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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 Q2

BOK Financial - 10-Q quarterly report FY2022 Q2


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 June 30, 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: 67,806,005 shares of common stock ($.00006 par value) as of June 30, 2022.

BOK Financial Corporation
Form 10-Q
Quarter Ended June 30, 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 $132.8 million or $1.96 per diluted share for the second quarter of 2022 compared to $62.5 million or $0.91 per diluted share for the first quarter of 2022. Increased fee income led by revenue growth from trading activities combined with higher net interest revenue and decreased operating expenses to grow net income in the second quarter. First quarter trading revenue was negatively affected by interest rate volatility and concern over rising inflation.

Pre-provision net revenue ("PPNR"), a non-GAAP measure, was $169.0 million for the second quarter of 2022 compared to $78.7 million for the first quarter of 2022.

Highlights of the second quarter of 2022 included:

•Net interest revenue totaled $274.0 million, an increase of $5.6 million compared to the first quarter of 2022. Average earning assets were $39.1 billion, a decrease of $4.4 billion, largely due to a reduction in our trading inventory. Net interest margin was 2.76 percent for the second quarter of 2022 compared to 2.44 percent for the prior quarter.
•Fees and commissions revenue totaled $173.4 million, an increase of $75.7 million. Brokerage and trading revenue increased $71.1 million following trading losses in the prior quarter. Revenue growth in all other fee-generating business activities was partially offset by a $5.3 million decrease in mortgage banking revenue.
•The net benefit of the changes in fair value of mortgage servicing rights and related economic hedges was $1.9 million for the second quarter of 2022 compared to a net cost of $8.4 million for the first quarter of 2022 due to reduced price sensitivity in the second quarter.
•Other operating expense totaled $273.7 million, a decrease of $4.0 million. Personnel expense decreased $4.3 million, largely due to lower share-based compensation expense. Non-personnel expense was relatively consistent with the prior quarter.
•Period-end outstanding loan balances totaled $21.3 billion at June 30, 2022, growing $617 million compared to March 31, 2022, largely due to growth in commercial loans. Excluding a decrease in loans originated through the Small Business Administration's Paycheck Protection Program ("PPP"), outstanding loan balances increased $711 million. Unfunded loan commitments also grew by $979 million during the second quarter. Average loan balances increased $594 million compared to the prior quarter to $21.1 billion.
•No provision for expected credit losses was necessary for the second quarter of 2022, consistent with the prior quarter. An increase in required provision due to loan growth and changes in our economic outlook was offset by a sustained trend of improving credit quality metrics. The combined allowance for credit losses totaled $283 million or 1.33 percent of outstanding loans, excluding PPP loans, at June 30, 2022. The combined allowance for credit losses was $283 million or 1.38 percent of outstanding loans, excluding PPP loans, at March 31, 2022.
•Nonperforming assets not guaranteed by U.S. government agencies decreased $13 million compared to March 31, 2022. Potential problem loans decreased $39 million while other loans especially mentioned decreased $18 million. Net recoveries were $799 thousand or 0.02 percent of average loans on an annualized basis for the second quarter of 2022, excluding PPP loans. Net charge-offs were 0.06 percent of average loans, excluding PPP loans, over the last four quarters. 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.
•Period-end deposits were $38.6 billion at June 30, 2022, an $807 million decrease compared to March 31, 2022 as customers begin to redeploy cash resources to higher yielding alternatives and resume spending following the height of the pandemic. Average deposits decreased $1.8 billion, including a $1.9 billion decrease in interest bearing deposits.
•The common equity Tier 1 capital ratio at June 30, 2022 was 11.61 percent. Other regulatory capital ratios included the Tier 1 capital ratio at 11.63 percent, total capital ratio at 12.59 percent, and leverage ratio at 9.12 percent. At March 31, 2022, the common equity Tier 1 capital ratio was 11.30 percent, the Tier 1 capital ratio was 11.31 percent, total capital ratio was 12.25 percent, and leverage ratio was 8.47 percent.
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•The Company repurchased 294,084 shares of common stock at an average price of $82.98 per share in the second quarter of 2022 and 475,877 shares at an average price of $101.02 in the first quarter of 2022. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
•The Company paid a regular cash dividend of $35.9 million or $0.53 per common share during the second quarter of 2022. On August 2, 2022, the board of directors approved a quarterly cash dividend of $0.53 per common share payable on or about August 25, 2022 to shareholders of record as of August 16, 2022.
Highlights of the six months ended June 30, 2022 included:
•Tax-equivalent net interest revenue totaled $546.4 million for the six months ended June 30, 2022 and $565.4 million for the six months ended June 30, 2021. Net interest revenue decreased $16.3 million from changes in earning assets and $2.6 million from changes in interest rates. Net interest margin was 2.60 percent compared to 2.61 percent. Average earning assets decreased $2.8 billion to $41.3 billion, primarily due to lower loan balances and a reduction in trading securities. In response to rising inflation, the Federal Reserve increased the federal funds rate 150 basis points since the beginning of 2022, which led to an 18 basis point increase in loan yields while funding costs only increased 4 basis points. PPP loan fees totaled $6.5 million for the six months ended June 30, 2022 and $22.3 million for the six months ended June 30, 2021. PPP loan fees remaining to be recognized totaled $1.1 million as of June 30, 2022. The yield on trading securities decreased 19 basis points due to a lower weighted average coupon rate.
•Fees and commissions revenue totaled $271.0 million for the six months ended June 30, 2022, a $60.6 million decrease compared to the six months ended June 30, 2021, largely due to a reduction in brokerage and trading revenue and mortgage banking revenue. A $58.8 million decrease in trading revenue due to disruption in the fixed income markets related to economic uncertainty was partially offset by a $19.7 million increase in customer hedging revenue. Mortgage banking revenue decreased $30.3 million as rapidly rising mortgage interest rates and continued inventory shortages have adversely affected both loan production volume and margins. Other revenue decreased $16.3 million as a result of lower operating revenue from repossessed oil and gas assets due to the sale of properties in the third quarter of 2021.
•Other gains and losses, net decreased $35.9 million. The prior year included gains on alternative investments and sales of repossessed assets while the current year included the write-down of a repossessed equity interest in a midstream entity.
•Total operating expense was $551.3 million for the six months ended June 30, 2022, a decrease of $35.7 million compared to the six months ended June 30, 2021. Personnel expense decreased $30.9 million, primarily due to lower incentive compensation costs related to reduced cash-based incentives resulting from lower loan and trading volume and deferred compensation expense, which is largely offset by a decrease in the value of related rabbi trust investments. Non-personnel expense decreased $4.8 million to $237.1 million. Lower mortgage banking costs and repossessed asset operating expenses were largely offset by increased business promotion, occupancy and equipment, and data processing costs.
•No provision for credit losses was necessary for the six months ended June 30, 2022. An increase in allowance related to our lending activities from strong loan growth and changes in our reasonable and supportable forecast were offset by the impact from improving credit metrics. A $60.0 million negative provision for credit losses was recorded for the six months ended June 30, 2021 due to forecasts for improving macroeconomic factors, including stabilizing energy prices, and improving credit quality metrics.
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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 $276.1 million for the second quarter of 2022 and $270.4 million for the first quarter of 2022. Compared to the first quarter of 2022, net interest revenue increased $18.3 million from changes in interest rates and decreased $12.6 million from changes in earning assets. 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 $4.4 billion compared to the first quarter of 2022. Average trading securities were reduced by $4.4 billion as we reduced our inventory of low-coupon residential mortgage-backed securities and repositioned the trading portfolio in response to rising mortgage interest rates. Average loan balances increased $594 million, largely due to growth in commercial loans, partially offset by a reduction of PPP 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 $834 million while investment securities increased $416 million. Late in the second quarter of 2022, we transferred $2.4 billion of U.S. government agency mortgage-backed securities from available for sale to investment securities to limit the effect of future rate increases on the tangible common equity ratio. We purchase securities to supplement earnings and to manage interest rate risk. Interest-bearing cash and cash equivalents decreased $207 million.

Total average deposits were reduced by $1.8 billion compared to the first quarter of 2022 as customers begin to deploy cash resources into higher yielding alternatives and resume normal spending levels following the height of the pandemic. Funds purchased and repurchase agreements decreased $780 million while other borrowings increased $153 million.

Net interest margin was 2.76 percent compared to 2.44 percent in the first quarter of 2022. The tax-equivalent yield on earning assets was 2.96 percent, an increase of 38 basis points. Loan yields increased 35 basis points to 3.92 percent. The yield on trading securities was up 29 basis points to 2.00 percent. The available for sale securities portfolio yield increased 7 basis points to 1.84 percent. The yield on fair value option securities increased 11 basis points to 2.92 percent. The yield on investment securities decreased 272 basis points due to the transfer of securities from the available for sale portfolio to the investment portfolio. The yield on interest-bearing cash and cash equivalents increased 65 basis points.
Funding costs were 0.31 percent, a 10 basis point increase. The cost of interest bearing deposits increased 12 basis points to 0.24 percent. The cost of funds purchased and repurchase agreements decreased 42 basis points to 0.53 percent while the cost of other borrowings increased 63 basis points to 1.01 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 11 basis points, an increase of 4 basis points.
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 78 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.

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Table 1 -- Volume/Rate Analysis
(In thousands)
Three Months Ended
June 30, 2022 / Mar. 31, 2022
Six Months Ended
June 30, 2022 / 2021
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$1,264 $(266)$1,530 $1,878 $375 $1,503 
Trading securities(18,032)(23,186)5,154 (8,621)(1,687)(6,934)
Investment securities
1,110 3,943 (2,833)396 3,528 (3,132)
Available for sale securities
864 (1,320)2,184 (769)1,753 (2,522)
Fair value option securities(54)(71)17 30 (210)240 
Restricted equity securities
277 13 264 (619)(504)(115)
Residential mortgage loans held for sale
165 (287)452 4 (742)746 
Loans25,621 6,526 19,095 (9,693)(30,931)21,238 
Total tax-equivalent interest revenue11,215 (14,648)25,863 (17,394)(28,418)11,024 
Interest expense:
Transaction deposits6,111 (565)6,676 4,935 457 4,478 
Savings deposits3 3 — (33)17 (50)
Time deposits150 (313)463 (1,717)(1,476)(241)
Funds purchased and repurchase agreements(3,090)(1,420)(1,670)4,236 (1,682)5,918 
Other borrowings2,196 269 1,927 (1,982)(6,117)4,135 
Subordinated debentures171 7 164 (3,925)(3,287)(638)
Total interest expense5,541 (2,019)7,560 1,514 (12,088)13,602 
Tax-equivalent net interest revenue5,674 (12,629)18,303 (18,908)(16,330)(2,578)
Change in tax-equivalent adjustment67 (608)
Net interest revenue$5,607 $(18,300)
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 $168.6 million for the second quarter of 2022 and $87.9 million for the first quarter of 2022. Brokerage and trading revenue, which was negatively impacted in the prior quarter by market volatility due to uncertainty surrounding rising inflation and interest rates, grew significantly in the current quarter.

Table 2 – Other Operating Revenue 
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Brokerage and trading revenue
$44,043 $(27,079)$71,122 263 %$16,964 $50,190 $(33,226)(66)%
Transaction card revenue26,940 24,216 2,724 11 %51,156 47,353 3,803 8 %
Fiduciary and asset management revenue
49,838 46,399 3,439 7 %96,237 86,154 10,083 12 %
Deposit service charges and fees
28,500 27,004 1,496 6 %55,504 50,070 5,434 11 %
Mortgage banking revenue11,368 16,650 (5,282)(32)%28,018 58,332 (30,314)(52)%
Other revenue12,684 10,445 2,239 21 %23,129 39,468 (16,339)(41)%
Total fees and commissions revenue
173,373 97,635 75,738 78 %271,008 331,567 (60,559)(18)%
Other gains (losses), net(7,639)(1,644)(5,995)N/A(9,283)26,570 (35,853)N/A
Loss on derivatives, net(13,569)(46,981)33,412 N/A(60,550)(8,830)(51,720)N/A
Gain (loss) on fair value option securities, net(2,221)(11,201)8,980 N/A(13,422)(3,537)(9,885)N/A
Change in fair value of mortgage servicing rights
17,485 49,110 (31,625)N/A66,595 20,833 45,762 N/A
Gain on available for sale securities, net1,188 937 251 N/A2,125 1,897 228 N/A
Total other operating revenue
$168,617 $87,856 $80,761 92 %$256,473 $368,500 $(112,027)(30)%
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 39 percent of total revenue for the second 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. 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. 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, increased $71.1 million or 263 percent compared to the first quarter of 2022.

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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 increased $66.0 million compared to the prior quarter..Disruption in the fixed income markets related to uncertainty around rising inflation and interest rates adversely affected the value of trading securities during the first quarter of 2022. During the second quarter, we fully sold our inventory of low-coupon, U.S. government agency residential mortgage-backed securities.

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 $13.1 million for the second quarter of 2022, up $2.2 million over the prior quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $11.8 million for the second quarter of 2022, an increase of $4.2 million compared to the first quarter of 2022, related to the timing and volume of completed loan syndication transactions.
Transaction Card Revenue

Transaction card revenue totaled $26.9 million for the second quarter of 2022, an increase of $2.7 million compared to the first quarter of 2022. Transaction volume is rising as customers return to more normal spending levels following the height of the pandemic. , 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 increased $3.4 million over the first quarter of 2022. Money market fund revenue share grew $3.0 million. The second quarter also included an increase in seasonal tax preparation fees of $1.8 million and reduction of fee waivers of $2.1 million. We voluntarily waived certain administration fees on the Cavanal Hill money market funds in order to maintain positive yields on these funds during the short-term interest rate environment. As of June 30, 2022, we are no longer waiving those fees. These increases were partially offset by a $3.2 million reduction in trust business line fees related to decreased asset under management billable fees, consistent with market driven declines in equities, which account for a third of the assets under management or administration.

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
June 30, 2022March 31, 2022
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,403,398 $27,389 1.05 %$11,292,472 $28,331 1.00 %
Institutional16,895,773 7,213 0.17 %18,592,153 9,995 0.22 %
Total managed fiduciary assets
27,299,171 34,602 0.51 %29,884,625 38,326 0.51 %
Non-managed assets:
Fiduciary28,673,413 12,684 0.18 %31,210,695 5,107 0.07 %
Non-fiduciary18,582,670 2,552 0.05 %19,361,212 2,966 0.06 %
Safekeeping and brokerage assets under administration
21,426,035 — — %20,624,823 — — %
Total non-managed assets
68,682,118 15,236 0.09 %71,196,730 8,073 0.05 %
Total assets under management or administration
$95,981,289 $49,838 0.21 %$101,081,355 $46,399 0.18 %
Six Months Ended
June 30, 2022June 30, 2021
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,403,398 $55,720 1.07 %$11,973,758 $52,242 0.87 %
Institutional16,895,773 17,208 0.20 %16,339,627 14,075 0.17 %
Total managed fiduciary assets
27,299,171 72,928 0.53 %28,313,385 66,317 0.47 %
Non-managed assets:
Fiduciary28,673,413 17,791 0.12 %30,341,404 15,929 0.10 %
Non-fiduciary18,582,670 5,518 0.06 %19,480,250 3,908 0.04 %
Safekeeping and brokerage assets under administration
21,426,035 — — %18,497,709 — — %
Total non-managed assets
68,682,118 23,309 0.07 %68,319,363 19,837 0.06 %
Total assets under management or administration
$95,981,289 $96,237 0.20 %$96,632,748 $86,154 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 and six months ended June 30, 2022 and 2021 follows:

Table 4 -- Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning balance$101,081,355 $91,956,188 $104,917,721 $91,592,247 
Net inflows (outflows)(508,292)1,191,287 (2,282,348)(425,565)
Net change in fair value(4,591,774)3,485,273 (6,654,084)5,466,066 
Ending balance$95,981,289 $96,632,748 $95,981,289 $96,632,748 

- 7 -

Assets under management as of June 30, 2022 consist of 44 percent fixed income, 34 percent equities, 14 percent cash, and 8 percent alternative investments.

Deposit Service Charges and Fees

Deposit service charges and fees increased $1.5 million driven largely by commercial customer activity. Overdraft and non-sufficient funds fees earned primarily on consumer deposit accounts totaled $6.6 million for the second quarter of 2022, largely unchanged from the prior quarter.

Mortgage Banking Revenue

Mortgage banking revenue decreased $5.3 million or 32 percent compared to the first quarter of 2022 due to lower production volume combined with narrowing margins. Rapidly rising interest rates and continued inventory shortages have resulted in fewer refinance opportunities and heightened competitive pricing pressure. Mortgage production volume decreased $102 million to $306 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 140 basis points to (0.16) percent, affected by increased market competition and our securitization of loans previously repurchased from GNMA pools.


Table 5 – Mortgage Banking Revenue 
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Mortgage production revenue
$(504)$5,055 $(5,559)(110)%$4,551 $35,291 $(30,740)(87)%
Mortgage loans funded for sale$360,237 $418,866 $779,103 $1,597,946 
Add: Current period end outstanding commitments
106,004 160,260 106,004 276,154 
Less: Prior period end outstanding commitments
160,260 171,412 171,412 380,637 
Total mortgage production volume
$305,981 $407,714 $(101,733)(25)%$713,695 $1,493,463 $(779,768)(52)%
Mortgage loan refinances to mortgage loans funded for sale
19 %45 %(2,600) bps32 %83 %(4,500) bps
Realized margin on funded mortgage loans0.88 %1.64 %(76) bps1.29 %2.94 %(165) bps
Production revenue as a percentage of production volume(0.16)%1.24 %(140) bps0.64 %2.36 %(172) bps
Primary mortgage interest rates:
Average
5.27 %3.82 %145  bps4.54 %2.94 %160  bps
Period end
5.70 %4.67 %103  bps5.70 %3.02 %268  bps
Mortgage servicing revenue
$11,872 $11,595 $277 2 %$23,467 $23,041 $426 2 %
Average outstanding principal balance of mortgage loans serviced for others
17,336,596 16,155,329 1,181,267 7 %16,745,962 15,394,202 1,351,760 9 %
Average mortgage servicing revenue rates
0.27 %0.29 %(2) bp0.28 %0.30 %(2) bp
Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.




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Net gains on other assets, securities and derivatives

Other gains and losses, net decreased $6.0 million compared to the first quarter of 2022 primarily related to a write-down of a repossessed equity interest in a midstream entity.

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. Three bulk mortgage servicing rights portfolios were acquired during the second quarter of 2022. These acquisitions added $3.5 billion in unpaid principal balance comprised of conventional, low note rate, strong performing loans.

Table 6 - Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months EndedSix Months Ended
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Loss on mortgage hedge derivative contracts, net$(13,639)$(46,694)$(60,333)$(8,941)
Loss on fair value option securities, net(2,221)(11,201)(13,422)(3,537)
Loss on economic hedge of mortgage servicing rights, net(15,860)(57,895)(73,755)(12,478)
Gain on change in fair value of mortgage servicing rights17,485 49,110 66,595 20,833 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue1,625 (8,785)(7,160)8,355 
Net interest revenue on fair value option securities1
275 383 658 734 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$1,900 $(8,402)$(6,502)$9,089 
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 second quarter of 2022 totaled $273.7 million, a decrease of $4.0 million compared to the first quarter of 2022.

Table 7 – Other Operating Expense
(In thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Six Months EndedIncrease (Decrease)%
Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Regular compensation
$98,322 $96,474 $1,848 2 %$194,796 $193,292 $1,504 1 %
Incentive compensation:
Cash-based39,480 34,444 5,036 15 %73,924 87,927 (14,003)(16)%
Share-based(590)3,304 (3,894)(118)%2,714 4,821 (2,107)(44)%
Deferred compensation(6,970)(2,124)(4,846)N/A(9,094)6,169 (15,263)N/A
Total incentive compensation31,920 35,624 (3,704)(10)%67,544 98,917 (31,373)(32)%
Employee benefits24,681 27,130 (2,449)(9)%51,811 52,836 (1,025)(2)%
Total personnel expense154,923 159,228 (4,305)(3)%314,151 345,045 (30,894)(9)%
Business promotion6,325 6,513 (188)(3)%12,838 4,898 7,940 162 %
Charitable contributions to BOKF Foundation
— — — N/A— 4,000 (4,000)N/A
Professional fees and services
12,475 11,413 1,062 9 %23,888 24,341 (453)(2)%
Net occupancy and equipment27,489 30,855 (3,366)(11)%58,344 53,295 5,049 9 %
Insurance4,728 4,283 445 10 %9,011 8,280 731 9 %
Data processing and communications
41,280 39,836 1,444 4 %81,116 73,885 7,231 10 %
Printing, postage and supplies3,929 3,689 240 7 %7,618 7,725 (107)(1)%
Amortization of intangible assets4,049 3,964 85 2 %8,013 9,385 (1,372)(15)%
Mortgage banking costs9,437 7,877 1,560 20 %17,314 25,069 (7,755)(31)%
Other expense9,020 9,960 (940)(9)%18,980 31,013 (12,033)(39)%
Total other operating expense$273,655 $277,618 $(3,963)(1)%$551,273 $586,936 $(35,663)(6)%
Average number of employees (full-time equivalent)
4,763 4,712 51 1 %4,735 4,873 (138)(3)%
Certain percentage increases (decreases) are not meaningful for comparison purposes.

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Personnel expense
Personnel expense decreased $4.3 million compared to the first quarter of 2022. Share-based compensation expense decreased $3.9 million resulting from changes in vesting assumptions. Regular compensation expense increased as we recognized a full quarter of expense related to annual merit increases and employee benefits expense decreased due to seasonal changes in payroll taxes. An increase in cash-based incentive compensation expense was largely driven by growing commercial activity. A decrease in deferred compensation expense reflected changes in the value of rabbi trust assets.
Non-personnel operating expense
Non-personnel expense totaled $118.7 million for the second quarter of 2022, consistent with the first quarter of 2022. Mortgage banking costs increased $1.6 million, primarily due to additional accruals related to default servicing and loss mitigation costs on loans serviced for others. Increases in data processing and communications expense of $1.4 million and professional fees and services expense of $1.1 million were due to ongoing technology projects. These increases were offset by a decrease in net occupancy and equipment expense of $3.4 million.
Income Taxes

The effective tax rate was 21.4 percent for the second quarter of 2022 and 20.6 percent for the first quarter of 2022. The effective rate for the second quarter of 2022 increased primarily due to the increase in net income before tax. The effective tax rates for the six months ended June 30, 2022 and June 30, 2021 were 21.1 percent and 22.6 percent, respectively. The effective rate decreased primarily due to the increase in excess tax benefits from vested share-based compensation and a decrease in the Oklahoma tax rate.
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 increased $62.8 million compared to the first quarter of 2022. Net interest revenue increased $18.1 million, primarily due to loan growth and increased spreads on deposits sold to our Funds Management unit. Net charge-offs decreased $6.8 million. Other operating revenue increased $62.1 million largely due to trading activity returning to more normal levels following trading losses incurred in the prior quarter from market disruptions. Operating expense increased $10.5 million due to a combination of increased incentive compensation expense largely related to growing commercial activity and additional accruals for mortgage loan default servicing and loss mitigation costs.

Table 8 -- Net Income by Line of Business
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Commercial Banking
$104,797 $82,344 $22,453 27 %$187,141 $142,305 $44,836 32 %
Consumer Banking1,239 (7,317)8,556 117 %(6,078)8,646 (14,724)(170)%
Wealth Management27,287 (4,521)31,808 704 %22,766 50,285 (27,519)(55)%
Subtotal133,323 70,506 62,817 89 %203,829 201,236 2,593 1 %
Funds Management and other(477)(8,018)7,541 N/A(8,495)111,245 (119,740)N/A
Total$132,846 $62,488 $70,358 113 %$195,334 $312,481 $(117,147)(37)%
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 $104.8 million to consolidated net income in the second quarter of 2022, an increase of $22.5 million or 27 percent compared to the first quarter of 2022.

Table 9 -- Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Net interest revenue from external sources
$172,974 $147,590 $25,384 17 %$320,564 $307,741 $12,823 4 %
Net interest expense from internal sources
(6,452)(10,579)4,127 39 %(17,031)(46,835)29,804 64 %
Total net interest revenue
166,522 137,011 29,511 22 %303,533 260,906 42,627 16 %
Net loans charged off (recovered)(1,502)5,343 (6,845)(128)%3,841 30,253 (26,412)(87)%
Net interest revenue after net loans charged off (recovered)168,024 131,668 36,356 28 %299,692 230,653 69,039 30 %
Fees and commissions revenue
59,881 56,964 2,917 5 %116,845 113,215 3,630 3 %
Other gains (losses), net1,807 463 1,344 N/A2,270 (1,367)3,637 N/A
Other operating revenue
61,688 57,427 4,261 7 %119,115 111,848 7,267 6 %
Personnel expense
42,215 38,927 3,288 8 %81,142 79,100 2,042 3 %
Non-personnel expense
27,794 26,187 1,607 6 %53,981 59,230 (5,249)(9)%
Other operating expense
70,009 65,114 4,895 8 %135,123 138,330 (3,207)(2)%
Net direct contribution
159,703 123,981 35,722 29 %283,684 204,171 79,513 39 %
Gain (loss) on financial instruments, net61 (204)265 N/A(143)67 (210)N/A
Gain (loss) on repossessed assets, net(4,515)1,793 (6,308)N/A(2,722)16,302 (19,024)N/A
Corporate expense allocations
16,634 16,246 388 2 %32,880 25,246 7,634 30 %
Income before taxes
138,615 109,324 29,291 27 %247,939 195,294 52,645 27 %
Federal and state income tax
33,818 26,980 6,838 25 %60,798 52,989 7,809 15 %
Net income
$104,797 $82,344 $22,453 27 %$187,141 $142,305 $44,836 32 %
Average assets
$29,269,712 $29,823,905 $(554,193)(2)%$29,545,278 $28,104,137 $1,441,141 5 %
Average loans
17,336,841 16,696,428 640,413 4 %17,018,404 17,250,711 (232,307)(1)%
Average deposits
18,933,766 19,595,260 (661,494)(3)%19,262,686 16,592,511 2,670,175 16 %
Average invested capital
2,007,878 2,020,925 (13,047)(1)%2,012,227 2,123,473 (111,246)(5)%
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 increased $29.5 million or 22 percent over the first quarter of 2022, primarily due to loan growth and increased spreads on deposits sold to the Funds Management unit.

Fees and commissions revenue increased $2.9 million or 5 percent, largely due to the timing of loan syndication activity. Operating expense increased $4.9 million or 8 percent compared to the first quarter of 2022, primarily due to increased incentive compensation costs with growth in loans and syndication activity. The second quarter also included a $5.8 million write-down of a repossessed equity interest in a midstream energy entity. Corporate expense allocations were consistent with the prior quarter.

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Average outstanding balance of loans attributed to Commercial Banking increased $640 million or 4 percent over the first quarter of 2022 to $17.3 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. 

Average deposits attributed to Commercial Banking were $18.9 billion for second quarter of 2022, a $661 million decrease compared to the first quarter of 2022. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of change.

- 14 -

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 contributed $1.2 million to consolidated net income for the second quarter of 2022, compared to a prior quarter net loss of $7.3 million. Changes in the fair value of mortgage servicing rights, net of economic hedges, increased pre-tax net income for the second quarter of 2022 by $1.9 million compared to an $8.4 million decrease in pre-tax net income in the first quarter of 2022.

Table 10 -- Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Net interest revenue from external sources
$16,784 $16,915 $(131)(1)%$33,699 $34,238 $(539)(2)%
Net interest revenue from internal sources
17,002 10,292 6,710 65 %27,294 11,681 15,613 134 %
Total net interest revenue33,786 27,207 6,579 24 %60,993 45,919 15,074 33 %
Net loans charged off1,196 1,112 84 8 %2,308 1,561 747 48 %
Net interest revenue after net loans charged off
32,590 26,095 6,495 25 %58,685 44,358 14,327 32 %
Fees and commissions revenue30,101 33,977 (3,876)(11)%64,078 90,014 (25,936)(29)%
Other losses, net
(12)(16)4 N/A(28)(18)(10)N/A
Other operating revenue30,089 33,961 (3,872)(11)%64,050 89,996 (25,946)(29)%
Personnel expense21,510 20,984 526 3 %42,494 43,016 (522)(1)%
Non-personnel expense31,150 27,805 3,345 12 %58,955 65,060 (6,105)(9)%
Total other operating expense52,660 48,789 3,871 8 %101,449 108,076 (6,627)(6)%
Net direct contribution10,019 11,267 (1,248)(11)%21,286 26,278 (4,992)(19)%
Loss on financial instruments, net(15,860)(57,895)42,035 N/A(73,755)(12,479)(61,276)N/A
Change in fair value of mortgage servicing rights
17,485 49,110 (31,625)N/A66,595 20,833 45,762 N/A
Gain on repossessed assets, net93 45 48 N/A138 41 97 N/A
Corporate expense allocations10,120 12,080 (1,960)(16)%22,200 23,073 (873)(4)%
Income (loss) before taxes1,617 (9,553)11,170 117 %(7,936)11,600 (19,536)(168)%
Federal and state income tax378 (2,236)2,614 117 %(1,858)2,954 (4,812)(163)%
Net income (loss)$1,239 $(7,317)$8,556 117 %$(6,078)$8,646 $(14,724)(170)%
Average assets$10,338,191 $10,273,890 $64,301 1 %$10,306,218 $9,922,431 $383,787 4 %
Average loans1,669,830 1,672,346 (2,516)— %1,671,081 1,804,883 (133,802)(7)%
Average deposits8,876,469 8,746,622 129,847 1 %8,811,904 8,276,811 535,093 6 %
Average invested capital244,188 255,758 (11,570)(5)%248,044 251,293 (3,249)(1)%
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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Net interest revenue from Consumer Banking activities increased $6.6 million or 24 percent compared to the first quarter of 2022, mainly due to an increase in the spread on deposits sold to our Funds Management unit. Average consumer deposits grew $130 million or 1 percent over the first quarter of 2022.

Operating revenue decreased $3.9 million or 11 percent compared to the prior quarter. Mortgage production volume decreased $102 million to $306 million and production revenue as a percentage of production volumes decreased 140 basis points resulting in a $5.3 million decrease in mortgage banking revenues. Operating expense increased $3.9 million or 8 percent. Business promotion expense increased $1.8 million and mortgage banking costs increased $1.6 million related to accruals for default servicing and loss mitigation costs. Corporate expense allocations decreased $2.0 million or 16 percent compared to the first quarter of 2022.


- 16 -

Wealth Management

Wealth Management contributed $27.3 million to consolidated net income in the second quarter of 2022 compared to a net loss of $4.5 million in the first quarter of 2022. Trading activity has returned to more normal levels following disruption in the fixed income markets related to uncertainty around rising inflation and interest rates that occurred in the first quarter of 2022.

Table 11 -- Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2022Mar. 31, 2022June 30, 2022June 30, 2021
Net interest revenue from external sources
$39,412 $56,231 $(16,819)(30)%$95,643 $101,520 $(5,877)(6)%
Net interest expense from internal sources(1,665)(465)(1,200)(258)%(2,130)(873)(1,257)(144)%
Total net interest revenue37,747 55,766 (18,019)(32)%93,513 100,647 (7,134)(7)%
Net loans recovered(60)(71)11 15 %(131)(83)(48)(58)%
Net interest revenue after net loans recovered37,807 55,837 (18,030)(32)%93,644 100,730 (7,086)(7)%
Fees and commissions revenue86,771 25,023 61,748 247 %111,794 144,525 (32,731)(23)%
Other gains (losses), net(10)(5)(5)N/A(15)747 (762)N/A
Other operating revenue86,761 25,018 61,743 247 %111,779 145,272 (33,493)(23)%
Personnel expense54,787 52,950 1,837 3 %107,737 116,246 (8,509)(7)%
Non-personnel expense21,606 21,669 (63)— %43,275 41,941 1,334 3 %
Other operating expense76,393 74,619 1,774 2 %151,012 158,187 (7,175)(5)%
Net direct contribution48,175 6,236 41,939 673 %54,411 87,815 (33,404)(38)%
Corporate expense allocations12,503 12,072 431 4 %24,575 20,249 4,326 21 %
Income (loss) before taxes35,672 (5,836)41,508 711 %29,836 67,566 (37,730)(56)%
Federal and state income tax8,385 (1,315)9,700 738 %7,070 17,281 (10,211)(59)%
Net income (loss)$27,287 $(4,521)$31,808 704 %$22,766 $50,285 $(27,519)(55)%
Average assets$16,902,721 $21,323,795 $(4,421,074)(21)%$19,101,045 $18,924,987 $176,058 1 %
Average loans2,157,771 2,118,780 38,991 2 %2,138,383 1,943,382 195,001 10 %
Average deposits8,482,785 9,619,323 (1,136,538)(12)%9,047,915 9,700,777 (652,862)(7)%
Average invested capital267,189 305,597 (38,408)(13)%279,992 311,687 (31,695)(10)%
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 increased $43.7 million or 54 percent. Total revenue from trading activities increased $47.4 million compared to the first quarter of 2022. Market disruptions during the first quarter of 2022 reduced demand for low-coupon, fixed-rate U.S. government agency residential mortgage-backed securities. These securities were fully sold during the second quarter. Growth in money market fund revenue, seasonal tax preparation fees and a reduction in fee waivers combined to increase fiduciary and asset management revenue $6.6 million. This increase was partially offset by a $3.2 million reduction in trust business line fees related to decreased asset under management billable fees, consistent with market driven declines in equities, which account for a third of the assets under management or administration. Operating expense increased $1.8 million or 2 percent, primarily due to increased volume-driven incentive compensation costs and a full quarter's impact of annual merit increases.

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Average outstanding loans attributed to the Wealth Management segment increased $39 million or 2 percent. Average Wealth Management deposits decreased $1.1 billion or 12 percent to $8.5 billion as customers redeployed deposits into higher yielding alternatives.
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 June 30, 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 $2.0 billion to $2.9 billion during the second quarter of 2022 as we reduced our inventory of low-coupon mortgage-backed securities and repositioned the trading portfolio in response to rising mortgage interest rates. 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 June 30, 2022, the carrying value of investment (held-to-maturity) securities was $2.6 billion, including a $717 thousand allowance for expected credit losses compared to $184 million at March 31, 2022 with a $633 thousand allowance for expected credit losses. The fair value of investment securities was $2.6 billion at June 30, 2022 and $191 million at March 31, 2022. 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. During the second quarter of 2022, the Company transferred certain U.S. government agency mortgage-backed securities from the available for sale portfolio to the investment securities portfolio to limit the effect of future rate increases on the tangible common equity ratio. No gains or losses were recognized in the Consolidated Statements of Earnings at the time of the transfer. At the time of transfer, the fair value totaled $2.4 billion, amortized cost totaled $2.7 billion and the pretax unrealized loss totaled $268 million. Transfers of debt securities into the investment securities portfolio are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in Accumulated Other Comprehensive Income and in the carrying value of the investment securities portfolio. Such amounts are amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of the premium or accretion of the discount on the transferred securities.

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 $10.7 billion at June 30, 2022, a $2.8 billion decrease compared to March 31, 2022, primarily due to the transfer of securities from the available for sale portfolio to the investment securities portfolio discussed above. At June 30, 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 June 30, 2022 is 3.4 years. Management estimates the duration extends to 3.8 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 3.0 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 second quarter of 2022, this exposure was reported and monitored by management, and the portfolio's actual performance remained within expectations.
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Bank-Owned Life Insurance

We have approximately $410 million of bank-owned life insurance at June 30, 2022. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $316 million is held in separate accounts. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and Agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio’s investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of June 30, 2022, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $291 million. As the underlying fair value of the investments held in separate accounts at June 30, 2022 was below the net book value of the investments, $23 million of cash surrender value was supported by the stable value wrap. Future rate increases may cause impairment as the fair value deterioration could exceed the stable value wrap protection. The stable value wrap is provided by a domestic financial institution. The remaining cash surrender value of $94 million primarily represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies.
- 19 -

Loans

The aggregate loan portfolio before allowance for loan losses totaled $21.3 billion at June 30, 2022, a $617 million increase over March 31, 2022. Core loans, which exclude paycheck protection program loans, grew by $711 million, primarily due to growth in commercial loans. Unfunded loan commitments also grew by $979 million during the second quarter.

Table 12 -- Loans
(In thousands
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Commercial: 
Healthcare$3,696,963 $3,441,732 $3,414,940 $3,347,641 $3,381,261 
Services3,421,493 3,351,495 3,367,193 3,323,422 3,389,756 
Energy3,393,072 3,197,667 3,006,884 2,814,059 3,011,331 
General business3,067,169 2,892,295 2,717,448 2,690,018 2,690,559 
Total commercial13,578,697 12,883,189 12,506,465 12,175,140 12,472,907 
Commercial real estate:
Office1,100,115 1,097,516 1,040,963 1,030,755 1,073,346 
Industrial953,626 911,928 766,125 890,316 824,577 
Multifamily878,565 867,288 786,404 875,586 964,824 
Retail637,304 667,561 679,917 766,402 784,445 
Residential construction and land development
111,575 120,506 120,016 118,416 128,939 
Other commercial real estate424,963 436,157 437,900 435,417 470,861 
Total commercial real estate4,106,148 4,100,956 3,831,325 4,116,892 4,246,992 
Paycheck protection program43,140 137,365 276,341 536,052 1,121,583 
Loans to individuals: 
Residential mortgage1,784,729 1,723,506 1,722,170 1,747,243 1,772,627 
Residential mortgage guaranteed by U.S. government agencies
293,838 322,581 354,173 376,986 413,806 
Personal1,484,596 1,506,832 1,515,206 1,395,623 1,388,534 
Total loans to individuals3,563,163 3,552,919 3,591,549 3,519,852 3,574,967 
Total$21,291,148 $20,674,429 $20,205,680 $20,347,936 $21,416,449 
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 $13.6 billion or 64 percent of the loan portfolio at June 30, 2022, a $696 million increase over March 31, 2022, growing in all commercial loan categories.
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Approximately 75 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 5 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 $3.4 billion or 16 percent of total loans at June 30, 2022, a $195 million increase over March 31, 2022. Approximately $2.6 billion of energy loans were to oil and gas producers, a $188 million increase over March 31, 2022. 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 $640 million at June 30, 2022, a $10 million increase compared to March 31, 2022. Loans to borrowers that provide services to the energy industry totaled $134 million at June 30, 2022, an increase of $14 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $8.2 million, a decrease of $15 million compared to the prior quarter.

Unfunded energy loan commitments were $3.4 billion at June 30, 2022, growing $342 million over March 31, 2022.

The healthcare sector of the loan portfolio totaled $3.7 billion or 17 percent of total loans. Healthcare loans increased $255 million over March 31, 2022, primarily due to growth in loans to senior housing facilities. 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 $70 million increase 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 $3.1 billion or 14 percent of total loans, an increase of $175 million over the prior quarter. General business loans consist of $1.6 billion of wholesale/retail loans and $1.5 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 June 30, 2022, the outstanding principal balance of these loans totaled $4.6 billion, including $2.0 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 22 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 $5.2 million over March 31, 2022 to $4.1 billion or 19 percent of total loans at June 30, 2022. Loans secured by industrial facilities grew by $42 million to $954 million. Multifamily residential loans increased $11 million to $879 million at June 30, 2022. Loans secured by retail facilities decreased $30 million to $637 million and loans secured by other commercial real estate properties decreased $11 million to $425 million.

Approximately 69 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 10 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. The remaining loans in this portfolio generally have a contractual term of five 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. Remaining unaccreted origination fees were not significant at June 30, 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.

Approximately 91 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.

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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)
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Texas:
Commercial$6,631,658 $6,254,883 $6,068,700 $5,815,562 $5,690,901 
Commercial real estate1,339,452 1,345,105 1,253,439 1,383,871 1,403,751 
Paycheck protection program14,040 31,242 81,654 115,623 342,933 
Loans to individuals934,856 957,320 942,982 901,121 885,619 
Total Texas8,920,006 8,588,550 8,346,775 8,216,177 8,323,204 
Oklahoma:
Commercial3,125,764 2,883,663 2,633,014 2,590,887 2,840,560 
Commercial real estate576,458 552,310 546,021 552,184 552,673 
Paycheck protection program13,329 52,867 69,817 192,474 242,880 
Loans to individuals1,982,247 1,977,886 2,024,404 2,014,099 2,063,419 
Total Oklahoma5,697,798 5,466,726 5,273,256 5,349,644 5,699,532 
Colorado:
Commercial2,074,455 1,977,773 1,936,149 1,874,613 1,904,182 
Commercial real estate473,231 480,740 470,937 526,653 656,521 
Paycheck protection program8,233 28,584 82,781 140,470 299,712 
Loans to individuals234,105 236,125 256,533 249,298 262,796 
Total Colorado2,790,024 2,723,222 2,746,400 2,791,034 3,123,211 
Arizona:
Commercial1,080,228 1,074,551 1,130,798 1,194,801 1,239,270 
Commercial real estate766,767 719,970 674,309 734,174 705,497 
Paycheck protection program5,173 11,644 21,594 42,815 104,946 
Loans to individuals212,870 190,746 186,528 182,506 178,481 
Total Arizona2,065,038 1,996,911 2,013,229 2,154,296 2,228,194 
Kansas/Missouri:
Commercial338,337 334,371 338,697 336,414 388,291 
Commercial real estate458,157 436,740 382,761 408,001 406,055 
Paycheck protection program573 2,595 4,718 6,920 41,954 
Loans to individuals125,584 121,247 110,889 100,920 103,092 
Total Kansas/Missouri922,651 894,953 837,065 852,255 939,392 
New Mexico:
Commercial252,033 262,533 306,964 287,695 304,804 
Commercial real estate431,606 504,632 442,128 437,302 437,996 
Paycheck protection program1,792 9,713 13,510 31,444 86,716 
Loans to individuals67,026 63,299 63,930 66,651 68,177 
Total New Mexico752,457 840,177 826,532 823,092 897,693 
Arkansas:
Commercial76,222 95,415 92,143 75,168 104,899 
Commercial real estate60,477 61,459 61,730 74,707 84,499 
Paycheck protection program— 720 2,267 6,306 2,442 
Loans to individuals6,475 6,296 6,283 5,257 13,383 
Total Arkansas143,174 163,890 162,423 161,438 205,223 
Total BOK Financial loans$21,291,148 $20,674,429 $20,205,680 $20,347,936 $21,416,449 
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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)
 June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Loan commitments$13,470,286 $12,490,832 $12,471,482 $12,044,695 $11,518,158 
Standby letters of credit700,929 654,185 699,743 638,067 671,878 
Unpaid principal balance of residential mortgage loans sold with recourse
48,775 51,459 54,226 57,988 62,080 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs1,038,317 1,062,197 1,095,877 1,150,124 1,225,100 
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 June 30, 2022, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $2.0 billion compared to $2.4 billion at March 31, 2022. At June 30, 2022, the net fair value of our derivative contracts included $1.9 billion for energy contracts, $96 million for interest rate swaps and $70 million for foreign exchange contracts. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $2.0 billion at June 30, 2022 and $2.4 billion at March 31, 2022.

At June 30, 2022, total derivative assets were reduced by $75 million of cash collateral received from counterparties and total derivative liabilities were reduced by $1.9 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 June 30, 2022 follows in Table 15.

Table 15 -- Fair Value of Derivative Contracts
(In thousands)
Customers$1,837,191 
Banks and other financial institutions69,709 
Exchanges and clearing organizations43,978 
Fair value of customer risk management program asset derivative contracts, net$1,950,878 
 
At June 30, 2022, our largest derivative exposure was to an energy customer for $94 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 $91.47 per barrel of oil would decrease the fair value of derivative assets by $510 million, with lending customers comprising the bulk of the assets. An increase in prices equivalent to $120.05 per barrel of oil would increase the fair value of derivative assets by $673 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At June 30, 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 June 30, 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
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Allowance for loan losses:  
Beginning balance$246,473 $256,421 276,680 311,890 352,402 
Loans charged off(1,368)(7,805)(6,558)(9,584)(18,304)
Recoveries of loans previously charged off2,167 1,824 7,272 1,769 2,856 
Net loans recovered (charged off)799 (5,981)714 (7,815)(15,448)
Provision for credit losses
(6,158)(3,967)(20,973)(27,395)(25,064)
Ending balance$241,114 $246,473 $256,421 $276,680 $311,890 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$36,245 $32,977 29,239 24,287 32,877 
Provision for credit losses
6,005 3,268 3,738 4,952 (8,590)
Ending balance$42,250 $36,245 $32,977 $29,239 $24,287 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$3,997 $3,382 3,264 3,828 5,135 
Loans charged off
(63)(6)(32)(30)(85)
Provision for credit losses
69 621 150 (534)(1,222)
Ending balance
$4,003 $3,997 $3,382 $3,264 $3,828 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$633 $555 $470 $493 $617 
Provision for credit losses
84 78 85 (23)(124)
Ending balance$717 $633 $555 $470 $493 
Total provision for credit losses
$— $— $(17,000)$(23,000)$(35,000)
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Three Months Ended
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Average loans by portfolio segment :
Commercial$13,382,176 $12,677,706 $12,401,935 $12,231,230 $12,402,925 
Commercial real estate4,061,129 4,059,148 3,838,336 4,218,190 4,395,848 
Paycheck protection program90,312 210,110 404,261 792,728 1,668,047 
Loans to individuals3,524,097 3,516,698 3,598,121 3,606,460 3,700,269 
Net charge-offs (annualized) to average loans(0.02)%0.12 %(0.01)%0.15 %0.28 %
Net charge-offs (annualized) to average loans excluding PPP loans1
(0.02)%0.12 %(0.01)%0.16 %0.30 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial(0.05)%0.17 %(0.03)%0.20 %0.47 %
Commercial real estate0.01 %— %(0.06)%0.11 %0.06 %
Paycheck protection program— %— %— %— %— %
Loans to individuals0.08 %0.05 %0.08 %0.05 %0.02 %
Recoveries to gross charge-offs
158.41 %23.37 %110.89 %18.46 %15.60 %
Provision for loan losses (annualized) to average loans
(0.12)%(0.08)%(0.41)%(0.53)%(0.45)%
Allowance for loan losses to loans outstanding at period-end
1.13 %1.19 %1.27 %1.36 %1.46 %
Allowance for loan losses to loans outstanding at period-end excluding PPP loans1
1.13 %1.20 %1.29 %1.40 %1.54 %
Accrual for unfunded loan commitments to loan commitments
0.31 %0.29 %0.26 %0.24 %0.21 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end
1.33 %1.37 %1.43 %1.50 %1.57 %
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
1.33 %1.38 %1.45 %1.54 %1.66 %
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 second quarter of 2022. An increase in allowance related to our lending activities from the strong loan growth during the quarter and changes in our reasonable and supportable forecast, primarily related to the economic outlook from the Federal Reserve's actions to control inflation, were offset by the impact of a sustained trend of improving credit quality metrics.
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The probability weightings of our base case reasonable and supportable forecast decreased and our downside reasonable and supportable forecast increased in the second quarter of 2022 compared to the first quarter of 2022 as the level of uncertainty in the current economic outlook increased. In addition, the key economic factors were generally less favorable to economic growth across all scenarios. These changes resulted in a $15.8 million increase in the provision for credit losses. This increase was largely offset by a decrease in expected losses on commercial services and wholesale / retail loans.
A summary of macroeconomic variables considered in developing our estimate of expected credit losses at June 30, 2022 follows:
BaseDownsideUpside
Scenario probability weighting55%35%10%
Economic outlookThe Russia-Ukraine conflict remains isolated and conditions improve by the fourth quarter of 2022.

The federal funds rate is increased at Federal Reserve Open Market ("FOMC") meetings through June 2023, which results in a target range of 3.50 percent to 3.75 percent.

Labor force participants continue to re-enter the job market to meet the record number of job openings. Inflation pressures cause modest declines in real household income compared to pre-pandemic levels, but is offset by a drawdown in savings. This results in below-trend GDP growth. 		The Russia-Ukraine conflict persists through second quarter of 2023, but remains isolated.

Additional surges in commodity prices exacerbated by supply chain dislocations create higher levels of inflation forcing the Federal Reserve to adopt a more aggressive monetary policy to combat the inflationary environment. This results in a target range of 4.50 percent to 4.75 percent by June 2023. This pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate. 		The Russia-Ukraine conflict remains isolated and conditions improve in the third quarter 2022.

The federal funds rate is increased at FOMC meetings through June 2023, which results in a target range of 3.00 percent to 3.25 percent.

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.
Macro-economic factors
–GDP is forecasted to grow by 1.4 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the third quarter of 2022 increases to 4.0 percent by the second quarter of 2023.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of June 2022 and are expected to average $98.15 per barrel over the next 12 months.
–GDP is forecasted to contract 1.8 percent over the next twelve months.
–Civilian unemployment rate of 4.2 percent in the third quarter of 2022 increases to 6.9 percent in the second quarter of 2023.
–WTI oil prices are projected to average $105.36 over the next 12 months, with a peak of $130.37 in the fourth quarter of 2022 and falling 39% over the following two quarters.
–GDP is forecasted to grow by 2.4 percent over the next 12 months.
–Civilian unemployment rate of 3.5 percent in the third quarter of 2022 increases to 3.6 percent by the second quarter of 2023.
–WTI oil prices are projected to average $90.27 per barrel over the next 12 months.

The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each
economic scenario at 100%. For example, compared to a 100% Base Case scenario, a 100% Downside case would result in an
additional $118 million in quantitative reserve at June 30, 2022. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

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Growth in loan balances resulted in a $5.3 million increase in allowance, offset by a $1.9 million decrease related to improved risk grading, a $3.0 million decrease related to changes in payment characteristics of the portfolio and net recoveries of $799 thousand during the second quarter of 2022. Improved risk grading during the quarter was primarily related to energy, services, general business and commercial real estate loans, partially offset by slightly worse risk grades in the healthcare portfolio. 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 $323 million at June 30, 2022, a $66 million decrease compared to March 31, 2022. Non-pass graded loans were primarily composed of $81 million or 2 percent of services loans, $58 million or 2 percent of energy loans, $58 million or 2 percent of healthcare loans, $50 million or 1 percent of loans to individuals, $43 million or 1 percent of general business loans and $32 million or 1 percent of commercial real estate loans.

At June 30, 2022, the allowance for loan losses totaled $241 million or 1.13 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 251 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $283 million or 1.33 percent of outstanding loans and 295 percent of nonaccruing loans at June 30, 2022.

No provision for credit losses was necessary for the first quarter of 2022. At March 31, 2022, the allowance for loan losses was $246 million or 1.19 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 230 percent of nonaccruing loans. 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.

Net Loans Charged Off

Net recoveries of commercial loans were $1.6 million in the second quarter of 2022. Net commercial real estate loan charge-offs were $62 thousand and net charge-offs of loans to individuals were $721 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)
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Nonaccruing loans:    
Commercial:  
Energy$20,924 $24,976 $31,091 $45,500 $70,341 
Services15,259 16,535 17,170 25,714 29,913 
Healthcare14,886 15,076 15,762 509 527 
General business3,539 3,750 10,081 8,951 11,823 
Total commercial54,608 60,337 74,104 80,674 112,604 
Commercial real estate10,939 15,989 14,262 21,223 26,123 
Loans to individuals:  
Residential mortgage30,460 30,757 31,574 30,674 31,473 
Residential mortgage guaranteed by U.S. government agencies
18,000 16,992 13,861 9,188 9,207 
Personal132 171 258 188 229 
Total loans to individuals48,592 47,920 45,693 40,050 40,909 
Total nonaccruing loans114,139 124,246 134,059 141,947 179,636 
Accruing renegotiated loans guaranteed by U.S. government agencies
196,420 204,121 210,618 178,554 171,324 
Real estate and other repossessed assets22,221 24,492 24,589 28,770 57,337 
Total nonperforming assets$332,780 $352,859 $369,266 $349,271 $408,297 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$118,360 $131,746 $144,787 $161,529 $227,766 
Allowance for loan losses to nonaccruing loans1
250.80 %229.80 %213.33 %208.41 %183.00 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
294.74 %263.60 %240.77 %230.43 %197.25 %
Nonperforming assets to outstanding loans and repossessed assets
1.56 %1.70 %1.83 %1.71 %1.90 %
Nonperforming assets to outstanding loans and repossessed assets1,2
0.56 %0.65 %0.74 %0.83 %1.14 %
Nonaccruing loans to outstanding loans0.54 %0.60 %0.66 %0.70 %0.84 %
Nonaccruing commercial loans to outstanding commercial loans
0.40 %0.47 %0.59 %0.66 %0.90 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.27 %0.39 %0.37 %0.52 %0.62 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.94 %0.96 %0.98 %0.98 %1.00 %
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 March 31, 2022, primarily due to a $5.1 million decrease in nonaccruing commercial real estate loans and a $4.1 million decrease in nonaccruing energy loans. Newly identified nonaccruing loans totaled $4.4 million, offset by $8.4 million of payments, $4.0 million in foreclosures and $1.4 million of charge-offs. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


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A rollforward of nonperforming assets for the three and six months ended June 30, 2022 follows in Table 18.

Table 18 -- Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
June 30, 2022
Nonaccruing Loans
 CommercialCommercial Real EstateLoan to IndividualsTotal
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
Balance, March 31, 2022$60,337 $15,989 $47,920 $124,246 $204,121 $24,492 $352,859 
Additions68 196 4,140 4,404 10,744 — 15,148 
Payments(5,791)(281)(2,370)(8,442)(1,654)— (10,096)
Charge-offs(6)(78)(1,284)(1,368)— — (1,368)
Net gains (losses) and write-downs— — — — — (4,014)(4,014)
Foreclosure of nonperforming loans
— (3,956)(60)(4,016)— 4,016 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (1,097)(1,097)(321)— (1,418)
Proceeds from sales— — — — (15,452)(2,273)(17,725)
Net transfers to nonaccruing loans— — 1,377 1,377 (1,377)— — 
Return to accrual status— (931)(34)(965)— — (965)
Other, net— — — — 359 — 359 
Balance, June 30, 2022$54,608 $10,939 $48,592 $114,139 $196,420 $22,221 $332,780 
Six Months Ended
June 30, 2022
Nonaccruing Loans
CommercialCommercial Real EstateLoan to IndividualsTotal
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
Balance, Dec. 31, 2021$74,104 $14,262 $45,693 $134,059 $210,618 $24,589 $369,266 
Additions1,461 4,457 10,410 16,328 27,734 — 44,062 
Payments(14,870)(571)(6,777)(22,218)(3,887)— (26,105)
Charge-offs(6,087)(269)(2,817)(9,173)— — (9,173)
Net gains (losses) and write-downs— — — — — (2,141)(2,141)
Foreclosure of nonperforming loans
— (3,956)(124)(4,080)— 4,080 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (1,988)(1,988)(922)— (2,910)
Proceeds from sales— — — — (33,258)(4,307)(37,565)
Net transfers to nonaccruing loans— — 4,615 4,615 (4,615)— — 
Return to accrual status— (2,984)(420)(3,404)— — (3,404)
Other, net— — — — 750 — 750 
Balance, June 30, 2022$54,608 $10,939 $48,592 $114,139 $196,420 $22,221 $332,780 
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. 
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Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $22 million at June 30, 2022, composed primarily of $15 million of developed commercial real estate. Real estate and other repossessed assets decreased $2.3 million compared to March 31, 2022.

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Liquidity and Capital

Based on the average balances for the second quarter of 2022, approximately 82 percent of our funding was provided by deposit accounts, 5 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 second quarter of 2022 totaled $38.6 billion, a $1.8 billion decrease compared to the first quarter of 2022. Deposit balances are beginning to reduce as customers start to deploy cash resources into higher yielding alternatives and increase spending levels following the height of the pandemic. Interest-bearing transaction account balances decreased $1.7 billion. Demand deposits grew by $140 million and savings account balances were up $34 million. Certificate of deposit balances decreased $216 million.

Table 19 - Average Deposits by Line of Business
(In thousands)
Three Months Ended
 June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Commercial Banking$18,933,766 $19,595,260 $19,537,285 $17,881,673 $17,049,772 
Consumer Banking8,876,469 8,746,622 8,682,437 8,516,942 8,469,043 
Wealth Management8,482,785 9,619,323 9,194,019 9,120,446 9,695,319 
Subtotal36,293,020 37,961,205 37,413,741 35,519,061 35,214,134 
Funds Management and other2,301,400 2,401,002 2,388,347 2,315,325 2,276,093 
Total$38,594,420 $40,362,207 $39,802,088 $37,834,386 $37,490,227 

Average Commercial Banking deposit balances decreased $661 million compared to the first quarter of 2022. Interest-bearing transaction account balances decreased $731 million and time deposits decreased $223 million. Demand deposit balances were up $292 million. Commercial deposit balances have decreased as short-term rates move higher, enhancing their investment alternatives.

Average Consumer Banking deposit balances increased $130 million over the prior quarter, largely due to annual income tax deadlines. Demand deposit balances increased $68 million, interest-bearing transaction deposit balances increased $55 million and savings account balances increased $35 million.

Average Wealth Management deposits decreased $1.1 billion compared to the first quarter of 2022. A $925 million decrease in interest-bearing transaction accounts and a $233 million decrease in demand deposit balances was partially offset by a $22 million increase in time deposit balances.

Average time deposits for the second quarter of 2022 included $57 million of brokered deposits, a $9.3 million increase compared to the first quarter of 2022. Average interest-bearing transaction accounts for the second quarter included $2.0 billion of brokered deposits, a $67 million decrease compared to the first quarter of 2022.

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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)
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Oklahoma:  
Demand$5,422,593 $5,205,806 $5,433,405 $5,080,162 $4,985,542 
Interest-bearing:
Transaction10,240,378 11,410,709 12,689,367 11,692,679 12,065,844 
Savings561,413 558,634 521,439 510,906 500,344 
Time678,127 817,744 978,822 1,039,866 1,139,980 
Total interest-bearing11,479,918 12,787,087 14,189,628 13,243,451 13,706,168 
Total Oklahoma16,902,511 17,992,893 19,623,033 18,323,613 18,691,710 
Texas:
Demand4,670,535 4,552,001 4,552,983 3,987,503 3,752,790 
Interest-bearing:
Transaction5,344,326 4,963,118 5,345,461 4,985,465 4,335,113 
Savings183,708 182,536 178,458 165,043 160,805 
Time333,038 329,931 337,559 337,389 346,577 
Total interest-bearing5,861,072 5,475,585 5,861,478 5,487,897 4,842,495 
Total Texas10,531,607 10,027,586 10,414,461 9,475,400 8,595,285 
Colorado:
Demand2,799,798 2,673,352 2,526,855 2,158,596 1,991,343 
Interest-bearing:
Transaction2,277,563 2,387,304 2,334,371 2,337,354 2,159,819 
Savings82,976 81,762 78,636 79,873 73,990 
Time160,795 165,401 174,351 184,002 193,787 
Total interest-bearing2,521,334 2,634,467 2,587,358 2,601,229 2,427,596 
Total Colorado5,321,132 5,307,819 5,114,213 4,759,825 4,418,939 
New Mexico:
Demand1,347,600 1,271,264 1,196,057 1,222,895 1,197,412 
Interest-bearing:
Transaction845,442 888,257 858,394 837,630 723,757 
Savings115,660 115,457 107,963 107,615 105,837 
Time148,532 156,140 163,871 168,879 174,665 
Total interest-bearing1,109,634 1,159,854 1,130,228 1,114,124 1,004,259 
Total New Mexico2,457,234 2,431,118 2,326,285 2,337,019 2,201,671 
- 36 -

June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Arizona:
Demand901,543 947,775 934,282 1,110,884 943,511 
Interest-bearing:
Transaction792,269 810,896 834,491 784,614 820,901 
Savings17,999 18,122 16,182 16,468 13,496 
Time28,774 27,259 31,274 30,862 30,012 
Total interest-bearing839,042 856,277 881,947 831,944 864,409 
Total Arizona1,740,585 1,804,052 1,816,229 1,942,828 1,807,920 
Kansas/Missouri:
Demand537,143 553,345 658,342 488,595 463,339 
Interest-bearing:
Transaction913,921 1,107,525 1,086,946 965,757 978,160 
Savings19,943 19,589 18,844 17,303 17,539 
Time13,962 11,527 12,255 13,040 13,509 
Total interest-bearing947,826 1,138,641 1,118,045 996,100 1,009,208 
Total Kansas/Missouri1,484,969 1,691,986 1,776,387 1,484,695 1,472,547 
Arkansas:
Demand41,084 38,798 42,499 41,594 46,472 
Interest-bearing:
Transaction130,300 122,020 119,543 149,611 195,125 
Savings3,125 3,265 3,213 3,289 3,445 
Time6,371 6,414 6,196 6,677 6,819 
Total interest-bearing139,796 131,699 128,952 159,577 205,389 
Total Arkansas180,880 170,497 171,451 201,171 251,861 
Total BOK Financial deposits$38,618,918 $39,425,951 $41,242,059 $38,524,551 $37,439,933 

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 June 30, 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 $1.3 billion during the quarter, compared to $1.1 billion in the first quarter of 2022.

At June 30, 2022, the estimated unused credit available to BOKF, NA from collateralized sources was approximately $15 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
June 30, 2022		 Three Months Ended
Mar. 31, 2022
June 30, 2022Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		Mar. 31, 2022Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased163,961 365,054 1.22 %307,424 444,068 371,435 0.57 %444,068 
Repurchase agreements513,069 859,080 0.23 %595,816 624,261 1,633,031 1.04 %3,034,312 
Other borrowings:
Federal Home Loan Bank advances
— 1,267,033 0.89 %— — 1,112,222 0.28 %700,000 
GNMA repurchase liability
5,123 5,150 4.05 %5,123 6,294 6,530 4.29 %6,804 
Other30,382 29,175 3.23 %30,382 29,952 29,688 2.39 %29,952 
Total other borrowings35,505 1,301,358 1.01 %36,246 1,148,440 0.38 %
Subordinated debentures1
131,223 131,219 4.50 %131,223 131,209 131,228 4.02 %131,230 
Total other borrowed funds and subordinated debentures
$843,758 $2,656,711 0.96 %$1,235,784 $3,284,134 0.88 %
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 June 30, 2022, cash and interest-bearing cash and cash equivalents held by the parent company totaled $162 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 June 30, 2022, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $206 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 June 30, 2022 was $4.7 billion, a $112 million decrease compared to March 31, 2022. Net income less cash dividends paid increased equity $97 million during the second quarter of 2022. Changes in interest rates resulted in a $185 million decrease in accumulated other comprehensive income compared to March 31, 2022. We also repurchased $24 million of common stock during the second 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 June 30, 2022, 4,103,431 shares have been repurchased under this authorization. The Company repurchased 294,084 shares of common stock at an average price of $82.98 a share in the second 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 elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 10 basis points to the Company's Common equity Tier 1 capital at June 30, 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 BufferJune 30, 2022Mar. 31, 2022June 30, 2021
Risk-based capital:
Common equity Tier 14.50 %2.50 %7.00 %11.61 %11.30 %11.95 %
Tier 1 capital6.00 %2.50 %8.50 %11.63 %11.31 %12.01 %
Total capital8.00 %2.50 %10.50 %12.59 %12.25 %13.61 %
Tier 1 Leverage4.00 %N/A4.00 %9.12 %8.47 %8.58 %
Average total equity to average assets10.01 %10.18 %10.62 %
Tangible common equity ratio8.16 %8.13 %9.09 %

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)
June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021June 30, 2021
Tangible common equity ratio:     
Total shareholders' equity$4,737,339 $4,849,582 $5,363,732 $5,388,973 $5,332,977 
Less: Goodwill and intangible assets, net1,128,493 1,132,510 1,136,527 1,140,935 1,153,785 
Tangible common equity3,608,846 3,717,072 4,227,205 4,248,038 4,179,192 
Total assets45,377,072 46,826,507 50,249,431 46,923,409 47,154,375 
Less: Goodwill and intangible assets, net1,128,493 1,132,510 1,136,527 1,140,935 1,153,785 
Tangible assets$44,248,579 $45,693,997 $49,112,904 $45,782,474 $46,000,590 
Tangible common equity ratio8.16 %8.13 %8.61 %9.28 %9.09 %
Pre-provision net revenue:
Net income before taxes$168,980 $78,649 $152,025 $241,782 $215,603 
Provision for expected credit losses— — (17,000)(23,000)(35,000)
Net income (loss) attributable to non-controlling interests12 (36)(129)(601)686 
Pre-provision net revenue$168,968 $78,685 $135,154 $219,383 $179,917 

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.

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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 exposure to changes in interest rates over a twelve-month period within established policy limits. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest revenue. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest revenue variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 5 percent. The results of a 200 basis point decrease in interest rates in the current low-rate environment are not meaningful. Until such time as it becomes meaningful, we will instead report the effect of a 100 basis point decrease in interest rates. 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, LIBOR and SOFR, 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 3.99 percent, or $51.3 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 6.39 percent, or $82.2 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 2.66 percent, or $34.2 million.

Table 24 -- Interest Rate Sensitivity
(Dollars in thousands)
June 30, 2022Mar. 31, 2022
 200 bp Increase100 bp Increase100 bp Decrease200 bp Increase100 bp Increase100 bp Decrease
Anticipated impact over the next twelve months on net interest revenue$66,720 $47,620 $(62,104)$85,608 $55,495 $(66,286)
5.19 %3.70 %(4.83)%7.53 %4.88 %(5.83)%
Anticipated impact over months twelve through twenty-four$167,107 $122,239 $(168,539)$195,813 $132,326 $(162,122)
 12.14 %8.88 %(12.24)%16.36 %11.39 %(13.54)%

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)
 June 30, 2022Mar. 31, 2022
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$8,502 $(11,579)$12,025 $(17,973)
MSR Hedge(8,009)8,080 (13,708)13,723 
Net Exposure493 (3,499)(1,683)(4,250)

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 EndedSix Months Ended June 30,
 June 30, 2022Mar. 31, 202220222021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(81)$(158)$(96)$(420)$(89)$(288)$(555)$(547)
Low2
76 91 161 2 161 91 (17)13 
High3
(222)(327)(402)(779)(402)(779)(1,244)(1,097)
Period End(87)(20)(27)(95)(87)(20)(291)(408)
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.

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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.

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 June 30, 2022, March 31, 2022, June 30, 2021 and Mar. 31, 2021. In the second 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 EndedThree Months Ended
 June 30, 2022Mar. 31, 2022June 30, 2021Mar. 31, 2021
10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR
Average1
$6,070 $12,619 $8,759 $39,402 $11,585 $19,865 $6,836 $10,266 
Low2,612 5,820 5,969 23,910 7,151 10,814 3,500 4,582 
High11,583 25,184 14,556 73,790 18,802 38,031 9,951 27,792 
Period End3,386 8,220 8,178 23,988 9,368 20,870 8,038 11,221 
1    Average represents the simple average of each daily value observed during the reporting period.












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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.

Limit Structure

Beyond VaR and SVaR described above, 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.

Table 28 -- Trading Sensitivity Analysis
(Dollars in thousands)
Three Months EndedSix Months Ended June 30,
 June 30, 2022Mar. 31, 202220222021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(435)$939 $499 $2,927 $60 $1,896 $(1,692)$3,747 
Low2
3,004 4,658 8,643 12,277 8,643 12,277 5,818 13,323 
High3
(3,672)(2,779)(11,253)(3,813)(11,253)(3,813)(9,345)(4,618)
Period End785 (1,138)49 1,076 785 (1,138)3,941 (283)
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.

Governance

Model Risk Governance and Review

BOK Financial has an internal but independent Model Risk Governance and Review ("MRGR") team that validates models to verify they are conceptually sound, computationally accurate, are performing as expected, and are in line with their intended use. MRGR also enforces the company’s model risk governance program that defines roles and responsibilities, including the authority to levy findings requiring remediation and to restrict model usage.

Model Validation

MRGR is independent of both the developers and users of the models. The team validates models through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. MRGR assigns each model a model risk score which determines the frequency and scope of each validation. Validations comprise an assessment of model performance as well as a model’s potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines the use case for the model. The ultimate validation results may require remediation actions from the business line. MRGR communicates their result as one of the following three outcomes: “Approved for use”, “Approved with findings”, or “Unapproved”.
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.
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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.
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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months EndedSix Months Ended
 June 30,June 30,
Interest revenue2022202120222021
Loans$204,015 $193,841 $382,388 $391,415 
Residential mortgage loans held for sale1,559 1,569 2,953 2,949 
Trading securities22,958 36,655 63,933 72,577 
Investment securities3,485 2,608 5,839 5,334 
Available for sale securities58,672 58,909 116,604 117,517 
Fair value option securities437 402 928 898 
Restricted equity securities1,384 1,751 2,491 3,110 
Interest-bearing cash and cash equivalents1,737 158 2,210 332 
Total interest revenue294,247 295,893 577,346 594,132 
Interest expense    
Deposits13,862 8,425 21,460 18,275 
Borrowed funds4,894 3,806 10,682 8,428 
Subordinated debentures1,473 3,353 2,775 6,700 
Total interest expense20,229 15,584 34,917 33,403 
Net interest revenue274,018 280,309 542,429 560,729 
Provision for credit losses— (35,000)— (60,000)
Net interest revenue after provision for credit losses
274,018 315,309 542,429 620,729 
Other operating revenue    
Brokerage and trading revenue44,043 29,408 16,964 50,190 
Transaction card revenue26,940 24,923 51,156 47,353 
Fiduciary and asset management revenue49,838 44,832 96,237 86,154 
Deposit service charges and fees28,500 25,861 55,504 50,070 
Mortgage banking revenue11,368 21,219 28,018 58,332 
Other revenue12,684 23,172 23,129 39,468 
Total fees and commissions173,373 169,415 271,008 331,567 
Other gains (losses), net(7,639)16,449 (9,283)26,570 
Gain (loss) on derivatives, net(13,569)18,820 (60,550)(8,830)
Loss on fair value option securities, net(2,221)(1,627)(13,422)(3,537)
Change in fair value of mortgage servicing rights17,485 (13,041)66,595 20,833 
Gain on available for sale securities, net1,188 1,430 2,125 1,897 
Total other operating revenue168,617 191,446 256,473 368,500 
Other operating expense    
Personnel154,923 172,035 314,151 345,045 
Business promotion6,325 2,744 12,838 4,898 
Charitable contributions to BOKF Foundation— — — 4,000 
Professional fees and services12,475 12,361 23,888 24,341 
Net occupancy and equipment27,489 26,633 58,344 53,295 
Insurance4,728 3,660 9,011 8,280 
Data processing and communications41,280 36,418 81,116 73,885 
Printing, postage and supplies3,929 4,285 7,618 7,725 
Amortization of intangible assets4,049 4,578 8,013 9,385 
Mortgage banking costs9,437 11,126 17,314 25,069 
Other expense9,020 17,312 18,980 31,013 
Total other operating expense273,655 291,152 551,273 586,936 
Net income before taxes168,980 215,603 247,629 402,293 
Federal and state income taxes36,122 48,496 52,319 90,878 
Net income132,858 167,107 195,310 311,415 
Net loss attributable to non-controlling interests12 686 (24)(1,066)
Net income attributable to BOK Financial Corporation shareholders$132,846 $166,421 $195,334 $312,481 
Earnings per share:    
Basic$1.96 $2.40 $2.87 $4.50 
Diluted$1.96 $2.40 $2.87 $4.50 
Average shares used in computation:
Basic67,453,748 68,815,666 67,616,396 68,975,743 
Diluted67,455,172 68,817,442 67,617,834 68,978,798 
Dividends declared per share$0.53 $0.52 $1.06 $1.04 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)  
 Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Net income$132,858 $167,107 $195,310 $311,415 
Other comprehensive income (loss) before income taxes:    
Net change in unrealized gain (loss)(242,536)8,480 (881,577)(141,651)
Reclassification adjustments included in earnings:
Interest revenues, Investment securities2,455 — 2,455 — 
Gain on available for sale securities, net(1,188)(1,430)(2,125)(1,897)
Other comprehensive income (loss) before income taxes(241,269)7,050 (881,247)(143,548)
Federal and state income taxes(56,467)1,691 (206,248)(34,448)
Other comprehensive income (loss), net of income taxes(184,802)5,359 (674,999)(109,100)
Comprehensive income (loss)(51,944)172,466 (479,689)202,315 
Comprehensive income (loss) attributable to non-controlling interests12 686 (24)(1,066)
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders$(51,956)$171,780 $(479,665)$203,381 

See accompanying notes to consolidated financial statements.
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Consolidated Balance Sheets
(In thousands, except share data)
 June 30, 2022Dec. 31, 2021
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$1,313,563 $712,067 
Interest-bearing cash and cash equivalents723,787 2,125,343 
Trading securities2,859,444 9,136,813 
Investment securities, net of allowance (fair value: June 30, 2022 – $2,607,757; December 31, 2021 – $231,395)
2,637,345 210,444 
Available for sale securities10,152,663 13,157,817 
Fair value option securities37,927 43,770 
Restricted equity securities95,130 83,113 
Residential mortgage loans held for sale182,726 192,295 
Loans21,291,148 20,205,680 
Allowance for loan losses(241,114)(256,421)
Loans, net of allowance21,050,034 19,949,259 
Premises and equipment, net573,605 574,148 
Receivables176,672 223,021 
Goodwill1,044,749 1,044,749 
Intangible assets, net83,744 91,778 
Mortgage servicing rights270,312 163,198 
Real estate and other repossessed assets, net of allowance (June 30, 2022 – $10,822; December 31, 2021 –
         $6,083)
22,221 24,589 
Derivative contracts, net1,992,977 1,097,297 
Cash surrender value of bank-owned life insurance409,937 405,607 
Receivable on unsettled securities sales60,168 56,172 
Other assets1,690,068 957,951 
Total assets$45,377,072 $50,249,431 
Liabilities and Equity
Liabilities:
Noninterest-bearing demand deposits$15,720,296 $15,344,423 
Interest-bearing deposits:  
Transaction20,544,199 23,268,573 
Savings984,824 924,735 
Time1,369,599 1,704,328 
Total deposits38,618,918 41,242,059 
Funds purchased and repurchase agreements677,030 2,326,449 
Other borrowings35,505 36,753 
Subordinated debentures131,223 131,226 
Accrued interest, taxes and expense211,419 273,041 
Derivative contracts, net214,576 275,625 
Due on unsettled securities purchases297,352 160,686 
Other liabilities449,507 435,221 
Total liabilities40,635,530 44,881,060 
Shareholders' equity:  
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: June 30, 2022 – 76,408,276; December 31, 2021 – 76,254,029)
5 5 
Capital surplus1,381,676 1,378,794 
Retained earnings4,570,837 4,447,691 
Treasury stock (shares at cost: June 30, 2022 – 8,602,271; December 31, 2021 – 7,786,257)
(612,551)(535,129)
Accumulated other comprehensive income (loss)(602,628)72,371 
Total shareholders’ equity4,737,339 5,363,732 
Non-controlling interests4,203 4,639 
Total equity4,741,542 5,368,371 
Total liabilities and equity$45,377,072 $50,249,431 

See accompanying notes to consolidated financial statements.
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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, 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 
Net income (loss)— — — 132,846 — — — 132,846 12 132,858 
Other comprehensive loss— — — — — — (184,802)(184,802)— (184,802)
Repurchase of common stock— — — — 294 (24,404)— (24,404)— (24,404)
Share-based compensation plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		(4)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 10 — — — — 10 — 10 
Cash dividends on common
     stock		— — — (35,893)— — — (35,893)— (35,893)
Capital calls and distributions,
     net		— — — — — — — — 249 249 
Balance, June 30, 202276,408 $5 $1,381,676 $4,570,837 8,602 $(612,551)$(602,628)$4,737,339 $4,203 $4,741,542 
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)— — — 195,334 — — — 195,334 (24)195,310 
Other comprehensive loss— — — — — — (674,999)(674,999)— (674,999)
Repurchase of common stock— — — — 770 (72,478)— (72,478)— (72,478)
Share-based compensation
     plans:
Stock options exercised1 — 37 — — — — 37 — 37 
Non-vested shares awarded,
     net		153 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 46 (4,944)— (4,944)— (4,944)
Share-based compensation— — 2,845 — — — — 2,845 — 2,845 
Cash dividends on common
     stock		— — — (72,188)— — — (72,188)— (72,188)
Capital calls and distributions,
     net		— — — — — — — — (412)(412)
Balance, June 30, 2022$76,408 $5 $1,381,676 $4,570,837 8,602 $(612,551)$(602,628)$4,737,339 $4,203 $4,741,542 
- 49 -

 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders’
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
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 
Net income (loss)— — — 166,421 — — — 166,421 686 167,107 
Other comprehensive income— — — — — — 5,359 5,359 — 5,359 
Repurchase of common stock— — — — 493 (43,797)— (43,797)— (43,797)
Share-based compensation
     plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		14 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 1,366 — — — — 1,366 — 1,366 
Cash dividends on common
     stock		— — — (35,834)— — — (35,834)— (35,834)
Capital calls and distributions,
     net		— — — — — — — — (1,994)(1,994)
Balance, June 30, 202176,258 $5 $1,373,101 $4,214,130 7,179 $(481,027)$226,768 $5,332,977 $21,574 $5,354,551 
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)— — — 312,481 — — — 312,481 (1,066)311,415 
Other comprehensive loss— — — — — — (109,100)(109,100)— (109,100)
Repurchase of common stock— — — — 753 (63,868)— (63,868)— (63,868)
Share-based compensation
     plans:
Stock options exercised17 — 949 — — — — 949 — 949 
Non-vested shares awarded,
     net		246 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 68 (5,815)— (5,815)— (5,815)
Share-based compensation— — 4,090 — — — — 4,090 — 4,090 
Cash dividends on common
     stock		— — — (72,026)— — — (72,026)— (72,026)
Capital calls and distributions,
     net		— — — — — — — — (2,655)(2,655)
Balance, June 30, 202176,258 $5 $1,373,101 $4,214,130 7,179 $(481,027)$226,768 $5,332,977 $21,574 $5,354,551 
See accompanying notes to consolidated financial statements.
- 50 -

Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six Months Ended
 June 30,
 20222021
Cash Flows From Operating Activities:  
Net income$195,310 $311,415 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses— (60,000)
Change in fair value of mortgage servicing rights due to market assumption changes(66,595)(20,833)
Change in the fair value of mortgage servicing rights due to principal payments15,317 22,143 
Net unrealized (gains) losses from derivative contracts(47,004)40,581 
Share-based compensation2,845 4,090 
Depreciation and amortization52,971 50,185 
Net amortization of discounts and premiums6,417 9,607 
Net losses (gains) on financial instruments and other losses (gains), net7,157 (28,463)
Net gain on mortgage loans held for sale(6,521)(41,611)
Mortgage loans originated for sale(779,103)(1,597,946)
Proceeds from sale of mortgage loans held for sale793,223 1,684,711 
Capitalized mortgage servicing rights(10,969)(17,767)
Change in trading and fair value option securities6,283,157 (936,759)
Change in receivables62,029 60,286 
Change in other assets(17,067)(16)
Change in other liabilities(55,875)32,611 
Net cash provided by (used in) operating activities6,435,292 (487,766)
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities26,730 23,870 
Proceeds from maturities or redemptions of available for sale securities1,365,103 1,782,153 
Purchases of available for sale securities(1,919,632)(2,602,658)
Proceeds from sales of available for sale securities211,301 394,146 
Change in amount receivable on unsettled available for sale securities transactions(19,793)(19,509)
Loans originated, net of principal collected(1,070,725)1,621,847 
Net payments on derivative asset contracts151,559 (232,861)
Net change in restricted equity securities(12,017)36,506 
Proceeds from disposition of assets11,559 70,443 
Purchases of assets(119,302)(95,077)
Net cash provided by (used in) investing activities(1,375,217)978,860 
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts(2,288,412)1,357,832 
Net change in time deposits(334,729)(61,779)
Net change in other borrowed funds(1,671,503)(1,324,500)
Net proceeds on derivative liability contracts(131,361)234,074 
Net change in derivative margin accounts(1,417,338)(649,717)
Change in amount due on unsettled available for sale securities transactions132,781 172,638 
Issuance of common and treasury stock, net(4,907)(4,866)
Repurchase of common stock(72,478)(63,868)
Dividends paid(72,188)(72,026)
Net cash provided by (used in) financing activities(5,860,135)(412,212)
Net increase (decrease) in cash and cash equivalents(800,060)78,882 
Cash and cash equivalents at beginning of period2,837,410 1,180,573 
Cash and cash equivalents at end of period$2,037,350 $1,259,455 
Supplemental Cash Flow Information:
Cash paid for interest$35,094 $32,161 
Cash paid for taxes$66,862 $96,994 
Net loans and bank premises transferred to repossessed real estate and other assets$4,080 $289 
Transfer of available for sale securities to investment securities$2,454,273 $— 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
$20,836 $55,558 
Conveyance of other real estate owned guaranteed by U.S. government agencies$3,478 $3,009 
Right-of-use assets obtained in exchange for operating lease liabilities$15,506 $6,192 

See accompanying notes to consolidated financial statements.
- 51 -

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 six-month period ended June 30, 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.

- 52 -

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.
- 53 -

(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 June 30, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$8,357 $— $23,610 $40 
Residential agency mortgage-backed securities
2,807,950 (20,447)9,068,900 (9,338)
Municipal securities18,825 (11)25,783 34 
Other trading securities24,312 (9)18,520 (26)
Total trading securities$2,859,444 $(20,467)$9,136,813 $(9,290)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 June 30, 2022
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$175,974 $175,974 $180,783 $5,819 $(1,010)
Mortgage-backed securities:
Residential agency2,709,094 2,445,845 2,410,926 272 (35,191)
Commercial agency17,260 15,455 15,279 — (176)
Other debt securities788 788 769 — (19)
Total investment securities2,903,116 2,638,062 2,607,757 6,091 (36,396)
Allowance for credit losses(717)(717)
Investment securities, net of allowance$2,902,399 $2,637,345 $2,607,757 $6,091 $(36,396)
1    Carrying value includes $265 million of net unrealized loss which remains in Accumulated other comprehensive income ("AOCI") in the Consolidated Balance Sheets related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio as discussed in greater detail following.
 December 31, 2021
 AmortizedCarryingFairGross Unrealized
 CostValueValueGainLoss
Municipal securities$203,772 $203,772 $223,609 $19,851 $(14)
Mortgage-backed securities:
Residential agency6,939 6,939 7,500 561 — 
Other debt securities288 288 286 — (2)
Total investment securities210,999 210,999 231,395 20,412 (16)
Allowance for credit losses(555)(555)
Investment securities, net of allowance$210,444 $210,444 $231,395 $20,412 $(16)


- 54 -

During the three months ended June 30, 2022, the Company transferred certain U.S. government agency mortgage-backed securities from the available for sale portfolio to the investment securities portfolio (held-to-maturity) as the Company has the positive intent and ability to hold these securities to maturity. No gains or losses were recognized in the Consolidated Statements of Earnings at the time of the transfer. Transfers of debt securities into the investment securities portfolio (held-to-maturity) are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the investment securities portfolio. Such amounts are amortized over the estimated life of the security as an adjustment to yield, offsetting the related amortization of the premium or accretion of the discount on the transferred securities. At the time of transfer, the fair value totaled $2.4 billion, amortized cost totaled $2.7 billion and the pretax unrealized loss totaled $268 million.

The amortized cost and fair values of investment securities at June 30, 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:     
Carrying value$14,890 $105,177 $67,111 $5,039 $192,217 4.49 
Fair value15,018 110,157 66,625 5,031 196,831  
Residential mortgage-backed securities:      
Carrying value    $2,445,845 2
Fair value    2,410,926  
Total investment securities:      
Carrying value    $2,638,062  
Fair value    2,607,757  
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 5.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(in thousands):
June 30, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities56 $27,968 $935 $527 $75 $28,495 $1,010 
Mortgage-backed securities:
Residential agency115 2,408,180 35,191 — — 2,408,180 35,191 
Commercial agency2 15,279 176 — — 15,279 176 
Other debt securities2 234 17 23 2 257 19 
Total investment securities175 $2,451,661 $36,319 $550 $77 $2,452,211 $36,396 

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 


- 55 -

Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 June 30, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $927 $— $(73)
Municipal securities686,224 638,305 1,039 (48,958)
Mortgage-backed securities:    
Residential agency5,088,155 4,913,245 2,309 (177,219)
Residential non-agency530,947 519,613 11,784 (23,118)
Commercial agency4,368,649 4,080,101 61 (288,609)
Other debt securities500 472 — (28)
Total available for sale securities$10,675,475 $10,152,663 $15,193 $(538,005)
 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 June 30, 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$46,384 $1,994,203 $2,546,615 $469,171 $5,056,373 6.42 
Fair value46,421 1,911,712 2,317,565 444,287 4,719,805 
Residential mortgage-backed securities:
Amortized cost$5,619,102 2
Fair value5,432,858 
Total available for sale securities:
Amortized cost$10,675,475 
Fair value10,152,663 
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 4.2 years based upon current prepayment assumptions.

- 56 -

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended June 30,
 2022202120222021
Proceeds$156,116 $338,109 $211,301 $394,146 
Gross realized gains1,461 1,767 3,394 2,240 
Gross realized losses(273)(337)(1,269)(343)
Related federal and state income tax expense278 336 497 455 

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 $9.7 billion at June 30, 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)
June 30, 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 $927 $73 $— $— $927 $73 
Municipal securities207 403,086 35,397 116,482 13,561 519,568 48,958 
Mortgage-backed securities:
    
Residential agency529 4,521,335 172,417 76,078 4,802 4,597,413 177,219 
Residential non-agency23 475,508 23,118 — — 475,508 23,118 
Commercial agency280 2,822,610 189,150 1,188,817 99,459 4,011,427 288,609 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities1,041 $8,223,466 $420,155 $1,381,849 $117,850 $9,605,315 $538,005 

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 June 30, 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.


- 57 -

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):
 June 30, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities
$37,927 $(1,630)$43,770 $1,591 

- 58 -

(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.
- 59 -

The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at June 30, 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$2,891,638 $97,715 $(1,291)$96,424 $(65,511)$30,913 
Energy contracts9,228,827 2,499,132 (639,879)1,859,253 (8,390)1,850,863 
Agricultural contracts— — — — — — 
Foreign exchange contracts72,169 70,120 — 70,120 (1,226)68,894 
Equity option contracts34,545 410 — 410 (202)208 
Total customer risk management programs12,227,179 2,667,377 (641,170)2,026,207 (75,329)1,950,878 
Trading23,846,052 180,773 (140,081)40,692 — 40,692 
Internal risk management programs105,085 1,953 (546)1,407 — 1,407 
Total derivative contracts$36,178,316 $2,850,103 $(781,797)$2,068,306 $(75,329)$1,992,977 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,891,638 $97,727 $(1,291)$96,436 $(7)$96,429 
Energy contracts9,403,041 2,505,367 (639,879)1,865,488 (1,856,520)8,968 
Agricultural contracts— — — — — — 
Foreign exchange contracts71,531 69,228 — 69,228 — 69,228 
Equity option contracts34,545 410 — 410 — 410 
Total customer risk management programs12,400,755 2,672,732 (641,170)2,031,562 (1,856,527)175,035 
Trading22,713,619 179,652 (140,081)39,571 (6,059)33,512 
Internal risk management programs111,360 6,575 (546)6,029 — 6,029 
Total derivative contracts$35,225,734 $2,858,959 $(781,797)$2,077,162 $(1,862,586)$214,576 
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
June 30, 2022June 30, 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$939 $— $1,016 $— 
Energy contracts12,036 — 594 — 
Agricultural contracts— — 10 — 
Foreign exchange contracts158 — 185 — 
Equity option contracts— — — — 
Total customer risk management programs13,133 — 1,805 — 
Trading1
(15,376)— 59,331 — 
Internal risk management programs— (13,569)— 18,820 
Total derivative contracts$(2,243)$(13,569)$61,136 $18,820 
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.
 Six Months Ended
June 30, 2022June 30, 2021
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts7,281 — 2,404 — 
Energy contracts16,484 — 1,614 — 
Agricultural contracts— — 28 — 
Foreign exchange contracts306 — 351 — 
Equity option contracts— — — — 
Total customer risk management programs24,071 — 4,397 — 
Trading1
15,698 — (11,928)— 
Internal risk management programs— (60,550)— (8,830)
Total derivative contracts$39,769 $(60,550)$(7,531)$(8,830)
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):
 June 30, 2022December 31, 2021
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,410,376 $10,113,713 $54,608 $13,578,697 $3,360,117 $9,072,244 $74,104 $12,506,465 
Commercial real estate
874,850 3,220,359 10,939 4,106,148 929,015 2,888,048 14,262 3,831,325 
Paycheck protection program43,140 — — 43,140 276,341 — — 276,341 
Loans to individuals2,011,043 1,503,528 48,592 3,563,163 2,037,792 1,508,064 45,693 3,591,549 
Total$6,339,409 $14,837,600 $114,139 $21,291,148 $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 June 30, 2022, outstanding commitments totaled $13.5 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 June 30, 2022, outstanding standby letters of credit totaled $701 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
June 30, 2022
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$151,448 $58,974 $— $36,051 $246,473 
Provision for loan losses(15,468)4,085 — 5,225 (6,158)
Loans charged off(6)(78)— (1,284)(1,368)
Recoveries of loans previously charged off
1,588 16 — 563 2,167 
Ending Balance$137,562 $62,997 $— $40,555 $241,114 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$13,966 $20,465 $— $1,814 $36,245 
Provision for off-balance sheet credit risk
1,873 4,205 — (73)6,005 
Ending Balance$15,839 $24,670 $— $1,741 $42,250 

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Six Months Ended
June 30, 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(20,586)4,553 — 5,908 (10,125)
Loans charged off(6,087)(269)— (2,817)(9,173)
Recoveries2,179 160 — 1,652 3,991 
Ending balance$137,562 $62,997 $— $40,555 $241,114 
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 losses
2,027 7,228 — 18 9,273 
Ending balance$15,839 $24,670 $— $1,741 $42,250 
Three Months Ended
June 30, 2021
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$231,372 $81,746 $— $39,284 $352,402 
Provision for loan losses(18,442)(10,582)— 3,960 (25,064)
Loans charged off(16,502)(800)— (1,002)(18,304)
Recoveries of loans previously charged off
1,875 176 — 805 2,856 
Ending Balance$198,303 $70,540 $— $43,047 $311,890 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$12,736 $18,298 $— $1,843 $32,877 
Provision for off-balance sheet credit risk
(2,642)(5,950)— 2 (8,590)
Ending Balance$10,094 $12,348 $— $1,845 $24,287 
Six Months Ended
June 30, 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(28,335)(15,161)— (3,338)(46,834)
Loans charged off(31,847)(1,063)— (2,299)(35,209)
Recoveries of loans previously charged off3,551 206 — 1,536 5,293 
Ending Balance$198,303 $70,540 $— $43,047 $311,890 
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(4,328)(8,223)— (83)(12,634)
Ending Balance$10,094 $12,348 $— $1,845 $24,287 
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Changes in our reasonable and supportable forecasts of macroeconomic variables resulted in a $305 thousand provision for credit losses related to lending activities during the second quarter of 2022. An increase in required provision due to loan growth and changes in our economic outlook was offset by a sustained trend of improving credit quality metrics. Changes in the loan portfolio characteristics, including specific impairment and losses, loan balances, risk grading and changes in payment profile resulted in a $458 thousand negative 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 June 30, 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$13,524,089 $135,209 $54,608 $2,353 $13,578,697 $137,562 
Commercial real estate4,095,209 62,062 10,939 935 4,106,148 62,997 
Paycheck protection program43,140 — — — 43,140 — 
Loans to individuals3,514,571 40,555 48,592 — 3,563,163 40,555 
Total$21,177,009 $237,826 $114,139 $3,288 $21,291,148 $241,114 

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 

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.
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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 June 30, 2022 by the risk grade categories and vintage (in thousands): 
Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$109,094 $126,603 $34,298 $14,287 $7,490 $8,606 $3,027,640 $6,661 $3,334,679 
Accruing Substandard
— — — 1,093 501 695 25,655 9,525 37,469 
Nonaccrual— — 16,310 — — 472 4,142 — 20,924 
Total energy
109,094 126,603 50,608 15,380 7,991 9,773 3,057,437 16,186 3,393,072 
Healthcare
Pass516,924 607,642 533,637 504,011 462,368 839,735 174,439 24 3,638,780 
Special Mention— — — 9,515 — — 5 — 9,520 
Accruing Substandard
— — — 26,816 — 6,962 — — 33,778 
Nonaccrual— — — — 6,533 8,352 — — 14,885 
Total healthcare516,924 607,642 533,637 540,342 468,901 855,049 174,444 24 3,696,963 
Services
Pass307,329 604,668 324,439 245,344 187,252 892,138 778,201 746 3,340,117 
Special Mention330 432 410 822 985 86 21,900 168 25,133 
Accruing Substandard
— — 384 3,837 57 2,909 33,797 — 40,984 
Nonaccrual— — 234 — — 14,899 126 — 15,259 
Total services307,659 605,100 325,467 250,003 188,294 910,032 834,024 914 3,421,493 
General business
Pass416,644 480,471 199,287 219,367 162,518 309,630 1,234,314 1,885 3,024,116 
Special Mention— 937 — 9,355 29 6,137 8,446 — 24,904 
Accruing Substandard
— — 115 605 4,743 9,028 119 — 14,610 
Nonaccrual— — 1,093 736 979 16 709 6 3,539 
Total general business
416,644 481,408 200,495 230,063 168,269 324,811 1,243,588 1,891 3,067,169 
Total commercial
1,350,321 1,820,753 1,110,207 1,035,788 833,455 2,099,665 5,309,493 19,015 13,578,697 
Commercial real estate:
Pass450,221 1,084,348 633,124 747,272 310,651 736,285 112,717 — 4,074,618 
Special Mention— — — — — 17,478 — — 17,478 
Accruing Substandard
— — — — — 3,113 — — 3,113 
Nonaccrual— — — 7,739 — 3,200 — — 10,939 
Total commercial real estate
450,221 1,084,348 633,124 755,011 310,651 760,076 112,717 — 4,106,148 
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Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Paycheck protection program:
Pass— 30,389 12,751 — — — — — 43,140 
Total paycheck protection program— 30,389 12,751 — — — — — 43,140 
Loans to individuals:
Residential mortgage
Pass181,189 386,210 410,339 70,161 43,769 297,196 341,992 22,409 1,753,265 
Special Mention— 60 — 17 166 329 238 — 810 
Accruing Substandard
— — — 34 — 131 29 — 194 
Nonaccrual34 1,509 2,519 356 1,995 21,180 2,059 808 30,460 
Total residential mortgage
181,223 387,779 412,858 70,568 45,930 318,836 344,318 23,217 1,784,729 
Residential mortgage guaranteed by U.S. government agencies
Pass— 2,218 10,722 14,035 21,325 227,538 — — 275,838 
Nonaccrual— — 431 2,087 2,295 13,187 — — 18,000 
Total residential mortgage guaranteed by U.S. government agencies
— 2,218 11,153 16,122 23,620 240,725 — — 293,838 
Personal:
Pass90,206 215,139 170,635 172,046 70,564 211,023 553,611 486 1,483,710 
Special Mention5 34 43 6 16 46 — — 150 
Accruing Substandard
8 433 — 160 — — 3 — 604 
Nonaccrual— 31 17 26 11 23 24 — 132 
Total personal
90,219 215,637 170,695 172,238 70,591 211,092 553,638 486 1,484,596 
Total loans to individuals
271,442 605,634 594,706 258,928 140,141 770,653 897,956 23,703 3,563,163 
Total loans
$2,071,984 $3,541,124 $2,350,788 $2,049,727 $1,284,247 $3,630,394 $6,320,166 $42,718 $21,291,148 




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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 June 30, 2022 follows (in thousands): 
As of June 30, 2022
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$20,924 $20,924 $— $— 
Healthcare14,886 8,353 6,533 946 
Services15,259 11,798 3,461 1,407 
General business3,539 3,539 — — 
Total commercial54,608 44,614 9,994 2,353 
Commercial real estate10,939 3,200 7,739 935 
Loans to individuals:    
Residential mortgage30,460 30,460 — — 
Residential mortgage guaranteed by U.S. government agencies
18,000 18,000 — — 
Personal132 132 — — 
Total loans to individuals48,592 48,592 — — 
Total$114,139 $96,406 $17,733 $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 June 30, 2022 the Company had $252 million in troubled debt restructurings ("TDRs"), of which $196 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 $11 million were nonaccruing commercial real estate loans with a related specific allowance of $935 thousand. Of the approximately $129 million of TDRs that are performing in accordance with the modified terms, $97 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 and six months ended June 30, 2022, $10 million and $28 million of loans were restructured and $1 thousand and $4 thousand of loans designated as TDRs were charged off. During the three and six months ended June 30, 2021, $55 million and $66 million of loans were restructured and $35 thousand and $311 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 June 30, 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$3,393,072 $— $— $— $3,393,072 $— 
Healthcare3,688,256 2,178 — 6,529 3,696,963 — 
Services3,413,226 198 — 8,069 3,421,493 — 
General business3,065,236 489 1,444 — 3,067,169 — 
Total commercial13,559,790 2,865 1,444 14,598 13,578,697 — 
Commercial real estate4,102,920 28 — 3,200 4,106,148 — 
Paycheck protection program42,651 27 459 3 43,140 3 
Loans to individuals:    
Residential mortgage1,766,354 10,904 1,828 5,643 1,784,729 — 
Residential mortgage guaranteed by U.S. government agencies
138,675 35,574 19,659 99,930 293,838 87,470 
Personal1,482,287 671 1,615 23 1,484,596 — 
Total loans to individuals3,387,316 47,149 23,102 105,596 3,563,163 87,470 
Total$21,092,677 $50,069 $25,005 $123,397 $21,291,148 $87,473 
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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):
 June 30, 2022December 31, 2021
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$178,631 $178,576 $182,710 $186,175 
Residential mortgage loan commitments106,004 3,867 171,412 6,167 
Forward sales contracts267,880 283 328,433 (47)
  $182,726  $192,295 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of June 30, 2022 or December 31, 2021. No credit losses were recognized on residential mortgage loans held for sale for the six month period ended June 30, 2022 and 2021.

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended June 30,
 2022202120222021
Production revenue:  
Net realized gains on sale of mortgage loans$3,158 $20,783 $10,041 $46,783 
Net change in unrealized gain (loss) on mortgage loans held for sale2,307 1,783 (3,520)(5,172)
Net change in the fair value of mortgage loan commitments998 (1,253)(2,300)(10,233)
Net change in the fair value of forward sales contracts(6,967)(11,309)330 3,913 
Total production revenue(504)10,004 4,551 35,291 
Servicing revenue11,872 11,215 23,467 23,041 
Total mortgage banking revenue$11,368 $21,219 $28,018 $58,332 

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):
 June 30, 2022December 31, 2021
Number of residential mortgage loans serviced for others113,217 102,008 
Outstanding principal balance of residential mortgage loans serviced for others$19,327,944 $16,442,446 
Weighted average interest rate3.52 %3.58 %
Remaining term (in months)285281
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning Balance$209,563 $132,915 $163,198 $101,172 
Additions5,754 7,937 10,969 17,767 
Acquisitions44,867 — 44,867 — 
Change in fair value due to principal payments(7,357)(10,182)(15,317)(22,143)
Change in fair value due to market assumption changes17,485 (13,041)66,595 20,833 
Ending Balance$270,312 $117,629 $270,312 $117,629 

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:
 June 30, 2022December 31, 2021
Discount rate – risk-free rate plus a market premium8.77%8.39%
Prepayment rate - based upon loan interest rate, original term and loan type7.88%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
3.05%1.32%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
1.87%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 recently granted in part and denied in part BOKF, NA’s motion to dismiss the plaintiffs’ Third Amended Petition and BOKF is preparing to respond. Management is advised by counsel that, in the Tulsa County District Court action, a loss is not probable and that the loss, if any, cannot be reasonably estimated.

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.
As previously reported, 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. The time within which any appeals of such dismissals may be filed has expired and the actions successfully concluded.

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 District Court for the Northern District of Oklahoma denied the defendants' motion to dismiss and the action is proceeding. 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 June 30, 2022, the Company has $374 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 $92 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.
(7) Shareholders' Equity

On August 2, 2022, the Company declared a quarterly cash dividend of $0.53 per common share payable on or about August 25, 2022 to shareholders of record as of August 16, 2022.

Dividends declared were $0.53 and $1.06 per share during the three and six months ended June 30, 2022 and $0.52 and $1.04 per share during the three and six months ended June 30, 2021.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("AFS") securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. 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 SecuritiesInvestment Securities Transferred from AFSEmployee Benefit PlansTotal
Balance, Dec. 31, 2020$335,032 $— $836 $335,868 
Net change in unrealized gain (loss)
(141,651)— — (141,651)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net
(1,897)— — (1,897)
Other comprehensive loss, before income taxes(143,548)— — (143,548)
Federal and state income taxes(34,448)— — (34,448)
Other comprehensive loss, net of income taxes(109,100)— — (109,100)
Balance, June 30, 2021$225,932 $— $836 $226,768 
Balance, Dec. 31, 2021$69,775 $— $2,596 $72,371 
Net change in unrealized gain (loss)
(881,577)— — (881,577)
Transfer of net unrealized loss from AFS to investment securities267,509 (267,509)— — 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 2,455 — 2,455 
Gain on available for sale securities, net
(2,125)— — (2,125)
Other comprehensive loss, before income taxes(616,193)(265,054)— (881,247)
Federal and state income taxes(144,215)(62,033)— (206,248)
Other comprehensive loss, net of income taxes(471,978)(203,021)— (674,999)
Balance, June 30, 2022$(402,203)$(203,021)$2,596 $(602,628)

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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Numerator:    
Net income attributable to BOK Financial Corp. shareholders$132,846 $166,421 $195,334 $312,481 
Less: Earnings allocated to participating securities949 1,170 1,400 2,107 
Numerator for basic earnings per share – income available to common shareholders
131,897 165,251 193,934 310,374 
Effect of reallocating undistributed earnings of participating securities— 1 — — 
Numerator for diluted earnings per share – income available to common shareholders
$131,897 $165,252 $193,934 $310,374 
Denominator:    
Weighted average shares outstanding67,938,607 69,302,245 68,105,679 69,442,239 
Less:  Participating securities included in weighted average shares outstanding
484,859 486,579 489,283 466,496 
Denominator for basic earnings per common share67,453,748 68,815,666 67,616,396 68,975,743 
Dilutive effect of employee stock compensation plans1,424 1,776 1,438 3,055 
Denominator for diluted earnings per common share67,455,172 68,817,442 67,617,834 68,978,798 
Basic earnings per share$1.96 $2.40 $2.87 $4.50 
Diluted earnings per share$1.96 $2.40 $2.87 $4.50 

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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$172,974 $16,784 $39,412 $44,848 $274,018 
Net interest revenue (expense) from internal sources
(6,452)17,002 (1,665)(8,885)— 
Net interest revenue166,522 33,786 37,747 35,963 274,018 
Net loans charged off and provision for credit losses(1,502)1,196 (60)366 — 
Net interest revenue after provision for credit losses
168,024 32,590 37,807 35,597 274,018 
Other operating revenue61,688 30,089 86,761 (9,921)168,617 
Other operating expense70,009 52,660 76,393 74,593 273,655 
Net direct contribution159,703 10,019 48,175 (48,917)168,980 
Gain (loss) on financial instruments, net61 (15,860)— 15,799 — 
Change in fair value of mortgage servicing rights— 17,485 — (17,485)— 
Gain (loss) on repossessed assets, net(4,515)93 — 4,422 — 
Corporate expense allocations16,634 10,120 12,503 (39,257)— 
Net income (loss) before taxes138,615 1,617 35,672 (6,924)168,980 
Federal and state income taxes33,818 378 8,385 (6,459)36,122 
Net income (loss)104,797 1,239 27,287 (465)132,858 
Net income (loss) attributable to non-controlling interests— — — 12 12 
Net income (loss) attributable to BOK Financial Corp. shareholders$104,797 $1,239 $27,287 $(477)$132,846 
Average assets$29,269,712 $10,338,191 $16,902,721 $(9,222,090)$47,288,534 





















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Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$320,564 $33,699 $95,643 $92,523 $542,429 
Net interest revenue (expense) from internal sources(17,031)27,294 (2,130)(8,133)— 
Net interest revenue303,533 60,993 93,513 84,390 542,429 
Provision for credit losses
3,841 2,308 (131)(6,018)— 
Net interest revenue after provision for credit losses
299,692 58,685 93,644 90,408 542,429 
Other operating revenue119,115 64,050 111,779 (38,471)256,473 
Other operating expense135,123 101,449 151,012 163,689 551,273 
Net direct contribution283,684 21,286 54,411 (111,752)247,629 
Gain (loss) on financial instruments, net(143)(73,755)— 73,898 — 
Change in fair value of mortgage servicing rights— 66,595 — (66,595)— 
Gain (loss) on repossessed assets, net(2,722)138 — 2,584 — 
Corporate expense allocations32,880 22,200 24,575 (79,655)— 
Net income (loss) before taxes247,939 (7,936)29,836 (22,210)247,629 
Federal and state income taxes60,798 (1,858)7,070 (13,691)52,319 
Net income (loss)187,141 (6,078)22,766 (8,519)195,310 
Net income (loss) attributable to non-controlling interests
— — — (24)(24)
Net income (loss) attributable to BOK Financial Corp. shareholders$187,141 $(6,078)$22,766 $(8,495)$195,334 
Average assets$29,545,278 $10,306,218 $19,101,045 $(10,036,777)$48,915,764 





























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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2021 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$151,942 $17,552 $52,966 $57,849 $280,309 
Net interest revenue (expense) from internal sources(21,041)7,393 (673)14,321 — 
Net interest revenue130,901 24,945 52,293 72,170 280,309 
Net loans charged off and provision for credit losses16,268 425 (54)(51,639)(35,000)
Net interest revenue after provision for credit losses
114,633 24,520 52,347 123,809 315,309 
Other operating revenue65,269 37,714 79,149 9,314 191,446 
Other operating expense71,351 52,453 79,518 87,830 291,152 
Net direct contribution108,551 9,781 51,978 45,293 215,603 
Gain (loss) on financial instruments, net34 17,137 — (17,171)— 
Change in fair value of mortgage servicing rights— (13,041)— 13,041 — 
Gain (loss) on repossessed assets, net3,565 — — (3,565)— 
Corporate expense allocations12,512 11,599 10,352 (34,463)— 
Net income before taxes99,638 2,278 41,626 72,061 215,603 
Federal and state income taxes27,006 580 10,638 10,272 48,496 
Net income
72,632 1,698 30,988 61,789 167,107 
Net income (loss) attributable to non-controlling interests— — — 686 686 
Net income attributable to BOK Financial Corp. shareholders$72,632 $1,698 $30,988 $61,103 $166,421 
Average assets$28,160,594 $10,087,488 $19,201,041 $(7,252,201)$50,196,922 
































- 84 -

Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2021 is as follows (in thousands):
 CommercialConsumerWealth
Management
Funds Management and Other1
BOK
Financial
Consolidated
Net interest revenue from external sources$307,741 $34,238 $101,520 $117,230 $560,729 
Net interest revenue (expense) from internal sources(46,835)11,681 (873)36,027 — 
Net interest revenue260,906 45,919 100,647 153,257 560,729 
Provision for credit losses
30,253 1,561 (83)(91,731)(60,000)
Net interest revenue after provision for credit losses
230,653 44,358 100,730 244,988 620,729 
Other operating revenue111,848 89,996 145,272 21,384 368,500 
Other operating expense138,330 108,076 158,187 182,343 586,936 
Net direct contribution204,171 26,278 87,815 84,029 402,293 
Gain (loss) on financial instruments, net67 (12,479)— 12,412 — 
Change in fair value of mortgage servicing rights— 20,833 — (20,833)— 
Gain (loss) on repossessed assets, net16,302 41 — (16,343)— 
Corporate expense allocations25,246 23,073 20,249 (68,568)— 
Net income before taxes195,294 11,600 67,566 127,833 402,293 
Federal and state income taxes52,989 2,954 17,281 17,654 90,878 
Net income
142,305 8,646 50,285 110,179 311,415 
Net income (loss) attributable to non-controlling interests— — — (1,066)(1,066)
Net income attributable to BOK Financial Corp. shareholders
$142,305 $8,646 $50,285 $111,245 $312,481 
Average assets$28,104,137 $9,922,431 $18,924,987 $(6,698,092)$50,253,463 

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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 June 30, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $11,991 $— $11,991 $11,991 $— 
Customer hedging revenue
7,740 — 305 5,088 13,133 13,133 — 
Retail brokerage revenue
— — 4,258 — 4,258 — 4,258 
Insurance brokerage revenue
— — 2,818 — 2,818 — 2,818 
Investment banking revenue
7,069 — 4,774 — 11,843 6,371 5,472 
Brokerage and trading revenue
14,809 — 24,146 5,088 44,043 31,495 12,548 
TransFund EFT network revenue20,367 912 (19)2 21,262 — 21,262 
Merchant services revenue3,867 10 — — 3,877 — 3,877 
Corporate card revenue1,594 — 101 106 1,801 — 1,801 
Transaction card revenue25,828 922 82 108 26,940 — 26,940 
Personal trust revenue— — 25,676 — 25,676 — 25,676 
Corporate trust revenue— — 6,476 — 6,476 — 6,476 
Institutional trust & retirement plan services revenue
— — 12,574 — 12,574 — 12,574 
Investment management services and other revenue
— — 5,112 — 5,112 — 5,112 
Fiduciary and asset management revenue
— — 49,838 — 49,838 — 49,838 
Commercial account service charge revenue
13,791 469 523 (1)14,782 — 14,782 
Overdraft fee revenue29 6,544 21 1 6,595 — 6,595 
Check card revenue
— 6,013 — 2 6,015 — 6,015 
Automated service charge and other deposit fee revenue
21 1,061 25 1 1,108 — 1,108 
Deposit service charges and fees
13,841 14,087 569 3 28,500 — 28,500 
Mortgage production revenue— (504)— — (504)(504)— 
Mortgage servicing revenue— 12,368 — (496)11,872 11,872 — 
Mortgage banking revenue— 11,864 — (496)11,368 11,368 — 
Other revenue5,403 3,228 12,136 (8,083)12,684 7,900 4,784 
Total fees and commissions revenue
$59,881 $30,101 $86,771 $(3,380)$173,373 $50,763 $122,610 
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.
- 87 -

Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $(42,057)$— $(42,057)$(42,057)$— 
Customer hedging revenue
20,719 — 1,122 2,230 24,071 24,071 — 
Retail brokerage revenue
— — 8,868 — 8,868 — 8,868 
Insurance brokerage revenue
— — 6,556 — 6,556 — 6,556 
Investment banking revenue
10,427 — 9,099 — 19,526 9,470 10,056 
Brokerage and trading revenue
31,146 — (16,412)2,230 16,964 (8,516)25,480 
TransFund EFT network revenue38,520 1,798 (36)3 40,285 — 40,285 
Merchant services revenue7,508 20 — — 7,528 — 7,528 
Corporate card revenue2,970 — 177 196 3,343 — 3,343 
Transaction card revenue48,998 1,818 141 199 51,156 — 51,156 
Personal trust revenue— — 50,473 — 50,473 — 50,473 
Corporate trust revenue— — 10,434 — 10,434 — 10,434 
Institutional trust & retirement plan services revenue
— — 25,141 — 25,141 — 25,141 
Investment management services and other revenue
— — 10,233 (44)10,189 — 10,189 
Fiduciary and asset management revenue— — 96,281 (44)96,237 — 96,237 
Commercial account service charge revenue
26,922 919 1,036 — 28,877 — 28,877 
Overdraft fee revenue60 12,737 44 1 12,842 — 12,842 
Check card revenue
— 11,558 — 2 11,560 — 11,560 
Automated service charge and other deposit fee revenue
44 2,168 11 2 2,225 — 2,225 
Deposit service charges and fees
27,026 27,382 1,091 5 55,504 — 55,504 
Mortgage production revenue— 4,551 — — 4,551 4,551 — 
Mortgage servicing revenue— 24,444 — (977)23,467 23,467 — 
Mortgage banking revenue— 28,995 — (977)28,018 28,018 — 
Other revenue9,675 5,883 30,693 (23,122)23,129 15,175 7,954 
Total fees and commissions revenue
$116,845 $64,078 $111,794 $(21,709)$271,008 $34,677 $236,331 
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.
- 88 -

Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2021.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $13,002 $(1)$13,001 $13,001 $— 
Customer hedging revenue
5,693 — 55 (3,943)1,805 1,805 — 
Retail brokerage revenue
— — 4,528 — 4,528 — 4,528 
Insurance brokerage revenue
— — 2,996 — 2,996 — 2,996 
Investment banking revenue
3,935 — 3,626 (483)7,078 2,721 4,357 
Brokerage and trading revenue
9,628 — 24,207 (4,427)29,408 17,527 11,881 
TransFund EFT network revenue19,374 924 (17)1 20,282 — 20,282 
Merchant services revenue3,434 17 — 1 3,452 — 3,452 
Corporate card revenue1,063 — 37 89 1,189 — 1,189 
Transaction card revenue23,871 941 20 91 24,923 — 24,923 
Personal trust revenue— — 25,156 — 25,156 — 25,156 
Corporate trust revenue— — 3,435 — 3,435 — 3,435 
Institutional trust & retirement plan services revenue
— — 12,828 — 12,828 — 12,828 
Investment management services and other revenue
— — 3,543 (130)3,413 — 3,413 
Fiduciary and asset management revenue
— — 44,962 (130)44,832 — 44,832 
Commercial account service charge revenue
12,710 469 607 (1)13,785 — 13,785 
Overdraft fee revenue22 4,916 17 2 4,957 — 4,957 
Check card revenue
— 6,030 — (1)6,029 — 6,029 
Automated service charge and other deposit fee revenue
25 1,042 20 3 1,090 — 1,090 
Deposit service charges and fees
12,757 12,457 644 3 25,861 — 25,861 
Mortgage production revenue— 10,004 — — 10,004 10,004 — 
Mortgage servicing revenue— 11,668 — (453)11,215 11,215 — 
Mortgage banking revenue— 21,672 — (453)21,219 21,219 — 
Other revenue17,112 2,644 9,008 (5,592)23,172 20,041 3,131 
Total fees and commissions revenue
$63,368 $37,714 $78,841 $(10,508)$169,415 $58,787 $110,628 
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 six months ended June 30, 2021.
CommercialConsumerWealth Management
Funds Management & Other3
Consolidated
Out of Scope1
In Scope2
Trading revenue$— $— $16,718 $(1)$16,717 $16,717 $— 
Customer hedging revenue
9,900 — 146 (5,649)4,397 4,397 — 
Retail brokerage revenue
— — 9,269 — 9,269 — 9,269 
Insurance brokerage revenue
— — 5,912 — 5,912 — 5,912 
Investment banking revenue
6,193 — 8,394 (692)13,895 4,770 9,125 
Brokerage and trading revenue
16,093 — 40,439 (6,342)50,190 25,884 24,306 
TransFund EFT network revenue37,817 1,758 (30)3 39,548 — 39,548 
Merchant services revenue5,700 33 — — 5,733 — 5,733 
Corporate card revenue1,867 — 65 140 2,072 — 2,072 
Transaction card revenue45,384 1,791 35 143 47,353 — 47,353 
Personal trust revenue— — 47,133 — 47,133 — 47,133 
Corporate trust revenue— — 7,224 — 7,224 — 7,224 
Institutional trust & retirement plan services revenue
— — 25,438 — 25,438 — 25,438 
Investment management services and other revenue
— — 6,446 (87)6,359 — 6,359 
Fiduciary and asset management revenue
— — 86,241 (87)86,154 — 86,154 
Commercial account service charge revenue
24,698 903 1,188 — 26,789 — 26,789 
Overdraft fee revenue48 9,551 36 2 9,637 — 9,637 
Check card revenue
— 11,357 — (1)11,356 — 11,356 
Automated service charge and other deposit fee revenue
51 2,192 43 2 2,288 — 2,288 
Deposit service charges and fees
24,797 24,003 1,267 3 50,070 — 50,070 
Mortgage production revenue— 35,291 — — 35,291 35,291 — 
Mortgage servicing revenue— 23,945 — (904)23,041 23,041 — 
Mortgage banking revenue— 59,236 — (904)58,332 58,332 — 
Other revenue26,941 4,984 16,543 (9,000)39,468 33,184 6,284 
Total fees and commissions revenue
$113,215 $90,014 $144,525 $(16,187)$331,567 $117,400 $214,167 
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.
- 90 -

(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 six months ended June 30, 2022 and 2021, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the six months ended June 30, 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 June 30, 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 June 30, 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$8,357 $8,357 $— $— 
Residential agency mortgage-backed securities2,807,950 — 2,807,950 — 
Municipal securities18,825 — 18,825 — 
Other trading securities24,312 — 24,312 — 
Total trading securities2,859,444 8,357 2,851,087 — 
Available for sale securities:    
U.S. Treasury927 927 — — 
Municipal securities638,305 — 638,305 — 
Residential agency mortgage-backed securities4,913,245 — 4,913,245 — 
Residential non-agency mortgage-backed securities519,613 — 519,613 — 
Commercial agency mortgage-backed securities
4,080,101 — 4,080,101 — 
Other debt securities472 — — 472 
Total available for sale securities10,152,663 927 10,151,264 472 
Fair value option securities – Residential agency mortgage-backed securities37,927 — 37,927 — 
Residential mortgage loans held for sale1
182,726 — 174,600 8,126 
Mortgage servicing rights2
270,312 — — 270,312 
Derivative contracts, net of cash collateral1,992,977 — 1,992,977 — 
Liabilities: 
Derivative contracts, net of cash collateral214,576 — 214,576 — 
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 86.67% 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.









- 94 -

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 June 30, 2022 for which the fair value was adjusted during the six months ended June 30, 2022:
Fair Value Adjustments for the
 Carrying Value at June 30, 2022Three Months Ended
Jun. 30, 2022 Recognized in:		Six Months Ended
Jun. 30, 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), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $99 $126 $— $— $478 $— 
Real estate and other repossessed assets
— 1,412 1,699 — (5,811)— (5,705)

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 June 30, 2021 for which the fair value was adjusted during the six months ended June 30, 2021:
Fair Value Adjustments for the
 Carrying Value at June 30, 2021Three Months Ended
Jun. 30, 2021 Recognized in:		Six Months Ended
Jun. 30, 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), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $4,730 $42,453 $17,362 $— $24,721 $— 
Real estate and other repossessed assets
— 1,706 36,010 — (3,966)— (6,166)

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 June 30, 2022 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$126 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
25% - 25% (25%)1
Real estate and other repossessed assets1,699 Discounted cash flowsManagement knowledge of industry and non-real estate collateral.N/A
1     Represents fair value as a percentage of the unpaid principal balance.
    

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2021 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$42,453 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
4% - 96% (47%)1
Real estate and other repossessed assets36,010 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 June 30, 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$1,313,563 $1,313,563 $1,313,563 $— $— 
Interest-bearing cash and cash equivalents723,787 723,787 723,787 — — 
Trading securities:
U.S. government securities8,357 8,357 8,357 — — 
Residential agency mortgage-backed securities2,807,950 2,807,950 — 2,807,950 — 
Municipal securities18,825 18,825 — 18,825 — 
Other trading securities24,312 24,312 — 24,312 — 
Total trading securities2,859,444 2,859,444 8,357 2,851,087 — 
Investment securities:  
Municipal securities175,974 180,783 — 41,498 139,285 
Residential agency mortgage-backed securities2,445,845 2,410,926 — 2,410,926 — 
Commercial agency mortgage-backed securities15,455 15,279 — 15,279 — 
Other debt securities788 769 — 769 — 
Total investment securities2,638,062 2,607,757 — 2,468,472 139,285 
Allowance for credit losses(717)— — — — 
Investment securities, net of allowance2,637,345 2,607,757 — 2,468,472 139,285 
Available for sale securities:  
U.S. Treasury927 927 927 — — 
Municipal securities638,305 638,305 — 638,305 — 
Residential agency mortgage-backed securities4,913,245 4,913,245 — 4,913,245 — 
Residential non-agency mortgage-backed securities519,613 519,613 — 519,613 — 
Commercial agency mortgage-backed securities
4,080,101 4,080,101 — 4,080,101 — 
Other debt securities472 472 — — 472 
Total available for sale securities10,152,663 10,152,663 927 10,151,264 472 
Fair value option securities – Residential agency mortgage-backed securities37,927 37,927 — 37,927 — 
Residential mortgage loans held for sale182,726 182,726 — 174,600 8,126 
Loans:  
Commercial13,578,697 13,334,931 — — 13,334,931 
Commercial real estate4,106,148 3,991,292 — — 3,991,292 
Paycheck protection program43,140 43,140 — — 43,140 
Loans to individuals3,563,163 3,422,548 — — 3,422,548 
Total loans21,291,148 20,791,911 — — 20,791,911 
Allowance for loan losses(241,114)— — — — 
Loans, net of allowance21,050,034 20,791,911 — — 20,791,911 
Mortgage servicing rights270,312 270,312 — — 270,312 
Derivative instruments with positive fair value, net of cash collateral
1,992,977 1,992,977 — 1,992,977 — 
Deposits with no stated maturity37,249,319 37,249,319 — — 37,249,319 
Time deposits1,369,599 1,346,175 — — 1,346,175 
Other borrowed funds712,535 710,004 — — 710,004 
Subordinated debentures131,223 130,136 — 130,136 — 
Derivative instruments with negative fair value, net of cash collateral
214,576 214,576 — 214,576 — 

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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 June 30, 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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Six-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data)Six Months Ended
 June 30, 2022June 30, 2021
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$946,442 $2,210 0.47 %$685,037 $332 0.10 %
Trading securities6,340,099 64,050 1.81 %7,198,206 72,671 2.00 %
Investment securities404,239 6,060 3.00 %229,313 5,664 4.94 %
Available for sale securities12,672,942 116,900 1.80 %13,338,129 117,669 1.84 %
Fair value option securities65,128 928 2.86 %84,653 898 2.20 %
Restricted equity securities166,118 2,491 3.00 %199,358 3,110 3.12 %
Residential mortgage loans held for sale163,853 2,953 3.62 %212,638 2,949 2.81 %
Loans20,762,329 385,767 3.75 %22,460,418 395,460 3.55 %
Allowance for loan losses(250,105)(363,898)
Loans, net of allowance20,512,224 385,767 3.79 %22,096,520 395,460 3.61 %
Total earning assets
41,271,045 581,359 2.76 %44,043,854 598,753 2.77 %
Receivable on unsettled securities sales416,616 726,039 
Cash and other assets7,228,034 5,483,570 
Total assets$48,915,695 $50,253,463 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$21,895,619 $16,797 0.15 %$21,462,436 $11,862 0.11 %
Savings964,544 149 0.03 %831,366 182 0.04 %
Time1,480,441 4,514 0.61 %1,961,329 6,231 0.64 %
Total interest-bearing deposits24,340,604 21,460 0.18 %24,255,131 18,275 0.15 %
Funds purchased and repurchase agreements1,612,144 6,306 0.79 %2,307,562 2,070 0.18 %
Other borrowings1,225,321 4,376 0.72 %3,500,953 6,358 0.37 %
Subordinated debentures131,223 2,775 4.26 %276,025 6,700 4.89 %
Total interest-bearing liabilities27,309,292 34,917 0.26 %30,339,671 33,403 0.22 %
Non-interest bearing demand deposits15,132,828 12,753,715 
Due on unsettled securities purchases449,331 807,862 
Other liabilities1,085,302 1,050,157 
Total equity4,938,942 5,302,058 
Total liabilities and equity$48,915,695 $50,253,463 
Tax-equivalent Net Interest Revenue$546,442 2.50 %$565,350 2.55 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.60 %2.61 %
Less tax-equivalent adjustment4,013 4,621 
Net Interest Revenue542,429 560,729 
Provision for credit losses
— (60,000)
Other operating revenue256,473 368,500 
Other operating expense551,273 586,936 
Income before taxes247,629 402,293 
Federal and state income taxes52,319 90,878 
Net income195,310 311,415 
Net income (loss) attributable to non-controlling interests
(24)(1,066)
Net income attributable to BOK Financial Corp. shareholders
$195,334 $312,481 
Earnings Per Average Common Share Equivalent:
      
Net income:      
Basic $2.87   $4.50  
Diluted $2.87   $4.50  
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.
- 100 -


Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data)Three Months Ended
 June 30, 2022March 31, 2022
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$843,619 $1,737 0.83 %$1,050,409 $473 0.18 %
Trading securities4,166,954 23,009 2.00 %8,537,390 41,041 1.71 %
Investment securities, net of allowance610,983 3,585 2.35 %195,198 2,475 5.07 %
Available for sale securities12,258,072 58,882 1.84 %13,092,422 58,018 1.77 %
Fair value option securities54,832 437 2.92 %75,539 491 2.81 %
Restricted equity securities167,732 1,384 3.30 %164,484 1,107 2.69 %
Residential mortgage loans held for sale148,183 1,559 4.22 %179,697 1,394 3.11 %
Loans21,057,714 205,694 3.92 %20,463,662 180,073 3.57 %
Allowance for loan losses(246,064)(254,191)
Loans, net of allowance20,811,650 205,694 3.96 %20,209,471 180,073 3.61 %
Total earning assets
39,062,025 296,287 2.96 %43,504,610 285,072 2.58 %
Receivable on unsettled securities sales457,165 375,616 
Cash and other assets7,769,208 6,680,848 
Total assets$47,288,398 $50,561,074 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$21,037,294 $11,454 0.22 %$22,763,479 $5,343 0.10 %
Savings981,493 76 0.03 %947,407 73 0.03 %
Time1,373,036 2,332 0.68 %1,589,039 2,182 0.56 %
Total interest-bearing deposits23,391,823 13,862 0.24 %25,299,925 7,598 0.12 %
Funds purchased and repurchase agreements1,224,134 1,608 0.53 %2,004,466 4,698 0.95 %
Other borrowings1,301,358 3,286 1.01 %1,148,440 1,090 0.38 %
Subordinated debentures131,219 1,473 4.50 %131,228 1,302 4.02 %
Total interest-bearing liabilities26,048,534 20,229 0.31 %28,584,059 14,688 0.21 %
Non-interest bearing demand deposits15,202,597 15,062,282 
Due on unsettled securities purchases380,332 519,097 
Other liabilities924,605 1,247,785 
Total equity4,732,330 5,147,851 
Total liabilities and equity$47,288,398 $50,561,074 
Tax-equivalent Net Interest Revenue$276,058 2.65 %$270,384 2.37 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.76 %2.44 %
Less tax-equivalent adjustment2,040 1,973 
Net Interest Revenue274,018 268,411 
Provision for credit losses
— — 
Other operating revenue168,617 87,856 
Other operating expense273,655 277,618 
Income before taxes168,980 78,649 
Federal and state income taxes36,122 16,197 
Net income132,858 62,452 
Net income (loss) attributable to non-controlling interests
12 (36)
Net income attributable to BOK Financial Corp. shareholders
$132,846 $62,488 
Earnings Per Average Common Share Equivalent:
      
Basic $1.96   $0.91  
Diluted $1.96   $0.91  
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.
- 101 -

Three Months Ended
December 31, 2021September 30, 2021June 30, 2021
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
$1,208,552 $483 0.16 %$682,788 $245 0.14 %$659,312 $158 0.10 %
9,260,778 44,537 1.89 %7,617,236 39,006 2.04 %7,430,217 36,702 1.95 %
213,188 2,661 4.99 %218,117 2,740 5.02 %221,401 2,771 5.01 %
13,247,607 55,638 1.72 %13,446,095 57,391 1.80 %13,243,542 58,989 1.85 %
46,458 302 2.71 %56,307 342 2.62 %64,864 402 2.60 %
137,874 1,028 2.98 %245,485 1,565 2.55 %208,692 1,751 3.36 %
163,433 1,242 3.06 %167,620 1,274 3.06 %218,200 1,569 2.91 %
20,242,653 188,547 3.70 %20,848,608 193,117 3.68 %22,167,089 195,871 3.54 %
(271,794)(306,125)(345,269)
19,970,859 188,547 3.75 %20,542,483 193,117 3.73 %21,821,820 195,871 3.60 %
44,248,749 294,438 2.66 %42,976,131 295,680 2.78 %43,868,048 298,213 2.75 %
585,901 632,539 716,700 
5,769,406 5,890,479 5,612,174 
$50,604,056 $49,499,149 $50,196,922 
$22,326,401 $5,097 0.09 %$21,435,736 $5,002 0.09 %$21,491,145 $5,539 0.10 %
909,131 96 0.04 %888,011 96 0.04 %872,618 96 0.04 %
1,747,715 2,351 0.53 %1,839,983 2,567 0.55 %1,936,510 2,790 0.58 %
24,983,247 7,544 0.12 %24,163,730 7,665 0.13 %24,300,273 8,425 0.14 %
2,893,128 5,292 0.73 %1,448,800 722 0.20 %1,790,490 722 0.16 %
880,837 1,091 0.49 %2,546,083 2,344 0.37 %3,608,369 3,084 0.34 %
131,224 1,330 4.02 %214,654 2,505 4.63 %276,034 3,353 4.87 %
28,888,436 15,257 0.21 %28,373,267 13,236 0.19 %29,975,166 15,584 0.21 %
14,818,841 13,670,656 13,189,954 
629,642 957,538 701,495 
898,848 1,054,247 1,000,662 
5,368,289 5,443,441 5,329,645 
$50,604,056 $49,499,149 $50,196,922 
$279,181 2.45 %$282,444 2.59 %$282,629 2.54 %
2.52 %2.66 %2.60 %
2,104 2,217 2,320 
277,077 280,227 280,309 
(17,000)(23,000)(35,000)
157,443 229,832 191,446 
299,495 291,277 291,152 
152,025 241,782 215,603 
34,836 54,061 48,496 
117,189 187,721 167,107 
(129)(601)686 
$117,318 $188,322 $166,421 
 $1.71   $2.74   $2.40  
 $1.71   $2.74   $2.40  


- 102 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Jun. 30, 2022Mar. 31, 2022Dec. 31, 2021Sept 30, 2021Jun. 30, 2021
Interest revenue$294,247 $283,099 $292,334 $293,463 $295,893 
Interest expense20,229 14,688 15,257 13,236 15,584 
Net interest revenue274,018 268,411 277,077 280,227 280,309 
Provision for credit losses— — (17,000)(23,000)(35,000)
Net interest revenue after provision for credit losses
274,018 268,411 294,077 303,227 315,309 
Other operating revenue     
Brokerage and trading revenue44,043 (27,079)14,869 47,930 29,408 
Transaction card revenue26,940 24,216 24,998 24,632 24,923 
Fiduciary and asset management revenue49,838 46,399 46,872 45,248 44,832 
Deposit service charges and fees28,500 27,004 26,718 27,429 25,861 
Mortgage banking revenue11,368 16,650 21,278 26,286 21,219 
Other revenue12,684 10,445 11,586 18,896 23,172 
Total fees and commissions173,373 97,635 146,321 190,421 169,415 
Other gains (losses), net(7,639)(1,644)6,081 31,091 16,449 
Gain (loss) on derivatives, net(13,569)(46,981)(4,788)(5,760)18,820 
Gain (loss) on fair value option securities, net(2,221)(11,201)1,418 (120)(1,627)
Change in fair value of mortgage servicing rights17,485 49,110 7,859 12,945 (13,041)
Gain on available for sale securities, net1,188 937 552 1,255 1,430 
Total other operating revenue168,617 87,856 157,443 229,832 191,446 
Other operating expense     
Personnel154,923 159,228 174,474 175,863 172,035 
Business promotion6,325 6,513 6,452 4,939 2,744 
Charitable contributions to BOKF Foundation— — 5,000 — — 
Professional fees and services12,475 11,413 14,129 12,436 12,361 
Net occupancy and equipment27,489 30,855 26,897 28,395 26,633 
Insurance4,728 4,283 3,889 3,712 3,660 
Data processing and communications41,280 39,836 39,358 38,371 36,418 
Printing, postage and supplies3,929 3,689 2,935 3,558 4,285 
Amortization of intangible assets4,049 3,964 4,438 4,488 4,578 
Mortgage banking costs9,437 7,877 8,667 8,962 11,126 
Other expense9,020 9,960 13,256 10,553 17,312 
Total other operating expense273,655 277,618 299,495 291,277 291,152 
Net income before taxes168,980 78,649 152,025 241,782 215,603 
Federal and state income taxes36,122 16,197 34,836 54,061 48,496 
Net income132,858 62,452 117,189 187,721 167,107 
Net income (loss) attributable to non-controlling interests
12 (36)(129)(601)686 
Net income attributable to BOK Financial Corporation shareholders
$132,846 $62,488 $117,318 $188,322 $166,421 
Earnings per share:     
Basic$1.96$0.91$1.71$2.74$2.40
Diluted$1.96$0.91$1.71$2.74$2.40
Average shares used in computation:
Basic67,453,748 67,812,400 68,069,160 68,359,125 68,815,666 
Diluted67,455,172 67,813,851 68,070,910 68,360,871 68,817,442 


- 103 -

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 June 30, 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
April 1 to April 30, 202235,000 $84.81 35,000 1,155,653 
May 1 to May 31, 2022169,084 $85.12 169,084 986,569 
June 1 to June 30, 202290,000 $78.26 90,000 896,569 
Total294,084  294,084  
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 June 30, 2022, the Company had repurchased 4,103,431 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.
- 104 -

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:        August 3, 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

- 105 -

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