Parent Company Only Financial Statements Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2023

Parent Company Only Financial Statements

Summarized financial information for BOK Financial – Parent Company Only follows:

Balance Sheets

(In thousands)


	December 31,
	2023		2022
Assets
Cash and cash equivalents	$	203,808	$	165,395

Loan to bank subsidiary	65,151		65,169
Investment in bank subsidiary	4,785,453		4,351,280
Investment in non-bank subsidiaries	216,200		217,011
Other assets	17,984		18,302
Total assets	$	5,288,596	$	4,817,157

Liabilities and Shareholders’ Equity
Liabilities:
Other liabilities	$	15,004	$	3,303
Subordinated debentures	131,150		131,205
Total liabilities	146,154		134,508
Shareholders’ equity:
Common stock	5		5
Capital surplus	1,406,745		1,390,395
Retained earnings	5,211,512		4,824,164
Treasury stock	(876,720)		(694,960)
Accumulated other comprehensive income (loss)	(599,100)		(836,955)
Total shareholders’ equity	5,142,442		4,682,649
Total liabilities and shareholders’ equity	$	5,288,596	$	4,817,157

Statements of Earnings

(In thousands)


	Year Ended December 31,
	2023		2022		2021
Dividends, interest and fees received from bank subsidiary	$	329,429	$	228,689	$	483,868
Dividends, interest and fees received from non-bank subsidiaries	8,000		43,281		8,030
Other revenue	1,162		1,172		767

Total revenue	338,591		273,142		492,665
Interest expense	8,952		6,490		10,535
Other operating expense	5,674		3,005		2,914
Total expense	14,626		9,495		13,449
Net income before taxes, other losses, net, and equity in undistributed income of subsidiaries	323,965		263,647		479,216
Other gains (losses), net	32,656		(4,279)		(3,415)
Net income before taxes and equity in undistributed income of subsidiaries	356,621		259,368		475,801
Federal and state income taxes	5,410		(1,776)		(4,202)
Net income before equity in undistributed income of subsidiaries	351,211		261,144		480,003
Equity in undistributed income of bank subsidiaries	181,487		300,330		126,380
Equity in undistributed income of non-bank subsidiaries	(1,952)		(41,201)		11,738
Net income attributable to BOK Financial shareholders	$	530,746	$	520,273	$	618,121

Statements of Cash Flows

(In thousands)


	Year Ended December 31,
	2023		2022		2021
Cash Flows From Operating Activities:
Net income	$	530,746	$	520,273	$	618,121
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of bank subsidiaries	(181,487)		(300,330)		(126,380)
Equity in undistributed income of non-bank subsidiaries	1,952		41,201		(11,738)
Other losses (gains), net	(32,656)		4,279		3,415
Change in other assets	1,986		1,317		1,160
Change in other liabilities	13,404		543		389
Net cash provided by operating activities	333,945		267,283		484,967
Cash Flows From Investing Activities:
Investment in subsidiaries	(2,975)		(31,552)		(25,665)
Sale of subsidiary	32,601		—		—
Dissolution of subsidiaries	—		2,611		4,457

Net cash provided by (used in) investing activities	29,626		(28,941)		(21,208)
Cash Flows From Financing Activities:
Repayment of subordinated debentures	—		—		(150,000)
Issuance of common and treasury stock, net	(4,941)		(4,907)		(4,874)
Dividends paid	(143,398)		(143,800)		(144,105)
Repurchase of common stock	(176,819)		(154,887)		(117,938)
Net cash used in financing activities	(325,158)		(303,594)		(416,917)
Net increase (decrease) in cash and cash equivalents	38,413		(65,252)		46,842
Cash and cash equivalents at beginning of period	165,395		230,647		183,805
Cash and cash equivalents at end of period	$	203,808	$	165,395	$	230,647
Cash paid for interest	$	8,479	$	6,203	$	10,559