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BOK Financial
BOKF
#2248
Rank
$8.49 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$134.37
Share price
-0.18%
Change (1 day)
23.30%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q1

BOK Financial - 10-Q quarterly report FY2022 Q1


Text size:
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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 March 31, 2022
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 73-1373454
(State or other jurisdiction
of Incorporation or Organization)		 (IRS Employer
Identification No.)
  
Bank of Oklahoma Tower  
Boston Avenue at Second Street  
Tulsa,Oklahoma 74192
(Address of Principal Executive Offices) (Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes  ý  No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ý       Accelerated filer       ¨            
Non-accelerated filer   ¨    Smaller reporting company ☐
    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  ☐  No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 68,104,043 shares of common stock ($.00006 par value) as of March 31, 2022.

BOK Financial Corporation
Form 10-Q
Quarter Ended March 31, 2022

Index
Part I.  Financial Information
Management’s Discussion and Analysis (Item 2)        
Market Risk (Item 3)                                                                                              
Controls and Procedures (Item 4)
Consolidated Financial Statements – Unaudited (Item 1)
Quarterly Financial Summary – Unaudited (Item 2)
Quarterly Earnings Trend – Unaudited
  
Part II.  Other Information
Item 1.  Legal Proceedings
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.  Exhibits
Signatures


Management’s Discussion and Analysis of Financial Condition and Results of Operations
Performance Summary

BOK Financial Corporation (“the Company”) reported net income of $62.5 million or $0.91 per diluted share for the first quarter of 2022. Net income was $117.3 million or $1.71 per diluted share for the fourth quarter of 2021 and $146.1 million or $2.10 per diluted share for the first quarter of 2021. Interest rate volatility driven by expectations of future Federal Reserve actions to address rising inflation as well as the the deepening conflict in Ukraine combined to significantly decrease our trading revenue, mortgage loan production volumes, and our net mortgage servicing rights valuation.

Pre-provision net revenue ("PPNR"), a non-GAAP measure, was $78.7 million for the first quarter of 2022, $135.2 million for the fourth quarter of 2021, and $163.4 million for the first quarter of 2021.

Highlights of the first quarter of 2022 included:

•Net interest revenue totaled $268.4 million, a decrease of $8.7 million compared to the fourth quarter of 2021 and $12.0 million compared to the first quarter of 2021. Average earning assets were $43.5 billion for the first quarter of 2022, $44.2 billion for the fourth quarter of 2021, and $44.2 billion for the first quarter of 2021. Net interest margin was 2.44 percent for the first quarter of 2022, 2.52 percent for the fourth quarter of 2021, and 2.62 percent for the first quarter of 2021.
•Fees and commissions revenue totaled $97.6 million, a decrease of $48.7 million compared to the fourth quarter of 2021 and $64.5 million compared to the first quarter of 2021. Brokerage and trading revenue decreased $41.9 million from the prior quarter and $47.9 million from the first quarter of 2021. Mortgage banking revenue also decreased $4.6 million from the previous quarter and $20.5 million compared to first quarter of 2021.
•The net cost of the changes in fair value of mortgage servicing rights and related economic hedges was $8.4 million for the first quarter of 2022 compared to a net benefit of $4.7 million for the fourth quarter of 2021 and a net benefit of $4.7 million for the first quarter of 2021.
•Other operating expense totaled $277.6 million, a decrease of $21.9 million compared to the previous quarter and a decrease of $18.2 million compared to the first quarter of 2021. Compared to the fourth quarter of 2021, personnel expense decreased $15.2 million, largely due to a decrease in incentive compensation expense. Non-personnel expense decreased $6.6 million as the fourth quarter of 2021 included a $5.0 million charitable donation to the BOKF Foundation that did not recur in the first quarter of 2022. Compared to the first quarter of 2021, personnel expense decreased $13.8 million due to lower incentive compensation costs. Non-personnel expenses decreased $4.4 million as lower mortgage banking costs, other expense and donations to the BOKF Foundation were partially offset by increased business promotion expenses, occupancy and equipment expenses, and data processing and communications expenses.
•Period-end outstanding loan balances totaled $20.7 billion at March 31, 2022, growing $469 million compared to December 31, 2021. Excluding a decrease in loans originated through the Small Business Administration's Paycheck Protection Program ("PPP"), outstanding loan balances increased $608 million. Commercial loans increased $377 million and commercial real estate loans increased $270 million. Average loan balances increased $221 million compared to the prior quarter to $20.5 billion.
•No provision for expected credit losses was necessary for the first quarter of 2022. A $17.0 million negative provision for expected credit losses was recorded in the prior quarter. The impact of continued strength in commodity prices and improved credit quality metrics was offset by higher required provision due to loan growth and changes in our economic outlook. The combined allowance for credit losses totaled $283 million or 1.38 percent of outstanding loans, excluding PPP loans, at March 31, 2022. The combined allowance for credit losses was $289 million or 1.45 percent of outstanding loans, excluding PPP loans, at December 31, 2021.
•Nonperforming assets not guaranteed by U.S. government agencies decreased $13 million compared to December 31, 2021. Potential problem loans decreased $53 million while other loans especially mentioned decreased $4.1 million. Net charge-offs were $6.0 million or 0.12 percent of average loans on an annualized basis for the first quarter of 2022, excluding PPP loans. Net charge-offs were 0.14 percent of average loans, excluding PPP loans, over the last four quarters. Net recoveries were $714 thousand or 0.01 percent of average loans on an annualized basis for the fourth quarter of 2021, excluding PPP loans.
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•Period-end deposits were $39.4 billion at March 31, 2022, a $1.8 billion decrease compared to December 31, 2021 due to expected seasonal activity from 2021 year-end balances. Average deposits increased $560 million, including a $243 million increase in demand deposits and a $317 million increase in interest bearing deposits.
•The common equity Tier 1 capital ratio at March 31, 2022 was 11.30 percent. Other regulatory capital ratios included the Tier 1 capital ratio at 11.31 percent, total capital ratio at 12.25 percent, and leverage ratio at 8.47 percent. At December 31, 2021, the common equity Tier 1 capital ratio was 12.24 percent, the Tier 1 capital ratio was 12.25 percent, total capital ratio was 13.29 percent, and leverage ratio was 8.55 percent.
•The Company repurchased 475,877 shares of common stock at an average price of $101.02 per share in the first quarter of 2022 and 128,522 shares at an average price of $104.46 in the fourth quarter of 2021. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
•The Company paid a regular cash dividend of $36.1 million or $0.53 per common share during the first quarter of 2022. On May 3, 2022, the board of directors approved a quarterly cash dividend of $0.53 per common share payable on or about May 25, 2022 to shareholders of record as of May 10, 2022.

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Results of Operations
Net Interest Revenue and Net Interest Margin

Net interest revenue is the interest earned on debt securities, loans and other interest-earning assets less interest paid for interest-bearing deposits and other borrowings. The net interest margin is calculated by dividing tax-equivalent net interest revenue by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest spread due to interest income earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest revenue totaled $270.4 million for the first quarter of 2022, $279.2 million for the fourth quarter of 2021, and $282.7 million for the first quarter of 2021. Compared to the fourth quarter of 2021, net interest revenue increased $3.8 million from changes in earning assets and decreased $12.6 million from changes in interest rates. Table 1 shows the effect on net interest revenue from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets decreased $744 million compared to the fourth quarter of 2021. Average trading securities were reduced by $723 million. Average loan balances increased $221 million, largely due to growth in commercial loans. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies decreased $155 million. We purchase securities to supplement earnings and to manage interest rate risk. Interest-bearing cash and cash equivalents decreased $158 million.

Total average deposits grew by $560 million over the fourth quarter of 2021. Funds purchased and repurchase agreements decreased $889 million while other borrowings increased $268 million.

Net interest margin was 2.44 percent compared to 2.52 percent in the fourth quarter of 2021. The tax-equivalent yield on earning assets was 2.58 percent, a decrease of 8 basis points. The yield on trading securities was down 18 basis points to 1.71 percent, largely due to a decrease in the weighted average coupon rate. Loan yields decreased 13 basis points to 3.57 percent. Yields related to loan fees decreased 17 basis points from the prior quarter while core loan yields increased 4 basis points. PPP loan fees of $3.9 million were recognized in the first quarter of 2022 compared to $7.7 million in the previous quarter. PPP loan fees remaining to be recognized were $3.5 million as of March 31, 2022. The available for sale securities portfolio yield increased 5 basis points to 1.77 percent. The yield on fair value option securities increased 10 basis points to 2.81 percent.
Funding costs were 0.21 percent, consistent with the prior quarter. The cost of interest bearing deposits was unchanged at 0.12 percent. The cost of other borrowed funds increased 7 basis points to 0.74 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 7 basis points for the first quarter of 2022, unchanged from the prior quarter.

Compared to the first quarter of 2021, tax-equivalent net interest revenue decreased $2.1 million from a reduction in average earning assets and $10.2 million from changes in interest rates. Net interest margin was 2.44 percent for the first quarter of 2022, compared to 2.62 percent for the first quarter of 2021.
Average earning assets decreased $717 million compared to the first quarter of 2021. Average loans decreased $2.3 billion, largely due to a reduction in PPP loans combined with purposeful deleveraging by our customers as borrowers continued to pay down during this time of economic uncertainty. Available for sale securities decreased $341 million. Average trading securities increased $1.6 billion due to increased customer demand for U.S. government agency mortgage-backed securities in 2021.
Total average deposits increased $3.8 billion compared to the first quarter of 2021 as customers retained higher balances due to economic uncertainty during the height of the pandemic. Other borrowings decreased $2.2 billion while funds purchased and repurchase agreements decreased $826 million.
The tax-equivalent yield on earning assets decreased 20 basis points compared to the first quarter of 2021. The yield on trading securities decreased 35 basis points due to a lower weighted average coupon rate. The available for sale securities portfolio yield decreased 7 basis points as principal cash flows received from maturities of the available for sale securities portfolio were reinvested at lower current market rates. Loan yields increased 2 basis points to 3.57 percent. The yield on fair value option securities was up 86 basis points.
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Funding costs decreased 3 basis points compared to the first quarter of 2021. The cost of other borrowed funds increased 44 basis points and the cost of interest-bearing deposits decreased 5 basis points. The benefit to net interest margin from earning assets funded by non-interest bearing liabilities was 7 basis points for the first quarter of 2022, a decrease of 1 basis point compared to the first quarter of 2021.
Our overall objective is to manage the Company’s balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 77 percent of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that would be asset sensitive, which means that assets generally reprice more quickly than liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market-rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

The effectiveness of these strategies is reflected in the overall change in net interest revenue due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.

Table 1 -- Volume/Rate Analysis
(In thousands)
Three Months Ended
Mar. 31, 2022 / Dec. 31, 2021
  
Change Due To1
ChangeVolumeYield/Rate
Tax-equivalent interest revenue:   
Interest-bearing cash and cash equivalents
$(10)$(66)$56 
Trading securities(3,496)758 (4,254)
Investment securities
(186)(205)19 
Available for sale securities
2,380 827 1,553 
Fair value option securities189 173 16 
Restricted equity securities
79 195 (116)
Residential mortgage loans held for sale
152 130 22 
Loans(8,474)16 (8,490)
Total tax-equivalent interest revenue(9,366)1,828 (11,194)
Interest expense:
Transaction deposits246 (104)350 
Savings deposits(23)2 (25)
Time deposits(169)(253)84 
Funds purchased and repurchase agreements(594)(1,882)1,288 
Other borrowings(1)281 (282)
Subordinated debentures(28)(14)(14)
Total interest expense(569)(1,970)1,401 
Tax-equivalent net interest revenue(8,797)3,798 (12,595)
Change in tax-equivalent adjustment(131)
Net interest revenue$(8,666)
1    Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.
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Table 1 -- Volume/Rate Analysis (continued)
(In thousands)
Three Months Ended
Mar. 31, 2022 / 2021
  
Change Due To1
ChangeVolumeYield/Rate
Tax-equivalent interest revenue:   
Interest-bearing cash and cash equivalents
$299 $121 $178 
Trading securities5,072 12,244 (7,172)
Investment securities
(418)(498)80 
Available for sale securities
(662)1,625 (2,287)
Fair value option securities(5)(187)182 
Restricted equity securities
(252)(173)(79)
Residential mortgage loans held for sale
14 (175)189 
Loans(19,516)(20,356)840 
Total tax-equivalent interest revenue(15,468)(7,399)(8,069)
Interest expense:
Transaction deposits(980)235 (1,215)
Savings deposits(13)11 (24)
Time deposits(1,259)(630)(629)
Funds purchased and repurchase agreements3,350 (1,170)4,520 
Other borrowings(2,184)(2,129)(55)
Subordinated debentures(2,045)(1,594)(451)
Total interest expense(3,131)(5,277)2,146 
Tax-equivalent net interest revenue(12,337)(2,122)(10,215)
Change in tax-equivalent adjustment(328)
Net interest revenue$(12,009)
1    Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.
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Other Operating Revenue

Other operating revenue was $87.9 million for the first quarter of 2022, $157.4 million for the fourth quarter of 2021, and $177.1 million for the first quarter of 2021. Recent national and international events, including rising inflation, recent actions by the Federal Reserve to increase interest rates and expectations of future increases, and the deepening conflict in Ukraine combined to significantly decrease trading revenue and mortgage loan production volumes.

Table 2 – Other Operating Revenue 
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Brokerage and trading revenue
$(27,079)$14,869 $(41,948)(282)%$20,782 $(47,861)(230)%
Transaction card revenue24,216 24,998 (782)(3)%22,430 1,786 8 %
Fiduciary and asset management revenue
46,399 46,872 (473)(1)%41,322 5,077 12 %
Deposit service charges and fees
27,004 26,718 286 1 %24,209 2,795 12 %
Mortgage banking revenue16,650 21,278 (4,628)(22)%37,113 (20,463)(55)%
Other revenue10,445 11,586 (1,141)(10)%16,296 (5,851)(36)%
Total fees and commissions revenue
97,635 146,321 (48,686)(33)%162,152 (64,517)(40)%
Other gains (losses), net(1,644)6,081 (7,725)N/A10,121 (11,765)N/A
Loss on derivatives, net(46,981)(4,788)(42,193)N/A(27,650)(19,331)N/A
Gain (loss) on fair value option securities, net(11,201)1,418 (12,619)N/A(1,910)(9,291)N/A
Change in fair value of mortgage servicing rights
49,110 7,859 41,251 N/A33,874 15,236 N/A
Gain on available for sale securities, net937 552 385 N/A467 470 N/A
Total other operating revenue
$87,856 $157,443 $(69,587)(44)%$177,054 $(89,198)(50)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and commissions revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 27 percent of total revenue for the first quarter of 2022, excluding provision for credit losses and gains and losses on other assets, securities and derivatives and the change in the fair value of mortgage servicing rights. Interest rate volatility during the first quarter had a significant negative impact to our mortgage-related fee businesses, reducing the ratio of fees and commissions from our historical range of 35 percent to 45 percent. We believe that a variety of fee revenue sources provides an offset to changes in interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. Many of the economic factors such as rising interest rates that we expect will result in growth in net interest revenue or fiduciary and asset management revenue may also decrease mortgage banking production volumes and related trading, as we experienced in the first quarter of 2022. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. As interest rates are expected to move higher, we expect to experience increased benefits to our net interest margin, which provides an offset to reduced mortgage-related fee income. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, including the recent impact of the COVID-19 pandemic, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $41.9 million or 282 percent compared to the fourth quarter of 2021 and $47.9 million or 230 percent compared to the first quarter of 2021.
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Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue decreased $40.9 million to a net loss of $54.0 million compared to the prior quarter and decreased $57.8 million compared to first quarter of 2021. During 2021, to meet customer demand in response to expected tightening by the Federal Reserve and increasing rates, we increased the trading volume of short duration, low coupon U.S. government agency residential mortgage-backed securities, which led to record trading revenues in the third quarter of 2021. As inflation pressure increased in the first quarter of 2022 and the conflict in Ukraine intensified, fixed income markets were disrupted, reducing the demand for these securities. As of March 31, 2022, we have reduced our exposure to these securities by approximately 70 percent compared to December 31, 2021.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Derivative Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange and equity derivatives to our customers. Customer hedging revenue totaled $10.9 million for the first quarter of 2022, an increase of $1.8 million over the prior quarter. Customer hedging revenue increased $8.3 million over the first quarter of 2021 due to growth in interest rate and energy contracts. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Revenue earned from retail brokerage transactions totaled $4.6 million for the first quarter of 2022, relatively unchanged compared to both the fourth quarter of 2021 and first quarter of 2021.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $7.7 million for the first quarter of 2022, a decrease of $3.9 million compared to the fourth quarter of 2021, related to the timing and volume of completed transactions. Investment banking revenue increased $866 thousand over the first quarter of 2021.
Transaction Card Revenue

Transaction card revenue totaled $24.2 million for the first quarter of 2022, down slightly compared to the fourth quarter of 2021 due to seasonal factors. Transaction card revenue increased $1.8 million or 8 percent over the first quarter of 2021, largely due to stimulus measures and the broader reopening of the U.S. economy.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Approximately 90 percent of fiduciary and asset management revenue is primarily based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was relatively unchanged compared to the fourth quarter of 2021 and increased $5.1 million or 12 percent compared to the first quarter of 2021, largely driven by an increase in trust and managed account fees from higher client asset balances. We had approximately $2.6 million in fee waivers during the first quarter of 2022, compared to approximately $3.0 million in fee waivers in the prior quarter and $2.8 million in the first quarter of 2021. We have voluntarily waived certain administration fees on the Cavanal Hill money market funds in order to maintain positive yields on these funds in the current short-term interest rate environment.

A distribution of assets under management or administration and related fiduciary and asset management revenue follows:
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Table 3 -- Assets Under Management or Administration
(In thousands)
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$11,292,472 $28,331 1.00 %$12,739,289 $29,633 0.93 %$11,369,467 $23,608 0.83 %
Institutional18,592,153 9,995 0.22 %17,477,280 7,536 0.17 %15,144,797 6,818 0.18 %
Total managed fiduciary assets
29,884,625 38,326 0.51 %30,216,569 37,169 0.49 %26,514,264 30,426 0.46 %
Non-managed assets:
Fiduciary31,210,695 5,107 0.07 %34,320,264 6,647 0.08 %29,713,004 9,286 0.13 %
Non-fiduciary19,361,212 2,966 0.06 %20,253,072 3,056 0.06 %18,421,279 1,610 0.03 %
Safekeeping and brokerage assets under administration
20,624,823 — — %20,127,816 — — %17,307,641 — — %
Total non-managed assets
71,196,730 8,073 0.05 %74,701,152 9,703 0.05 %65,441,924 10,896 0.07 %
Total assets under management or administration
$101,081,355 $46,399 0.18 %$104,917,721 $46,872 0.18 %$91,956,188 $41,322 0.18 %
1 Assets under management or administration balance excludes $22 billion in assets under custody held by a sub-custodian where minimal revenue is recognized.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period-end balance.


A summary of changes in assets under management or administration for the three months ended March 31, 2022 and 2021 follows:

Table 4 -- Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended March 31,
20222021
Beginning balance$104,917,721 $91,592,247 
Net inflows (outflows)(1,774,056)(1,328,296)
Net change in fair value(2,062,310)1,692,237 
Ending balance$101,081,355 $91,956,188 

Assets under management as of March 31, 2022 consist of 41 percent fixed income, 38 percent equities, 13 percent cash, and 8 percent alternative investments.

Deposit Service Charges and Fees

Deposit service charges and fees were relatively flat compared to the fourth quarter of 2021 and increased $2.8 million or 12 percent over the first quarter of 2021. Commercial accounts where lower earnings credit rates caused by the low interest rate environment have resulted in higher service charges and consumer activity has increased following the pandemic shut downs. Overdraft and non-sufficient funds fees earned primarily on consumer deposit accounts totaled $6.2 million for the first quarter of 2022, largely unchanged from the prior quarter and an increase of $1.6 million over the first quarter of 2021.

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Mortgage Banking Revenue

Mortgage banking revenue decreased $4.6 million or 22 percent compared to the fourth quarter of 2021 due to lower production volume combined with narrowing margins. Interest rate volatility and continued inventory shortages have resulted in fewer refinance opportunities and heightened competitive pricing pressure. Mortgage production volume decreased $93 million to $408 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 76 basis points to 1.24 percent.

Mortgage banking revenue decreased $20.5 million or 55 percent compared to the first quarter of 2021. Mortgage loan production volume decreased $442 million or 52 percent largely due to industry-wide housing inventory constraints and overall market conditions. Production revenue as a percentage of production volume decreased 174 basis points compared to the first quarter of 2021.


Table 5 – Mortgage Banking Revenue 
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Mortgage production revenue
$5,055 $10,018 $(4,963)(50)%$25,287 $(20,232)(80)%
Mortgage loans funded for sale$418,866 $568,507 $843,053 
Add: Current period end outstanding commitments
160,260 171,412 387,465 
Less: Prior period end outstanding commitments
171,412 239,066 380,637 
Total mortgage production volume
$407,714 $500,853 $(93,139)(19)%$849,881 $(442,167)(52)%
Mortgage loan refinances to mortgage loans funded for sale
45 %51 %(600) bps65 %(2,000) bps
Realized margin on funded mortgage loans1.64 %2.34 %(70) bps3.10 %(146) bps
Production revenue as a percentage of production volume1.24 %2.00 %(76) bps2.98 %(174) bps
Primary mortgage interest rates:
Average
3.82 %3.08 %74  bps2.88 %94  bps
Period end
4.67 %3.11 %156  bps3.17 %150  bps
Mortgage servicing revenue
$11,595 $11,260 $335 3 %$11,826 $(231)(2)%
Average outstanding principal balance of mortgage loans serviced for others
16,155,329 15,930,480 224,849 1 %15,723,231 432,098 3 %
Average mortgage servicing revenue rates
0.29 %0.28 %1  bp0.31 %(2) bp
Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.
Other Revenue

Other revenue decreased $1.1 million or 10 percent compared to the fourth quarter of 2021. Other revenue decreased $5.9 million or 36 percent compared to the first quarter of 2021 as a result of lower operating revenue from repossessed oil and gas assets due to the sale of properties during the prior year, which was largely offset by a reduction of expenses on the same properties.






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Net gains on other assets, securities and derivatives

Other gains and losses, net decreased $7.7 million compared to the fourth quarter of 2021 primarily related to changes in the fair value of rabbi trust investments that are largely offset by lower deferred compensation expense. Other gains and losses, net decreased $11.8 million compared to the first quarter of 2021. The first quarter of 2021 included a $14.1 million gain on the sale of an equity interest received as part of the workout of a defaulted energy loan, partially offset by additional operating expenses and a write-down of a repossessed oil and gas property, and a $3.6 million impairment of a merchant banking investment.

As discussed in the Market Risk section following, the fair value of our mortgage servicing rights ("MSRs") changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

Table 6 - Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Mar. 31, 2021
Loss on mortgage hedge derivative contracts, net$(46,694)$(4,862)$(27,705)
Gain (loss) on fair value option securities, net(11,201)1,418 (1,910)
Loss on economic hedge of mortgage servicing rights, net(57,895)(3,444)(29,615)
Gain on change in fair value of mortgage servicing rights49,110 7,859 33,874 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue(8,785)4,415 4,259 
Net interest revenue on fair value option securities1
383 259 393 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(8,402)$4,674 $4,652 
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the first quarter of 2022 totaled $277.6 million, a decrease of $21.9 million compared to the fourth quarter of 2021, and a decrease of $18.2 million compared to the first quarter of 2021.

Table 7 – Other Operating Expense
(In thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Three Months Ended
Mar. 31, 2021		Increase (Decrease)%
Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Regular compensation
$96,474 $95,708 $766 1 %$97,211 $(737)(1)%
Incentive compensation:
Cash-based34,444 45,610 (11,166)(24)%42,259 (7,815)(18)%
Share-based3,304 7,153 (3,849)(54)%4,570 (1,266)28 %
Deferred compensation(2,124)2,071 (4,195)N/A2,263 (4,387)N/A
Total incentive compensation35,624 54,834 (19,210)(35)%49,092 (13,468)(27)%
Employee benefits27,130 23,932 3,198 13 %26,707 423 2 %
Total personnel expense159,228 174,474 (15,246)(9)%173,010 (13,782)(8)%
Business promotion6,513 6,452 61 1 %2,154 4,359 202 %
Charitable contributions to BOKF Foundation
— 5,000 (5,000)N/A4,000 (4,000)N/A
Professional fees and services
11,413 14,129 (2,716)(19)%11,980 (567)(5)%
Net occupancy and equipment30,855 26,897 3,958 15 %26,662 4,193 16 %
Insurance4,283 3,889 394 10 %4,620 (337)(7)%
Data processing and communications
39,836 39,358 478 1 %37,467 2,369 6 %
Printing, postage and supplies3,689 2,935 754 26 %3,440 249 7 %
Amortization of intangible assets3,964 4,438 (474)(11)%4,807 (843)(18)%
Mortgage banking costs7,877 8,667 (790)(9)%13,943 (6,066)(44)%
Other expense9,960 13,256 (3,296)(25)%13,701 (3,741)(27)%
Total other operating expense$277,618 $299,495 $(21,877)(7)%$295,784 $(18,166)(6)%
Average number of employees (full-time equivalent)
4,712 4,711 1 — %4,902 (190)(4)%
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense decreased $15.2 million compared to the fourth quarter of 2021. Cash-based incentive compensation expense decreased $11.2 million from elevated levels in the fourth quarter of 2021. Deferred compensation expense, which is largely offset by a decrease in the value of related investments included in Other gains (losses), net, decreased $4.2 million. Share-based compensation expense decreased $3.8 million resulting from changes in vesting assumptions. Employee benefits expense increased $3.2 million due to a seasonal increase in payroll taxes and retirement plan costs, partially offset by a decrease in employee healthcare costs.
Personnel expense decreased $13.8 million compared to the first quarter of 2021. Cash-based incentive compensation decreased $7.8 million primarily due to reduced trading revenues. Deferred compensation expense decreased $4.4 million; however, this is largely offset by a decrease in the value of related investments included in Other gains (losses), net. Share-based compensation expense decreased $1.3 million based on changes in vesting assumptions of certain performance-based equity awards. Regular compensation expense was relatively consistent with the first quarter of 2021 as the impact of annual standard merit increases was dampened by a decrease in the number of employees.

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Non-personnel operating expense
Non-personnel expense decreased $6.6 million compared to the fourth quarter of 2021. The prior quarter included a $5.0 million charitable contribution to the BOKF Foundation. Decreases in professional fees and services expense and other expense were partially offset by an increase in occupancy and equipment expense.
Non-personnel operating expense decreased $4.4 million compared to the first quarter of 2021. Mortgage banking costs decreased $6.1 million, largely due to a decrease in prepayments combined with lower accruals related to default servicing and loss mitigation costs on loans serviced for others. The first quarter of 2021 also included a $4.0 million charitable contribution to the BOKF Foundation that did not recur in the first quarter of 2022. Other expense decreased $3.7 million as a result of lower operating expense from repossessed oil and gas assets due to the sale of certain repossessed oil and gas properties during the second and third quarters of 2021; however, this was offset by decreased revenue from these same properties. These expense decreases were offset by a $4.4 million increase in business promotion expense as advertising and travel expenses have returned to pre-pandemic levels, an increase of $4.2 million in net occupancy and equipment expense, and a $2.4 million increase in data processing and communications expense due to continued investment in technology upgrades.
Income Taxes

The effective tax rate was 20.6 percent for the first quarter of 2022, 22.7 percent for the first quarter of 2021 and 22.9 percent for the fourth quarter of 2021. The effective rate for the first quarter of 2022 decreased compared to fourth quarter of 2021 primarily due to the decrease in net income before tax relative to increased excess tax benefits from vested share-based compensation. Income tax expense for the first quarter of 2022 decreased $18.6 million compared to the fourth quarter of 2021, primarily due to the decrease in net income before tax for the first quarter of 2022.
Lines of Business

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

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

We allocate resources and evaluate the performance of our lines of business using the net direct contribution, which includes the allocation of funds and capital costs. Credit costs are attributed to the lines of business based on net loans charged off or recovered. The difference between credit costs attributed to the lines of business and the consolidated provision for credit losses is attributed to Funds Management. In addition, we measure the performance of our business lines after allocations of certain indirect expenses and taxes based on statutory rates.

The cost of funds borrowed from the Funds Management unit by the operating lines of business is transfer priced at rates that approximate market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on the applicable wholesale borrowing rates or interest rate swap rates, adjusted for prepayment risk and liquidity risk. This method of transfer-pricing funds that support assets of the operating lines of business tends to insulate them from interest rate risk.

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The value of funds provided by the operating lines of business to the Funds Management unit is also based on rates that approximate wholesale market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on a proxy of wholesale borrowing rates or interest rate swap rates. The funds credit formula applied to deposit products with indeterminate maturities is established based on their repricing characteristics reflected in a combination of the short-term wholesale funding rate and a moving average of an intermediate term swap rate, with an appropriate spread applied to both. Shorter duration products are weighted towards the short term wholesale funding rates and longer duration products are weighted towards the intermediate swap rates. The expected duration ranges from 30 days for certain rate-sensitive deposits to five years.

Economic capital is assigned to the business units by a capital allocation model that reflects management’s assessment of risk. This model assigns capital based upon credit, operating, interest rate and other market risk inherent in our business lines and recognizes the diversification benefits among the units. The level of assigned economic capital is a combination of the risk taken by each business line, based on its actual exposures and calibrated to its own loss history where possible. Average invested capital includes economic capital and amounts we have invested in the lines of business.

As shown in Table 8, net income attributable to our lines of business decreased $41.4 million compared to the fourth quarter of 2021. Net interest revenue decreased $9.4 million, primarily due to a reduction in loan fees and two fewer days in the quarter. Net charge-offs increased $7.2 million. Other operating revenue decreased $36.4 million primarily due to the impact of interest rate volatility on our trading activities, mortgage banking revenue and mortgage servicing rights valuation. Operating expense decreased $13.0 million, primarily attributable to reduced incentive compensation expense.

Net interest revenue increased by $20.7 million compared to the prior year, primarily driven by an increase in the spread on deposits sold to our Funds Management unit. Net charge-offs decreased $8.7 million compared to the first quarter of 2021. Other operating revenue decreased by $48.6 million primarily due to incurred trading losses and reduced mortgage banking revenue. These decreases were partially offset by increases in other revenue, fiduciary and asset management revenue, deposit service charges and fees, and transaction card revenue. Operating expense decreased $12.8 million compared to the first quarter of 2021, mainly from reduced mortgage banking costs in Consumer Banking and reduced incentive compensation expense.

Table 8 -- Net Income by Line of Business
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Commercial Banking
$82,344 $83,514 $(1,170)(1)%$69,673 $12,671 18 %
Consumer Banking(7,317)6,810 (14,127)(207)%6,948 (14,265)(205)%
Wealth Management(4,419)21,700 (26,119)(120)%19,382 (23,801)(123)%
Subtotal70,608 112,024 (41,416)(37)%96,003 (25,395)(26)%
Funds Management and other(8,120)5,294 (13,414)N/A50,057 (58,177)N/A
Total$62,488 $117,318 $(54,830)(47)%$146,060 $(83,572)(57)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

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Commercial Banking

Commercial Banking contributed $82.3 million to consolidated net income in the first quarter of 2022, a decrease of $1.2 million or 1 percent compared to the fourth quarter of 2021 and an increase of $12.7 million over the first quarter of 2021.

Table 9 -- Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Net interest revenue from external sources
$147,590 $148,948 $(1,358)(1)%$155,799 $(8,209)(5)%
Net interest expense from internal sources
(10,579)(8,225)(2,354)29 %(25,794)15,215 (59)%
Total net interest revenue
137,011 140,723 (3,712)(3)%130,005 7,006 5 %
Net loans charged off (recovered)5,343 (1,933)7,276 (376)%13,985 (8,642)(62)%
Net interest revenue after net loans charged off (recovered)131,668 142,656 (10,988)(8)%116,020 15,648 13 %
Fees and commissions revenue
56,964 57,414 (450)(1)%49,847 7,117 14 %
Other gains (losses), net463 629 (166)N/A(3,268)3,731 N/A
Other operating revenue
57,427 58,043 (616)(1)%46,579 10,848 23 %
Personnel expense
38,927 47,242 (8,315)(18)%39,252 (325)(1)%
Non-personnel expense
26,187 27,217 (1,030)(4)%27,727 (1,540)(6)%
Other operating expense
65,114 74,459 (9,345)(13)%66,979 (1,865)(3)%
Net direct contribution
123,981 126,240 (2,259)(2)%95,620 28,361 30 %
Gain (loss) on financial instruments, net(204)43 (247)N/A33 (237)N/A
Gain on repossessed assets, net1,793 646 1,147 N/A12,737 (10,944)N/A
Corporate expense allocations
16,246 12,926 3,320 26 %12,734 3,512 28 %
Income before taxes
109,324 114,003 (4,679)(4)%95,656 13,668 14 %
Federal and state income tax
26,980 30,489 (3,509)(12)%25,983 997 4 %
Net income
$82,344 $83,514 $(1,170)(1)%$69,673 $12,671 18 %
Average assets
$29,823,905 $29,451,007 $372,898 1 %$28,047,052 $1,776,853 6 %
Average loans
16,696,428 16,334,695 361,733 2 %17,522,520 (826,092)(5)%
Average deposits
19,595,260 19,537,285 57,975 — %16,130,168 3,465,092 21 %
Average invested capital
2,020,925 2,021,214 (289)— %2,157,062 (136,137)(6)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue decreased $3.7 million compared to the fourth quarter of 2021, primarily due to reduced loan fees and two fewer days in the quarter.

Fees and commissions revenue was consistent with the prior quarter. Operating expense decreased $9.3 million or 13 percent compared to the fourth quarter of 2021, primarily due to a decline in incentive compensation from elevated levels in the prior quarter. Corporate expense allocations increased $3.3 million or 26 percent primarily related to project resources.

Average outstanding balance of loans attributed to Commercial Banking increased $362 million or 2 percent over the fourth quarter of 2021 to $16.7 billion. See the Loans section of Management’s Discussion and Analysis of Financial Condition following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment. 

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Average deposits attributed to Commercial Banking were $19.6 billion for first quarter of 2022, a $58 million increase over the fourth quarter of 2021. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of change.

Net interest revenue increased $7.0 million over the first quarter of 2021, largely driven by increased deposit balances and improved spreads. Net loans charged-off decreased $8.6 million. Fees and commissions revenue increased $7.1 million or 14 percent compared to the first quarter of 2021 due to growth in customer hedging revenue and an increase in revenues from processing transactions on behalf of the members of our TransFund EFT network. These increases were partially offset by reduced operating revenue from repossessed oil and gas assets due to the sale of properties during the prior year, which was largely offset by a reduction of expenses on the same properties. Corporate expense allocations increased $3.5 million or 28 percent compared to the prior year related to increased project resources.

Average loan balances decreased $826 million or 5 percent and average deposits increased $3.5 billion or 21 percent over the first quarter of 2021.




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Consumer Banking

Consumer Banking provides retail banking services through four primary distribution channels: traditional branches, the 24-hour ExpressBank call center, Internet banking and mobile banking. Consumer Banking also conducts mortgage banking activities through offices located outside of our Consumer Banking markets.

Consumer Banking had a net loss of $7.3 million for the first quarter of 2022, compared to prior quarter net income of $6.8 million, largely due to lower mortgage production volumes and narrowing margins combined with lower spreads on deposits sold to our Funds Management unit.

Table 10 -- Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Net interest revenue from external sources
$16,915 $16,650 $265 2 %$16,686 $229 1 %
Net interest revenue from internal sources
10,292 13,735 (3,443)(25)%4,288 6,004 140 %
Total net interest revenue27,207 30,385 (3,178)(10)%20,974 6,233 30 %
Net loans charged off1,112 1,198 (86)(7)%1,136 (24)(2)%
Net interest revenue after net loans charged off
26,095 29,187 (3,092)(11)%19,838 6,257 32 %
Fees and commissions revenue33,977 38,944 (4,967)(13)%52,300 (18,323)(35)%
Other losses, net
(16)— (16)N/A(18)2 N/A
Other operating revenue33,961 38,944 (4,983)(13)%52,282 (18,321)(35)%
Personnel expense20,984 21,689 (705)(3)%21,908 (924)(4)%
Non-personnel expense27,805 30,347 (2,542)(8)%33,714 (5,909)(18)%
Total other operating expense48,789 52,036 (3,247)(6)%55,622 (6,833)(12)%
Net direct contribution11,267 16,095 (4,828)(30)%16,498 (5,231)(32)%
Loss on financial instruments, net(57,895)(3,444)(54,451)N/A(29,616)(28,279)N/A
Change in fair value of mortgage servicing rights
49,110 7,859 41,251 N/A33,874 15,236 N/A
Gain on repossessed assets, net45 44 1 N/A41 4 N/A
Corporate expense allocations12,080 11,420 660 6 %11,475 605 5 %
Income (loss) before taxes(9,553)9,134 (18,687)(205)%9,322 (18,875)(202)%
Federal and state income tax(2,236)2,324 (4,560)(196)%2,374 (4,610)(194)%
Net income (loss)$(7,317)$6,810 $(14,127)(207)%$6,948 $(14,265)(205)%
Average assets$10,273,890 $10,186,797 $87,093 1 %$9,755,539 $518,351 5 %
Average loans1,672,346 1,705,222 (32,876)(2)%1,823,732 (151,386)(8)%
Average deposits8,746,622 8,682,437 64,185 1 %8,082,443 664,179 8 %
Average invested capital255,758 249,446 6,312 3 %256,188 (430)— %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue from Consumer Banking activities decreased $3.2 million or 10 percent compared to the fourth quarter of 2021, mainly due to lower spreads on deposits sold to our Funds Management unit. Average consumer deposits grew $64.2 million or 1 percent over the fourth quarter of 2021.


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Operating revenue decreased $5.0 million compared to the prior quarter. Mortgage production volume decreased $93 million to $408 million and production revenue as a percentage of production volumes decreased 76 basis points resulting in a $4.7 million decrease in mortgage banking revenues. Operating expense decreased $3.2 million, primarily due to decreased professional fees and services expense and mortgage banking costs. Corporate expense allocations were consistent with the fourth quarter of 2021.

The net cost of the changes in fair value of mortgage servicing rights and related economic hedges was $8.4 million for the first quarter of 2022 compared to a net benefit of $4.7 million for the fourth quarter of 2021 and a net benefit of $4.3 million in the first quarter of 2021. Interest rate volatility affected the effectiveness of our mortgage servicing rights hedging strategy.

Net interest revenue from Consumer Banking activities increased $6.2 million or 30 percent over the first quarter of 2021, primarily due to increased deposit balances combined with an increase in the spread on deposits sold to our Funds Management unit, as well as improved loan spreads. Fees and commissions revenue decreased $18.3 million or 35 percent compared to the first quarter of 2021. Mortgage banking revenue decreased $20.4 million due to lower mortgage production volume and compression in production revenue as a percentage of production volume. Deposit service charges increased $1.7 million. Customer spending levels increased with the broader reopening of the U.S. economy, which resulted in increased overdraft fees and check card revenue compared to the prior year. Operating expense decreased $6.8 million due to a decrease in mortgage banking costs.





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Wealth Management

Wealth Management had a net loss of $4.4 million in the first quarter of 2022 compared to net income of $21.7 million in the fourth quarter of 2021, and net income of $19.4 million in the first quarter of 2021. The first quarter of 2022 was impacted by a net loss on trading activities.

Table 11 -- Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2021		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2022Dec. 31, 2021
Net interest revenue from external sources
$56,231 $57,239 $(1,008)(2)%$48,554 $7,677 16 %
Net interest revenue (expense) from internal sources(465)990 (1,455)(147)%(200)(265)133 %
Total net interest revenue55,766 58,229 (2,463)(4)%48,354 7,412 15 %
Net loans recovered(71)(71)— — %(29)(42)145 %
Net interest revenue after net loans recovered55,837 58,300 (2,463)(4)%48,383 7,454 15 %
Fees and commissions revenue25,023 56,275 (31,252)(56)%65,684 (40,661)(62)%
Other gains (losses), net(5)(472)467 N/A439 (444)N/A
Other operating revenue25,018 55,803 (30,785)(55)%66,123 (41,105)(62)%
Personnel expense52,894 51,871 1,023 2 %57,414 (4,520)(8)%
Non-personnel expense21,601 23,076 (1,475)(6)%21,151 450 2 %
Other operating expense74,495 74,947 (452)(1)%78,565 (4,070)(5)%
Net direct contribution6,360 39,156 (32,796)(84)%35,941 (29,581)(82)%
Corporate expense allocations12,062 9,971 2,091 21 %9,887 2,175 22 %
Income (loss) before taxes(5,702)29,185 (34,887)(120)%26,054 (31,756)(122)%
Federal and state income tax(1,283)7,485 (8,768)(117)%6,672 (7,955)(119)%
Net income (loss)$(4,419)$21,700 $(26,119)(120)%$19,382 $(23,801)(123)%
Average assets$21,323,795 $20,725,903 $597,892 3 %$18,645,865 $2,677,930 14 %
Average loans2,118,780 2,065,261 53,519 3 %1,917,973 200,807 10 %
Average deposits9,619,323 9,194,019 425,304 5 %9,706,295 (86,972)(1)%
Average invested capital305,597 309,038 (3,441)(1)%313,355 (7,758)(2)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Combined net interest revenue and fee revenue decreased $33.7 million. Combined revenue from trading activities decreased $43.3 million compared to the fourth quarter of 2021, primarily due to reduced customer demand for U.S. government agency residential mortgage-backed securities. Fiduciary and asset management revenue and retail brokerage revenue were relatively consistent with the prior quarter as decreases in revenue related to assets under management or administration were offset by improved money market fund fees. Operating expense was consistent with prior quarter.

Average outstanding loans attributed to the Wealth Management segment increased $54 million or 3 percent and average Wealth Management deposits increased $425 million or 5 percent. Deposit balances began to decline in the second half of March 2022 from elevated levels in the fourth quarter of 2021.
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Combined net interest revenue and fee revenue from trading activities decreased by $51.2 million or 97 percent compared to the prior year due to reduced demand for agency residential mortgage-backed securities. Fiduciary and asset management revenue increased $5.2 million due to growth in trust fees and managed account fees as a result of higher client asset balances. Operating expense decreased $4.1 million largely due to reduced trading related incentive compensation expense.

Average loans attributed to the Wealth Management segment grew $201 million or 10 percent to $2.1 billion. Average Wealth Management deposits decreased $87.0 million or 1 percent.
Financial Condition
Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity and comply with regulatory requirements. Securities are classified as trading, held for investment, or available for sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of March 31, 2022 and December 31, 2021.

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers and others. Trading securities decreased $4.2 billion to $4.9 billion during the first quarter of 2022. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques.

At March 31, 2022, the carrying value of investment (held-to-maturity) securities was $184 million, including a $633 thousand allowance for expected credit losses compared to $210 million at December 31, 2021 with a $555 thousand allowance for expected credit losses. The fair value of investment securities was $191 million at March 31, 2022 and $231 million at December 31, 2021. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders’ equity. The amortized cost of available for sale securities totaled $13.4 billion at March 31, 2022, a $377 million increase compared to December 31, 2021. The increase in the cost basis of available for sale securities was partially offset by a $263 million decrease in fair value due to rising interest rates. At March 31, 2022, the available for sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or prepayment during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities at March 31, 2022 is 3.6 years. Management estimates the duration extends to 4.2 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 3.1 years assuming a 100 basis point decline in the current low rate environment. Management also regularly monitors the impact of interest rate risk on the available for sale securities portfolio on our tangible equity ratio under various shock scenarios. Throughout the first quarter of 2022, this exposure was reported and monitored by management, and the portfolio's actual performance remained within expectations.

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Loans

The aggregate loan portfolio before allowance for loan losses totaled $20.7 billion at March 31, 2022, a $469 million increase over December 31, 2021. Core loans, which exclude paycheck protection program loans increased $608 million, primarily due to growth in both commercial and commercial real estate loans.

Table 12 -- Loans
(In thousands
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Commercial: 
Healthcare$3,441,732 $3,414,940 $3,347,641 $3,381,261 $3,290,758 
Services3,351,495 3,367,193 3,323,422 3,389,756 3,421,948 
Energy3,197,667 3,006,884 2,814,059 3,011,331 3,202,488 
General business2,892,295 2,717,448 2,690,018 2,690,559 2,742,590 
Total commercial12,883,189 12,506,465 12,175,140 12,472,907 12,657,784 
Commercial real estate:
Office1,097,516 1,040,963 1,030,755 1,073,346 1,094,060 
Industrial911,928 766,125 890,316 824,577 789,437 
Multifamily867,288 786,404 875,586 964,824 1,227,915 
Retail667,561 679,917 766,402 784,445 787,648 
Residential construction and land development
120,506 120,016 118,416 128,939 119,079 
Other commercial real estate436,157 437,900 435,417 470,861 485,208 
Total commercial real estate4,100,956 3,831,325 4,116,892 4,246,992 4,503,347 
Paycheck protection program137,365 276,341 536,052 1,121,583 1,848,550 
Loans to individuals: 
Residential mortgage1,723,506 1,722,170 1,747,243 1,772,627 1,797,478 
Residential mortgage guaranteed by U.S. government agencies
322,581 354,173 376,986 413,806 420,051 
Personal1,506,832 1,515,206 1,395,623 1,388,534 1,306,637 
Total loans to individuals3,552,919 3,591,549 3,519,852 3,574,967 3,524,166 
Total$20,674,429 $20,205,680 $20,347,936 $21,416,449 $22,533,847 
Commercial

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

Commercial loans totaled $12.9 billion or 62 percent of the loan portfolio at March 31, 2022, a $377 million increase compared to December 31, 2021, primarily due to growth in the energy loan portfolio. Healthcare and general business loan balances also increased, partially offset by a decrease in services loans.
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Approximately 77 percent of loans in this segment are located within our geographic footprint, based on collateral location. Loans for which the collateral location is less relevant, such as unsecured loans and reserve-based energy loans are categorized by the borrower's primary operating location. The largest concentration of loans in this segment outside of our footprint is California, totaling 4 percent of the segment.

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

Outstanding energy loans totaled $3.2 billion or 15 percent of total loans at March 31, 2022, a $191 million increase over December 31, 2021. Approximately $2.4 billion of energy loans were to oil and gas producers, a $235 million increase over December 31, 2021. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 72 percent of the committed production loans are secured by properties primarily producing oil and 28 percent of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $630 million at March 31, 2022, a $16 million decrease compared to December 31, 2021. Loans to borrowers that provide services to the energy industry totaled $121 million at March 31, 2022, a decrease of $22 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $24 million, a decrease of $6.7 million compared to the prior quarter.

Unfunded energy loan commitments were $3.0 billion at March 31, 2022, a $23 million increase over December 31, 2021.

The healthcare sector of the loan portfolio totaled $3.4 billion or 17 percent of total loans. Healthcare loans increased $27 million over December 31, 2021, primarily due to growth in loans to acute care and specialty hospital sectors. This was partially offset by a decline in balances to other medical practices compared to the prior quarter. Healthcare sector loans consist primarily of loans for the development and operation 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 that serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.4 billion or 16 percent of total loans, a $16 million decrease compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local governments, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.6 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer’s business. 

General business loans totaled $2.9 billion or 14 percent of total loans, an increase of $175 million over the prior quarter. General business loans consist of $1.5 billion of wholesale/retail loans and $1.4 billion of loans from other commercial industries.

We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At March 31, 2022, the outstanding principal balance of these loans totaled $4.0 billion, including $1.8 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 23 percent of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management’s quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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Commercial Real Estate

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

The outstanding balance of commercial real estate loans increased $270 million over December 31, 2021 to $4.1 billion or 20 percent of total loans at March 31, 2022, as the recent payoff trend in this portfolio has abated. Loans secured by industrial facilities increased $146 million to $912 million. Multifamily residential loans increased $81 million to $867 million at March 31, 2022. Loans secured by office facilities increased $57 million to $1.1 billion.

Approximately 70 percent of loans in this segment are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 9 percent of the segment. All other states represent less than 5 percent individually.
Paycheck Protection Program
We actively participated in programs initiated by the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), including the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") that began on April 3, 2020. PPP provided fully forgivable loans when utilized for qualified expenditures, including to help small businesses maintain payrolls during the COVID-19 pandemic. These loans generally have a contractual term of two years, though most are expected to be forgiven prior to maturity after completion of a compliance period. Loans are guaranteed and amounts forgiven will be reimbursed to the Company by the SBA. The loans carry a fixed interest rate of 1 percent. Interest plus loan fees, which vary depending on loan size, are accrued over the contractual life of the loan. Any unaccreted origination fees will be recognized when the loan is paid. At March 31, 2022, approximately $24 million of PPP loans from the initial rounds remain outstanding, with an insignificant unaccreted origination fee balance remaining.
The Company also participated in the most recent round of PPP, which began on January 19, 2021. Approximately $114 million of PPP loans from this round remain outstanding. The newest round of loans have a fixed interest rate of 1 percent and a contractual term of five years, but are expected to be forgiven prior to maturity. Unaccreted origination fees related to the 2021 vintage of PPP loans totaled $3.5 million at March 31, 2022.
Loans to Individuals

Loans to individuals include residential mortgage and personal loans. Residential mortgage loans provide funds for our customers to purchase or refinance their primary residence or to borrow against the equity in their home. These loans are secured by a first or second mortgage on the customer's primary residence. These loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.

In general, we sell the majority of our conforming fixed-rate loan originations in the secondary market and retain the majority of our non-conforming and adjustable-rate mortgage loans. Our mortgage loan portfolio does not include payment option adjustable-rate mortgage loans or adjustable-rate mortgage loans with initial rates that are below market. Home equity loans are primarily first-lien and fully amortizing.

Residential mortgage, which includes home equity loans, and personal loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.

Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and marketable securities. It also includes direct loans secured by and for the purchase of automobiles, recreational and marine equipment as well as unsecured loans.

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Approximately 92 percent of the loans in this segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans are categorized by the borrower’s primary operating location.

Residential mortgage loans guaranteed by U.S. government agencies have limited credit exposure because of the agency guarantee. This amount includes residential mortgage loans previously sold into GNMA mortgage pools that the Company may repurchase when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet. After peaking in the second quarter of 2021, these loans are migrating toward pre-COVID levels through payoffs or sales.

The Company secondarily evaluates loan portfolio performance based on the primary geographical market managing the loan. Loans attributed to a geographical market may not represent the location of the borrower or the collateral. All permanent mortgage loans serviced by our mortgage banking unit and held for investment by the Company are centrally managed by the Oklahoma market.

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Table 13-- Loans Managed by Primary Geographical Market
(In thousands)
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Texas:
Commercial$6,254,883 $6,068,700 $5,815,562 $5,690,901 $5,748,345 
Commercial real estate1,345,105 1,253,439 1,383,871 1,403,751 1,511,714 
Paycheck protection program31,242 81,654 115,623 342,933 537,899 
Loans to individuals957,320 942,982 901,121 885,619 848,194 
Total Texas8,588,550 8,346,775 8,216,177 8,323,204 8,646,152 
Oklahoma:
Commercial2,883,663 2,633,014 2,590,887 2,840,560 2,975,477 
Commercial real estate552,310 546,021 552,184 552,673 597,840 
Paycheck protection program52,867 69,817 192,474 242,880 468,002 
Loans to individuals1,977,886 2,024,404 2,014,099 2,063,419 2,043,705 
Total Oklahoma5,466,726 5,273,256 5,349,644 5,699,532 6,085,024 
Colorado:
Commercial1,977,773 1,936,149 1,874,613 1,904,182 1,910,826 
Commercial real estate480,740 470,937 526,653 656,521 777,786 
Paycheck protection program28,584 82,781 140,470 299,712 436,540 
Loans to individuals236,125 256,533 249,298 262,796 264,759 
Total Colorado2,723,222 2,746,400 2,791,034 3,123,211 3,389,911 
Arizona:
Commercial1,074,551 1,130,798 1,194,801 1,239,270 1,207,089 
Commercial real estate719,970 674,309 734,174 705,497 667,766 
Paycheck protection program11,644 21,594 42,815 104,946 208,481 
Loans to individuals190,746 186,528 182,506 178,481 179,031 
Total Arizona1,996,911 2,013,229 2,154,296 2,228,194 2,262,367 
Kansas/Missouri:
Commercial334,371 338,697 336,414 388,291 421,974 
Commercial real estate436,740 382,761 408,001 406,055 395,590 
Paycheck protection program2,595 4,718 6,920 41,954 60,741 
Loans to individuals121,247 110,889 100,920 103,092 104,954 
Total Kansas/Missouri894,953 837,065 852,255 939,392 983,259 
New Mexico:
Commercial262,533 306,964 287,695 304,804 307,395 
Commercial real estate504,632 442,128 437,302 437,996 448,298 
Paycheck protection program9,713 13,510 31,444 86,716 124,059 
Loans to individuals63,299 63,930 66,651 68,177 70,491 
Total New Mexico840,177 826,532 823,092 897,693 950,243 
Arkansas:
Commercial95,415 92,143 75,168 104,899 86,678 
Commercial real estate61,459 61,730 74,707 84,499 104,353 
Paycheck protection program720 2,267 6,306 2,442 12,828 
Loans to individuals6,296 6,283 5,257 13,383 13,032 
Total Arkansas163,890 162,423 161,438 205,223 216,891 
Total BOK Financial loans$20,674,429 $20,205,680 $20,347,936 $21,416,449 $22,533,847 
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Off-Balance Sheet Commitments

We enter into certain off-balance sheet arrangements in the normal course of business as shown in Table 14. Loan commitments may be unconditional obligations to provide financing or conditional obligations that depend on the borrower’s financial condition, collateral value or other factors. Standby letters of credit are unconditional commitments to guarantee the performance of our customer to a third party. Since some of these commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

We have off-balance sheet commitments related to certain residential mortgage loans sold into mortgage-backed securities as part of our mortgage banking activities. We retain off-balance sheet credit risk related to losses in excess of amounts guaranteed by the U.S. Department of Veterans Affairs ("VA").

We also have off-balance sheet credit risk related to certain residential mortgage loans primarily originated under community development loan programs that were sold to a U.S. government agency with full recourse prior to 2007. We are obligated to repurchase these loans for the life of these loans in the event of foreclosure for the unpaid principal and interest at the time of foreclosure. The majority of our conforming fixed rate loan originations are sold in the secondary market and we only retain repurchase obligations under standard underwriting representations and warranties.

Table 14 – Off-Balance Sheet Credit Commitments
(In thousands)
 Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Loan commitments$12,490,832 $12,471,482 $12,044,695 $11,518,158 $11,151,650 
Standby letters of credit654,185 699,743 638,067 671,878 713,834 
Unpaid principal balance of residential mortgage loans sold with recourse
51,459 54,619 57,988 63,545 68,393 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs1,062,197 1,095,877 1,150,124 1,225,100 1,326,300 
Customer Derivative Programs
 
We offer programs that permit our customers to hedge various risks, including fluctuations in energy, cattle and other agricultural product prices, interest rates and foreign exchange rates. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to the customer contracts, except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk and profit.

The customer derivative programs create credit risk for potential amounts due to the Company from our customers and from the counterparties. Customer credit risk is monitored through existing credit policies and procedures. The effects of changes in commodity prices, interest rates or foreign exchange rates are evaluated across a range of possible scenarios to determine the maximum exposure we are willing to have individually to any customer. Customers may also be required to provide cash margin or other collateral in conjunction with our credit agreements to further limit our credit risk.

Counterparty credit risk is evaluated through existing policies and procedures. This evaluation considers the total relationship between BOK Financial and each of the counterparties. Individual limits are established by management, approved by Credit Administration and reviewed by the Asset/Liability Committee. Margin collateral is required if the exposure between the Company and any counterparty exceeds established limits. Based on declines in the counterparties’ credit ratings, these limits may be reduced and additional margin collateral may be required.

A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorated such that either the fair value of underlying collateral no longer supported the contract or the customer or the counterparty’s ability to provide margin collateral was impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.
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Derivative contracts are carried at fair value. At March 31, 2022, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $2.4 billion compared to $1.1 billion at December 31, 2021. At March 31, 2022, the net fair value of our derivative contracts included $2.1 billion for energy contracts, $179 million for foreign exchange contracts and $63 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $2.4 billion at March 31, 2022 and $1.1 billion at December 31, 2021.

At March 31, 2022, total derivative assets were reduced by $38 million of cash collateral received from counterparties and total derivative liabilities were reduced by $2.2 billion of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement. Derivative contracts executed with customers may be secured by non-cash collateral in conjunction with a credit agreement with that customer, such as proven producing oil and gas properties. Access to this collateral in event of default is reasonably assured.

A table showing the notional and fair value of derivative assets and liabilities on both a gross and net basis is presented in Note 3 to the Consolidated Financial Statements.

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at March 31, 2022 follows in Table 15.

Table 15 -- Fair Value of Derivative Contracts
(In thousands)
Customers$2,206,003 
Banks and other financial institutions112,897 
Exchanges and clearing organizations27,824 
Fair value of customer risk management program asset derivative contracts, net$2,346,724 
 
At March 31, 2022, our largest derivative exposure was to an energy customer for $107 million.

Our customer derivative program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits. Also, changes in commodity prices affect the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices equivalent to $86.03 per barrel of oil would decrease the fair value of derivative assets by $529 million, with lending customers comprising the bulk of the assets. An increase in prices equivalent to $114.53 per barrel of oil would increase the fair value of derivative assets by $657 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At March 31, 2022, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million. The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of March 31, 2022, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
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Summary of Credit Loss Experience

Table 16 -- Summary of Credit Loss Experience
(In thousands)
Three Months Ended
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Allowance for loan losses:  
Beginning balance$256,421 $276,680 311,890 352,402 388,640 
Loans charged off(7,805)(6,558)(9,584)(18,304)(16,905)
Recoveries of loans previously charged off1,824 7,272 1,769 2,856 2,437 
Net loans recovered (charged off)(5,981)714 (7,815)(15,448)(14,468)
Provision for credit losses
(3,967)(20,973)(27,395)(25,064)(21,770)
Ending balance$246,473 $256,421 $276,680 $311,890 $352,402 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$32,977 $29,239 24,287 32,877 36,921 
Provision for credit losses
3,268 3,738 4,952 (8,590)(4,044)
Ending balance$36,245 $32,977 $29,239 $24,287 $32,877 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$3,382 $3,264 3,828 5,135 4,282 
Loans charged off
(6)(32)(30)(85)(32)
Provision for credit losses
621 150 (534)(1,222)885 
Ending balance
$3,997 $3,382 $3,264 $3,828 $5,135 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$555 $470 $493 $617 $688 
Provision for credit losses
78 85 (23)(124)(71)
Ending balance$633 $555 $470 $493 $617 
Total provision for credit losses
$— $(17,000)$(23,000)$(35,000)$(25,000)
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Three Months Ended
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Average loans by portfolio segment :
Commercial$12,677,706 $12,401,935 $12,231,230 $12,402,925 $12,908,461 
Commercial real estate4,059,148 3,838,336 4,218,190 4,395,848 4,547,945 
Paycheck protection program210,110 404,261 792,728 1,668,047 1,741,534 
Loans to individuals3,516,698 3,598,121 3,606,460 3,700,269 3,559,067 
Net charge-offs (annualized) to average loans0.12 %(0.01)%0.15 %0.28 %0.25 %
Net charge-offs (annualized) to average loans excluding PPP loans1
0.12 %(0.01)%0.16 %0.30 %0.28 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.17 %(0.03)%0.20 %0.47 %0.42 %
Commercial real estate— %(0.06)%0.11 %0.06 %0.02 %
Paycheck protection program— %— %— %— %— %
Loans to individuals0.05 %0.08 %0.05 %0.02 %0.06 %
Recoveries to gross charge-offs
23.37 %110.89 %18.46 %15.60 %14.42 %
Provision for loan losses (annualized) to average loans
(0.08)%(0.41)%(0.53)%(0.45)%(0.38)%
Allowance for loan losses to loans outstanding at period-end
1.19 %1.27 %1.36 %1.46 %1.56 %
Allowance for loan losses to loans outstanding at period-end excluding PPP loans1
1.20 %1.29 %1.40 %1.54 %1.70 %
Accrual for unfunded loan commitments to loan commitments
0.29 %0.26 %0.24 %0.21 %0.29 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end
1.37 %1.43 %1.50 %1.57 %1.71 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end excluding PPP loans1
1.38 %1.45 %1.54 %1.66 %1.86 %
1    Metric meaningful due to the unique characteristics of the PPP loans.
Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments
Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside and upside macroeconomic variables such as real gross domestic product ("GDP") growth, civilian unemployment rate and West Texas Intermediate ("WTI") oil prices on a probability weighted basis. See Note 4 to the consolidated financial statements for additional discussion of methodology of allowance for loan losses.
No provision for credit losses was necessary for the first quarter of 2022. Changes in our reasonable and supportable forecasts of macroeconomic variables resulted in a $7.3 million decrease in the allowance for credit losses related to lending activities. Continued strength in commodity prices was partially offset by changes in our economic outlook. Changes in loan portfolio characteristics, primarily related to growth in loan balances resulted in a $6.6 million increase in the allowance for credit losses related to lending activities. Continued improvements in credit quality metrics were offset by net charge-offs and changes in specific impairment and payment profile characteristics.
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The probability weighting of our base case reasonable and supportable forecast decreased to 60 percent in the first quarter of 2022 compared to 65 percent in the fourth quarter of 2021 as the level of uncertainty in the current economic outlook increased. A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2022 follows:
BaseDownsideUpside
Scenario probability weighting60%30%10%
Economic outlookThe Russia-Ukraine conflict remains isolated and conditions improve by mid-year 2022.

The federal funds rate is increased at each Federal Reserve Open Market ("FOMC") meeting through March 2023, which results in a target range of 2.75 percent to 3.00 percent. Additionally, the Federal Reserve begins balance sheet reduction by mid-year 2022.

Labor force participants continue to re-enter the job market to meet the record number of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This, coupled with the drawdown in savings, supports consumer spending and produces GDP growth consistent with pre-pandemic levels.		The Russia-Ukraine conflict persists through 2022 but remains isolated.

The Federal Reserve is forced to adopt a more aggressive monetary policy to combat the inflationary environment. This results in a target range of 4.00 percent to 4.25 percent by March 2023. Additionally, the Federal Reserve begins balance sheet reduction by mid-year 2022.

Additional surges in commodity prices exacerbated by supply chain dislocations create higher levels of inflation that do not peak until the fourth quarter of 2022. These factors push the United States into a recession, with contraction in economic activity and a sharp increase in the unemployment rate.		The Russia-Ukraine conflict remains isolated and conditions improve early second quarter 2022.

The federal funds rate is increased at each FOMC meeting through March 2023, which results in a target range of 2.25 percent to 2.50 percent. Additionally, the Federal Reserve begins balance sheet reduction by mid-year 2022.

Labor force participants continue to re-enter the job market to meet the record number of job openings. The increase in employment helps maintain household income above its pre-pandemic trend. This coupled with the drawdown in savings, supports consumer spending and produces above trend GDP growth.
Macro-economic factors
–GDP is forecasted to grow by 2.2 percent over the next 12 months.
–Civilian unemployment rate of 3.9 percent in the first quarter of 2022 improves to 3.8 percent by the first quarter of 2023.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of March 2022 and are expected to average $94.98 per barrel over the next 12 months.
–GDP is forecasted to contract 1.3 percent over the next twelve months.
–Civilian unemployment rate of 4.4 percent in the second quarter of 2022 increases to 6.9 percent in the first quarter of 2023.
–WTI oil prices are projected to average $109.67 over the next 12 months, with a peak of $131.46 in the third quarter of 2022 and falling 33% over the following two quarters.
–GDP is forecasted to grow by 3.3 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the second quarter of 2022 improves to 3.3 percent by the first quarter of 2023.
–WTI oil prices are projected to average $85.89 per barrel over the next 12 months.

Growth in loan balances results in a $7.0 million increase in allowance. Net charge-offs and changes in specific impairments attributed to certain credits required a $2.9 million provision during the first quarter of 2022. Improved risk grading during the quarter resulted in a $6.1 million decrease in the allowance for lending activities, primarily related to energy, commercial real estate and commercial wholesale/retail sector loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements. Non-pass grade loans include other loans especially mentioned, defined by regulatory guidelines as loans that are currently performing in compliance with original terms but may have a potential weakness that deserves management’s close attention, accruing substandard loans, and nonaccruing loans. Non-pass grade loans totaled $389 million at March 31, 2022, a $67 million decrease compared to December 31, 2021. Non-pass graded loans were primarily composed of $101 million or 3 percent of energy loans, $77 million or 2 percent of healthcare loans, $74 million or 2 percent of services loans, $52 million or 1 percent of commercial real estate loans and $36 million or 1 percent of general business loans.
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The allowance for loan losses totaled $246 million or 1.19 percent of outstanding loans and 230 percent of nonaccruing loans at March 31, 2022, excluding residential mortgage loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $283 million or 1.37 percent of outstanding loans and 264 percent of nonaccruing loans at March 31, 2022.

The Company recorded a $17.0 million negative provision for credit losses in the fourth quarter of 2021. The allowance for loan losses was $256 million or 1.27 percent of outstanding loans and 213 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies at December 31, 2021. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $289 million or 1.43 percent of outstanding loans and 241 percent of nonaccruing loans.

Net Loans Charged Off

Net charge-offs of commercial loans were $5.5 million in the first quarter of 2022, primarily related to two general business borrowers and a single energy services borrower. Net commercial real estate loan charge-offs were $47 thousand and net charge-offs of loans to individuals were $444 thousand. Net charge-offs of loans to individuals include deposit account overdraft losses.

Accrual for Off-Balance Sheet Credit Risk Associated with Mortgage Banking Activities

The accrual for off-balance sheet credit risk associated with mortgage banking activities includes consideration of credit risk related to certain residential mortgage loans sold into mortgage-backed securities in excess of amounts guaranteed by the U.S. Department of Veteran's Affairs ("VA") and mortgage loans originated under community development loan programs that were sold to a U.S. government agency with full recourse.

We use publicly available long-term national data to estimate total loss given default for our off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA. This result is combined with probability of default output from our mortgage servicing rights model to estimate total expected loss. Then, we estimate the VA's guarantee percentage to determine our portion of the credit risk. Qualitative adjustment may be used, if necessary.

Allowance for Credit Losses Related to Held-to-Maturity (Investment) Securities

The expected credit losses principles apply to all financial assets measured at cost, including our held-to-maturity (investment) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets is based on probability of default and loss given default assumptions that align with similarly graded loans. Qualitative adjustment may be used, if necessary.
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Nonperforming Assets

As more fully described in Note 4 to the Consolidated Financial Statements, loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. Accruing renegotiated loans guaranteed by U.S. government agencies represent residential mortgage loans that have been modified in troubled debt restructurings. Interest continues to accrue based on the modified terms of the loan and loans may be sold once they become eligible according to U.S. government agency guidelines. Real estate and other repossessed assets are assets acquired in partial or total forgiveness of loans. The assets are carried at the lower of cost as determined by fair value at the date of foreclosure or current fair value, less estimated selling costs. A summary of nonperforming assets follows in Table 17:

Table 17 -- Nonperforming Assets
(In thousands)
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Nonaccruing loans:    
Commercial:  
Energy$24,976 $31,091 $45,500 $70,341 $101,800 
Services16,535 17,170 25,714 29,913 28,033 
Healthcare15,076 15,762 509 527 3,187 
General business3,750 10,081 8,951 11,823 14,053 
Total commercial60,337 74,104 80,674 112,604 147,073 
Commercial real estate15,989 14,262 21,223 26,123 27,243 
Loans to individuals:  
Residential mortgage30,757 31,574 30,674 31,473 32,884 
Residential mortgage guaranteed by U.S. government agencies
16,992 13,861 9,188 9,207 8,564 
Personal171 258 188 229 255 
Total loans to individuals47,920 45,693 40,050 40,909 41,703 
Total nonaccruing loans124,246 134,059 141,947 179,636 216,019 
Accruing renegotiated loans guaranteed by U.S. government agencies
204,121 210,618 178,554 171,324 154,591 
Real estate and other repossessed assets24,492 24,589 28,770 57,337 70,911 
Total nonperforming assets$352,859 $369,266 $349,271 $408,297 $441,521 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$131,746 $144,787 $161,529 $227,766 $278,366 
Allowance for loan losses to nonaccruing loans1
229.80 %213.33 %208.41 %183.00 %169.87 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
263.60 %240.77 %230.43 %197.25 %185.72 %
Nonperforming assets to outstanding loans and repossessed assets
1.70 %1.83 %1.71 %1.90 %1.95 %
Nonperforming assets to outstanding loans and repossessed assets1,2
0.65 %0.74 %0.83 %1.14 %1.37 %
Nonaccruing loans to outstanding loans0.60 %0.66 %0.70 %0.84 %0.96 %
Nonaccruing commercial loans to outstanding commercial loans
0.47 %0.59 %0.66 %0.90 %1.16 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.39 %0.37 %0.52 %0.62 %0.60 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.96 %0.98 %0.98 %1.00 %1.07 %
1     Excludes residential mortgages guaranteed by U.S. government agencies.
2     Excludes residential mortgage and PPP loans guaranteed by U.S. government agencies.

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Excluding assets guaranteed by U.S. government agencies, nonperforming assets decreased $13 million from December 31, 2021, primarily due to a $6.3 million decrease in nonaccruing general business loans and a $6.1 million decrease in nonaccruing energy loans. Newly identified nonaccruing loans totaled $12 million, offset by $14 million of payments and $7.8 million of charge-offs. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

A rollforward of nonperforming assets for the three months ended March 31, 2022 follows in Table 18.

Table 18 -- Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
March 31, 2022
Nonaccruing Loans
 CommercialCommercial Real EstateLoan to IndividualsTotal
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
Balance, December 31, 2021$74,104 $14,262 $45,693 $134,059 $210,618 $24,589 $369,266 
Additions1,393 4,261 6,270 11,924 16,990 — 28,914 
Payments(9,079)(290)(4,407)(13,776)(2,233)— (16,009)
Charge-offs(6,081)(191)(1,533)(7,805)— — (7,805)
Net gains (losses) and write-downs— — — — — 1,873 1,873 
Foreclosure of nonperforming loans
— — (64)(64)— 64 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (891)(891)(601)— (1,492)
Proceeds from sales— — — — (17,806)(2,034)(19,840)
Net transfers to nonaccruing loans— — 3,238 3,238 (3,238)— — 
Return to accrual status— (2,053)(386)(2,439)— — (2,439)
Other, net— — — — 391 — 391 
Balance, March 31, 2022$60,337 $15,989 $47,920 $124,246 $204,121 $24,492 $352,859 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $24 million at March 31, 2022, composed primarily of $15 million of developed commercial real estate and $7.1 million of oil and gas properties. Real estate and other repossessed assets was largely unchanged compared to December 31, 2021.

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Liquidity and Capital

Based on the average balances for the first quarter of 2022, approximately 80 percent of our funding was provided by deposit accounts, 6 percent from borrowed funds, less than 1 percent from long-term subordinated debt and 10 percent from equity. Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs.

Subsidiary Bank

Deposits and borrowed funds are the primary sources of liquidity for BOKF, NA, the wholly owned subsidiary bank of BOK Financial. We compete for retail and commercial deposits by offering a broad range of products and services and focusing on customer convenience. Retail deposit growth is supported through personal and small business checking, online bill paying services, mobile banking services, an extensive network of branch locations and ATMs and our ExpressBank call center. Commercial deposit growth is supported by offering treasury management and lockbox services. We also acquire brokered deposits when the cost of funds is advantageous to other funding sources.

Average deposits for the first quarter of 2022 totaled $40.4 billion, a $560 million increase over the fourth quarter of 2021. Continued deposit growth was primarily due to customers maintaining higher balances in the current economic environment, supplemented by inflows from government stimulus payments. Interest-bearing transaction account balances increased $437 million. Demand deposits grew by $243 million and savings account balances were up $38 million. Certificate of deposit balances decreased $159 million.

Table 19 - Average Deposits by Line of Business
(In thousands)
Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Commercial Banking$19,595,260 $19,537,285 $17,881,673 $17,049,772 $16,130,168 
Consumer Banking8,746,622 8,682,437 8,516,942 8,469,043 8,082,443 
Wealth Management9,619,323 9,194,019 9,120,446 9,695,319 9,706,295 
Subtotal37,961,205 37,413,741 35,519,061 35,214,134 33,918,906 
Funds Management and other2,401,002 2,388,347 2,315,325 2,276,093 2,603,210 
Total$40,362,207 $39,802,088 $37,834,386 $37,490,227 $36,522,116 

Average Commercial Banking deposit balances increased $58 million over the fourth quarter of 2021. Interest-bearing transaction account balances increased $40 million. Demand deposit balances were up $32 million. Commercial customers continue to retain large cash reserves due to a combination of factors including uncertainty about the economic environment and potential for growth, lack of preferable liquid alternatives and a desire to minimize deposit service charges through the earnings credit. The earnings credit is a non-cash method that enables commercial customers to offset deposit service charges based on account balances. Commercial deposit balances may decrease as the economic outlook improves and if short-term rates move higher, enhancing their investment alternatives.

Average Consumer Banking deposit balances increased $64 million over the prior quarter. A $72 million increase in interest-bearing transaction deposit balances and a $33 million increase in savings account balances were partially offset by a $35 million decrease in time deposit balances. Demand deposit balances were largely unchanged compared to prior quarter.

Average Wealth Management deposits increased $425 million compared to the fourth quarter of 2021. A $295 million increase in interest bearing transaction accounts and a $246 million increase in demand deposit balances was partially offset by a $121 million decrease in time deposit balances.

Average time deposits for the first quarter of 2022 included $48 million of brokered deposits, an $845 thousand decrease compared to the fourth quarter of 2021. Average interest-bearing transaction accounts for the first quarter included $2.1 billion of brokered deposits, an $8.0 million increase over the fourth quarter of 2021.

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The distribution of our period end deposit account balances among principal markets follows in Table 20.

Table 20 -- Period End Deposits by Principal Market Area
(In thousands)
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Oklahoma:  
Demand$5,205,806 $5,433,405 $5,080,162 $4,985,542 $4,823,436 
Interest-bearing:
Transaction11,410,709 12,689,367 11,692,679 12,065,844 12,828,070 
Savings558,634 521,439 510,906 500,344 487,862 
Time817,744 978,822 1,039,866 1,139,980 1,197,517 
Total interest-bearing12,787,087 14,189,628 13,243,451 13,706,168 14,513,449 
Total Oklahoma17,992,893 19,623,033 18,323,613 18,691,710 19,336,885 
Texas:
Demand4,552,001 4,552,983 3,987,503 3,752,790 3,592,969 
Interest-bearing:
Transaction4,963,118 5,345,461 4,985,465 4,335,113 4,257,234 
Savings182,536 178,458 165,043 160,805 154,406 
Time329,931 337,559 337,389 346,577 368,086 
Total interest-bearing5,475,585 5,861,478 5,487,897 4,842,495 4,779,726 
Total Texas10,027,586 10,414,461 9,475,400 8,595,285 8,372,695 
Colorado:
Demand2,673,352 2,526,855 2,158,596 1,991,343 2,115,354 
Interest-bearing:
Transaction2,387,304 2,334,371 2,337,354 2,159,819 2,100,135 
Savings81,762 78,636 79,873 73,990 73,446 
Time165,401 174,351 184,002 193,787 204,973 
Total interest-bearing2,634,467 2,587,358 2,601,229 2,427,596 2,378,554 
Total Colorado5,307,819 5,114,213 4,759,825 4,418,939 4,493,908 
New Mexico:
Demand1,271,264 1,196,057 1,222,895 1,197,412 1,131,713 
Interest-bearing:
Transaction888,257 858,394 837,630 723,757 736,923 
Savings115,457 107,963 107,615 105,837 103,591 
Time156,140 163,871 168,879 174,665 181,863 
Total interest-bearing1,159,854 1,130,228 1,114,124 1,004,259 1,022,377 
Total New Mexico2,431,118 2,326,285 2,337,019 2,201,671 2,154,090 
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Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Arizona:
Demand947,775 934,282 1,110,884 943,511 915,439 
Interest-bearing:
Transaction810,896 834,491 784,614 820,901 835,795 
Savings18,122 16,182 16,468 13,496 13,235 
Time27,259 31,274 30,862 30,012 30,997 
Total interest-bearing856,277 881,947 831,944 864,409 880,027 
Total Arizona1,804,052 1,816,229 1,942,828 1,807,920 1,795,466 
Kansas/Missouri:
Demand553,345 658,342 488,595 463,339 478,370 
Interest-bearing:
Transaction1,107,525 1,086,946 965,757 978,160 991,510 
Savings19,589 18,844 17,303 17,539 18,686 
Time11,527 12,255 13,040 13,509 13,898 
Total interest-bearing1,138,641 1,118,045 996,100 1,009,208 1,024,094 
Total Kansas/Missouri1,691,986 1,776,387 1,484,695 1,472,547 1,502,464 
Arkansas:
Demand38,798 42,499 41,594 46,472 45,889 
Interest-bearing:
Transaction122,020 119,543 149,611 195,125 141,207 
Savings3,265 3,213 3,289 3,445 3,000 
Time6,414 6,196 6,677 6,819 7,022 
Total interest-bearing131,699 128,952 159,577 205,389 151,229 
Total Arkansas170,497 171,451 201,171 251,861 197,118 
Total BOK Financial deposits$39,425,951 $41,242,059 $38,524,551 $37,439,933 $37,852,626 

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Bank borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers’ banks and Federal Home Loan banks from across the country. The Company has no wholesale federal funds purchased at March 31, 2022. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale and trading securities. Federal Home Loan Bank borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $1.1 billion during the quarter, compared to $842 million in the fourth quarter of 2021.

At March 31, 2022, the estimated unused credit available to BOKF, NA from collateralized sources was approximately $16.4 billion.

A summary of other borrowings for BOK Financial on a consolidated basis follows in Table 21.

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Table 21 -- Borrowed Funds
(In thousands)
  Three Months Ended
March 31, 2022		 Three Months Ended
Dec. 31, 2021
Mar. 31, 2022Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		Dec. 31, 2021Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased444,068 371,435 0.57 %444,068 199,513 337,328 0.63 %226,605 
Repurchase agreements624,261 1,633,031 1.04 %3,034,312 2,126,936 2,555,800 0.74 %2,920,728 
Other borrowings:
Federal Home Loan Bank advances
— 1,112,222 0.28 %700,000 — 842,393 0.27 %— 
GNMA repurchase liability
6,294 6,530 4.29 %6,804 7,420 8,440 4.42 %9,358 
Other29,952 29,688 2.39 %29,952 29,333 30,004 3.29 %30,724 
Total other borrowings36,246 1,148,440 0.38 %36,753 880,837 0.49 %
Subordinated debentures1
131,209 131,228 4.02 %131,230 131,226 131,224 4.02 %131,226 
Total other borrowed funds and subordinated debentures
$1,235,784 $3,284,134 0.88 %$2,494,428 $3,905,189 0.78 %
1 Parent Company only.
BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold in GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.

Parent Company

At March 31, 2022, cash and interest-bearing cash and cash equivalents held by the parent company totaled $233 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At March 31, 2022, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $18 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at March 31, 2022 was $4.9 billion, a $515 million decrease compared to December 31, 2021. Net income less cash dividends paid increased equity $26 million during the first quarter of 2022. Changes in interest rates resulted in a $490 million decrease in accumulated other comprehensive income compared to December 31, 2021. We also repurchased $48 million of common stock during the first quarter of 2022. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase and stock and cash dividends.

On April 30, 2019, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law and other regulatory compliance limitations. As of March 31, 2022, 3,809,347 shares have been repurchased under this authorization. The Company repurchased 475,877 shares of common stock at an average price of $101.02 a share in the first quarter of 2022. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. These capital requirements include quantitative measures of assets, liabilities and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.
A summary of minimum capital requirements, including capital conservation buffer follows in Table 22. A bank which falls below these levels, including the capital conservation buffer, would be subject to regulatory restrictions on capital distributions (including but not limited to dividends and share repurchases) and executive bonus payments.

In March 2020, in response to the impact on the financial markets by the COVID-19 pandemic, the banking agencies issued an interim final rule permitting banking organizations that implement CECL the option to delay for two years an estimate of the CECL methodology's effect on regulatory capital, followed by a three-year transition period. The estimate includes the implementation date adjustment as of January 1, 2020 plus an estimate of the impact of the change for a two year period following implementation of CECL. We have elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 11 basis points to the Company's Common equity Tier 1 capital at March 31, 2022.

The capital ratios for BOK Financial on a consolidated basis are presented in Table 22.

Table 22 -- Capital Ratios
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferMar. 31, 2022Dec. 31, 2021Mar. 31, 2021
Risk-based capital:
Common equity Tier 14.50 %2.50 %7.00 %11.30 %12.24 %12.14 %
Tier 1 capital6.00 %2.50 %8.50 %11.31 %12.25 %12.21 %
Total capital8.00 %2.50 %10.50 %12.25 %13.29 %13.98 %
Tier 1 Leverage4.00 %N/A4.00 %8.47 %8.55 %8.42 %
Average total equity to average assets10.18 %10.61 %10.48 %
Tangible common equity ratio8.13 %8.61 %8.82 %

Capital resources of financial institutions are also regularly measured by the tangible common shareholders’ equity ratio. Tangible common shareholders’ equity is shareholders’ equity as defined by generally accepted accounting principles in the United States of America (“GAAP”) less intangible assets and equity which does not benefit common shareholders. Equity that does not benefit common shareholders includes preferred equity. This non-GAAP measure is a valuable indicator of a financial institution’s capital strength since it eliminates intangible assets from shareholders’ equity and retains the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders’ equity.

Table 23 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.

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Table 23 -- Non-GAAP Measure
(Dollars in thousands)
Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Tangible common equity ratio:     
Total shareholders' equity$4,849,582 $5,363,732 $5,388,973 $5,332,977 $5,239,462 
Less: Goodwill and intangible assets, net1,132,510 1,136,527 1,140,935 1,153,785 1,158,676 
Tangible common equity3,717,072 4,227,205 4,248,038 4,179,192 4,080,786 
Total assets46,826,507 50,249,431 46,923,409 47,154,375 47,442,513 
Less: Goodwill and intangible assets, net1,132,510 1,136,527 1,140,935 1,153,785 1,158,676 
Tangible assets$45,693,997 $49,112,904 $45,782,474 $46,000,590 $46,283,837 
Tangible common equity ratio8.13 %8.61 %9.28 %9.09 %8.82 %
Pre-provision net revenue:
Net income before taxes$78,649 $152,025 $241,782 $215,603 $186,690 
Provision for expected credit losses— (17,000)(23,000)(35,000)(25,000)
Net income (loss) attributable to non-controlling interests(36)(129)(601)686 (1,752)
Pre-provision net revenue$78,685 $135,154 $219,383 $179,917 $163,442 

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 to enable 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.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company’s significant off-balance sheet commitments.
Market Risk

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange rates, commodity prices or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading. Market risk excludes changes in fair value due to the credit of the individual issuers of financial instruments.

BOK Financial is subject to market risk primarily through the effect of changes in interest rates on both its assets held for purposes other than trading and trading assets. The effects of other changes, such as foreign exchange rates, commodity prices or equity prices do not pose significant market risk to BOK Financial. BOK Financial has no material investments in assets that are affected by changes in foreign exchange rates or equity prices. Energy and agricultural product derivative contracts, which are affected by changes in commodity prices, are matched against offsetting contracts as previously discussed.

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

- 38 -

The simulations used to manage market risk are based on numerous assumptions regarding the effects of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, models cannot precisely estimate or precisely predict the impact of higher or lower interest rates. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes, market conditions and management strategies, among other factors.

Interest Rate Risk – Other than Trading
 
As previously noted in the Net Interest Revenue section of this report, management has implemented strategies to manage the Company’s balance sheet to have relatively limited exposure to changes in interest rates over a twelve-month period. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest revenue. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest revenue variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 5 percent. The results of a decrease in interest rates in the current low-rate environment are not meaningful. Management also reviews alternative rate changes and time periods.

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

The interest rate sensitivity in Table 24 indicates management’s estimation of the impact of rate changes on net interest revenue. Should deposit costs be 10 percent more sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be 6.60 percent, or $75.1 million for the 200 basis point increase scenario. Alternatively, should deposit funding costs be 10 percent less sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be 8.45 percent, or $96.1 million for the 200 basis point increase scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest revenue would increase by approximately 3.26 percent, or $37.0 million.

Table 24 -- Interest Rate Sensitivity
(Dollars in thousands)
Mar. 31, 2022Dec. 31, 2021
 200 bp Increase100 bp Increase200 bp Increase100 bp Increase
Anticipated impact over the next twelve months on net interest revenue$85,608 $55,495 $87,241 $54,213 
7.53 %4.88 %7.60 %4.72 %
Anticipated impact over months twelve through twenty-four$195,813 $132,326 $185,054 $129,850 
 16.36 %11.39 %16.03 %11.25 %

BOK Financial is also subjected to market risk through changes in the fair value of mortgage servicing rights. Changes in the fair value of mortgage servicing rights are highly dependent on changes in primary mortgage rates offered to borrowers, intermediate-term interest rates that affect the value of custodial funds, and assumptions about servicing revenues, servicing costs and discount rates. As primary mortgage rates increase, prepayment speeds slow and the value of our mortgage servicing rights increases. As primary mortgage rates fall, prepayment speeds increase and the value of our mortgage servicing rights decreases.

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

Management performs a stress test to measure market risk due to changes in interest rates inherent in its MSR portfolio and hedges. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $20 million market risk limit for mortgage servicing rights, net of economic hedges.

Table 25 -- MSR Asset and Hedge Sensitivity Analysis
(Dollars in thousands)
 Mar. 31, 2022Dec. 31, 2021
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$12,025 $(17,973)$31,856 $(41,815)
MSR Hedge(13,708)13,723 (38,213)36,692 
Net Exposure(1,683)(4,250)(6,357)(5,123)

Trading Activities

The Company bears market risk by originating residential mortgages held for sale ("RMHFS"). RMHFS are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a loan to sale of the closed loan to an investor. Primary mortgage interest rate changes during this period affect the value of RMHFS commitments and loans. We use forward sale contracts to mitigate market risk on all closed mortgage loans held for sale and on an estimate of mortgage loan commitments that are expected to result in closed loans.

A variety of methods are used to monitor market risk of mortgage origination activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and revenue sensitivity limits.

Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity that may result. The Board has approved a $7 million market risk limit for the mortgage production pipeline, net of forward sale contracts.

Table 26 -- Mortgage Pipeline Sensitivity Analysis
(Dollars in thousands)
Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Mar. 31, 2021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(96)$(420)$(252)$(254)$(647)$(612)
Low2
161 2 103 (62)(17)(58)
High3
(402)(779)(621)(523)(1,244)(1,097)
Period End(27)(95)(85)(181)(564)(422)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

- 40 -

BOK Financial enters into trading activities both as an intermediary for customers and for its own account. As an intermediary, we take positions in securities, generally residential mortgage-backed securities, government agency securities and municipal bonds. These securities are purchased for resale to customers, which include individuals, corporations, foundations and financial institutions. On a limited basis, we may also take trading positions in U.S. Treasury securities, residential mortgage-backed securities, and municipal bonds to enhance returns on securities portfolios. Both of these activities involve interest rate risk, liquidity risk and price risk. BOK Financial has an insignificant exposure to foreign exchange risk and does not take positions in commodity derivatives.

A variety of methods are used to monitor and manage the market risk of trading activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and position limits for each trading activity. Risk management tools include Value at Risk ("VaR"), stress testing and sensitivity analysis. Economic hedges in either the futures or cash markets may be used to reduce the risk associated with some trading programs. Basis Risk can result when trading asset values and the instruments used to hedge them move at different rates.

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. BOK Financial utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. For Market Risk Rule purposes, the Company calculates VaR using a historical simulation approach and measures the potential trading losses using a 10-day holding period and a 99% confidence level.

Due to inherent limitations of the VaR methodology, including its reliance on past market behavior which might not be indicative of future market performance, VaR is only one of several tools used to measure and manage market risk. Other tools used to actively manage market risk include stress testing (“Stressed VaR”), and sensitivity analysis.

Stressed VaR, is calculated using the same internal models as used for the VaR-based measure. Stressed VaR is calculated over a ten-day holding period at a one-tail, 99% confidence level and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company’s trading portfolio.

The trading portfolio’s VaR and Stressed VaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and Stressed VaR based measures for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021. In the first quarter of 2022, both VaR measures decreased from the previous quarter. This decrease resulted from a decline in total trading assets and a decrease in basis risk between trading assets and their economic hedges.

Table 27 -- VaR and SVaR Measures

Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Mar. 31, 2021
10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR
Average1
$8,759 $39,402 $8,930 $40,010 $6,836 $10,266 
Low5,969 23,910 6,100 21,390 3,500 4,582 
High14,556 73,790 15,060 67,440 9,951 27,792 
Period End8,178 23,988 9,770 45,050 8,038 11,221 
1    Average represents the simple average of each daily value observed during the reporting period.

The Company monitors the accuracy of internal VaR models and modeling processes by back-testing model performance. The Company updates historical data used by the VaR model on a regular basis and model validators independent of business lines perform regular modeled validations to access model input, processing, and reporting components. These models are required to be independently validated and approved prior to implementation.

Management also performs a sensitivity analysis to measure market risk from changes in interest rates on its trading portfolio. Applicable interest rates are shocked up and down 50 basis points calculating an estimated change in fair value, net of economic hedging activity that may result. The Board has approved an $8 million market risk limit for the trading portfolio, net of economic hedges.

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Table 28 -- Trading Sensitivity Analysis
(Dollars in thousands)
Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Mar. 31, 2021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$499 $2,927 $1,134 $1,479 $(2,572)$3,553 
Low2
8,643 12,277 8,631 9,319 5,818 8,801 
High3
(11,253)(3,813)(6,589)(5,020)(7,054)(4,618)
Period End49 1,076 1,587 355 (6,548)7,756 
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.
Controls and Procedures
 
As required by Rule 13a-15(b), BOK Financial’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their report, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial’s management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company’s internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
Forward-Looking Statements

This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, the economy generally and the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and others, on our business, financial condition and results of operations. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, consumer or business responses to, and ability to treat or prevent further outbreak of, the COVID-19 pandemic, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
- 42 -


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months Ended
 March 31,
Interest revenue20222021
Loans$178,373 $197,574 
Residential mortgage loans held for sale1,394 1,380 
Trading securities40,975 35,922 
Investment securities2,354 2,726 
Available for sale securities57,932 58,608 
Fair value option securities491 496 
Restricted equity securities1,107 1,359 
Interest-bearing cash and cash equivalents473 174 
Total interest revenue283,099 298,239 
Interest expense  
Deposits7,598 9,850 
Borrowed funds5,788 4,622 
Subordinated debentures1,302 3,347 
Total interest expense14,688 17,819 
Net interest revenue268,411 280,420 
Provision for credit losses— (25,000)
Net interest revenue after provision for credit losses
268,411 305,420 
Other operating revenue  
Brokerage and trading revenue(27,079)20,782 
Transaction card revenue24,216 22,430 
Fiduciary and asset management revenue46,399 41,322 
Deposit service charges and fees27,004 24,209 
Mortgage banking revenue16,650 37,113 
Other revenue10,445 16,296 
Total fees and commissions97,635 162,152 
Other gains (losses), net(1,644)10,121 
Loss on derivatives, net(46,981)(27,650)
Loss on fair value option securities, net(11,201)(1,910)
Change in fair value of mortgage servicing rights49,110 33,874 
Gain on available for sale securities, net937 467 
Total other operating revenue87,856 177,054 
Other operating expense  
Personnel159,228 173,010 
Business promotion6,513 2,154 
Charitable contributions to BOKF Foundation— 4,000 
Professional fees and services11,413 11,980 
Net occupancy and equipment30,855 26,662 
Insurance4,283 4,620 
Data processing and communications39,836 37,467 
Printing, postage and supplies3,689 3,440 
Amortization of intangible assets3,964 4,807 
Mortgage banking costs7,877 13,943 
Other expense9,960 13,701 
Total other operating expense277,618 295,784 
Net income before taxes78,649 186,690 
Federal and state income taxes16,197 42,382 
Net income62,452 144,308 
Net loss attributable to non-controlling interests(36)(1,752)
Net income attributable to BOK Financial Corporation shareholders$62,488 $146,060 
Earnings per share:  
Basic$0.91 $2.10 
Diluted$0.91 $2.10 
Average shares used in computation:
Basic67,812,400 69,137,375 
Diluted67,813,851 69,141,710 
Dividends declared per share$0.53 $0.52 
See accompanying notes to consolidated financial statements.
- 43 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)
 Three Months Ended
March 31,
 20222021
Net income$62,452 $144,308 
Other comprehensive income (loss) before income taxes:  
Net change in unrealized gain (loss)(639,041)(150,131)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net(937)(467)
Other comprehensive loss before income taxes(639,978)(150,598)
Federal and state income taxes(149,781)(36,139)
Other comprehensive loss, net of income taxes(490,197)(114,459)
Comprehensive income (loss)(427,745)29,849 
Comprehensive loss attributable to non-controlling interests(36)(1,752)
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders$(427,709)$31,601 

See accompanying notes to consolidated financial statements.
- 44 -

Consolidated Balance Sheets
(In thousands, except share data)
 Mar. 31, 2022Dec. 31, 2021
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$767,805 $712,067 
Interest-bearing cash and cash equivalents599,976 2,125,343 
Trading securities4,891,096 9,136,813 
Investment securities, net of allowance (fair value: March 31, 2022 – $191,235; December 31, 2021 – $231,395)
183,824 210,444 
Available for sale securities12,894,534 13,157,817 
Fair value option securities185,003 43,770 
Restricted equity securities77,389 83,113 
Residential mortgage loans held for sale169,474 192,295 
Loans20,674,429 20,205,680 
Allowance for loan losses(246,473)(256,421)
Loans, net of allowance20,427,956 19,949,259 
Premises and equipment, net574,786 574,148 
Receivables238,694 223,021 
Goodwill1,044,749 1,044,749 
Intangible assets, net87,761 91,778 
Mortgage servicing rights209,563 163,198 
Real estate and other repossessed assets, net of allowance (March 31, 2022 – $5,977; December 31, 2021 –
         $6,083)
24,492 24,589 
Derivative contracts, net2,680,207 1,097,297 
Cash surrender value of bank-owned life insurance407,763 405,607 
Receivable on unsettled securities sales229,404 56,172 
Other assets1,132,031 957,951 
Total assets$46,826,507 $50,249,431 
Liabilities and Equity
Liabilities:
Noninterest-bearing demand deposits$15,242,341 $15,344,423 
Interest-bearing deposits:  
Transaction21,689,829 23,268,573 
Savings979,365 924,735 
Time1,514,416 1,704,328 
Total deposits39,425,951 41,242,059 
Funds purchased and repurchase agreements1,068,329 2,326,449 
Other borrowings36,246 36,753 
Subordinated debentures131,209 131,226 
Accrued interest, taxes and expense238,048 273,041 
Derivative contracts, net557,834 275,625 
Due on unsettled securities purchases81,016 160,686 
Other liabilities434,350 435,221 
Total liabilities41,972,983 44,881,060 
Shareholders' equity:  
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: March 31, 2022 – 76,412,230; December 31, 2021 – 76,254,029)
5 5 
Capital surplus1,381,666 1,378,794 
Retained earnings4,473,884 4,447,691 
Treasury stock (shares at cost: March 31, 2022 – 8,308,187; December 31, 2021 – 7,786,257)
(588,147)(535,129)
Accumulated other comprehensive gain (loss)(417,826)72,371 
Total shareholders’ equity4,849,582 5,363,732 
Non-controlling interests3,942 4,639 
Total equity4,853,524 5,368,371 
Total liabilities and equity$46,826,507 $50,249,431 

See accompanying notes to consolidated financial statements.
- 45 -

Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders’
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, December 31, 202176,254 $5 $1,378,794 $4,447,691 7,786 $(535,129)$72,371 $5,363,732 $4,639 $5,368,371 
Net income (loss)— — — 62,488 — — — 62,488 (36)62,452 
Other comprehensive loss— — — — — — (490,197)(490,197)— (490,197)
Repurchase of common stock— — — — 476 (48,074)— (48,074)— (48,074)
Share-based compensation plans:
Stock options exercised1 — 37 — — — — 37 — 37 
Non-vested shares awarded,
     net		157 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 46 (4,944)— (4,944)— (4,944)
Share-based compensation— — 2,835 — — — — 2,835 — 2,835 
Cash dividends on common
     stock		— — — (36,295)— — — (36,295)— (36,295)
Capital calls and distributions,
     net		— — — — — — — — (661)(661)
Balance, March 31, 202276,412 $5 $1,381,666 $4,473,884 8,308 $(588,147)$(417,826)$4,849,582 $3,942 $4,853,524 
Balance, December 31, 202075,995 $5 $1,368,062 $3,973,675 6,358 $(411,344)$335,868 $5,266,266 $25,295 $5,291,561 
Net income (loss)— — — 146,060 — — — 146,060 (1,752)144,308 
Other comprehensive loss— — — — — — (114,459)(114,459)— (114,459)
Repurchase of common stock— — — — 260 (20,071)— (20,071)— (20,071)
Share-based compensation
     plans:
Stock options exercised17 — 949 — — — — 949 — 949 
Non-vested shares awarded,
     net		232 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 68 (5,815)— (5,815)— (5,815)
Share-based compensation— — 2,724 — — — — 2,724 — 2,724 
Cash dividends on common
     stock		— — — (36,192)— — — (36,192)— (36,192)
Capital calls and distributions,
     net		— — — — — — — — (661)(661)
Balance, March 31, 202176,244 $5 $1,371,735 $4,083,543 6,686 $(437,230)$221,409 $5,239,462 $22,882 $5,262,344 
See accompanying notes to consolidated financial statements.
- 46 -

Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended
 March 31,
 20222021
Cash Flows From Operating Activities:  
Net income$62,452 $144,308 
Adjustments to reconcile net income to net cash provided (used in) operating activities:
Provision for credit losses— (25,000)
Change in fair value of mortgage servicing rights due to market assumption changes(49,110)(33,874)
Change in the fair value of mortgage servicing rights due to principal payments7,960 11,961 
Net unrealized (gains) losses from derivative contracts(31,298)92,502 
Share-based compensation2,835 2,724 
Depreciation and amortization26,091 24,918 
Net amortization of discounts and premiums3,216 4,853 
Net losses (gains) on financial instruments and other losses (gains), net706 (10,587)
Net gain on mortgage loans held for sale(1,056)(19,045)
Mortgage loans originated for sale(418,866)(843,053)
Proceeds from sale of mortgage loans held for sale446,742 836,209 
Capitalized mortgage servicing rights(5,215)(9,830)
Change in trading and fair value option securities4,104,453 (335,624)
Change in receivables(88,559)15,650 
Change in other assets(19,589)(24,991)
Change in other liabilities(107,508)(49,998)
Net cash provided by (used in) operating activities3,933,254 (218,877)
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities26,363 18,624 
Proceeds from maturities or redemptions of available for sale securities723,730 877,257 
Purchases of available for sale securities(1,161,606)(1,451,909)
Proceeds from sales of available for sale securities55,185 56,037 
Change in amount receivable on unsettled available for sale securities transactions(99,944)(26,130)
Loans originated, net of principal collected(460,128)498,667 
Net payments on derivative asset contracts34,855 (7,016)
Net change in restricted equity securities5,724 31,777 
Proceeds from disposition of assets9,708 43,739 
Purchases of assets(37,569)(63,110)
Net cash provided by (used in) investing activities(903,682)(22,064)
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts(1,626,196)1,671,518 
Net change in time deposits(189,912)37,228 
Net change in other borrowed funds(1,271,195)(1,078,174)
Net proceeds on derivative liability contracts(30,779)8,437 
Net change in derivative margin accounts(1,274,645)2,995 
Change in amount due on unsettled available for sale securities transactions(17,198)(101,311)
Issuance of common and treasury stock, net(4,907)(4,866)
Repurchase of common stock(48,074)(20,071)
Dividends paid(36,295)(36,192)
Net cash provided by (used in) financing activities(4,499,201)479,564 
Net increase (decrease) in cash and cash equivalents(1,469,629)238,623 
Cash and cash equivalents at beginning of period2,837,410 1,180,573 
Cash and cash equivalents at end of period$1,367,781 $1,419,196 
Supplemental Cash Flow Information:
Cash paid for interest$13,982 $16,743 
Cash paid for taxes$858 $852 
Net loans and bank premises transferred to repossessed real estate and other assets$64 $147 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
$12,568 $36,496 
Conveyance of other real estate owned guaranteed by U.S. government agencies$1,812 $1,448 
Right-of-use assets obtained in exchange for operating lease liabilities$9,241 $1,191 

See accompanying notes to consolidated financial statements.
- 47 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of BOK Financial Corporation (“BOK Financial” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

The unaudited consolidated financial statements include accounts of BOK Financial and its subsidiaries, principally BOKF, NA (“the Bank”), BOK Financial Securities, Inc., and BOK Financial Private Wealth, Inc. Operating divisions of the Bank include Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, BOK Financial in Arizona, Arkansas, Colorado and Kansas/Missouri, BOK Financial Mortgage and the TransFund electronic funds network.

Certain reclassifications have been made to conform to the current period presentation.

The financial information should be read in conjunction with BOK Financial’s 2021 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2021 have been derived from the audited financial statements included in BOK Financial’s 2021 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board (“FASB”)

FASB Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04")

On March 12, 2020, the FASB issued ASU 2020-04 which provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held-to-maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU 2020-04 became effective for all entities as of March 12, 2020 and will apply to all LIBOR reference rate modifications through December 31, 2022. Adoption of ASU 2020-04 did not have a material impact on the Company's financial statements.

FASB Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01")

On January 7, 2021, the FASB issued ASU 2021-01 which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. ASU 2021-01 is effective immediately for all entities and amendments may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Adoption of ASU 2021-01 did not have a material impact on the Company's financial statements.

- 48 -

FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02")

On March 31, 2022, the FASB issued ASU 2022-02 which eliminates the accounting guidance on troubled debt restructurings ("TDRs") for creditors in ASC 310-40, while also no longer requiring an entity to consider renewals, modifications, and extensions that result from reasonably expected TDRs in their calculation of the allowance for credit losses. For receivables for which there has been a modification in their contractual cash flows, ASU 2022-02 requires disclosure, by class of financing receivable, of the types of modifications, the financial effects of those modifications, and the performance of these modified receivables, along with receivables that had a payment default during the current period and had modifications to the contractual cash flows within 12 months prior to the default. Further, ASU 2022-02 requires entities to disclose gross write-offs recorded in the current period by year of origination in the vintage disclosures on a year-to-date basis. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and amendments related to TDR recognition and measurement may be applied using either a prospective or modified retrospective transition method, while amendments on TDR and vintage disclosures are to be adopted prospectively. Management is currently evaluating the impact of ASU 2022-02 on the Company's financial statements.
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(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 March 31, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$13,513 $(10)$23,610 $40 
Residential agency mortgage-backed securities
4,827,504 (135,438)9,068,900 (9,338)
Municipal securities24,539 (478)25,783 34 
Other trading securities25,540 (148)18,520 (26)
Total trading securities$4,891,096 $(136,074)$9,136,813 $(9,290)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$177,683 $184,214 $7,155 $(624)
Residential agency mortgage-backed securities
6,486 6,741 283 (28)
Other debt securities288 280 — (8)
Total investment securities184,457 191,235 7,438 (660)
Allowance for credit losses(633)
Investment securities, net of allowance$183,824 $191,235 $7,438 $(660)
 December 31, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$203,772 $223,609 $19,851 $(14)
Residential agency mortgage-backed securities
6,939 7,500 561 — 
Other debt securities288 286 — (2)
Total investment securities210,999 231,395 20,412 (16)
Allowance for credit losses(555)
Investment securities, net of allowance$210,444 $231,395 $20,412 $(16)



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The amortized cost and fair values of investment securities at March 31, 2022, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:     
Amortized cost$14,901 $104,681 $52,359 $6,030 $177,971 4.55 
Fair value15,080 110,636 52,834 5,944 184,494  
Residential mortgage-backed securities:      
Amortized cost    $6,486 2
Fair value    6,741  
Total investment securities:      
Amortized cost    $184,457  
Fair value    191,235  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(in thousands):
March 31, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities35 $22,394 $566 $544 $58 $22,938 $624 
Residential agency mortgage-backed securities
1 1,534 28 — — 1,534 28 
Other debt securities2 243 7 24 1 267 8 
Total investment securities38 $24,171 $601 $568 $59 $24,739 $660 

December 31, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities1 $— $— $587 $14 $587 $14 
Other debt securities2 273 2 — — 273 2 
Total investment securities3 $273 $2 $587 $14 $860 $16 


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Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 March 31, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $947 $— $(53)
Municipal securities562,065 526,322 144 (35,887)
Mortgage-backed securities:    
Residential agency7,913,760 7,612,021 14,727 (316,466)
Residential non-agency339,904 347,187 13,279 (5,996)
Commercial agency4,623,902 4,407,585 2,809 (219,126)
Other debt securities500 472 — (28)
Total available for sale securities$13,441,131 $12,894,534 $30,959 $(577,556)
 December 31, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,001 $1,000 $— $(1)
Municipal securities515,551 508,365 1,302 (8,488)
Mortgage-backed securities:   
Residential agency7,908,587 8,006,616 155,477 (57,448)
Residential non-agency10,625 24,339 13,714 — 
Commercial agency4,628,172 4,617,025 36,868 (48,015)
Other debt securities500 472 — (28)
Total available for sale securities$13,064,436 $13,157,817 $207,361 $(113,980)

The amortized cost and fair values of available for sale securities at March 31, 2022, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost$48,510 $1,968,389 $2,683,456 $487,112 $5,187,467 6.59 
Fair value48,612 1,911,239 2,507,611 467,864 4,935,326 
Residential mortgage-backed securities:
Amortized cost$8,253,664 2
Fair value7,959,208 
Total available for sale securities:
Amortized cost$13,441,131 
Fair value12,894,534 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.3 years based upon current prepayment assumptions.

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Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
March 31,
 20222021
Proceeds$55,185 $56,037 
Gross realized gains1,933 473 
Gross realized losses(996)(6)
Related federal and state income tax expense219 119 

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $10.0 billion at March 31, 2022 and $10.2 billion at December 31, 2021. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(in thousands)
March 31, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:       
U.S. Treasury1 $947 $53 $— $— $947 $53 
Municipal securities202 $400,690 $26,297 $111,502 $9,590 $512,192 $35,887 
Mortgage-backed securities:
    
Residential agency508 5,127,508 191,126 1,412,323 125,340 6,539,831 316,466 
Residential non-agency15 304,149 5,996 — — 304,149 5,996 
Commercial agency238 2,988,497 177,409 773,363 41,717 3,761,860 219,126 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities965 $8,821,791 $400,881 $2,297,660 $176,675 $11,119,451 $577,556 

December 31, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:     
U.S. Treasury
1 $1,000 $1 $— $— $1,000 $1 
Municipal securities175 $423,575 $7,762 $22,476 $726 $446,051 $8,488 
Mortgage-backed securities:
     
Residential agency
120 2,382,094 37,121 750,044 20,327 3,132,138 57,448 
Commercial agency
165 2,104,689 35,488 703,216 12,527 2,807,905 48,015 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities
462 $4,911,358 $80,372 $1,476,208 $33,608 $6,387,566 $113,980 

Based on evaluations of impaired securities as of March 31, 2022, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.


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Fair Value Option Securities
 
Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights. 

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 March 31, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities
$185,003 $(4,017)$43,770 $1,591 

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(3) Derivatives
 
Derivative instruments may be used by the Company as part of its internal risk management programs or may be offered to customers. All derivative instruments are carried at fair value and changes in fair value are reported in earnings as they occur. Credit risk is also considered in determining fair value. Deterioration in the credit rating of customer or other counterparties reduced the fair value of asset contracts. Deterioration of our credit rating could decrease the fair value of our derivative liabilities.

When bilateral netting agreements or similar arrangements exist between the Company and its counterparties that create a single legal claim or obligation to pay or receive the net amount in settlement of the individual derivative contracts, the Company reports derivative assets and liabilities on a net by derivative contract type by counterparty basis.

Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.
 
None of these derivative contracts have been designated as hedging instruments for accounting purposes.

Customer Risk Management Programs
 
BOK Financial offers programs to permit its customers to manage various risks, including fluctuations in energy, cattle and other agricultural products, interest rates and foreign exchange rates with derivative contracts. Customers may also manage interest rate risk through interest rate swaps used by borrowers to modify interest rate terms of their loans. Derivative contracts are executed between the customers and BOK Financial. Offsetting contracts are executed between BOK Financial and other selected counterparties to minimize the risk of changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to customer contracts, except for a fixed pricing spread or fee paid to BOK Financial as profit and compensation for administrative costs and credit risk which is recognized over the life of the contracts and included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.
 
Trading

BOK Financial may offer derivative instruments such as to-be-announced securities to mortgage banking customers to enable them to manage their market risk or to mitigate the Company's market risk of holding trading securities. Changes in the fair value of derivative instruments for trading purposes or used to mitigate the market risk of holding trading securities are included in Other operating revenue – Brokerage and trading revenue.

Internal Risk Management Programs
 
BOK Financial may use derivative contracts in managing its interest rate sensitivity, as part of its economic hedge of the change in the fair value of mortgage servicing rights. Changes in the fair value of derivative instruments used in managing interest rate sensitivity and as part of the economic hedge of changes in the fair value of mortgage servicing rights are included in Other operating revenue – Gain (loss) on derivatives, net in the Consolidated Statements of Earnings.

As discussed in Note 5, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 5 for additional discussion of notional, fair value and impact on earnings of these contracts.
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The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at March 31, 2022 (in thousands):
Assets
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,901,463 $69,287 $(6,285)$63,002 $(24,595)$38,407 
Energy contracts8,010,126 2,683,519 (541,826)2,141,693 (12,281)2,129,412 
Agricultural contracts— — — — — — 
Foreign exchange contracts180,648 179,024 — 179,024 (715)178,309 
Equity option contracts39,984 896 — 896 (300)596 
Total customer risk management programs11,132,221 2,932,726 (548,111)2,384,615 (37,891)2,346,724 
Trading29,002,117 550,075 (218,429)331,646 (96)331,550 
Internal risk management programs200,000 1,933 — 1,933 — 1,933 
Total derivative contracts$40,334,338 $3,484,734 $(766,540)$2,718,194 $(37,987)$2,680,207 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,901,463 $69,334 $(6,285)$63,049 $(61)$62,988 
Energy contracts8,069,893 2,712,617 (541,826)2,170,791 (2,159,402)11,389 
Agricultural contracts— — — — — — 
Foreign exchange contracts179,447 177,609 — 177,609 — 177,609 
Equity option contracts39,984 896 — 896 — 896 
Total customer risk management programs11,190,787 2,960,456 (548,111)2,412,345 (2,159,463)252,882 
Trading26,298,226 525,699 (218,429)307,270 (15,474)291,796 
Internal risk management programs394,216 13,156 — 13,156 — 13,156 
Total derivative contracts$37,883,229 $3,499,311 $(766,540)$2,732,771 $(2,174,937)$557,834 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


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The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2021 (in thousands):
Assets
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,614,162 $53,881 $(10,101)$43,780 $— $43,780 
Energy contracts6,360,095 1,168,363 (375,624)792,739 — 792,739 
Agricultural contracts— — — — — — 
Foreign exchange contracts216,272 215,148 — 215,148 — 215,148 
Equity option contracts42,136 755 — 755 (242)513 
Total customer risk management programs9,232,665 1,438,147 (385,725)1,052,422 (242)1,052,180 
Trading35,592,751 139,694 (104,326)35,368 (721)34,647 
Internal risk management programs869,506 10,687 (217)10,470 — 10,470 
Total derivative contracts$45,694,922 $1,588,528 $(490,268)$1,098,260 $(963)$1,097,297 
Liabilities
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,614,162 $54,062 $(10,101)$43,961 $(33,870)$10,091 
Energy contracts6,480,840 1,210,946 (375,624)835,322 (803,102)32,220 
Agricultural contracts— — — — — — 
Foreign exchange contracts208,381 207,119 — 207,119 (447)206,672 
Equity option contracts42,136 755 — 755 — 755 
Total customer risk management programs9,345,519 1,472,882 (385,725)1,087,157 (837,419)249,738 
Trading41,285,649 152,947 (104,326)48,621 (24,074)24,547 
Internal risk management programs298,832 1,557 (217)1,340 — 1,340 
Total derivative contracts$50,930,000 $1,627,386 $(490,268)$1,137,118 $(861,493)$275,625 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
 Three Months Ended
March 31, 2022March 31, 2021
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$6,342 $— $1,388 $— 
Energy contracts4,449 — 1,020 — 
Agricultural contracts— — 18 — 
Foreign exchange contracts148 — 166 — 
Equity option contracts— — — — 
Total customer risk management programs10,939 — 2,592 — 
Trading1
31,074 — (71,259)— 
Internal risk management programs— (46,981)— (27,650)
Total derivative contracts$42,013 $(46,981)$(68,667)$(27,650)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

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(4) Loans and Allowances for Credit Losses

Loans

Loans are either secured or unsecured based on the type of loan and the financial condition of the borrower. Repayment is generally expected from cash flow or proceeds from the sale of selected assets of the borrower. BOK Financial is exposed to risk of loss on loans due to the borrower’s difficulties, which may arise from any number of factors, including problems within the respective industry or local economic conditions. Access to collateral, in the event of borrower default, is reasonably assured through adherence to applicable lending laws and through sound lending standards and credit review procedures. Accounting policies for all loans, excluding residential mortgage loans guaranteed by U.S. government agencies, are as follows.

Interest is accrued at the applicable interest rate on the principal amount outstanding. Loans are placed on nonaccruing status when, in the opinion of management, full collection of principal or interest is uncertain. Internally risk graded loans are individually evaluated for nonaccruing status quarterly. Non-risk graded loans are generally placed on nonaccruing status when more than 90 days past due or within 60 days of being notified of the borrower's bankruptcy filing. Interest previously accrued but not collected is charged against interest income when the loan is placed on nonaccruing status. Accrued but not paid interest receivable is included in Receivables in the Consolidated Balance Sheets. Payments on nonaccruing loans are applied to principal or recognized as interest income, according to management’s judgment as to the collectability of principal. Loans may be returned to accruing status when, in the opinion of management, full collection of principal and interest, including principal previously charged off, is probable based on improvements in the borrower’s financial condition or a sustained period of performance.

For loans acquired with no evidence of credit deterioration, discounts are accreted on either an individual basis for loans with unique characteristics or on a pool basis for groups of homogeneous loans. Accretion is discontinued when a loan with an individually attributed discount is placed on nonaccruing status.

Loans to borrowers experiencing financial difficulties may be modified in troubled debt restructurings ("TDRs"). Primarily all TDRs are classified as nonaccruing, excluding loans guaranteed by U.S. government agencies. Modifications generally consist of extension of payment terms or interest rate concessions and may result either voluntarily through negotiations with the borrower or involuntarily through court order. Payment deferrals up to six months are generally considered to be short-term modifications. Generally, principal and accrued but unpaid interest is not voluntarily forgiven.

Performing loans may be renewed under the current collateral value, debt service ratio and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing. 

Occasionally, loans, other than residential mortgage loans, may be held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value with gains or losses recognized in Other gains (losses), net in the Consolidated Statements of Earnings.

All loans are charged off when the loan balance or a portion of the loan balance is no longer supported by the paying capacity of the borrower or when the required cash flow is reduced in a TDR. The charge-off amount is determined through a quarterly evaluation of available cash resources and collateral value. Internally risk graded loans are evaluated quarterly and charge-offs are taken in the quarter in which the loss is identified. Non-risk graded loans that are past due between 60 days and 180 days, based on the loan product type, are charged off. Loans to borrowers whose personal obligation has been discharged through Chapter 7 bankruptcy proceedings are charged off within 60 days of notice of the bankruptcy filing, regardless of payment status.

Loan origination and commitment fees and direct loan acquisition and origination costs are deferred and amortized as an adjustment to yield over the life of the loan or over the commitment period, as applicable. Amortization does not anticipate loan prepayments. Net unamortized fees are recognized in full at time of payoff.

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Qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. Under certain performance conditions specified in government programs, the Company may have the right, but not the obligation to repurchase loans from GNMA pools. These loans no longer qualify for sale accounting and are recognized in the Consolidated Balance Sheets. We do not expect to receive all principal and interest based on the loan's contractual terms. A portion of the principal balance continues to be guaranteed; however, interest accrues at a curtailed rate as specified in the programs. The carrying value of these loans is reduced based on an estimate of the expected cash flows discounted at the original note rate plus a liquidity spread. Guaranteed loans may be modified in TDRs in accordance with U.S. government agency guidelines. Interest continues to accrue based on the modified rate. Guaranteed loans may either be resold into GNMA pools after a performance period specified by the programs or foreclosed and conveyed to the guarantors.

Loans are disaggregated into portfolio segments and further disaggregated into classes. The portfolio segment is the level at which the Company develops and documents a systematic method for determining its allowance for credit losses. Classes are a further disaggregation of portfolio segments based on the risk characteristics of the loans and the Company’s method for monitoring and assessing credit risk. 

Portfolio segments of the loan portfolio are as follows (in thousands):
 March 31, 2022December 31, 2021
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,343,185 $9,479,667 $60,337 $12,883,189 $3,360,117 $9,072,244 $74,104 $12,506,465 
Commercial real estate
924,332 3,160,635 15,989 4,100,956 929,015 2,888,048 14,262 3,831,325 
Paycheck protection program137,365 — — 137,365 276,341 — — 276,341 
Loans to individuals2,006,029 1,498,970 47,920 3,552,919 2,037,792 1,508,064 45,693 3,591,549 
Total$6,410,911 $14,139,272 $124,246 $20,674,429 $6,603,265 $13,468,356 $134,059 $20,205,680 


Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2022, outstanding commitments totaled $12.5 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

The amount of collateral obtained, if deemed necessary, is based upon management’s credit evaluation of the borrower.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At March 31, 2022, outstanding standby letters of credit totaled $654 million. 

Allowances for Credit Losses and Accrual for Off-balance Sheet Credit Risk from Unfunded Loans Commitments

The allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments represent the portion of the amortized cost basis of loans that we do not expect to collect over the asset’s contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. The appropriateness of the allowance for credit losses, including industry and product adjustments, is assessed quarterly by a senior management Allowance Committee. This review is based on an on-going evaluation of the estimated expected credit losses in the portfolio and on unused commitments to provide financing. A well-documented methodology has been developed and is applied by an independent Credit Administration department to assure consistency across the Company.

The allowance for loan losses consists of specific allowances attributed to certain individual loans, generally nonaccruing loans, with dissimilar risk characteristics that have not yet been charged down to amounts we expect to recover and general allowances for estimated credit losses on pools of loans that share similar risk characteristics.
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When full collection of principal or interest is uncertain, the loan’s risk characteristics have changed, and we exclude the loan from the general allowance pool, typically designating it as nonaccruing. For these loans, a specific allowance reflects the expected credit loss.

We measure specific allowances for loans excluded from the general allowance pool by an evaluation of estimated future cash flows discounted at the loan's initial effective interest rate or the fair value of collateral for certain collateral dependent loans. For a non-collateral dependent loan, the specific allowance is the amount by which the loan’s amortized cost basis exceeds its net realizable value. We measure the specific allowance for collateral dependent loans as the amount by which the loan’s amortized cost basis exceeds its fair value. When repayment is expected to be provided substantially through the sale of collateral, we deduct estimated selling costs from the collateral’s fair value. Generally, third party appraisals that conform to Uniform Standards of Professional Appraisal Practice serve as the basis for the fair value of real property held as collateral. These appraised values are on an “as-is” basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. For energy loans, our internal staff of engineers generally determines collateral value of mineral rights based on projected cash flows from proven oil and gas reserves under existing economic and operating conditions. For real property held as collateral for other loans, third party appraisals that conform to Uniform Standards of Professional Appraisal Practice generally serve as the basis for the fair value. These appraised values are on an “as-is” basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. Our special assets staff generally determines the value of other collateral based on projected liquidation cash flows under current market conditions. We evaluate collateral values and available cash resources quarterly. Historical statistics may be used to estimate specific allowances in limited situations, such as when a collateral dependent loan is removed from the general allowance pool near the end of a reporting period until an appraisal of collateral value is received or a full assessment of future cash flows is completed.

General allowances estimate expected credit losses on pools of loans sharing similar risk characteristics that are expected to occur over the loan’s estimated remaining life. The loan’s estimated remaining life represents the contractual term adjusted for amortization, estimates of prepayments, and borrower-owned extension options. Approximately 90 percent of the committed dollars in the loan portfolio is risk graded loans with general allowance model inputs that include probability of default, loss given default, and exposure at default. Probability of default is based on the migration of loans from performing to nonperforming using historical life of loan analysis periods. Loss given default is based on the aggregate losses incurred, net of estimated recoveries. Exposure at default represents an estimate of the outstanding amount of credit exposure at the time a default may occur.

Charge-off migration is used to calculate the general allowance for the majority of non-risk graded loans to individuals. The expected credit loss on less than 10 percent of the committed dollars in the portfolio is calculated using charge-off migration.

The expected credit loss on approximately 1 percent of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.
    
In estimating the expected credit losses for general allowances on performing risk-graded loans, each portfolio class is assigned relevant economic loss drivers which best explain variations in portfolio net loss rates. The probability of default estimates for each portfolio class are adjusted for current and forecasted economic conditions. The result is applied to the exposure at default and loss given default to calculate the lifetime expected credit loss estimate. Selection of relevant economic loss drivers is re-evaluated periodically and involves statistical analysis as well as management judgment. The unemployment rate factors significantly in the allowance for loan losses calculation, affecting commercial and loans to individuals segments. Other primary factors impacting the commercial portfolio include BBB corporate spreads, real gross domestic product growth rate, and energy commodity prices. The primary commercial real estate variables are vacancy rate and BBB corporate spreads. In addition to the unemployment rate, the forecast for loans to individuals is tied to home price index. The forecasts may include regional economic factors when localized conditions diverge from national conditions.

An Economic Forecast Committee, consisting of senior management with members largely independent of the allowance process develops a twelve-month forward-looking forecast for the relevant economic loss drivers. Management develops these forecasts based on external data as well as a view of future economic conditions, which may include adjustments for regional conditions. The forecast includes three economic scenarios and probability weights for each scenario. The base forecast represents management's view of the most likely outcome, while the downside forecast reflects reasonably possible worsening economic conditions, and the upside forecast projects reasonably possible improving conditions.

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At the end of the one-year reasonable and supportable forecast period, we transition from shorter-term expected losses to long-term loss averages for the loan’s estimated remaining life. The difference between short-term loss forecasts and long-term loss averages is run-off over the reversion horizon, up to three years, depending on the forecasted economic scenarios.

General allowances also consider the estimated impact of factors that are not captured in the modeled results or historical experience. These factors may increase or decrease modeled results by amounts determined by the Allowance Committee. Factors not captured in modeled results or historical experience may include for example, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macro-economic factors, or economic conditions that impact loss given default assumptions.

The accrual for off-balance sheet credit risk is maintained at a level that is appropriate to cover estimated losses associated with credit instruments that are not currently recognized as assets such as loan commitments, standby letters of credit or guarantees that are not unconditionally cancelable by the bank. This accrual is included in other liabilities in the Consolidated Balance Sheets. The appropriateness of the accrual is determined in the same manner as the allowance for loan losses, with the added consideration of commitment usage over the remaining life for those loans that the bank can not unconditionally cancel.

A provision for credit losses is charged against or credited to earnings in amounts necessary to maintain an appropriate Allowance for Credit Losses. Recoveries of loans previously charged off are added to the allowance when received.

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
March 31, 2022
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$162,056 $58,553 $— $35,812 $256,421 
Provision for loan losses(5,118)468 — 683 (3,967)
Loans charged off(6,081)(191)— (1,533)(7,805)
Recoveries of loans previously charged off
591 144 — 1,089 1,824 
Ending Balance$151,448 $58,974 $— $36,051 $246,473 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$13,812 $17,442 $— $1,723 $32,977 
Provision for off-balance sheet credit risk
154 3,023 — 91 3,268 
Ending Balance$13,966 $20,465 $— $1,814 $36,245 

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Three Months Ended
March 31, 2021
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$254,934 $86,558 $— $47,148 $388,640 
Provision for loan losses(9,893)(4,579)— (7,298)(21,770)
Loans charged off(15,345)(263)— (1,297)(16,905)
Recoveries of loans previously charged off
1,676 30 — 731 2,437 
Ending Balance$231,372 $81,746 $— $39,284 $352,402 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$14,422 $20,571 $— $1,928 $36,921 
Provision for off-balance sheet credit risk
(1,686)(2,273)— (85)(4,044)
Ending Balance$12,736 $18,298 $— $1,843 $32,877 
Changes in our reasonable and supportable forecasts of macroeconomic variables resulted in a $7.3 million negative provision for credit losses related to lending activities during the first quarter of 2022. Continued strength in commodity prices was partially offset by changes in our economic outlook. Changes in the loan portfolio characteristics, including specific impairment and losses, loan balances, risk grading and changes in payment profile resulted in a $6.6 million provision for credit losses related to lending activities.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at March 31, 2022 is as follows (in thousands):
 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$12,822,852 $149,095 $60,337 $2,353 $12,883,189 $151,448 
Commercial real estate4,084,967 58,039 15,989 935 4,100,956 58,974 
Paycheck protection program137,365 — — — 137,365 — 
Loans to individuals3,504,999 36,051 47,920 — 3,552,919 36,051 
Total$20,550,183 $243,185 $124,246 $3,288 $20,674,429 $246,473 

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2021 is as follows (in thousands):

 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$12,432,361 $158,063 $74,104 $3,993 $12,506,465 $162,056 
Commercial real estate3,817,063 56,204 14,262 2,349 3,831,325 58,553 
Paycheck protection program276,341 — — — 276,341 — 
Loans to individuals3,545,856 35,812 45,693 — 3,591,549 35,812 
Total$20,071,621 $250,079 $134,059 $6,342 $20,205,680 $256,421 

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Credit Quality Indicators

The Company utilizes risk grading as primary credit quality indicators as it influences the probability of default which is a key attribute in the expected credit losses calculation. Substantially all commercial as well as commercial real estate loans and certain loans to individuals are risk graded based on a quarterly evaluation of the borrowers’ ability to repay the loans. Certain commercial loans and most loans to individuals are small, homogeneous pools that are not risk-graded. The credit quality of these loans is based on past due days in accordance with regulatory guidelines.

We have included in the credit quality indicator “pass” loans that are in compliance with the original terms of the agreement and currently exhibit no factors that cause management to have doubts about the borrowers’ ability to remain in compliance with the original terms of the agreement, which is consistent with the regulatory guideline of “pass.” This also includes past due residential mortgages that are guaranteed by agencies of the U.S. government that continue to accrue interest based on criteria of the guarantors’ programs.

Other loans especially mentioned ("Special Mention") are currently performing in compliance with the original terms of the agreement but may have a potential weakness that deserves management’s close attention, consistent with regulatory guidelines. Non-graded loans 30 to 59 days past due are categorized as Special Mention.

The risk grading process identified certain loans that have a well-defined weakness (for example, inadequate debt service coverage or liquidity or marginal capitalization; repayment may depend on collateral or other risk mitigation) that may jeopardize liquidation of the debt and represent a greater risk due to deterioration in the financial condition of the borrower. This is consistent with the regulatory guideline for “substandard.” Because the borrowers are still performing in accordance with the original terms of the loan agreements, these loans remain on accruing status. Non-graded loans 60 to 89 days past due are categorized as Accruing Substandard.

Nonaccruing loans represent loans for which full collection of principal and interest is uncertain. This includes certain loans considered “substandard” and all loans considered “doubtful” by regulatory guidelines. Non-graded loans 90 or more days past due are categorized as Nonaccrual.

Probability of default is lowest for pass graded loans and increases for each credit quality indicator, Special Mention, and Accruing Substandard.

Vintage represents the year of origination, except for revolving loans which are considered in aggregate. Loans that were once revolving but have converted to term loans without additional underwriting appear in a separate vintage column.

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The following table summarizes the Company’s loan portfolio at March 31, 2022 by the risk grade categories and vintage (in thousands): 
Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$102,694 $156,167 $48,775 $15,678 $11,925 $8,450 $2,753,419 $— $3,097,108 
Special Mention— 551 642 — — — 1,090 — 2,283 
Accruing Substandard
— — — 1,139 693 705 60,863 9,900 73,300 
Nonaccrual— — 19,404 — — 602 4,970 — 24,976 
Total energy
102,694 156,718 68,821 16,817 12,618 9,757 2,820,342 9,900 3,197,667 
Healthcare
Pass140,071 574,892 549,379 514,779 483,909 933,344 168,255 24 3,364,653 
Special Mention— 6,787 — 15,417 — 5,712 5 — 27,921 
Accruing Substandard
— — — 26,973 — 7,109 — — 34,082 
Nonaccrual— — — — 6,542 8,534 — — 15,076 
Total healthcare140,071 581,679 549,379 557,169 490,451 954,699 168,260 24 3,441,732 
Services
Pass54,992 634,506 361,724 266,054 246,336 933,399 779,824 567 3,277,402 
Special Mention— 415 6,326 1,989 1,006 95 22,419 182 32,432 
Accruing Substandard
— 10 499 4,002 10,579 2,990 7,046 — 25,126 
Nonaccrual— — — — — 16,145 390 — 16,535 
Total services54,992 634,931 368,549 272,045 257,921 952,629 809,679 749 3,351,495 
General business
Pass209,407 547,777 220,861 250,546 167,570 356,548 1,102,054 1,981 2,856,744 
Special Mention— — 137 — 1,374 2,975 8,100 — 12,586 
Accruing Substandard
— 215 957 1,139 5,673 9,231 2,000 — 19,215 
Nonaccrual— — 1,111 799 1,004 24 800 12 3,750 
Total general business
209,407 547,992 223,066 252,484 175,621 368,778 1,112,954 1,993 2,892,295 
Total commercial
507,164 1,921,320 1,209,815 1,098,515 936,611 2,285,863 4,911,235 12,666 12,883,189 
Commercial real estate:
Pass279,254 921,473 695,399 826,150 398,633 820,481 107,780 25 4,049,195 
Special Mention— — — — — 18,942 — — 18,942 
Accruing Substandard
— — — — 13,501 3,329 — — 16,830 
Nonaccrual— — — 7,908 — 8,081 — — 15,989 
Total commercial real estate
279,254 921,473 695,399 834,058 412,134 850,833 107,780 25 4,100,956 
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Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Paycheck protection program:
Pass— 113,697 23,668 — — — — — 137,365 
Total paycheck protection program— 113,697 23,668 — — — — — 137,365 
Loans to individuals:
Residential mortgage
Pass77,813 393,077 427,965 70,900 48,809 330,626 320,350 21,887 1,691,427 
Special Mention— 35 — 17 145 284 552 210 1,243 
Accruing Substandard
— — — — — 53 26 — 79 
Nonaccrual35 1,517 2,571 356 2,057 21,653 1,903 665 30,757 
Total residential mortgage
77,848 394,629 430,536 71,273 51,011 352,616 322,831 22,762 1,723,506 
Residential mortgage guaranteed by U.S. government agencies
Pass— 1,080 11,379 15,778 23,480 253,872 — — 305,589 
Nonaccrual— — — 2,081 1,746 13,165 — — 16,992 
Total residential mortgage guaranteed by U.S. government agencies
— 1,080 11,379 17,859 25,226 267,037 — — 322,581 
Personal:
Pass40,789 219,748 171,964 174,523 70,349 214,736 613,114 598 1,505,821 
Special Mention— 49 23 — 15 42 15 — 144 
Accruing Substandard
— 524 — 165 — — 7 — 696 
Nonaccrual— 14 19 10 22 42 64 — 171 
Total personal
40,789 220,335 172,006 174,698 70,386 214,820 613,200 598 1,506,832 
Total loans to individuals
118,637 616,044 613,921 263,830 146,623 834,473 936,031 23,360 3,552,919 
Total loans
$905,055 $3,572,534 $2,542,803 $2,196,403 $1,495,368 $3,971,169 $5,955,046 $36,051 $20,674,429 




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The following table summarizes the Company’s loan portfolio at December 31, 2021 by the risk grade categories and vintage (in thousands): 
Origination Year
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$252,133 $29,556 $15,914 $13,548 $4,741 $6,765 $2,540,525 $— $2,863,182 
Special Mention558 771 — — — — 750 — 2,079 
Accruing Substandard
10,650 22,611 1,185 814 — 716 74,556 — 110,532 
Nonaccrual— 20,487 — — — 714 9,890 — 31,091 
Total energy
263,341 73,425 17,099 14,362 4,741 8,195 2,625,721 — 3,006,884 
Healthcare
Pass563,800 589,193 516,558 498,998 319,096 688,136 160,154 26 3,335,961 
Special Mention6,835 — 15,583 — 11,135 — 5 — 33,558 
Accruing Substandard
— — 27,135 543 — 1,981 — — 29,659 
Nonaccrual— — — 6,542 — 8,711 509 — 15,762 
Total healthcare570,635 589,193 559,276 506,083 330,231 698,828 160,668 26 3,414,940 
Services
Pass696,149 405,057 289,375 275,010 225,404 795,029 607,958 375 3,294,357 
Special Mention434 405 1,830 1,047 3,290 47 17,210 192 24,455 
Accruing Substandard
43 530 4,166 10,714 1,785 2,366 11,607 — 31,211 
Nonaccrual— — — 230 13,918 2,519 503 — 17,170 
Total services696,626 405,992 295,371 287,001 244,397 799,961 637,278 567 3,367,193 
General business
Pass584,438 211,892 264,462 177,384 168,977 215,014 1,047,420 2,284 2,671,871 
Special Mention218 223 60 1,435 3,842 — 5,875 — 11,653 
Accruing Substandard
265 1,066 1,634 7,697 8,336 3,024 1,821 — 23,843 
Nonaccrual— 2,444 4,562 1,046 762 518 730 19 10,081 
Total general business
584,921 215,625 270,718 187,562 181,917 218,556 1,055,846 2,303 2,717,448 
Total commercial
2,115,523 1,284,235 1,142,464 995,008 761,286 1,725,540 4,479,513 2,896 12,506,465 
Commercial real estate:
Pass717,400 711,231 871,283 403,115 279,058 664,684 117,847 31 3,764,649 
Special Mention— — — 6,660 10,898 9,244 — — 26,802 
Accruing Substandard
— — — 13,352 4,480 7,780 — — 25,612 
Nonaccrual— — 8,076 — — 6,186 — — 14,262 
Total commercial real estate
717,400 711,231 879,359 423,127 294,436 687,894 117,847 31 3,831,325 
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Origination Year
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Paycheck protection program:
Pass237,357 38,984 — — — — — — 276,341 
Total paycheck protection program237,357 38,984 — — — — — — 276,341 
Loans to individuals:
Residential mortgage
Pass386,092 452,537 84,001 60,390 68,150 295,632 320,638 21,463 1,688,903 
Special Mention— — 156 — 19 411 282 159 1,027 
Accruing Substandard
98 — — — 127 41 400 — 666 
Nonaccrual1,516 1,809 383 1,968 629 22,289 2,177 803 31,574 
Total residential mortgage
387,706 454,346 84,540 62,358 68,925 318,373 323,497 22,425 1,722,170 
Residential mortgage guaranteed by U.S. government agencies
Pass699 11,380 20,650 27,970 32,742 246,871 — — 340,312 
Nonaccrual— — 1,259 821 635 11,146 — — 13,861 
Total residential mortgage guaranteed by U.S. government agencies
699 11,380 21,909 28,791 33,377 258,017 — — 354,173 
Personal:
Pass218,960 180,577 177,389 70,249 92,592 135,041 638,713 728 1,514,249 
Special Mention— 9 34 3 — 47 — — 93 
Accruing Substandard
435 5 165 — — 1 — — 606 
Nonaccrual110 14 10 24 35 40 25 — 258 
Total personal
219,505 180,605 177,598 70,276 92,627 135,129 638,738 728 1,515,206 
Total loans to individuals
607,910 646,331 284,047 161,425 194,929 711,519 962,235 23,153 3,591,549 
Total loans
$3,678,190 $2,680,781 $2,305,870 $1,579,560 $1,250,651 $3,124,953 $5,559,595 $26,080 $20,205,680 

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Nonaccruing Loans

A summary of nonaccruing loans at March 31, 2022 follows (in thousands): 
As of March 31, 2022
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$24,976 $24,976 $— $— 
Healthcare15,076 8,534 6,542 946 
Services16,535 13,290 3,245 1,407 
General business3,750 3,750 — — 
Total commercial60,337 50,550 9,787 2,353 
Commercial real estate15,989 8,081 7,908 935 
Loans to individuals:    
Residential mortgage30,757 30,757 — — 
Residential mortgage guaranteed by U.S. government agencies
16,992 16,992 — — 
Personal171 171 — — 
Total loans to individuals47,920 47,920 — — 
Total$124,246 $106,551 $17,695 $3,288 


A summary of nonaccruing loans at December 31, 2021 follows (in thousands): 
As of December 31, 2021
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$31,091 $31,091 $— $— 
Healthcare15,762 9,679 6,083 53 
Services17,170 13,686 3,484 2,584 
General business10,081 7,690 2,391 1,357 
Total commercial74,104 62,146 11,958 3,994 
Commercial real estate14,262 6,186 8,076 2,349 
Loans to individuals:    
Residential mortgage31,574 31,574 — — 
Residential mortgage guaranteed by U.S. government agencies
13,861 13,861 — — 
Personal258 258 — — 
Total loans to individuals45,693 45,693 — — 
Total$134,059 $114,025 $20,034 $6,343 

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Troubled Debt Restructurings

At March 31, 2022 the Company had $260 million in troubled debt restructurings ("TDRs"), of which $204 million were accruing residential mortgage loans guaranteed by U.S. government agencies, $20 million were nonaccruing residential mortgage loans with no specific allowance necessary and $12 million were commercial real estate loans with a related specific allowance of $935 thousand. Of the approximately $124 million of TDRs that are performing in accordance with the modified terms, $92 million are government guaranteed loans.

At December 31, 2021, the Company had $273 million in TDRs, of which $211 million were accruing residential mortgage loans guaranteed by U.S. government agencies. Of the approximately $141 million of TDRs that were performing in accordance with the modified terms, $97 million are government guaranteed loans.

TDRs generally consist of interest rate concessions, payment stream concessions or a combination of concessions to distressed borrowers. During the three months ended March 31, 2022, $18 million of loans were restructured and $3 thousand of loans designated as TDRs were charged off. During the three months ended March 31, 2021, $13 million of loans were restructured and $306 thousand of loans designated as TDRs were charged off.

Past Due Loans

Past due status for all loan classes is based on the actual number of days since the last payment was due according to the contractual terms of the loans, as modified for short-term payment deferral forbearance.

A summary of loans currently performing and past due as of March 31, 2022 is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Energy$3,197,667 $— $— $— $3,197,667 $— 
Healthcare3,433,749 1,300 141 6,542 3,441,732 — 
Services3,340,989 743 1,377 8,386 3,351,495 — 
General business2,891,472 691 — 132 2,892,295 — 
Total commercial12,863,877 2,734 1,518 15,060 12,883,189 — 
Commercial real estate4,089,135 4,473 4,270 3,078 4,100,956 — 
Paycheck protection program137,052 — 6 307 137,365 307 
Loans to individuals:    
Residential mortgage1,707,772 9,334 364 6,036 1,723,506 — 
Residential mortgage guaranteed by U.S. government agencies
147,883 51,165 — 123,533 322,581 109,283 
Personal1,506,538 114 107 73 1,506,832 — 
Total loans to individuals3,362,193 60,613 471 129,642 3,552,919 109,283 
Total$20,452,257 $67,820 $6,265 $148,087 $20,674,429 $109,590 
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A summary of loans currently performing and past due as of December 31, 2021 is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Energy$3,002,623 $545 $3,716 $— $3,006,884 $— 
Healthcare3,412,072 2,359 — 509 3,414,940 — 
Services3,352,639 920 4,620 9,014 3,367,193 — 
General business2,705,596 6,080 997 4,775 2,717,448 199 
Total commercial12,472,930 9,904 9,333 14,298 12,506,465 199 
Commercial real estate3,827,962 — 206 3,157 3,831,325 — 
Paycheck protection program276,341 — — — 276,341 74 
Loans to individuals:    
Residential mortgage1,707,654 6,263 1,556 6,697 1,722,170 — 
Residential mortgage guaranteed by U.S. government agencies
181,022 26,869 16,751 129,531 354,173 118,819 
Personal1,514,938 66 24 178 1,515,206 40 
Total loans to individuals3,403,614 33,198 18,331 136,406 3,591,549 118,859 
Total$19,980,847 $43,102 $27,870 $153,861 $20,205,680 $119,132 



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(5) Mortgage Banking Activities

Residential Mortgage Loan Production

The Company originates, markets and services conventional and government-sponsored residential mortgage loans. Generally, conforming fixed rate residential mortgage loans are held for sale in the secondary market and non-conforming and adjustable-rate residential mortgage loans are retained for investment. Residential mortgage loans originated for sale by the Company are carried at fair value based on sales commitments and market quotes. Changes in the fair value of mortgage loans held for sale are included in Other operating revenue – Mortgage banking revenue. Residential mortgage loans held for sale also includes the fair value of residential mortgage loan commitments and forward sales commitments, which are considered derivative contracts that have not been designated as hedging instruments for accounting purposes. The volume of mortgage loans originated for sale and secondary market prices are the primary drivers of originating and marketing revenue.

Residential mortgage loan commitments are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a residential mortgage loan to when the closed loan is sold to an investor. Residential mortgage loan commitments are subject to both credit and interest rate risk. Credit risk is managed through underwriting policies and procedures, including collateral requirements, which are generally accepted by the secondary loan markets. Exposure to interest rate fluctuations is partially managed through forward sales of residential mortgage-backed securities and forward sales contracts. These latter contracts set the price for loans that will be delivered in the next 60 to 90 days.

The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 March 31, 2022December 31, 2021
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$161,717 $159,355 $182,710 $186,175 
Residential mortgage loan commitments160,260 2,869 171,412 6,167 
Forward sales contracts310,237 7,250 328,433 (47)
  $169,474  $192,295 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of March 31, 2022 or December 31, 2021. No credit losses were recognized on residential mortgage loans held for sale for the three month period ended March 31, 2022 and 2021.

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
March 31,
 20222021
Production revenue:  
Net realized gains on sale of mortgage loans$6,883 $26,000 
Net change in unrealized gain (loss) on mortgage loans held for sale(5,827)(6,955)
Net change in the fair value of mortgage loan commitments(3,298)(8,980)
Net change in the fair value of forward sales contracts7,297 15,222 
Total production revenue5,055 25,287 
Servicing revenue11,595 11,826 
Total mortgage banking revenue$16,650 $37,113 

Production revenue includes gain (loss) on residential mortgage loans held for sale and changes in the fair value of derivative contracts not designated as hedging instruments for accounting purposes related to residential mortgage loan commitments and forward sales contracts. Servicing revenue includes servicing fee income and late charges on loans serviced for others.

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Residential Mortgage Servicing

Mortgage servicing rights may be originated or purchased. Both originated and purchased mortgage servicing rights are initially recognized at fair value. The Company has elected to carry all mortgage servicing rights at fair value. Changes in the fair value are recognized in earnings as they occur. The unpaid principal balance of loans serviced for others is the primary driver of servicing revenue.

The following represents a summary of mortgage servicing rights (dollars in thousands):
 March 31, 2022December 31, 2021
Number of residential mortgage loans serviced for others99,409 102,008 
Outstanding principal balance of residential mortgage loans serviced for others$16,024,663 $16,442,446 
Weighted average interest rate3.57 %3.58 %
Remaining term (in months)281281
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended March 31,
20222021
Beginning Balance$163,198 $101,172 
Additions5,215 9,830 
Change in fair value due to principal payments(7,960)(11,961)
Change in fair value due to market assumption changes49,110 33,874 
Ending Balance$209,563 $132,915 

Changes in the fair value of mortgage servicing rights due to market assumption changes are included in Other operating revenue in the Consolidated Statements of Earnings. Changes in fair value due to principal payments are included in Mortgage banking costs. 

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 March 31, 2022December 31, 2021
Discount rate – risk-free rate plus a market premium8.53%8.39%
Prepayment rate - based upon loan interest rate, original term and loan type8.48%12.11%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$69 - $94
$69 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$1,000 - $4,000
$1,000 - $4,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
2.47%1.32%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
2.28%2.05%

Changes in primary residential mortgage interest rates directly affect the prepayment speeds used in valuing our mortgage servicing rights. A separate third party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. The prepayment model is updated periodically for changes in market conditions and adjusted to better correlate with actual performance of BOK Financial’s servicing portfolio.


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(6) Commitments and Contingent Liabilities

Litigation Contingencies

On June 24, 2015, BOKF, NA received a complaint that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the Securities and Exchange Commission ("SEC"). On September 7, 2016, BOKF, NA agreed, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and requiring BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty. On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action alleging BOKF, NA participated in the fraudulent sale of securities by the principals. The action remains stayed with no current deadlines pending. On September 14, 2016, BOKF, NA was sued in the District Court of Tulsa County, Oklahoma by 19 bondholders also alleging BOKF, NA participated in the fraudulent sale of securities by the principals. The Tulsa County District Court action is pending on BOKF, NA’s motion to dismiss the plaintiff's Third Amended Petition.

On December 28, 2015, in an action brought by the SEC, the New Jersey District Court entered a judgment against the principals involved in issuing the bonds. On January 8, 2020, the Court entered judgment against the principal individual and his wife for $36,805,051 in principal amount and $10,937,831 in pre-judgment interest. The SEC continues to aggressively pursue collection of the judgment. If the individual principal and his wife cannot pay the bonds, a bondholder loss could become probable. Management has been advised by counsel that BOKF, NA has valid defenses to claims of bondholders and that no loss to the Company is probable. No provision for losses has been made at this time. BOKF, NA estimates that, upon sale of all remaining collateral securing payment of the bonds, approximately $20 million will remain outstanding. A reasonable estimate cannot be made of the amount of any bondholder loss, though the amount of bondholder loss could be material to the Company in the event a loss to the Company becomes probable.
The United States Courts of Appeals for the Fifth and the Tenth Circuits have each affirmed dismissals of putative class actions in which the plaintiffs alleged that an extended overdraft fee charged by BOKF, NA was impermissible interest. Before the Tenth Circuit affirmed the dismissal of the second putative class action, the plaintiff in the Fifth Circuit case filed an application in the Supreme Court of the United States for an extension of time to file a petition for certiorari, citing the possibility of a split in the Circuit Courts due to the pendency of the Tenth Circuit Appeal. The Supreme Court granted the extension, as it routinely does, and the extension will expire June 12, 2022. Management has been advised by its counsel that, if a petition is filed, the grant of certiorari by the Supreme Court is unlikely.

On March 7, 2020, three former employees sued BOKF, NA, the Plan Committee of the BOKF, NA 401k Plan, and Cavanal Hill Investment Management, Inc., a subsidiary of BOKF, NA, alleging that the defendants included proprietary investment products as investment options in the BOKF, NA 401k Plan, whose fees were too high and performance too low, for the purpose of earning fees. The action is brought as a putative class action on behalf of all Plan Participants. The action is pending on the defendants' motion to dismiss. Management is advised by counsel that a loss is not probable and that the loss, if any, cannot be reasonably estimated.

In 2019, a limited liability partnership sued BOKF, NA in Colorado District Court alleging that the Bank breached various fiduciary duties as trustee of a trust that was a co-general partner of the partnership and claiming in excess of $60 million in damages. From 2000 to 2009, BOKF was serving as personal representative of the estate of the creator of the trust. In 2009, BOKF moved to close the probate of the estate in the Colorado Probate Court. The members of the partnership who now sue BOKF objected to the closing of the estate and made the same allegations in the 2009 probate hearing as they now make in the 2019 Colorado District Court action. In 2009, the Colorado Probate Court entered summary judgment against the beneficiaries and the estate was closed. The 2019 action is pending on BOKF’s renewed motions for summary judgment. Management is advised by counsel that a loss is not probable and that the loss, if any, cannot be reasonably estimated.

In the ordinary course of business, BOK Financial and its subsidiaries are subject to legal actions and complaints. Management believes, based upon the opinion of counsel, that the actions and liability or loss, if any, resulting from the final outcomes of the proceedings, will not have a material effect on the Company’s financial condition, results of operations or cash flows.

Alternative Investment Commitments

The Company sponsors a private equity fund and invests in several tax credit entities and other funds as permitted by banking regulations. Consolidation of these investments is based on the variable interest model.

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At March 31, 2022, the Company has $360 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. This investment balance also includes $101 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.
(7) Shareholders' Equity

On May 3, 2022, the Company declared a quarterly cash dividend of $0.53 per common share payable on or about May 25, 2022 to shareholders of record as of May 10, 2022.

Dividends declared were $0.53 per share during the three months ended March 31, 2022 and $0.52 per share during the three months ended March 31, 2021.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("AFS") securities and non-credit related unrealized losses on AFS securities for which an other-than-temporary impairment has been recorded in earnings. Unrealized losses on employee benefit plans will be reclassified into income as pension plan costs are recognized over the remaining service period of plan participants. Gains and losses in AOCI are net of deferred income taxes.

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available for Sale SecuritiesEmployee Benefit PlansTotal
Balance, Dec. 31, 2020$335,032 $836 $335,868 
Net change in unrealized gain (loss)
(150,131)— (150,131)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net
(467)— (467)
Other comprehensive income, before income taxes
(150,598)— (150,598)
Federal and state income taxes(36,139)— (36,139)
Other comprehensive income, net of income taxes(114,459)— (114,459)
Balance, March 31, 2021$220,573 $836 $221,409 
Balance, Dec. 31, 2021$69,775 $2,596 $72,371 
Net change in unrealized gain (loss)
(639,041)— (639,041)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net
(937)— (937)
Other comprehensive income, before income taxes
(639,978)— (639,978)
Federal and state income taxes(149,781)— (149,781)
Other comprehensive income (loss), net of income taxes(490,197)— (490,197)
Balance, March 31, 2022$(420,422)$2,596 $(417,826)

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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended March 31,
 20222021
Numerator:  
Net income attributable to BOK Financial Corp. shareholders$62,488 $146,060 
Less: Earnings allocated to participating securities451 937 
Numerator for basic earnings per share – income available to common shareholders
62,037 145,123 
Effect of reallocating undistributed earnings of participating securities— — 
Numerator for diluted earnings per share – income available to common shareholders
$62,037 $145,123 
Denominator:  
Weighted average shares outstanding68,306,107 69,583,788 
Less:  Participating securities included in weighted average shares outstanding
493,707 446,413 
Denominator for basic earnings per common share67,812,400 69,137,375 
Dilutive effect of employee stock compensation plans1,451 4,335 
Denominator for diluted earnings per common share67,813,851 69,141,710 
Basic earnings per share$0.91 $2.10 
Diluted earnings per share$0.91 $2.10 

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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$147,590 $16,915 $56,231 $47,675 $268,411 
Net interest revenue (expense) from internal sources
(10,579)10,292 (465)752 — 
Net interest revenue137,011 27,207 55,766 48,427 268,411 
Net loans charged off and provision for credit losses5,343 1,112 (71)(6,384)— 
Net interest revenue after provision for credit losses
131,668 26,095 55,837 54,811 268,411 
Other operating revenue57,427 33,961 25,018 (28,550)87,856 
Other operating expense65,114 48,789 74,495 89,220 277,618 
Net direct contribution123,981 11,267 6,360 (62,959)78,649 
Gain (loss) on financial instruments, net(204)(57,895)— 58,099 — 
Change in fair value of mortgage servicing rights— 49,110 — (49,110)— 
Gain (loss) on repossessed assets, net1,793 45 — (1,838)— 
Corporate expense allocations16,246 12,080 12,062 (40,388)— 
Net income before taxes109,324 (9,553)(5,702)(15,420)78,649 
Federal and state income taxes26,980 (2,236)(1,283)(7,264)16,197 
Net income (loss)82,344 (7,317)(4,419)(8,156)62,452 
Net income (loss) attributable to non-controlling interests— — — (36)(36)
Net income (loss) attributable to BOK Financial Corp. shareholders$82,344 $(7,317)$(4,419)$(8,120)$62,488 
Average assets$29,823,905 $10,273,890 $21,323,795 $(10,860,516)$50,561,074 





























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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2021 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$155,799 $16,686 $48,554 $59,381 $280,420 
Net interest revenue (expense) from internal sources(25,794)4,288 (200)21,706 — 
Net interest revenue130,005 20,974 48,354 81,087 280,420 
Net loans charged off and provision for credit losses13,985 1,136 (29)(40,092)(25,000)
Net interest revenue after provision for credit losses
116,020 19,838 48,383 121,179 305,420 
Other operating revenue46,579 52,282 66,123 12,070 177,054 
Other operating expense66,979 55,622 78,565 94,618 295,784 
Net direct contribution95,620 16,498 35,941 38,631 186,690 
Gain (loss) on financial instruments, net33 (29,616)— 29,583 — 
Change in fair value of mortgage servicing rights— 33,874 — (33,874)— 
Gain (loss) on repossessed assets, net12,737 41 — (12,778)— 
Corporate expense allocations12,734 11,475 9,887 (34,096)— 
Net income before taxes95,656 9,322 26,054 55,658 186,690 
Federal and state income taxes25,983 2,374 6,672 7,353 42,382 
Net income
69,673 6,948 19,382 48,305 144,308 
Net income (loss) attributable to non-controlling interests— — — (1,752)(1,752)
Net income attributable to BOK Financial Corp. shareholders$69,673 $6,948 $19,382 $50,057 $146,060 
Average assets$28,047,052 $9,755,539 $18,645,865 $(6,137,823)$50,310,633 


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(10) Fees and Commissions Revenue

Fees and commissions revenue is generated through the sales of products, consisting primarily of financial instruments, and the performance of services for customers under contractual obligations. Revenue from providing services for customers is recognized at the time services are provided in an amount that reflects the consideration we expect to be entitled to for those services. Revenue is recognized based on the application of five steps:
•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when (or as) the Company satisfies a performance obligation

For contracts with multiple performance obligations, individual performance obligations are accounted for separately if the customer can benefit from the good or service on its own or with other resources readily available to the customer and the promise to transfer goods and services to the customer is separately identifiable in the contract. The transaction price is allocated to the performance obligations based on relative standalone selling prices.

Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for products or services of others.
 
Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications. Insurance brokerage revenues represents fees and commissions earned on placement of insurance products with carriers for property and casualty and health coverage.
 
Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer’s transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes the Bank. Electronic funds transfer fees are recognized as electronic transactions processed on behalf of its members. 
 
Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.
 
Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charge and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $(54,048)$— $(54,048)$(54,048)$— 
Customer hedging revenue
12,979 — 817 (2,858)10,938 10,938 — 
Retail brokerage revenue
— — 4,610 — 4,610 — 4,610 
Insurance brokerage revenue
— — 3,738 — 3,738 — 3,738 
Investment banking revenue
3,358 — 4,325 — 7,683 3,099 4,584 
Brokerage and trading revenue
16,337 — (40,558)(2,858)(27,079)(40,011)12,932 
TransFund EFT network revenue18,153 886 (17)1 19,023 — 19,023 
Merchant services revenue3,641 10 — — 3,651 — 3,651 
Corporate card revenue1,376 — 76 90 1,542 — 1,542 
Transaction card revenue23,170 896 59 91 24,216 — 24,216 
Personal trust revenue— — 24,797 — 24,797 — 24,797 
Corporate trust revenue— — 3,958 — 3,958 — 3,958 
Institutional trust & retirement plan services revenue
— — 12,567 — 12,567 — 12,567 
Investment management services and other revenue
— — 5,121 (44)5,077 — 5,077 
Fiduciary and asset management revenue
— — 46,443 (44)46,399 — 46,399 
Commercial account service charge revenue
13,131 450 513 — 14,094 — 14,094 
Overdraft fee revenue31 6,193 23 — 6,247 — 6,247 
Check card revenue
— 5,545 — — 5,545 — 5,545 
Automated service charge and other deposit fee revenue
23 1,107 (14)2 1,118 — 1,118 
Deposit service charges and fees
13,185 13,295 522 2 27,004 — 27,004 
Mortgage production revenue— 5,055 — — 5,055 5,055 — 
Mortgage servicing revenue— 12,076 — (481)11,595 11,595 — 
Mortgage banking revenue— 17,131 — (481)16,650 16,650 — 
Other revenue4,272 2,655 18,557 (15,039)10,445 7,275 3,170 
Total fees and commissions revenue
$56,964 $33,977 $25,023 $(18,329)$97,635 $(16,086)$113,721 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2021.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $3,716 $— $3,716 $3,716 $— 
Customer hedging revenue
4,207 — 91 (1,706)2,592 2,592 — 
Retail brokerage revenue
— — 4,741 — 4,741 — 4,741 
Insurance brokerage revenue
— — 2,916 — 2,916 — 2,916 
Investment banking revenue
2,258 — 4,768 (209)6,817 2,049 4,768 
Brokerage and trading revenue
6,465 — 16,232 (1,915)20,782 8,357 12,425 
TransFund EFT network revenue18,443 834 (13)2 19,266 — 19,266 
Merchant services revenue2,266 16 — (1)2,281 — 2,281 
Corporate card revenue804 — 28 51 883 — 883 
Transaction card revenue21,513 850 15 52 22,430 — 22,430 
Personal trust revenue— — 21,977 — 21,977 — 21,977 
Corporate trust revenue— — 3,789 — 3,789 — 3,789 
Institutional trust & retirement plan services revenue
— — 12,610 — 12,610 — 12,610 
Investment management services and other revenue
— — 2,903 43 2,946 — 2,946 
Fiduciary and asset management revenue
— — 41,279 43 41,322 — 41,322 
Commercial account service charge revenue
11,988 434 581 1 13,004 — 13,004 
Overdraft fee revenue26 4,635 19 — 4,680 — 4,680 
Check card revenue
— 5,327 — — 5,327 — 5,327 
Automated service charge and other deposit fee revenue
26 1,150 23 (1)1,198 — 1,198 
Deposit service charges and fees
12,040 11,546 623 — 24,209 — 24,209 
Mortgage production revenue— 25,287 — — 25,287 25,287 — 
Mortgage servicing revenue— 12,277 — (451)11,826 11,826 — 
Mortgage banking revenue— 37,564 — (451)37,113 37,113 — 
Other revenue9,829 2,340 7,535 (3,408)16,296 13,143 3,153 
Total fees and commissions revenue
$49,847 $52,300 $65,684 $(5,679)$162,152 $58,613 $103,539 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.




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(11) Fair Value Measurements

Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Company’s financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.

For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows:

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.

Significant Other Observable Inputs (Level 2) - Fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and is based on one or more of the following:

•Quoted prices for similar, but not identical, assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;
•Other inputs derived from or corroborated by observable market inputs.

Significant Unobservable Inputs (Level 3) - Fair value is based upon model-based valuation techniques for which at least one significant assumption is not observable in the market.

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three months ended March 31, 2022 and 2021, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three months ended March 31, 2022 and 2021 are included in the summary of changes in recurring fair values measured using unobservable inputs.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at March 31, 2022 or December 31, 2021.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of March 31, 2022 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$13,513 $4,978 $8,535 $— 
Residential agency mortgage-backed securities4,827,504 — 4,827,504 — 
Municipal securities24,539 — 24,539 — 
Other trading securities25,540 — 25,540 — 
Total trading securities4,891,096 4,978 4,886,118 — 
Available for sale securities:    
U.S. Treasury947 947 — — 
Municipal securities526,322 — 526,322 — 
Residential agency mortgage-backed securities7,612,021 — 7,612,021 — 
Residential non-agency mortgage-backed securities347,187 — 347,187 — 
Commercial agency mortgage-backed securities
4,407,585 — 4,407,585 — 
Other debt securities472 — — 472 
Total available for sale securities12,894,534 947 12,893,115 472 
Fair value option securities – Residential agency mortgage-backed securities185,003 — 185,003 — 
Residential mortgage loans held for sale1
169,474 — 160,507 8,967 
Mortgage servicing rights2
209,563 — — 209,563 
Derivative contracts, net of cash collateral2,680,207 — 2,680,207 — 
Liabilities: 
Derivative contracts, net of cash collateral557,834 — 557,834 — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 95.07% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2021 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$23,610 $4,999 $18,611 $— 
Residential agency mortgage-backed securities9,068,900 — 9,068,900 — 
Municipal securities25,783 — 25,783 — 
Other trading securities18,520 — 18,520 — 
Total trading securities9,136,813 4,999 9,131,814 — 
Available for sale securities:    
U.S. Treasury1,000 1,000 — — 
Municipal securities508,365 — 508,365 — 
Residential agency mortgage-backed securities8,006,616 — 8,006,616 — 
Residential non-agency mortgage-backed securities24,339 — 24,339 — 
Commercial agency mortgage-backed securities
4,617,025 — 4,617,025 — 
Other debt securities472 — — 472 
Total available for sale securities13,157,817 1,000 13,156,345 472 
Fair value option securities — Residential agency mortgage-backed securities43,770 — 43,770 — 
Residential mortgage loans held for sale1
192,295 — 185,969 6,326 
Mortgage servicing rights2
163,198 — — 163,198 
Derivative contracts, net of cash collateral1,097,297 8,331 1,088,966 — 
Liabilities:
Derivative contracts, net of cash collateral275,625 — 275,625 — 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 95.07% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.




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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:
Securities
The fair values of trading, available for sale and fair value option securities are based on quoted prices for identical instruments in active markets, when available. If quoted prices for identical instruments are not available, fair values are based on significant other observable inputs such as quoted prices of comparable instruments or interest rates and credit spreads, yield curves, volatilities, prepayment speeds and loss severities. The Company has elected to carry all residential mortgage-backed securities guaranteed by U.S. government agencies held as economic hedges against changes in the fair value of mortgage servicing rights at fair value with changes in the fair value recognized in earnings.

The fair value of certain available for sale municipal and other debt securities may be based on significant unobservable inputs. These significant unobservable inputs include limited observed trades, projected cash flows, current credit rating of the issuers and, when applicable, the insurers of the debt and observed trades of similar debt. Discount rates are primarily based on references to interest rate spreads on comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar securities. A summary of significant inputs used to value these securities follows. A management committee composed of senior members from the Company's Capital Markets, Risk Management and Finance departments assesses the appropriateness of these inputs quarterly.

Derivatives

All derivative instruments are carried on the balance sheet at fair value. Fair values for exchange-traded contracts are based on quoted prices. Fair values for over-the-counter interest rate, commodity and foreign exchange contracts are based on valuations provided either by third-party dealers in the contracts, quotes provided by independent pricing services, or a third-party provided pricing model that uses significant other observable market inputs.

Credit risk is considered in determining the fair value of derivative instruments. Management determines fair value adjustments based on various risk factors including but not limited to current fair value, probability of default and loss given default.

We also consider our own credit risk in determining the fair value of derivative contracts. Changes in our credit rating would affect the fair value of our derivative liabilities. In the event of a credit downgrade, the fair value of our derivative liabilities would increase.

Residential Mortgage Loans Held for Sale

Residential mortgage loans held for sale are carried on the balance sheet at fair value. The Company has elected to carry all residential mortgage loans originated for sale at fair value. Changes in the fair value of these financial instruments are recognized in earnings. The fair values of residential mortgage loans held for sale are based upon quoted market prices of such loans sold in securitization transactions, including related unfunded loan commitments and forward sales contracts. The fair value of mortgage loans that were unable to be sold to U.S. government agencies were determined using quoted prices of loans that are sold in securitization transactions with a liquidity discount applied.









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Fair Value of Assets and Liabilities Measured on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis include collateral for certain nonaccruing loans and real property and other assets acquired to satisfy loans, which are based primarily on comparisons to completed sales of similar assets.

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2022 for which the fair value was adjusted during the three months ended March 31, 2022:
Fair Value Adjustments for the
 Carrying Value at March 31, 2022Three Months Ended
Mar. 31, 2022 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $4,168 $244 $818 $— 
Real estate and other repossessed assets
— 1,412 400 — 106 

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2021 for which the fair value was adjusted during the three months ended March 31, 2021:
Fair Value Adjustments for the
 Carrying Value at March 31, 2021Three Months Ended
Mar. 31, 2021 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $259 $34,046 $15,049 $— 
Real estate and other repossessed assets
— 1,706 300 — (2,200)

The fair value of collateral-dependent nonaccruing loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent nonaccruing loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.

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A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2022 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$244 Discounted cash flowsManagement knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
3% - 25% (5%)1
Real estate and other repossessed assets400 Discounted cash flows
Marketability adjustments off appraised value.2
75% - 75% (75%)
1     Represents fair value as a percentage of the unpaid principal balance.
2    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2021 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$34,046 Discounted cash flowsManagement knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
10% - 91% (47%)1
Real estate and other repossessed assets300 Discounted cash flowsManagement knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costsN/A
1 Represents fair value as a percentage of the unpaid principal balance.



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Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of March 31, 2022 (dollars in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$767,805 $767,805 $767,805 $— $— 
Interest-bearing cash and cash equivalents599,976 599,976 599,976 — — 
Trading securities:
U.S. government securities13,513 13,513 4,978 8,535 — 
Residential agency mortgage-backed securities4,827,504 4,827,504 — 4,827,504 — 
Municipal securities24,539 24,539 — 24,539 — 
Other trading securities25,540 25,540 — 25,540 — 
Total trading securities4,891,096 4,891,096 4,978 4,886,118 — 
Investment securities:  
Municipal securities177,683 184,214 — 41,920 142,294 
Residential agency mortgage-backed securities6,486 6,741 — 6,741 — 
Other debt securities288 280 — 280 — 
Total investment securities184,457 191,235 — 48,941 142,294 
Allowance for credit losses(633)— — — — 
Investment securities, net of allowance183,824 191,235 — 48,941 142,294 
Available for sale securities:  
U.S. Treasury947 947 947 — — 
Municipal securities526,322 526,322 — 526,322 — 
Residential agency mortgage-backed securities7,612,021 7,612,021 — 7,612,021 — 
Residential non-agency mortgage-backed securities347,187 347,187 — 347,187 — 
Commercial agency mortgage-backed securities
4,407,585 4,407,585 — 4,407,585 — 
Other debt securities472 472 — — 472 
Total available for sale securities12,894,534 12,894,534 947 12,893,115 472 
Fair value option securities – Residential agency mortgage-backed securities185,003 185,003 — 185,003 — 
Residential mortgage loans held for sale169,474 169,474 — 160,507 8,967 
Loans:  
Commercial12,883,189 12,639,182 — — 12,639,182 
Commercial real estate4,100,956 3,985,876 — — 3,985,876 
Paycheck protection program137,365 134,313 — — 134,313 
Loans to individuals3,552,919 3,470,751 — — 3,470,751 
Total loans20,674,429 20,230,122 — — 20,230,122 
Allowance for loan losses(246,473)— — — — 
Loans, net of allowance20,427,956 20,230,122 — — 20,230,122 
Mortgage servicing rights209,563 209,563 — — 209,563 
Derivative instruments with positive fair value, net of cash collateral
2,680,207 2,680,207 — 2,680,207 — 
Deposits with no stated maturity37,911,535 37,911,535 — — 37,911,535 
Time deposits1,514,416 1,498,269 — — 1,498,269 
Other borrowed funds1,104,575 1,102,079 — — 1,102,079 
Subordinated debentures131,209 138,623 — 138,623 — 
Derivative instruments with negative fair value, net of cash collateral
557,834 557,834 — 557,834 — 

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of December 31, 2021 (dollars in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$712,067 $712,067 $712,067 $— $— 
Interest-bearing cash and cash equivalents2,125,343 2,125,343 2,125,343 — — 
Trading securities:
U.S. government securities23,610 23,610 4,999 18,611 — 
Residential agency mortgage-backed securities9,068,900 9,068,900 — 9,068,900 — 
Municipal securities25,783 25,783 — 25,783 — 
Other trading securities18,520 18,520 — 18,520 — 
Total trading securities9,136,813 9,136,813 4,999 9,131,814 — 
Investment securities:  
Municipal securities203,772 223,609 — 57,698 165,911 
Residential agency mortgage-backed securities6,939 7,500 — 7,500 — 
Other debt securities288 286 — 286 — 
Total investment securities210,999 231,395 — 65,484 165,911 
Allowance for credit losses(555)— — — — 
Investment securities, net of allowance210,444 231,395 — 65,484 165,911 
Available for sale securities:  
U.S. Treasury1,000 1,000 1,000 — — 
Municipal securities508,365 508,365 — 508,365 — 
Residential agency mortgage-backed securities8,006,616 8,006,616 — 8,006,616 — 
Residential non-agency mortgage-backed securities24,339 24,339 — 24,339 — 
Commercial agency mortgage-backed securities
4,617,025 4,617,025 — 4,617,025 — 
Other debt securities472 472 — — 472 
Total available for sale securities13,157,817 13,157,817 1,000 13,156,345 472 
Fair value option securities — Residential agency mortgage-backed securities43,770 43,770 — 43,770 — 
Residential mortgage loans held for sale192,295 192,295 — 185,969 6,326 
Loans:  
Commercial12,506,465 12,395,664 — — 12,395,664 
Commercial real estate3,831,325 3,786,767 — — 3,786,767 
Paycheck protection program276,341 269,912 — — 269,912 
Loans to individuals3,591,549 3,586,878 — — 3,586,878 
Total loans20,205,680 20,039,221 — — 20,039,221 
Allowance for loan losses(256,421)— — — — 
Loans, net of allowance19,949,259 20,039,221 — — 20,039,221 
Mortgage servicing rights163,198 163,198 — — 163,198 
Derivative instruments with positive fair value, net of cash collateral
1,097,297 1,097,297 8,331 1,088,966 — 
Deposits with no stated maturity39,537,731 39,537,731 — — 39,537,731 
Time deposits1,704,328 1,703,886 — — 1,703,886 
Other borrowed funds2,363,202 2,360,746 — — 2,360,746 
Subordinated debentures131,226 141,761 — 141,761 — 
Derivative instruments with negative fair value, net of cash collateral
275,625 275,625 — 275,625 — 

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.
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(12) Subsequent Events

The Company evaluated events from the date of the consolidated financial statements on March 31, 2022 through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data)Three Months Ended
 March 31, 2022December 31, 2021
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$1,050,409 $473 0.18 %$1,208,552 $483 0.16 %
Trading securities8,537,390 41,041 1.71 %9,260,778 44,537 1.89 %
Investment securities, net of allowance195,198 2,475 5.07 %213,188 2,661 4.99 %
Available for sale securities13,092,422 58,018 1.77 %13,247,607 55,638 1.72 %
Fair value option securities75,539 491 2.81 %46,458 302 2.71 %
Restricted equity securities164,484 1,107 2.69 %137,874 1,028 2.98 %
Residential mortgage loans held for sale179,697 1,394 3.11 %163,433 1,242 3.06 %
Loans20,463,662 180,073 3.57 %20,242,653 188,547 3.70 %
Allowance for loan losses(254,191)(271,794)
Loans, net of allowance20,209,471 180,073 3.61 %19,970,859 188,547 3.75 %
Total earning assets
43,504,610 285,072 2.58 %44,248,749 294,438 2.66 %
Receivable on unsettled securities sales375,616 585,901 
Cash and other assets6,680,848 5,769,406 
Total assets$50,561,074 $50,604,056 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$22,763,479 $5,343 0.10 %$22,326,401 $5,097 0.09 %
Savings947,407 73 0.03 %909,131 96 0.04 %
Time1,589,039 2,182 0.56 %1,747,715 2,351 0.53 %
Total interest-bearing deposits25,299,925 7,598 0.12 %24,983,247 7,544 0.12 %
Funds purchased and repurchase agreements2,004,466 4,698 0.95 %2,893,128 5,292 0.73 %
Other borrowings1,148,440 1,090 0.38 %880,837 1,091 0.49 %
Subordinated debentures131,228 1,302 4.02 %131,224 1,330 4.02 %
Total interest-bearing liabilities28,584,059 14,688 0.21 %28,888,436 15,257 0.21 %
Non-interest bearing demand deposits15,062,282 14,818,841 
Due on unsettled securities purchases519,097 629,642 
Other liabilities1,247,785 898,848 
Total equity5,147,851 5,368,289 
Total liabilities and equity$50,561,074 $50,604,056 
Tax-equivalent Net Interest Revenue$270,384 2.37 %$279,181 2.45 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.44 %2.52 %
Less tax-equivalent adjustment1,973 2,104 
Net Interest Revenue268,411 277,077 
Provision for credit losses
— (17,000)
Other operating revenue87,856 157,443 
Other operating expense277,618 299,495 
Income before taxes78,649 152,025 
Federal and state income taxes16,197 34,836 
Net income62,452 117,189 
Net income (loss) attributable to non-controlling interests
(36)(129)
Net income attributable to BOK Financial Corp. shareholders
$62,488 $117,318 
Earnings Per Average Common Share Equivalent:
      
Basic $0.91   $1.71  
Diluted $0.91   $1.71  
Yield calculations are shown on a tax equivalent 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.
- 91 -

Three Months Ended
September 30, 2021June 30, 2021March 31, 2021
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
$682,788 $245 0.14 %$659,312 $158 0.10 %$711,047 $174 0.10 %
7,617,236 39,006 2.04 %7,430,217 36,702 1.95 %6,963,617 35,969 2.06 %
218,117 2,740 5.02 %221,401 2,771 5.01 %237,313 2,893 4.88 %
13,446,095 57,391 1.80 %13,243,542 58,989 1.85 %13,433,767 58,680 1.84 %
56,307 342 2.62 %64,864 402 2.60 %104,662 496 1.95 %
245,485 1,565 2.55 %208,692 1,751 3.36 %189,921 1,359 2.86 %
167,620 1,274 3.06 %218,200 1,569 2.91 %207,013 1,380 2.71 %
20,848,608 193,117 3.68 %22,167,089 195,871 3.54 %22,757,007 199,589 3.55 %
(306,125)(345,269)(382,734)
20,542,483 193,117 3.73 %21,821,820 195,871 3.60 %22,374,273 199,589 3.62 %
42,976,131 295,680 2.78 %43,868,048 298,213 2.75 %44,221,613 300,540 2.78 %
632,539 716,700 735,482 
5,890,479 5,612,174 5,353,538 
$49,499,149 $50,196,922 $50,310,633 
$21,435,736 $5,002 0.09 %$21,491,145 $5,539 0.10 %$21,433,406 $6,323 0.12 %
888,011 96 0.04 %872,618 96 0.04 %789,656 86 0.04 %
1,839,983 2,567 0.55 %1,936,510 2,790 0.58 %1,986,425 3,441 0.70 %
24,163,730 7,665 0.13 %24,300,273 8,425 0.14 %24,209,487 9,850 0.17 %
1,448,800 722 0.20 %1,790,490 722 0.16 %2,830,378 1,348 0.19 %
2,546,083 2,344 0.37 %3,608,369 3,084 0.34 %3,392,346 3,274 0.39 %
214,654 2,505 4.63 %276,034 3,353 4.87 %276,015 3,347 4.92 %
28,373,267 13,236 0.19 %29,975,166 15,584 0.21 %30,708,226 17,819 0.24 %
13,670,656 13,189,954 12,312,629 
957,538 701,495 915,410 
1,054,247 1,000,662 1,100,203 
5,443,441 5,329,645 5,274,165 
$49,499,149 $50,196,922 $50,310,633 
$282,444 2.59 %$282,629 2.54 %$282,721 2.54 %
2.66 %2.60 %2.62 %
2,217 2,320 2,301 
280,227 280,309 280,420 
(23,000)(35,000)(25,000)
229,832 191,446 177,054 
291,277 291,152 295,784 
241,782 215,603 186,690 
54,061 48,496 42,382 
187,721 167,107 144,308 
(601)686 (1,752)
$188,322 $166,421 $146,060 
 $2.74   $2.40   $2.10  
 $2.74   $2.40   $2.10  


- 92 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Mar. 31, 2022Dec. 31, 2021Sept. 30, 2021June 30, 2021Mar. 31, 2021
Interest revenue$283,099 $292,334 $293,463 $295,893 $298,239 
Interest expense14,688 15,257 13,236 15,584 17,819 
Net interest revenue268,411 277,077 280,227 280,309 280,420 
Provision for credit losses— (17,000)(23,000)(35,000)(25,000)
Net interest revenue after provision for credit losses
268,411 294,077 303,227 315,309 305,420 
Other operating revenue     
Brokerage and trading revenue(27,079)14,869 47,930 29,408 20,782 
Transaction card revenue24,216 24,998 24,632 24,923 22,430 
Fiduciary and asset management revenue46,399 46,872 45,248 44,832 41,322 
Deposit service charges and fees27,004 26,718 27,429 25,861 24,209 
Mortgage banking revenue16,650 21,278 26,286 21,219 37,113 
Other revenue10,445 11,586 18,896 23,172 16,296 
Total fees and commissions97,635 146,321 190,421 169,415 162,152 
Other gains, net(1,644)6,081 31,091 16,449 10,121 
Gain (loss) on derivatives, net(46,981)(4,788)(5,760)18,820 (27,650)
Gain (loss) on fair value option securities, net(11,201)1,418 (120)(1,627)(1,910)
Change in fair value of mortgage servicing rights49,110 7,859 12,945 (13,041)33,874 
Gain on available for sale securities, net937 552 1,255 1,430 467 
Total other operating revenue87,856 157,443 229,832 191,446 177,054 
Other operating expense     
Personnel159,228 174,474 175,863 172,035 173,010 
Business promotion6,513 6,452 4,939 2,744 2,154 
Charitable contributions to BOKF Foundation— 5,000 — — 4,000 
Professional fees and services11,413 14,129 12,436 12,361 11,980 
Net occupancy and equipment30,855 26,897 28,395 26,633 26,662 
Insurance4,283 3,889 3,712 3,660 4,620 
Data processing and communications39,836 39,358 38,371 36,418 37,467 
Printing, postage and supplies3,689 2,935 3,558 4,285 3,440 
Amortization of intangible assets3,964 4,438 4,488 4,578 4,807 
Mortgage banking costs7,877 8,667 8,962 11,126 13,943 
Other expense9,960 13,256 10,553 17,312 13,701 
Total other operating expense277,618 299,495 291,277 291,152 295,784 
Net income before taxes78,649 152,025 241,782 215,603 186,690 
Federal and state income taxes16,197 34,836 54,061 48,496 42,382 
Net income62,452 117,189 187,721 167,107 144,308 
Net income (loss) attributable to non-controlling interests
(36)(129)(601)686 (1,752)
Net income attributable to BOK Financial Corporation shareholders
$62,488 $117,318 $188,322 $166,421 $146,060 
Earnings per share:     
Basic$0.91$1.71$2.74$2.40$2.10
Diluted$0.91$1.71$2.74$2.40$2.10
Average shares used in computation:
Basic67,812,400 68,069,160 68,359,125 68,815,666 69,137,375 
Diluted67,813,851 68,070,910 68,360,871 68,817,442 69,141,710 


- 93 -

PART II. Other Information

Item 1. Legal Proceedings
 
See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company’s common stock during the three months ended March 31, 2022.
 
Period
Total Number of Shares Purchased2
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
Maximum Number of Shares that May Yet Be Purchased Under the Plans
January 1 to January 31, 2022258,359 $102.50 230,877 1,435,653 
February 1 to February 28, 2022228,571 $101.03 210,000 1,225,653 
March 1 to March 31, 202235,000 $98.33 35,000 1,190,653 
Total521,930  475,877  
1On April 30, 2019, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of March 31, 2022, the Company had repurchased 3,809,347 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations and other factors.
2The Company may repurchase mature shares from employees to cover the exercise price and taxes in connection with employee equity compensation.
Item 6. Exhibits

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

31.2Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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

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

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

Items 3, 4 and 5 are not applicable and have been omitted.
- 94 -

Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


BOK FINANCIAL CORPORATION
(Registrant)



Date:        May 4, 2022                                                                  


/s/ Steven E. Nell
Steven E. Nell
Executive Vice President and
Chief Financial Officer

    
/s/ John C. Morrow
John C. Morrow
Senior Vice President and
Chief Accounting Officer

- 95 -

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