bokf-20240331


Term						Definition
AFS						Available For Sale
AOCI						Accumulated Other Comprehensive Income
ASU						Accounting Standards Update
ATM						Automated Teller Machine
Board						Board of Directors of BOK Financial Corporation
BOK Financial						BOK Financial Corporation
BOKF						BOK Financial Corporation
BOKF Insurance						BOK Financial Insurance, Inc.
BOKFI						BOK Financial Insurance, Inc.
CECL						Current Expected Credit Losses
Company						BOK Financial Corporation
EFT						Electronic Funds Transfer
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
GAAP						Generally Accepted Accounting Principles in the United States of America
GDP						Gross Domestic Product
GNMA						Government National Mortgage Association
MSR						Mortgage Servicing Rights
Nasdaq						National Association of Securities Dealers Automated Quotations
NYMEX						New York Mercantile Exchange
PPNR						Pre-Provision Net Revenue
RMHFS						Residential Mortgages Held for Sale
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SVaR						Stressed Value at Risk
TransFund						BOKF's electronic funds transfer network
USDC						United States District Court
VA						U.S. Department of Veterans Affairs
VaR						Value at Risk
WTI						West Texas Intermediate

•Tax-equivalent net interest revenue totaled $295.7 million for the three months ended March 31, 2024 and $354.6 million for the three months ended March 31, 2023. Net interest revenue decreased $51.4 million from changes in interest rates and decreased $7.5 million from changes in earning assets. Net interest margin was 2.61% compared to 3.45%. In response to rising inflation, the Federal Reserve increased the federal funds rate 525 basis points since the beginning of 2022. The resulting impact on market interest rates increased net interest margin at first as our earning assets, led by our significant percentage of variable-rate commercial loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. Throughout 2023 and into the first quarter of 2024, we have experienced margin compression reflecting deposit repricing activity and demand deposit migration into interest-bearing accounts. Loan yields increased 73 basis points while funding costs increased 165 basis points. Average earning assets increased $4.1 billion to $44.8 billion driven largely by higher average loan balances and trading securities balances. Total interest-bearing deposits increased $5.3 billion, offset by a decrease of $3.8 billion in demand deposit balances. Other borrowed funds increased $1.8 billion.

•Total operating expense was $340.4 million for the three months ended March 31, 2024, an increase of $34.6 million compared to the three months ended March 31, 2023. Personnel expense increased $20.5 million. Regular compensation increased $8.8 million, largely related to annual merit increases, salary adjustments, and business expansion in 2023. Cash-based incentive compensation grew $8.2 million due to higher sales activity. Share-based compensation expense decreased $2.0 million reflecting changes in assumptions of certain performance-based equity awards. Deferred compensation expense, which is offset by changes in fair value of deferred compensation investments, grew $2.7 million. Employee benefits expense increased $2.7 million related to higher retirement plan costs and employee healthcare costs. Non-personnel expense increased $14.1 million to $137.7 million, largely due to increased FDIC insurance costs, including the recognition of $6.5 million in additional special assessment expense in the first quarter of 2024. Other expense also increased $4.9 million due to higher operational losses.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 81% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that is asset sensitive, which means that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk.


	Three Months Ended Mar. 31, 2024 / Dec. 31, 2023						Three Months Ended Mar. 31, 2024 / 2023
			Change Due To1						Change Due To1
	Change		Volume		Yield/Rate		Change		Volume		Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents	$	(1,091)	$	(541)	$	(550)	$	499	$	(532)	$	1,031
Trading securities	(713)		(1,648)		935		34,227		27,916		6,311
Investment securities	(204)		(197)		(7)		(1,163)		(1,059)		(104)
Available for sale securities	8,037		1,047		6,990		24,481		5,308		19,173
Fair value option securities	(4)		(5)		1		(3,698)		(3,053)		(645)
Restricted equity securities	188		(154)		342		3,050		2,293		757
Residential mortgage loans held for sale	(113)		(61)		(52)		(56)		(128)		72
Loans	776		1,437		(661)		70,958		27,290		43,668
Total tax-equivalent interest revenue	6,876		(122)		6,998		128,298		58,035		70,263
Interest expense:
Transaction deposits	26,306		14,813		11,493		115,845		25,513		90,332
Savings deposits	72		(8)		80		956		(96)		1,052
Time deposits	5,897		2,881		3,016		30,049		14,653		15,396
Funds purchased and repurchase agreements	(17,251)		(13,605)		(3,646)		(1,786)		(4,542)		2,756
Other borrowings	(5,002)		(4,496)		(506)		41,952		30,035		11,917
Subordinated debentures	(31)		(15)		(16)		243		9		234
Total interest expense	9,991		(430)		10,421		187,259		65,572		121,687
Tax-equivalent net interest revenue	(3,115)		308		(3,423)		(58,961)		(7,537)		(51,424)
Change in tax-equivalent adjustment	(12)						(185)
Net interest revenue	$	(3,103)					$	(58,776)

1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.


	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended Mar. 31, 2023		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2024		Dec. 31, 2023
Brokerage and trading revenue	$	59,179	$	60,896	$	(1,717)	(3)	%	$	52,396	$	6,783	13	%
Transaction card revenue	25,493		28,847		(3,354)		(12)	%	25,621		(128)		—	%
Fiduciary and asset management revenue	55,305		51,408		3,897		8	%	50,657		4,648		9	%
Deposit service charges and fees	28,685		27,770		915		3	%	25,968		2,717		10	%
Mortgage banking revenue	18,967		12,834		6,133		48	%	14,367		4,600		32	%
Other revenue	12,935		15,035		(2,100)		(14)	%	16,970		(4,035)		(24)	%
Total fees and commissions revenue	200,564		196,790		3,774		2	%	185,979		14,585		8	%
Other gains, net	4,269		40,452		(36,183)		N/A		2,251		2,018		N/A
Gain (loss) on derivatives, net	(8,633)		8,592		(17,225)		N/A		(1,344)		(7,289)		N/A
Gain (loss) on fair value option securities, net	(305)		1,031		(1,336)		N/A		(2,962)		2,657		N/A
Change in fair value of mortgage servicing rights	10,977		(14,356)		25,333		N/A		(6,059)		17,036		N/A
Loss on available for sale securities, net	(45,171)		(27,626)		(17,545)		N/A		—		(45,171)		N/A



Total other operating revenue	$	161,701	$	204,883	$	(43,182)	(21)	%	$	177,865	$	(16,164)	(9)	%

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 41% of combined net interest revenue before provision for credit losses and fees and commissions revenue for the first quarter of 2024. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest revenue or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $37.5 million, a $1.9 million increase over the prior quarter, primarily related to increased trading activity largely in U.S. government agency residential mortgage-backed securities.


	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
	Balance1		Revenue2		Margin3		Balance1		Revenue2		Margin3		Balance1		Revenue2		Margin3
Managed fiduciary assets:
Personal	$	11,288,591	$	27,938	0.99	%	$	10,951,951	$	26,238	0.96	%	$	10,609,920	$	24,839	0.94	%
Institutional	19,680,708		11,770		0.24	%	19,310,826		8,138		0.17	%	18,683,598		9,223		0.20	%
Total managed fiduciary assets	30,969,299		39,708		0.51	%	30,262,777		34,376		0.45	%	29,293,518		34,062		0.47	%

Non-managed assets:
Fiduciary	29,395,993		12,951		0.18	%	29,535,915		14,386		0.19	%	28,164,407		13,785		0.20	%
Non-fiduciary	19,384,953		2,646		0.05	%	19,670,248		2,646		0.05	%	19,830,593		2,810		0.06	%
Safekeeping and brokerage assets under administration	25,780,658		—		—	%	25,268,059		—		—	%	25,021,601		—		—	%
Total non-managed assets	74,561,604		15,597		0.08	%	74,474,222		17,032		0.09	%	73,016,601		16,595		0.09	%

Total assets under management or administration	$	105,530,903	$	55,305	0.21	%	$	104,736,999	$	51,408	0.20	%	$	102,310,119	$	50,657	0.20	%


	Three Months Ended						Increase (Decrease)			% Increase (Decrease)		Three Months Ended Mar. 31, 2023			Increase (Decrease)			% Increase (Decrease)
	Mar. 31, 2024			Dec. 31, 2023
Mortgage production revenue	$	3,525		$	(2,535)		$	6,060		239	%	$	(633)		$	4,158		(657)	%

Mortgage loans funded for sale	$	139,176		$	139,255							$	138,624
Add: Current period end outstanding commitments	67,951			34,783								71,693
Less: Prior period end outstanding commitments	34,783			49,284								45,492
Total mortgage production volume	$	172,344		$	124,754		$	47,590		38	%	$	164,825		$	7,519		5	%

Mortgage loan refinances to mortgage loans funded for sale	10		%	10		%	—		bps			9		%	100		bps
Realized margin on funded mortgage loans	1.46		%	(0.98)		%	244		bps			(1.25)		%	271		bps
Production revenue as a percentage of production volume	2.05		%	(2.03)		%	408		bps			(0.38)		%	243		bps
Primary mortgage interest rates:
Average	6.73		%	7.21		%	(48)		bps			6.33		%	40		bps
Period end	6.79		%	6.42		%	37		bps			6.24		%	55		bps

Mortgage servicing revenue	$	15,442		$	15,369		$	73		—	%	$	15,000		$	442		3	%
Average outstanding principal balance of mortgage loans serviced for others	21,088,898			20,471,030			617,868			3	%	21,121,319			(32,421)			—	%

Average mortgage servicing revenue rates	0.29		%	0.30		%	(1)		bp			0.29		%	—		bp


	Three Months Ended
	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Gain (loss) on mortgage hedge derivative contracts, net	$	(9,357)	$	8,275	$	(1,711)
Gain (loss) on fair value option securities, net	(305)		1,031		(2,962)
Gain (loss) on economic hedge of mortgage servicing rights, net	(9,662)		9,306		(4,673)
Gain (loss) on change in fair value of mortgage servicing rights	10,977		(14,356)		(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)		(10,732)
Net interest revenue (expense) on fair value option securities1	(155)		(101)		187
Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges	$	1,160	$	(5,151)	$	(10,545)


	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended Mar. 31, 2023		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2024		Dec. 31, 2023
Regular compensation	$	113,913	$	114,435	$	(522)	—	%	$	105,118	$	8,795	8	%
Incentive compensation:
Cash-based	49,956		55,163		(5,207)		(9)	%	41,735		8,221		20	%
Share-based	3,305		2,046		1,259		62	%	5,257		(1,952)		37	%
Deferred compensation	4,450		5,363		(913)		N/A		1,710		2,740		N/A
Total incentive compensation	57,711		62,572		(4,861)		(8)	%	48,702		9,009		19	%
Employee benefits	31,029		26,015		5,014		19	%	28,325		2,704		10	%
Total personnel expense	202,653		203,022		(369)		—	%	182,145		20,508		11	%
Business promotion	7,978		8,629		(651)		(8)	%	8,569		(591)		(7)	%
Charitable contributions to BOKF Foundation	—		1,542		(1,542)		N/A		—		—		N/A
Professional fees and services	12,010		16,288		(4,278)		(26)	%	13,048		(1,038)		(8)	%
Net occupancy and equipment	30,293		30,355		(62)		—	%	28,459		1,834		6	%
FDIC and other insurance	8,740		8,495		245		3	%	7,315		1,425		19	%
FDIC special assessment	6,454		43,773		(37,319)		(85)	%	—		6,454		N/A
Data processing and communications	45,564		45,584		(20)		—	%	44,802		762		2	%
Printing, postage and supplies	3,997		3,844		153		4	%	3,893		104		3	%
Amortization of intangible assets	3,003		3,543		(540)		(15)	%	3,391		(388)		(11)	%
Mortgage banking costs	6,355		8,085		(1,730)		(21)	%	5,782		573		10	%
Other expense	13,337		10,923		2,414		22	%	8,408		4,929		59	%
Total other operating expense	$	340,384	$	384,083	$	(43,699)	(11)	%	$	305,812	$	34,572	11	%

Average number of employees (full-time equivalent)	4,936		4,938		(2)		—	%	4,796		140		3	%

We operate three principal lines of business: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking includes lending, treasury and cash management services and customer risk management products for small businesses, middle market and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network and all mortgage banking activities. Wealth Management provides fiduciary services, private banking services, insurance and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.

In addition to our lines of business, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each line of business borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies and certain executive compensation costs that are not attributed to the lines of business. The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the lines of business if the accruals are settled.

Net interest income in our lines of business reflects our internal funds transfer pricing methodology. The funds transfer pricing methodology is the process by which the Company allocates interest income and expense to the lines of business and transfers the primary interest rate risk and liquidity risk to the Funds Management unit. The funds transfer pricing methodology considers the interest rate and liquidity risk characteristics of assets and liabilities. Periodically, the methodology and assumptions utilized in transfer pricing are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the lines of business.


	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended Mar. 31, 2023		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2024		Dec. 31, 2023
Net interest revenue from external sources	$	282,447	$	292,499	$	(10,052)	(3)	%	$	287,988	$	(5,541)	(2)	%
Net interest expense from internal sources	(37,326)		(24,620)		(12,706)		(52)	%	(3,932)		(33,394)		(849)	%
Total net interest revenue	245,121		267,879		(22,758)		(8)	%	284,056		(38,935)		(14)	%
Net loans charged off	4,160		2,987		1,173		39	%	76		4,084		5,374	%
Net interest revenue after net loans charged off	240,961		264,892		(23,931)		(9)	%	283,980		(43,019)		(15)	%

Fees and commissions revenue	50,630		60,937		(10,307)		(17)	%	55,835		(5,205)		(9)	%
Other gains (losses), net	(624)		462		(1,086)		(235)	%	1,010		(1,634)		(162)	%
Other operating revenue	50,006		61,399		(11,393)		(19)	%	56,845		(6,839)		(12)	%

Personnel expense	45,319		53,066		(7,747)		(15)	%	42,747		2,572		6	%
Non-personnel expense	24,776		28,833		(4,057)		(14)	%	30,387		(5,611)		(18)	%
Other operating expense	70,095		81,899		(11,804)		(14)	%	73,134		(3,039)		(4)	%

Net direct contribution	220,872		244,392		(23,520)		(10)	%	267,691		(46,819)		(17)	%
Gain (loss) on financial instruments, net	167		216		(49)		N/A		(58)		225		N/A
Gain (loss) on repossessed assets, net	—		(601)		601		N/A		859		(859)		N/A
Corporate expense allocations	18,397		18,040		357		2	%	17,718		679		4	%
Income before taxes	202,642		225,967		(23,325)		(10)	%	250,774		(48,132)		(19)	%
Federal and state income tax	49,392		54,883		(5,491)		(10)	%	60,543		(11,151)		(18)	%
Net income	$	153,250	$	171,084	$	(17,834)	(10)	%	$	190,231	$	(36,981)	(19)	%

Average assets	$	29,806,817	$	29,346,459	$	460,358	2	%	$	28,162,934	$	1,643,883	6	%
Average loans	20,067,170		19,928,602		138,568		1	%	18,750,426		1,316,744		7	%
Average deposits	15,730,241		15,493,326		236,915		2	%	15,861,285		(131,044)		(1)	%
Average invested capital	2,176,950		2,187,780		(10,830)		—	%	2,133,459		43,491		2	%


	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended Mar. 31, 2023		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2024		Dec. 31, 2023
Net interest revenue from external sources	$	7,350	$	9,625	$	(2,275)	(24)	%	$	21,146	$	(13,796)	(65)	%
Net interest revenue from internal sources	94,799		104,771		(9,972)		(10)	%	88,235		6,564		7	%
Total net interest revenue	102,149		114,396		(12,247)		(11)	%	109,381		(7,232)		(7)	%
Net loans charged off	1,808		1,443		365		25	%	1,184		624		53	%
Net interest revenue after net loans charged off	100,341		112,953		(12,612)		(11)	%	108,197		(7,856)		(7)	%

Fees and commissions revenue	36,207		30,075		6,132		20	%	30,581		5,626		18	%
Other gains, net	—		—		—		N/A		29		(29)		(100)	%
Other operating revenue	36,207		30,075		6,132		20	%	30,610		5,597		18	%

Personnel expense	25,236		23,051		2,185		9	%	21,362		3,874		18	%
Non-personnel expense	28,211		32,028		(3,817)		(12)	%	28,836		(625)		(2)	%
Total other operating expense	53,447		55,079		(1,632)		(3)	%	50,198		3,249		6	%

Net direct contribution	83,101		87,949		(4,848)		(6)	%	88,609		(5,508)		(6)	%
Gain (loss) on financial instruments, net	(9,663)		9,307		(18,970)		N/A		(4,673)		(4,990)		N/A
Change in fair value of mortgage servicing rights	10,977		(14,356)		25,333		N/A		(6,059)		17,036		N/A
Gain on repossessed assets, net	107		11		96		873	%	14		93		664	%
Corporate expense allocations	14,172		12,705		1,467		12	%	11,622		2,550		22	%
Income before taxes	70,350		70,206		144		—	%	66,269		4,081		6	%
Federal and state income tax	16,546		16,511		35		—	%	15,586		960		6	%
Net income	$	53,804	$	53,695	$	109	—	%	$	50,683	$	3,121	6	%

Average assets	$	9,391,981	$	9,342,840	$	49,141	1	%	$	9,934,511	$	(542,530)	(5)	%
Average loans	1,913,586		1,877,303		36,283		2	%	1,747,237		166,349		10	%
Average deposits	7,901,167		7,890,032		11,135		—	%	8,248,541		(347,374)		(4)	%
Average invested capital	295,202		291,705		3,497		1	%	261,485		33,717		13	%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.


	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended Mar. 31, 2023		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2024		Dec. 31, 2023
Net interest revenue from external sources	$	6,999	$	6,221	$	778	13	%	$	20,940	$	(13,941)	(67)	%
Net interest revenue from internal sources	33,110		35,422		(2,312)		(7)	%	33,166		(56)		—	%
Total net interest revenue	40,109		41,643		(1,534)		(4)	%	54,106		(13,997)		(26)	%
Net loans charged off (recovered)	(15)		10		(25)		(250)	%	(24)		9		38	%
Net interest revenue after net loans charged off (recovered)	40,124		41,633		(1,509)		(4)	%	54,130		(14,006)		(26)	%

Fees and commissions revenue	118,704		119,872		(1,168)		(1)	%	108,911		9,793		9	%
Other gains, net	—		31,007		(31,007)		(100)	%	—		—		N/A
Other operating revenue	118,704		150,879		(32,175)		(21)	%	108,911		9,793		9	%

Personnel expense	63,777		66,151		(2,374)		(4)	%	59,524		4,253		7	%
Non-personnel expense	35,758		30,124		5,634		19	%	22,515		13,243		59	%
Other operating expense	99,535		96,275		3,260		3	%	82,039		17,496		21	%

Net direct contribution	59,293		96,237		(36,944)		(38)	%	81,002		(21,709)		(27)	%


Corporate expense allocations	14,558		14,198		360		3	%	12,360		2,198		18	%
Income before taxes	44,735		82,039		(37,304)		(45)	%	68,642		(23,907)		(35)	%
Federal and state income tax	10,570		19,349		(8,779)		(45)	%	16,195		(5,625)		(35)	%
Net income	$	34,165	$	62,690	$	(28,525)	(46)	%	$	52,447	$	(18,282)	(35)	%

Average assets	$	15,759,328	$	14,879,450	$	879,878	6	%	$	11,663,096	$	4,096,232	35	%
Average loans	2,198,803		2,154,416		44,387		2	%	2,201,622		(2,819)		—	%
Average deposits	9,237,965		8,085,643		1,152,322		14	%	7,432,413		1,805,552		24	%
Average invested capital	323,172		333,179		(10,007)		(3)	%	290,369		32,803		11	%

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Combined net interest revenue and fee revenue decreased $2.7 million or 2% compared to the fourth quarter of 2023, largely due to declining spreads on deposits. Total revenue from institutional trading activities increased $1.4 million, primarily in U.S. government residential mortgage-backed securities trading activity. Other revenue decreased $8.2 million due to a reduction in customer hedging margin fees. Operating expense increased $3.3 million or 3% compared to the prior quarter. Personnel expense decreased $2.4 million as the prior quarter included transaction related employee costs on the sale of BOKFI. 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. Corporate expense allocations were consistent with the previous quarter.

Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of available for sale securities totaled $13.3 billion at March 31, 2024, a $393 million increase compared to December 31, 2023. At March 31, 2024, the available for sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities was 3.4 years as of March 31, 2024, consistent with the measure as of December 31, 2023. Management estimates the duration extends to 4.0 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.4 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.2 years, extends to 3.6 years in an upward shock of 200 basis points, and contracts to 2.6 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the available for sale securities portfolio on our tangible equity ratio under various shock scenarios.

At March 31, 2024, we hold 252,233 non-transferable Class B-1 (formerly Class B) shares of Visa, Inc. in connection with a restructuring and public offering by Visa U.S.A. As a member of Visa U.S.A., we received the Class B shares based on our interest in Visa U.S.A. On January 23, 2024, Visa, Inc. stockholders approved the Exchange Offer which provides holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class C shares and subsequently to freely transferable Visa Class A common shares subject to certain restrictions and holding period requirements. The Exchange Offer opened on April 8, 2024 and is scheduled to expire at the end of the day on May 3, 2024. The Company tendered its Class B-1 Visa shares under the Exchange Offer and expects to monetize up to 50% of the Class B-1 shares. The per share closing price of a Visa Class A common share was $279.08 at March 31, 2024. In light of uncertainties associated with certain ongoing litigation matters involving Visa and the timing and outcome of the aforementioned proposal, the ultimate impact of this gain contingency is unknown.

We have approximately $410 million of bank-owned life insurance at March 31, 2024. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $316 million is held in separate accounts and $95 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio's investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of March 31, 2024, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $287 million. Since the underlying fair value of the investments held in separate accounts at March 31, 2024 was below the net book value of the investments, $27 million of cash surrender value was supported by the stable value wrap. The remaining $2 million of fair value held in separate accounts is not supported by the stable value wrap. The stable value wrap is provided by an investment grade financial institution.


	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 mortgage 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

Commercial loans represent loans for working capital, facilities acquisition or expansion, purchases of equipment and other needs of commercial customers primarily located within our geographical footprint. These loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer's industry and market. While commercial loans are generally secured by the customer's assets including real property, inventory, accounts receivable, operating equipment, interests in mineral rights and other property and may also include personal guarantees of the owners and related parties, the primary source of repayment of the loans is the ongoing cash flow from operations of the customer's business. In addition, revolving lines of credit are generally governed by a borrowing base. Inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with commercial lending policies.

Supporting the energy industry with loans to producers and other energy-related entities has been a hallmark of the Company since its founding and represents a large portion of our commercial loan portfolio. In addition, energy production and related industries have a significant impact on the economy in our primary markets. Loans collateralized by oil and gas properties are subject to a semi-annual engineering review by our internal staff of petroleum engineers. This review is used as the basis for developing the expected cash flows supporting the loan amount. The projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Loans are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current pricing levels and with existing conventional equipment and operating methods and costs. As part of our evaluation of credit quality, we analyze rigorous stress tests over a range of commodity prices and take proactive steps to mitigate risk when appropriate.

The services sector of the loan portfolio totaled $3.5 billion or 15% of total loans, a $47 million decrease compared to the prior quarter. Service sector 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. Approximately $1.5 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At March 31, 2024, the outstanding principal balance of these loans totaled $5.8 billion, including $2.4 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 21% of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

Commercial real estate represents loans for the construction of buildings or other improvements to real estate and property held by borrowers for investment purposes generally within our geographical footprint. We require collateral values in excess of the loan amounts, demonstrated cash flows in excess of expected debt service requirements, equity investment in the project and a portion of the project already sold, leased or permanent financing already secured. The expected cash flows from all significant new or renewed income producing property commitments are stress tested to reflect the risks in varying interest rates, vacancy rates and rental rates. As with commercial loans, inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with applicable lending policies.

Loans to individuals include residential mortgage and personal loans. Residential mortgage loans provide funds for our customers to purchase or refinance their primary residence or to borrow against the equity in their home. These loans are secured by a first or second mortgage on the customer's primary residence. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment as well as unsecured loans. These loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.


	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 loans	$	24,172,560	$	23,904,968	$	23,724,018	$	23,237,659	$	22,750,053

We offer programs that permit our customers to hedge various risks, including fluctuations in energy, cattle and other agricultural product prices, interest rates and foreign exchange rates. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to the customer contracts except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk and profit.

Our customer hedging program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $65.64 per barrel of oil would decrease the fair value of derivative assets by $104 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $100.70 per barrel of oil would increase the fair value of derivative assets by $635 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At March 31, 2024, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.


	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
Allowance for loan losses:
Beginning balance	$	277,123		$	272,114		262,714			249,460			235,704
Loans charged off	(7,060)			(5,007)			(10,593)			(8,049)			(3,667)
Recoveries of loans previously charged off	1,600			911			4,062			1,346			2,898
Net loans charged off	(5,460)			(4,096)			(6,531)			(6,703)			(769)
Provision for credit losses	9,960			9,105			15,931			19,957			14,525
Ending balance	$	281,623		$	277,123		$	272,114		$	262,714		$	249,460

Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance	$	48,977		$	52,604		59,940			62,943			60,919
Provision for credit losses	(1,658)			(3,627)			(7,336)			(3,003)			2,024
Ending balance	$	47,319		$	48,977		$	52,604		$	59,940		$	62,943

Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance	$	3,492		$	2,962		4,443			4,381			4,904
Loans charged off	(3)			—			(7)			(16)			(35)
Provision for credit losses	(265)			530			(1,474)			78			(488)
Ending balance	$	3,224		$	3,492		$	2,962		$	4,443		$	4,381

Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance	$	336		$	344		$	465		$	497		$	558
Provision for credit losses	(37)			(8)			(121)			(32)			(61)
Ending balance	$	299		$	336		$	344		$	465		$	497

Total provision for credit losses	$	8,000		$	6,000		$	7,000		$	17,000		$	16,000


Average loans by portfolio segment :
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
Net charge-offs (annualized) to average loans	0.09		%	0.07		%	0.11		%	0.12		%	0.01		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial	0.09		%	0.08		%	0.18		%	0.06		%	(0.06)		%
Commercial real estate	0.10		%	—		%	(0.07)		%	0.32		%	0.17		%

Loans to individuals	0.10		%	0.11		%	0.10		%	0.08		%	0.07		%
Recoveries to gross charge-offs	22.66		%	18.19		%	38.35		%	16.72		%	79.03		%
Provision for loan losses (annualized) to average loans	0.17		%	0.15		%	0.27		%	0.35		%	0.26		%
Allowance for loan losses to loans outstanding at period end	1.17		%	1.16		%	1.15		%	1.13		%	1.10		%
Accrual for unfunded loan commitments to loan commitments	0.33		%	0.33		%	0.37		%	0.40		%	0.42		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end	1.36		%	1.36		%	1.37		%	1.39		%	1.37		%

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2024 follows:


	Base	Downside	Upside
Scenario probability weighting	50%	35%	15%

Economic outlook	Geopolitical conflicts remain isolated. Beginning in the third quarter of 2024, there is one rate cut per quarter, bringing the federal funds target range of 4.50% to 4.75% by the end of the first quarter of 2025. Core inflation continues to improve from the previous peaks and reaches 2.5% by the first quarter of 2025. Job openings revert to more normalized levels and overall hiring levels decline, causing the national unemployment rate to modestly increase over the next four quarters. Inflation pressures ease and help stabilize real household income. A restrictive credit environment slows economic activity and results in below-trend GDP growth.	Geopolitical conflicts remain isolated. The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are ten rate cuts over the next four quarters bringing the target range to 2.75% to 3.00% by the first quarter of 2025. Tight monetary conditions result in declines in consumer spending while a restrictive credit environment decreases private sector investment. This pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.	Geopolitical conflicts remain isolated. There are four federal funds rate cuts in 2024 and one rate cut in the first quarter of 2025, bringing the target range to 4.00% to 4.25%. Core inflation continues to improve from the previous peaks and reaches 2.2% by the first quarter of 2025. Labor force participants continue to re-enter the job market to help fill the elevated level of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This supports consumer spending and produces GDP growth consistent with pre-pandemic levels.

Macro-economic factors	–GDP is forecasted to grow by 1.6% over the next 12 months. –Civilian unemployment rate of 3.9% in the second quarter of 2024 increases to 4.2% by the first quarter of 2025. –WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of March 2024 and are expected to average $75.40 per barrel over the next 12 months.	–GDP is forecasted to contract 1.8% over the next twelve months. –Civilian unemployment rate of 4.6% in the second quarter of 2024 increases to 6.2% in the first quarter of 2025. –WTI oil prices are projected to average $53.30 over the next 12 months, with a peak of $61.94 in the second quarter of 2024 and falling 22% over the following three quarters.	–GDP is forecasted to grow by 2.1% over the next 12 months. –Civilian unemployment rate of 3.8% in the second quarter of 2024 increases to 4.0% by the first quarter of 2025. –WTI oil prices are projected to average $74.75 per barrel over the next 12 months.


	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
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:
Residential mortgage	13,449			18,056			30,954			29,973			29,693
Residential 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

Allowance for loan losses to nonaccruing loans1	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 loans1	298.23		%	240.20		%	297.50		%	267.15		%	294.74		%
Nonperforming assets to outstanding loans and repossessed assets	0.51		%	0.62		%	0.52		%	0.59		%	0.58		%
Nonperforming assets to outstanding loans and repossessed assets1	0.47		%	0.58		%	0.48		%	0.54		%	0.53		%
Nonaccruing loans to outstanding loans	0.49		%	0.61		%	0.50		%	0.57		%	0.53		%
Nonaccruing commercial loans to outstanding commercial loans	0.49		%	0.74		%	0.48		%	0.50		%	0.38		%
Nonaccruing commercial real estate loans to outstanding commercial real estate loans	0.42		%	0.14		%	0.14		%	0.35		%	0.45		%
Nonaccruing loans to individuals to outstanding loans to individuals1	0.37		%	0.51		%	0.86		%	0.85		%	0.86		%


	Three Months Ended
	March 31, 2024
	Nonaccruing Loans								Real Estate and Other Repossessed Assets		Total Nonperforming Assets
	Commercial		Commercial Real Estate		Loan to Individuals		Total
Balance, December 31, 2023	$	110,131	$	7,320	$	28,018	$	145,469	$	2,875	$	148,344

Additions	4,942		16,042		3,251		24,235		—		24,235

Payments	(6,116)		(25)		(2,433)		(8,574)		—		(8,574)
Charge-offs	(4,240)		(1,250)		(1,570)		(7,060)		—		(7,060)
Net gains (losses) and write-downs	—		—		—		—		109		109
Foreclosure of nonperforming loans	—		—		(77)		(77)		77		—
Foreclosure of loans guaranteed by U.S. government agencies	—		—		(558)		(558)		—		(558)
Proceeds from sales	—		—		—		—		(201)		(201)

Net transfers to nonaccruing loans	—		—		(5)		(5)		—		(5)
Return to accrual status	(30,097)		—		(3,818)		(33,915)		—		(33,915)

Balance, March 31, 2024	$	74,620	$	22,087	$	22,808	$	119,515	$	2,860	$	122,375

Average brokered deposits were 4% of total deposits during the first quarter of 2024. Average interest-bearing transaction accounts for the first quarter included $479 million of brokered deposits, a $167 million increase over the fourth quarter of 2023. Average time deposits for the first quarter of 2024 included $620 million of brokered deposits, a $9.5 million decrease compared to the fourth quarter of 2023. Period end brokered interest-bearing transaction accounts increased $489 million to $819 million at March 31, 2024 and brokered time deposits decreased $80 million to $492 million at March 31, 2024. During the first quarter, reciprocal deposit balances exceeded the $5 billion general cap as defined by the FDIC. Reciprocal deposit balances in excess of the $5 billion general cap are included as brokered deposits for regulatory reporting purposes. The portion of brokered deposits excluding the reciprocal component was 2% of total deposits.


	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


	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 deposits	$	35,383,547	$	34,019,701	$	33,652,552	$	33,294,843	$	32,580,747

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at March 31, 2024. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $6.8 billion during the quarter, compared to $7.1 billion in the fourth quarter of 2023.


			Three Months Ended March 31, 2024								Three Months Ended Dec. 31, 2023
	Mar. 31, 2024		Average Balance During the Quarter		Rate		Maximum Outstanding At Any Month End During the Quarter		Dec. 31, 2023		Average Balance During the Quarter		Rate		Maximum Outstanding At Any Month End During the Quarter







Funds purchased	$	899,447	$	582,505	4.76	%	$	899,447	$	515,747	$	438,028	4.71	%	$	515,747
Repurchase agreements	362,070		675,539		3.43	%	362,070		607,001		2,038,945		4.81	%	1,041,432
Other borrowings:
Federal Home Loan Banks advances	6,700,000		6,819,232		5.56	%	6,700,000		7,675,000		7,094,294		5.54	%	7,825,000
GNMA repurchase liability	10,414		10,953		4.00	%	10,805		11,660		11,075		4.16	%	11,726


Other	14,238		14,448		5.26	%	14,800		14,892		15,594		6.31	%	15,896
Total other borrowings	6,724,652		6,844,633		5.56	%			7,701,552		7,120,963		5.55	%
Subordinated debentures1	131,154		131,154		7.09	%	131,154		131,150		131,151		7.09	%	131,151


Total other borrowed funds and subordinated debentures	$	8,117,323	$	8,233,831	5.35	%			$	8,955,450	$	9,729,087	5.37	%

At March 31, 2024, cash and interest-bearing cash and cash equivalents held by the parent company totaled $183 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At March 31, 2024, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $354 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at March 31, 2024 was $5.1 billion, a $14 million decrease compared to December 31, 2023. Net income less cash dividends paid increased equity $48 million during the first quarter of 2024. Changes in interest rates resulted in an $11 million decrease in accumulated other comprehensive income compared to December 31, 2023. We also repurchased $52 million of common stock, excluding a 1% excise tax on corporate stock repurchases, during the first quarter of 2024. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase and stock and cash dividends.

In March 2020, in response to the impact on the financial markets by the COVID-19 pandemic, the banking agencies issued an interim final rule permitting banking organizations that implement the CECL model the option to delay for two years an estimate of the CECL methodology's effect on regulatory capital, followed by a three-year transition period. The estimate includes the implementation date adjustment as of January 1, 2020 plus an estimate of the impact of the change for a two year period following implementation of CECL. We elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 3 basis points to the Company's Common equity Tier 1 capital at March 31, 2024.


	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Capital:
Common equity Tier 1	4.50	%	2.50	%	7.00	%	11.99	%	12.06	%	12.19	%
Tier 1 capital	6.00	%	2.50	%	8.50	%	12.00	%	12.07	%	12.20	%
Total capital	8.00	%	2.50	%	10.50	%	13.15	%	13.16	%	13.21	%
Tier 1 Leverage	4.00	%	N/A		4.00	%	9.42	%	9.45	%	9.94	%
Average total equity to average assets							10.30	%	9.93	%	10.53	%
Tangible common equity ratio1							8.21	%	8.29	%	8.46	%
Adjusted common tangible equity ratio1							7.92	%	8.02	%	8.22	%

Performance Ratios:
Return on average equity							6.53	%	6.64	%	13.61	%
Return on average tangible common equity1							8.31	%	8.56	%	17.71	%


	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 loss on investment securities, net	(185,978)			(171,903)			(246,395)			(189,152)			(140,947)
Add: Tax effect on unrealized 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		%

Reconciliation of pre-provision net revenue:
Net income before taxes	$	106,889		$	111,475		$	167,735		$	195,637		$	208,401
Add: Provision for expected credit losses	8,000			6,000			7,000			17,000			16,000
Less: 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


	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023			Mar. 31, 2023
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		%

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		%

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 do 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 Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected variation in net interest revenue, net income and economic value of equity due to specified changes in interest rates. These limits also set maximum levels for short-term borrowings, short-term assets, public funds and brokered deposits and establish minimum levels for unpledged assets, among other things. Further, the Board has approved market risk limits for fixed income trading, mortgage pipeline and mortgage servicing assets inclusive of economic hedge benefits. Exposure is measured daily and compliance is reviewed monthly. Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure. These plans are subject to escalation to and approval by the Board.

As previously noted in the Net Interest Revenue section of this report, management has implemented strategies to manage the Company's balance sheet exposure to changes in interest rates over a twelve-month period within established policy limits. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest revenue. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest revenue variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 6.5%. Management also reviews alternative rate changes and time periods.

The Company's primary interest rate exposures include the Federal Funds rate, which affects short-term borrowings, and the prime lending rate, SOFR, which is the basis for much of the variable rate loan pricing. Additionally, residential mortgage rates directly affect the prepayment speeds for residential mortgage-backed securities and mortgage servicing rights. Derivative financial instruments and other financial instruments used for purposes other than trading are included in this simulation. In addition, the impact on the level and composition of demand deposit accounts and other core deposit balances resulting from a significant increase in short-term market interest rates and the overall interest rate environment is likely to be material. The simulation incorporates assumptions regarding the effects of such changes based on a combination of historical analysis and expected behavior. The impact of planned growth and new business activities is factored into the simulation model.

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest revenue. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be 0.42% for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be (0.80)%, or ($10.4 million) for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest revenue would decrease approximately 4.78%, or $62 million.

We maintain a portfolio of financial instruments which may include debt securities issued by the U.S. government or its agencies and interest rate derivative contracts, held as an economic hedge of the changes in the fair value of our mortgage servicing rights. Composition of this portfolio will change based on our assessment of market risk. Changes in the fair value of residential mortgage-backed securities are highly dependent on changes in secondary mortgage rates required by investors, and interest rate derivative contracts are highly dependent on changes in other market interest rates. While primary and secondary mortgage rates generally move in the same direction, the spread between them may widen and narrow due to market conditions and government intervention. Changes in the forward-looking spread between the primary and secondary rates can cause significant earnings volatility.

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved."

As required by Rule 13a-15(b), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their reports, of the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.

This report 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 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," "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, consumer or business responses to 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 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.


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)	Three Months Ended
	March 31,
Interest revenue	2024		2023
Loans	$	438,677	$	367,870
Residential mortgage loans held for sale	923		979
Trading securities	68,237		34,009
Investment securities	7,829		8,928
Available for sale securities	113,488		88,736
Fair value option securities	195		3,893
Restricted equity securities	8,858		5,808
Interest-bearing cash and cash equivalents	7,005		6,506
Total interest revenue	645,212		516,729
Interest expense
Deposits	242,124		95,274
Borrowed funds	107,204		67,038
Subordinated debentures	2,312		2,069
Total 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
Earnings per share:
Basic	$	1.29	$	2.43
Diluted	$	1.29	$	2.43
Average shares used in computation:
Basic	64,290,105		66,331,775
Diluted	64,290,105		66,331,775
Dividends declared per share	$	0.55	$	0.54


Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
	Three Months Ended
	March 31,
	2024		2023
Net income	$	83,694	$	162,496
Other comprehensive income (loss) before income taxes:
Net change in unrealized gain (loss)	(71,806)		124,045
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	12,183		16,051


Loss on available for sale securities, net	45,171		—
Other comprehensive income (loss) before income taxes	(14,452)		140,096
Federal and state income taxes	(3,424)		31,695
Other comprehensive income (loss), net of income taxes	(11,028)		108,401
Comprehensive income	72,666		270,897
Comprehensive income (loss) attributable to non-controlling interests	(9)		128
Comprehensive income attributable to BOK Financial Corporation shareholders	$	72,675	$	270,769


	Mar. 31, 2024		Dec. 31, 2023
	(Unaudited)		(Footnote 1)
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 (fair value: March 31, 2024 – $2,000,065; December 31, 2023 – $2,072,586)	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	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 of allowance (March 31, 2024 – $5,355; December 31, 2023 – $5,355)	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 and Equity
Liabilities:
Non-interest bearing demand deposits	$	8,414,056	$	9,196,493
Interest-bearing deposits:
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
Derivative contracts, net	438,605		587,473
Due on unsettled securities purchases	264,230		254,057
Other liabilities	506,418		523,734
Total liabilities	45,028,745		44,679,411
Shareholders' equity:
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: March 31, 2024 – 76,793,000; December 31, 2023 – 76,593,292)	5		5
Capital surplus	1,411,293		1,406,745
Retained earnings	5,259,646		5,211,512
Treasury stock (shares at cost: March 31, 2024 – 12,277,965; December 31, 2023 – 11,626,115)	(932,065)		(876,720)
Accumulated other comprehensive income (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


	Common Stock			Capital Surplus		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Income (Loss)		Total Shareholders' Equity		Non- Controlling Interests		Total Equity
	Shares	Amount						Shares	Amount



Balance, December 31, 2023	76,593	$	5	$	1,406,745	$	5,211,512	11,626	$	(876,720)	$	(599,100)	$	5,142,442	$	2,977	$	5,145,419
Net income (loss)	—	—		—		83,703		—	—		—		83,703		(9)		83,694
Other comprehensive loss	—	—		—		—		—	—		(11,028)		(11,028)		—		(11,028)
Repurchase of common stock	—	—		—		—		617	(52,153)		—		(52,153)		—		(52,153)
Share-based compensation plans:

Non-vested shares awarded, net	200	—		—		—		—	—		—		—		—		—
Vesting of non-vested shares	—	—		—		—		35	(3,192)		—		(3,192)		—		(3,192)
Share-based compensation	—	—		4,548		—		—	—		—		4,548		—		4,548
Cash dividends on common stock	—	—		—		(35,569)		—	—		—		(35,569)		—		(35,569)
Capital calls and distributions, net	—	—		—		—		—	—		—		—		(84)		(84)


Balance, March 31, 2024	76,793	$	5	$	1,411,293	$	5,259,646	12,278	$	(932,065)	$	(610,128)	$	5,128,751	$	2,884	$	5,131,635


















Balance, December 31, 2022	76,423	$	5	$	1,390,395	$	4,824,164	9,465	$	(694,960)	$	(836,955)	$	4,682,649	$	4,709	$	4,687,358


Net income (loss)	—	—		—		162,368		—	—		—		162,368		128		162,496
Other comprehensive income	—	—		—		—		—	—		108,401		108,401		—		108,401
Repurchase of common stock	—	—		—		—		447	(44,476)		—		(44,476)		—		(44,476)
Share-based compensation plans:

Non-vested shares awarded, net	133	—		—		—		—	—		—		—		—		—
Vesting of non-vested shares	—	—		—		—		43	(4,501)		—		(4,501)		—		(4,501)
Share-based compensation	—	—		6,701		—		—	—		—		6,701		—		6,701
Cash dividends on common stock	—	—		—		(36,356)		—	—		—		(36,356)		—		(36,356)
Capital calls and distributions, net	—	—		—		—		—	—		—		—		(1,596)		(1,596)


Balance, March 31, 2023	76,556	$	5	$	1,397,096	$	4,950,176	9,955	$	(743,937)	$	(728,554)	$	4,874,786	$	3,241	$	4,878,027


	Three Months Ended
	March 31,
	2024		2023
Cash Flows From Operating Activities:
Net income	$	83,694	$	162,496
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	8,000		16,000
Change in fair value of mortgage servicing rights due to market assumption changes	(10,977)		6,059
Change in the fair value of mortgage servicing rights due to principal payments	5,447		5,382
Net unrealized (gains) losses from derivative contracts	(67,516)		61,704
Share-based compensation	4,548		6,701
Depreciation and amortization	26,392		26,885
Net amortization of discounts and premiums	(8,923)		(4,163)
Net losses (gains) on financial instruments and other losses (gains), net	40,792		(2,009)
Net loss (gain) on mortgage loans held for sale	(1,644)		1,361
Mortgage loans originated for sale	(139,176)		(138,624)
Proceeds from sale of mortgage loans held for sale	124,187		139,088
Capitalized mortgage servicing rights	(2,516)		(2,498)

Change in trading and fair value option securities	(246,669)		2,140,101
Change in receivables	284,991		11,032
Change in other assets	23,196		6,721
Change in other liabilities	55,394		28,544
Net cash provided by (used in) operating activities	179,220		2,464,780
Cash Flows From Investing Activities:
Proceeds from maturities or redemptions of investment securities	57,642		64,514
Proceeds from maturities or redemptions of available for sale securities	417,103		313,935

Purchases of available for sale securities	(1,582,902)		(631,168)
Proceeds from sales of available for sale securities	735,994		—
Change in amount receivable on unsettled available for sale securities transactions	48,195		9,864
Loans originated, net of principal collected	(271,674)		(187,088)
Net proceeds from (payments on) derivative asset contracts	(5,533)		156,522

Net change in restricted equity securities	40,550		11,470
Proceeds from disposition of assets	4,624		7,401
Purchases of assets	(40,911)		(58,710)
Net cash provided by (used in) investing activities	(596,912)		(313,260)
Cash Flows From Financing Activities:
Net change in demand deposits, transaction deposits and savings accounts	1,008,959		(2,014,726)
Net change in time deposits	354,887		114,768
Net change in other borrowed funds	(839,632)		(677,232)


Net payments on derivative liability contracts	(1,613)		(158,021)
Net change in derivative margin accounts	(116,706)		579,188
Change in amount due on unsettled available for sale securities transactions	(89,807)		52,104
Issuance of common and treasury stock, net	(3,192)		(4,501)

Repurchase of common stock	(52,153)		(44,476)
Dividends paid	(35,569)		(36,356)
Net cash provided by (used in) financing activities	225,174		(2,189,252)
Net increase (decrease) in cash and cash equivalents	(192,518)		(37,732)
Cash and cash equivalents at beginning of period	1,348,265		1,401,716
Cash and cash equivalents at end of period	$	1,155,747	$	1,363,984

Supplemental Cash Flow Information:
Cash paid for interest	$	348,394	$	163,960
Cash paid for taxes	$	1,270	$	733
Net loans and bank premises transferred to repossessed real estate and other assets	$	77	$	225

Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period	$	1,501	$	5,556
Conveyance of other real estate owned guaranteed by U.S. government agencies	$	1,371	$	1,150
Right-of-use assets obtained in exchange for operating lease liabilities	$	10,562	$	63,521


(In thousands, except per share data)	Three Months Ended
	March 31, 2024						December 31, 2023
	Average Balance		Revenue/ Expense		Yield/ Rate		Average Balance		Revenue/ Expense		Yield/ Rate
Assets
Interest-bearing cash and cash equivalents	$	567,680	$	7,005	4.96	%	$	605,839	$	8,096	5.30	%
Trading securities	5,371,209		68,300		5.12	%	5,448,403		69,013		5.05	%
Investment securities, net of allowance	2,210,040		7,854		1.42	%	2,264,194		8,058		1.42	%
Available for sale securities	12,537,981		113,593		3.48	%	12,063,398		105,556		3.27	%
Fair value option securities	20,080		195		3.59	%	20,086		199		3.57	%
Restricted equity securities	412,376		8,858		8.59	%	432,780		8,670		8.01	%
Residential mortgage loans held for sale	57,402		923		6.25	%	61,146		1,036		6.59	%
Loans	23,948,567		440,584		7.40	%	23,705,108		439,808		7.36	%
Allowance for loan losses	(278,449)						(273,717)
Loans, net of allowance	23,670,118		440,584		7.48	%	23,431,391		439,808		7.45	%
Total earning assets	44,846,886		647,312		5.73	%	44,327,237		640,436		5.64	%
Receivable on unsettled securities sales	307,389						276,856
Cash and other assets	4,873,297						5,109,577
Total assets	$	50,027,572					$	49,713,670
Liabilities and equity
Interest-bearing deposits:
Transaction	$	22,264,259	$	203,781	3.68	%	$	20,449,370	$	177,475	3.44	%
Savings	843,037		1,204		0.57	%	845,705		1,132		0.53	%
Time	3,287,179		37,139		4.54	%	3,002,252		31,242		4.13	%
Total interest-bearing deposits	26,394,475		242,124		3.69	%	24,297,327		209,849		3.43	%
Funds purchased and repurchase agreements	1,258,044		12,664		4.05	%	2,476,973		29,915		4.79	%
Other borrowings	6,844,633		94,540		5.56	%	7,120,963		99,542		5.55	%
Subordinated debentures	131,154		2,312		7.09	%	131,151		2,343		7.09	%
Total interest-bearing liabilities	34,628,306		351,640		4.08	%	34,026,414		341,649		3.98	%
Non-interest bearing demand deposits	8,631,416						9,378,886
Due on unsettled securities purchases	499,936						363,358
Other liabilities	1,112,947						1,008,035
Total equity	5,154,967						4,936,977
Total liabilities and equity	$	50,027,572					$	49,713,670
Tax-equivalent Net Interest Revenue			$	295,672	1.65	%			$	298,787	1.66	%
Tax-equivalent Net Interest Revenue to Earning Assets					2.61	%					2.64	%
Less tax-equivalent adjustment			2,100						2,112
Net Interest Revenue			293,572						296,675
Provision for credit losses			8,000						6,000
Other operating revenue			161,701						204,883
Other operating expense			340,384						384,083
Income before taxes			106,889						111,475
Federal and state income taxes			23,195						28,953
Net income			83,694						82,522
Net income (loss) attributable to non-controlling interests			(9)						(53)
Net income attributable to BOK Financial Corp. shareholders			$	83,703					$	82,575
Earnings Per Average Common Share Equivalent:
Basic			$	1.29					$	1.26
Diluted			$	1.29					$	1.26


(In thousands, except per share data)	Three Months Ended
	September 30, 2023						June 30, 2023
	Average Balance		Revenue /Expense		Yield / Rate		Average Balance		Revenue / Expense		Yield / Rate
Assets
Interest-bearing cash and cash equivalents	$	598,734	$	8,199	5.43	%	$	708,475	$	9,552	5.41	%
Trading securities	5,444,587		65,301		4.76	%	4,274,803		47,882		4.50	%
Investment securities, net of allowance	2,331,595		8,309		1.43	%	2,408,122		8,659		1.44	%
Available for sale securities	11,925,800		99,238		3.11	%	12,033,597		94,849		3.00	%
Fair value option securities	41,741		552		4.61	%	245,469		3,116		5.07	%
Restricted equity securities	445,532		8,776		7.88	%	351,944		6,429		7.31	%
Residential mortgage loans held for sale	77,208		1,234		6.27	%	72,959		1,092		5.85	%
Loans	23,414,308		427,649		7.25	%	22,889,054		400,988		7.03	%
Allowance for loan losses	(267,205)						(252,890)
Loans, net of allowance	23,147,103		427,649		7.33	%	22,636,164		400,988		7.10	%
Total earning assets	44,012,300		619,258		5.49	%	42,731,533		572,567		5.29	%
Receivable on unsettled securities sales	268,344						163,903
Cash and other assets	5,038,908						5,012,671
Total assets	$	49,319,552					$	47,908,107
Liabilities and equity
Interest-bearing deposits:
Transaction	$	19,415,599	$	155,385	3.18	%	$	18,368,592	$	119,272	2.60	%
Savings	874,530		1,043		0.47	%	926,882		490		0.21	%
Time	2,839,947		28,380		3.96	%	2,076,037		16,904		3.27	%
Total interest-bearing deposits	23,130,076		184,808		3.17	%	21,371,511		136,666		2.56	%
Funds purchased and repurchase agreements	2,699,027		32,748		4.81	%	3,670,994		41,905		4.58	%
Other borrowings	6,968,309		96,271		5.48	%	5,275,291		67,316		5.12	%
Subordinated debentures	131,151		2,321		7.02	%	131,153		2,219		6.79	%
Total interest-bearing liabilities	32,928,563		316,148		3.81	%	30,448,949		248,106		3.27	%
Non-interest bearing demand deposits	10,157,821						10,998,201
Due on unsettled securities purchases	435,927						436,353
Other liabilities	891,675						1,079,692
Total equity	4,905,566						4,944,912
Total liabilities and equity	$	49,319,552					$	47,908,107
Tax-equivalent Net Interest Revenue			$	303,110	1.68	%			$	324,461	2.02	%
Tax-equivalent Net Interest Revenue to Earning Assets					2.69	%					3.00	%
Less tax-equivalent adjustment			2,214						2,200
Net Interest Revenue			300,896						322,261
Provision for credit losses			7,000						17,000
Other operating revenue			198,152						209,049
Other operating expense			324,313						318,673
Income before taxes			167,735						195,637
Federal and state income taxes			33,256						44,001
Net income			134,479						151,636
Net income (loss) attributable to non-controlling interests			(16)						328
Net income attributable to BOK Financial Corp. shareholders			$	134,495					$	151,308
Earnings Per Average Common Share Equivalent:
Basic			$	2.04					$	2.27
Diluted			$	2.04					$	2.27


(In thousands, except per share data)	Three Months Ended
	March 31, 2023
	Average Balance		Revenue / Expense		Yield / Rate
Assets
Interest-bearing cash and cash equivalents	$	616,596	$	6,506	4.28	%
Trading securities	3,031,969		34,073		4.52	%
Investment securities, net of allowance	2,473,796		9,017		1.46	%
Available for sale securities	11,738,693		89,112		2.87	%
Fair value option securities	300,372		3,893		5.17	%
Restricted equity securities	316,724		5,808		7.34	%
Residential mortgage loans held for sale	65,769		979		5.79	%
Loans	22,476,247		369,626		6.67	%
Allowance for loan losses	(238,909)
Loans, net of allowance	22,237,338		369,626		6.74	%
Total earning assets	40,781,257		519,014		5.06	%
Receivable on unsettled securities sales	177,312
Cash and other assets	5,023,899
Total assets	$	45,982,468
Liabilities and equity
Interest-bearing deposits:
Transaction	$	18,639,900	$	87,936	1.91	%
Savings	958,443		248		0.10	%
Time	1,477,720		7,090		1.95	%
Total interest-bearing deposits	21,076,063		95,274		1.83	%
Funds purchased and repurchase agreements	1,759,237		14,450		3.33	%
Other borrowings	4,512,280		52,588		4.73	%
Subordinated debentures	131,166		2,069		6.40	%
Total interest-bearing liabilities	27,478,746		164,381		2.43	%
Non-interest bearing demand deposits	12,406,408
Due on unsettled securities purchases	316,738
Other liabilities	939,553
Total equity	4,841,023
Total liabilities and equity	$	45,982,468
Tax-equivalent Net Interest Revenue			$	354,633	2.63	%
Tax-equivalent Net Interest Revenue to Earning Assets					3.45	%
Less tax-equivalent adjustment			2,285
Net Interest Revenue			352,348
Provision for credit losses			16,000
Other operating revenue			177,865
Other operating expense			305,812
Income before taxes			208,401
Federal and state income taxes			45,905
Net income			162,496
Net income attributable to non-controlling interests			128
Net income attributable to BOK Financial Corp. shareholders			$	162,368
Earnings Per Average Common Share Equivalent:
Basic			$	2.43
Diluted			$	2.43


	Three Months Ended
	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

Earnings per share:
Basic	$1.29		$1.26		$2.04		$2.27		$2.43
Diluted	$1.29		$1.26		$2.04		$2.27		$2.43
Average shares used in computation:
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


31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101			Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements. The XBRL instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

104			Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)


Oklahoma		73-1373454
(State or other jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

Bank of Oklahoma Tower
Boston Avenue at Second Street
Tulsa,	Oklahoma	74192
(Address of Principal Executive Offices)		(Zip Code)


Glossary of Defined Terms			1

Part I. Financial Information
Management's Discussion and Analysis (Item 2)			2
Market Risk (Item 3)			39
Controls and Procedures (Item 4)			43
Consolidated Financial Statements – Unaudited (Item 1)			44

Quarterly Financial Summary – Unaudited (Item 2)			89
Quarterly Earnings Trend – Unaudited			92

Part II. Other Information
Item 1. Legal Proceedings			93
Item 1A. Risk Factors			93
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			93
Item 5. Other Information			93
Item 6. Exhibits			94
Signatures			95


	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Loan commitments	$	14,433,786	$	14,793,025	$	14,404,610	$	14,979,253	$	15,119,984
Standby letters of credit	733,903		710,543		759,563		721,908		790,316
Unpaid principal balance of residential mortgage loans sold with recourse	37,891		39,333		40,369		42,041		43,510
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs	950,115		959,256		970,469		988,212		996,139


Customers	$	143,971
Banks and other financial institutions	34,791
Exchanges and clearing organizations	54,953
Fair value of customer risk management program asset derivative contracts, net	$	233,715


	Three Months Ended
	Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023		Mar. 31, 2023
Commercial Banking	$	15,730,241	$	15,493,326	$	15,115,313	$	14,822,093	$	15,861,285
Consumer Banking	7,901,167		7,890,032		7,936,186		7,986,674		8,248,541
Wealth Management	9,237,965		8,085,643		7,886,962		7,544,143		7,432,413
Subtotal	32,869,373		31,469,001		30,938,461		30,352,910		31,542,239
Funds Management and other	2,156,518		2,207,212		2,349,436		2,016,802		1,940,232
Total	$	35,025,891	$	33,676,213	$	33,287,897	$	32,369,712	$	33,482,471


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31,
	2024		2023
Beginning balance	$	104,736,999	$	99,735,040
Net outflows	(1,963,707)		(516,918)

Net change in fair value	2,757,611		3,091,997
Ending balance	$	105,530,903	$	102,310,119


	Mar. 31, 2024												Dec. 31, 2023
	200 bp Increase			100 bp Increase			100 bp Decrease			200 bp Decrease			200 bp Increase			100 bp Increase			100 bp Decrease			200 bp Decrease
Anticipated impact over the next twelve months on net interest revenue	$	(29,900)		$	(4,600)		$	(2,500)		$	900		$	(36,100)		$	(8,900)		$	(7,900)		$	(2,900)
	(2.31)		%	(0.35)		%	(0.20)		%	0.07		%	(3.03)		%	(0.75)		%	(0.66)		%	(0.24)		%
Anticipated impact over months twelve through twenty-four	$	(3,400)		$	20,800		$	(38,600)		$	(62,500)		$	(9,600)		$	15,300		$	(53,700)		$	(84,900)
	(0.24)		%	1.46		%	(2.70)		%	(4.37)		%	(0.74)		%	1.18		%	(4.16)		%	(6.57)		%


	Mar. 31, 2024				Dec. 31, 2023
	Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp
MSR Asset	$	8,840	$	(10,181)	$	7,974	$	(9,877)
MSR Hedge	(9,131)		9,295		(8,444)		8,606
Net Exposure	(291)		(886)		(470)		(1,271)


	March 31, 2024				December 31, 2023
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. government securities	$	426,825	$	(194)	$	10,959	$	28
Residential agency mortgage-backed securities	4,898,485		8,571		5,105,137		98,124
Municipal securities	67,120		(142)		37,413		323

Other trading securities	48,608		127		39,996		160
Total trading securities	$	5,441,038	$	8,362	$	5,193,505	$	98,635


	March 31, 2024
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	108,793	$	108,793	$	112,338	$	3,828	$	(283)
Mortgage-backed securities:
Residential agency	2,196,121		2,044,972		1,858,027		99		(187,044)
Commercial agency	17,258		15,990		14,987		—		(1,003)
Other debt securities	16,288		16,288		14,713		—		(1,575)
Total investment securities	2,338,460		2,186,043		2,000,065		3,927		(189,905)
Allowance for credit losses	(299)		(299)		—		—		—
Investment securities, net of allowance	$	2,338,161	$	2,185,744	$	2,000,065	$	3,927	$	(189,905)


	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity1
Fixed maturity debt securities:
Carrying value	$	19,248	$	95,707	$	26,103	$	13	$	141,071	3.27
Fair value	19,468		98,033		24,524		13		142,038
Residential mortgage-backed securities:
Carrying value									$	2,044,972	2
Fair value									1,858,027
Total investment securities:
Carrying value									$	2,186,043
Fair value									2,000,065


	March 31, 2024
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal securities	20	$	17,310	$	81	$	6,587	$	202	$	23,897	$	283
Mortgage-backed securities:
Residential agency	116	—		—		1,857,000		187,044		1,857,000		187,044
Commercial agency	2	—		—		14,987		1,003		14,987		1,003
Other debt securities	3	—		—		8,700		1,575		8,700		1,575
Total investment securities	141	$	17,310	$	81	$	1,887,274	$	189,824	$	1,904,584	$	189,905


	Three Months Ended March 31,
	2024		2023
Proceeds	$	735,994	$	—
Gross realized gains	233		—
Gross realized losses	(45,404)		—
Related federal and state income tax benefit	(10,624)		—


	Three Months Ended
	Mar. 31, 2024				Dec. 31, 2023				Mar. 31, 2023
	10 day 99% VaR		10 day 99% SVaR		10 day 99% VaR		10 day 99% SVaR		10 day 99% VaR		10 day 99% SVaR
Average1	$	5,053	$	6,388	$	4,757	$	8,154	$	4,059	$	7,461
Low	2,634		4,190		2,338		4,067		1,944		3,156
High	8,149		8,268		7,776		13,045		8,487		15,571
Period End	4,677		4,931		2,977		4,925		4,036		8,907


	Three Months Ended
	Mar. 31, 2024				Dec. 31, 2023				Mar. 31, 2023
	Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp
Average1	$	(3,745)	$	5,197	$	(1,068)	$	2,095	$	701	$	(497)
Low2	1,684		8,685		3,604		6,216		4,513		1,983
High3	(6,898)		(59)		(5,897)		(2,457)		(1,837)		(4,538)
Period End	(5,454)		7,069		(527)		1,920		2,247		(2,053)


	Assets
	Notional1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	3,075,103	$	118,237	$	(3,844)	$	114,393	$	(111,283)	$	3,110
Energy contracts	7,266,492		754,565		(461,295)		293,270		(117,521)		175,749

Foreign exchange contracts	56,590		55,687		—		55,687		(842)		54,845
Equity option contracts	1,859		61		—		61		(50)		11
Total customer risk management programs	10,400,044		928,550		(465,139)		463,411		(229,696)		233,715
Trading	19,616,813		67,692		(40,165)		27,527		(44)		27,483
Internal risk management programs	455,912		3,608		(1,313)		2,295		—		2,295
Total derivative contracts	$	30,472,769	$	999,850	$	(506,617)	$	493,233	$	(229,740)	$	263,493

	Liabilities
	Notional1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	3,065,103	$	116,796	$	(3,844)	$	112,952	$	—	$	112,952
Energy contracts	7,720,466		753,145		(461,295)		291,850		(29,444)		262,406

Foreign exchange contracts	56,254		55,161		—		55,161		—		55,161
Equity option contracts	1,859		61		—		61		—		61
Total customer risk management programs	10,843,682		925,163		(465,139)		460,024		(29,444)		430,580
Trading	23,751,156		93,502		(40,165)		53,337		(46,563)		6,774
Internal risk management programs	38,617		2,564		(1,313)		1,251		—		1,251
Total derivative contracts	$	34,633,455	$	1,021,229	$	(506,617)	$	514,612	$	(76,007)	$	438,605


	Assets
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,754,476	$	108,450	$	(6,810)	$	101,640	$	(94,608)	$	7,032
Energy contracts	7,846,190		836,425		(399,148)		437,277		(169,141)		268,136

Foreign exchange contracts	54,999		53,863		—		53,863		(872)		52,991
Equity option contracts	3,316		54		—		54		(44)		10
Total customer risk management programs	10,658,981		998,792		(405,958)		592,834		(264,665)		328,169
Trading	16,264,818		118,545		(37,111)		81,434		(6,996)		74,438
Internal risk management programs	425,014		7,697		—		7,697		—		7,697
Total derivative contracts	$	27,348,813	$	1,125,034	$	(443,069)	$	681,965	$	(271,661)	$	410,304

	Liabilities
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,754,476	$	108,402	$	(6,810)	$	101,592	$	—	$	101,592
Energy contracts	8,254,004		831,467		(399,148)		432,319		(6,441)		425,878

Foreign exchange contracts	54,405		53,065		—		53,065		—		53,065
Equity option contracts	3,316		54		—		54		—		54
Total customer risk management programs	11,066,201		992,988		(405,958)		587,030		(6,441)		580,589
Trading	20,644,156		224,648		(37,111)		187,537		(181,917)		5,620
Internal risk management programs	2,244		1,264		—		1,264		—		1,264
Total derivative contracts	$	31,712,601	$	1,218,900	$	(443,069)	$	775,831	$	(188,358)	$	587,473


	March 31, 2024								December 31, 2023
	Fixed Rate		Variable Rate		Non-accrual		Total		Fixed Rate		Variable Rate		Non-accrual		Total
Commercial	$	3,597,543	$	11,460,704	$	74,620	$	15,132,867	$	3,558,563	$	11,135,075	$	110,131	$	14,803,769
Commercial real estate	784,301		4,430,289		22,087		5,236,677		791,757		4,538,570		7,320		5,337,647
Loans to individuals	2,315,236		1,464,972		22,808		3,803,016		2,282,914		1,452,620		28,018		3,763,552
Total	$	6,697,080	$	17,355,965	$	119,515	$	24,172,560	$	6,633,234	$	17,126,265	$	145,469	$	23,904,968


	Collectively Measured for General Allowances				Individually Measured for Specific Allowances				Total
	Recorded Investment		Related Allowance		Recorded Investment		Related Allowance		Recorded Investment		Related Allowance
Commercial	$	15,058,247	$	143,307	$	74,620	$	2,960	$	15,132,867	$	146,267
Commercial real estate	5,214,590		97,479		22,087		—		5,236,677		97,479

Loans to individuals	3,780,208		37,877		22,808		—		3,803,016		37,877
Total	$	24,053,045	$	278,663	$	119,515	$	2,960	$	24,172,560	$	281,623


	Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial:
Healthcare
Pass	$	165,523	$	638,346	$	924,230	$	573,778	$	382,923	$	1,095,684	$	288,056	$	14	$	4,068,554
Special Mention	—		15,000		—		1,254		—		20,027		855		—		37,136
Accruing Substandard	—		1,492		429		18,397		58,753		10,896		975		—		90,942
Nonaccrual	—		—		—		—		—		49,307		—		—		49,307
Total healthcare	165,523		654,838		924,659		593,429		441,676		1,175,914		289,886		14		4,245,939
Loans charged off, year-to-date	—		—		—		—		—		502		—		—		502



Services
Pass	183,565		786,684		514,841		380,227		219,684		725,856		677,588		534		3,488,979
Special Mention	—		—		1,042		1,305		1,321		9,243		31		—		12,942
Accruing Substandard	—		—		13,380		155		341		7,204		2,351		750		24,181
Nonaccrual	—		—		—		1,487		349		—		1,483		—		3,319
Total services	183,565		786,684		529,263		383,174		221,695		742,303		681,453		1,284		3,529,421
Loans charged off, year-to-date	—		—		—		—		—		—		—		—		—



Energy
Pass	58,061		141,197		90,222		13,033		7,447		20,635		3,067,570		—		3,398,165
Special Mention	—		—		—		—		—		—		13,950		—		13,950
Accruing Substandard	—		—		—		—		—		—		16,613		—		16,613
Nonaccrual	—		—		—		—		—		89		14,902		—		14,991
Total energy	58,061		141,197		90,222		13,033		7,447		20,724		3,113,035		—		3,443,719
Loans charged off, year-to-date	—		—		—		—		—		—		—		—		—



General business
Pass	285,096		845,326		383,429		215,106		134,121		378,163		1,569,156		1,945		3,812,342
Special Mention	—		6,110		8,244		8,594		—		1,602		10,611		6		35,167
Accruing Substandard	—		3,375		37,682		1,280		1,235		6,701		9,003		—		59,276
Nonaccrual	—		994		101		—		—		42		5,862		4		7,003
Total general business	285,096		855,805		429,456		224,980		135,356		386,508		1,594,632		1,955		3,913,788
Loans charged off, year-to-date	—		27		1,399		—		—		158		2,154		—		3,738


Total commercial	692,245		2,438,524		1,973,600		1,214,616		806,174		2,325,449		5,679,006		3,253		15,132,867

Commercial real estate:
Pass	18,763		418,504		2,059,848		1,061,396		386,041		1,127,922		119,823		—		5,192,297
Special Mention	—		440		—		—		—		16,527		—		—		16,967
Accruing Substandard	—		—		—		—		—		5,326		—		—		5,326
Nonaccrual	—		2,992		—		—		—		19,095		—		—		22,087
Total commercial real estate	18,763		421,936		2,059,848		1,061,396		386,041		1,168,870		119,823		—		5,236,677
Loans charged off, year-to-date	—		—		—		—		—		1,250		—		—		1,250


	As of March 31, 2024
	Total		With No Allowance		With Allowance		Related Allowance
Commercial:
Healthcare	$	49,307	$	9,668	$	39,639	$	2,100
Services	3,319		1,542		1,777		460
Energy	14,991		14,991		—		—
General business	7,003		6,362		641		400
Total commercial	74,620		32,563		42,057		2,960

Commercial real estate	22,087		22,087		—		—

Loans to individuals:
Residential mortgage	13,449		13,449		—		—
Residential mortgage guaranteed by U.S. government agencies	9,217		9,217		—		—
Personal	142		142		—		—
Total loans to individuals	22,808		22,808		—		—

Total	$	119,515	$	77,458	$	42,057	$	2,960


	As of December 31, 2023
	Total		With No Allowance		With Allowance		Related Allowance
Commercial:
Healthcare	$	81,529	$	40,372	$	41,157	$	1,478
Services	3,616		1,684		1,932		1,214
Energy	17,843		17,843		—		—
General business	7,143		7,143		—		—
Total commercial	110,131		67,042		43,089		2,692

Commercial real estate	7,320		7,320		—		—

Loans to individuals:
Residential mortgage	18,056		18,056		—		—
Residential mortgage guaranteed by U.S. government agencies	9,709		9,709		—		—
Personal	253		253		—		—
Total loans to individuals	28,018		28,018		—		—

Total	$	145,469	$	102,380	$	43,089	$	2,692


			Past Due								Past Due 90 Days or More and Accruing
	Current		30 to 59 Days		60 to 89 Days		90 Days or More		Total
Commercial:
Healthcare	$	4,206,313	$	—	$	—	$	39,626	$	4,245,939	$	—
Services	3,528,567		485		20		349		3,529,421		—
Energy	3,443,719		—		—		—		3,443,719		—
General business	3,905,270		2,054		209		6,255		3,913,788		—
Total commercial	15,083,869		2,539		229		46,230		15,132,867		—

Commercial real estate	5,214,737		11,800		—		10,140		5,236,677		—

Loans to individuals:
Residential mortgage	2,183,027		7,139		737		1,681		2,192,584		—
Residential mortgage guaranteed by U.S. government agencies	55,886		22,873		15,080		45,617		139,456		41,364
Personal	1,469,874		1,055		24		23		1,470,976		—
Total loans to individuals	3,708,787		31,067		15,841		47,321		3,803,016		41,364

Total	$	24,007,393	$	45,406	$	16,070	$	103,691	$	24,172,560	$	41,364


	March 31, 2024				December 31, 2023
	Unpaid Principal Balance/ Notional		Fair Value		Unpaid Principal Balance/ Notional		Fair Value
Residential mortgage loans held for sale	$	73,937	$	73,090	$	56,922	$	56,457
Residential mortgage loan commitments	67,951		2,473		34,783		1,379
Forward sales contracts	108,070		(114)		75,448		(901)
			$	75,449			$	56,935


	March 31, 2024			December 31, 2023
Number of residential mortgage loans serviced for others	122,276			115,967
Outstanding principal balance of residential mortgage loans serviced for others	$	21,432,048		$	20,382,192
Weighted average interest rate	3.66		%	3.64		%
Remaining term (in months)	278			280


	March 31, 2024	December 31, 2023
Discount rate – risk-free rate plus a market premium	9.82%	9.72%
Prepayment rate - based upon loan interest rate, original term and loan type	6.83%	7.34%
Loan servicing costs – annually per loan based upon loan type:
Performing loans	$73 - $94	$69 - $94
Delinquent loans	$150 - $500	$150 - $500
Loans in foreclosure	$875 - $8,000	$875 - $8,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life	4.27%	3.90%
Primary/secondary mortgage rate spread	115 bps	105 bps
Delinquency rate	2.06%	2.06%


	Unrealized Gain (Loss) on
	Available for Sale Securities		Investment Securities Transferred from AFS		Total
Balance, Dec. 31, 2022	$	(664,618)	$	(172,337)	(836,955)
Net change in unrealized gain (loss)	124,045		—		124,045

Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		16,051		16,051


Other comprehensive income, before income taxes	124,045		16,051		140,096
Federal and state income taxes	28,179		3,516		31,695
Other comprehensive income, net of income taxes	95,866		12,535		108,401
Balance, March 31, 2023	$	(568,752)	$	(159,802)	$	(728,554)

Balance, Dec. 31, 2023	$	(473,212)	$	(125,888)	$	(599,100)
Net change in unrealized gain (loss)	(71,806)		—		(71,806)

Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		12,183		12,183

Loss on available for sale securities, net	45,171		—		45,171
Other comprehensive income (loss), before income taxes	(26,635)		12,183		(14,452)
Federal and state income taxes	(6,289)		2,865		(3,424)
Other comprehensive income (loss), net of income taxes	(20,346)		9,318		(11,028)
Balance, March 31, 2024	$	(493,558)	$	(116,570)	$	(610,128)


	Commercial		Consumer		Wealth Management		Funds Management and Other		BOK Financial Consolidated
Net interest revenue from external sources	$	282,447	$	7,350	$	6,999	$	(3,224)	$	293,572
Net interest revenue (expense) from internal sources	(37,326)		94,799		33,110		(90,583)		—
Net interest revenue	245,121		102,149		40,109		(93,807)		293,572
Net loans charged off and provision for credit losses	4,160		1,808		(15)		2,047		8,000
Net interest revenue after provision for credit losses	240,961		100,341		40,124		(95,854)		285,572
Other operating revenue	50,006		36,207		118,704		(43,216)		161,701
Other operating expense	70,095		53,447		99,535		117,307		340,384
Net direct contribution	220,872		83,101		59,293		(256,377)		106,889
Gain (loss) on financial instruments, net	167		(9,663)		—		9,496		—
Change in fair value of mortgage servicing rights	—		10,977		—		(10,977)		—
Gain (loss) on repossessed assets, net	—		107		—		(107)		—
Corporate expense allocations	18,397		14,172		14,558		(47,127)		—
Net income before taxes	202,642		70,350		44,735		(210,838)		106,889
Federal and state income taxes	49,392		16,546		10,570		(53,313)		23,195
Net income	153,250		53,804		34,165		(157,525)		83,694
Net income attributable to non-controlling interests	—		—		—		(9)		(9)
Net income attributable to BOK Financial Corp. shareholders	$	153,250	$	53,804	$	34,165	$	(157,516)	$	83,703

Average assets	$	29,806,817	$	9,391,981	$	15,759,328	$	(4,930,554)	$	50,027,572


	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading securities:
U.S. government securities	$	426,825	$	370,062	$	56,763	$	—
Residential agency mortgage-backed securities	4,898,485		—		4,898,485		—
Municipal securities	67,120		—		67,120		—

Other trading securities	48,608		—		48,608		—
Total trading securities	5,441,038		370,062		5,070,976		—
Available for sale securities:
U.S. Treasury	920		920		—		—
Municipal securities	304,826		—		304,826		—
Residential agency mortgage-backed securities	7,816,688		—		7,816,688		—
Residential non-agency mortgage-backed securities	846,805		—		846,805		—
Commercial agency mortgage-backed securities	3,683,376		—		3,683,376		—
Other debt securities	473		—		—		473
Total available for sale securities	12,653,088		920		12,651,695		473


Fair value option securities — Residential agency mortgage-backed securities	19,805		—		19,805		—

Residential mortgage loans held for sale1	75,449		—		68,285		7,164
Mortgage servicing rights2	319,330		—		—		319,330
Derivative contracts, net of cash collateral3	263,493		10		263,483		—
Liabilities:
Derivative contracts, net of cash collateral3	438,605		649		437,956		—


							Fair Value Adjustments for the
	Carrying Value at March 31, 2024						Three Months Ended Mar. 31, 2024 Recognized in:
	Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs		Gross charge-offs against allowance for loan losses		Other gains (losses), net
Nonaccruing loans	$	—	$	67	$	23,741	$	4,935	$	—


							Fair Value Adjustments for the
	Carrying Value at March 31, 2023						Three Months Ended Mar. 31, 2023 Recognized in:
	Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs		Gross charge-offs against allowance for loan losses		Other gains (losses), net
Nonaccruing loans	$	—	$	—	$	14,040	$	1,991	$	—
Real estate and other repossessed assets	—		547		—		—		(101)


	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and due from banks	$	801,677	$	801,677	$	801,677	$	—	$	—
Interest-bearing cash and cash equivalents	354,070		354,070		354,070		—		—
Trading securities:
U.S. government securities	426,825		426,825		370,062		56,763		—
Residential agency mortgage-backed securities	4,898,485		4,898,485		—		4,898,485		—
Municipal securities	67,120		67,120		—		67,120		—

Other trading securities	48,608		48,608		—		48,608		—
Total trading securities	5,441,038		5,441,038		370,062		5,070,976		—
Investment securities:
Municipal securities	108,793		112,338		—		12,103		100,235
Residential agency mortgage-backed securities	2,044,972		1,858,027		—		1,858,027		—
Commercial agency mortgage-backed securities	15,990		14,987		—		14,987		—
Other debt securities	16,288		14,713		—		14,713		—
Total investment securities	2,186,043		2,000,065		—		1,899,830		100,235
Allowance for credit losses	(299)		—		—		—		—
Investment securities, net of allowance	2,185,744		2,000,065		—		1,899,830		100,235
Available for sale securities:
U.S. Treasury	920		920		920		—		—
Municipal securities	304,826		304,826		—		304,826		—
Residential agency mortgage-backed securities	7,816,688		7,816,688		—		7,816,688		—
Residential non-agency mortgage-backed securities	846,805		846,805		—		846,805		—
Commercial agency mortgage-backed securities	3,683,376		3,683,376		—		3,683,376		—
Other debt securities	473		473		—		—		473
Total available for sale securities	12,653,088		12,653,088		920		12,651,695		473


Fair value option securities — Residential agency mortgage-backed securities	19,805		19,805		—		19,805		—

Residential mortgage loans held for sale	75,449		75,449		—		68,285		7,164
Loans:
Commercial	15,132,867		15,055,904		—		—		15,055,904
Commercial real estate	5,236,677		5,143,304		—		—		5,143,304

Loans to individuals	3,803,016		3,675,612		—		—		3,675,612
Total loans	24,172,560		23,874,820		—		—		23,874,820
Allowance for loan losses	(281,623)		—		—		—		—
Loans, net of allowance	23,890,937		23,874,820		—		—		23,874,820
Mortgage servicing rights	319,330		319,330		—		—		319,330
Derivative instruments with positive fair value, net of cash collateral	263,493		263,493		10		263,483		—
Deposits with no stated maturity	32,016,638		32,016,638		—		—		32,016,638
Time deposits	3,366,909		3,346,163		—		—		3,346,163
Other borrowed funds	7,986,169		7,986,169		—		—		7,986,169
Subordinated debentures	131,154		118,875		—		118,875		—
Derivative instruments with negative fair value, net of cash collateral	438,605		438,605		649		437,956		—


Period	Total Number of Shares Purchased2	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1	Maximum Number of Shares that May Yet Be Purchased Under the Plans
January 1 to January 31, 2024	79,534	$	88.22	44,630	2,527,156
February 1 to February 29, 2024	425,000	$	82.73	425,000	2,102,156
March 1 to March 31, 2024	147,316	$	86.50	147,000	1,955,156
Total	651,850			616,630


/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President and
Chief Financial Officer


/s/ Michael J. Rogers
Michael J. Rogers
Senior Vice President and
Chief Accounting Officer