BOK Financial Corporation reports quarterly earnings of $84 million, or $1.29 per share, in the first quarter.

First quarter 2024 financial highlights1
Net Income	Net income was $83.7 million or $1.29 per diluted share compared to $82.6 million or $1.26 per diluted share. Excluding the loss from repositioning of the available for sale securities portfolio and the additional FDIC special assessment expense, net income would have been $123.2 million or $1.91 per share for the first quarter of 2024.
Net Interest Revenue & Margin	Net interest revenue totaled $293.6 million, a decrease of $3.1 million. Net interest margin was 2.61% compared to 2.64%.
Fees & Commissions Revenue	Fees and commissions revenue was $200.6 million, an increase of $3.8 million. Higher mortgage banking and fiduciary and asset management revenue was partially offset by lower brokerage and trading and transaction card revenue.
Operating Expense	Operating expense decreased $43.7 million to $340.4 million, primarily due to a reduction in non-personnel expense resulting from the FDIC special assessment recognized in the fourth quarter of 2023. Personnel expense was relatively consistent with the prior quarter.
Loans	Period end loans grew by $268 million to $24.2 billion at March 31, 2024, mostly driven by growth in commercial loans, partially offset by a reduction in commercial real estate loans. Average outstanding loan balances were $23.9 billion, a $243 million increase.
Credit Quality	Nonperforming assets totaled $122 million or 0.51% of outstanding loans and repossessed assets at March 31, 2024, compared to $148 million or 0.62% at December 31, 2023. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter.
Deposits	Period end deposits increased $1.4 billion to $35.4 billion while average deposits increased $1.3 billion to $35.0 billion. Average interest-bearing deposits increased $2.1 billion while average demand deposits declined by $747 million. The loan to deposit ratio was 68% at March 31, 2024 compared to 70% at December 31, 2023.
Capital	Tangible common equity ratio was 8.21% compared to 8.29% at December 31, 2023. Tier 1 capital ratio was 12.00%, Common equity Tier 1 capital ratio was 11.99%, and total capital ratio was 13.15%.

1 Comparisons are to prior quarter unless otherwise noted.

2.61%	q	3 bps	9 bps	8.9%
NET INTEREST MARGIN			NET CHARGE OFFS - ANNUALIZED	COMMERCIAL LOAN GROWTH - ANNUALIZED

CEO Commentary

First quarter results were characterized by a stabilizing net interest margin, strong asset quality, continued strong operating revenue growth, and well-managed expenses. It is also another reflection of our long-term focus and efforts to create sustainable earnings. While many banks sold their VISA B shares at a considerable discount, we chose to retain the shares we received in 2008 and expect to receive full value in VISA’s announced exchange offer. Given our perception of market spreads, we took an opportunity to reposition the securities portfolio in the first quarter in anticipation of a gain in the second quarter this year from monetizing our VISA B shares. The net result is expected to further improve our net interest margin and net interest revenue outlook in future periods. Commercial loans grew almost 9% annualized as we focus on growth to utilize our strong capital and liquidity levels as others retrench. Our credit metrics remain very strong and are a direct reflection of the focus we put on disciplined risk management. I am also exceptionally proud we were recognized as one of only 60 organizations to receive the 2024 Gallup Exceptional Workplace Award. This is independent validation of our culture of inspiration, ambition, collaboration, and tenacity.

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Net Interest Revenue

(In thousands)	Mar. 31, 2024			Dec. 31, 2023			Change			% Change
Interest revenue	$	645,212		$	638,324		$	6,888		1.1	%
Interest expense	351,640			341,649			9,991			2.9	%
Net interest revenue	$	293,572		$	296,675		$	(3,103)		(1.0)	%
Net interest margin	2.61		%	2.64		%	(0.03)		%	N/A
Average earning assets	$	44,846,886		$	44,327,237		$	519,649		1.2	%
Average trading securities	5,371,209			5,448,403			(77,194)			(1.4)	%
Average investment securities	2,210,040			2,264,194			(54,154)			(2.4)	%
Average available for sale securities	12,537,981			12,063,398			474,583			3.9	%
Average loans balance	23,948,567			23,705,108			243,459			1.0	%
Average interest-bearing deposits	26,394,475			24,297,327			2,097,148			8.6	%
Funds purchased and repurchase agreements	1,258,044			2,476,973			(1,218,929)			(49.2)	%
Other borrowings	6,844,633			7,120,963			(276,330)			(3.9)	%

Net interest revenue was $293.6 million for the first quarter of 2024 compared to $296.7 million for the prior quarter. Net interest margin was 2.61% compared to 2.64%, reflective of continued demand deposit migration and deposit repricing. For the first quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 2.97% compared to 3.03% in the prior quarter.

Average earning assets increased $520 million. Average loan balances increased $243 million, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loan balances. Average available for sale securities grew $475 million while average trading securities decreased $77 million. Average interest-bearing deposits increased $2.1 billion, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements declined $1.2 billion while average other borrowings decreased $276 million.

The yield on average earning assets was 5.73%, up 9 basis points. The yield on the available for sale securities portfolio increased 21 basis points to 3.48% while the loan portfolio yield increased 4 basis points to 7.40%. The yield on trading securities grew 7 basis points to 5.12% and the yield on interest-bearing cash and cash equivalents decreased 34 basis points to 4.96%.

Funding costs were 4.08%, up 10 basis points. The cost of interest-bearing deposits increased 26 basis points to 3.69%. The cost of funds purchased and repurchase agreements decreased 74 basis points to 4.05% from the beneficial mix shift enabled by the growth of interest-bearing deposits. The benefit to net interest margin from assets funded by non-interest liabilities was 96 basis points, a decrease of 2 basis points.

2

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Other Operating Revenue

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Change		% Change
Brokerage and trading revenue	$	59,179	$	60,896	$	(1,717)	(2.8)	%
Transaction card revenue	25,493		28,847		(3,354)		(11.6)	%
Fiduciary and asset management revenue	55,305		51,408		3,897		7.6	%
Deposit service charges and fees	28,685		27,770		915		3.3	%
Mortgage banking revenue	18,967		12,834		6,133		47.8	%
Other revenue	12,935		15,035		(2,100)		(14.0)	%
Total fees and commissions	200,564		196,790		3,774		1.9	%
Other gains, net	4,269		40,452		(36,183)		N/A
Gain (loss) on derivatives, net	(8,633)		8,592		(17,225)		N/A
Gain (loss) on fair value option securities, net	(305)		1,031		(1,336)		N/A
Change in fair value of mortgage servicing rights	10,977		(14,356)		25,333		N/A
Loss on available for sale securities, net	(45,171)		(27,626)		(17,545)		N/A
Total other operating revenue	$	161,701	$	204,883	$	(43,182)	(21.1)	%

Fees and commissions revenue totaled $200.6 million for the first quarter of 2024, an increase of $3.8 million over the prior quarter.

Mortgage banking revenue increased $6.1 million. Mortgage production volume increased $47.6 million and realized margin on funded mortgage loans improved 244 basis points to 1.46%.

Fiduciary and asset management revenue increased $3.9 million to $55.3 million, primarily due to growth in trust business line fees resulting from movement in the equity markets.

Brokerage and trading revenue decreased $1.7 million to $59.2 million. Trading revenue grew $1.9 million to $37.5 million reflecting increased trading activity primarily in U.S. government agency residential mortgage-backed securities.

Insurance brokerage fees decreased $1.8 million in conjunction with the sale of our insurance brokerage and consulting business, BOK Financial Insurance (“BOKFI”) in the fourth quarter. Customer hedging revenue decreased $1.3 million, largely as result of reduced energy customer hedging volumes.

Transaction card revenue decreased $3.4 million to $25.5 million, primarily due to seasonally elevated fourth quarter activity and one less day in the quarter.

Other revenue decreased $2.1 million, largely due to a reduction in fees earned on derivative counterparty margin.

Other gains, net decreased $36.2 million to $4.3 million. The fourth quarter of 2023 included a $31.0 million pre-tax gain, before related professional fees, on the sale of BOKFI.

Losses on available for sale securities were $45.2 million in the first quarter of 2024 as we repositioned the available for sale securities portfolio by selling approximately $783 million of lower-yielding debt securities. We expect the gain on conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. will offset the realized losses on the repositioning. The Visa Exchange Offer opened on April 8 and is scheduled to expire at end of day on May 3, 2024.

3

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Operating Expenses

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Change		% Change
Personnel	$	202,653	$	203,022	$	(369)	(0.2)	%
Business promotion	7,978		8,629		(651)		(7.5)	%
Charitable contributions to BOKF Foundation	—		1,542		(1,542)		(100.0)	%
Professional fees and services	12,010		16,288		(4,278)		(26.3)	%
Net occupancy and equipment	30,293		30,355		(62)		(0.2)	%
FDIC and other insurance	8,740		8,495		245		2.9	%
FDIC special assessment	6,454		43,773		(37,319)		(85.3)	%
Data processing and communications	45,564		45,584		(20)		—	%
Printing, postage and supplies	3,997		3,844		153		4.0	%
Amortization of intangible assets	3,003		3,543		(540)		(15.2)	%
Mortgage banking costs	6,355		8,085		(1,730)		(21.4)%
Other expense	13,337		10,923		2,414		22.1	%
Total operating expense	$	340,384	$	384,083	$	(43,699)	(11.4)	%

Total operating expense was $340.4 million for the first quarter of 2024, a decrease of $43.7 million compared to the fourth quarter of 2023.

Personnel expense was $202.7 million, consistent with the prior quarter. Higher seasonal employee benefits costs were offset by reduced incentive compensation expense while regular compensation remained flat compared to the prior quarter.

Non-personnel expense was $137.7 million, a decrease of $43.3 million. In the fourth quarter of 2023, we recognized $43.8 million of expense related to the FDIC special assessment. During the first quarter of 2024, we received notification from the FDIC that the previous assessed losses attributable to the protection of Silicon Valley Bank and Signature Bank uninsured depositors had increased, so an additional $6.5 million of estimated expense related to the special assessment was recognized.

Professional fees and services expense decreased $4.3 million. The previous quarter included $2.2 million in expenses related to the sale of BOKFI.

Other expense was up $2.4 million, primarily due to increased operational losses.

4

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Loans

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Change		% Change
Commercial:
Healthcare	$	4,245,939	$	4,143,233	$	102,706	2.5%
Services	3,529,421		3,576,223		(46,802)		(1.3)%
Energy	3,443,719		3,437,101		6,618		0.2%
General business	3,913,788		3,647,212		266,576		7.3%
Total commercial	15,132,867		14,803,769		329,098		2.2%
Commercial Real Estate:
Multifamily	1,960,839		1,872,760		88,079		4.7%
Industrial	1,343,970		1,475,165		(131,195)		(8.9)%
Office	901,105		909,442		(8,337)		(0.9)%
Retail	543,735		592,632		(48,897)		(8.3)%
Residential construction and land development	83,906		95,052		(11,146)		(11.7)%
Other real estate loans	403,122		392,596		10,526		2.7%
Total commercial real estate	5,236,677		5,337,647		(100,970)		(1.9)%
Loans to individuals:
Residential mortgage	2,192,584		2,160,640		31,944		1.5%
Residential mortgages guaranteed by U.S. government agencies	139,456		149,807		(10,351)		(6.9)%
Personal	1,470,976		1,453,105		17,871		1.2%
Total loans to individuals	3,803,016		3,763,552		39,464		1.0%
Total loans	$	24,172,560	$	23,904,968	$	267,592	1.1%

Outstanding loans were $24.2 billion at March 31, 2024, growing $268 million over December 31, 2023, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. Unfunded loan commitments decreased $359 million compared to the fourth quarter of 2023.

Outstanding commercial loan balances, which includes healthcare, services, energy and general business loans, increased $329 million over the prior quarter.

Healthcare sector loan balances increased $103 million, totaling $4.2 billion or 18% of total loans. Our healthcare sector loans primarily consist of $3.5 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.

General business loans increased $267 million to $3.9 billion or 16% of total loans. General business loans include $2.4 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

Services sector loan balances decreased $47 million to $3.5 billion or 15% 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.

Energy loan balances were largely unchanged compared to the prior quarter at $3.4 billion or 14% 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 70% of committed production loans are secured by properties primarily producing oil. The remaining 30% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.3 billion at March 31, 2024, a $147 million decrease compared to December 31, 2023.

5

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Commercial real estate loan balances decreased $101 million to $5.2 billion and represent 22% of total loans. Loans secured by industrial facilities decreased $131 million to $1.3 billion and loans secured by retail facilities decreased $49 million to $544 million. These decreases were partially offset by an $88 million increase in loans secured by multifamily properties. Unfunded commercial real estate loan commitments were $1.7 billion at March 31, 2024, a decrease of $147 million compared to December 31, 2023. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to individuals increased $39 million and represent 16% of total loans. Residential mortgage loans increased $22 million while personal loans increased $18 million.

Period End & Average Deposits

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Change		% Change
Period end deposits
Demand	$	8,414,056	$	9,196,493	$	(782,437)	(8.5)	%
Interest-bearing transaction	22,748,185		20,964,101		1,784,084		8.5	%
Savings	854,397		847,085		7,312		0.9	%
Time	3,366,909		3,012,022		354,887		11.8	%
Total deposits	$	35,383,547	$	34,019,701	$	1,363,846	4.0	%
Average deposits
Demand	$	8,631,416	$	9,378,886	$	(747,470)	(8.0)	%
Interest-bearing transaction	22,264,259		20,449,370		1,814,889		8.9	%
Savings	843,037		845,705		(2,668)		(0.3)	%
Time	3,287,179		3,002,252		284,927		9.5	%
Total average deposits	$	35,025,891	$	33,676,213	$	1,349,678	4.0	%

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 68% at March 31, 2024, compared to 70% at December 31, 2023, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $35.4 billion at March 31, 2024, a $1.4 billion increase. Interest-bearing transaction account balances increased $1.8 billion while time deposits increased $355 million. Demand deposits decreased $782 million.

Average deposits were $35.0 billion at March 31, 2024, a $1.3 billion increase. Average interest-bearing transaction account balances increased $1.8 billion and average time deposits increased $285 million. Average demand deposit account balances decreased $747 million.

Average Commercial Banking deposits increased $237 million to $15.7 billion or 45% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Wealth Management deposits increased $1.2 billion to $9.2 billion or 26% of total deposits. Consumer Banking deposits were largely unchanged at $7.9 billion or 23% of total deposits.

6

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Capital

	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Mar. 31, 2024			Dec. 31, 2023
Common equity Tier 1	4.50	%	2.50	%	7.00	%	11.99		%	12.06		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	12.00		%	12.07		%
Total capital	8.00	%	2.50	%	10.50	%	13.15		%	13.16		%
Tier 1 Leverage	4.00	%	N/A		4.00	%	9.42		%	9.45		%
Tangible common equity ratio1							8.21		%	8.29		%
Adjusted common tangible equity ratio1							7.92		%	8.02		%
Common stock repurchased (shares)							616,630			700,237
Average price per share repurchased							$	83.89		$	70.99

1 See Explanation and Reconciliation of Non-GAAP Measures following.

The company's common equity Tier 1 capital ratio was 11.99% at March 31, 2024. In addition, the company's Tier 1 capital ratio was 12.00%, total capital ratio was 13.15%, and leverage ratio was 9.42% at March 31, 2024. At the beginning of 2020, we 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. This election added 3 basis points to the company's common equity tier 1 capital ratio at March 31, 2024. At December 31, 2023, the company's common equity Tier 1 capital ratio was 12.06%, Tier 1 capital ratio was 12.07%, total capital ratio was 13.16%, and leverage ratio was 9.45%.

The company's tangible common equity ratio, a non-GAAP measure, was 8.21% at March 31, 2024 and 8.29% at December 31, 2023. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 7.92%. 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 616,630 shares of common stock at an average price paid of $83.89 a share in the first quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

Nonperforming assets totaled $122 million or 0.51% of outstanding loans and repossessed assets at March 31, 2024, compared to $148 million or 0.62% at December 31, 2023. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $113 million or 0.47% of outstanding loans and repossessed assets at March 31, 2024, compared to $139 million or 0.58% at December 31, 2023.

Nonaccruing loans decreased $26 million compared to December 31, 2023. New nonaccruing loans identified in the first quarter totaled $24 million, offset by $34 million of loans that returned to accruing status, $8.6 million in payments received and $7.1 million of charge-offs. Nonaccruing healthcare loans decreased $32 million, partially offset by a $15 million increase in nonaccruing commercial real estate loans.

Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter. Charge-offs for the first quarter were primarily composed of a $3.2 million general business loan and a $1.3 million commercial real estate loan.

The provision for credit losses of $8.0 million in the first quarter of 2024 reflects continued loan growth and a stable economic forecast. The provision for credit losses was $6.0 million in the fourth quarter of 2023.

7

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

At March 31, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $329 million or 1.36% of outstanding loans and 298% of nonaccruing loans. At December 31, 2023, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $326 million or 1.36% of outstanding loans and 240% of nonaccruing loans.

Securities & Derivatives

The fair value of the available for sale securities portfolio totaled $12.7 billion at March 31, 2024, a $366 million increase compared to December 31, 2023. At March 31, 2024, the available for sale securities portfolio consisted primarily of $7.8 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.7 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2024, the available for sale securities portfolio had a net unrealized loss of $643 million compared to $617 million at December 31, 2023.

We hold an inventory of trading securities in support of sales to a variety of customers. At March 31, 2024, the trading securities portfolio totaled $5.4 billion compared to $5.2 billion at December 31, 2023.

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 $866 thousand to $19.8 million at March 31, 2024.

Derivative contracts are carried at fair value. At March 31, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $463 million compared to $593 million at December 31, 2023. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $460 million at March 31, 2024 and $587 million at December 31, 2023.

The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.2 million during the first quarter of 2024, including an $11.0 million increase in the fair value of mortgage servicing rights, a $9.7 million decrease in the fair value of securities and derivative contracts held as an economic hedge and $155 thousand of related net interest expense.

First Quarter 2024 Segment Highlights

	Commercial Banking				Consumer Banking				Wealth Management
(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2024		Dec. 31, 2023
Net interest revenue and fee revenue	$	295,751	$	328,816	$	138,356	$	144,471	$	158,813	$	161,515
Net loans charged-off	4,160		2,987		1,808		1,443		(15)		10
Personnel expense	45,319		53,066		25,236		23,051		63,777		66,151
Non-personnel expense	24,776		28,833		28,211		32,028		35,758		30,124
Net income	153,250		171,084		53,804		53,695		34,165		62,690
Average loans	20,067,170		19,928,602		1,913,586		1,877,303		2,198,803		2,154,416
Average deposits	15,730,241		15,493,326		7,901,167		7,890,032		9,237,965		8,085,643
Assets under management or administration	—		—		—		—		105,530,903		104,736,999

Commercial Banking contributed $153.3 million to net income in the first quarter of 2024, a decrease of $17.8 million compared to the fourth quarter of 2023. Combined net interest revenue and fee revenue decreased $33.1 million. Net interest revenue declined due to a shift in deposit balances from demand to interest-bearing transaction accounts along with decreased spreads due to a change in market conditions. Customer hedging revenue fell due to a reduction in customer energy hedging and transaction card revenue decreased following elevated fourth quarter transaction activity. Net loans charged-off increased $1.2 million to $4.2 million in the first quarter of 2024. Personnel expense decreased $7.7 million primarily due to lower incentive compensation costs. Non-personnel expense decreased $4.1 million due to

8

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

decreases in other expense and professional fees. Average loans increased $139 million or 1% to $20.1 billion. Average deposits increased $237 million or 2% to $15.7 billion.

Consumer Banking contributed $53.8 million to net income in the first quarter of 2024, consistent with the prior quarter. Combined net interest revenue and fee revenue decreased $6.1 million, largely due to increased customer demand for time deposits and a reduction in deposit spreads from a change in market conditions, partially offset by an increase in mortgage banking revenue from higher production volumes. Operating expense decreased $1.6 million. The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.2 million compared to a net cost of $5.2 million for the fourth quarter of 2023. Average loans increased $36 million or 2% to $1.9 billion. Average deposits were mostly unchanged from the previous quarter.

Wealth Management contributed $34.2 million to net income in the first quarter of 2024, a decrease of $28.5 million compared to the fourth quarter of 2023. The prior quarter included a pre-tax gain of $31.0 million, before related professional fees, on the sale of our insurance brokerage and consulting business, BOKFI. Combined net interest and fee revenue decreased $2.7 million due to declining spread on deposits. Total revenue from institutional trading activities increased $1.4 million, primarily in U.S. government residential mortgage-backed securities trading activity. Personnel expense decreased $2.4 million as the prior quarter included transaction related employee costs on the BOKFI sale. Non-personnel expense increased $5.6 million, primarily due to an increased level of operational losses, partially offset by a $2.7 million decrease in professional fees. Average loans increased $44 million or 2% to $2.2 billion. Average deposits increased $1.2 billion or 14% to $9.2 billion. Assets under management or administration were $105.5 billion, an increase of $794 million.

Conference Call & Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, April 24, 2024 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 5365153. A webcast replay will also be available shortly after conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing playback ID: 5365153 followed by # key.

About BOK Financial Corporation

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $106 billion in assets under management or 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.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment 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, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust 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 March 31, 2024 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 and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “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, 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 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.

9

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Mar. 31, 2024		Dec. 31, 2023
Assets
Cash and due from banks	$	801,677	$	947,613
Interest-bearing cash and cash equivalents	354,070		400,652
Trading securities	5,441,038		5,193,505
Investment securities, net of allowance	2,185,744		2,244,153
Available for sale securities	12,653,088		12,286,681
Fair value option securities	19,805		20,671
Restricted equity securities	382,549		423,099
Residential mortgage loans held for sale	75,449		56,935
Loans:
Commercial	15,132,867		14,803,769
Commercial real estate	5,236,677		5,337,647
Loans to individuals	3,803,016		3,763,552
Total loans	24,172,560		23,904,968
Allowance for loan losses	(281,623)		(277,123)
Loans, net of allowance	23,890,937		23,627,845
Premises and equipment, net	628,050		622,223
Receivables	308,736		317,922
Goodwill	1,044,749		1,044,749
Intangible assets, net	56,894		59,979
Mortgage servicing rights	319,330		293,884
Real estate and other repossessed assets, net	2,860		2,875
Derivative contracts, net	263,493		410,304
Cash surrender value of bank-owned life insurance	410,368		409,548
Receivable on unsettled securities sales	67,854		391,910
Other assets	1,253,689		1,070,282
Total assets	$	50,160,380	$	49,824,830
Liabilities
Deposits:
Demand	$	8,414,056	$	9,196,493
Interest-bearing transaction	22,748,185		20,964,101
Savings	854,397		847,085
Time	3,366,909		3,012,022
Total deposits	35,383,547		34,019,701
Funds purchased and repurchase agreements	1,261,517		1,122,748
Other borrowings	6,724,652		7,701,552
Subordinated debentures	131,154		131,150
Accrued interest, taxes and expense	318,622		338,996
Due on unsettled securities purchases	264,230		254,057
Derivative contracts, net	438,605		587,473
Other liabilities	506,418		523,734
Total liabilities	45,028,745		44,679,411
Shareholders' equity
Capital, surplus and retained earnings	5,738,879		5,741,542
Accumulated other comprehensive loss	(610,128)		(599,100)
Total shareholders’ equity	5,128,751		5,142,442
Non-controlling interests	2,884		2,977
Total equity	5,131,635		5,145,419
Total liabilities and equity	$	50,160,380	$	49,824,830

10

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

AVERAGE BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Assets
Interest-bearing cash and cash equivalents	$	567,680	$	605,839	$	598,734	$	708,475	$	616,596
Trading securities	5,371,209		5,448,403		5,444,587		4,274,803		3,031,969
Investment securities, net of allowance	2,210,040		2,264,194		2,331,595		2,408,122		2,473,796
Available for sale securities	12,537,981		12,063,398		11,925,800		12,033,597		11,738,693
Fair value option securities	20,080		20,086		41,741		245,469		300,372
Restricted equity securities	412,376		432,780		445,532		351,944		316,724
Residential mortgage loans held for sale	57,402		61,146		77,208		72,959		65,769
Loans:
Commercial	14,992,639		14,680,001		14,527,676		14,316,474		14,046,237
Commercial real estate	5,188,152		5,293,021		5,172,876		4,896,230		4,757,362
Loans to individuals	3,767,776		3,732,086		3,713,756		3,676,350		3,672,648
Total loans	23,948,567		23,705,108		23,414,308		22,889,054		22,476,247
Allowance for loan losses	(278,449)		(273,717)		(267,205)		(252,890)		(238,909)
Loans, net of allowance	23,670,118		23,431,391		23,147,103		22,636,164		22,237,338
Total earning assets	44,846,886		44,327,237		44,012,300		42,731,533		40,781,257
Cash and due from banks	861,319		883,858		799,291		875,280		857,771
Derivative contracts, net	326,564		372,789		412,707		410,793		546,018
Cash surrender value of bank-owned life insurance	409,230		407,665		408,295		409,313		408,124
Receivable on unsettled securities sales	307,389		276,856		268,344		163,903		177,312
Other assets	3,276,184		3,445,265		3,418,615		3,317,285		3,211,986
Total assets	$	50,027,572	$	49,713,670	$	49,319,552	$	47,908,107	$	45,982,468
Liabilities
Deposits:
Demand	$	8,631,416	$	9,378,886	$	10,157,821	$	10,998,201	$	12,406,408
Interest-bearing transaction	22,264,259		20,449,370		19,415,599		18,368,592		18,639,900
Savings	843,037		845,705		874,530		926,882		958,443
Time	3,287,179		3,002,252		2,839,947		2,076,037		1,477,720
Total deposits	35,025,891		33,676,213		33,287,897		32,369,712		33,482,471
Funds purchased and repurchase agreements	1,258,044		2,476,973		2,699,027		3,670,994		1,759,237
Other borrowings	6,844,633		7,120,963		6,968,309		5,275,291		4,512,280
Subordinated debentures	131,154		131,151		131,151		131,153		131,166
Derivative contracts, net	537,993		524,101		429,989		576,558		428,023
Due on unsettled securities purchases	499,936		363,358		435,927		436,353		316,738
Other liabilities	574,954		483,934		461,686		503,134		511,530
Total liabilities	44,872,605		44,776,693		44,413,986		42,963,195		41,141,445
Total equity	5,154,967		4,936,977		4,905,566		4,944,912		4,841,023
TOTAL LIABILITIES AND EQUITY	$	50,027,572	$	49,713,670	$	49,319,552	$	47,908,107	$	45,982,468

11

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

STATEMENTS OF EARNINGS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	March 31,
(In thousands, except per share data)	2024		2023
Interest revenue	$	645,212	$	516,729
Interest expense	351,640		164,381
Net interest revenue	293,572		352,348
Provision for credit losses	8,000		16,000
Net interest revenue after provision for credit losses	285,572		336,348
Other operating revenue:
Brokerage and trading revenue	59,179		52,396
Transaction card revenue	25,493		25,621
Fiduciary and asset management revenue	55,305		50,657
Deposit service charges and fees	28,685		25,968
Mortgage banking revenue	18,967		14,367
Other revenue	12,935		16,970
Total fees and commissions	200,564		185,979
Other gains, net	4,269		2,251
Loss on derivatives, net	(8,633)		(1,344)
Loss on fair value option securities, net	(305)		(2,962)
Change in fair value of mortgage servicing rights	10,977		(6,059)
Loss on available for sale securities, net	(45,171)		—
Total other operating revenue	161,701		177,865
Other operating expense:
Personnel	202,653		182,145
Business promotion	7,978		8,569
Professional fees and services	12,010		13,048
Net occupancy and equipment	30,293		28,459
FDIC and other insurance	8,740		7,315
FDIC special assessment	6,454		—
Data processing and communications	45,564		44,802
Printing, postage and supplies	3,997		3,893
Amortization of intangible assets	3,003		3,391
Mortgage banking costs	6,355		5,782
Other expense	13,337		8,408
Total other operating expense	340,384		305,812
Net income before taxes	106,889		208,401
Federal and state income taxes	23,195		45,905
Net income	83,694		162,496
Net income (loss) attributable to non-controlling interests	(9)		128
Net income attributable to BOK Financial Corporation shareholders	$	83,703	$	162,368
Average shares outstanding:
Basic	64,290,105		66,331,775
Diluted	64,290,105		66,331,775
Net income per share:
Basic	$	1.29	$	2.43
Diluted	$	1.29	$	2.43

12

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

QUARTERLY EARNINGS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and per share data)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Interest revenue	$	645,212	$	638,324	$	617,044	$	570,367	$	516,729
Interest expense	351,640		341,649		316,148		248,106		164,381
Net interest revenue	293,572		296,675		300,896		322,261		352,348
Provision for credit losses	8,000		6,000		7,000		17,000		16,000
Net interest revenue after provision for credit losses	285,572		290,675		293,896		305,261		336,348
Other operating revenue:
Brokerage and trading revenue	59,179		60,896		62,312		65,006		52,396
Transaction card revenue	25,493		28,847		26,387		26,003		25,621
Fiduciary and asset management revenue	55,305		51,408		52,256		52,997		50,657
Deposit service charges and fees	28,685		27,770		27,676		27,100		25,968
Mortgage banking revenue	18,967		12,834		13,356		15,141		14,367
Other revenue	12,935		15,035		15,865		14,250		16,970
Total fees and commissions	200,564		196,790		197,852		200,497		185,979
Other gains, net	4,269		40,452		1,474		12,618		2,251
Gain (loss) on derivatives, net	(8,633)		8,592		(9,010)		(8,159)		(1,344)
Gain (loss) on fair value option securities, net	(305)		1,031		(203)		(2,158)		(2,962)
Change in fair value of mortgage servicing rights	10,977		(14,356)		8,039		9,261		(6,059)
Loss on available for sale securities, net	(45,171)		(27,626)		—		(3,010)		—
Total other operating revenue	161,701		204,883		198,152		209,049		177,865
Other operating expense:
Personnel	202,653		203,022		190,791		190,652		182,145
Business promotion	7,978		8,629		6,958		7,640		8,569
Charitable contributions to BOKF Foundation	—		1,542		23		1,142		—
Professional fees and services	12,010		16,288		13,224		12,777		13,048
Net occupancy and equipment	30,293		30,355		32,583		30,105		28,459
FDIC and other insurance	8,740		8,495		7,996		6,974		7,315
FDIC special assessment	6,454		43,773		—		—		—
Data processing and communications	45,564		45,584		45,672		45,307		44,802
Printing, postage and supplies	3,997		3,844		3,760		3,728		3,893
Amortization of intangible assets	3,003		3,543		3,474		3,474		3,391
Mortgage banking costs	6,355		8,085		8,357		8,300		5,782
Other expense	13,337		10,923		11,475		8,574		8,408
Total other operating expense	340,384		384,083		324,313		318,673		305,812
Net income before taxes	106,889		111,475		167,735		195,637		208,401
Federal and state income taxes	23,195		28,953		33,256		44,001		45,905
Net income	83,694		82,522		134,479		151,636		162,496
Net income (loss) attributable to non-controlling interests	(9)		(53)		(16)		328		128
Net income attributable to BOK Financial Corporation shareholders	$	83,703	$	82,575	$	134,495	$	151,308	$	162,368
Average shares outstanding:
Basic	64,290,105		64,750,171		65,548,307		65,994,132		66,331,775
Diluted	64,290,105		64,750,171		65,548,307		65,994,132		66,331,775
Net income per share:
Basic	$	1.29	$	1.26	$	2.04	$	2.27	$	2.43
Diluted	$	1.29	$	1.26	$	2.04	$	2.27	$	2.43

13

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

FINANCIAL HIGHLIGHTS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
Capital:
Period-end shareholders' equity	$	5,128,751		$	5,142,442		$	4,814,019		$	4,863,854		$	4,874,786
Risk weighted assets	$	38,952,555		$	38,820,979		$	38,791,023		$	38,218,164		$	37,192,197
Risk-based capital ratios:
Common equity tier 1	11.99		%	12.06		%	12.06		%	12.13		%	12.19		%
Tier 1	12.00		%	12.07		%	12.07		%	12.13		%	12.20		%
Total capital	13.15		%	13.16		%	13.16		%	13.24		%	13.21		%
Leverage ratio	9.42		%	9.45		%	9.52		%	9.75		%	9.94		%
Tangible common equity ratio1	8.21		%	8.29		%	7.74		%	7.79		%	8.46		%
Adjusted tangible common equity ratio1	7.92		%	8.02		%	7.35		%	7.49		%	8.22		%
Common stock:
Book value per share	$	79.50		$	79.15		$	73.31		$	73.28		$	73.19
Tangible book value per share	$	62.42		$	62.15		$	56.40		$	56.50		$	56.42
Market value per share:
High	$	92.08		$	87.52		$	92.41		$	90.91		$	106.47
Low	$	77.86		$	62.42		$	77.61		$	74.40		$	80.00
Cash dividends paid	$	35,568		$	35,739		$	35,655		$	35,879		$	36,006
Dividend payout ratio	42.49		%	43.28		%	26.51		%	23.71		%	22.18		%
Shares outstanding, net	64,515,035			64,967,177			65,664,840			66,369,208			66,600,833
Stock buy-back program:
Shares repurchased	616,630			700,237			700,500			266,000			447,071
Amount	$	51,727		$	49,710		$	58,961		$	22,366		$	44,100
Average price paid per share2	$	83.89		$	70.99		$	84.17		$	84.08		$	98.64
Performance ratios (quarter annualized):
Return on average assets	0.67		%	0.66		%	1.08		%	1.27		%	1.43		%
Return on average equity	6.53		%	6.64		%	10.88		%	12.28		%	13.61		%
Return on average tangible common equity1	8.31		%	8.56		%	14.08		%	15.86		%	17.71		%
Net interest margin	2.61		%	2.64		%	2.69		%	3.00		%	3.45		%
Efficiency ratio1,3	67.13		%	71.62		%	64.01		%	58.75		%	56.79		%
Other data:
Tax equivalent interest	$	2,100		$	2,112		$	2,214		$	2,200		$	2,285
Net unrealized loss on available for sale securities	$	(643,259)		$	(616,624)		$	(1,034,520)		$	(898,906)		$	(741,508)

14

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
Mortgage banking:
Mortgage production revenue	$	3,525		$	(2,535)		$	(1,887)		$	(284)		$	(633)
Mortgage loans funded for sale	$	139,176		$	139,255		$	173,727		$	214,785		$	138,624
Add: Current period-end outstanding commitments	67,951			34,783			49,284			55,031			71,693
Less: Prior period end outstanding commitments	34,783			49,284			55,031			71,693			45,492
Total mortgage production volume	$	172,344		$	124,754		$	167,980		$	198,123		$	164,825
Mortgage loan refinances to mortgage loans funded for sale	10		%	10		%	9		%	8		%	9		%
Realized margin on funded mortgage loans	1.46		%	(0.98)		%	(0.94)		%	(0.14)		%	(1.25)		%
Production revenue as a percentage of production volume	2.05		%	(2.03)		%	(1.12)		%	(0.14)		%	(0.38)		%
Mortgage servicing revenue	$	15,442		$	15,369		$	15,243		$	15,425		$	15,000
Average outstanding principal balance of mortgage loans serviced for others	$	21,088,898		$	20,471,030		$	20,719,116		$	20,807,044		$	21,121,319
Average mortgage servicing revenue rates	0.29		%	0.30		%	0.29		%	0.30		%	0.29		%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	(9,357)		$	8,275		$	(8,980)		$	(8,099)		$	(1,711)
Gain (loss) on fair value option securities, net	(305)			1,031			(203)			(2,158)			(2,962)
Gain (loss) on economic hedge of mortgage servicing rights	(9,662)			9,306			(9,183)			(10,257)			(4,673)
Gain (loss) on changes in fair value of mortgage servicing rights	10,977			(14,356)			8,039			9,261			(6,059)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	1,315			(5,050)			(1,144)			(996)			(10,732)
Net interest revenue (expense) on fair value option securities4	(155)			(101)			(112)			(232)			187
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	1,160		$	(5,151)		$	(1,256)		$	(1,228)		$	(10,545)

1 See Reconciliation of Non-GAAP Measures following.

2 Excludes 1% excise tax on corporate stock repurchases.

3 Prior period ratios have been adjusted to be consistent with the current period presentation.

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

15

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,128,751		$	5,142,442		$	4,814,019		$	4,863,854		$	4,874,786
Less: Goodwill and intangible assets, net	1,101,643			1,104,728			1,110,553			1,113,995			1,117,438
Tangible common equity	4,027,108			4,037,714			3,703,466			3,749,859			3,757,348
Add: Unrealized gain (loss) on investment securities, net	(185,978)			(171,903)			(246,395)			(189,152)			(140,947)
Add: Tax effect on unrealized gain (loss) on investment securities, net	43,740			40,430			57,949			44,486			33,149
Adjusted tangible common equity	$	3,884,870		$	3,906,241		$	3,515,020		$	3,605,193		$	3,649,550
Total assets	$	50,160,380		$	49,824,830		$	48,931,397		$	49,237,920		$	45,524,122
Less: Goodwill and intangible assets, net	1,101,643			1,104,728			1,110,553			1,113,995			1,117,438
Tangible assets	$	49,058,737		$	48,720,102		$	47,820,844		$	48,123,925		$	44,406,684
Tangible common equity ratio	8.21		%	8.29		%	7.74		%	7.79		%	8.46		%
Adjusted tangible common equity ratio	7.92		%	8.02		%	7.35		%	7.49		%	8.22		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,152,061		$	4,933,917		$	4,902,119		$	4,941,352		$	4,837,567
Less: Average goodwill and intangible assets, net	1,103,090			1,107,949			1,112,217			1,115,652			1,119,123
Average tangible common equity	$	4,048,971		$	3,825,968		$	3,789,902		$	3,825,700		$	3,718,444
Net Income	$	83,703		$	82,575		$	134,495		$	151,308		$	162,368
Return on average tangible common equity	8.31		%	8.56		%	14.08		%	15.86		%	17.71		%
Calculation of efficiency ratio and efficiency ratio excluding adjustments:
Total other operating expense	$	340,384		$	384,083		$	324,313		$	318,673		$	305,812
Less: Amortization of intangible assets	3,003			3,543			3,474			3,474			3,391
Numerator for efficiency ratio	337,381			380,540			320,839			315,199			302,421
Less: FDIC special assessment	6,454			43,773			—			—			—
Less: Expenses related to sale of BOKF Insurance	—			3,436			—			—			—
Adjusted numerator for efficiency ratio	$	330,927		$	333,331		$	320,839		$	315,199		$	302,421
Net interest revenue	$	293,572		$	296,675		$	300,896		$	322,261		$	352,348
Tax-equivalent adjustment	2,100			2,112			2,214			2,200			2,285
Tax-equivalent net interest revenue	295,672			298,787			303,110			324,461			354,633
Total other operating revenue	161,701			204,883			198,152			209,049			177,865
Less: Loss on available for sale securities, net	(45,171)			(27,626)			—			(3,010)			—
Denominator for efficiency ratio	502,544			531,296			501,262			536,520			532,498
Less: Gain on sale of BOKF Insurance	—			31,007			—			—			—
Adjusted denominator for efficiency ratio	$	502,544		$	500,289		$	501,262		$	536,520		$	532,498
Efficiency ratio	67.13		%	71.62		%	64.01		%	58.75		%	56.79		%
Efficiency ratio excluding adjustments	65.85		%	66.63		%	64.01		%	58.75		%	56.79		%

16

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
Information on net interest revenue and net interest margin excluding trading activities:
Net interest revenue	$	293,572		$	296,675		$	300,896		$	322,261		$	352,348
Less: Trading activities net interest revenue	(498)			(3,305)			(7,343)			(3,461)			70
Net interest revenue excluding trading activities	294,070			299,980			308,239			325,722			352,278
Tax-equivalent adjustment	2,100			2,112			2,214			2,200			2,285
Tax-equivalent net interest revenue excluding trading activities	$	296,170		$	302,092		$	310,453		$	327,922		$	354,563
Average interest-earning assets	$	44,846,886		$	44,327,237		$	44,012,300		$	42,731,533		$	40,781,257
Less: Average trading activities interest-earning assets	5,371,209			5,448,403			5,444,587			4,274,803			3,031,969
Average interest-earning assets excluding trading activities	$	39,475,677		$	38,878,834		$	38,567,713		$	38,456,730		$	37,749,288
Net interest margin on average interest-earning assets	2.61		%	2.64		%	2.69		%	3.00		%	3.45		%
Net interest margin on average trading activities interest-earning assets	(0.07)		%	(0.20)		%	(0.49)		%	(0.34)		%	—		%
Net interest margin on average interest-earning assets excluding trading activities	2.97		%	3.03		%	3.14		%	3.36		%	3.72		%
Reconciliation of pre-provision net revenue:
Net income before taxes	$	106,889		$	111,475		$	167,735		$	195,637		$	208,401
Provision for expected credit losses	8,000			6,000			7,000			17,000			16,000
Net income (loss) attributable to non-controlling interests	(9)			(53)			(16)			328			128
Pre-provision net revenue	$	114,898		$	117,528		$	174,751		$	212,309		$	224,273
Reconciliation of adjusted net income and earnings per share:
Net income	$	83,703		$	82,575		$	134,495		$	151,308		$	162,368
Add: FDIC special assessment, net of tax	4,936			33,478			—			—			—
Less: Loss on repositioning of available for sale securities, net of tax	(34,547)			(21,129)			—			(2,302)			—
Less: Gain on sale of BOKF Insurance, net of tax	—			23,715			—			—			—
Adjusted net income	$	123,186		$	113,467		$	134,495		$	153,610		$	162,368
Earnings per share	$	1.29		$	1.26		$	2.04		$	2.27		$	2.43
Add: FDIC special assessment, net of tax	0.08			0.52			—			—			—
Less: Loss on repositioning of available for sale securities, net of tax	(0.54)			(0.33)			—			(0.03)			—
Less: Gain on sale of BOKF Insurance, net of tax	—			0.37			—			—			—
Adjusted earnings per share	$	1.91		$	1.74		$	2.04		$	2.30		$	2.43

17

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

Explanation of Non-GAAP Measures

The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.

The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.

Net interest revenue and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.

Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.

18

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Commercial:
Healthcare	$	4,245,939	$	4,143,233	$	4,083,134	$	3,991,387	$	3,899,341
Services	3,529,421		3,576,223		3,566,361		3,585,169		3,563,702
Energy	3,443,719		3,437,101		3,490,602		3,508,752		3,398,057
General business	3,913,788		3,647,212		3,579,742		3,449,208		3,356,249
Total commercial	15,132,867		14,803,769		14,719,839		14,534,516		14,217,349
Commercial real estate:
Multifamily	1,960,839		1,872,760		1,734,688		1,502,971		1,363,881
Industrial	1,343,970		1,475,165		1,432,629		1,349,709		1,309,435
Office	901,105		909,442		981,876		1,005,660		1,045,700
Retail	543,735		592,632		608,073		617,886		618,264
Residential construction and land development	83,906		95,052		100,465		106,370		102,828
Other commercial real estate	403,122		392,596		383,569		388,205		375,208
Total commercial real estate	5,236,677		5,337,647		5,241,300		4,970,801		4,815,316
Loans to individuals:
Residential mortgage	2,192,584		2,160,640		2,090,992		1,993,690		1,926,027
Residential mortgages guaranteed by U.S. government agencies	139,456		149,807		161,092		186,170		224,753
Personal	1,470,976		1,453,105		1,510,795		1,552,482		1,566,608
Total loans to individuals	3,803,016		3,763,552		3,762,879		3,732,342		3,717,388
Total	$	24,172,560	$	23,904,968	$	23,724,018	$	23,237,659	$	22,750,053

19

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Texas:
Commercial	$	7,515,070	$	7,384,107	$	7,249,963	$	7,223,820	$	7,103,166
Commercial real estate	1,935,728		1,987,037		1,873,477		1,748,796		1,675,831
Loans to individuals	964,464		914,134		961,299		974,911		992,343
Total Texas	10,415,262		10,285,278		10,084,739		9,947,527		9,771,340
Oklahoma:
Commercial	3,478,146		3,275,907		3,384,627		3,251,547		3,178,934
Commercial real estate	605,419		606,515		601,087		573,559		574,708
Loans to individuals	2,176,268		2,147,782		2,100,974		2,079,311		2,049,472
Total Oklahoma	6,259,833		6,030,204		6,086,688		5,904,417		5,803,114
Colorado:
Commercial	2,244,416		2,273,179		2,219,460		2,179,473		2,148,066
Commercial real estate	766,100		769,329		710,552		683,973		646,537
Loans to individuals	221,291		228,257		227,569		223,200		231,368
Total Colorado	3,231,807		3,270,765		3,157,581		3,086,646		3,025,971
Arizona:
Commercial	1,149,394		1,143,682		1,173,491		1,177,778		1,115,973
Commercial real estate	1,007,972		1,003,331		1,014,151		926,750		881,465
Loans to individuals	218,664		248,873		260,282		242,102		240,556
Total Arizona	2,376,030		2,395,886		2,447,924		2,346,630		2,237,994
Kansas/Missouri:
Commercial	320,609		331,179		307,725		309,148		318,782
Commercial real estate	497,036		511,947		547,708		516,299		489,951
Loans to individuals	141,767		144,958		132,137		138,960		129,580
Total Kansas/Missouri	959,412		988,084		987,570		964,407		938,313
New Mexico:
Commercial	317,651		291,736		297,714		287,443		280,945
Commercial real estate	352,559		389,106		405,989		425,472		449,715
Loans to individuals	67,814		67,485		69,418		64,803		65,770
Total New Mexico	738,024		748,327		773,121		777,718		796,430
Arkansas:
Commercial	107,581		103,979		86,859		105,307		71,483
Commercial real estate	71,863		70,382		88,336		95,952		97,109
Loans to individuals	12,748		12,063		11,200		9,055		8,299
Total Arkansas	192,192		186,424		186,395		210,314		176,891
Total BOK Financial	$	24,172,560	$	23,904,968	$	23,724,018	$	23,237,659	$	22,750,053

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

20

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Oklahoma:
Demand	$	3,365,529	$	3,586,091	$	4,019,019	$	4,273,136	$	4,369,944
Interest-bearing:
Transaction	12,362,193		10,929,704		9,970,955		9,979,534		9,468,100
Savings	509,775		500,313		508,619		531,536		564,829
Time	2,136,583		1,984,336		2,019,749		1,945,916		942,787
Total interest-bearing	15,008,551		13,414,353		12,499,323		12,456,986		10,975,716
Total Oklahoma	18,374,080		17,000,444		16,518,342		16,730,122		15,345,660
Texas:
Demand	2,201,561		2,306,334		2,599,998		2,876,568		3,154,789
Interest-bearing:
Transaction	5,125,834		5,035,856		5,046,288		4,532,093		4,366,932
Savings	157,108		155,652		154,863		162,704		175,012
Time	605,526		492,753		436,218		377,424		321,774
Total interest-bearing	5,888,468		5,684,261		5,637,369		5,072,221		4,863,718
Total Texas	8,090,029		7,990,595		8,237,367		7,948,789		8,018,507
Colorado:
Demand	1,316,971		1,633,672		1,598,622		1,726,130		1,869,194
Interest-bearing:
Transaction	1,951,232		1,921,605		1,888,026		1,825,295		2,126,435
Savings	63,675		67,646		63,129		66,968		72,548
Time	237,656		201,393		185,030		148,840		128,583
Total interest-bearing	2,252,563		2,190,644		2,136,185		2,041,103		2,327,566
Total Colorado	3,569,534		3,824,316		3,734,807		3,767,233		4,196,760
New Mexico:
Demand	683,643		794,467		853,571		912,218		997,364
Interest-bearing:
Transaction	1,085,946		886,089		1,049,903		712,541		674,328
Savings	95,944		95,453		97,753		102,729		111,771
Time	298,556		258,195		217,535		179,548		137,875
Total interest-bearing	1,480,446		1,239,737		1,365,191		994,818		923,974
Total New Mexico	2,164,089		2,034,204		2,218,762		1,907,036		1,921,338
Arizona:
Demand	502,143		524,167		522,142		592,144		780,051
Interest-bearing:
Transaction	1,181,539		1,174,715		903,535		800,970		687,527
Savings	12,024		11,636		12,340		14,489		16,993
Time	46,962		41,884		36,689		31,248		27,755
Total interest-bearing	1,240,525		1,228,235		952,564		846,707		732,275
Total Arizona	1,742,668		1,752,402		1,474,706		1,438,851		1,512,326

21

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

(In thousands)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Kansas/Missouri:
Demand	316,041		326,496		351,236		363,534		393,321
Interest-bearing:
Transaction	985,706		966,166		981,091		1,014,247		1,040,009
Savings	13,095		13,821		14,331		16,316		18,292
Time	30,411		23,955		22,437		16,176		13,061
Total interest-bearing	1,029,212		1,003,942		1,017,859		1,046,739		1,071,362
Total Kansas/Missouri	1,345,253		1,330,438		1,369,095		1,410,273		1,464,683
Arkansas:
Demand	28,168		25,266		29,635		38,818		42,312
Interest-bearing:
Transaction	55,735		49,966		57,381		43,301		71,158
Savings	2,776		2,564		2,898		3,195		3,228
Time	11,215		9,506		9,559		7,225		4,775
Total interest-bearing	69,726		62,036		69,838		53,721		79,161
Total Arkansas	97,894		87,302		99,473		92,539		121,473
Total BOK Financial	$	35,383,547	$	34,019,701	$	33,652,552	$	33,294,843	$	32,580,747

22

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

NET INTEREST MARGIN TREND – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents	4.96	%	5.30	%	5.43	%	5.41	%	4.28	%
Trading securities	5.12	%	5.05	%	4.76	%	4.50	%	4.52	%
Investment securities, net of allowance	1.42	%	1.42	%	1.43	%	1.44	%	1.46	%
Available for sale securities	3.48	%	3.27	%	3.11	%	3.00	%	2.87	%
Fair value option securities	3.59	%	3.57	%	4.61	%	5.07	%	5.17	%
Restricted equity securities	8.59	%	8.01	%	7.88	%	7.31	%	7.34	%
Residential mortgage loans held for sale	6.25	%	6.59	%	6.27	%	5.85	%	5.79	%
Loans	7.40	%	7.36	%	7.25	%	7.03	%	6.67	%
Allowance for loan losses
Loans, net of allowance	7.48	%	7.45	%	7.33	%	7.10	%	6.74	%
Total tax-equivalent yield on earning assets	5.73	%	5.64	%	5.49	%	5.29	%	5.06	%
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction	3.68	%	3.44	%	3.18	%	2.60	%	1.91	%
Savings	0.57	%	0.53	%	0.47	%	0.21	%	0.10	%
Time	4.54	%	4.13	%	3.96	%	3.27	%	1.95	%
Total interest-bearing deposits	3.69	%	3.43	%	3.17	%	2.56	%	1.83	%
Funds purchased and repurchase agreements	4.05	%	4.79	%	4.81	%	4.58	%	3.33	%
Other borrowings	5.56	%	5.55	%	5.48	%	5.12	%	4.73	%
Subordinated debt	7.09	%	7.09	%	7.02	%	6.79	%	6.40	%
Total cost of interest-bearing liabilities	4.08	%	3.98	%	3.81	%	3.27	%	2.43	%
Tax-equivalent net interest revenue spread	1.65	%	1.66	%	1.68	%	2.02	%	2.63	%
Effect of noninterest-bearing funding sources and other	0.96	%	0.98	%	1.01	%	0.98	%	0.82	%
Tax-equivalent net interest margin	2.61	%	2.64	%	2.69	%	3.00	%	3.45	%

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.

23

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

CREDIT QUALITY INDICATORS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratios)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Healthcare	$	49,307	$	81,529	$	41,836	$	36,753	$	37,247
Energy	14,991		17,843		19,559		20,037		127
Services	3,319		3,616		2,820		4,541		8,097
General business	7,003		7,143		6,483		11,946		8,961
Total commercial	74,620		110,131		70,698		73,277		54,432
Commercial real estate	22,087		7,320		7,418		17,395		21,668
Loans to individuals:
Permanent mortgage	13,449		18,056		30,954		29,973		29,693
Permanent mortgage guaranteed by U.S. government agencies	9,217		9,709		10,436		11,473		14,302
Personal	142		253		79		133		200
Total loans to individuals	22,808		28,018		41,469		41,579		44,195
Total nonaccruing loans	119,515		145,469		119,585		132,251		120,295
Real estate and other repossessed assets	2,860		2,875		3,753		4,227		12,651
Total nonperforming assets	$	122,375	$	148,344	$	123,338	$	136,478	$	132,946
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	113,158	$	138,635	$	112,902	$	125,005	$	118,644
Accruing loans 90 days past due1	$	—	$	170	$	64	$	220	$	76
Gross charge-offs	$	7,060	$	5,007	$	10,593	$	8,049	$	3,667
Recoveries	(1,600)		(911)		(4,062)		(1,346)		(2,898)
Net charge-offs	$	5,460	$	4,096	$	6,531	$	6,703	$	769
Provision for loan losses	$	9,960	$	9,105	$	15,931	$	19,957	$	14,525
Provision for credit losses from off-balance sheet unfunded loan commitments	(1,658)		(3,627)		(7,336)		(3,003)		2,024
Provision for expected credit losses from mortgage banking activities	(265)		530		(1,474)		78		(488)
Provision for credit losses related to held-to maturity (investment) securities portfolio	(37)		(8)		(121)		(32)		(61)
Total provision for credit losses	$	8,000	$	6,000	$	7,000	$	17,000	$	16,000

24

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratios)	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Allowance for loan losses to period end loans	1.17	%	1.16	%	1.15	%	1.13	%	1.10	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.36	%	1.36	%	1.37	%	1.39	%	1.37	%
Nonperforming assets to period end loans and repossessed assets	0.51	%	0.62	%	0.52	%	0.59	%	0.58	%
Net charge-offs (annualized) to average loans	0.09	%	0.07	%	0.11	%	0.12	%	0.01	%
Allowance for loan losses to nonaccruing loans2	255.33	%	204.13	%	249.31	%	217.52	%	235.36	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans2	298.23	%	240.20	%	297.50	%	267.15	%	294.74	%

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

25

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

SEGMENTS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended						1Q24 vs 4Q23				1Q24 vs 1Q23
(In thousands, except ratios)	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023		Change		% Change		Change		% Change
Commercial Banking:
Net interest revenue	$	245,121	$	267,879	$	284,056	$	(22,758)	(8.5)	%	$	(38,935)	(13.7)	%
Fees and commissions revenue	50,630		60,937		55,835		(10,307)		(16.9)	%	(5,205)		(9.3)	%
Combined net interest and fee revenue	295,751		328,816		339,891		(33,065)		(10.1)	%	(44,140)		(13.0)	%
Other operating expense	70,095		81,899		73,134		(11,804)		(14.4)	%	(3,039)		(4.2)	%
Corporate expense allocations	18,397		18,040		17,718		357		2.0	%	679		3.8	%
Net income	153,250		171,084		190,231		(17,834)		(10.4)	%	(36,981)		(19.4)	%
Average assets	29,806,817		29,346,459		28,162,934		460,358		1.6	%	1,643,883		5.8	%
Average loans	20,067,170		19,928,602		18,750,426		138,568		0.7	%	1,316,744		7.0	%
Average deposits	15,730,241		15,493,326		15,861,285		236,915		1.5	%	(131,044)		(0.8)	%
Consumer Banking:
Net interest revenue	$	102,149	$	114,396	$	109,381	$	(12,247)	(10.7)	%	$	(7,232)	(6.6)	%
Fees and commissions revenue	36,207		30,075		30,581		6,132		20.4	%	5,626		18.4	%
Combined net interest and fee revenue	138,356		144,471		139,962		(6,115)		(4.2)	%	(1,606)		(1.1)	%
Other operating expense	53,447		55,079		50,198		(1,632)		(3.0)	%	3,249		6.5	%
Corporate expense allocations	14,172		12,705		11,622		1,467		11.5	%	2,550		21.9	%
Net income	53,804		53,695		50,683		109		0.2	%	3,121		6.2	%
Average assets	9,391,981		9,342,840		9,934,511		49,141		0.5	%	(542,530)		(5.5)	%
Average loans	1,913,586		1,877,303		1,747,237		36,283		1.9	%	166,349		9.5	%
Average deposits	7,901,167		7,890,032		8,248,541		11,135		0.1	%	(347,374)		(4.2)	%
Wealth Management:
Net interest revenue	$	40,109	$	41,643	$	54,106	$	(1,534)	(3.7)	%	$	(13,997)	(25.9)	%
Fees and commissions revenue	118,704		119,872		108,911		(1,168)		(1.0)	%	9,793		9.0	%
Combined net interest and fee revenue	158,813		161,515		163,017		(2,702)		(1.7)	%	(4,204)		(2.6)	%
Other operating expense	99,535		96,275		82,039		3,260		3.4	%	17,496		21.3	%
Corporate expense allocations	14,558		14,198		12,360		360		2.5	%	2,198		17.8	%
Net income	34,165		62,690		52,447		(28,525)		(45.5)	%	(18,282)		(34.9)	%
Average assets	15,759,328		14,879,450		11,663,096		879,878		5.9	%	4,096,232		35.1	%
Average loans	2,198,803		2,154,416		2,201,622		44,387		2.1	%	(2,819)		(0.1)	%
Average deposits	9,237,965		8,085,643		7,432,413		1,152,322		14.3	%	1,805,552		24.3	%
Fiduciary assets	60,365,292		59,798,693		57,457,925		566,599		0.9	%	2,907,367		5.1	%
Assets under management or administration	105,530,903		104,736,999		102,310,126		793,904		0.8	%	3,220,777		3.1	%

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