(State or other jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | ||||||||||
Bank of Oklahoma Tower | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
CEO Commentary | ||
Steven G. Bradshaw, president and chief executive officer, stated, “The third quarter was BOKF’s second-consecutive record quarter with net income of $188 million or $2.74 per share. This quarter exhibits many of the benefits achieved from our strategy to generate revenue growth through long-term commitments and investments. Our diversified Wealth Management business, built over 30+ years, largely through organic growth, led the way with a record $153 million in total revenues, a 14% increase from their previous high set during the same quarter last year. Our alternative investment practice, which began in 2005 and provides equity and debt capital to growing businesses, experienced significant gains during the third quarter adding $31 million to pretax revenue. These types of long-term differentiators set us apart and demonstrate the force of a diversified business model.” Bradshaw continued, “Equally impressive to our revenue generating opportunities this year has been our firm hold on expense management, which has grown at a rate just slightly above 2% over the last two trailing twelve month periods, despite significant technology and cyber-related investments. While loan growth continues to be a challenge, and our line utilization levels at five year lows, we believe that the inevitable return to normalized levels will result in significant earnings growth potential. Our strong results today leave us well-positioned to aggressively add customers throughout our loan portfolio.” |
Third Quarter 2021 Financial Highlights |
Net Interest Revenue |
Operating Revenue |
Operating Expense |
Loans, Deposits and Capital |
Credit Quality |
Securities and Derivatives |
Conference Call and Webcast |
About BOK Financial Corporation |
Sept. 30, 2021 | June 30, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 729,285 | $ | 678,998 | |||||||
Interest-bearing cash and cash equivalents | 1,162,477 | 580,457 | |||||||||
Trading securities | 5,554,040 | 5,699,070 | |||||||||
Investment securities, net of allowance | 215,592 | 220,832 | |||||||||
Available for sale securities | 13,342,113 | 13,317,922 | |||||||||
Fair value option securities | 51,019 | 60,432 | |||||||||
Restricted equity securities | 77,542 | 134,885 | |||||||||
Residential mortgage loans held for sale | 176,813 | 200,842 | |||||||||
Loans: | |||||||||||
Commercial | 12,175,140 | 12,472,907 | |||||||||
Commercial real estate | 4,116,892 | 4,246,992 | |||||||||
Paycheck protection program | 536,052 | 1,121,583 | |||||||||
Loans to individuals | 3,519,852 | 3,574,967 | |||||||||
Total loans | 20,347,936 | 21,416,449 | |||||||||
Allowance for loan losses | (276,680) | (311,890) | |||||||||
Loans, net of allowance | 20,071,256 | 21,104,559 | |||||||||
Premises and equipment, net | 558,126 | 556,400 | |||||||||
Receivables | 171,505 | 195,763 | |||||||||
Goodwill | 1,044,749 | 1,048,091 | |||||||||
Intangible assets, net | 96,186 | 105,694 | |||||||||
Mortgage servicing rights | 133,308 | 117,629 | |||||||||
Real estate and other repossessed assets, net | 28,770 | 57,337 | |||||||||
Derivative contracts, net | 1,901,136 | 1,701,443 | |||||||||
Cash surrender value of bank-owned life insurance | 403,369 | 401,163 | |||||||||
Receivable on unsettled securities sales | 215,755 | 70,954 | |||||||||
Other assets | 990,368 | 901,904 | |||||||||
TOTAL ASSETS | $ | 46,923,409 | $ | 47,154,375 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Deposits: | |||||||||||
Demand | $ | 14,090,229 | $ | 13,380,409 | |||||||
Interest-bearing transaction | 21,753,110 | 21,278,719 | |||||||||
Savings | 900,497 | 875,456 | |||||||||
Time | 1,780,715 | 1,905,349 | |||||||||
Total deposits | 38,524,551 | 37,439,933 | |||||||||
Funds purchased and repurchase agreements | 843,273 | 730,183 | |||||||||
Other borrowings | 37,426 | 1,546,231 | |||||||||
Subordinated debentures | 131,220 | 276,043 | |||||||||
Accrued interest, taxes and expense | 220,266 | 199,014 | |||||||||
Due on unsettled securities purchases | 614,598 | 576,536 | |||||||||
Derivative contracts, net | 739,641 | 612,261 | |||||||||
Other liabilities | 415,986 | 419,623 | |||||||||
TOTAL LIABILITIES | 41,526,961 | 41,799,824 | |||||||||
Shareholders' equity: | |||||||||||
Capital, surplus and retained earnings | 5,219,801 | 5,106,209 | |||||||||
Accumulated other comprehensive gain | 169,172 | 226,768 | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 5,388,973 | 5,332,977 | |||||||||
Non-controlling interests | 7,475 | 21,574 | |||||||||
TOTAL EQUITY | 5,396,448 | 5,354,551 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 46,923,409 | $ | 47,154,375 |
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 682,788 | $ | 659,312 | $ | 711,047 | $ | 643,926 | $ | 553,070 | |||||||||||||||||||
Trading securities | 7,617,236 | 7,430,217 | 6,963,617 | 6,888,189 | 1,834,160 | ||||||||||||||||||||||||
Investment securities, net of allowance | 218,117 | 221,401 | 237,313 | 251,863 | 258,965 | ||||||||||||||||||||||||
Available for sale securities | 13,446,095 | 13,243,542 | 13,433,767 | 12,949,702 | 12,580,850 | ||||||||||||||||||||||||
Fair value option securities | 56,307 | 64,864 | 104,662 | 122,329 | 387,784 | ||||||||||||||||||||||||
Restricted equity securities | 245,485 | 208,692 | 189,921 | 280,428 | 144,415 | ||||||||||||||||||||||||
Residential mortgage loans held for sale | 167,620 | 218,200 | 207,013 | 229,631 | 213,125 | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial | 12,231,230 | 12,402,925 | 12,908,461 | 13,113,449 | 13,772,217 | ||||||||||||||||||||||||
Commercial real estate | 4,218,190 | 4,395,848 | 4,547,945 | 4,788,393 | 4,754,269 | ||||||||||||||||||||||||
Paycheck protection program | 792,728 | 1,668,047 | 1,741,534 | 1,928,665 | 2,092,933 | ||||||||||||||||||||||||
Loans to individuals | 3,606,460 | 3,700,269 | 3,559,067 | 3,617,011 | 3,491,044 | ||||||||||||||||||||||||
Total loans | 20,848,608 | 22,167,089 | 22,757,007 | 23,447,518 | 24,110,463 | ||||||||||||||||||||||||
Allowance for loan losses | (306,125) | (345,269) | (382,734) | (414,225) | (441,831) | ||||||||||||||||||||||||
Loans, net of allowance | 20,542,483 | 21,821,820 | 22,374,273 | 23,033,293 | 23,668,632 | ||||||||||||||||||||||||
Total earning assets | 42,976,131 | 43,868,048 | 44,221,613 | 44,399,361 | 39,641,001 | ||||||||||||||||||||||||
Cash and due from banks | 766,688 | 763,393 | 760,691 | 742,432 | 723,826 | ||||||||||||||||||||||||
Derivative contracts, net | 1,501,736 | 1,022,137 | 873,712 | 553,779 | 581,839 | ||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 401,926 | 401,760 | 399,830 | 397,354 | 394,680 | ||||||||||||||||||||||||
Receivable on unsettled securities sales | 632,539 | 716,700 | 735,482 | 1,094,198 | 4,563,301 | ||||||||||||||||||||||||
Other assets | 3,220,129 | 3,424,884 | 3,319,305 | 3,200,040 | 3,027,108 | ||||||||||||||||||||||||
TOTAL ASSETS | $ | 49,499,149 | $ | 50,196,922 | $ | 50,310,633 | $ | 50,387,164 | $ | 48,931,755 | |||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand | $ | 13,670,656 | $ | 13,189,954 | $ | 12,312,629 | $ | 12,136,071 | $ | 11,929,694 | |||||||||||||||||||
Interest-bearing transaction | 21,435,736 | 21,491,145 | 21,433,406 | 20,718,390 | 19,752,106 | ||||||||||||||||||||||||
Savings | 888,011 | 872,618 | 789,656 | 737,360 | 707,121 | ||||||||||||||||||||||||
Time | 1,839,983 | 1,936,510 | 1,986,425 | 1,930,808 | 2,251,012 | ||||||||||||||||||||||||
Total deposits | 37,834,386 | 37,490,227 | 36,522,116 | 35,522,629 | 34,639,933 | ||||||||||||||||||||||||
Funds purchased and repurchase agreements | 1,448,800 | 1,790,490 | 2,830,378 | 2,153,254 | 2,782,150 | ||||||||||||||||||||||||
Other borrowings | 2,546,083 | 3,608,369 | 3,392,346 | 5,193,656 | 3,382,688 | ||||||||||||||||||||||||
Subordinated debentures | 214,654 | 276,034 | 276,015 | 275,998 | 275,980 | ||||||||||||||||||||||||
Derivative contracts, net | 434,334 | 366,202 | 428,488 | 399,476 | 458,390 | ||||||||||||||||||||||||
Due on unsettled securities purchases | 957,538 | 701,495 | 915,410 | 957,642 | 1,516,880 | ||||||||||||||||||||||||
Other liabilities | 619,913 | 634,460 | 671,715 | 656,147 | 712,674 | ||||||||||||||||||||||||
TOTAL LIABILITIES | 44,055,708 | 44,867,277 | 45,036,468 | 45,158,802 | 43,768,695 | ||||||||||||||||||||||||
Total equity | 5,443,441 | 5,329,645 | 5,274,165 | 5,228,362 | 5,163,060 | ||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 49,499,149 | $ | 50,196,922 | $ | 50,310,633 | $ | 50,387,164 | $ | 48,931,755 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest revenue | $ | 293,463 | $ | 294,659 | $ | 887,595 | $ | 949,980 | |||||||||||||||
Interest expense | 13,236 | 22,909 | 46,639 | 138,766 | |||||||||||||||||||
Net interest revenue | 280,227 | 271,750 | 840,956 | 811,214 | |||||||||||||||||||
Provision for credit losses | (23,000) | — | (83,000) | 229,092 | |||||||||||||||||||
Net interest revenue after provision for credit losses | 303,227 | 271,750 | 923,956 | 582,122 | |||||||||||||||||||
Other operating revenue: | |||||||||||||||||||||||
Brokerage and trading revenue | 47,930 | 69,526 | 98,120 | 182,327 | |||||||||||||||||||
Transaction card revenue | 24,632 | 23,465 | 71,985 | 68,286 | |||||||||||||||||||
Fiduciary and asset management revenue | 45,248 | 39,931 | 131,402 | 125,646 | |||||||||||||||||||
Deposit service charges and fees | 27,429 | 24,286 | 77,499 | 72,462 | |||||||||||||||||||
Mortgage banking revenue | 26,286 | 51,959 | 84,618 | 143,062 | |||||||||||||||||||
Other revenue | 18,896 | 13,698 | 58,364 | 37,486 | |||||||||||||||||||
Total fees and commissions | 190,421 | 222,865 | 521,988 | 629,269 | |||||||||||||||||||
Other gains (losses), net | 31,091 | 2,044 | 57,661 | (1,347) | |||||||||||||||||||
Gain (loss) on derivatives, net | (5,760) | 2,354 | (14,590) | 42,659 | |||||||||||||||||||
Gain (loss) on fair value option securities, net | (120) | (754) | (3,657) | 53,180 | |||||||||||||||||||
Change in fair value of mortgage servicing rights | 12,945 | 3,441 | 33,778 | (85,800) | |||||||||||||||||||
Gain (loss) on available for sale securities, net | 1,255 | (12) | 3,152 | 5,571 | |||||||||||||||||||
Total other operating revenue | 229,832 | 229,938 | 598,332 | 643,532 | |||||||||||||||||||
Other operating expense: | |||||||||||||||||||||||
Personnel | 175,863 | 179,860 | 520,908 | 512,276 | |||||||||||||||||||
Business promotion | 4,939 | 2,633 | 9,837 | 10,783 | |||||||||||||||||||
Charitable contributions to BOKF Foundation | — | — | 4,000 | 3,000 | |||||||||||||||||||
Professional fees and services | 12,436 | 14,074 | 36,777 | 39,183 | |||||||||||||||||||
Net occupancy and equipment | 28,395 | 28,111 | 81,690 | 84,847 | |||||||||||||||||||
Insurance | 3,712 | 5,848 | 11,992 | 15,984 | |||||||||||||||||||
Data processing and communications | 38,371 | 34,751 | 112,256 | 100,436 | |||||||||||||||||||
Printing, postage and supplies | 3,558 | 3,482 | 11,283 | 11,256 | |||||||||||||||||||
Amortization of intangible assets | 4,488 | 5,071 | 13,873 | 15,355 | |||||||||||||||||||
Mortgage banking costs | 8,962 | 15,803 | 34,031 | 41,946 | |||||||||||||||||||
Other expense | 10,553 | 7,411 | 41,566 | 26,571 | |||||||||||||||||||
Total other operating expense | 291,277 | 297,044 | 878,213 | 861,637 | |||||||||||||||||||
Net income before taxes | 241,782 | 204,644 | 644,075 | 364,017 | |||||||||||||||||||
Federal and state income taxes | 54,061 | 50,552 | 144,939 | 83,655 | |||||||||||||||||||
Net income | 187,721 | 154,092 | 499,136 | 280,362 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (601) | 58 | (1,667) | (444) | |||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 188,322 | $ | 154,034 | $ | 500,803 | $ | 280,806 | |||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||
Basic | 68,359,125 | 69,877,866 | 68,768,044 | 69,958,944 | |||||||||||||||||||
Diluted | 68,360,871 | 69,879,290 | 68,770,663 | 69,962,053 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 2.74 | $ | 2.19 | $ | 7.23 | $ | 3.99 | |||||||||||||||
Diluted | $ | 2.74 | $ | 2.19 | $ | 7.23 | $ | 3.99 |
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Capital: | |||||||||||||||||||||||||||||
Period-end shareholders' equity | $ | 5,388,973 | $ | 5,332,977 | $ | 5,239,462 | $ | 5,266,266 | $ | 5,218,787 | |||||||||||||||||||
Risk weighted assets | $ | 33,916,456 | $ | 33,824,860 | $ | 32,623,108 | $ | 32,492,277 | $ | 31,529,826 | |||||||||||||||||||
Risk-based capital ratios: | |||||||||||||||||||||||||||||
Common equity tier 1 | 12.26 | % | 11.95 | % | 12.14 | % | 11.95 | % | 12.07 | % | |||||||||||||||||||
Tier 1 | 12.29 | % | 12.01 | % | 12.21 | % | 11.95 | % | 12.07 | % | |||||||||||||||||||
Total capital | 13.38 | % | 13.61 | % | 13.98 | % | 13.82 | % | 14.05 | % | |||||||||||||||||||
Leverage ratio | 8.77 | % | 8.58 | % | 8.42 | % | 8.28 | % | 8.39 | % | |||||||||||||||||||
Tangible common equity ratio1 | 9.28 | % | 9.09 | % | 8.82 | % | 9.02 | % | 9.02 | % | |||||||||||||||||||
Common stock: | |||||||||||||||||||||||||||||
Book value per share | $ | 78.56 | $ | 77.20 | $ | 75.33 | $ | 75.62 | $ | 74.23 | |||||||||||||||||||
Tangible book value per share | $ | 61.93 | $ | 60.50 | $ | 58.67 | $ | 58.94 | $ | 57.64 | |||||||||||||||||||
Market value per share: | |||||||||||||||||||||||||||||
High | $ | 92.97 | $ | 93.00 | $ | 98.95 | $ | 73.07 | $ | 62.86 | |||||||||||||||||||
Low | $ | 77.20 | $ | 83.59 | $ | 67.57 | $ | 50.09 | $ | 48.41 | |||||||||||||||||||
Cash dividends paid | $ | 35,725 | $ | 35,925 | $ | 36,038 | $ | 36,219 | $ | 35,799 | |||||||||||||||||||
Dividend payout ratio | 18.97 | % | 21.59 | % | 24.67 | % | 23.48 | % | 23.24 | % | |||||||||||||||||||
Shares outstanding, net | 68,596,764 | 69,078,458 | 69,557,873 | 69,637,600 | 70,305,833 | ||||||||||||||||||||||||
Stock buy-back program: | |||||||||||||||||||||||||||||
Shares repurchased | 478,141 | 492,994 | 260,000 | 665,100 | — | ||||||||||||||||||||||||
Amount | $ | 40,644 | $ | 43,797 | $ | 20,071 | $ | 42,450 | $ | — | |||||||||||||||||||
Average price per share | $ | 85.00 | $ | 88.84 | $ | 77.20 | $ | 63.82 | $ | — | |||||||||||||||||||
Performance ratios (quarter annualized): | |||||||||||||||||||||||||||||
Return on average assets | 1.51 | % | 1.33 | % | 1.18 | % | 1.22 | % | 1.25 | % | |||||||||||||||||||
Return on average equity | 13.78 | % | 12.58 | % | 11.28 | % | 11.75 | % | 11.89 | % | |||||||||||||||||||
Net interest margin | 2.66 | % | 2.60 | % | 2.62 | % | 2.72 | % | 2.81 | % | |||||||||||||||||||
Efficiency ratio | 61.23 | % | 64.20 | % | 66.26 | % | 62.77 | % | 59.57 | % | |||||||||||||||||||
Reconciliation of non-GAAP measures: | |||||||||||||||||||||||||||||
1 Tangible common equity ratio: | |||||||||||||||||||||||||||||
Total shareholders' equity | $ | 5,388,973 | $ | 5,332,977 | $ | 5,239,462 | $ | 5,266,266 | $ | 5,218,787 | |||||||||||||||||||
Less: Goodwill and intangible assets, net | 1,140,935 | 1,153,785 | 1,158,676 | 1,161,527 | 1,166,615 | ||||||||||||||||||||||||
Tangible common equity | $ | 4,248,038 | $ | 4,179,192 | $ | 4,080,786 | $ | 4,104,739 | $ | 4,052,172 | |||||||||||||||||||
Total assets | $ | 46,923,409 | $ | 47,154,375 | $ | 47,442,513 | $ | 46,671,088 | $ | 46,067,224 | |||||||||||||||||||
Less: Goodwill and intangible assets, net | 1,140,935 | 1,153,785 | 1,158,676 | 1,161,527 | 1,166,615 | ||||||||||||||||||||||||
Tangible assets | $ | 45,782,474 | $ | 46,000,590 | $ | 46,283,837 | $ | 45,509,561 | $ | 44,900,609 | |||||||||||||||||||
Tangible common equity ratio | 9.28 | % | 9.09 | % | 8.82 | % | 9.02 | % | 9.02 | % | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Pre-provision net revenue: | |||||||||||||||||||||||||||||
Net income before taxes | $ | 241,782 | $ | 215,603 | $ | 186,690 | $ | 199,847 | $ | 204,644 | |||||||||||||||||||
Provision for expected credit losses | (23,000) | (35,000) | (25,000) | (6,500) | — | ||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (601) | 686 | (1,752) | 485 | 58 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 219,383 | $ | 179,917 | $ | 163,442 | $ | 192,862 | $ | 204,586 | |||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Tax equivalent interest | $ | 2,217 | $ | 2,320 | $ | 2,301 | $ | 2,414 | $ | 2,457 | |||||||||||||||||||
Net unrealized gain on available for sale securities | $ | 221,487 | $ | 297,267 | $ | 290,217 | $ | 440,814 | $ | 480,563 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||||||||
Mortgage production revenue | $ | 15,403 | $ | 10,004 | $ | 25,287 | $ | 26,662 | $ | 38,431 | |||||||||||||||||||
Mortgage loans funded for sale | $ | 652,336 | $ | 754,893 | $ | 843,053 | $ | 998,435 | $ | 1,032,472 | |||||||||||||||||||
Add: current period-end outstanding commitments | 239,066 | 276,154 | 387,465 | 380,637 | 560,493 | ||||||||||||||||||||||||
Less: prior period end outstanding commitments | 276,154 | 387,465 | 380,637 | 560,493 | 546,304 | ||||||||||||||||||||||||
Total mortgage production volume | $ | 615,248 | $ | 643,582 | $ | 849,881 | $ | 818,579 | $ | 1,046,661 | |||||||||||||||||||
Mortgage loan refinances to mortgage loans funded for sale | 48 | % | 48 | % | 65 | % | 58 | % | 54 | % | |||||||||||||||||||
Realized margin on funded mortgage loans | 2.48 | % | 2.75 | % | 3.10 | % | 3.78 | % | 3.52 | % | |||||||||||||||||||
Production revenue as a percentage of production volume | 2.50 | % | 1.55 | % | 2.98 | % | 3.26 | % | 3.67 | % | |||||||||||||||||||
Mortgage servicing revenue | $ | 10,883 | $ | 11,215 | $ | 11,826 | $ | 12,636 | $ | 13,528 | |||||||||||||||||||
Average outstanding principal balance of mortgage loans serviced for others | 14,899,306 | 15,065,173 | 15,723,231 | 16,518,208 | 17,434,215 | ||||||||||||||||||||||||
Average mortgage servicing revenue rates | 0.29 | % | 0.30 | % | 0.31 | % | 0.30 | % | 0.31 | % | |||||||||||||||||||
Gain (loss) on mortgage servicing rights, net of economic hedge: | |||||||||||||||||||||||||||||
Gain (loss) on mortgage hedge derivative contracts, net | $ | (5,829) | $ | 18,764 | $ | (27,705) | $ | (385) | $ | 2,295 | |||||||||||||||||||
Gain (loss) on fair value option securities, net | (120) | (1,627) | (1,910) | 68 | (754) | ||||||||||||||||||||||||
Gain (loss) on economic hedge of mortgage servicing rights | (5,949) | 17,137 | (29,615) | (317) | 1,541 | ||||||||||||||||||||||||
Gain (loss) on changes in fair value of mortgage servicing rights | 12,945 | (13,041) | 33,874 | 6,276 | 3,441 | ||||||||||||||||||||||||
Gain on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue | 6,996 | 4,096 | 4,259 | 5,959 | 4,982 | ||||||||||||||||||||||||
Net interest revenue on fair value option securities2 | 286 | 341 | 393 | 550 | 1,565 | ||||||||||||||||||||||||
Total economic benefit of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | 7,282 | $ | 4,437 | $ | 4,652 | $ | 6,509 | $ | 6,547 |
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Interest revenue | $ | 293,463 | $ | 295,893 | $ | 298,239 | $ | 319,020 | $ | 294,659 | |||||||||||||||||||
Interest expense | 13,236 | 15,584 | 17,819 | 21,790 | 22,909 | ||||||||||||||||||||||||
Net interest revenue | 280,227 | 280,309 | 280,420 | 297,230 | 271,750 | ||||||||||||||||||||||||
Provision for credit losses | (23,000) | (35,000) | (25,000) | (6,500) | — | ||||||||||||||||||||||||
Net interest revenue after provision for credit losses | 303,227 | 315,309 | 305,420 | 303,730 | 271,750 | ||||||||||||||||||||||||
Other operating revenue: | |||||||||||||||||||||||||||||
Brokerage and trading revenue | 47,930 | 29,408 | 20,782 | 39,506 | 69,526 | ||||||||||||||||||||||||
Transaction card revenue | 24,632 | 24,923 | 22,430 | 21,896 | 23,465 | ||||||||||||||||||||||||
Fiduciary and asset management revenue | 45,248 | 44,832 | 41,322 | 41,799 | 39,931 | ||||||||||||||||||||||||
Deposit service charges and fees | 27,429 | 25,861 | 24,209 | 24,343 | 24,286 | ||||||||||||||||||||||||
Mortgage banking revenue | 26,286 | 21,219 | 37,113 | 39,298 | 51,959 | ||||||||||||||||||||||||
Other revenue | 18,896 | 23,172 | 16,296 | 14,209 | 13,698 | ||||||||||||||||||||||||
Total fees and commissions | 190,421 | 169,415 | 162,152 | 181,051 | 222,865 | ||||||||||||||||||||||||
Other gains, net | 31,091 | 16,449 | 10,121 | 7,394 | 2,044 | ||||||||||||||||||||||||
Gain (loss) on derivatives, net | (5,760) | 18,820 | (27,650) | (339) | 2,354 | ||||||||||||||||||||||||
Gain (loss) on fair value option securities, net | (120) | (1,627) | (1,910) | 68 | (754) | ||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | 12,945 | (13,041) | 33,874 | 6,276 | 3,441 | ||||||||||||||||||||||||
Gain (loss) on available for sale securities, net | 1,255 | 1,430 | 467 | 4,339 | (12) | ||||||||||||||||||||||||
Total other operating revenue | 229,832 | 191,446 | 177,054 | 198,789 | 229,938 | ||||||||||||||||||||||||
Other operating expense: | |||||||||||||||||||||||||||||
Personnel | 175,863 | 172,035 | 173,010 | 176,198 | 179,860 | ||||||||||||||||||||||||
Business promotion | 4,939 | 2,744 | 2,154 | 3,728 | 2,633 | ||||||||||||||||||||||||
Charitable contributions to BOKF Foundation | — | — | 4,000 | 6,000 | — | ||||||||||||||||||||||||
Professional fees and services | 12,436 | 12,361 | 11,980 | 14,254 | 14,074 | ||||||||||||||||||||||||
Net occupancy and equipment | 28,395 | 26,633 | 26,662 | 27,875 | 28,111 | ||||||||||||||||||||||||
Insurance | 3,712 | 3,660 | 4,620 | 4,006 | 5,848 | ||||||||||||||||||||||||
Data processing and communications | 38,371 | 36,418 | 37,467 | 35,061 | 34,751 | ||||||||||||||||||||||||
Printing, postage and supplies | 3,558 | 4,285 | 3,440 | 3,805 | 3,482 | ||||||||||||||||||||||||
Amortization of intangible assets | 4,488 | 4,578 | 4,807 | 5,088 | 5,071 | ||||||||||||||||||||||||
Mortgage banking costs | 8,962 | 11,126 | 13,943 | 14,765 | 15,803 | ||||||||||||||||||||||||
Other expense | 10,553 | 17,312 | 13,701 | 11,892 | 7,411 | ||||||||||||||||||||||||
Total other operating expense | 291,277 | 291,152 | 295,784 | 302,672 | 297,044 | ||||||||||||||||||||||||
Net income before taxes | 241,782 | 215,603 | 186,690 | 199,847 | 204,644 | ||||||||||||||||||||||||
Federal and state income taxes | 54,061 | 48,496 | 42,382 | 45,138 | 50,552 | ||||||||||||||||||||||||
Net income | 187,721 | 167,107 | 144,308 | 154,709 | 154,092 | ||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (601) | 686 | (1,752) | 485 | 58 | ||||||||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 188,322 | $ | 166,421 | $ | 146,060 | $ | 154,224 | $ | 154,034 | |||||||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 68,359,125 | 68,815,666 | 69,137,375 | 69,489,597 | 69,877,866 | ||||||||||||||||||||||||
Diluted | 68,360,871 | 68,817,442 | 69,141,710 | 69,493,050 | 69,879,290 | ||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||
Basic | $ | 2.74 | $ | 2.40 | $ | 2.10 | $ | 2.21 | $ | 2.19 | |||||||||||||||||||
Diluted | $ | 2.74 | $ | 2.40 | $ | 2.10 | $ | 2.21 | $ | 2.19 |
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Healthcare | $ | 3,347,641 | $ | 3,381,261 | $ | 3,290,758 | $ | 3,305,990 | $ | 3,325,790 | ||||||||||||||||||||||
Services | 3,323,422 | 3,389,756 | 3,421,948 | 3,508,583 | 3,545,825 | |||||||||||||||||||||||||||
Energy | 2,814,059 | 3,011,331 | 3,202,488 | 3,469,194 | 3,717,101 | |||||||||||||||||||||||||||
General business | 2,690,018 | 2,690,559 | 2,742,590 | 2,793,768 | 2,976,990 | |||||||||||||||||||||||||||
Total commercial | 12,175,140 | 12,472,907 | 12,657,784 | 13,077,535 | 13,565,706 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Office | 1,030,755 | 1,073,346 | 1,094,060 | 1,085,257 | 1,099,563 | |||||||||||||||||||||||||||
Industrial | 890,316 | 824,577 | 789,437 | 810,510 | 792,389 | |||||||||||||||||||||||||||
Multifamily | 875,586 | 964,824 | 1,227,915 | 1,328,045 | 1,387,461 | |||||||||||||||||||||||||||
Retail | 766,402 | 784,445 | 787,648 | 796,223 | 786,211 | |||||||||||||||||||||||||||
Residential construction and land development | 118,416 | 128,939 | 119,079 | 119,394 | 121,258 | |||||||||||||||||||||||||||
Other commercial real estate | 435,417 | 470,861 | 485,208 | 559,109 | 506,818 | |||||||||||||||||||||||||||
Total commercial real estate | 4,116,892 | 4,246,992 | 4,503,347 | 4,698,538 | 4,693,700 | |||||||||||||||||||||||||||
Paycheck protection program | 536,052 | 1,121,583 | 1,848,550 | 1,682,310 | 2,097,325 | |||||||||||||||||||||||||||
Loans to individuals: | ||||||||||||||||||||||||||||||||
Residential mortgage | 1,747,243 | 1,772,627 | 1,797,478 | 1,863,003 | 1,849,144 | |||||||||||||||||||||||||||
Residential mortgages guaranteed by U.S. government agencies | 376,986 | 413,806 | 420,051 | 408,687 | 384,247 | |||||||||||||||||||||||||||
Personal | 1,395,623 | 1,388,534 | 1,306,637 | 1,277,447 | 1,213,178 | |||||||||||||||||||||||||||
Total loans to individuals | 3,519,852 | 3,574,967 | 3,524,166 | 3,549,137 | 3,446,569 | |||||||||||||||||||||||||||
Total | $ | 20,347,936 | $ | 21,416,449 | $ | 22,533,847 | $ | 23,007,520 | $ | 23,803,300 |
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||
Commercial | $ | 5,815,562 | $ | 5,690,901 | $ | 5,748,345 | $ | 5,926,534 | $ | 6,135,471 | |||||||||||||||||||
Commercial real estate | 1,383,871 | 1,403,751 | 1,511,714 | 1,519,217 | 1,523,226 | ||||||||||||||||||||||||
Paycheck protection program | 115,623 | 342,933 | 537,899 | 501,079 | 614,970 | ||||||||||||||||||||||||
Loans to individuals | 901,121 | 885,619 | 848,194 | 855,410 | 794,055 | ||||||||||||||||||||||||
Total Texas | 8,216,177 | 8,323,204 | 8,646,152 | 8,802,240 | 9,067,722 | ||||||||||||||||||||||||
Oklahoma: | |||||||||||||||||||||||||||||
Commercial | 2,590,887 | 2,840,560 | 2,975,477 | 3,144,782 | 3,332,244 | ||||||||||||||||||||||||
Commercial real estate | 552,184 | 552,673 | 597,840 | 597,733 | 608,448 | ||||||||||||||||||||||||
Paycheck protection program | 192,474 | 242,880 | 468,002 | 413,108 | 487,247 | ||||||||||||||||||||||||
Loans to individuals | 2,014,099 | 2,063,419 | 2,043,705 | 2,052,784 | 2,034,576 | ||||||||||||||||||||||||
Total Oklahoma | 5,349,644 | 5,699,532 | 6,085,024 | 6,208,407 | 6,462,515 | ||||||||||||||||||||||||
Colorado: | |||||||||||||||||||||||||||||
Commercial | 1,874,613 | 1,904,182 | 1,910,826 | 1,929,320 | 1,993,364 | ||||||||||||||||||||||||
Commercial real estate | 526,653 | 656,521 | 777,786 | 879,648 | 893,626 | ||||||||||||||||||||||||
Paycheck protection program | 140,470 | 299,712 | 436,540 | 377,111 | 494,910 | ||||||||||||||||||||||||
Loans to individuals | 249,298 | 262,796 | 264,759 | 264,295 | 257,832 | ||||||||||||||||||||||||
Total Colorado | 2,791,034 | 3,123,211 | 3,389,911 | 3,450,374 | 3,639,732 | ||||||||||||||||||||||||
Arizona: | |||||||||||||||||||||||||||||
Commercial | 1,194,801 | 1,239,270 | 1,207,089 | 1,219,072 | 1,218,769 | ||||||||||||||||||||||||
Commercial real estate | 734,174 | 705,497 | 667,766 | 726,111 | 702,291 | ||||||||||||||||||||||||
Paycheck protection program | 42,815 | 104,946 | 208,481 | 211,725 | 272,114 | ||||||||||||||||||||||||
Loans to individuals | 182,506 | 178,481 | 179,031 | 177,948 | 166,203 | ||||||||||||||||||||||||
Total Arizona | 2,154,296 | 2,228,194 | 2,262,367 | 2,334,856 | 2,359,377 | ||||||||||||||||||||||||
Kansas/Missouri: | |||||||||||||||||||||||||||||
Commercial | 336,414 | 388,291 | 421,974 | 455,914 | 493,606 | ||||||||||||||||||||||||
Commercial real estate | 408,001 | 406,055 | 395,590 | 366,821 | 352,663 | ||||||||||||||||||||||||
Paycheck protection program | 6,920 | 41,954 | 60,741 | 56,011 | 80,230 | ||||||||||||||||||||||||
Loans to individuals | 100,920 | 103,092 | 104,954 | 105,995 | 96,598 | ||||||||||||||||||||||||
Total Kansas/Missouri | 852,255 | 939,392 | 983,259 | 984,741 | 1,023,097 | ||||||||||||||||||||||||
New Mexico: | |||||||||||||||||||||||||||||
Commercial | 287,695 | 304,804 | 307,395 | 303,833 | 288,374 | ||||||||||||||||||||||||
Commercial real estate | 437,302 | 437,996 | 448,298 | 473,204 | 473,697 | ||||||||||||||||||||||||
Paycheck protection program | 31,444 | 86,716 | 124,059 | 109,881 | 133,244 | ||||||||||||||||||||||||
Loans to individuals | 66,651 | 68,177 | 70,491 | 75,665 | 79,890 | ||||||||||||||||||||||||
Total New Mexico | 823,092 | 897,693 | 950,243 | 962,583 | 975,205 | ||||||||||||||||||||||||
Arkansas: | |||||||||||||||||||||||||||||
Commercial | 75,168 | 104,899 | 86,678 | 98,080 | 103,878 | ||||||||||||||||||||||||
Commercial real estate | 74,707 | 84,499 | 104,353 | 135,804 | 139,749 | ||||||||||||||||||||||||
Paycheck protection program | 6,306 | 2,442 | 12,828 | 13,395 | 14,610 | ||||||||||||||||||||||||
Loans to individuals | 5,257 | 13,383 | 13,032 | 17,040 | 17,415 | ||||||||||||||||||||||||
Total Arkansas | 161,438 | 205,223 | 216,891 | 264,319 | 275,652 | ||||||||||||||||||||||||
TOTAL BOK FINANCIAL | $ | 20,347,936 | $ | 21,416,449 | $ | 22,533,847 | $ | 23,007,520 | $ | 23,803,300 |
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Oklahoma: | |||||||||||||||||||||||||||||
Demand | $ | 5,080,162 | $ | 4,985,542 | $ | 4,823,436 | $ | 4,329,205 | $ | 4,493,978 | |||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 11,692,679 | 12,065,844 | 12,828,070 | 12,603,658 | 12,586,449 | ||||||||||||||||||||||||
Savings | 510,906 | 500,344 | 487,862 | 420,996 | 401,062 | ||||||||||||||||||||||||
Time | 1,039,866 | 1,139,980 | 1,197,517 | 1,134,453 | 1,081,176 | ||||||||||||||||||||||||
Total interest-bearing | 13,243,451 | 13,706,168 | 14,513,449 | 14,159,107 | 14,068,687 | ||||||||||||||||||||||||
Total Oklahoma | 18,323,613 | 18,691,710 | 19,336,885 | 18,488,312 | 18,562,665 | ||||||||||||||||||||||||
Texas: | |||||||||||||||||||||||||||||
Demand | 3,987,503 | 3,752,790 | 3,592,969 | 3,449,882 | 3,152,106 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 4,985,465 | 4,335,113 | 4,257,234 | 3,800,427 | 3,482,555 | ||||||||||||||||||||||||
Savings | 165,043 | 160,805 | 154,406 | 139,173 | 136,787 | ||||||||||||||||||||||||
Time | 337,389 | 346,577 | 368,086 | 383,062 | 438,337 | ||||||||||||||||||||||||
Total interest-bearing | 5,487,897 | 4,842,495 | 4,779,726 | 4,322,662 | 4,057,679 | ||||||||||||||||||||||||
Total Texas | 9,475,400 | 8,595,285 | 8,372,695 | 7,772,544 | 7,209,785 | ||||||||||||||||||||||||
Colorado: | |||||||||||||||||||||||||||||
Demand | 2,158,596 | 1,991,343 | 2,115,354 | 2,168,404 | 2,057,603 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 2,337,354 | 2,159,819 | 2,100,135 | 2,170,485 | 1,861,763 | ||||||||||||||||||||||||
Savings | 79,873 | 73,990 | 73,446 | 69,384 | 68,230 | ||||||||||||||||||||||||
Time | 184,002 | 193,787 | 204,973 | 208,778 | 226,780 | ||||||||||||||||||||||||
Total interest-bearing | 2,601,229 | 2,427,596 | 2,378,554 | 2,448,647 | 2,156,773 | ||||||||||||||||||||||||
Total Colorado | 4,759,825 | 4,418,939 | 4,493,908 | 4,617,051 | 4,214,376 | ||||||||||||||||||||||||
New Mexico: | |||||||||||||||||||||||||||||
Demand | 1,222,895 | 1,197,412 | 1,131,713 | 941,074 | 964,908 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 837,630 | 723,757 | 736,923 | 733,007 | 713,418 | ||||||||||||||||||||||||
Savings | 107,615 | 105,837 | 103,591 | 91,646 | 85,463 | ||||||||||||||||||||||||
Time | 168,879 | 174,665 | 181,863 | 186,307 | 200,525 | ||||||||||||||||||||||||
Total interest-bearing | 1,114,124 | 1,004,259 | 1,022,377 | 1,010,960 | 999,406 | ||||||||||||||||||||||||
Total New Mexico | 2,337,019 | 2,201,671 | 2,154,090 | 1,952,034 | 1,964,314 | ||||||||||||||||||||||||
Arizona: | |||||||||||||||||||||||||||||
Demand | 1,110,884 | 943,511 | 915,439 | 905,201 | 928,671 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 784,614 | 820,901 | 835,795 | 768,220 | 771,319 | ||||||||||||||||||||||||
Savings | 16,468 | 13,496 | 13,235 | 12,174 | 11,498 | ||||||||||||||||||||||||
Time | 30,862 | 30,012 | 30,997 | 32,721 | 36,929 | ||||||||||||||||||||||||
Total interest-bearing | 831,944 | 864,409 | 880,027 | 813,115 | 819,746 | ||||||||||||||||||||||||
Total Arizona | 1,942,828 | 1,807,920 | 1,795,466 | 1,718,316 | 1,748,417 | ||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Kansas/Missouri: | |||||||||||||||||||||||||||||
Demand | 488,595 | 463,339 | 478,370 | 426,738 | 405,360 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 965,757 | 978,160 | 991,510 | 960,237 | 616,797 | ||||||||||||||||||||||||
Savings | 17,303 | 17,539 | 18,686 | 16,286 | 15,520 | ||||||||||||||||||||||||
Time | 13,040 | 13,509 | 13,898 | 14,610 | 16,430 | ||||||||||||||||||||||||
Total interest-bearing | 996,100 | 1,009,208 | 1,024,094 | 991,133 | 648,747 | ||||||||||||||||||||||||
Total Kansas/Missouri | 1,484,695 | 1,472,547 | 1,502,464 | 1,417,871 | 1,054,107 | ||||||||||||||||||||||||
Arkansas: | |||||||||||||||||||||||||||||
Demand | 41,594 | 46,472 | 45,889 | 45,834 | 44,712 | ||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||
Transaction | 149,611 | 195,125 | 141,207 | 122,388 | 164,439 | ||||||||||||||||||||||||
Savings | 3,289 | 3,445 | 3,000 | 2,333 | 2,389 | ||||||||||||||||||||||||
Time | 6,677 | 6,819 | 7,022 | 7,197 | 7,796 | ||||||||||||||||||||||||
Total interest-bearing | 159,577 | 205,389 | 151,229 | 131,918 | 174,624 | ||||||||||||||||||||||||
Total Arkansas | 201,171 | 251,861 | 197,118 | 177,752 | 219,336 | ||||||||||||||||||||||||
TOTAL BOK FINANCIAL | $ | 38,524,551 | $ | 37,439,933 | $ | 37,852,626 | $ | 36,143,880 | $ | 34,973,000 |
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
TAX-EQUIVALENT ASSETS YIELDS | |||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 0.14 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.12 | % | |||||||||||||||||||
Trading securities | 2.04 | % | 1.95 | % | 2.06 | % | 2.02 | % | 1.92 | % | |||||||||||||||||||
Investment securities, net of allowance | 5.02 | % | 5.01 | % | 4.88 | % | 4.88 | % | 4.85 | % | |||||||||||||||||||
Available for sale securities | 1.80 | % | 1.85 | % | 1.84 | % | 1.98 | % | 2.11 | % | |||||||||||||||||||
Fair value option securities | 2.62 | % | 2.60 | % | 1.95 | % | 2.27 | % | 1.92 | % | |||||||||||||||||||
Restricted equity securities | 2.55 | % | 3.36 | % | 2.86 | % | 3.25 | % | 2.53 | % | |||||||||||||||||||
Residential mortgage loans held for sale | 3.06 | % | 2.91 | % | 2.71 | % | 2.75 | % | 3.01 | % | |||||||||||||||||||
Loans | 3.68 | % | 3.54 | % | 3.55 | % | 3.68 | % | 3.60 | % | |||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Loans, net of allowance | 3.73 | % | 3.60 | % | 3.62 | % | 3.75 | % | 3.67 | % | |||||||||||||||||||
Total tax-equivalent yield on earning assets | 2.78 | % | 2.75 | % | 2.78 | % | 2.92 | % | 3.04 | % | |||||||||||||||||||
COST OF INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||
Interest-bearing transaction | 0.09 | % | 0.10 | % | 0.12 | % | 0.14 | % | 0.17 | % | |||||||||||||||||||
Savings | 0.04 | % | 0.04 | % | 0.04 | % | 0.05 | % | 0.05 | % | |||||||||||||||||||
Time | 0.55 | % | 0.58 | % | 0.70 | % | 0.89 | % | 1.13 | % | |||||||||||||||||||
Total interest-bearing deposits | 0.13 | % | 0.14 | % | 0.17 | % | 0.19 | % | 0.26 | % | |||||||||||||||||||
Funds purchased and repurchase agreements | 0.20 | % | 0.16 | % | 0.19 | % | 0.28 | % | 0.17 | % | |||||||||||||||||||
Other borrowings | 0.37 | % | 0.34 | % | 0.39 | % | 0.42 | % | 0.43 | % | |||||||||||||||||||
Subordinated debt | 4.63 | % | 4.87 | % | 4.92 | % | 4.87 | % | 4.89 | % | |||||||||||||||||||
Total cost of interest-bearing liabilities | 0.19 | % | 0.21 | % | 0.24 | % | 0.28 | % | 0.31 | % | |||||||||||||||||||
Tax-equivalent net interest revenue spread | 2.59 | % | 2.54 | % | 2.54 | % | 2.64 | % | 2.73 | % | |||||||||||||||||||
Effect of noninterest-bearing funding sources and other | 0.07 | % | 0.06 | % | 0.08 | % | 0.08 | % | 0.08 | % | |||||||||||||||||||
Tax-equivalent net interest margin | 2.66 | % | 2.60 | % | 2.62 | % | 2.72 | % | 2.81 | % |
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Nonperforming assets: | |||||||||||||||||||||||||||||
Nonaccruing loans: | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Energy | $ | 45,500 | $ | 70,341 | $ | 101,800 | $ | 125,059 | $ | 126,816 | |||||||||||||||||||
Services | 25,714 | 29,913 | 28,033 | 25,598 | 25,817 | ||||||||||||||||||||||||
Healthcare | 509 | 527 | 3,187 | 3,645 | 3,645 | ||||||||||||||||||||||||
General business | 8,951 | 11,823 | 14,053 | 12,857 | 13,675 | ||||||||||||||||||||||||
Total commercial | 80,674 | 112,604 | 147,073 | 167,159 | 169,953 | ||||||||||||||||||||||||
Commercial real estate | 21,223 | 26,123 | 27,243 | 27,246 | 12,952 | ||||||||||||||||||||||||
Loans to individuals: | |||||||||||||||||||||||||||||
Permanent mortgage | 30,674 | 31,473 | 32,884 | 32,228 | 31,599 | ||||||||||||||||||||||||
Permanent mortgage guaranteed by U.S. government agencies | 9,188 | 9,207 | 8,564 | 7,741 | 6,397 | ||||||||||||||||||||||||
Personal | 188 | 229 | 255 | 319 | 252 | ||||||||||||||||||||||||
Total loans to individuals | 40,050 | 40,909 | 41,703 | 40,288 | 38,248 | ||||||||||||||||||||||||
Total nonaccruing loans | $ | 141,947 | $ | 179,636 | $ | 216,019 | $ | 234,693 | $ | 221,153 | |||||||||||||||||||
Accruing renegotiated loans guaranteed by U.S. government agencies | 178,554 | 171,324 | 154,591 | 151,775 | 142,770 | ||||||||||||||||||||||||
Real estate and other repossessed assets | 28,770 | 57,337 | 70,911 | 90,526 | 52,847 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 349,271 | $ | 408,297 | $ | 441,521 | $ | 476,994 | $ | 416,770 | |||||||||||||||||||
Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 161,529 | $ | 227,766 | $ | 278,366 | $ | 317,478 | $ | 267,603 | |||||||||||||||||||
Accruing loans 90 days past due1 | $ | 223 | $ | 252 | $ | 395 | $ | 10,369 | $ | 7,684 | |||||||||||||||||||
Gross charge-offs | $ | 9,584 | $ | 18,304 | $ | 16,905 | $ | 18,251 | $ | 26,661 | |||||||||||||||||||
Recoveries | (1,769) | (2,856) | (2,437) | (1,592) | (4,232) | ||||||||||||||||||||||||
Net charge-offs | $ | 7,815 | $ | 15,448 | $ | 14,468 | $ | 16,659 | $ | 22,429 | |||||||||||||||||||
Provision for loan losses | $ | (27,395) | $ | (25,064) | $ | (21,770) | $ | (14,478) | $ | 6,609 | |||||||||||||||||||
Provision for credit losses from off-balance sheet unfunded loan commitments | 4,952 | (8,590) | (4,044) | 8,952 | (4,950) | ||||||||||||||||||||||||
Provision for expected credit losses from mortgage banking activities | (534) | (1,222) | 885 | (923) | (770) | ||||||||||||||||||||||||
Provision for credit losses related to held-to maturity (investment) securities portfolio | (23) | (124) | (71) | (51) | (889) | ||||||||||||||||||||||||
Total provision for credit losses | $ | (23,000) | $ | (35,000) | $ | (25,000) | $ | (6,500) | $ | — | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||||||||||||||||||||
Allowance for loan losses to period end loans | 1.36 | % | 1.46 | % | 1.56 | % | 1.69 | % | 1.76 | % | |||||||||||||||||||
Allowance for loan losses to period end loans excluding PPP loans2 | 1.40 | % | 1.54 | % | 1.70 | % | 1.82 | % | 1.93 | % | |||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans | 1.50 | % | 1.57 | % | 1.71 | % | 1.85 | % | 1.88 | % | |||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans excluding PPP loans2 | 1.54 | % | 1.66 | % | 1.86 | % | 2.00 | % | 2.06 | % | |||||||||||||||||||
Nonperforming assets to period end loans and repossessed assets | 1.71 | % | 1.90 | % | 1.95 | % | 2.07 | % | 1.75 | % | |||||||||||||||||||
Net charge-offs (annualized) to average loans | 0.15 | % | 0.28 | % | 0.25 | % | 0.28 | % | 0.37 | % | |||||||||||||||||||
Net charge-offs (annualized) to average loans excluding PPP loans2 | 0.16 | % | 0.30 | % | 0.28 | % | 0.31 | % | 0.41 | % | |||||||||||||||||||
Allowance for loan losses to nonaccruing loans1 | 208.41 | % | 183.00 | % | 169.87 | % | 171.24 | % | 195.47 | % | |||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1 | 230.43 | % | 197.25 | % | 185.72 | % | 187.51 | % | 208.49 | % |
Three Months Ended | 3Q21 vs 2Q21 | 3Q21 vs 3Q20 | ||||||||||||||||||||||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | Sept. 30, 2020 | $ change | % change | $ change | % change | ||||||||||||||||||||||||||||||||||||||
Commercial Banking | ||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | $ | 134,104 | $ | 130,901 | $ | 149,946 | $ | 3,203 | 2.4 | % | $ | (15,842) | (10.6) | % | ||||||||||||||||||||||||||||||
Fees and commissions revenue | 56,452 | 63,368 | 50,085 | (6,916) | (10.9) | % | 6,367 | 12.7 | % | |||||||||||||||||||||||||||||||||||
Combined net interest and fee revenue | 190,556 | 194,269 | 200,031 | (3,713) | (1.9) | % | (9,475) | (4.7) | % | |||||||||||||||||||||||||||||||||||
Other operating expense | 68,301 | 71,351 | 66,846 | (3,050) | (4.3) | % | 1,455 | 2.2 | % | |||||||||||||||||||||||||||||||||||
Corporate expense allocations | 11,769 | 12,512 | 5,172 | (743) | (5.9) | % | 6,597 | 127.6 | % | |||||||||||||||||||||||||||||||||||
Net income | 102,694 | 72,632 | 75,097 | 30,062 | 41.4 | % | 27,597 | 36.7 | % | |||||||||||||||||||||||||||||||||||
Average assets | 28,474,182 | 28,160,594 | 28,000,183 | 313,588 | 1.1 | % | 473,999 | 1.7 | % | |||||||||||||||||||||||||||||||||||
Average loans | 16,588,875 | 16,981,888 | 18,677,401 | (393,013) | (2.3) | % | (2,088,526) | (11.2) | % | |||||||||||||||||||||||||||||||||||
Average deposits | 17,881,673 | 17,049,772 | 15,375,450 | 831,901 | 4.9 | % | 2,506,223 | 16.3 | % | |||||||||||||||||||||||||||||||||||
Consumer Banking | ||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | $ | 27,222 | $ | 24,945 | $ | 33,130 | $ | 2,277 | 9.1 | % | $ | (5,908) | (17.8) | % | ||||||||||||||||||||||||||||||
Fees and commissions revenue | 44,405 | 37,714 | 67,974 | 6,691 | 17.7 | % | (23,569) | (34.7) | % | |||||||||||||||||||||||||||||||||||
Combined net interest and fee revenue | 71,627 | 62,659 | 101,104 | 8,968 | 14.3 | % | (29,477) | (29.2) | % | |||||||||||||||||||||||||||||||||||
Other operating expense | 49,483 | 52,453 | 59,155 | (2,970) | (5.7) | % | (9,672) | (16.4) | % | |||||||||||||||||||||||||||||||||||
Corporate expense allocations | 11,516 | 11,599 | 10,691 | (83) | (0.7) | % | 825 | 7.7 | % | |||||||||||||||||||||||||||||||||||
Net income | 12,432 | 1,698 | 26,855 | 10,734 | 632.2 | % | (14,423) | (53.7) | % | |||||||||||||||||||||||||||||||||||
Average assets | 10,083,593 | 10,087,488 | 9,898,112 | (3,895) | — | % | 185,481 | 1.9 | % | |||||||||||||||||||||||||||||||||||
Average loans | 1,763,705 | 1,786,242 | 1,825,865 | (22,537) | (1.3) | % | (62,160) | (3.4) | % | |||||||||||||||||||||||||||||||||||
Average deposits | 8,516,942 | 8,469,043 | 7,940,973 | 47,899 | 0.6 | % | 575,969 | 7.3 | % | |||||||||||||||||||||||||||||||||||
Wealth Management | ||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | $ | 55,196 | $ | 52,293 | $ | 22,985 | $ | 2,903 | 5.6 | % | $ | 32,211 | 140.1 | % | ||||||||||||||||||||||||||||||
Fees and commissions revenue | 97,966 | 78,841 | 111,655 | 19,125 | 24.3 | % | (13,689) | (12.3) | % | |||||||||||||||||||||||||||||||||||
Combined net interest and fee revenue | 153,162 | 131,134 | 134,640 | 22,028 | 16.8 | % | 18,522 | 13.8 | % | |||||||||||||||||||||||||||||||||||
Other operating expense | 87,417 | 79,429 | 82,868 | 7,988 | 10.1 | % | 4,549 | 5.5 | % | |||||||||||||||||||||||||||||||||||
Corporate expense allocations | 10,101 | 10,343 | 9,397 | (242) | (2.3) | % | 704 | 7.5 | % | |||||||||||||||||||||||||||||||||||
Net income | 41,406 | 31,061 | 31,212 | 10,345 | 33.3 | % | 10,194 | 32.7 | % | |||||||||||||||||||||||||||||||||||
Average assets | 19,109,700 | 19,201,041 | 16,204,510 | (91,341) | (0.5) | % | 2,905,190 | 17.9 | % | |||||||||||||||||||||||||||||||||||
Average loans | 1,971,380 | 1,968,513 | 1,777,008 | 2,867 | 0.1 | % | 194,372 | 10.9 | % | |||||||||||||||||||||||||||||||||||
Average deposits | 9,120,446 | 9,695,319 | 9,090,116 | (574,873) | (5.9) | % | 30,330 | 0.3 | % | |||||||||||||||||||||||||||||||||||
Fiduciary assets | 60,497,576 | 58,654,788 | 48,887,513 | 1,842,788 | 3.1 | % | 11,610,063 | 23.7 | % | |||||||||||||||||||||||||||||||||||
Assets under management or administration | 98,842,789 | 96,632,748 | 82,419,932 | 2,210,041 | 2.3 | % | 16,422,857 | 19.9 | % |
Document and Entity Information Document |
Oct. 20, 2021 |
---|---|
DEI [Abstract] | |
Entity Central Index Key | 0000875357 |
Entity Incorporation, State or Country Code | OK |
Document Type | 8-K |
Document Period End Date | Oct. 20, 2021 |
Entity File Number | 0-19341 |
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 |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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