Earnings and Net Income - Annual earnings for 2024 were $524 million, or $8.14 per share, with Q4 earnings of $136 million, or $2.12 per share[1] - Net income attributable to BOK Financial Corporation shareholders for Q4 2024 was $136.154 million, up from $82.575 million in Q4 2023[48] - Net income per diluted share for Q4 2024 was $2.12, up from $1.26 in Q4 2023[48] - Net income attributable to BOK Financial Corporation shareholders for Q4 2024 was $136.154 million, compared to $139.999 million in Q3 2024[49] Net Interest Income and Margin - Net interest income for Q4 2024 increased by $4.9 million to $313.0 million, with a net interest margin of 2.75%, up 7 basis points from the prior quarter[1][4] - Net interest income for Q4 2024 increased to $313.046 million, up from $296.675 million in Q4 2023[48] - Net interest income for Q4 2024 was $313.046 million, showing a slight increase from $308.119 million in Q3 2024[49] - Net interest margin increased to 2.75% in Q4 2024 from 2.68% in Q3 2024[50] - The tax-equivalent net interest margin for BOK Financial Corporation was 2.75% in December 2024, up from 2.64% in December 2023[62] - Net interest income excluding trading activities increased to $308.398 million in Q4 2024 from $304.368 million in Q3 2024[54] - Net interest margin on average interest-earning assets excluding trading activities rose to 3.09% in Q4 2024 from 3.02% in Q3 2024[54] Fees and Commissions Revenue - Fees and commissions revenue grew by $4.4 million to $206.9 million in Q4 2024, driven by higher brokerage and trading revenue[1][8] - Total fees and commissions for Q4 2024 were $206.938 million, up from $196.790 million in Q4 2023[48] - Total fees and commissions for Q4 2024 were $206.938 million, up from $202.494 million in Q3 2024[49] Loans and Deposits - Period-end loans increased by $130 million to $24.1 billion, with commercial loan growth partially offset by a decrease in commercial real estate loans[1] - Average deposits grew by $1.1 billion to $37.8 billion in Q4 2024, with period-end deposits reaching $38.2 billion[1] - Outstanding loans increased by $130 million to $24.1 billion at December 31, 2024, driven by growth in commercial loans and loans to individuals, partially offset by a decrease in commercial real estate loans[15] - Period end deposits increased by $964 million to $38.2 billion, with interest-bearing transaction accounts rising $1.1 billion[23] - Total loans as of December 31, 2024, stood at $24.024 billion, slightly down from $24.305 billion in September 2024[47] - Total deposits increased to $37.819 billion in Q4 2024, compared to $36.760 billion in Q3 2024[47] - Total loans increased to $24,114,724 thousand in Q4 2024, up from $23,904,968 thousand in Q4 2023, reflecting a growth of 0.88% year-over-year[58] - Total deposits for BOK Financial Corporation increased to $38.19 billion as of December 31, 2024, up from $34.02 billion in December 2023, reflecting a growth of 12.3% year-over-year[61] Nonperforming Assets and Loan Quality - Nonperforming assets reached a historic low of $49 million, or 0.20% of outstanding loans, in Q4 2024, down from $87 million in the prior quarter[1] - Nonperforming assets decreased to $49 million, or 0.20% of outstanding loans, compared to $87 million, or 0.36%, at September 30, 2024[29] - Nonperforming assets decreased to $48.98 million in Q4 2024 from $86.94 million in Q3 2024, a 43.7% decline[63] - Total nonaccruing loans dropped to $46.73 million in Q4 2024 from $84.32 million in Q3 2024, a 44.6% decrease[63] - Net charge-offs in Q4 2024 were $528 thousand, compared to net recoveries of $54 thousand in Q3 2024[63] - Allowance for loan losses to nonaccruing loans ratio improved to 701.46% in Q4 2024 from 365.65% in Q3 2024[64] - Nonperforming assets to period end loans and repossessed assets ratio decreased to 0.20% in Q4 2024 from 0.36% in Q3 2024[64] Capital and Ratios - The company's common equity Tier 1 capital ratio was 13.03% at December 31, 2024, up from 12.73% at September 30, 2024[26] - Common equity Tier 1 capital ratio improved to 13.03% in Q4 2024 from 12.73% in Q3 2024[50] - Return on average assets for Q4 2024 was 1.07%, slightly down from 1.09% in Q3 2024[50] - Book value per share rose to $86.53 in Q4 2024 from $87.53 in Q3 2024[50] - Dividend payout ratio for Q4 2024 was 26.75%, up from 25.11% in Q3 2024[50] - Efficiency ratio improved to 65.61% in Q4 2024 from 65.11% in Q3 2024[50] - Tangible common equity ratio improved to 9.17% in Q4 2024 from 9.22% in Q3 2024[52] - Return on average tangible common equity decreased to 12.09% in Q4 2024 from 12.80% in Q3 2024[52] - Efficiency ratio increased to 65.61% in Q4 2024 from 65.11% in Q3 2024[52] - Pre-provision net revenue remained stable at $175.434 million in Q4 2024 compared to $175.312 million in Q3 2024[52] Sector-Specific Loan Performance - Commercial loan balances increased by $152 million, with general business loans rising $136 million to $4.2 billion, representing 17% of total loans[16] - Energy loan balances increased by $128 million to $3.3 billion, representing 13% of total loans, with 70% secured by oil-producing properties[17] - Services sector loan balances increased by $70 million to $3.6 billion, representing 15% of total loans[18] - Healthcare sector loan balances decreased by $182 million to $4.0 billion, representing 16% of total loans[19] - Commercial real estate loan balances decreased by $130 million to $5.1 billion, representing 21% of total loans, with a $128 million increase in multifamily property loans[20] - Loans to individuals increased by $108 million to $4.0 billion, representing 17% of total loans[21] - Commercial loans in Texas decreased slightly to $7,411,416 thousand in Q4 2024 from $7,437,800 thousand in Q3 2024, a decline of 0.35% quarter-over-quarter[59] - Commercial real estate loans in Oklahoma increased to $513,101 thousand in Q4 2024, up from $557,025 thousand in Q3 2024, a decrease of 7.88% quarter-over-quarter[59] - Loans to individuals in Colorado decreased to $213,768 thousand in Q4 2024 from $216,938 thousand in Q3 2024, a decline of 1.46% quarter-over-quarter[59] - Total loans in Arizona remained stable at $2,396,534 thousand in Q4 2024, compared to $2,398,648 thousand in Q3 2024, a slight decrease of 0.09% quarter-over-quarter[59] - Commercial loans in New Mexico increased to $325,246 thousand in Q4 2024 from $324,605 thousand in Q3 2024, a growth of 0.20% quarter-over-quarter[59] - Loans to individuals in Arkansas increased to $11,628 thousand in Q4 2024 from $12,233 thousand in Q3 2024, a decrease of 4.95% quarter-over-quarter[59] - Total loans in Kansas/Missouri increased to $986,106 thousand in Q4 2024 from $903,318 thousand in Q3 2024, a growth of 9.16% quarter-over-quarter[59] - Commercial loans in Arkansas increased to $130,772 thousand in Q4 2024 from $128,842 thousand in Q3 2024, a growth of 1.50% quarter-over-quarter[59] - Total loans in New Mexico increased to $788,166 thousand in Q4 2024 from $775,153 thousand in Q3 2024, a growth of 1.68% quarter-over-quarter[59] Wealth Management and Fiduciary Assets - Wealth Management contributed $48.9 million to net income before taxes in Q4 2024, an increase of $10.1 million over Q3 2024[41] - Assets under management or administration in Wealth Management were $114.6 billion, an increase of $3.9 billion, or 4%[41] - Combined net interest income and fee revenue in Wealth Management increased $10.8 million in Q4 2024[41] - Fiduciary assets increased 6.7% to $67.98 billion in Q4 2024 from Q3 2024[65] - Assets under management or administration rose 3.5% to $114.62 billion in Q4 2024 compared to Q3 2024[65] Mortgage Production and Realized Margin - Mortgage production revenue decreased to $1.282 million in Q4 2024 from $1.563 million in Q3 2024, a decline of 18%[51] - Total mortgage production volume dropped to $174.788 million in Q4 2024 from $231.891 million in Q3 2024, a decrease of 25%[51] - Mortgage loan refinances as a percentage of mortgage loans funded for sale increased to 19% in Q4 2024 from 11% in Q3 2024[51] - Realized margin on funded mortgage loans decreased to 0.87% in Q4 2024 from 0.93% in Q3 2024[51] Regional Deposit Performance - Oklahoma deposits grew to $19.61 billion in December 2024, a 15.3% increase compared to $17.00 billion in December 2023[60] - Texas deposits reached $9.22 billion in December 2024, up 15.4% from $7.99 billion in December 2023[60] - Colorado deposits totaled $3.59 billion in December 2024, a 6.2% decrease from $3.82 billion in December 2023[60] - New Mexico deposits increased to $2.40 billion in December 2024, up 18.1% from $2.03 billion in December 2023[60] - Arizona deposits remained stable at $1.78 billion in December 2024, compared to $1.75 billion in December 2023[60] - Kansas/Missouri deposits grew to $1.50 billion in December 2024, a 12.5% increase from $1.33 billion in December 2023[61] - Arkansas deposits increased to $95.73 million in December 2024, up 9.6% from $87.30 million in December 2023[61] Operating Expenses and Personnel Costs - Operating expenses rose by $6.6 million to $347.7 million in Q4 2024, with personnel expenses increasing by $3.9 million due to higher trading activity[12][13] Yield and Funding Costs - The yield on average earning assets decreased by 30 basis points to 5.59% in Q4 2024, reflecting Federal Reserve rate cuts[6] - Funding costs decreased by 42 basis points to 3.69% in Q4 2024, with interest-bearing deposit costs down 31 basis points to 3.48%[7] - The yield on loans increased to 7.10% in December 2024, compared to 7.45% in December 2023[62] Net Unrealized Loss on Securities - Net unrealized loss on available for sale securities increased to $537.335 million in Q4 2024 from $307.360 million in Q3 2024[50] Commercial Banking Performance - Commercial Banking contributed $160.4 million to net income before taxes in Q4 2024, a decrease of $12.3 million compared to Q3 2024[39] - Average loans in Commercial Banking decreased $344 million, or 2%, to $20.0 billion in Q4 2024[39] - Average deposits in Commercial Banking grew $811 million, or 5%, to $17.9 billion in Q4 2024[39] - Commercial Banking net interest income declined 3.8% to $199.74 million in Q4 2024 compared to Q3 2024[65] Consumer Banking Performance - Consumer Banking contributed $23.6 million to net income before taxes in Q4 2024, a decrease of $1.2 million compared to the prior quarter[40] - Average loans in Consumer Banking increased $89 million, or 4%, to $2.1 billion in Q4 2024[40] - Average deposits in Consumer Banking increased $61 million, or 1%, to $8.2 billion in Q4 2024[40] - Consumer Banking net interest income increased slightly by 0.3% to $65.49 million in Q4 2024[65] Total Assets and Liabilities - Total assets as of December 31, 2024, were $50.615 billion, down from $51.157 billion in September 2024[47] - Total liabilities as of December 31, 2024, were $45.036 billion, down from $45.707 billion in September 2024[47] - Interest-bearing cash and cash equivalents increased to $546.955 million in Q4 2024, up from $531.811 million in Q3 2024[47] Other Operating Revenue - Total other operating revenue for Q4 2024 was $210.044 million, compared to $204.883 million in Q4 2023[48] Brokerage and Trading Revenue - Brokerage and trading revenue increased by $5.1 million to $55.5 million in Q4 2024, driven by higher trading volumes[8][9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission File No. 001-37811 BOK FINANCIAL CORP (Exact name of registrant as specified in its charter) Oklahoma 73-137345 ...

BOK Financial Corporation (NASDAQ:BOKF) Q3 2024 Earnings Conference Call October 22, 2024 1:00 PM ET Company Participants Heather King - Director, IR Stacy Kymes - President & CEO Martin Grunst - EVP & CFO Marc Maun - EVP, Regional Banking Scott Grauer - EVP, Wealth Management Conference Call Participants Michael Rose - Raymond James Jon Arfstrom - RBC Capital Markets Peter Winter - D.A. Davidson Brett Rabatin - Hovde Group Woody Lay - KBW Matt Olney - Stephens Operator Greetings. Welcome to BOK Financial C ...

We BOK Financial Corporation reports quarterly earnings of $140 million, or $2.18 per share, in the third quarter. | --- | --- | |----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - BOK Financial reported net income of $163.7 million or $2.54 per diluted share for Q2 2024, up from $83.7 million or $1.29 per diluted share in Q1 2024[6]. - Total net income for Q2 2024 was $163.7 million, a significant increase of 96% from $83.7 million in Q1 2024[55]. - The company reported a net gain of $57.4 million in the second quarter of 2024, significantly up from $4.3 million in the first quarter, driven by a $53.8 million pre-tax gain on Visa shares[40]. - Net income for the three months ended June 30, 2024, was $163,732 thousand, compared to $151,636 thousand for the same period in 2023, representing an increase of 7.3%[184]. - Earnings per share increased to $2.54, up from $1.29 in the previous quarter, indicating strong earnings growth[152]. Revenue and Income Sources - Net interest income for Q2 2024 totaled $296.0 million, an increase of $2.4 million from the prior quarter, with a net interest margin of 2.56% compared to 2.61% in Q1 2024[6]. - Tax-equivalent net interest income for the second quarter of 2024 was $2,449 million, a decrease of $85,016 million compared to the previous period[22]. - Other operating revenue increased to $259.7 million in Q2 2024, up by $98.0 million from Q1 2024, driven by a $53.8 million pre-tax gain from Visa B shares conversion[24]. - Total fees and commissions revenue for the second quarter was $200.0 million, showing a slight decrease of $537, remaining stable compared to the previous quarter[25]. - Total interest revenue for the six months ended June 30, 2024, was $1,317,029 thousand, up from $1,087,096 thousand in 2023, reflecting a growth of 21.1%[183]. Loan and Deposit Growth - Outstanding loan balances grew to $24.6 billion at June 30, 2024, an increase of $381 million from March 31, 2024, primarily due to growth in commercial loans[8]. - Period end deposits reached $36.2 billion at June 30, 2024, an increase of $858 million over March 31, 2024, with average deposits rising by $627 million[9]. - Average outstanding balance of loans attributed to Commercial Banking increased by $337 million or 2% to $20.4 billion in Q2 2024[59]. - Average deposits attributed to Commercial Banking increased by $459 million or 3% to $16.2 billion in Q2 2024[59]. - Total deposits reached $36,241 million as of June 30, 2024, up from $35,384 million in the previous quarter[136]. Credit Quality and Loss Provisions - The provision for credit losses was $8.0 million in Q2 2024, reflecting continued loan growth and a stable economic forecast[8]. - Net loans charged off increased to $6.1 million in Q2 2024, up 47% from $4.2 million in Q1 2024[58]. - The allowance for loan losses totaled $288 million, representing 1.17% of outstanding loans as of June 30, 2024[113]. - Total nonperforming assets decreased to $93.017 million as of June 30, 2024, down from $122.375 million on March 31, 2024[122]. - Nonaccruing loans decreased by $29 million compared to March 31, 2024, with new nonaccruing loans identified totaling $24 million[123]. Operating Expenses - Total operating expenses for the six months ended June 30, 2024, were $677.1 million, an increase of $52.6 million compared to the same period in 2023[13]. - Other operating expenses for Q2 2024 totaled $336.7 million, a decrease of $3.7 million compared to Q1 2024, with an efficiency ratio of 59.83%[45]. - Personnel expenses decreased by $11.6 million compared to Q1 2024, primarily due to a $7.1 million decrease in cash-based incentive compensation[46]. - Operating expenses increased by $6.0 million or 9% compared to Q1 2024, primarily due to an increase in other expenses[58]. - Total other operating expense for the three months ended June 30, 2024, was $336,690 thousand, compared to $318,673 thousand in 2023, reflecting an increase of 5.7%[183]. Capital and Equity - The tangible common equity ratio improved to 8.38% at June 30, 2024, up from 8.21% at March 31, 2024[10]. - Common equity Tier 1 capital ratio was 12.10% at June 30, 2024, compared to 11.99% at March 31, 2024[10]. - The company’s equity capital was $5.2 billion, reflecting a $100 million increase from March 31, 2024[144]. - Total shareholders' equity increased to $5,229,130 million, up from $5,128,751 million in the previous period[152]. - Return on average equity was 12.79% for the quarter ended June 30, 2024, compared to 6.53% for the previous quarter[148]. Market and Economic Outlook - The company anticipates growth in operating revenues through new product offerings and market expansion, despite potential economic and regulatory challenges[26]. - The probability-weighted economic scenario forecast includes a 50% base case, 35% downside, and 15% upside, with GDP growth projected at 1.7% over the next 12 months[117]. - A stress test measures market risk from interest rate changes, with a $20 million market risk limit approved for mortgage servicing rights net of economic hedges[165]. - The company has implemented strategies to manage balance sheet exposure to interest rate changes within established policy limits[160]. - Forward-looking statements indicate that actual results may differ due to various risks and uncertainties, including changes in interest rates and market conditions[180].

BOK Financial Corporation (NASDAQ:BOKF) Q2 2024 Earnings Conference Call July 23, 2024 1:00 PM ET Company Participants Heather King - Director of Investor Relations Stacy Kymes - President and Chief Executive Officer Martin Grunst - Executive Vice President and Chief Financial Officer Marc Maun - Executive Vice President, Regional Banking Scott Grauer - Executive Vice President, Wealth Management Conference Call Participants Michael Rose - Raymond James Brett Rabatin - Hovde Group Jon Arfstrom - RBC Capital ...

BOK Financial Corporation reports quarterly earnings of $164 million, or $2.54 per share, in the second quarter. 1 | --- | --- | --- | |----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------- ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=3&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) BOK Financial's Q1 2024 net income slightly increased, impacted by a securities portfolio loss and FDIC assessment, alongside loan and deposit growth [Performance Summary](index=3&type=section&id=Performance%20Summary) BOK Financial's Q1 2024 net income slightly increased to $83.7 million, despite a securities portfolio loss, alongside loan and deposit growth and strong capital Q1 2024 Key Financial Results | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Net Income | $83.7 million | $82.6 million | | Diluted EPS | $1.29 | $1.26 | | Adjusted Net Income (Non-GAAP) | $123.2 million | N/A | | Adjusted EPS (Non-GAAP) | $1.91 | N/A | - The company recorded a **$45.2 million loss** from repositioning its available for sale securities portfolio by selling approximately **$783 million** of lower-yielding debt securities[5](index=5&type=chunk) - An expected gain from the conversion of Visa Class B shares is anticipated to offset the realized losses from the securities portfolio repositioning[5](index=5&type=chunk)[43](index=43&type=chunk) Balance Sheet and Capital Highlights (as of March 31, 2024) | Metric | Value | Change from Q4 2023 | | :--- | :--- | :--- | | Period End Loans | $24.2 billion | +$268 million | | Period End Deposits | $35.4 billion | +$1.4 billion | | Assets Under Management | $105.5 billion | +$794 million | | Common Equity Tier 1 Capital Ratio | 11.99% | -7 bps | - The company repurchased **616,630 shares** of common stock at an average price of **$83.89 per share** during the first quarter of 2024[44](index=44&type=chunk) [Results of Operations](index=5&type=section&id=Results%20of%20Operations) Operating results showed declining net interest revenue from margin compression, a $45.2 million securities loss impacting other revenue, and lower expenses due to reduced FDIC assessment - Tax-equivalent net interest revenue decreased by **$3.1 million** quarter-over-quarter to **$295.7 million**, driven by a **3 basis point decline** in net interest margin to **2.61%**[5](index=5&type=chunk)[17](index=17&type=chunk) - Other operating revenue decreased by **$43.2 million** from the prior quarter, mainly due to a **$45.2 million loss** on repositioning the AFS securities portfolio and the absence of a **$31.0 million gain** on the sale of BOKFI that was recognized in Q4 2023[19](index=19&type=chunk) - Total other operating expense decreased by **$43.7 million** quarter-over-quarter, largely because Q4 2023 included a **$43.8 million FDIC special assessment**, while Q1 2024 included a smaller, additional assessment of **$6.5 million**[5](index=5&type=chunk)[53](index=53&type=chunk) [Lines of Business](index=13&type=section&id=Lines%20of%20Business) Commercial Banking's net income decreased by 10%, Consumer Banking remained stable, and Wealth Management's net income fell 46% due to a prior quarter gain Net Income by Line of Business (in thousands) | Line of Business | Q1 2024 | Q4 2023 | % Change | | :--- | :--- | :--- | :--- | | Commercial Banking | $153,250 | $171,084 | (10)% | | Consumer Banking | $53,804 | $53,695 | 0% | | Wealth Management | $34,165 | $62,690 | (46)% | | **Subtotal** | **$241,219** | **$287,469** | **(16)%** | - Commercial Banking's net income decreased by **$17.8 million**, or **10%**, compared to Q4 2023[33](index=33&type=chunk) - Consumer Banking's net income remained consistent with the prior quarter, with increased mortgage banking revenue offsetting a decline in net interest revenue[36](index=36&type=chunk)[86](index=86&type=chunk) - Wealth Management's net income decreased by **$28.5 million**, or **46%**, largely because Q4 2023 included a **$31.0 million pre-tax gain** on the sale of BOKFI[37](index=37&type=chunk) [Financial Condition](index=19&type=section&id=Financial%20Condition) As of March 31, 2024, the company's financial condition remained solid, with loan growth to $24.2 billion, deposits increasing by $1.4 billion, and strong capital ratios - The loan portfolio grew by **$268 million** to **$24.2 billion** at March 31, 2024, driven by growth in commercial loans, partially offset by a reduction in commercial real estate loans[67](index=67&type=chunk) - The combined allowance for credit losses was **$329 million**, or **1.36%** of outstanding loans, consistent with the prior quarter-end[15](index=15&type=chunk) - Period-end deposits increased by **$1.4 billion** to **$35.4 billion** compared to December 31, 2023[15](index=15&type=chunk) - The company's capital ratios remain strong, with a Common Equity Tier 1 capital ratio of **11.99%** and a total capital ratio of **13.15%** at March 31, 2024[44](index=44&type=chunk)[143](index=143&type=chunk) [Market Risk](index=40&type=section&id=Market%20Risk) The company manages interest rate risk, its primary market risk, with an asset-sensitive balance sheet, and also mitigates MSR and trading risks using VaR and stress testing Interest Rate Sensitivity on Net Interest Revenue (Next 12 Months) | Rate Shock | Estimated Impact on NIR | % Change | | :--- | :--- | :--- | | +200 bp | ($29.9 million) | (2.31)% | | +100 bp | ($4.6 million) | (0.35)% | | -100 bp | ($2.5 million) | (0.20)% | | -200 bp | $0.9 million | 0.07% | - The company manages market risk from changes in the fair value of its Mortgage Servicing Rights (MSRs) through an economic hedge portfolio. A **50 basis point increase** in rates is estimated to have a net negative exposure of **$291 thousand** on the MSR portfolio and its hedge[127](index=127&type=chunk)[149](index=149&type=chunk) - For trading activities, the company uses Value at Risk (VaR) and Stressed VaR (SVaR) to measure potential losses. For Q1 2024, the average 10-day 99% VaR was **$5.1 million**[127](index=127&type=chunk)[152](index=152&type=chunk) [Controls and Procedures](index=44&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[130](index=130&type=chunk) - No changes during the quarter were identified that have materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[130](index=130&type=chunk) [Consolidated Financial Statements – Unaudited](index=45&type=section&id=Consolidated%20Financial%20Statements%20%E2%80%93%20Unaudited) This section presents BOK Financial's unaudited consolidated financial statements as of March 31, 2024, including statements of earnings, balance sheets, and cash flows, with detailed notes Consolidated Statement of Earnings Highlights (Three Months Ended Mar 31) | (In thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net Interest Revenue | $293,572 | $352,348 | | Provision for Credit Losses | $8,000 | $16,000 | | Total Other Operating Revenue | $161,701 | $177,865 | | Total Other Operating Expense | $340,384 | $305,812 | | **Net Income** | **$83,694** | **$162,496** | Consolidated Balance Sheet Highlights | (In thousands) | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $50,160,380 | $49,824,830 | | Loans, net | $23,890,937 | $23,627,845 | | Total Deposits | $35,383,547 | $34,019,701 | | Total Shareholders' Equity | $5,128,751 | $5,142,442 | [Part II. Other Information](index=93&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=93&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in litigation as Indenture Trustee for municipal bonds, but management does not expect a material effect on financial condition or results - BOKF, NA is subject to litigation concerning its role as Indenture Trustee for municipal bonds where Christopher Brogdon was the borrower. Claimants allege complicity in fraud[248](index=248&type=chunk) - Management is advised that a loss on these claims is not probable and does not expect the final outcomes to have a material effect on the company's financials[248](index=248&type=chunk) [Risk Factors](index=93&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported from the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2023 - No material changes were reported from the risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023[296](index=296&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=93&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company repurchased 651,850 shares of common stock, with 616,630 shares under its publicly announced repurchase program Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Plan | | :--- | :--- | :--- | :--- | | Jan 2024 | 79,534 | $88.22 | 44,630 | | Feb 2024 | 425,000 | $82.73 | 425,000 | | Mar 2024 | 147,316 | $86.50 | 147,000 | | **Total** | **651,850** | **N/A** | **616,630** |

Financial Data and Key Metrics Changes - The company reported earnings of $83.7 million or EPS of $1.29 per diluted share, with adjusted net income of $123.2 million and EPS of $1.91 per share after notable items [94] - First quarter net interest income was $293.6 million, with a linked quarter decrease of $3.1 million, and net interest margin at 2.61%, a 3 basis point decrease compared to Q4 [13][118] - Total fee income contributed $200.6 million, representing 41% of total revenue [114] Business Line Data and Key Metrics Changes - Healthcare business loans increased by 2.5% linked quarter, with a diversified portfolio primarily in senior housing [6] - Mortgage banking revenue increased by 48% to $19 million, driven by improvements in the mortgage origination market [10] - Commercial loans grew by 2.2% linked quarter, while commercial real estate (CRE) loans decreased by 1.9% [137] Market Data and Key Metrics Changes - The company operates in dynamic, high-growth markets, maintaining a loan-to-deposit ratio of 68%, which is below peers, providing significant liquidity [97] - Non-performing assets decreased by $25 million this quarter, with non-performing assets to period end loans decreasing to 51 basis points [7][101] Company Strategy and Development Direction - The company focuses on long-term profitability and sustainable value creation, with a diversified loan portfolio and strong credit quality [105] - Investments in high ROE fee income businesses have contributed to revenue diversity, with 41% of revenue coming from these businesses [9] - The company has a commercial real estate concentration limit of 185% of total commitments versus tier one capital, currently at approximately 22% [107] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong credit quality and expects to outperform peers in challenging credit cycles [96] - The company anticipates total loan growth of 5% to 7% for 2024, with net interest margin expected to stabilize and increase later in the year [118] - Management noted that while there are uncertainties in commercial real estate, they remain optimistic about overall commercial growth [17] Other Important Information - The company repurchased over 616,000 shares this quarter, reflecting long-term confidence in the company [108] - A special assessment of $6.5 million from the FDIC is expected in June, following a previous assessment of $43.8 million [116] Q&A Session Summary Question: Can you provide more color on criticized and problem loans? - Management indicated that there are no systemic issues in any particular portfolio, and they have effectively managed criticized and classified loans [20] Question: What is the outlook for net charge-offs in the second half of the year? - Management does not anticipate higher net charge-offs, expecting consistency with recent quarters based on current credit quality [127] Question: How is the competitive landscape in core lending businesses? - Management noted that regional banks are starting to re-enter the market, but the company has benefited from competitors pulling back [64] Question: What drove the notable deposit growth this quarter? - The company attributed deposit growth to proactive offers to existing customers and effective management of liquid assets [161] Question: How does the company view the impact of potential rate cuts on margins? - Management believes that the margin has reached its trough and expects stability and potential increases later in the year, regardless of rate cuts [132]

'18 '22 Med '13 100 year history in energy lending and a tested playbook that works 7 Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic • Credit quality remains better than pre-pandemic level with a decline in non-performing assets during the quarter • CRE office exposure is less than 4% of outstanding period end total loan balances, with properties in resilient markets Committed Criticized Assets / Tier 1 Capital & Reserves CRE Office by Location In Footprint, 66% Out of Fo ...