Exhibit 99(a)

                                                    NASD: BOKF

BOK Financial Corporation Reports Annual Earnings of $618 million or $8.95 Per Share and
Quarterly Earnings of $117 million or $1.71Per Share in the Fourth Quarter

CEO Commentary

Stacy Kymes, president and chief executive officer, stated, “Our record earnings in 2021 are a testament to our diversified business model focused on revenue growth from long-term commitments and investments. It also reflects extraordinary dedication from our employees serving our clients in all areas of our business in a very difficult environment. While there were facets to our financial performance in 2021 that are non-recurring, the business activities that created those opportunistic gains are core to our franchise. Our diversified Wealth Management business achieved significant milestones this year, assets under management grew just over 14 percent, to over $100 billion, period end loan balances surpassed $2.1 billion, growing $250 million or 13 percent, while trust fees grew $11 million or 6 percent.”

Kymes continued, “Although our Commercial Lending segment experienced net payoffs this past year, the fourth quarter has been a bright spot as we’ve realized annualized growth above 10 percent in our Commercial and Industrial category. Also encouraging is that outstanding C&I loan commitments increased, with the resulting C&I utilization levels actually decreasing linked quarter. This further underscores the capacity we have for future loan growth. Although Commercial Real Estate payoffs continued in the fourth quarter, we expect these balances to grow in 2022 after the first quarter.”

Kymes added, “As I look forward, I am excited about BOK Financial's prospects for 2022. We believe we have turned the corner on loan growth, our overall asset quality is better than pre-pandemic, we have strong fundamental growth in assets under management in our Wealth Management business, and we are well positioned for a rising rate environment. Based on our history during the last rising rate cycle, we believe that we can deliver net interest revenue growth that will perform exceptionally well in the regional bank space.”

2021 Financial Highlights

•Net income was $618.1 million or $8.95 per diluted share for the year ended December 31, 2021, and $435.0 million or $6.19 per diluted share for the year ended December 31, 2020. Improving economic conditions related to the COVID-19 pandemic and massive government stimulus drove a $100.0 million reversal in 2021 of the $222.6 million provision for credit losses recorded in 2020.

•Net interest revenue totaled $1.1 billion, consistent with the prior year. Net interest margin was 2.60 percent compared to 2.83 percent for 2020. The full impact of the reduction of the federal funds rate by the Federal Reserve in 2020 was realized in 2021. The following reduction in other short-term market interest rates reduced the yield on floating-rate assets by more than the amount by which funding costs could be reduced, compressing the margin.

•Fees and commissions revenue totaled $668.3 million, a decrease of $142.0 million. Brokerage and trading revenues decreased $108.8 million, largely due to a shift from fee revenue to net interest revenue. Mortgage banking revenue decreased $76.5 million due to a decrease in mortgage production volume combined with a reduction in production revenue as a percentage of production volume. Other revenue increased $18.3 million, largely due to higher revenue on repossessed oil and gas properties, which was largely offset by related operating expenses.

•Other gains and losses, net increased $57.7 million to $63.7 million due to sales of an alternative investment and repossessed assets.

•Operating expense increased $13.4 million to $1.2 billion. Personnel expense increased $6.9 million while non-personnel expense increased $6.5 million, including an increase of $10.8 million of operating expenses on repossessed assets.

1

•Period-end loans decreased $2.8 billion to $20.2 billion at December 31, 2021. Period-end Paycheck Protection Program ("PPP") loans decreased $1.4 billion to $276.3 million while commercial real estate loans decreased $867 million and commercial loans decreased $571 million. Average loans were $21.5 billion, a $1.9 billion decrease compared to the prior year.

•The combined allowance for credit losses totaled $289 million or 1.45 percent of outstanding loans, excluding PPP loans, at December 31, 2021. The combined allowance for credit losses was $426 million or 2.00 percent of outstanding loans, excluding PPP loans, at December 31, 2020.

•Average deposits increased $5.2 billion to $37.9 billion and period-end deposits increased $5.1 billion to $41.2 billion as customers maintained higher deposit balances during this time of economic uncertainty. Average interest bearing deposits increased by $2.9 billion and average demand deposits grew by $2.3 billion.

•Commercial Banking contributed $328.5 million to net income in 2021, an increase of $22.5 million compared to 2020. The sale of an alternative investment in the third quarter resulted in a $31.1 million pre-tax gain, net of non-controlling interest. Combined net interest revenue and fee revenue decreased $12.8 million, largely due to a reduction in outstanding loan balances and lower yields on deposits sold to our Funds Management unit. Production revenue from oil and gas properties increased $17.1 million, which was partially offset by an increase in related operating expenses. Revenue growth was supplemented by increases in syndication fees, transaction card revenue, and deposit service charges and fees. Personnel expense increased $9.1 million, primarily due to incentive compensation costs. Net loan charge-offs decreased $38.3 million. Average Commercial Banking loans decreased $1.9 billion due to purposeful deleveraging by our customers. Average Commercial Banking deposits grew 23 percent to $17.7 billion in 2021.

•Consumer Banking contributed $27.6 million to net income in 2021, a decrease of $70.3 million compared to 2020. Combined net interest revenue and fee revenue decreased $115.7 million. Net interest revenue decreased $43.5 million, mainly due to lower yields on deposits sold to our Funds Management unit. Fees and commissions revenue decreased $72.2 million, largely due to reduced mortgage production volume and margin compression. Operating expense decreased $20.8 million, due to lower mortgage banking costs and incentive compensation expense. Average Consumer Banking deposits increased 11 percent to $8.4 billion in 2021.

•Wealth Management contributed $113.6 million to net income in 2021, a decrease of $2.1 million compared to record earnings in 2020. Total wealth management revenue decreased $3.7 million. Revenue primarily from agency residential mortgage-backed securities trading activity decreased $10.8 million due to narrowing margins and a reduction in trading volumes. Fiduciary and asset management revenue increased $10.8 million. Growth in trust fees and managed account fees as a result of growth in assets under management and administration was partially offset by lower mutual fund fees and increased waivers. Operating expense decreased $5.3 million, primarily due to incentive compensation costs related to reduced trading activity. Average Wealth Management loans grew by 13 percent to $2.0 billion. Average Wealth Management deposits increased 9 percent to $9.4 billion in 2021, led by growth in interest-bearing transaction deposits.

Fourth Quarter 2021 Financial Highlights

•Net income was $117.3 million or $1.71 per diluted share for the fourth quarter of 2021 and $188.3 million or $2.74 per diluted share for the third quarter of 2021.

•Net interest revenue totaled $277.1 million, a decrease of $3.2 million. Net interest margin was 2.52 percent compared to 2.66 percent in the third quarter of 2021.

•Operating revenue totaled $157.4 million, a decrease of $72.4 million. Brokerage and trading revenues decreased $33.1 million. Uncertainty in the markets led to reduced transaction activity and tighter margins compared to the elevated volumes in the third quarter. Lower mortgage loan production volume and lower margins also reduced mortgage banking revenue by $5.0 million. The prior quarter also included a $31.1 million pre-tax gain on the sale of an alternative investment.

2

•Operating expense increased $8.2 million to $299.5 million. The fourth quarter of 2021 included a $5.0 million charitable donation to the BOKF Foundation. Increases in business promotion costs, professional fees, and other expenses were partially offset by lower personnel expense.

•Period-end loans decreased $142 million to $20.2 billion at December 31, 2021. Period-end PPP loans decreased $260 million to $276 million. Excluding PPP loans, period-end loans grew $117 million with growth in commercial loans partially offset by paydowns in commercial real estate loans. Average loans were $20.2 billion, a $606 million decrease compared to the third quarter of 2021.

•Continued strength in commodity prices coupled with an outlook for moderate growth in gross domestic product and the labor markets, improving credit quality metrics and lower loan balances resulted in a $17.0 million negative provision for expected credit losses in the fourth quarter of 2021. A $23.0 million negative provision for expected credit losses was recorded in the prior quarter. The combined allowance for credit losses totaled $289 million or 1.45 percent of outstanding loans, excluding PPP loans, at December 31, 2021. The combined allowance for credit losses was $306 million or 1.54 percent of outstanding loans, excluding PPP loans, at September 30, 2021.

•Average deposits increased $2.0 billion to $39.8 billion and period-end deposits increased $2.7 billion to $41.2 billion, largely due to growth in commercial balances. Average demand deposits grew by $1.1 billion and average interest bearing deposits increased by $820 million.

•The company's common equity Tier 1 capital ratio was 12.23 percent at December 31, 2021. In addition, the company's Tier 1 capital ratio was 12.24 percent, total capital ratio was 13.28 percent, and leverage ratio was 8.55 percent at December 31, 2021. At September 30, 2021, the company's common equity Tier 1 capital ratio was 12.26 percent, Tier 1 capital ratio was 12.29 percent, total capital ratio was 13.38 percent, and leverage ratio was 8.77 percent.

•The company repurchased 128,522 shares of common stock at an average price of $104.46 a share in the fourth quarter of 2021.

•Commercial Banking contributed $83.5 million to net income in the fourth quarter of 2021, a decrease of $19.2 million compared to the third quarter of 2021 as the prior quarter included a pre-tax gain of $31.1 million from the sale of an alternative investment. Combined net interest revenue and fee revenue increased $7.6 million, largely driven by increased deposit balances and improved spreads, and was partially offset by an increase in personnel expense. Average Commercial Banking loans decreased $254 million due to purposeful deleveraging by our customers. Average Commercial Banking deposits grew 9 percent to $19.5 billion in the fourth quarter of 2021.

•Consumer Banking contributed $6.8 million to net income in the fourth quarter of 2021, a decrease of $5.6 million compared to the prior quarter. Combined net interest revenue and fee revenue decreased $2.3 million. Net interest revenue increased $3.2 million, mainly due to increased deposit balances and improved spreads. Fees and commissions revenue decreased $5.5 million due to normal seasonality in mortgage loan production volume and margin compression. Operating expense increased $2.6 million, due to increases in professional fees and other expenses. Average Consumer Banking deposits increased 2 percent to $8.7 billion in the fourth quarter of 2021.

•Wealth Management contributed $21.7 million to net income in the fourth quarter of 2021, a decrease of $19.7 million compared to the prior quarter. Our diverse set of investment-focused businesses including fixed income trading, private wealth, institutional wealth, financial risk management, and multiple fiduciary businesses combined to provide total net interest and fee revenues of $114.5 million, a decrease of $38.7 million compared to the third quarter of 2021. Revenue, primarily from trading activity, decreased $39.1 million to $38.2 million. Uncertainty around tapering by the Federal Reserve combined with year-end balance sheet management and concerns over yield curve steepening, resulted in decreased transaction activity and tighter margins. Operating expense decreased $12.5 million, primarily due to incentive compensation costs related to reduced trading activity. Average Wealth Management deposits were consistent with the prior quarter. Assets under management were $104.9 billion, an increase of $6.1 billion compared to the prior quarter.

3

Net Interest Revenue

Net interest revenue was $277.1 million for the fourth quarter of 2021 compared to $280.2 million for the third quarter of 2021. Net interest margin was 2.52 percent compared to 2.66 percent in the prior quarter. PPP loan fees of $7.7 million were recognized in the fourth quarter of 2021 compared to $12.7 million in the previous quarter. PPP loan fees remaining to be recognized were $7.5 million.

Average earning assets increased $1.3 billion compared to the third quarter of 2021. Average loan balances decreased $606 million, largely due to paydowns of PPP and commercial real estate loans, partially offset by growth in commercial loans. Average trading securities increased by $1.6 billion. Average interest bearing cash and cash equivalents grew by $526 million. Available for sale securities decreased $198 million. Other borrowings decreased $1.7 billion while funds purchased and repurchase agreements increased $1.4 billion.

The yield on average earning assets was 2.61 percent, a 17 basis point decrease from the prior quarter. The yield on trading securities was down 35 basis points to 1.69 percent, largely due to a decrease in the weighted average coupon rate. The yield on the available for sale securities portfolio decreased 8 basis points to 1.72 percent. The loan portfolio yield increased 2 basis points to 3.70 percent. Excluding PPP loan fees, the loan portfolio yield increased 11 basis points, primarily due to the timing of loan fees.

Funding costs were 0.15 percent, down 4 basis points. The cost of interest-bearing deposits decreased 1 basis point to 0.12 percent. The cost of other borrowed funds decreased 11 basis points to 0.19 percent. The cost of subordinated debentures decreased 61 basis points due to the redemption of $150 million in the third quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 6 basis points for the fourth quarter of 2021, compared to 7 basis points for the prior quarter.

Operating Revenue

Fees and commissions revenue totaled $146.3 million for the fourth quarter of 2021, a $44.1 million decrease compared to the third quarter of 2021. Brokerage and trading revenue decreased $33.1 million to $14.9 million. Uncertainty around tapering by the Federal Reserve combined with year-end balance sheet management and concerns over yield curve steepening, resulted in decreased transaction activity and tighter margins for trading activities in the market. These factors combined to decrease trading revenue by $37.3 million. Customer hedging revenue increased $2.2 million, primarily attributed to energy customers. Investment banking revenue increased $2.6 million, largely due to the timing and increase of syndication activity.

Mortgage banking revenue decreased $5.0 million compared to the prior quarter due to lower production volume combined with narrowing margins. Mortgage production volume decreased $114 million to $501 million due to normal seasonal decline and continued inventory constraints. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 50 basis points to 2.00 percent.

Other revenue decreased $7.3 million as a result of lower operating revenue from repossessed oil and gas assets due to the sale of a property, which was largely offset by a reduction of expenses on the same properties.

4

Other gains and losses, net decreased $25.0 million compared to the prior quarter. The third quarter of 2021 included a $31.1 million gain on the sale of an alternative investment, which was partially offset by a $5.2 million loss on the extinguishment of subordinated debentures and a $3.9 million loss on the sale of a repossessed oil and gas asset.

Operating Expense

Total operating expense was $299.5 million for the fourth quarter of 2021, an increase of $8.2 million compared to the third quarter of 2021.

Personnel expense decreased $1.4 million. Cash based incentive compensation decreased $8.8 million due to reduced trading volumes, and was partially offset by an increase of $5.9 million in share based incentive compensation resulting from changes in vesting assumptions. Employee benefits expense increased $1.1 million due to an increase in employee healthcare costs, partially offset by a seasonal decrease in retirement costs and payroll taxes.

Non-personnel expense increased $9.6 million over the third quarter of 2021. The fourth quarter of 2021 included a $5.0 million charitable donation to the BOKF Foundation as we continue to focus on the communities we serve and the extreme need created by the pandemic. Smaller increases in business promotion costs, professional fees and services expense, and other expense supplemented the overall rise in non-personnel expense.

Loans, Deposits and Capital

Loans

Outstanding loans were $20.2 billion at December 31, 2021, a $142 million decrease compared to September 30, 2021. A reduction in PPP and commercial real estate loan balances was partially offset by growth in commercial and personal loan balances.

Outstanding commercial loan balances increased $331 million compared to September 30, 2021, with growth in all categories led by energy. Although the primary source of repayment of our commercial loan portfolio is the ongoing 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 increased $193 million to $3.0 billion or 15 percent of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 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 $3.0 billion at December 31, 2021, an increase of $248 million over September 30, 2021.

Healthcare sector loan balances increased $67 million compared to the prior quarter, totaling $3.4 billion or 17 percent of total loans. Our healthcare sector loans primarily consist of $2.7 billion of senior housing and care facilities, including independent living, assisted living and skilled nursing. Generally we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.

5

Services loan balances increased $44 million to $3.4 billion or 17 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, foundations and not-for-profit organizations, educational services and specialty trade contractors.

Commercial real estate loan balances decreased $286 million compared to September 30, 2021 and represent 19 percent of total loans at December 31, 2021, largely due to refinancing in the long term, non-recourse markets. Loans secured by industrial facilities decreased $124 million to $766 million. Multifamily residential loans decreased $89 million to $786 million at December 31, 2021. Loans secured by retail facilities decreased $86 million to $680 million.

PPP loan balances decreased $260 million to $276 million or 1 percent of total loans.

Loans to individuals increased $72 million and represent 18 percent of total loans at December 31, 2021. Personal loans increased $120 million while residential mortgage loans decreased $48 million, largely due to the re-sale of loans previously sold into GNMA mortgage pools that the Company repurchased when certain defined delinquency criteria were met. Many loans repurchased during the pandemic have since been cured and meet the re-sale qualifications.

Deposits

Period-end deposits totaled $41.2 billion at December 31, 2021, a $2.7 billion increase compared to September 30, 2021. Interest-bearing transaction account balances increased by $1.5 billion and demand deposit account balances grew by $1.3 billion. Average deposits were $39.8 billion at December 31, 2021, a $2.0 billion increase compared to September 30, 2021. Demand deposit account balances increased $1.1 billion primarily from deposits attributed to the Commercial Banking segment while interest-bearing deposits increased $820 million.

Capital

The company's common equity Tier 1 capital ratio was 12.23 percent at December 31, 2021. In addition, the company's Tier 1 capital ratio was 12.24 percent, total capital ratio was 13.28 percent, and leverage ratio was 8.55 percent at December 31, 2021. 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 19 basis points to the company's common equity tier 1 capital ratio at December 31. At September 30, 2021, the company's common equity Tier 1 capital ratio was 12.26 percent, Tier 1 capital ratio was 12.29 percent, total capital ratio was 13.38 percent, and leverage ratio was 8.77 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 8.61 percent at December 31, 2021 and 9.28 percent at September 30, 2021. 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 128,522 shares of common stock at an average price of $104.46 a share in the fourth quarter of 2021. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

6

Credit Quality

Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Our 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.

We recorded a $17.0 million negative provision for credit losses in the fourth quarter of 2021. Changes in our reasonable and supportable forecasts of macroeconomic variables, primarily due to continued strength in commodity prices and an outlook for moderate growth in GDP and labor markets resulted in a $12.6 million decrease in the allowance for credit losses related to lending activities. Changes in loan portfolio characteristics, primarily from net recoveries and changes in specific impairment, improving credit quality metrics and lower loan balances resulted in a $4.7 million decrease in the allowance for credit losses related to lending activities.

Our base case reasonable and supportable forecast assumes that the COVID-19 cases will increase due to the Omicron and Delta variants during the winter months in the U.S., though global virus immunity continues to be more widespread and vaccines prove to be effective against severe virus outcomes. Elevated consumer consumption and the need for inventory restocking is expected to result in GDP growth consistent with pre-pandemic levels. We expect a 2.9 percent increase in GDP over the next twelve months. We expect labor force participants will continue to re-enter the job market to help meet record job openings. This increase in employment helps maintain household income above its pre-pandemic trend and prevents a sharp drop-off in spending. Our forecasted civilian unemployment rate is 4.0 percent for the first quarter of 2022, improving to 3.7 percent by the fourth quarter of 2022. Our base case also assumes the Federal Reserve completes the tapering of their bond purchases in March 2022 and one federal funds rate increase in 2022 with the target range ending the year at 0.25 percent to 0.50 percent. WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of December 2021, averaging $68.75 per barrel over the next twelve months.

Our downside case assumes new COVID-19 variants continue to emerge and spread rapidly in areas of the country with lower vaccination rates as the U.S. enters the winter months. This results in a relatively mild recession with conditions beginning to improve in the summer of 2022.

The allowance for loan losses totaled $256 million or 1.27 percent of outstanding loans and 213 percent of nonaccruing loans at December 31, 2021, 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 $289 million or 1.43 percent of outstanding loans and 241 percent of nonaccruing loans at December 31, 2021. Excluding PPP loans, the allowance for loan losses was 1.29 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 1.45 percent.

At September 30, 2021, the allowance for loan losses was $277 million or 1.36 percent of outstanding loans and 208 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 $306 million or 1.50 percent of outstanding loans and 230 percent of nonaccruing loans.

7

Nonperforming assets totaled $369 million or 1.83 percent of outstanding loans and repossessed assets at December 31, 2021, compared to $349 million or 1.71 percent at September 30, 2021. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $145 million or 0.74 percent of outstanding loans and repossessed assets at December 31, 2021, compared to $162 million or 0.83 percent at September 30, 2021.

Nonaccruing loans were $134 million or 0.67 percent of outstanding loans, excluding PPP loans, at December 31, 2021. Nonaccruing commercial loans totaled $74 million or 0.59 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $14 million or 0.37 percent of outstanding commercial real estate loans. Nonaccruing loans to individuals totaled $46 million or 1.27 percent of outstanding loans to individuals.

Nonaccruing loans decreased$7.9 million compared to September 30, 2021. A decrease in nonaccruing energy, services, and commercial real estate loans, was partially offset by an increase in nonaccruing healthcare sector loans. New nonaccruing loans identified in the fourth quarter totaled $28 million, offset by $32 million in payments received and $6.6 million in charge-offs.

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 $222 million at December 31, 2021, down significantly from $333 million at September 30, primarily due to a decrease in potential problem energy loans. Potential problem healthcare, services and general business loans also decreased compared to the prior quarter.

Net recoveries for the fourth quarter of 2021 were $714 thousand or 0.01 percent of average loans on an annualized basis for the fourth quarter of 2021, excluding PPP loans. Net charge-offs were 0.18 percent of average loans over the last four quarters. Net charge-offs were $7.8 million or 0.16 percent of average loans on an annualized basis for the third quarter of 2021, excluding PPP loans. Gross charge-offs were $6.6 million for the fourth quarter compared to $9.6 million for the previous quarter. Recoveries totaled $7.3 million for the fourth quarter of 2021 and $1.8 million for the third quarter of 2021.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $13.2 billion at December 31, 2021, a $184 million decrease compared to September 30, 2021. At December 31, 2021, the available for sale securities portfolio consisted primarily of $8.0 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $4.6 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2021, the available for sale securities portfolio had a net unrealized gain of $93 million compared to $221 million at September 30, 2021.

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 $7.2 million to $44 million at December 31, 2021.

The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.7 million during the fourth quarter of 2021, including a $7.9 million increase in the fair value of mortgage servicing rights, a $3.4 million decrease in the fair value of securities and derivative contracts held as an economic hedge, and $259 thousand of related net interest revenue.

8

Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, January 19, 2022 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 1-844-512-2921 and referencing conference ID # 13725961.

About BOK Financial Corporation

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $105 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's holdings include TransFund, Cavanal Hill Investment Management, Inc. 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, Wisconsin 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, 2021 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

9

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.

10

Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)

	Dec. 31, 2021		Sept. 30, 2021
ASSETS
Cash and due from banks	$	712,067	$	729,285
Interest-bearing cash and cash equivalents	2,125,343		1,162,477
Trading securities	9,136,813		5,554,040
Investment securities, net of allowance	210,444		215,592
Available for sale securities	13,157,817		13,342,113
Fair value option securities	43,770		51,019
Restricted equity securities	83,113		77,542
Residential mortgage loans held for sale	192,295		176,813
Loans:
Commercial	12,506,465		12,175,140
Commercial real estate	3,831,325		4,116,892
Paycheck protection program	276,341		536,052
Loans to individuals	3,591,549		3,519,852
Total loans	20,205,680		20,347,936
Allowance for loan losses	(256,421)		(276,680)
Loans, net of allowance	19,949,259		20,071,256
Premises and equipment, net	574,148		558,126
Receivables	223,021		171,505
Goodwill	1,044,749		1,044,749
Intangible assets, net	91,778		96,186
Mortgage servicing rights	163,198		133,308
Real estate and other repossessed assets, net	24,589		28,770
Derivative contracts, net	1,097,297		1,901,136
Cash surrender value of bank-owned life insurance	405,607		403,369
Receivable on unsettled securities sales	56,172		215,755
Other assets	957,951		990,368
TOTAL ASSETS	$	50,249,431	$	46,923,409
LIABILITIES AND EQUITY
Deposits:
Demand	$	15,344,423	$	14,090,229
Interest-bearing transaction	23,268,573		21,753,110
Savings	924,735		900,497
Time	1,704,328		1,780,715
Total deposits	41,242,059		38,524,551
Funds purchased and repurchase agreements	2,326,449		843,273
Other borrowings	36,753		37,426
Subordinated debentures	131,226		131,220
Accrued interest, taxes and expense	273,041		220,266
Due on unsettled securities purchases	160,686		614,598
Derivative contracts, net	275,625		739,641
Other liabilities	435,221		415,986
TOTAL LIABILITIES	44,881,060		41,526,961
Shareholders' equity:
Capital, surplus and retained earnings	5,291,361		5,219,801
Accumulated other comprehensive gain	72,371		169,172
TOTAL SHAREHOLDERS' EQUITY	5,363,732		5,388,973
Non-controlling interests	4,639		7,475
TOTAL EQUITY	5,368,371		5,396,448
TOTAL LIABILITIES AND EQUITY	$	50,249,431	$	46,923,409

11

AVERAGE BALANCE SHEETS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Three Months Ended
	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
ASSETS
Interest-bearing cash and cash equivalents	$	1,208,552	$	682,788	$	659,312	$	711,047	$	643,926
Trading securities	9,260,778		7,617,236		7,430,217		6,963,617		6,888,189
Investment securities, net of allowance	213,188		218,117		221,401		237,313		251,863
Available for sale securities	13,247,607		13,446,095		13,243,542		13,433,767		12,949,702
Fair value option securities	46,458		56,307		64,864		104,662		122,329
Restricted equity securities	137,874		245,485		208,692		189,921		280,428
Residential mortgage loans held for sale	163,433		167,620		218,200		207,013		229,631
Loans:
Commercial	12,401,935		12,231,230		12,402,925		12,908,461		13,113,449
Commercial real estate	3,838,336		4,218,190		4,395,848		4,547,945		4,788,393
Paycheck protection program	404,261		792,728		1,668,047		1,741,534		1,928,665
Loans to individuals	3,598,121		3,606,460		3,700,269		3,559,067		3,617,011
Total loans	20,242,653		20,848,608		22,167,089		22,757,007		23,447,518
Allowance for loan losses	(271,794)		(306,125)		(345,269)		(382,734)		(414,225)
Loans, net of allowance	19,970,859		20,542,483		21,821,820		22,374,273		23,033,293
Total earning assets	44,248,749		42,976,131		43,868,048		44,221,613		44,399,361
Cash and due from banks	783,670		766,688		763,393		760,691		742,432
Derivative contracts, net	1,441,869		1,501,736		1,022,137		873,712		553,779
Cash surrender value of bank-owned life insurance	404,149		401,926		401,760		399,830		397,354
Receivable on unsettled securities sales	585,901		632,539		716,700		735,482		1,094,198
Other assets	3,139,718		3,220,129		3,424,884		3,319,305		3,200,040
TOTAL ASSETS	$	50,604,056	$	49,499,149	$	50,196,922	$	50,310,633	$	50,387,164
LIABILITIES AND EQUITY
Deposits:
Demand	$	14,818,841	$	13,670,656	$	13,189,954	$	12,312,629	$	12,136,071
Interest-bearing transaction	22,326,401		21,435,736		21,491,145		21,433,406		20,718,390
Savings	909,131		888,011		872,618		789,656		737,360
Time	1,747,715		1,839,983		1,936,510		1,986,425		1,930,808
Total deposits	39,802,088		37,834,386		37,490,227		36,522,116		35,522,629
Funds purchased and repurchase agreements	2,880,230		1,448,800		1,790,490		2,830,378		2,153,254
Other borrowings	880,837		2,546,083		3,608,369		3,392,346		5,193,656
Subordinated debentures	131,224		214,654		276,034		276,015		275,998
Derivative contracts, net	320,757		434,334		366,202		428,488		399,476
Due on unsettled securities purchases	629,642		957,538		701,495		915,410		957,642
Other liabilities	578,091		619,913		634,460		671,715		656,147
TOTAL LIABILITIES	45,222,869		44,055,708		44,867,277		45,036,468		45,158,802
Total equity	5,381,187		5,443,441		5,329,645		5,274,165		5,228,362
TOTAL LIABILITIES AND EQUITY	$	50,604,056	$	49,499,149	$	50,196,922	$	50,310,633	$	50,387,164

12

STATEMENTS OF EARNINGS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Interest revenue	$	292,334	$	319,020	$	1,179,929	$	1,269,000
Interest expense	15,257		21,790		61,896		160,556
Net interest revenue	277,077		297,230		1,118,033		1,108,444
Provision for credit losses	(17,000)		(6,500)		(100,000)		222,592
Net interest revenue after provision for credit losses	294,077		303,730		1,218,033		885,852
Other operating revenue:
Brokerage and trading revenue	14,869		39,506		112,989		221,833
Transaction card revenue	24,998		21,896		96,983		90,182
Fiduciary and asset management revenue	46,872		41,799		178,274		167,445
Deposit service charges and fees	26,718		24,343		104,217		96,805
Mortgage banking revenue	21,278		39,298		105,896		182,360
Other revenue	11,586		14,209		69,950		51,695
Total fees and commissions	146,321		181,051		668,309		810,320
Other gains, net	6,081		7,394		63,742		6,046
Gain (loss) on derivatives, net	(4,788)		(339)		(19,378)		42,320
Gain (loss) on fair value option securities, net	1,418		68		(2,239)		53,248
Change in fair value of mortgage servicing rights	7,859		6,276		41,637		(79,524)
Gain on available for sale securities, net	552		4,339		3,704		9,910
Total other operating revenue	157,443		198,789		755,775		842,320
Other operating expense:
Personnel	174,474		176,198		695,382		688,474
Business promotion	6,452		3,728		16,289		14,511
Charitable contributions to BOKF Foundation	5,000		6,000		9,000		9,000
Professional fees and services	14,129		14,254		50,906		53,437
Net occupancy and equipment	26,897		27,875		108,587		112,722
Insurance	3,889		4,006		15,881		19,990
Data processing and communications	39,358		35,061		151,614		135,497
Printing, postage and supplies	2,935		3,805		14,218		15,061
Amortization of intangible assets	4,438		5,088		18,311		20,443
Mortgage banking costs	8,667		14,765		42,698		56,711
Other expense	13,256		11,892		54,822		38,462
Total other operating expense	299,495		302,672		1,177,708		1,164,308
Net income before taxes	152,025		199,847		796,100		563,864
Federal and state income taxes	34,836		45,138		179,775		128,793
Net income	117,189		154,709		616,325		435,071
Net income (loss) attributable to non-controlling interests	(129)		485		(1,796)		41
Net income attributable to BOK Financial Corporation shareholders	$	117,318	$	154,224	$	618,121	$	435,030
Average shares outstanding:
Basic	68,069,160		69,489,597		68,591,920		69,840,977
Diluted	68,070,910		69,493,050		68,594,322		69,844,172
Net income per share:
Basic	$	1.71	$	2.21	$	8.95	$	6.19
Diluted	$	1.71	$	2.21	$	8.95	$	6.19

13

FINANCIAL HIGHLIGHTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and share data)

	Three Months Ended
	Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			Mar. 31, 2021			Dec. 31, 2020
Capital:
Period-end shareholders' equity	$	5,363,732		$	5,388,973		$	5,332,977		$	5,239,462		$	5,266,266
Risk weighted assets	$	34,606,309		$	33,916,456		$	33,824,860		$	32,623,108		$	32,492,277
Risk-based capital ratios:
Common equity tier 1	12.23		%	12.26		%	11.95		%	12.14		%	11.95		%
Tier 1	12.24		%	12.29		%	12.01		%	12.21		%	11.95		%
Total capital	13.28		%	13.38		%	13.61		%	13.98		%	13.82		%
Leverage ratio	8.55		%	8.77		%	8.58		%	8.42		%	8.28		%
Tangible common equity ratio1	8.61		%	9.28		%	9.09		%	8.82		%	9.02		%
Common stock:
Book value per share	$	78.34		$	78.56		$	77.20		$	75.33		$	75.62
Tangible book value per share	$	61.74		$	61.93		$	60.50		$	58.67		$	58.94
Market value per share:
High	$	110.21		$	92.97		$	93.00		$	98.95		$	73.07
Low	$	89.01		$	77.20		$	83.59		$	67.57		$	50.09
Cash dividends paid	$	36,256		$	35,725		$	35,925		$	36,038		$	36,219
Dividend payout ratio	30.90		%	18.97		%	21.59		%	24.67		%	23.48		%
Shares outstanding, net	68,467,772			68,596,764			69,078,458			69,557,873			69,637,600
Stock buy-back program:
Shares repurchased	128,522			478,141			492,994			260,000			665,100
Amount	$	13,426		$	40,644		$	43,797		$	20,071		$	42,450
Average price per share	$	104.46		$	85.00		$	88.84		$	77.20		$	63.82
Performance ratios (quarter annualized):
Return on average assets	0.92		%	1.51		%	1.33		%	1.18		%	1.22		%
Return on average equity	8.66		%	13.78		%	12.58		%	11.28		%	11.75		%
Net interest margin	2.52		%	2.66		%	2.60		%	2.62		%	2.72		%
Efficiency ratio	70.14		%	61.23		%	64.20		%	66.26		%	62.77		%
Reconciliation of non-GAAP measures:
1 Tangible common equity ratio:
Total shareholders' equity	$	5,363,732		$	5,388,973		$	5,332,977		$	5,239,462		$	5,266,266
Less: Goodwill and intangible assets, net	1,136,527			1,140,935			1,153,785			1,158,676			1,161,527
Tangible common equity	$	4,227,205		$	4,248,038		$	4,179,192		$	4,080,786		$	4,104,739
Total assets	$	50,249,431		$	46,923,409		$	47,154,375		$	47,442,513		$	46,671,088
Less: Goodwill and intangible assets, net	1,136,527			1,140,935			1,153,785			1,158,676			1,161,527
Tangible assets	$	49,112,904		$	45,782,474		$	46,000,590		$	46,283,837		$	45,509,561
Tangible common equity ratio	8.61		%	9.28		%	9.09		%	8.82		%	9.02		%

14

	Three Months Ended
	Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			Mar. 31, 2021			Dec. 31, 2020
Pre-provision net revenue:
Net income before taxes	$	152,025		$	241,782		$	215,603		$	186,690		$	199,847
Provision for expected credit losses	(17,000)			(23,000)			(35,000)			(25,000)			(6,500)
Net income (loss) attributable to non-controlling interests	(129)			(601)			686			(1,752)			485
Pre-provision net revenue	$	135,154		$	219,383		$	179,917		$	163,442		$	192,862
Other data:
Tax equivalent interest	$	2,104		$	2,217		$	2,320		$	2,301		$	2,414
Net unrealized gain on available for sale securities	$	93,381		$	221,487		$	297,267		$	290,217		$	440,814
Mortgage banking:
Mortgage production revenue	$	10,018		$	15,403		$	10,004		$	25,287		$	26,662
Mortgage loans funded for sale	$	568,507		$	652,336		$	754,893		$	843,053		$	998,435
Add: current period-end outstanding commitments	171,412			239,066			276,154			387,465			380,637
Less: prior period end outstanding commitments	239,066			276,154			387,465			380,637			560,493
Total mortgage production volume	$	500,853		$	615,248		$	643,582		$	849,881		$	818,579
Mortgage loan refinances to mortgage loans funded for sale	51		%	48		%	48		%	65		%	58		%
Realized margin on funded mortgage loans	1.76		%	2.48		%	2.75		%	3.10		%	3.78		%
Production revenue as a percentage of production volume	2.00		%	2.50		%	1.55		%	2.98		%	3.26		%
Mortgage servicing revenue	$	11,260		$	10,883		$	11,215		$	11,826		$	12,636
Average outstanding principal balance of mortgage loans serviced for others	15,930,480			14,899,306			15,065,173			15,723,231			16,518,208
Average mortgage servicing revenue rates	0.28		%	0.29		%	0.30		%	0.31		%	0.30		%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	(4,862)		$	(5,829)		$	18,764		$	(27,705)		$	(385)
Gain (loss) on fair value option securities, net	1,418			(120)			(1,627)			(1,910)			68
Gain (loss) on economic hedge of mortgage servicing rights	(3,444)			(5,949)			17,137			(29,615)			(317)
Gain (loss) on changes in fair value of mortgage servicing rights	7,859			12,945			(13,041)			33,874			6,276
Gain on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	4,415			6,996			4,096			4,259			5,959
Net interest revenue on fair value option securities2	259			286			341			393			550
Total economic benefit of changes in the fair value of mortgage servicing rights, net of economic hedges	$	4,674		$	7,282		$	4,437		$	4,652		$	6,509

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

15

QUARTERLY EARNINGS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratio and per share data)

	Three Months Ended
	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Interest revenue	$	292,334	$	293,463	$	295,893	$	298,239	$	319,020
Interest expense	15,257		13,236		15,584		17,819		21,790
Net interest revenue	277,077		280,227		280,309		280,420		297,230
Provision for credit losses	(17,000)		(23,000)		(35,000)		(25,000)		(6,500)
Net interest revenue after provision for credit losses	294,077		303,227		315,309		305,420		303,730
Other operating revenue:
Brokerage and trading revenue	14,869		47,930		29,408		20,782		39,506
Transaction card revenue	24,998		24,632		24,923		22,430		21,896
Fiduciary and asset management revenue	46,872		45,248		44,832		41,322		41,799
Deposit service charges and fees	26,718		27,429		25,861		24,209		24,343
Mortgage banking revenue	21,278		26,286		21,219		37,113		39,298
Other revenue	11,586		18,896		23,172		16,296		14,209
Total fees and commissions	146,321		190,421		169,415		162,152		181,051
Other gains, net	6,081		31,091		16,449		10,121		7,394
Gain (loss) on derivatives, net	(4,788)		(5,760)		18,820		(27,650)		(339)
Gain (loss) on fair value option securities, net	1,418		(120)		(1,627)		(1,910)		68
Change in fair value of mortgage servicing rights	7,859		12,945		(13,041)		33,874		6,276
Gain on available for sale securities, net	552		1,255		1,430		467		4,339
Total other operating revenue	157,443		229,832		191,446		177,054		198,789
Other operating expense:
Personnel	174,474		175,863		172,035		173,010		176,198
Business promotion	6,452		4,939		2,744		2,154		3,728
Charitable contributions to BOKF Foundation	5,000		—		—		4,000		6,000
Professional fees and services	14,129		12,436		12,361		11,980		14,254
Net occupancy and equipment	26,897		28,395		26,633		26,662		27,875
Insurance	3,889		3,712		3,660		4,620		4,006
Data processing and communications	39,358		38,371		36,418		37,467		35,061
Printing, postage and supplies	2,935		3,558		4,285		3,440		3,805
Amortization of intangible assets	4,438		4,488		4,578		4,807		5,088
Mortgage banking costs	8,667		8,962		11,126		13,943		14,765
Other expense	13,256		10,553		17,312		13,701		11,892
Total other operating expense	299,495		291,277		291,152		295,784		302,672
Net income before taxes	152,025		241,782		215,603		186,690		199,847
Federal and state income taxes	34,836		54,061		48,496		42,382		45,138
Net income	117,189		187,721		167,107		144,308		154,709
Net income (loss) attributable to non-controlling interests	(129)		(601)		686		(1,752)		485
Net income attributable to BOK Financial Corporation shareholders	$	117,318	$	188,322	$	166,421	$	146,060	$	154,224
Average shares outstanding:
Basic	68,069,160		68,359,125		68,815,666		69,137,375		69,489,597
Diluted	68,070,910		68,360,871		68,817,442		69,141,710		69,493,050
Net income per share:
Basic	$	1.71	$	2.74	$	2.40	$	2.10	$	2.21
Diluted	$	1.71	$	2.74	$	2.40	$	2.10	$	2.21

16

LOANS TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)

	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Commercial:
Healthcare	$	3,414,940	$	3,347,641	$	3,381,261	$	3,290,758	$	3,305,990
Services	3,367,193		3,323,422		3,389,756		3,421,948		3,508,583
Energy	3,006,884		2,814,059		3,011,331		3,202,488		3,469,194
General business	2,717,448		2,690,018		2,690,559		2,742,590		2,793,768
Total commercial	12,506,465		12,175,140		12,472,907		12,657,784		13,077,535
Commercial real estate:
Office	1,040,963		1,030,755		1,073,346		1,094,060		1,085,257
Industrial	766,125		890,316		824,577		789,437		810,510
Multifamily	786,404		875,586		964,824		1,227,915		1,328,045
Retail	679,917		766,402		784,445		787,648		796,223
Residential construction and land development	120,016		118,416		128,939		119,079		119,394
Other commercial real estate	437,900		435,417		470,861		485,208		559,109
Total commercial real estate	3,831,325		4,116,892		4,246,992		4,503,347		4,698,538
Paycheck protection program	276,341		536,052		1,121,583		1,848,550		1,682,310
Loans to individuals:
Residential mortgage	1,722,170		1,747,243		1,772,627		1,797,478		1,863,003
Residential mortgages guaranteed by U.S. government agencies	354,173		376,986		413,806		420,051		408,687
Personal	1,515,206		1,395,623		1,388,534		1,306,637		1,277,447
Total loans to individuals	3,591,549		3,519,852		3,574,967		3,524,166		3,549,137
Total	$	20,205,680	$	20,347,936	$	21,416,449	$	22,533,847	$	23,007,520

17

LOANS MANAGED BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Texas:
Commercial	$	6,068,700	$	5,815,562	$	5,690,901	$	5,748,345	$	5,926,534
Commercial real estate	1,253,439		1,383,871		1,403,751		1,511,714		1,519,217
Paycheck protection program	81,654		115,623		342,933		537,899		501,079
Loans to individuals	942,982		901,121		885,619		848,194		855,410
Total Texas	8,346,775		8,216,177		8,323,204		8,646,152		8,802,240
Oklahoma:
Commercial	2,633,014		2,590,887		2,840,560		2,975,477		3,144,782
Commercial real estate	546,021		552,184		552,673		597,840		597,733
Paycheck protection program	69,817		192,474		242,880		468,002		413,108
Loans to individuals	2,024,404		2,014,099		2,063,419		2,043,705		2,052,784
Total Oklahoma	5,273,256		5,349,644		5,699,532		6,085,024		6,208,407
Colorado:
Commercial	1,936,149		1,874,613		1,904,182		1,910,826		1,929,320
Commercial real estate	470,937		526,653		656,521		777,786		879,648
Paycheck protection program	82,781		140,470		299,712		436,540		377,111
Loans to individuals	256,533		249,298		262,796		264,759		264,295
Total Colorado	2,746,400		2,791,034		3,123,211		3,389,911		3,450,374
Arizona:
Commercial	1,130,798		1,194,801		1,239,270		1,207,089		1,219,072
Commercial real estate	674,309		734,174		705,497		667,766		726,111
Paycheck protection program	21,594		42,815		104,946		208,481		211,725
Loans to individuals	186,528		182,506		178,481		179,031		177,948
Total Arizona	2,013,229		2,154,296		2,228,194		2,262,367		2,334,856
Kansas/Missouri:
Commercial	338,697		336,414		388,291		421,974		455,914
Commercial real estate	382,761		408,001		406,055		395,590		366,821
Paycheck protection program	4,718		6,920		41,954		60,741		56,011
Loans to individuals	110,889		100,920		103,092		104,954		105,995
Total Kansas/Missouri	837,065		852,255		939,392		983,259		984,741
New Mexico:
Commercial	306,964		287,695		304,804		307,395		303,833
Commercial real estate	442,128		437,302		437,996		448,298		473,204
Paycheck protection program	13,510		31,444		86,716		124,059		109,881
Loans to individuals	63,930		66,651		68,177		70,491		75,665
Total New Mexico	826,532		823,092		897,693		950,243		962,583
Arkansas:
Commercial	92,143		75,168		104,899		86,678		98,080
Commercial real estate	61,730		74,707		84,499		104,353		135,804
Paycheck protection program	2,267		6,306		2,442		12,828		13,395
Loans to individuals	6,283		5,257		13,383		13,032		17,040
Total Arkansas	162,423		161,438		205,223		216,891		264,319
TOTAL BOK FINANCIAL	$	20,205,680	$	20,347,936	$	21,416,449	$	22,533,847	$	23,007,520

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

18

DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands)

	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Oklahoma:
Demand	$	5,433,405	$	5,080,162	$	4,985,542	$	4,823,436	$	4,329,205
Interest-bearing:
Transaction	12,689,367		11,692,679		12,065,844		12,828,070		12,603,658
Savings	521,439		510,906		500,344		487,862		420,996
Time	978,822		1,039,866		1,139,980		1,197,517		1,134,453
Total interest-bearing	14,189,628		13,243,451		13,706,168		14,513,449		14,159,107
Total Oklahoma	19,623,033		18,323,613		18,691,710		19,336,885		18,488,312
Texas:
Demand	4,552,983		3,987,503		3,752,790		3,592,969		3,449,882
Interest-bearing:
Transaction	5,345,461		4,985,465		4,335,113		4,257,234		3,800,427
Savings	178,458		165,043		160,805		154,406		139,173
Time	337,559		337,389		346,577		368,086		383,062
Total interest-bearing	5,861,478		5,487,897		4,842,495		4,779,726		4,322,662
Total Texas	10,414,461		9,475,400		8,595,285		8,372,695		7,772,544
Colorado:
Demand	2,526,855		2,158,596		1,991,343		2,115,354		2,168,404
Interest-bearing:
Transaction	2,334,371		2,337,354		2,159,819		2,100,135		2,170,485
Savings	78,636		79,873		73,990		73,446		69,384
Time	174,351		184,002		193,787		204,973		208,778
Total interest-bearing	2,587,358		2,601,229		2,427,596		2,378,554		2,448,647
Total Colorado	5,114,213		4,759,825		4,418,939		4,493,908		4,617,051
New Mexico:
Demand	1,196,057		1,222,895		1,197,412		1,131,713		941,074
Interest-bearing:
Transaction	858,394		837,630		723,757		736,923		733,007
Savings	107,963		107,615		105,837		103,591		91,646
Time	163,871		168,879		174,665		181,863		186,307
Total interest-bearing	1,130,228		1,114,124		1,004,259		1,022,377		1,010,960
Total New Mexico	2,326,285		2,337,019		2,201,671		2,154,090		1,952,034
Arizona:
Demand	934,282		1,110,884		943,511		915,439		905,201
Interest-bearing:
Transaction	834,491		784,614		820,901		835,795		768,220
Savings	16,182		16,468		13,496		13,235		12,174
Time	31,274		30,862		30,012		30,997		32,721
Total interest-bearing	881,947		831,944		864,409		880,027		813,115
Total Arizona	1,816,229		1,942,828		1,807,920		1,795,466		1,718,316

19

	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Kansas/Missouri:
Demand	658,342		488,595		463,339		478,370		426,738
Interest-bearing:
Transaction	1,086,946		965,757		978,160		991,510		960,237
Savings	18,844		17,303		17,539		18,686		16,286
Time	12,255		13,040		13,509		13,898		14,610
Total interest-bearing	1,118,045		996,100		1,009,208		1,024,094		991,133
Total Kansas/Missouri	1,776,387		1,484,695		1,472,547		1,502,464		1,417,871
Arkansas:
Demand	42,499		41,594		46,472		45,889		45,834
Interest-bearing:
Transaction	119,543		149,611		195,125		141,207		122,388
Savings	3,213		3,289		3,445		3,000		2,333
Time	6,196		6,677		6,819		7,022		7,197
Total interest-bearing	128,952		159,577		205,389		151,229		131,918
Total Arkansas	171,451		201,171		251,861		197,118		177,752
TOTAL BOK FINANCIAL	$	41,242,059	$	38,524,551	$	37,439,933	$	37,852,626	$	36,143,880

20

NET INTEREST MARGIN TREND -- UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
TAX-EQUIVALENT ASSETS YIELDS
Interest-bearing cash and cash equivalents	0.16	%	0.14	%	0.10	%	0.10	%	0.10	%
Trading securities	1.69	%	2.04	%	1.95	%	2.06	%	2.02	%
Investment securities, net of allowance	4.99	%	5.02	%	5.01	%	4.88	%	4.88	%
Available for sale securities	1.72	%	1.80	%	1.85	%	1.84	%	1.98	%
Fair value option securities	2.71	%	2.62	%	2.60	%	1.95	%	2.27	%
Restricted equity securities	2.98	%	2.55	%	3.36	%	2.86	%	3.25	%
Residential mortgage loans held for sale	3.06	%	3.06	%	2.91	%	2.71	%	2.75	%
Loans	3.70	%	3.68	%	3.54	%	3.55	%	3.68	%
Allowance for loan losses
Loans, net of allowance	3.75	%	3.73	%	3.60	%	3.62	%	3.75	%
Total tax-equivalent yield on earning assets	2.61	%	2.78	%	2.75	%	2.78	%	2.92	%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.09	%	0.09	%	0.10	%	0.12	%	0.14	%
Savings	0.04	%	0.04	%	0.04	%	0.04	%	0.05	%
Time	0.53	%	0.55	%	0.58	%	0.70	%	0.89	%
Total interest-bearing deposits	0.12	%	0.13	%	0.14	%	0.17	%	0.19	%
Funds purchased and repurchase agreements	0.10	%	0.20	%	0.16	%	0.19	%	0.28	%
Other borrowings	0.49	%	0.37	%	0.34	%	0.39	%	0.42	%
Subordinated debt	4.02	%	4.63	%	4.87	%	4.92	%	4.87	%
Total cost of interest-bearing liabilities	0.15	%	0.19	%	0.21	%	0.24	%	0.28	%
Tax-equivalent net interest revenue spread	2.46	%	2.59	%	2.54	%	2.54	%	2.64	%
Effect of noninterest-bearing funding sources and other	0.06	%	0.07	%	0.06	%	0.08	%	0.08	%
Tax-equivalent net interest margin	2.52	%	2.66	%	2.60	%	2.62	%	2.72	%

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.

21

CREDIT QUALITY INDICATORS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratios)

	Three Months Ended
	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy	$	31,091	$	45,500	$	70,341	$	101,800	$	125,059
Services	17,170		25,714		29,913		28,033		25,598
Healthcare	15,762		509		527		3,187		3,645
General business	10,081		8,951		11,823		14,053		12,857
Total commercial	74,104		80,674		112,604		147,073		167,159
Commercial real estate	14,262		21,223		26,123		27,243		27,246
Loans to individuals:
Permanent mortgage	31,574		30,674		31,473		32,884		32,228
Permanent mortgage guaranteed by U.S. government agencies	13,861		9,188		9,207		8,564		7,741
Personal	258		188		229		255		319
Total loans to individuals	45,693		40,050		40,909		41,703		40,288
Total nonaccruing loans	$	134,059	$	141,947	$	179,636	$	216,019	$	234,693
Accruing renegotiated loans guaranteed by U.S. government agencies	210,618		178,554		171,324		154,591		151,775
Real estate and other repossessed assets	24,589		28,770		57,337		70,911		90,526
Total nonperforming assets	$	369,266	$	349,271	$	408,297	$	441,521	$	476,994
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	144,787	$	161,529	$	227,766	$	278,366	$	317,478
Accruing loans 90 days past due1	$	313	$	223	$	252	$	395	$	10,369
Gross charge-offs	$	6,558	$	9,584	$	18,304	$	16,905	$	18,251
Recoveries	(7,272)		(1,769)		(2,856)		(2,437)		(1,592)
Net charge-offs (recoveries)	$	(714)	$	7,815	$	15,448	$	14,468	$	16,659
Provision for loan losses	$	(20,973)	$	(27,395)	$	(25,064)	$	(21,770)	$	(14,478)
Provision for credit losses from off-balance sheet unfunded loan commitments	3,738		4,952		(8,590)		(4,044)		8,952
Provision for expected credit losses from mortgage banking activities	150		(534)		(1,222)		885		(923)
Provision for credit losses related to held-to maturity (investment) securities portfolio	85		(23)		(124)		(71)		(51)
Total provision for credit losses	$	(17,000)	$	(23,000)	$	(35,000)	$	(25,000)	$	(6,500)

22

	Three Months Ended
	Dec. 31, 2021		Sept. 30, 2021		June 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Allowance for loan losses to period end loans	1.27	%	1.36	%	1.46	%	1.56	%	1.69	%
Allowance for loan losses to period end loans excluding PPP loans2	1.29	%	1.40	%	1.54	%	1.70	%	1.82	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.43	%	1.50	%	1.57	%	1.71	%	1.85	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans excluding PPP loans2	1.45	%	1.54	%	1.66	%	1.86	%	2.00	%
Nonperforming assets to period end loans and repossessed assets	1.83	%	1.71	%	1.90	%	1.95	%	2.07	%
Net charge-offs (annualized) to average loans	(0.01)	%	0.15	%	0.28	%	0.25	%	0.28	%
Net charge-offs (annualized) to average loans excluding PPP loans2	(0.01)	%	0.16	%	0.30	%	0.28	%	0.31	%
Allowance for loan losses to nonaccruing loans1	213.33	%	208.41	%	183.00	%	169.87	%	171.24	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	240.77	%	230.43	%	197.25	%	185.72	%	187.51	%

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

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

23

SEGMENTS -- UNAUDITED

BOK FINANCIAL CORPORATION

(in thousands, except ratios)

	Three Months Ended				4Q21 vs 3Q21				Year Ended				2021 vs 2020
	Dec. 31, 2021		Sept. 30, 2021		$ change		% change		Dec. 31, 2021		Dec. 31, 2020		$ change		% change
Commercial Banking
Net interest revenue	$	140,723	$	134,104	$	6,619	4.9	%	$	535,735	$	588,488	$	(52,753)	(9.0)	%
Fees and commissions revenue	57,414		56,452		962		1.7	%	227,081		187,119		39,962		21.4	%
Combined net interest and fee revenue	198,137		190,556		7,581		4.0	%	762,816		775,607		(12,791)		(1.6)	%
Other operating expense	74,459		68,301		6,158		9.0	%	281,089		258,903		22,186		8.6	%
Corporate expense allocations	12,926		11,769		1,157		9.8	%	49,941		24,862		25,079		100.9	%
Net income	83,514		102,694		(19,180)		(18.7)	%	328,516		306,005		22,511		7.4	%
Average assets	29,451,007		28,474,132		976,875		3.4	%	28,536,881		26,994,075		1,542,806		5.7	%
Average loans	16,334,695		16,588,875		(254,180)		(1.5)	%	16,853,006		18,711,372		(1,858,366)		(9.9)	%
Average deposits	19,537,285		17,881,673		1,655,612		9.3	%	17,659,695		14,319,729		3,339,966		23.3	%
Consumer Banking
Net interest revenue	$	30,385	$	27,222	$	3,163	11.6	%	$	103,527	$	147,004	$	(43,477)	(29.6)	%
Fees and commissions revenue	38,944		44,405		(5,461)		(12.3)	%	173,364		245,554		(72,190)		(29.4)	%
Combined net interest and fee revenue	69,329		71,627		(2,298)		(3.2)	%	276,891		392,558		(115,667)		(29.5)	%
Other operating expense	52,036		49,483		2,553		5.2	%	209,596		230,402		(20,806)		(9.0)	%
Corporate expense allocations	11,420		11,516		(96)		(0.8)	%	46,010		42,155		3,855		9.1	%
Net income	6,810		12,432		(5,622)		(45.2)	%	27,643		97,974		(70,331)		(71.8)	%
Average assets	10,186,797		10,083,593		103,204		1.0	%	10,029,687		9,842,114		187,573		1.9	%
Average loans	1,705,222		1,763,705		(58,483)		(3.3)	%	1,769,384		1,764,682		4,702		0.3	%
Average deposits	8,682,437		8,516,942		165,495		1.9	%	8,439,577		7,599,937		839,640		11.0	%
Wealth Management
Net interest revenue	$	58,229	$	55,196	$	3,033	5.5	%	$	214,072	$	117,290	$	96,782	82.5	%
Fees and commissions revenue	56,275		97,966		(41,691)		(42.6)	%	298,765		399,229		(100,464)		(25.2)	%
Combined net interest and fee revenue	114,504		153,162		(38,658)		(25.2)	%	512,837		516,519		(3,682)		(0.7)	%
Other operating expense	74,947		87,417		(12,470)		(14.3)	%	320,357		325,627		(5,270)		(1.6)	%
Corporate expense allocations	9,971		10,101		(130)		(1.3)	%	40,301		35,331		4,970		14.1	%
Net income	21,700		41,406		(19,706)		(47.6)	%	113,550		115,614		(2,064)		(1.8)	%
Average assets	19,526,382		19,109,704		416,678		2.2	%	19,123,130		15,695,646		3,427,484		21.8	%
Average loans	2,065,261		1,971,380		93,881		4.8	%	1,981,159		1,758,226		222,933		12.7	%
Average deposits	9,194,019		9,120,446		73,573		0.8	%	9,426,771		8,676,047		750,724		8.7	%
Fiduciary assets	64,536,833		60,497,576		4,039,257		6.7	%	64,536,833		55,486,492		9,050,341		16.3	%
Assets under management or administration	104,917,721		98,842,789		6,074,932		6.1	%	104,917,721		91,592,247		13,325,474		14.5	%

24