEGMENTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratios)

	Three Months Ended				4Q20 vs 3Q20				Year Ended				2020 vs 2019
Commercial Banking	Dec. 31, 2020		Sept. 30, 2020		$ change		% change		Dec. 31, 2020		Dec. 31, 2019		$ change		% change
Net interest revenue	$	142,026	$	149,946	$	(7,920)	(5.3)	%	$	588,488	$	676,241	$	(87,753)	(13.0)	%
Fees and commissions revenue	49,060		50,085		(1,025)		(2.0)	%	187,119		168,667		18,452		10.9	%
Combined net interest and fee revenue	191,086		200,031		(8,945)		(4.5)	%	775,607		844,908		(69,301)		(8.2)	%
Other operating expense	68,372		66,846		1,526		2.3	%	258,903		252,459		6,444		2.6	%
Corporate expense allocations	5,348		5,172		176		3.4	%	24,862		43,055		(18,193)		(42.3)	%
Net income	74,941		75,097		(156)		(0.2)	%	306,005		374,806		(68,801)		(18.4)	%
Average assets	27,693,742		28,000,183		(306,441)		(1.1)	%	26,994,075		22,807,589		4,186,486		18.4	%
Average loans	18,100,333		18,677,401		(577,068)		(3.1)	%	18,711,372		18,090,224		621,148		3.4	%
Average deposits	15,373,673		15,375,450		(1,777)		—	%	14,319,729		10,319,677		4,000,052		38.8	%
Consumer Banking
Net interest revenue	$	30,672	$	33,130	$	(2,458)	(7.4)	%	$	147,004	$	195,454	$	(48,450)	(24.8)	%
Fees and commissions revenue	55,326		67,974		(12,648)		(18.6)	%	245,554		187,996		57,558		30.6	%
Combined net interest and fee revenue	85,998		101,104		(15,106)		(14.9)	%	392,558		383,450		9,108		2.4	%
Other operating expense	59,857		59,839		18		—	%	233,425		230,916		2,509		1.1	%
Corporate expense allocations	10,527		10,812		(285)		(2.6)	%	42,638		47,169		(4,531)		(9.6)	%
Net income	14,283		26,256		(11,973)		(45.6)	%	95,360		56,606		38,754		68.5	%
Average assets	9,700,466		9,898,119		(197,653)		(2.0)	%	9,842,125		9,301,341		540,784		5.8	%
Average loans	1,840,492		1,825,865		14,627		0.8	%	1,764,682		1,762,915		1,767		0.1	%
Average deposits	7,993,971		7,940,973		52,998		0.7	%	7,599,937		6,876,676		723,261		10.5	%
Wealth Management
Net interest revenue	$	48,521	$	22,985	$	25,536	111.1	%	$	117,290	$	100,092	$	17,198	17.2	%
Fees and commissions revenue	82,936		111,655		(28,719)		(25.7)	%	399,229		341,333		57,896		17.0	%
Combined net interest and fee revenue	131,457		134,640		(3,183)		(2.4)	%	516,519		441,425		75,094		17.0	%
Other operating expense	83,981		82,868		1,113		1.3	%	325,608		277,267		48,341		17.4	%
Corporate expense allocations	9,465		9,397		68		0.7	%	35,331		36,239		(908)		(2.5)	%
Net income	28,449		31,212		(2,763)		(8.9)	%	115,628		95,331		20,297		21.3	%
Average assets	18,101,182		16,204,510		1,896,672		11.7	%	15,695,646		10,204,426		5,491,220		53.8	%
Average loans	1,839,695		1,777,008		62,687		3.5	%	1,758,226		1,609,464		148,762		9.2	%
Average deposits	9,589,814		9,090,116		499,698		5.5	%	8,676,047		6,447,987		2,228,060		34.6	%
Fiduciary assets	60,495,213		52,935,646		7,559,567		14.3	%	60,495,213		52,352,135		8,143,078		15.6	%
Assets under management or administration	91,592,247		82,419,932		9,172,315		11.1	%	91,592,247		82,740,961		8,851,286		10.7	%

25