EX-99.1 2 a20240630bokfex99.htm EX-99.1 Document
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BOk金融公司報告第二季度每股164美元的季度收益爲2.54美元。
2024年第二季度財務亮點1
淨利潤
淨利潤爲16370萬美元，每股稀釋股份爲2.54美元，相比之下每股稀釋股份爲8370萬美元，每股1.29美元。除了Visa股份轉換收益、額外的FDIC特別評估費用和Visa股份對BOKF基金會的捐款之外，2024年第二季度的淨利潤將爲13110萬美元，每股2.02美元。2
淨利息收益與淨利息收益率
淨利息收入總計爲29600萬美元，增加了240萬美元。淨利息收益率爲2.56%，相比之下爲2.61%。
費用與佣金收入
費用和佣金收入爲20000萬美元，與上一季度持平。更高的受託和資產管理收入以及交易卡收入抵消了低於的券商和交易收入。
運營費用
營業費用減少了370萬美元，至33670萬美元，主要是由於人員費用減少，包括較低的獎勵補償、包括遞延補償計劃、定期補償和員工福利。非人員費用增加了790萬美元，主要是由於我們捐贈了價值1000萬美元的Visa股份給BOKF基金會。
貸款
截至2024年6月30日，期末貸款增加了38100萬美元，達到246億美元，主要是由於商業貸款增長，部分抵消了商業房地產貸款的減少。平均未償貸款餘額爲244億美元，增加了43700萬美元。
信用質量
到2024年6月30日，不良資產總額爲9300萬美元，佔未償貸款和被回收資產的0.38%，相比之下，2024年3月31日爲12200萬美元，佔0.51%。淨覈銷爲690萬美元，佔第二季度年化貸款平均額的0.11%。
存款
期末存款增加了85800萬美元，達到362億美元，而平均存款增加了62700萬美元，達到357億美元。平均存款中，利息存款增加了87200萬美元，而活期存款平均減少了24400萬美元。到2024年6月30日，貸款存款比爲68%，與上一季度持平。
資本
有形普通股權益比率爲8.38%，相比2024年3月31日的8.21%。第一層資本比率爲12.11%，普通股第一層資本比率爲12.10%，總資本比率爲13.25%。
1 除非另有說明，否則與上一季度進行比較。
2 請查看未經審計的非通用會計指標解釋和和調節部分。
p
240萬美元
11 個點子
13.0%
淨利息收益
淨覈銷率 - 年化
商業貸款增長率 - 年化

CEO評論
bok銀行再次取得非常強勁的季度業績，其中一部分是由於我們團隊的銷售努力以及我們在經濟增長卓越的州份擁有良好業務增長的商業和工業貸款。我們繼續謹慎增長，充分利用當前市場不確定性以及我們健全的資本和流動性水平，同時保持紀律嚴明的信貸文化。這種信貸文化是我們的基石，繼續帶來卓越的業績。我們在本季度還在Visa b股票上獲利，這一積極的結果突顯了我們對於創造股東價值的耐心和長期方向。我們擁有可持續的業務模式，主營核心費用業務的組合領先，同時在風險管理方面做得非常出色，如有形資本、流動性和商業房地產業務集中度明顯有利於同行。
    


BOk金融公司季度盈利發佈附件99.1(a)
淨利息收入
（以千爲單位）2024年6月30日2024年3月31日變更百分比變動
營業收入$671,817 $645,212 $26,605 4.1 %
利息支出375,796 351,640 24,156 6.9 %
淨利息收入
$296,021 $293,572 $2,449 0.8 %
淨利息收益率2.56 %2.61 %(0.05)%無數據
平均盈利資產$46,019,346 $44,846,886 $1,172,460 2.6 %
平均交易證券5,922,891 5,371,209 551,682 10.3 %
平均投資證券2,151,079 2,210,040 (58,961)(2.7)%
持有待售證券的平均值12,755,865 12,537,981 217,884 1.7 %
平均貸款餘額24,385,153 23,948,567 436,586 1.8 %
平均計息存款27,266,244 26,394,475 871,769 3.3 %
所有基金類型購買和回購協議1,838,323 1,258,044 580,279 46.1 %
其他借款7,151,228 6,844,633 306,595 4.5 %
2024年第二季度的淨利息收益爲2.96億美元，而上一季度爲2.936億美元。淨利息收益率爲2.56%，較上一季度的2.61%有所下降。需求存款遷移和存款重新定價的速度相較於上一季度有所放緩，但可供出售證券組合的收益有所提升。在2024年第二季度，我們的核心淨利息收益率排除交易活動，即非通用會計準則的一個指標，爲2.94%，較上一季度的2.97%略有下降。
平均收益資產增加了12億美元。平均貸款餘額增加了4.37億美元，主要是由於商業貸款增長，部分抵消了商業房地產貸款餘額的減少。可供出售證券平均增長了2.18億美元，而平均交易證券增加了5.52億美元。平均計息存款增長了8.72億美元，主要來自計息的交易帳戶。購買的基金類型和回購協議增長了5.8千萬，而平均其他借款增加了3.07千萬。
平均收益資產的收益率爲5.80%，上升了7個點子。可供出售證券組合的收益率上升了23個點子，達到3.71%，貸款組合的收益率上升了1個點子，達到7.41%。交易證券的收益率下降了6個點子，達到5.06%，利息收入的現金及現金等價物的收益率上升了90個點子，達到5.86%。
資金成本爲4.15%，上升了7個點子。存款利息成本上漲了7個點子，達到3.76%。購買資金和回購協議的成本增加了23個點子，達到4.28%。通過非利息負債資金支持的資產對淨利息收益率的利益爲91個點子，下降了5個點子。






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BOk金融公司季度盈利發佈附件99.1(a)
其他營業收入
（以千爲單位）2024年6月30日2024年3月31日變更百分比變動
券商和交易營業收入$53,017 $59,179 $(6,162)(10.4)%
交易卡營業收入27,246 25,493 1,753 6.9 %
受託和資產管理營業收入57,576 55,305 2,271 4.1 %
存入資金的服務費用和費用29,572 28,685 887 3.1 %
抵押銀行收益18,628 18,967 (339)(1.8)%
其他收入13,988 12,935 1,053 8.1 %
總費用和佣金200,027 200,564 (537)(0.3)%
其他收益，淨額57,375 4,269 53,106 無數據
衍生品虧損，淨額(1,091)(8,633)7,542 無數據
公允價值期權證券損失淨額(94)(305)211 無數據
抵押服務權的公允價值變動3,453 10,977 (7,524)無數據
可供出售證券淨收益（損失）34 (45,171)45,205 無數據
其他營業收入合計$259,704 $161,701 $98,003 60.6 %
Fees and commissions revenue totaled $200.0 million for the second quarter of 2024, consistent with the prior quarter.
Brokerage and trading revenue decreased $6.2 million to $53.0 million. Trading revenue decreased $9.8 million to $27.7 million as margins compressed due to market conditions in the second quarter of 2024. Investment banking revenue grew $3.0 million from increased underwriting and syndication fees.
Fiduciary and asset management revenue increased $2.3 million to $57.6 million, led by higher seasonal tax preparation fee income. Transaction card revenue grew $1.8 million to $27.2 million, primarily due to an increase in the volume of transactions processed during the second quarter of 2024.
Other gains, net, increased $53.1 million to $57.4 million. The second quarter of 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. The gain offsets losses of $45.2 million on the repositioning of the available for sale securities portfolio realized in the first quarter of 2024. We donated 35,620 of the converted Visa shares valued at $10.0 million to the BOKF Foundation during the second quarter of 2024, allowing us to further invest in the communities we serve.






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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Operating Expenses
(In thousands)June 30, 2024Mar. 31, 2024Change% Change
Personnel$191,090 $202,653 $(11,563)(5.7)%
Business promotion8,250 7,978 272 3.4 %
Charitable contributions to BOKF Foundation13,610 — 13,610 N/A
Professional fees and services13,331 12,010 1,321 11.0 %
Net occupancy and equipment30,245 30,293 (48)(0.2)%
FDIC and other insurance7,317 8,740 (1,423)(16.3)%
FDIC special assessment1,190 6,454 (5,264)(81.6)%
Data processing and communications46,131 45,564 567 1.2 %
Printing, postage and supplies3,789 3,997 (208)(5.2)%
Amortization of intangible assets2,898 3,003 (105)(3.5)%
Mortgage banking costs8,532 6,355 2,177 34.3%
Other expense10,307 13,337 (3,030)(22.7)%
Total operating expense$336,690 $340,384 $(3,694)(1.1)%
Total operating expense was $336.7 million for the second quarter of 2024, a decrease of $3.7 million compared to the first quarter of 2024.
Personnel expense was $191.1 million, a decrease of $11.6 million. Incentive compensation expense decreased $7.7 million due to a decrease in deferred compensation expense and a shift in the timing of expense recognition as commercial incentive compensation plans move to being primarily share-based rather than cash-based awards. Employee benefits expense decreased $2.0 million due to a seasonal decrease in payroll taxes, partially offset by higher healthcare costs. Regular compensation decreased $1.9 million. A greater amount of compensation expense was capitalized during the second quarter due to an annual update of the standard costs for loan originations coupled with an increase in mortgage loan production volume.
Non-personnel expense was $145.6 million, an increase of $7.9 million. In addition to the $10 million share donation previously mentioned, we also made a $3.6 million contribution to the BOKF Foundation in the second quarter of 2024. Mortgage banking costs increased $2.2 million due to higher seasonal prepayments, and a rise in professional fees and services expense of $1.3 million was primarily due to project related expense. In the second quarter of 2024, we recognized $1.2 million of expense related to the FDIC special assessment estimate compared to $6.5 million of expense in the prior quarter. Other expense decreased $3.0 million, primarily due to lower operational losses.





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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Loans
(In thousands)June 30, 2024Mar. 31, 2024Change% Change
Commercial:
Healthcare$4,231,058$4,245,939$(14,881)(0.4)%
Services3,577,1443,529,42147,7231.4%
Energy3,451,4853,443,7197,7660.2%
General business4,363,7223,913,788449,93411.5%
Total commercial15,623,40915,132,867490,5423.2%
Commercial Real Estate:
Multifamily1,997,2821,960,83936,4431.9%
Industrial1,214,9911,343,970(128,979)(9.6)%
Office876,897901,105(24,208)(2.7)%
Retail547,706543,7353,9710.7%
Residential construction and land development
88,25283,9064,3465.2%
Other real estate loans358,447403,122(44,675)(11.1)%
Total commercial real estate5,083,5755,236,677(153,102)(2.9)%
Loans to individuals:
Residential mortgage
2,281,2262,192,58488,6424.0%
Residential mortgages guaranteed by U.S. government agencies131,825139,456(7,631)(5.5)%
Personal1,433,5461,470,976(37,430)(2.5)%
Total loans to individuals3,846,5973,803,01643,5811.1%
Total loans$24,553,581$24,172,560$381,0211.6%
Outstanding loans were $24.6 billion at June 30, 2024, growing $381 million over March 31, 2024, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. Unfunded loan commitments decreased $319 million compared to the first quarter of 2024.
Outstanding commercial loan balances, which includes healthcare, services, energy and general business loans, increased $491 million over the prior quarter.
General business loans increased $450 million to $4.4 billion or 18% of total loans. General business loans include $2.7 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances increased $48 million to $3.6 billion or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors.
Energy loan balances increased $7.8 million to $3.5 billion or 14% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil. The remaining 30% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at June 30, 2024, a $20 million increase over March 31, 2024.
Healthcare sector loan balances decreased $15 million, totaling $4.2 billion or 17% of total loans. Our healthcare sector loans primarily consist of $3.5 billion of senior housing and care facilities, including independent living, assisted living and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.





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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Commercial real estate loan balances decreased $153 million to $5.1 billion and represent 21% of total loans. Loans secured by industrial facilities decreased $129 million to $1.2 billion. Other real estate loans decreased $45 million to $358 million, and loans secured by office facilities decreased $24 million to $877 million. These decreases were partially offset by a $36 million increase in loans secured by multifamily properties. Unfunded commercial real estate loan commitments were $1.6 billion at June 30, 2024, an $88 million decrease compared to March 31, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to individuals increased $44 million and represent 16% of total loans. Residential mortgage loans increased $81 million while personal loans decreased $37 million.

Period End & Average Deposits
(In thousands)June 30, 2024Mar. 31, 2024Change% Change
Period end deposits
Demand$8,840,178 $8,414,056 $426,122 5.1 %
Interest-bearing transaction23,107,042 22,748,185 358,857 1.6 %
Savings830,489 854,397 (23,908)(2.8)%
Time3,463,935 3,366,909 97,026 2.9 %
Total deposits$36,241,644 $35,383,547 $858,097 2.4 %
Average deposits
Demand$8,386,979 $8,631,416 $(244,437)(2.8)%
Interest-bearing transaction23,006,204 22,264,259 741,945 3.3 %
Savings832,704 843,037 (10,333)(1.2)%
Time3,427,336 3,287,179 140,157 4.3 %
Total average deposits$35,653,223 $35,025,891 $627,332 1.8 %
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 68% at June 30, 2024, consistent with the prior quarter, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $36.2 billion at June 30, 2024, an $858 million increase. Demand deposits grew by $426 million due to elevated customer activity at quarter end. Interest-bearing transaction account balances increased $359 million while time deposits increased $97 million.
Average deposits were $35.7 billion at June 30, 2024, a $627 million increase. Average interest-bearing transaction account balances increased $742 million and average time deposits increased $140 million. Average demand deposit account balances decreased $244 million.
Average Commercial Banking deposits increased $459 million to $16.2 billion or 45% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Wealth Management deposits increased $313 million to $9.6 billion or 27% of total deposits. Consumer Banking deposits increased $173 million to $8.1 billion or 23% of total deposits.






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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Capital
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferJune 30, 2024Mar. 31, 2024
Common equity Tier 14.50 %2.50 %7.00 %12.10 %11.99 %
Tier 1 capital6.00 %2.50 %8.50 %12.11 %12.00 %
Total capital8.00 %2.50 %10.50 %13.25 %13.15 %
Tier 1 Leverage4.00 %N/A4.00 %9.39 %9.42 %
Tangible common equity ratio1
8.38 %8.21 %
Adjusted common tangible equity ratio1
8.06 %7.92 %
Common stock repurchased (shares)412,176 616,630 
Average price per share repurchased$90.38 $83.89 
1 See Explanation and Reconciliation of Non-GAAP Measures following.
The company's common equity Tier 1 capital ratio was 12.10% at June 30, 2024. In addition, the company's Tier 1 capital ratio was 12.11%, total capital ratio was 13.25%, and leverage ratio was 9.39% at June 30, 2024. At the beginning of 2020, we elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period. This election added 3 basis points to the company's common equity Tier 1 capital ratio at June 30, 2024. At March 31, 2024, the company's common equity Tier 1 capital ratio was 11.99%, Tier 1 capital ratio was 12.00%, total capital ratio was 13.15%, and leverage ratio was 9.42%.
The company's tangible common equity ratio, a non-GAAP measure, was 8.38% at June 30, 2024 and 8.21% at March 31, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 8.06%.
The company repurchased 412,176 shares of common stock at an average price paid of $90.38 a share in the second quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality
Nonperforming assets totaled $93 million or 0.38% of outstanding loans and repossessed assets at June 30, 2024, compared to $122 million or 0.51% at March 31, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $86 million or 0.35% of outstanding loans and repossessed assets at June 30, 2024, compared to $113 million or 0.47% at March 31, 2024.
Nonaccruing loans decreased $29 million compared to March 31, 2024. New nonaccruing loans identified in the second quarter totaled $24 million, offset by $42 million in payments received and $7.9 million of charge-offs. Nonaccruing healthcare loans decreased $28 million and nonaccruing commercial real estate loans decreased $9.2 million, partially offset by a $14 million increase in nonaccruing energy loans.
Net charge-offs were $6.9 million or 0.11% of average loans on an annualized basis in the second quarter. Charge-offs for the second quarter were primarily composed of a single healthcare loan. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter of 2024.
The provision for credit losses of $8.0 million in the second quarter of 2024 reflects continued loan growth and a stable economic forecast. The provision for credit losses was $8.0 million in the first quarter of 2024.
At June 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million or 1.34% of outstanding loans and 393% of nonaccruing loans. At March 31, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $329 million or 1.36% of outstanding loans and 298% of nonaccruing loans.





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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)

Securities & Derivatives
The fair value of the available for sale securities portfolio totaled $12.8 billion at June 30, 2024, a $141 million increase compared to March 31, 2024. At June 30, 2024, the available for sale securities portfolio consisted primarily of $8.1 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.6 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At June 30, 2024, the available for sale securities portfolio had a net unrealized loss of $649 million compared to $643 million at March 31, 2024.
We hold an inventory of trading securities in support of sales to a variety of customers. At June 30, 2024, the trading securities portfolio totaled $5.2 billion compared to $5.4 billion at March 31, 2024.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $755 thousand to $19.1 million at June 30, 2024.
Derivative contracts are carried at fair value. At June 30, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $339 million compared to $463 million at March 31, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $327 million at June 30, 2024 and $460 million at March 31, 2024.
The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $221 thousand during the second quarter of 2024, including a $3.6 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $3.5 million increase in the fair value of mortgage servicing rights, and $96 thousand of related net interest expense.

Second Quarter 2024 Segment Highlights
Commercial BankingConsumer BankingWealth Management
(In thousands)June 30, 2024Mar. 31, 2024June 30, 2024Mar. 31, 2024June 30, 2024Mar. 31, 2024
Net interest income and fee revenue
$257,455 $254,625$101,416 $100,342$142,709 $147,102
Net loans charged-off6,134 4,1601,247 1,808— (15)
Personnel expense45,964 45,31924,016 25,23663,669 63,549
Non-personnel expense30,150 24,77631,112 28,21126,545 35,739
Net income119,563 121,79724,117 24,73127,497 25,228
Average loans20,403,837 20,067,1701,975,106 1,913,5862,199,747 2,198,803
Average deposits16,189,003 15,730,2418,073,782 7,901,1679,551,307 9,237,965
Assets under management or administration— —— —107,477,030 105,530,903
Commercial Banking contributed $119.6 million to net income in the second quarter of 2024, a decrease of $2.2 million compared to the first quarter of 2024. Combined net interest income and fee revenue increased $2.8 million. Net interest income was consistent with prior quarter and transaction card revenue increased $1.9 million driven by a rise in transaction volume processed during the second quarter of 2024. Net loans charged-off increased $2.0 million to $6.1 million in the second quarter of 2024. Non-personnel expense increased $5.4 million due to an increase in other expense. Personnel expense was consistent with the prior quarter. Average loans increased $337 million or 2% to $20.4 billion. Average deposits increased $459 million or 3% to $16.2 billion.
Consumer Banking contributed $24.1 million to net income in the second quarter of 2024, relatively unchanged compared to the prior quarter. Combined net interest income and fee revenue increased $1.1 million. Operating expense increased $1.7 million, primarily due to an increase in mortgage banking costs resulting from higher seasonal prepayments. Average loans increased $62 million or 3% to $2.0 billion. Average deposits increased $173 million or 2% to $8.1 billion.





8

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Wealth Management contributed $27.5 million to net income in the second quarter of 2024, an increase of $2.3 million over the first quarter of 2024. Combined net interest income and fee revenue decreased $4.4 million. Total revenue from institutional trading activities decreased $7.9 million, largely due to compressed margins driven by market conditions during the second quarter. Other revenue decreased $2.0 million. Investment banking revenue increased $2.7 million, primarily due to increased underwriting fees. Fiduciary and asset management revenue grew $2.3 million due to seasonal tax preparation fee income. Non-personnel expense decreased $9.2 million as the prior quarter included an increased level of operational losses. Personnel expense was consistent with the prior quarter. Average loans were mostly unchanged from the previous quarter. Average deposits increased $313 million or 3% to $9.6 billion. Assets under management or administration were $107.5 billion, an increase of $1.9 billion.

Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, July 23, 2024 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 5365153. A webcast replay will also be available shortly after conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing playback ID: 5365153.

About BOK Financial Corporation
BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $107 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of June 30, 2024 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.





9

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2024Mar. 31, 2024
Assets
Cash and due from banks$897,811 $801,677 
Interest-bearing cash and cash equivalents178,352 354,070 
Trading securities5,212,791 5,441,038 
Investment securities, net of allowance2,128,881 2,185,744 
Available for sale securities12,793,784 12,653,088 
Fair value option securities19,050 19,805 
Restricted equity securities475,209 382,549 
Residential mortgage loans held for sale107,465 75,449 
Loans:
Commercial15,623,409 15,132,867 
Commercial real estate5,083,575 5,236,677 
Loans to individuals3,846,597 3,803,016 
Total loans24,553,581 24,172,560 
Allowance for loan losses(287,826)(281,623)
Loans, net of allowance24,265,755 23,890,937 
Premises and equipment, net632,388 628,050 
Receivables334,019 308,736 
Goodwill1,044,749 1,044,749 
Intangible assets, net54,028 56,894 
Mortgage servicing rights333,246 319,330 
Real estate and other repossessed assets, net2,334 2,860 
Derivative contracts, net225,076 263,493 
Cash surrender value of bank-owned life insurance412,278 410,368 
Receivable on unsettled securities sales14,673 67,854 
Other assets1,271,568 1,253,689 
Total assets$50,403,457 $50,160,380 
Liabilities
Deposits:
Demand$8,840,178 $8,414,056 
Interest-bearing transaction23,107,042 22,748,185 
Savings830,489 854,397 
Time3,463,935 3,366,909 
Total deposits36,241,644 35,383,547 
Funds purchased and repurchase agreements813,758 1,261,517 
Other borrowings6,528,538 6,724,652 
Subordinated debentures131,156 131,154 
Accrued interest, taxes and expense305,839 318,622 
Due on unsettled securities purchases347,663 264,230 
Derivative contracts, net287,509 438,605 
Other liabilities515,380 506,418 
Total liabilities45,171,487 45,028,745 
Shareholders' equity
Capital, surplus and retained earnings5,834,632 5,738,879 
Accumulated other comprehensive loss(605,502)(610,128)
Total shareholders’ equity5,229,130 5,128,751 
Non-controlling interests2,840 2,884 
Total equity5,231,970 5,131,635 
Total liabilities and equity$50,403,457 $50,160,380 





10

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Assets
Interest-bearing cash and cash equivalents$533,760 $567,680 $605,839 $598,734 $708,475 
Trading securities5,922,891 5,371,209 5,448,403 5,444,587 4,274,803 
Investment securities, net of allowance2,151,079 2,210,040 2,264,194 2,331,595 2,408,122 
Available for sale securities12,755,865 12,537,981 12,063,398 11,925,800 12,033,597 
Fair value option securities19,170 20,080 20,086 41,741 245,469 
Restricted equity securities453,303 412,376 432,780 445,532 351,944 
Residential mortgage loans held for sale81,371 57,402 61,146 77,208 72,959 
Loans:
Commercial15,516,238 14,992,639 14,680,001 14,527,676 14,316,474 
Commercial real estate5,048,704 5,188,152 5,293,021 5,172,876 4,896,230 
Loans to individuals3,820,211 3,767,776 3,732,086 3,713,756 3,676,350 
Total loans24,385,153 23,948,567 23,705,108 23,414,308 22,889,054 
Allowance for loan losses(283,246)(278,449)(273,717)(267,205)(252,890)
Loans, net of allowance24,101,907 23,670,118 23,431,391 23,147,103 22,636,164 
Total earning assets46,019,346 44,846,886 44,327,237 44,012,300 42,731,533 
Cash and due from banks871,171 861,319 883,858 799,291 875,280 
Derivative contracts, net273,052 326,564 372,789 412,707 410,793 
Cash surrender value of bank-owned life insurance410,679 409,230 407,665 408,295 409,313 
Receivable on unsettled securities sales171,344 307,389 276,856 268,344 163,903 
Other assets3,449,607 3,276,184 3,445,265 3,418,615 3,317,285 
Total assets$51,195,199 $50,027,572 $49,713,670 $49,319,552 $47,908,107 
Liabilities
Deposits:
Demand$8,386,979 $8,631,416 $9,378,886 $10,157,821 $10,998,201 
Interest-bearing transaction23,006,204 22,264,259 20,449,370 19,415,599 18,368,592 
Savings832,704 843,037 845,705 874,530 926,882 
Time3,427,336 3,287,179 3,002,252 2,839,947 2,076,037 
Total deposits35,653,223 35,025,891 33,676,213 33,287,897 32,369,712 
Funds purchased and repurchase agreements1,838,323 1,258,044 2,476,973 2,699,027 3,670,994 
Other borrowings7,151,228 6,844,633 7,120,963 6,968,309 5,275,291 
Subordinated debentures131,156 131,154 131,151 131,151 131,153 
Derivative contracts, net380,942 537,993 524,101 429,989 576,558 
Due on unsettled securities purchases351,199 499,936 363,358 435,927 436,353 
Other liabilities539,485 574,954 483,934 461,686 503,134 
Total liabilities46,045,556 44,872,605 44,776,693 44,413,986 42,963,195 
Total equity5,149,643 5,154,967 4,936,977 4,905,566 4,944,912 
TOTAL LIABILITIES AND EQUITY$51,195,199 $50,027,572 $49,713,670 $49,319,552 $47,908,107 





11

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands, except per share data)2024202320242023
Interest revenue$671,817 $570,367 $1,317,029 $1,087,096 
Interest expense375,796 248,106 727,436 412,487 
Net interest income
296,021 322,261 589,593 674,609 
Provision for credit losses8,000 17,000 16,000 33,000 
Net interest income after provision for credit losses
288,021 305,261 573,593 641,609 
Other operating revenue:
Brokerage and trading revenue53,017 65,006 112,196 117,402 
Transaction card revenue27,246 26,003 52,739 51,624 
Fiduciary and asset management revenue57,576 52,997 112,881 103,654 
Deposit service charges and fees29,572 27,100 58,257 53,068 
Mortgage banking revenue18,628 15,141 37,595 29,508 
Other revenue13,988 14,250 26,923 31,220 
Total fees and commissions200,027 200,497 400,591 386,476 
Other gains, net57,375 12,618 61,644 14,869 
Loss on derivatives, net(1,091)(8,159)(9,724)(9,503)
Loss on fair value option securities, net(94)(2,158)(399)(5,120)
Change in fair value of mortgage servicing rights3,453 9,261 14,430 3,202 
Gain (loss) on available for sale securities, net34 (3,010)(45,137)(3,010)
Total other operating revenue259,704 209,049 421,405 386,914 
Other operating expense:
Personnel191,090 190,652 393,743 372,797 
Business promotion8,250 7,640 16,228 16,209 
Charitable contributions to BOKF Foundation13,610 1,142 13,610 1,142 
Professional fees and services13,331 12,777 25,341 25,825 
Net occupancy and equipment30,245 30,105 60,538 58,564 
FDIC and other insurance7,317 6,974 16,057 14,289 
FDIC special assessment1,190 — 7,644 — 
Data processing and communications46,131 45,307 91,695 90,109 
Printing, postage and supplies3,789 3,728 7,786 7,621 
Amortization of intangible assets2,898 3,474 5,901 6,865 
Mortgage banking costs8,532 8,300 14,887 14,082 
Other expense10,307 8,574 23,644 16,982 
Total other operating expense336,690 318,673 677,074 624,485 
Net income before taxes211,035 195,637 317,924 404,038 
Federal and state income taxes47,303 44,001 70,498 89,906 
Net income163,732 151,636 247,426 314,132 
Net income attributable to non-controlling interests
19 328 10 456 
Net income attributable to BOK Financial Corporation shareholders$163,713 $151,308 $247,416 $313,676 
Average shares outstanding:
Basic63,714,204 65,994,132 64,002,154 66,162,048 
Diluted63,714,204 65,994,132 64,002,154 66,162,048 
Net income per share:
Basic$2.54 $2.27 $3.83 $4.70 
Diluted$2.54 $2.27 $3.83 $4.70 





12

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and per share data)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Interest revenue$671,817 $645,212 $638,324 $617,044 $570,367 
Interest expense375,796 351,640 341,649 316,148 248,106 
Net interest income
296,021 293,572 296,675 300,896 322,261 
Provision for credit losses8,000 8,000 6,000 7,000 17,000 
Net interest income after provision for credit losses
288,021 285,572 290,675 293,896 305,261 
Other operating revenue:
Brokerage and trading revenue53,017 59,179 60,896 62,312 65,006 
Transaction card revenue27,246 25,493 28,847 26,387 26,003 
Fiduciary and asset management revenue57,576 55,305 51,408 52,256 52,997 
Deposit service charges and fees29,572 28,685 27,770 27,676 27,100 
Mortgage banking revenue18,628 18,967 12,834 13,356 15,141 
Other revenue13,988 12,935 15,035 15,865 14,250 
Total fees and commissions200,027 200,564 196,790 197,852 200,497 
Other gains, net57,375 4,269 40,452 1,474 12,618 
Gain (loss) on derivatives, net(1,091)(8,633)8,592 (9,010)(8,159)
Gain (loss) on fair value option securities, net(94)(305)1,031 (203)(2,158)
Change in fair value of mortgage servicing rights3,453 10,977 (14,356)8,039 9,261 
Gain (loss) on available for sale securities, net34 (45,171)(27,626)— (3,010)
Total other operating revenue259,704 161,701 204,883 198,152 209,049 
Other operating expense:
Personnel191,090 202,653 203,022 190,791 190,652 
Business promotion8,250 7,978 8,629 6,958 7,640 
Charitable contributions to BOKF Foundation
13,610 — 1,542 23 1,142 
Professional fees and services13,331 12,010 16,288 13,224 12,777 
Net occupancy and equipment30,245 30,293 30,355 32,583 30,105 
FDIC and other insurance7,317 8,740 8,495 7,996 6,974 
FDIC special assessment1,190 6,454 43,773 — — 
Data processing and communications46,131 45,564 45,584 45,672 45,307 
Printing, postage and supplies3,789 3,997 3,844 3,760 3,728 
Amortization of intangible assets2,898 3,003 3,543 3,474 3,474 
Mortgage banking costs8,532 6,355 8,085 8,357 8,300 
Other expense10,307 13,337 10,923 11,475 8,574 
Total other operating expense336,690 340,384 384,083 324,313 318,673 
Net income before taxes211,035 106,889 111,475 167,735 195,637 
Federal and state income taxes47,303 23,195 28,953 33,256 44,001 
Net income163,732 83,694 82,522 134,479 151,636 
Net income (loss) attributable to non-controlling interests19 (9)(53)(16)328 
Net income attributable to BOK Financial Corporation shareholders$163,713 $83,703 $82,575 $134,495 $151,308 
Average shares outstanding:
Basic63,714,204 64,290,105 64,750,171 65,548,307 65,994,132 
Diluted63,714,204 64,290,105 64,750,171 65,548,307 65,994,132 
Net income per share:
Basic$2.54 $1.29 $1.26 $2.04 $2.27 
Diluted$2.54 $1.29 $1.26 $2.04 $2.27 





13

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Capital:
Period-end shareholders' equity$5,229,130 $5,128,751 $5,142,442 $4,814,019 $4,863,854 
Risk weighted assets$39,405,792 $38,952,555 $38,820,979 $38,791,023 $38,228,481 
Risk-based capital ratios:
Common equity Tier 1
12.10 %11.99 %12.06 %12.06 %12.12 %
Tier 112.11 %12.00 %12.07 %12.07 %12.13 %
Total capital13.25 %13.15 %13.16 %13.16 %13.24 %
Leverage ratio9.39 %9.42 %9.45 %9.52 %9.75 %
Tangible common equity ratio1
8.38 %8.21 %8.29 %7.74 %7.79 %
Adjusted tangible common equity ratio1
8.06 %7.92 %8.02 %7.35 %7.49 %
Common stock:
Book value per share$81.54 $79.50 $79.15 $73.31 $73.28 
Tangible book value per share$64.41 $62.42 $62.15 $56.40 $56.50 
Market value per share:
High$96.41 $92.08 $87.52 $92.41 $90.91 
Low$85.02 $77.86 $62.42 $77.61 $74.40 
Cash dividends paid$35,288 $35,568 $35,739 $35,655 $35,879 
Dividend payout ratio21.55 %42.49 %43.28 %26.51 %23.71 %
Shares outstanding, net64,127,824 64,515,035 64,967,177 65,664,840 66,369,208 
Stock buy-back program:
Shares repurchased412,176 616,630 700,237 700,500 266,000 
Amount$37,253 $51,727 $49,710 $58,961 $22,366 
Average price paid per share2
$90.38 $83.89 $70.99 $84.17 $84.08 
Performance ratios (quarter annualized):
Return on average assets1.29 %0.67 %0.66 %1.08 %1.27 %
Return on average equity12.79 %6.53 %6.64 %10.88 %12.28 %
Return on average tangible common equity1
16.27 %8.31 %8.56 %14.08 %15.86 %
Net interest margin2.56 %2.61 %2.64 %2.69 %3.00 %
Efficiency ratio1,3
59.83 %67.13 %71.62 %64.01 %58.75 %
Efficiency ratio excluding adjustments1
64.00 %65.85 %66.63 %64.01 %58.75 %
Other data:
Tax equivalent interest$2,196 $2,100 $2,112 $2,214 $2,200 
Net unrealized loss on available for sale securities$(649,236)$(643,259)$(616,624)$(1,034,520)$(898,906)





14

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Mortgage banking:
Mortgage production revenue$2,369 $3,525 $(2,535)$(1,887)$(284)
Mortgage loans funded for sale$240,038 $139,176 $139,255 $173,727 $214,785 
Add: Current period-end outstanding commitments62,960 67,951 34,783 49,284 55,031 
Less: Prior period end outstanding commitments67,951 34,783 49,284 55,031 71,693 
Total mortgage production volume$235,047 $172,344 $124,754 $167,980 $198,123 
Mortgage loan refinances to mortgage loans funded for sale7 %10 %10 %9 %8 %
Realized margin on funded mortgage loans0.97 %1.46 %(0.98)%(0.94)%(0.14)%
Production revenue as a percentage of production volume1.01 %2.05 %(2.03)%(1.12)%(0.14)%
Mortgage servicing revenue$16,259 $15,442 $15,369 $15,243 $15,425 
Average outstanding principal balance of mortgage loans serviced for others$22,287,559 $21,088,898 $20,471,030 $20,719,116 $20,807,044 
Average mortgage servicing revenue rates0.29 %0.29 %0.30 %0.29 %0.30 %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net$(3,484)$(9,357)$8,275 $(8,980)$(8,099)
Gain (loss) on fair value option securities, net(94)(305)1,031 (203)(2,158)
Gain (loss) on economic hedge of mortgage servicing rights(3,578)(9,662)9,306 (9,183)(10,257)
Gain (loss) on changes in fair value of mortgage servicing rights3,453 10,977 (14,356)8,039 9,261 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue(125)1,315 (5,050)(1,144)(996)
Net interest income (expense) on fair value option securities4
(96)(155)(101)(112)(232)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(221)$1,160 $(5,151)$(1,256)$(1,228)
1 See Reconciliation of Non-GAAP Measures following.
2 Excludes 1% excise tax on corporate stock repurchases.
3 Prior period ratios have been adjusted to be consistent with the current period presentation.
4 Actual interest earned on fair value option securities less internal transfer-priced cost of funds.






15

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$5,229,130 $5,128,751 $5,142,442 $4,814,019 $4,863,854 
Less: Goodwill and intangible assets, net1,098,777 1,101,643 1,104,728 1,110,553 1,113,995 
Tangible common equity4,130,353 4,027,108 4,037,714 3,703,466 3,749,859 
Add: Unrealized loss on investment securities, net
(204,636)(185,978)(171,903)(246,395)(189,152)
Add: Tax effect on unrealized loss on investment securities, net
48,128 43,740 40,430 57,949 44,486 
Adjusted tangible common equity$3,973,845 $3,884,870 $3,906,241 $3,515,020 $3,605,193 
Total assets$50,403,457 $50,160,380 $49,824,830 $48,931,397 $49,237,920 
Less: Goodwill and intangible assets, net1,098,777 1,101,643 1,104,728 1,110,553 1,113,995 
Tangible assets$49,304,680 $49,058,737 $48,720,102 $47,820,844 $48,123,925 
Tangible common equity ratio8.38 %8.21 %8.29 %7.74 %7.79 %
Adjusted tangible common equity ratio8.06 %7.92 %8.02 %7.35 %7.49 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,146,785 $5,152,061 $4,933,917 $4,902,119 $4,941,352 
Less: Average goodwill and intangible assets, net1,100,139 1,103,090 1,107,949 1,112,217 1,115,652 
Average tangible common equity$4,046,646 $4,048,971 $3,825,968 $3,789,902 $3,825,700 
Net income
$163,713 $83,703 $82,575 $134,495 $151,308 
Return on average tangible common equity16.27 %8.31 %8.56 %14.08 %15.86 %
Calculation of efficiency ratio and efficiency ratio excluding adjustments:
Total other operating expense$336,690 $340,384 $384,083 $324,313 $318,673 
Less: Amortization of intangible assets2,898 3,003 3,543 3,474 3,474 
Numerator for efficiency ratio
333,792 337,381 380,540 320,839 315,199 
Less: FDIC special assessment1,190 6,454 43,773 — — 
Less: Expenses related to sale of BOKF Insurance — — 3,436 — — 
Less: Related contribution of converted Visa shares to BOKF Foundation
10,000 — — — — 
Adjusted numerator for efficiency ratio
$322,602 $330,927 $333,331 $320,839 $315,199 
Net interest income
$296,021 $293,572 $296,675 $300,896 $322,261 
Tax-equivalent adjustment2,196 2,100 2,112 2,214 2,200 
Tax-equivalent net interest income
298,217 295,672 298,787 303,110 324,461 
Total other operating revenue259,704 161,701 204,883 198,152 209,049 
Less: Gain (loss) on available for sale securities, net
34 (45,171)(27,626)— (3,010)
Denominator for efficiency ratio
557,887 502,544 531,296 501,262 536,520 
Less: Gain on sale of BOKF Insurance— — 31,007 — — 
Less: Gain on converted Visa shares53,817 — — — — 
Adjusted denominator for efficiency ratio
$504,070 $502,544 $500,289 $501,262 $536,520 
Efficiency ratio59.83 %67.13 %71.62 %64.01 %58.75 %
Efficiency ratio excluding adjustments64.00 %65.85 %66.63 %64.01 %58.75 %





16

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$296,021 $293,572 $296,675 $300,896 $322,261 
Less: Trading activities net interest income
(275)(498)(3,305)(7,343)(3,461)
Net interest income excluding trading activities
296,296 294,070 299,980 308,239 325,722 
Tax-equivalent adjustment2,196 2,100 2,112 2,214 2,200 
Tax-equivalent net interest income excluding trading activities
$298,492 $296,170 $302,092 $310,453 $327,922 
Average interest-earning assets$46,019,346 $44,846,886 $44,327,237 $44,012,300 $42,731,533 
Less: Average trading activities interest-earning assets5,922,891 5,371,209 5,448,403 5,444,587 4,274,803 
Average interest-earning assets excluding trading activities$40,096,455 $39,475,677 $38,878,834 $38,567,713 $38,456,730 
Net interest margin on average interest-earning assets2.56 %2.61 %2.64 %2.69 %3.00 %
Net interest margin on average trading activities interest-earning assets(0.05)%(0.07)%(0.20)%(0.49)%(0.34)%
Net interest margin on average interest-earning assets excluding trading activities2.94 %2.97 %3.03 %3.14 %3.36 %
Reconciliation of pre-provision net revenue:
Net income before taxes$211,035 $106,889 $111,475 $167,735 $195,637 
Provision for expected credit losses8,000 8,000 6,000 7,000 17,000 
Net income (loss) attributable to non-controlling interests19 (9)(53)(16)328 
Pre-provision net revenue$219,016 $114,898 $117,528 $174,751 $212,309 
Reconciliation of adjusted net income and earnings per share:
Net income$163,713 $83,703 $82,575 $134,495 $151,308 
Add: FDIC special assessment, net of tax910 4,936 33,478 — — 
Less: Gain on converted Visa shares, net of tax41,160 — — — — 
Add: Related contribution of Visa shares to BOKF Foundation, net of tax
7,648 — — — — 
Less: Loss on repositioning of available for sale securities portfolio, net of tax— (34,547)(21,129)— (2,302)
Less: Gain on sale of BOKF Insurance, net of tax— — 23,715 — — 
Adjusted net income$131,111 $123,186 $113,467 $134,495 $153,610 
Earnings per share$2.54 $1.29 $1.26 $2.04 $2.27 
Add: FDIC special assessment, net of tax0.01 0.08 0.52 — — 
Less: Gain on converted Visa shares, net of tax0.65 — — — — 
Add: Related contribution of Visa shares to BOKF Foundation, net of tax
0.12 — — — — 
Less: Loss on repositioning of available for sale securities portfolio, 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
$2.02 $1.91 $1.74 $2.04 $2.30 





17

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)

Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.
The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.
Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.





18

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Commercial:     
Healthcare$4,231,058 $4,245,939 $4,143,233 $4,083,134 $3,991,387 
Services3,577,144 3,529,421 3,576,223 3,566,361 3,585,169 
Energy3,451,485 3,443,719 3,437,101 3,490,602 3,508,752 
General business4,363,722 3,913,788 3,647,212 3,579,742 3,449,208 
Total commercial15,623,409 15,132,867 14,803,769 14,719,839 14,534,516 
Commercial real estate:
Multifamily1,997,282 1,960,839 1,872,760 1,734,688 1,502,971 
Industrial1,214,991 1,343,970 1,475,165 1,432,629 1,349,709 
Office876,897 901,105 909,442 981,876 1,005,660 
Retail547,706 543,735 592,632 608,073 617,886 
Residential construction and land development88,252 83,906 95,052 100,465 106,370 
Other commercial real estate358,447 403,122 392,596 383,569 388,205 
Total commercial real estate5,083,575 5,236,677 5,337,647 5,241,300 4,970,801 
Loans to individuals:     
Residential mortgage2,281,226 2,192,584 2,160,640 2,090,992 1,993,690 
Residential mortgages guaranteed by U.S. government agencies131,825 139,456 149,807 161,092 186,170 
Personal1,433,546 1,470,976 1,453,105 1,510,795 1,552,482 
Total loans to individuals3,846,597 3,803,016 3,763,552 3,762,879 3,732,342 
Total$24,553,581 $24,172,560 $23,904,968 $23,724,018 $23,237,659 





19

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Texas:
Commercial$7,879,143 $7,515,070 $7,384,107 $7,249,963 $7,223,820 
Commercial real estate1,754,087 1,935,728 1,987,037 1,873,477 1,748,796 
Loans to individuals908,920 964,464 914,134 961,299 974,911 
Total Texas10,542,150 10,415,262 10,285,278 10,084,739 9,947,527 
Oklahoma:
Commercial3,619,136 3,478,146 3,275,907 3,384,627 3,251,547 
Commercial real estate556,971 605,419 606,515 601,087 573,559 
Loans to individuals2,273,240 2,176,268 2,147,782 2,100,974 2,079,311 
Total Oklahoma6,449,347 6,259,833 6,030,204 6,086,688 5,904,417 
Colorado:
Commercial2,220,887 2,244,416 2,273,179 2,219,460 2,179,473 
Commercial real estate806,522 766,100 769,329 710,552 683,973 
Loans to individuals217,990 221,291 228,257 227,569 223,200 
Total Colorado3,245,399 3,231,807 3,270,765 3,157,581 3,086,646 
Arizona:
Commercial1,104,875 1,149,394 1,143,682 1,173,491 1,177,778 
Commercial real estate1,045,837 1,007,972 1,003,331 1,014,151 926,750 
Loans to individuals208,419 218,664 248,873 260,282 242,102 
Total Arizona2,359,131 2,376,030 2,395,886 2,447,924 2,346,630 
Kansas/Missouri:
Commercial336,232 320,609 331,179 307,725 309,148 
Commercial real estate482,249 497,036 511,947 547,708 516,299 
Loans to individuals157,750 141,767 144,958 132,137 138,960 
Total Kansas/Missouri976,231 959,412 988,084 987,570 964,407 
New Mexico:
Commercial318,711 317,651 291,736 297,714 287,443 
Commercial real estate367,678 352,559 389,106 405,989 425,472 
Loans to individuals67,747 67,814 67,485 69,418 64,803 
Total New Mexico754,136 738,024 748,327 773,121 777,718 
Arkansas:
Commercial144,425 107,581 103,979 86,859 105,307 
Commercial real estate70,231 71,863 70,382 88,336 95,952 
Loans to individuals12,531 12,748 12,063 11,200 9,055 
Total Arkansas227,187 192,192 186,424 186,395 210,314 
Total BOK Financial$24,553,581 $24,172,560 $23,904,968 $23,724,018 $23,237,659 
Loans attributed to a principal market may not always represent the location of the borrower or the collateral.






20

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Oklahoma:
    Demand$3,721,009 $3,365,529 $3,586,091 $4,019,019 $4,273,136 
    Interest-bearing:
       Transaction12,115,793 12,362,193 10,929,704 9,970,955 9,979,534 
       Savings496,289 509,775 500,313 508,619 531,536 
       Time2,157,778 2,136,583 1,984,336 2,019,749 1,945,916 
    Total interest-bearing14,769,860 15,008,551 13,414,353 12,499,323 12,456,986 
Total Oklahoma18,490,869 18,374,080 17,000,444 16,518,342 16,730,122 
Texas:
    Demand2,448,433 2,201,561 2,306,334 2,599,998 2,876,568 
    Interest-bearing:
       Transaction5,425,670 5,125,834 5,035,856 5,046,288 4,532,093 
       Savings150,812 157,108 155,652 154,863 162,704 
       Time626,724 605,526 492,753 436,218 377,424 
    Total interest-bearing6,203,206 5,888,468 5,684,261 5,637,369 5,072,221 
Total Texas8,651,639 8,090,029 7,990,595 8,237,367 7,948,789 
Colorado:
    Demand1,244,848 1,316,971 1,633,672 1,598,622 1,726,130 
    Interest-bearing:
       Transaction1,921,671 1,951,232 1,921,605 1,888,026 1,825,295 
       Savings61,184 63,675 67,646 63,129 66,968 
       Time261,237 237,656 201,393 185,030 148,840 
    Total interest-bearing2,244,092 2,252,563 2,190,644 2,136,185 2,041,103 
Total Colorado3,488,940 3,569,534 3,824,316 3,734,807 3,767,233 
New Mexico:
    Demand661,677 683,643 794,467 853,571 912,218 
    Interest-bearing:
       Transaction1,323,750 1,085,946 886,089 1,049,903 712,541 
       Savings92,910 95,944 95,453 97,753 102,729 
       Time314,133 298,556 258,195 217,535 179,548 
    Total interest-bearing1,730,793 1,480,446 1,239,737 1,365,191 994,818 
Total New Mexico2,392,470 2,164,089 2,034,204 2,218,762 1,907,036 
Arizona:
    Demand448,587 502,143 524,167 522,142 592,144 
    Interest-bearing:
       Transaction1,227,895 1,181,539 1,174,715 903,535 800,970 
       Savings11,542 12,024 11,636 12,340 14,489 
       Time56,102 46,962 41,884 36,689 31,248 
    Total interest-bearing1,295,539 1,240,525 1,228,235 952,564 846,707 
Total Arizona1,744,126 1,742,668 1,752,402 1,474,706 1,438,851 





21

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
(In thousands)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Kansas/Missouri:
    Demand291,045 316,041 326,496 351,236 363,534 
    Interest-bearing:
       Transaction1,040,114 985,706 966,166 981,091 1,014,247 
       Savings14,998 13,095 13,821 14,331 16,316 
       Time32,921 30,411 23,955 22,437 16,176 
    Total interest-bearing1,088,033 1,029,212 1,003,942 1,017,859 1,046,739 
Total Kansas/Missouri1,379,078 1,345,253 1,330,438 1,369,095 1,410,273 
Arkansas:
    Demand24,579 28,168 25,266 29,635 38,818 
    Interest-bearing:
       Transaction52,149 55,735 49,966 57,381 43,301 
       Savings2,754 2,776 2,564 2,898 3,195 
       Time15,040 11,215 9,506 9,559 7,225 
    Total interest-bearing69,943 69,726 62,036 69,838 53,721 
Total Arkansas94,522 97,894 87,302 99,473 92,539 
Total BOK Financial$36,241,644 $35,383,547 $34,019,701 $33,652,552 $33,294,843 





22

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents5.86 %4.96 %5.30 %5.43 %5.41 %
Trading securities5.06 %5.12 %5.05 %4.76 %4.50 %
Investment securities, net of allowance1.41 %1.42 %1.42 %1.43 %1.44 %
Available for sale securities3.71 %3.48 %3.27 %3.11 %3.00 %
Fair value option securities3.68 %3.59 %3.57 %4.61 %5.07 %
Restricted equity securities8.11 %8.59 %8.01 %7.88 %7.31 %
Residential mortgage loans held for sale6.50 %6.25 %6.59 %6.27 %5.85 %
Loans7.41 %7.40 %7.36 %7.25 %7.03 %
Allowance for loan losses
Loans, net of allowance7.49 %7.48 %7.45 %7.33 %7.10 %
Total tax-equivalent yield on earning assets5.80 %5.73 %5.64 %5.49 %5.29 %
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction3.76 %3.68 %3.44 %3.18 %2.60 %
Savings0.58 %0.57 %0.53 %0.47 %0.21 %
Time4.51 %4.54 %4.13 %3.96 %3.27 %
Total interest-bearing deposits3.76 %3.69 %3.43 %3.17 %2.56 %
Funds purchased and repurchase agreements4.28 %4.05 %4.79 %4.81 %4.58 %
Other borrowings5.58 %5.56 %5.55 %5.48 %5.12 %
Subordinated debt7.07 %7.09 %7.09 %7.02 %6.79 %
Total cost of interest-bearing liabilities4.15 %4.08 %3.98 %3.81 %3.27 %
Tax-equivalent net interest spread
1.65 %1.65 %1.66 %1.68 %2.02 %
Effect of noninterest-bearing funding sources and other0.91 %0.96 %0.98 %1.01 %0.98 %
Tax-equivalent net interest margin2.56 %2.61 %2.64 %2.69 %3.00 %
Yield calculations are shown on a tax equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.





23

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratios)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Healthcare$20,845 $49,307 $81,529 $41,836 $36,753 
Energy28,668 14,991 17,843 19,559 20,037 
Services3,165 3,319 3,616 2,820 4,541 
General business5,756 7,003 7,143 6,483 11,946 
Total commercial58,434 74,620 110,131 70,698 73,277 
Commercial real estate12,883 22,087 7,320 7,418 17,395 
Loans to individuals:
Permanent mortgage12,627 13,449 18,056 30,954 29,973 
Permanent mortgage guaranteed by U.S. government agencies6,617 9,217 9,709 10,436 11,473 
Personal122 142 253 79 133 
Total loans to individuals19,366 22,808 28,018 41,469 41,579 
Total nonaccruing loans90,683 119,515 145,469 119,585 132,251 
Real estate and other repossessed assets2,334 2,860 2,875 3,753 4,227 
Total nonperforming assets$93,017 $122,375 $148,344 $123,338 $136,478 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$86,400 $113,158 $138,635 $112,902 $125,005 
Accruing loans 90 days past due1
$2,962 $— $170 $64 $220 
Gross charge-offs$7,940 $7,060 $5,007 $10,593 $8,049 
Recoveries(995)(1,600)(911)(4,062)(1,346)
Net charge-offs
$6,945 $5,460 $4,096 $6,531 $6,703 
Provision for loan losses$13,148 $9,960 $9,105 $15,931 $19,957 
Provision for credit losses from off-balance sheet unfunded loan commitments(4,983)(1,658)(3,627)(7,336)(3,003)
Provision for expected credit losses from mortgage banking activities(153)(265)530 (1,474)78 
Provision for credit losses related to held-to maturity (investment) securities portfolio(12)(37)(8)(121)(32)
Total provision for credit losses$8,000 $8,000 $6,000 $7,000 $17,000 





24

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
Three Months Ended
(In thousands, except ratios)June 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023June 30, 2023
Allowance for loan losses to period end loans1.17 %1.17 %1.16 %1.15 %1.13 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans1.34 %1.36 %1.36 %1.37 %1.39 %
Nonperforming assets to period end loans and repossessed assets0.38 %0.51 %0.62 %0.52 %0.59 %
Net charge-offs (annualized) to average loans0.11 %0.09 %0.07 %0.11 %0.12 %
Allowance for loan losses to nonaccruing loans1
342.38 %255.33 %204.13 %249.31 %217.52 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
392.74 %298.23 %240.20 %297.50 %267.15 %
1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.





25

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(b)
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
2Q24 vs 1Q24
2Q24 vs 2Q23
(In thousands, except ratios)
June 30, 2024Mar. 31, 2024June 30, 2023Change% ChangeChange% Change
Commercial Banking:
Net interest income
$203,735 $203,995 $221,737 $(260)(0.1)%$(18,002)(8.1)%
Fees and commissions revenue53,720 50,630 59,704 3,090 6.1 %(5,984)(10.0)%
Combined net interest income and fee revenue
257,455 254,625 281,441 2,830 1.1 %(23,986)(8.5)%
Other operating expense76,114 70,095 77,559 6,019 8.6 %(1,445)(1.9)%
Corporate expense allocations17,381 18,397 21,404 (1,016)(5.5)%(4,023)(18.8)%
Net income119,563 121,797 140,779 (2,234)(1.8)%(21,216)(15.1)%
Average assets30,305,613 29,806,817 28,170,869 498,796 1.7 %2,134,744 7.6 %
Average loans20,403,837 20,067,170 19,158,984 336,667 1.7 %1,244,853 6.5 %
Average deposits16,189,003 15,730,241 14,822,093 458,762 2.9 %1,366,910 9.2 %
Consumer Banking:
Net interest income
$65,164 $64,135 $68,088 $1,029 1.6 %$(2,924)(4.3)%
Fees and commissions revenue36,252 36,207 32,361 45 0.1 %3,891 12.0 %
Combined net interest income and fee revenue
101,416 100,342 100,449 1,074 1.1 %967 1.0 %
Other operating expense55,128 53,447 52,340 1,681 3.1 %2,788 5.3 %
Corporate expense allocations13,392 14,172 12,318 (780)(5.5)%1,074 8.7 %
Net income24,117 24,731 25,684 (614)(2.5)%(1,567)(6.1)%
Average assets9,630,470 9,391,981 9,597,723 238,489 2.5 %32,747 0.3 %
Average loans1,975,106 1,913,586 1,762,568 61,520 3.2 %212,538 12.1 %
Average deposits8,073,782 7,901,167 7,986,674 172,615 2.2 %87,108 1.1 %
Wealth Management:
Net interest income
$29,501 $28,398 $33,841 $1,103 3.9 %$(4,340)(12.8)%
Fees and commissions revenue113,208 118,704 123,050 (5,496)(4.6)%(9,842)(8.0)%
Combined net interest income and fee revenue
142,709 147,102 156,891 (4,393)(3.0)%(14,182)(9.0)%
Other operating expense90,214 99,288 84,587 (9,074)(9.1)%5,627 6.7 %
Corporate expense allocations16,484 14,779 12,784 1,705 11.5 %3,700 28.9 %
Net income27,497 25,228 45,502 2,269 9.0 %(18,005)(39.6)%
Average assets16,452,098 15,759,328 12,949,258 692,770 4.4 %3,502,840 27.1 %
Average loans2,199,747 2,198,803 2,230,906 944 — %(31,159)(1.4)%
Average deposits9,551,307 9,237,965 7,544,143 313,342 3.4 %2,007,164 26.6 %
Fiduciary assets61,917,694 60,365,292 57,873,868 1,552,402 2.6 %4,043,826 7.0 %
Assets under management or administration107,477,030 105,530,903 103,618,940 1,946,127 1.8 %3,858,090 3.7 %
Certain prior period amounts have been reclassified to conform to current period presentation.





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