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BOK Financial
BOKF
#2243
Rank
$8.63 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$136.57
Share price
1.64%
Change (1 day)
23.20%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q3

BOK Financial - 10-Q quarterly report FY2022 Q3


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 September 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: 67,254,383 shares of common stock ($.00006 par value) as of September 30, 2022.

BOK Financial Corporation
Form 10-Q
Quarter Ended September 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 $156.5 million or $2.32 per diluted share for the third quarter of 2022 compared to $132.8 million or $1.96 per diluted share for the second quarter of 2022. Pre-provision net revenue ("PPNR"), a non-GAAP measure, increased $42.2 million to $211.2 million over the second quarter of 2022 as we grew core loans, experienced significant margin expansion and improved fee income.

Highlights of the third quarter of 2022 included:

•Net interest revenue totaled $316.3 million, an increase of $42.3 million compared to the second quarter of 2022. Net interest margin was 3.24 percent for the third quarter of 2022 compared to 2.76 percent for the prior quarter. In response to rising inflation, the Federal Reserve increased the federal funds rate an additional 150 basis points in the third quarter following a 150 basis point increase in the first half of 2022. The resulting impact on market interest rates has increased net interest margin.
•Fees and commissions revenue totaled $192.6 million, an increase of $19.3 million. Brokerage and trading revenue increased $17.0 million, led by higher margins on trading activity and record quarterly investment banking revenue.
•The net cost of the changes in fair value of mortgage servicing rights and related economic hedges was $4.8 million for the third quarter of 2022 compared to a net benefit of $1.9 million for the second quarter of 2022 due to increased market volatility in the third quarter.
•Other operating expense totaled $294.8 million, an increase of $21.1 million. Personnel expense increased $15.4 million, largely driven by higher incentive compensation costs. Non-personnel expense increased $5.7 million, primarily related to an increase in seasonal occupancy expenses and project-related professional fees and services.
•Period-end outstanding loan balances totaled $21.8 billion at September 30, 2022, growing $499 million compared to June 30, 2022, largely due to growth in commercial real estate loans and loans to individuals. Unfunded loan commitments also grew by $1.1 billion during the third quarter. Average loan balances increased $542 million to $21.6 billion.
•A $15.0 million provision for expected credit losses was recorded in the third quarter of 2022, primarily due to loan growth and increased uncertainty in the economic outlook, partially offset by improving credit quality metrics. No provision for expected credit losses was necessary for the second quarter of 2022. The combined allowance for credit losses totaled $298.1 million or 1.37 percent of outstanding loans at September 30, 2022. The combined allowance for credit losses was $283.4 million or 1.33 percent of outstanding loans at June 30, 2022.
•Nonperforming assets not guaranteed by U.S. government agencies increased $25 million compared to June 30, 2022. Potential problem loans decreased $36 million while other loans especially mentioned decreased $13 million. Net charge-offs were $457 thousand or 0.01 percent of average loans on an annualized basis for the third quarter of 2022. Net charge-offs were 0.02 percent of average loans over the last four quarters. Net charge-offs were $799 thousand or 0.02 percent of average loans on an annualized basis for the second quarter of 2022.
•Period-end deposits were $36.4 billion at September 30, 2022, a $2.2 billion decrease compared to June 30, 2022, consistent with industry trends as customers redeploy resources following the savings trend during the height of the pandemic. Average deposits decreased $1.5 billion, including a $1.4 billion decrease in interest-bearing deposits.
•The common equity Tier 1 capital ratio at September 30, 2022 was 11.80 percent. Other regulatory capital ratios included the Tier 1 capital ratio at 11.82 percent, total capital ratio at 12.81 percent, and leverage ratio at 9.76 percent. At June 30, 2022, the common equity Tier 1 capital ratio was 11.61 percent, the Tier 1 capital ratio was 11.63 percent, total capital ratio was 12.59 percent, and leverage ratio was 9.12 percent.
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•The Company repurchased 548,034 shares of common stock at an average price of $91.20 per share in the third quarter of 2022 and 294,084 shares at an average price of $82.98 in the second quarter of 2022. We view share buybacks opportunistically, but within the context of maintaining our strong capital position. On November 1, 2022, the board of directors authorized the Company to purchase up to five million additional common shares, subject to market conditions, securities law and other regulatory compliance limitations. This authorization replaces the existing board authorization for the purchase of five million common shares, under which 4,651,465 shares were repurchased.
•The Company paid a regular cash dividend of $35.7 million or $0.53 per common share during the third quarter of 2022. On November 1, 2022, the board of directors approved a quarterly cash dividend of $0.54 per common share payable on or about November 25, 2022 to shareholders of record as of November 15, 2022.
Highlights of the nine months ended September 30, 2022 included:
•Tax-equivalent net interest revenue totaled $864.9 million for the nine months ended September 30, 2022 and $847.8 million for the nine months ended September 30, 2021. Net interest revenue decreased $13.5 million from changes in earning assets and increased $30.6 million from changes in interest rates. Net interest margin was 2.80 percent compared to 2.63 percent. Average earning assets decreased $3.3 billion to $40.3 billion, primarily due to a reduction in trading securities and loan balances, largely related to PPP loans. In response to rising inflation, the Federal Reserve increased the federal funds rate 300 basis points since the beginning of 2022, which led to a 55 basis point increase in loan yields while funding costs only increased 21 basis points. PPP loan fees totaled $7.0 million for the nine months ended September 30, 2022 and $35.0 million for the nine months ended September 30, 2021. Remaining unaccreted PPP loan fees are not significant.
•Fees and commissions revenue totaled $463.6 million for the nine months ended September 30, 2022, a $58.3 million decrease compared to the nine months ended September 30, 2021. Mortgage banking revenue decreased $45.3 million as rapidly rising mortgage interest rates and continued inventory shortages have adversely affected both loan production volume and margins. A $56.4 million decrease in trading revenue, due to disruption in the fixed income markets related to economic uncertainty, primarily in the first quarter of 2022, was partially offset by a $25.9 million increase in customer hedging revenue and $10.9 million increase in investment banking revenue. Fiduciary and asset management revenue increased $15.0 million, led by growth in mutual fund fees and Cavanal Hill fund fees. Other revenue decreased $19.8 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 $66.0 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 and changes in the value of deferred compensation investments, which are held to offset the cost of various employee benefit programs.
•Total operating expense was $846.0 million for the nine months ended September 30, 2022, a decrease of $32.2 million compared to the nine months ended September 30, 2021. Personnel expense decreased $36.4 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. Non-personnel expense increased $4.2 million to $361.5 million. Increased data processing, business promotion and occupancy and equipment costs were partially offset by lower mortgage banking expense. Other expense decreased $11.5 million, largely due to lower expenses on repossessed oil and gas assets sold in the third quarter of 2021.
•A $15.0 million provision for credit losses was recorded for the nine months ended September 30, 2022, primarily due to loan growth and increased uncertainty in the economic outlook, partially offset by improving credit quality metrics. An $83.0 million negative provision for credit losses was recorded for the nine months ended September 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 $318.5 million for the third quarter of 2022 and $276.1 million for the second quarter of 2022. Compared to the second quarter of 2022, net interest revenue increased $43.9 million from changes in interest rates and decreased $1.5 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 $534 million compared to the second quarter of 2022. Average trading securities were reduced by $989 million in response to lower origination volumes in the residential mortgage industry driven by increases in interest rates. Average loan balances increased $542 million, largely due to growth in commercial real estate loans and loans to individuals. 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 $2.0 billion while investment securities increased $2.0 billion. This change reflects the full-quarter impact of the transfer of $2.4 billion of U.S. government agency mortgage-backed securities from available for sale to the investment securities portfolio late in the second quarter. We purchase securities to supplement earnings and to manage interest rate risk. Interest-bearing cash and cash equivalents decreased $95 million.

Total average deposits were reduced by $1.5 billion compared to the second quarter of 2022 as customers deploy cash resources into higher yielding alternatives. Funds purchased and repurchase agreements decreased $423 million while other borrowings increased $228 million.

Net interest margin was 3.24 percent compared to 2.76 percent in the second quarter of 2022. In response to rising inflation, the Federal Reserve increased the federal funds rate 150 basis points in the third quarter, bringing the year-to-date total rate increases to 300 basis points. The resulting impact on market interest rates increased net interest margin as our earning assets, led by variable-rate loans, reprice at a higher rate and faster pace than our interest-bearing liabilities. The tax-equivalent yield on earning assets was 3.71 percent, an increase of 75 basis points. Loan yields increased 97 basis points to 4.89 percent. The yield on trading securities was up 72 basis points to 2.72 percent. The available for sale securities portfolio yield increased 37 basis points to 2.21 percent. The yield on investment securities decreased 93 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 104 basis points.
Funding costs were 0.76 percent, a 45 basis point increase. The cost of interest-bearing deposits increased 39 basis points to 0.63 percent. The cost of other borrowings increased 132 basis points to 2.33 percent while the cost of funds purchased and repurchase agreements increased 19 basis points to 0.72 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 29 basis points, an increase of 18 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 79 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
Sep. 30, 2022 / June 30, 2022
Nine Months Ended
Sep. 30, 2022 / 2021
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$1,783 $(314)$2,097 $5,153 $712 $4,441 
Trading securities(237)(7,442)7,205 (24,855)(23,326)(1,529)
Investment securities
5,622 9,026 (3,404)6,863 23,850 (16,987)
Available for sale securities
262 (10,606)10,868 984 (7,764)8,748 
Fair value option securities(151)(159)8 (26)(305)279 
Restricted equity securities
1,319 139 1,180 519 (1,125)1,644 
Residential mortgage loans held for sale
125 (169)294 414 (1,085)1,499 
Loans60,303 7,084 53,219 63,187 (25,206)88,393 
Total tax-equivalent interest revenue69,026 (2,441)71,467 52,239 (34,249)86,488 
Interest expense:
Transaction deposits19,812 (1,375)21,187 31,199 213 30,986 
Savings deposits59 5 54 6 21 (15)
Time deposits982 89 893 (970)(2,334)1,364 
Funds purchased and repurchase agreements(163)(657)494 4,959 (2,431)7,390 
Other borrowings5,702 976 4,726 4,662 (11,882)16,544 
Subordinated debentures204 8 196 (4,753)(4,347)(406)
Total interest expense26,596 (954)27,550 35,103 (20,760)55,863 
Tax-equivalent net interest revenue42,430 (1,487)43,917 17,136 (13,489)30,625 
Change in tax-equivalent adjustment123 (662)
Net interest revenue$42,307 $17,798 
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 $189.7 million for the third quarter of 2022 and $168.6 million for the second quarter of 2022, driven largely by an increase in brokerage and trading revenue related to higher margins on trading activity and growth in investment banking revenue.

Table 2 – Other Operating Revenue 
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Brokerage and trading revenue
$61,006 $44,043 $16,963 39 %$77,970 $98,120 $(20,150)(21)%
Transaction card revenue25,974 26,940 (966)(4)%77,130 71,985 5,145 7 %
Fiduciary and asset management revenue
50,190 49,838 352 1 %146,427 131,402 15,025 11 %
Deposit service charges and fees
28,703 28,500 203 1 %84,207 77,499 6,708 9 %
Mortgage banking revenue11,282 11,368 (86)(1)%39,300 84,618 (45,318)(54)%
Other revenue15,479 12,684 2,795 22 %38,608 58,364 (19,756)(34)%
Total fees and commissions revenue
192,634 173,373 19,261 11 %463,642 521,988 (58,346)(11)%
Other gains (losses), net979 (7,639)8,618 N/A(8,304)57,661 (65,965)N/A
Loss on derivatives, net(17,009)(13,569)(3,440)N/A(77,559)(14,590)(62,969)N/A
Loss on fair value option securities, net(4,368)(2,221)(2,147)N/A(17,790)(3,657)(14,133)N/A
Change in fair value of mortgage servicing rights
16,570 17,485 (915)N/A83,165 33,778 49,387 N/A
Gain on available for sale securities, net892 1,188 (296)N/A3,017 3,152 (135)N/A
Total other operating revenue
$189,698 $168,617 $21,081 13 %$446,171 $598,332 $(152,161)(25)%
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 38 percent of total revenue for the third 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 $17.0 million or 39 percent compared to the second 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 $14.5 million compared to the prior quarter. Higher margins on residential mortgage-backed securities trading activity were driven by favorable market conditions and increased market volatility..

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $14.3 million for the third quarter of 2022, an increase of $2.4 million compared to the second quarter of 2022, primarily due to growth in the size and number of municipal bond transactions.

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 $13.2 million for the third quarter of 2022, consistent with the prior quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.
Transaction Card Revenue

Transaction card revenue totaled $26.0 million for the third quarter of 2022, relatively consistent with the second quarter of 2022. , largely due to stimulus measures and the broader reopening of the U.S. economy.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Approximately 90 percent of fiduciary and asset management revenue is primarily based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was relatively unchanged compared to the second quarter of 2022. Increased Cavanal Hill money market fund fees and trust business line fees were offset by lower mutual fund fees and seasonal tax preparation fees.

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A distribution of assets under management or administration and related fiduciary and asset management revenue follows:

Table 3 -- Assets Under Management or Administration
(In thousands)
Three Months Ended
September 30, 2022June 30, 2022
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,107,830 $26,040 1.03 %$10,403,398 $27,389 1.05 %
Institutional16,983,268 8,390 0.20 %16,895,773 7,213 0.17 %
Total managed fiduciary assets
27,091,098 34,430 0.51 %27,299,171 34,602 0.51 %
Non-managed assets:
Fiduciary27,623,607 12,343 0.18 %28,673,413 12,684 0.18 %
Non-fiduciary18,099,922 3,417 0.08 %18,582,670 2,552 0.05 %
Safekeeping and brokerage assets under administration
22,587,011 — — %21,426,035 — — %
Total non-managed assets
68,310,540 15,760 0.09 %68,682,118 15,236 0.09 %
Total assets under management or administration
$95,401,638 $50,190 0.21 %$95,981,289 $49,838 0.21 %

Nine Months Ended
September 30, 2022September 30, 2021
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,107,830 $81,760 1.62 %$12,259,320 $80,418 1.31 %
Institutional16,983,268 25,598 0.30 %16,589,660 21,750 0.26 %
Total managed fiduciary assets
27,091,098 107,358 0.79 %28,848,980 102,168 0.71 %
Non-managed assets:
Fiduciary27,623,607 30,134 0.22 %31,648,595 21,999 0.14 %
Non-fiduciary18,099,922 8,935 0.10 %19,187,028 7,235 0.08 %
Safekeeping and brokerage assets under administration
22,587,011 — — %19,158,186 — — %
Total non-managed assets
68,310,540 39,069 0.11 %69,993,809 29,234 0.08 %
Total assets under management or administration
$95,401,638 $146,427 0.31 %$98,842,789 $131,402 0.27 %
1 Assets under management or administration balance excludes $23 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.


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A summary of changes in assets under management or administration for the three and nine months ended September 30, 2022 and 2021 follows:

Table 4 -- Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning balance$95,981,289 $96,632,748 $104,917,721 $91,592,247 
Net inflows (outflows)639,636 1,551,832 (1,642,712)1,414,926 
Net change in fair value(1,219,287)658,209 (7,873,371)5,835,616 
Ending balance$95,401,638 $98,842,789 $95,401,638 $98,842,789 

Assets under management as of September 30, 2022 consist of 45 percent fixed income, 32 percent equities, 14 percent cash, and 9 percent alternative investments.

Deposit Service Charges and Fees

Deposit service charges and fees were consistent with the second quarter of 2022. Overdraft and non-sufficient funds fees earned primarily on consumer deposit accounts totaled $7.0 million for the third quarter of 2022, largely unchanged from the prior quarter. We are implementing changes in the fourth quarter to eliminate non-sufficient funds fees and reduce consumer overdraft fees, which will result in lower total deposit service charges of approximately $2.5 million per quarter.

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Mortgage Banking Revenue

Mortgage banking was unchanged compared to the second quarter of 2022. Growth in mortgage servicing revenue offset a reduction in mortgage production revenue. Two acquisitions of mortgage servicing rights at the end of the second quarter led to an increase in mortgage servicing revenue of $1.8 million. Mortgage production revenue decreased $1.9 million. Rising mortgage interest rates, low inventory, and home price affordability continue to place pressure on mortgage loan originations. Mortgage production volume decreased $76 million to $230 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 89 basis points to (1.05) percent, a result of 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)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Mortgage production revenue
$(2,406)$(504)$(1,902)(377)%$2,145 $50,694 $(48,549)(96)%
Mortgage loans funded for sale$260,210 $360,237 $1,039,313 $2,250,282 
Add: Current period end outstanding commitments
75,779 106,004 75,779 239,066 
Less: Prior period end outstanding commitments
106,004 160,260 171,412 380,637 
Total mortgage production volume
$229,985 $305,981 $(75,996)(25)%$943,680 $2,108,711 $(1,165,031)(55)%
Mortgage loan refinances to mortgage loans funded for sale
10 %19 %(900) bps26 %75 %(4,900) bps
Realized margin on funded mortgage loans(0.41)%0.88 %(129) bps0.86 %2.80 %(194) bps
Production revenue as a percentage of production volume(1.05)%(0.16)%(89) bps0.23 %2.40 %(217) bps
Primary mortgage interest rates:
Average
5.62 %5.27 %35  bps4.90 %2.92 %198  bps
Period end
6.70 %5.70 %100  bps6.70 %3.01 %369  bps
Mortgage servicing revenue
$13,688 $11,872 $1,816 15 %$37,155 $33,924 $3,231 10 %
Average outstanding principal balance of mortgage loans serviced for others
19,070,221 17,336,596 1,733,625 10 %17,520,715 15,229,237 2,291,478 15 %
Average mortgage servicing revenue rates
0.28 %0.27 %1  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.
Net gains on other assets, securities and derivatives

Net gains on other assets were $979 thousand for the third quarter of 2022 compared to net losses of $7.6 million in the second quarter of 2022. The prior quarter included a write-down of a repossessed equity interest in a midstream entity. This, combined with a change in the value of deferred compensation investments, which are held to offset the cost of various employee benefit programs, resulted in the net gain on other assets in the current quarter.

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.
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Table 6 - Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months EndedNine Months Ended
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Loss on mortgage hedge derivative contracts, net$(17,027)$(13,639)$(77,360)$(14,770)
Loss on fair value option securities, net(4,368)(2,221)(17,790)(3,657)
Loss on economic hedge of mortgage servicing rights, net(21,395)(15,860)(95,150)(18,427)
Gain on change in fair value of mortgage servicing rights16,570 17,485 83,165 33,778 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue(4,825)1,625 (11,985)15,351 
Net interest revenue on fair value option securities1
29 275 687 1,020 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(4,796)$1,900 $(11,298)$16,371 
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 third quarter of 2022 totaled $294.8 million, an increase of $21.1 million compared to the second quarter of 2022.

Table 7 – Other Operating Expense
(In thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Nine Months EndedIncrease (Decrease)%
Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Regular compensation
$101,368 $98,322 $3,046 3 %$296,164 $289,100 $7,064 2 %
Incentive compensation:
Cash-based44,376 39,480 4,896 12 %118,300 142,364 (24,064)(17)%
Share-based3,744 (590)4,334 735 %6,458 6,093 365 6 %
Deferred compensation(1,005)(6,970)5,965 N/A(10,099)7,718 (17,817)N/A
Total incentive compensation47,115 31,920 15,195 48 %114,659 156,175 (41,516)(27)%
Employee benefits21,865 24,681 (2,816)(11)%73,676 75,633 (1,957)(3)%
Total personnel expense170,348 154,923 15,425 10 %484,499 520,908 (36,409)(7)%
Business promotion6,127 6,325 (198)(3)%18,965 9,837 9,128 93 %
Charitable contributions to BOKF Foundation
— — — N/A— 4,000 (4,000)N/A
Professional fees and services
14,089 12,475 1,614 13 %37,977 36,777 1,200 3 %
Net occupancy and equipment29,296 27,489 1,807 7 %87,640 81,690 5,950 7 %
Insurance4,306 4,728 (422)(9)%13,317 11,992 1,325 11 %
Data processing and communications
41,743 41,280 463 1 %122,859 112,256 10,603 9 %
Printing, postage and supplies4,349 3,929 420 11 %11,967 11,283 684 6 %
Amortization of intangible assets3,943 4,049 (106)(3)%11,956 13,873 (1,917)(14)%
Mortgage banking costs9,504 9,437 67 1 %26,818 34,031 (7,213)(21)%
Other expense11,046 9,020 2,026 22 %30,026 41,566 (11,540)(28)%
Total other operating expense$294,751 $273,655 $21,096 8 %$846,024 $878,213 $(32,189)(4)%
Average number of employees (full-time equivalent)
4,773 4,743 30 1 %4,748 4,846 (98)(2)%
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense increased $15.4 million compared to the second quarter of 2022. Deferred compensation expense, which is largely offset by changes in the value of related deferred compensation investments, increased $6.0 million. Growth in commercial lending, private wealth activity, and wealth municipal underwriting activity led to a $4.9 million increase in cash-based incentive compensation. Share-based compensation expense increased $4.3 million due to the benefit of changes in vesting assumptions in the second quarter. Higher regular compensation expense was offset by a decrease in employee benefit costs.
Non-personnel operating expense
Non-personnel expense totaled $124.4 million for the third quarter of 2022, an increase of $5.7 million compared to the second quarter of 2022. Higher operating costs on leases led to a $1.8 million increase in net occupancy and equipment expenses while project-related professional fees led to a $1.6 million increase in professional fees and services.
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Income Taxes

The effective tax rate was 20.2 percent for the third quarter of 2022 and 21.4 percent for the second quarter of 2022. The effective tax rate for the third quarter of 2022 decreased primarily due to a decrease in uncertain tax positions from lapses of applicable statutes of limitations. The effective tax rates for the nine months ended September 30, 2022 and September 30, 2021 were 20.7 percent and 22.5 percent, respectively. The effective tax rate decreased primarily due to a decrease in forecasted pre-tax income, a decrease in the Oklahoma tax rate, and a decrease in uncertain tax positions.
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.

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.

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As shown in Table 8, net income attributable to our lines of business increased $44.4 million compared to the second quarter of 2022. Net interest revenue increased $46.4 million, primarily due to loan growth and changes in interest rates. Net charge-offs increased $1.2 million. Other operating revenue increased $25.1 million, largely due to higher margins on residential mortgage-backed securities trading activity driven by favorable market conditions and increased market volatility. Operating expense increased $9.2 million due to a combination of increased incentive compensation expense largely related to growing commercial lending, private wealth and municipal underwriting activity, and increased project-related professional fees. The decrease in net income attributed to Funds Management and other is largely due to the provision for credit losses in excess of net charge-offs.

Table 8 -- Net Income by Line of Business
(In thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Commercial Banking
$132,941 $104,813 $28,128 27 %$320,098 $245,000 $75,098 31 %
Consumer Banking2,970 1,239 1,731 140 %(3,109)21,078 (24,187)(115)%
Wealth Management41,808 27,287 14,521 53 %64,573 91,624 (27,051)(30)%
Subtotal177,719 133,339 44,380 33 %381,562 357,702 23,860 7 %
Funds Management and other(21,209)(493)(20,716)N/A(29,718)143,101 (172,819)N/A
Total$156,510 $132,846 $23,664 18 %$351,844 $500,803 $(148,959)(30)%
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 $132.9 million to consolidated net income in the third quarter of 2022, an increase of $28.1 million or 27 percent compared to the second quarter of 2022.

Table 9 -- Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Net interest revenue from external sources
$224,855 $172,994 $51,861 30 %$545,438 $457,953 $87,485 19 %
Net interest expense from internal sources
(17,951)(6,452)(11,499)(178)%(34,983)(62,941)27,958 44 %
Total net interest revenue
206,904 166,542 40,362 24 %510,455 395,012 115,443 29 %
Net loans charged off (recovered)(526)(1,502)976 65 %3,316 33,061 (29,745)(90)%
Net interest revenue after net loans charged off (recovered)207,430 168,044 39,386 23 %507,139 361,951 145,188 40 %
Fees and commissions revenue
58,147 59,881 (1,734)(3)%174,992 169,667 5,325 3 %
Other gains, net2,239 1,807 432 N/A4,509 34,691 (30,182)N/A
Other operating revenue
60,386 61,688 (1,302)(2)%179,501 204,358 (24,857)(12)%
Personnel expense
44,998 42,215 2,783 7 %126,139 121,043 5,096 4 %
Non-personnel expense
30,874 27,794 3,080 11 %84,856 85,587 (731)(1)%
Other operating expense
75,872 70,009 5,863 8 %210,995 206,630 4,365 2 %
Net direct contribution
191,944 159,723 32,221 20 %475,645 359,679 115,966 32 %
Gain (loss) on financial instruments, net4 61 (57)N/A(138)111 (249)N/A
Gain (loss) on repossessed assets, net(158)(4,515)4,357 N/A(2,880)12,355 (15,235)N/A
Corporate expense allocations
16,451 16,634 (183)(1)%49,331 37,015 12,316 33 %
Income before taxes
175,339 138,635 36,704 26 %423,296 335,130 88,166 26 %
Federal and state income tax
42,398 33,822 8,576 25 %103,198 90,130 13,068 14 %
Net income
$132,941 $104,813 $28,128 27 %$320,098 $245,000 $75,098 31 %
Average assets
$28,890,429 $29,269,712 $(379,283)(1)%$29,324,596 $28,228,824 $1,095,772 4 %
Average loans
17,904,779 17,336,841 567,938 3 %17,317,109 17,027,674 289,435 2 %
Average deposits
17,966,661 18,933,766 (967,105)(5)%18,825,930 17,026,954 1,798,976 11 %
Average invested capital
2,059,149 2,007,878 51,271 3 %2,040,038 2,098,060 (58,022)(3)%
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 $40.4 million or 24 percent over the second quarter of 2022, primarily due to loan growth and increased interest rates.

Fees and commissions revenue decreased $1.7 million or 3 percent. Operating expense increased $5.9 million or 8 percent compared to the second quarter of 2022, primarily due to increased incentive compensation costs with growth in loans. 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 $568 million or 3 percent over the second quarter of 2022 to $17.9 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 $18.0 billion for third quarter of 2022, a $967 million decrease compared to the second quarter of 2022. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

- 15 -

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 $3.0 million to consolidated net income for the third quarter of 2022, an increase of $1.7 million or 140 percent over the prior quarter. Growth in net interest revenue due to an increase in the spread on deposits sold to our Funds Management unit was partially offset by changes in the fair value of mortgage servicing rights, net of economic hedges.

Table 10 -- Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Net interest revenue from external sources
$17,482 $16,784 $698 4 %$51,183 $51,205 $(22)— %
Net interest revenue from internal sources
26,469 17,002 9,467 56 %53,764 21,936 31,828 145 %
Total net interest revenue43,951 33,786 10,165 30 %104,947 73,141 31,806 43 %
Net loans charged off1,408 1,196 212 18 %3,716 2,489 1,227 49 %
Net interest revenue after net loans charged off
42,543 32,590 9,953 31 %101,231 70,652 30,579 43 %
Fees and commissions revenue30,230 30,101 129 — %94,308 134,419 (40,111)(30)%
Other losses, net
(44)(12)(32)N/A(72)(23)(49)N/A
Other operating revenue30,186 30,089 97 — %94,236 134,396 (40,160)(30)%
Personnel expense22,243 21,510 733 3 %64,738 64,300 438 1 %
Non-personnel expense30,993 31,150 (157)(1)%89,947 93,258 (3,311)(4)%
Total other operating expense53,236 52,660 576 1 %154,685 157,558 (2,873)(2)%
Net direct contribution19,493 10,019 9,474 95 %40,782 47,490 (6,708)(14)%
Loss on financial instruments, net(21,395)(15,860)(5,535)N/A(95,150)(18,427)(76,723)N/A
Change in fair value of mortgage servicing rights
16,570 17,485 (915)N/A83,165 33,778 49,387 N/A
Gain on repossessed assets, net— 93 (93)N/A138 41 97 N/A
Corporate expense allocations10,792 10,120 672 7 %32,994 34,590 (1,596)(5)%
Income (loss) before taxes3,876 1,617 2,259 140 %(4,059)28,292 (32,351)(114)%
Federal and state income tax906 378 528 140 %(950)7,214 (8,164)(113)%
Net income (loss)$2,970 $1,239 $1,731 140 %$(3,109)$21,078 $(24,187)(115)%
Average assets$10,233,401 $10,338,191 $(104,790)(1)%$10,281,679 $9,976,742 $304,937 3 %
Average loans1,686,498 1,669,830 16,668 1 %1,676,276 1,791,006 (114,730)(6)%
Average deposits8,812,884 8,876,469 (63,585)(1)%8,812,235 8,357,734 454,501 5 %
Average invested capital250,256 244,188 6,068 2 %253,007 249,254 3,753 2 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue from Consumer Banking activities increased $10.2 million or 30 percent compared to the second quarter of 2022, mainly due to an increase in the spread on deposits sold to our Funds Management unit and increased interest rates.

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Operating revenue and operating expense were consistent with the prior quarter. The net cost of the changes in fair value of mortgage servicing rights and related economic hedges was $4.8 million for the third quarter of 2022 compared to a net benefit of $1.9 million for the second quarter of 2022. Corporate expense allocations were consistent with the second quarter of 2022.

Both average loans and average deposits attributed to the Consumer Banking segment were relatively consistent with the previous quarter.


- 17 -

Wealth Management

Wealth Management contributed $41.8 million to consolidated net income in the third quarter of 2022, an increase of $14.5 million or 53 percent over the second quarter of 2022, largely due to higher margins on trading activity and record quarterly investment banking revenue.

Table 11 -- Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2022June 30, 2022Sep. 30, 2022Sep. 30, 2021
Net interest revenue from external sources
$34,746 $39,412 $(4,666)(12)%$130,389 $157,217 $(26,828)(17)%
Net interest expense from internal sources(1,162)(1,665)503 30 %(3,290)(1,375)(1,915)(139)%
Total net interest revenue33,584 37,747 (4,163)(11)%127,099 155,842 (28,743)(18)%
Net loans recovered(22)(60)38 63 %(153)(153)— — %
Net interest revenue after net loans recovered33,606 37,807 (4,201)(11)%127,252 155,995 (28,743)(18)%
Fees and commissions revenue113,113 86,771 26,342 30 %224,907 242,491 (17,584)(7)%
Other gains (losses), net— (10)10 N/A(15)669 (684)N/A
Other operating revenue113,113 86,761 26,352 30 %224,892 243,160 (18,268)(8)%
Personnel expense56,939 54,787 2,152 4 %164,677 182,104 (17,427)(10)%
Non-personnel expense22,212 21,606 606 3 %65,489 63,581 1,908 3 %
Other operating expense79,151 76,393 2,758 4 %230,166 245,685 (15,519)(6)%
Net direct contribution67,568 48,175 19,393 40 %121,978 153,470 (31,492)(21)%
Corporate expense allocations12,934 12,503 431 3 %37,508 30,358 7,150 24 %
Income before taxes54,634 35,672 18,962 53 %84,470 123,112 (38,642)(31)%
Federal and state income tax12,826 8,385 4,441 53 %19,897 31,488 (11,591)(37)%
Net income$41,808 $27,287 $14,521 53 %$64,573 $91,624 $(27,051)(30)%
Average assets$13,818,299 $16,902,721 $(3,084,422)(18)%$17,320,779 $18,987,236 $(1,666,457)(9)%
Average loans2,163,975 2,157,771 6,204 — %2,147,007 1,952,818 194,189 10 %
Average deposits7,999,074 8,482,785 (483,711)(6)%8,694,459 9,505,207 (810,748)(9)%
Average invested capital284,681 267,189 17,492 7 %295,139 311,885 (16,746)(5)%
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 $22.2 million or 18 percent. Total revenue from trading activities increased $5.0 million over the second quarter of 2022, primarily due to higher margins on U.S. agency residential mortgage-backed securities trading activity. Investment banking revenue grew $3.2 million due to growth in the size and number of municipal bonds underwritten. Other revenue increased $8.3 million, primarily due to an increase in derivative margin use fees. Operating expense increased $2.8 million or 4 percent, largely due to increased volume-driven incentive compensation costs.

Average outstanding loans attributed to the Wealth Management segment were consistent with the prior quarter. Average Wealth Management deposits decreased $484 million or 6 percent to $8.0 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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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 September 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 $665 million to $2.2 billion during the third quarter of 2022 in response to lower origination volumes in the residential mortgage industry driven by increases in 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 September 30, 2022, the carrying value of investment (held-to-maturity) securities was $2.6 billion, including a $612 thousand allowance for expected credit losses compared to $2.6 billion at June 30, 2022 with a $717 thousand allowance for expected credit losses. The fair value of investment securities was $2.4 billion at September 30, 2022 and $2.6 billion at June 30, 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 $11.0 billion at September 30, 2022, a $301 million increase compared to June 30, 2022. At September 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 September 30, 2022 is 3.4 years. Management estimates the duration extends to 3.7 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 3.2 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 third 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 $408 million of bank-owned life insurance at September 30, 2022. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $313 million is held in separate accounts and $95 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and Agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio’s investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of September 30, 2022, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $277 million. Since the underlying fair value of the investments held in separate accounts at September 30, 2022 was below the net book value of the investments, $34 million of cash surrender value was supported by the stable value wrap. The remaining $2 million of fair value held in separate accounts is not supported by the stable value wrap. During the third quarter of 2022, the fair value of this portfolio declined, driven by continued increases in interest rates, and exceeded the maximum support from the stable value wrap. A $4.5 million write-down was recognized. Future rate increases may cause additional write-downs in the short-term. Write-downs driven by market interest rate increases are expected to benefit portfolio returns over the life of the program. The stable value wrap is provided by a domestic financial institution. 
- 20 -

Loans

The aggregate loan portfolio before allowance for loan losses totaled $21.8 billion at September 30, 2022, a $499 million increase over June 30, 2022. Core loans, which exclude paycheck protection program loans, grew by $522 million, primarily due to growth in commercial real estate loans and loans to individuals. Unfunded loan commitments also grew by $1.1 billion during the third quarter.

Table 12 -- Loans
(In thousands)
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Commercial: 
Healthcare$3,826,623 $3,696,963 $3,441,732 $3,414,940 $3,347,641 
Energy3,371,588 3,393,072 3,197,667 3,006,884 2,814,059 
Services3,280,925 3,421,493 3,351,495 3,367,193 3,323,422 
General business3,128,550 3,067,169 2,892,295 2,717,448 2,690,018 
Total commercial13,607,686 13,578,697 12,883,189 12,506,465 12,175,140 
Commercial real estate:
Multifamily1,126,700 878,565 867,288 786,404 875,586 
Industrial1,103,905 953,626 911,928 766,125 890,316 
Office1,086,615 1,100,115 1,097,516 1,040,963 1,030,755 
Retail635,021 637,304 667,561 679,917 766,402 
Residential construction and land development
91,690 111,575 120,506 120,016 118,416 
Other commercial real estate429,980 424,963 436,157 437,900 435,417 
Total commercial real estate4,473,911 4,106,148 4,100,956 3,831,325 4,116,892 
Paycheck protection program20,233 43,140 137,365 276,341 536,052 
Loans to individuals: 
Residential mortgage1,851,836 1,784,729 1,723,506 1,722,170 1,747,243 
Residential mortgage guaranteed by U.S. government agencies
262,466 293,838 322,581 354,173 376,986 
Personal1,574,325 1,484,596 1,506,832 1,515,206 1,395,623 
Total loans to individuals3,688,627 3,563,163 3,552,919 3,591,549 3,519,852 
Total$21,790,457 $21,291,148 $20,674,429 $20,205,680 $20,347,936 
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 62 percent of the loan portfolio at September 30, 2022, largely unchanged compared to June 30, 2022. Growth in healthcare and general business loans were offset by a decrease in services and energy loan balances.
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Approximately 74 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 15 percent of total loans at September 30, 2022, a $21 million decrease compared to June 30, 2022. Approximately $2.7 billion of energy loans were to oil and gas producers, a $48 million increase over June 30, 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 $549 million at September 30, 2022, a $90 million decrease compared to June 30, 2022. Loans to borrowers that provide services to the energy industry totaled $139 million at September 30, 2022, an increase of $4.2 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $25 million, a $17 million increase over the prior quarter.

Unfunded energy loan commitments were $3.5 billion at September 30, 2022, growing $107 million over June 30, 2022.

The healthcare sector of the loan portfolio totaled $3.8 billion or 18 percent of total loans. Healthcare loans increased $130 million over June 30, 2022, primarily due to growth in loans to senior housing facilities and hospital systems. This was partially offset by a decrease 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 $3.3 billion or 15 percent of total loans, a $141 million decrease compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local governments, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.6 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer’s business. 

General business loans totaled $3.1 billion or 14 percent of total loans, an increase of $61 million over the prior quarter. General business loans consist of $1.8 billion of wholesale/retail loans and $1.3 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 September 30, 2022, the outstanding principal balance of these loans totaled $5.0 billion, including $2.3 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 grew by $368 million over June 30, 2022 to $4.5 billion or 21 percent of total loans at September 30, 2022. Multifamily residential loans increased $248 million to $1.1 billion at September 30, 2022. Loans secured by industrial facilities grew by $150 million to $1.1 billion. This growth was partially offset by a $20 million decrease in residential construction and land development loans and a $14 million decrease in loans secured by office buildings.

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 September 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. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment as well as unsecured loans. These loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.

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 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.

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 location.

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)
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Texas:
Commercial$6,632,610 $6,631,658 $6,254,883 $6,068,700 $5,815,562 
Commercial real estate1,448,590 1,339,452 1,345,105 1,253,439 1,383,871 
Paycheck protection program12,280 14,040 31,242 81,654 115,623 
Loans to individuals970,459 934,856 957,320 942,982 901,121 
Total Texas9,063,939 8,920,006 8,588,550 8,346,775 8,216,177 
Oklahoma:
Commercial3,104,037 3,125,764 2,883,663 2,633,014 2,590,887 
Commercial real estate608,856 576,458 552,310 546,021 552,184 
Paycheck protection program4,571 13,329 52,867 69,817 192,474 
Loans to individuals2,054,362 1,982,247 1,977,886 2,024,404 2,014,099 
Total Oklahoma5,771,826 5,697,798 5,466,726 5,273,256 5,349,644 
Colorado:
Commercial2,115,883 2,074,455 1,977,773 1,936,149 1,874,613 
Commercial real estate565,057 473,231 480,740 470,937 526,653 
Paycheck protection program1,298 8,233 28,584 82,781 140,470 
Loans to individuals237,981 234,105 236,125 256,533 249,298 
Total Colorado2,920,219 2,790,024 2,723,222 2,746,400 2,791,034 
Arizona:
Commercial1,101,917 1,080,228 1,074,551 1,130,798 1,194,801 
Commercial real estate850,319 766,767 719,970 674,309 734,174 
Paycheck protection program1,083 5,173 11,644 21,594 42,815 
Loans to individuals225,981 212,870 190,746 186,528 182,506 
Total Arizona2,179,300 2,065,038 1,996,911 2,013,229 2,154,296 
Kansas/Missouri:
Commercial307,446 338,337 334,371 338,697 336,414 
Commercial real estate466,955 458,157 436,740 382,761 408,001 
Paycheck protection program10 573 2,595 4,718 6,920 
Loans to individuals125,039 125,584 121,247 110,889 100,920 
Total Kansas/Missouri899,450 922,651 894,953 837,065 852,255 
New Mexico:
Commercial257,763 252,033 262,533 306,964 287,695 
Commercial real estate426,367 431,606 504,632 442,128 437,302 
Paycheck protection program991 1,792 9,713 13,510 31,444 
Loans to individuals68,095 67,026 63,299 63,930 66,651 
Total New Mexico753,216 752,457 840,177 826,532 823,092 
Arkansas:
Commercial88,030 76,222 95,415 92,143 75,168 
Commercial real estate107,767 60,477 61,459 61,730 74,707 
Paycheck protection program— — 720 2,267 6,306 
Loans to individuals6,710 6,475 6,296 6,283 5,257 
Total Arkansas202,507 143,174 163,890 162,423 161,438 
Total BOK Financial loans$21,790,457 $21,291,148 $20,674,429 $20,205,680 $20,347,936 
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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)
 Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Loan commitments$14,585,566 $13,470,286 $12,490,832 $12,471,482 $12,044,695 
Standby letters of credit725,302 700,929 654,185 699,743 638,067 
Unpaid principal balance of residential mortgage loans sold with recourse
46,199 48,775 51,459 54,226 57,988 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs1,021,504 1,038,317 1,062,197 1,095,877 1,150,124 
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 deteriorates such that either the fair value of underlying collateral no longer supports the contract or the customer or the counterparty’s ability to provide margin collateral becomes 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 September 30, 2022, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $1.5 billion compared to $2.0 billion at June 30, 2022. At September 30, 2022, the net fair value of our derivative contracts included $1.1 billion for energy contracts, $237 million for foreign exchange contracts and $170 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $1.5 billion at September 30, 2022 and $2.0 billion at June 30, 2022.

At September 30, 2022, total derivative assets were reduced by $148 million of cash collateral received from counterparties and total derivative liabilities were reduced by $1.0 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 September 30, 2022 follows in Table 15.

Table 15 -- Fair Value of Derivative Contracts
(In thousands)
Customers$1,056,141 
Banks and other financial institutions163,538 
Exchanges and clearing organizations100,816 
Fair value of customer risk management program asset derivative contracts, net$1,320,495 
 
At September 30, 2022, our largest derivative exposure was to an exchange for $83 million of net derivative positions and $56 million of cash margin placed.

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 down to an equivalent of $64.86 per barrel of oil would decrease the fair value of derivative assets by $499 million, with lending customers comprising the bulk of the assets. An increase in prices up to an equivalent of $94.12 per barrel of oil would increase the fair value of derivative assets by $613 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At September 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 September 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
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Allowance for loan losses:  
Beginning balance$241,114 $246,473 256,421 276,680 311,890 
Loans charged off(1,766)(1,368)(7,805)(6,558)(9,584)
Recoveries of loans previously charged off1,309 2,167 1,824 7,272 1,769 
Net loans recovered (charged off)(457)799 (5,981)714 (7,815)
Provision for credit losses
1,111 (6,158)(3,967)(20,973)(27,395)
Ending balance$241,768 $241,114 $246,473 $256,421 $276,680 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$42,250 $36,245 32,977 29,239 24,287 
Provision for credit losses
14,060 6,005 3,268 3,738 4,952 
Ending balance$56,310 $42,250 $36,245 $32,977 $29,239 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$4,003 $3,997 3,382 3,264 3,828 
Loans charged off
(52)(63)(6)(32)(30)
Provision for credit losses
(66)69 621 150 (534)
Ending balance
$3,885 $4,003 $3,997 $3,382 $3,264 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$717 $633 $555 $470 $493 
Provision for credit losses
(105)84 78 85 (23)
Ending balance$612 $717 $633 $555 $470 
Total provision for credit losses
$15,000 $— $— $(17,000)$(23,000)
Average loans by portfolio segment :
Commercial$13,481,961 $13,382,176 $12,677,706 $12,401,935 $12,231,230 
Commercial real estate4,434,650 4,061,129 4,059,148 3,838,336 4,218,190 
Paycheck protection program26,364 90,312 210,110 404,261 792,728 
Loans to individuals3,656,257 3,524,097 3,516,698 3,598,121 3,606,460 
Net charge-offs (annualized) to average loans0.01 %(0.02)%0.12 %(0.01)%0.15 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial(0.02)%(0.05)%0.17 %(0.03)%0.20 %
Commercial real estate— %0.01 %— %(0.06)%0.11 %
Paycheck protection program— %— %— %— %— %
Loans to individuals0.12 %0.08 %0.05 %0.08 %0.05 %
Recoveries to gross charge-offs
74.12 %158.41 %23.37 %110.89 %18.46 %
Provision for loan losses (annualized) to average loans
0.02 %(0.12)%(0.08)%(0.41)%(0.53)%
Allowance for loan losses to loans outstanding at period-end
1.11 %1.13 %1.19 %1.27 %1.36 %
Accrual for unfunded loan commitments to loan commitments
0.39 %0.31 %0.29 %0.26 %0.24 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end
1.37 %1.33 %1.37 %1.43 %1.50 %
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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.
A $15.0 million provision for credit losses was necessary for the third quarter of 2022, primarily related to strong loan growth in loans and unfunded commitments during the quarter. The level of uncertainty in the current economic outlook increased, resulting in an increase in the probability weighting of the downside scenario. In addition, the key economic factors were slightly less favorable to economic growth across all scenarios. These changes were offset by a decrease in expected losses on commercial real estate, energy, healthcare and services loans. Credit quality metrics also continued to improve. Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans decreased $33 million compared to June 30, 2022. Non-pass grade energy, services and general business loans were partially offset by increased non-pass grade healthcare and commercial real estate loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2022 follows:
BaseDownsideUpside
Scenario probability weighting50%40%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 December 2022, which results in a target range of 4.00 percent to 4.25 percent. Inflation peaks in the third quarter of 2022 and begins to slowly normalize thereafter. There are no additional rate increases in 2023.

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 resulting in below-trend GDP growth. 		The Russia-Ukraine conflict remains isolated, but persists through third quarter of 2023.

Higher levels of inflation force the Federal Reserve to adopt a more aggressive monetary policy to combat the inflationary environment. This results in a target range of 4.75 percent to 5.00 percent by September 2023. Inflation peaks in the fourth quarter of 2022 and remains elevated through the third quarter of 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 December 2022, which results in a target range of 3.50 percent to 3.75 percent. Inflation peaks in the third quarter of 2022 and begins to normalize thereafter. There are no additional rate increases in 2023.

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 3.9 percent in the fourth quarter of 2022 increases to 4.1 percent by the third quarter of 2023.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of September 2022 and are expected to average $81.86 per barrel over the next 12 months.
–GDP is forecasted to contract 1.3 percent over the next twelve months.
–Civilian unemployment rate of 4.5 percent in the fourth quarter of 2022 increases to 6.4 percent in the third quarter of 2023.
–WTI oil prices are projected to average $72.58 over the next 12 months, with a peak of $92.87 in the fourth quarter of 2022 and falling 39% over the following three quarters.
–GDP is forecasted to grow by 1.8 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the third quarter of 2022 increases to 3.8 percent by the third quarter of 2023.
–WTI oil prices are projected to average $80.04 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 $135 million in quantitative reserve at September 30, 2022. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

At September 30, 2022, the allowance for loan losses totaled $242 million or 1.11 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 212 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $298 million or 1.37 percent of outstanding loans and 262 percent of nonaccruing loans at September 30, 2022.

No provision for credit losses was necessary for the second quarter of 2022. At June 30, 2022, the allowance for loan losses was $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.
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Net Loans Charged Off

Net recoveries of commercial loans were $646 thousand in the third quarter of 2022. Net commercial real estate loan recoveries were $7 thousand and net charge-offs of loans to individuals were $1.1 million. 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.
- 30 -

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)
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Nonaccruing loans:    
Commercial:  
Healthcare$41,438 $14,886 $15,076 $15,762 $509 
Services27,315 15,259 16,535 17,170 25,714 
Energy4,164 20,924 24,976 31,091 45,500 
General business2,753 3,539 3,750 10,081 8,951 
Total commercial75,670 54,608 60,337 74,104 80,674 
Commercial real estate7,971 10,939 15,989 14,262 21,223 
Loans to individuals:  
Residential mortgage30,066 30,460 30,757 31,574 30,674 
Residential mortgage guaranteed by U.S. government agencies
16,957 18,000 16,992 13,861 9,188 
Personal136 132 171 258 188 
Total loans to individuals47,159 48,592 47,920 45,693 40,050 
Total nonaccruing loans130,800 114,139 124,246 134,059 141,947 
Accruing renegotiated loans guaranteed by U.S. government agencies
176,022 196,420 204,121 210,618 178,554 
Real estate and other repossessed assets29,676 22,221 24,492 24,589 28,770 
Total nonperforming assets$336,498 $332,780 $352,859 $369,266 $349,271 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$143,519 $118,360 $131,746 $144,787 $161,529 
Allowance for loan losses to nonaccruing loans1
212.37 %250.80 %229.80 %213.33 %208.41 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
261.83 %294.74 %263.60 %240.77 %230.43 %
Nonperforming assets to outstanding loans and repossessed assets
1.54 %1.56 %1.70 %1.83 %1.71 %
Nonperforming assets to outstanding loans and repossessed assets1
0.67 %0.56 %0.65 %0.73 %0.81 %
Nonaccruing loans to outstanding loans0.60 %0.54 %0.60 %0.66 %0.70 %
Nonaccruing commercial loans to outstanding commercial loans
0.56 %0.40 %0.47 %0.59 %0.66 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.18 %0.27 %0.39 %0.37 %0.52 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.88 %0.94 %0.96 %0.98 %0.98 %
1     Excludes residential mortgages guaranteed by U.S. government agencies.


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Excluding assets guaranteed by U.S. government agencies, nonperforming assets increased $25 million from June 30, 2022, primarily due to a $27 million increase in nonaccruing healthcare and $12 million increase in nonaccruing services loans, partially offset by a $17 million decrease in nonaccruing energy loans. Newly identified nonaccruing loans totaled $54 million, offset by $24 million of payments, $8.2 million in foreclosures and $1.8 million of charge-offs. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


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

Table 18 -- Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
September 30, 2022
Nonaccruing Loans
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, June 30, 2022$54,608 $10,939 $48,592 $114,139 $196,420 $22,221 $332,780 
Additions49,861 — 3,970 53,831 5,852 — 59,683 
Payments(20,961)(205)(2,961)(24,127)(1,427)— (25,554)
Charge-offs(75)— (1,691)(1,766)— — (1,766)
Net losses and write-downs— — — — — (106)(106)
Foreclosure of nonperforming loans
(7,960)— (274)(8,234)— 8,234 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (1,194)(1,194)(967)— (2,161)
Proceeds from sales— — — — (23,464)(673)(24,137)
Net transfers to nonaccruing loans— — 716 716 (716)— — 
Return to accrual status197 (2,763)1 (2,565)— — (2,565)
Other, net— — — — 324 — 324 
Balance, September 30, 2022$75,670 $7,971 $47,159 $130,800 $176,022 $29,676 $336,498 
Nine Months Ended
September 30, 2022
Nonaccruing Loans
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, Dec. 31, 2021$74,104 $14,262 $45,693 $134,059 $210,618 $24,589 $369,266 
Additions51,322 4,457 14,380 70,159 33,586 — 103,745 
Payments(35,831)(776)(9,738)(46,345)(5,314)— (51,659)
Charge-offs(6,162)(269)(4,508)(10,939)— — (10,939)
Net losses and write-downs— — — — — (2,247)(2,247)
Foreclosure of nonperforming loans
(7,960)(3,956)(398)(12,314)— 12,314 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (3,182)(3,182)(1,889)— (5,071)
Proceeds from sales— — — — (56,722)(4,980)(61,702)
Net transfers to nonaccruing loans— — 5,331 5,331 (5,331)— — 
Return to accrual status197 (5,747)(419)(5,969)— — (5,969)
Other, net— — — — 1,074 — 1,074 
Balance, September 30, 2022$75,670 $7,971 $47,159 $130,800 $176,022 $29,676 $336,498 
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 $30 million at September 30, 2022, composed primarily of $22 million of developed commercial real estate. Real estate and other repossessed assets increased $7.5 million compared to June 30, 2022.

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Liquidity and Capital

Based on the average balances for the third 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 11 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 third quarter of 2022 totaled $37.0 billion, a $1.5 billion decrease compared to the second quarter of 2022. Deposit balances continue to decline, consistent with industry trends, as customers redeploy resources following the savings trend during the height of the pandemic. Interest-bearing transaction account balances decreased $1.5 billion. Demand deposits decreased $97 million. Certificate of deposit balances increased $36 million.

Table 19 - Average Deposits by Line of Business
(In thousands)
Three Months Ended
 Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Commercial Banking$17,966,661 $18,933,766 $19,595,260 $19,537,285 $17,881,673 
Consumer Banking8,812,884 8,876,469 8,746,622 8,682,437 8,516,942 
Wealth Management7,999,074 8,482,785 9,619,323 9,194,019 9,120,446 
Subtotal34,778,619 36,293,020 37,961,205 37,413,741 35,519,061 
Funds Management and other2,271,157 2,301,400 2,401,002 2,388,347 2,315,325 
Total$37,049,776 $38,594,420 $40,362,207 $39,802,088 $37,834,386 

Average Commercial Banking deposit balances decreased $967 million compared to the second quarter of 2022. Interest-bearing transaction account balances decreased $757 million and time deposits decreased $76 million. Demand deposit balances decreased $133 million. Commercial deposit balances have decreased as short-term rates move higher, enhancing Commercial customers' investment alternatives.

Average Consumer Banking deposit balances decreased $64 million compared to the prior quarter. Demand deposit balances decreased $53 million while time deposits decreased $20 million. Interest-bearing transaction deposit balances increased $6.4 million and savings account balances increased $3.0 million.

Average Wealth Management deposits decreased $484 million compared to the second quarter of 2022. A $677 million decrease in interest-bearing transaction accounts was partially offset by a $128 million increase in time deposit balances and a $70 million increase in demand deposit balances.

Average time deposits for the third quarter of 2022 included $53 million of brokered deposits, a $3.7 million decrease compared to the second quarter of 2022. Average interest-bearing transaction accounts for the third quarter included $1.8 billion of brokered deposits, a $239 million decrease compared to the second 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)
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Oklahoma:  
Demand$5,143,405 $5,422,593 $5,205,806 $5,433,405 $5,080,162 
Interest-bearing:
Transaction9,619,419 10,240,378 11,410,709 12,689,367 11,692,679 
Savings558,256 561,413 558,634 521,439 510,906 
Time776,306 678,127 817,744 978,822 1,039,866 
Total interest-bearing10,953,981 11,479,918 12,787,087 14,189,628 13,243,451 
Total Oklahoma16,097,386 16,902,511 17,992,893 19,623,033 18,323,613 
Texas:
Demand4,609,255 4,670,535 4,552,001 4,552,983 3,987,503 
Interest-bearing:
Transaction4,781,920 5,344,326 4,963,118 5,345,461 4,985,465 
Savings179,049 183,708 182,536 178,458 165,043 
Time343,015 333,038 329,931 337,559 337,389 
Total interest-bearing5,303,984 5,861,072 5,475,585 5,861,478 5,487,897 
Total Texas9,913,239 10,531,607 10,027,586 10,414,461 9,475,400 
Colorado:
Demand2,510,179 2,799,798 2,673,352 2,526,855 2,158,596 
Interest-bearing:
Transaction2,221,796 2,277,563 2,387,304 2,334,371 2,337,354 
Savings80,542 82,976 81,762 78,636 79,873 
Time151,064 160,795 165,401 174,351 184,002 
Total interest-bearing2,453,402 2,521,334 2,634,467 2,587,358 2,601,229 
Total Colorado4,963,581 5,321,132 5,307,819 5,114,213 4,759,825 
New Mexico:
Demand1,296,410 1,347,600 1,271,264 1,196,057 1,222,895 
Interest-bearing:
Transaction717,492 845,442 888,257 858,394 837,630 
Savings113,056 115,660 115,457 107,963 107,615 
Time142,856 148,532 156,140 163,871 168,879 
Total interest-bearing973,404 1,109,634 1,159,854 1,130,228 1,114,124 
Total New Mexico2,269,814 2,457,234 2,431,118 2,326,285 2,337,019 
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Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Arizona:
Demand903,296 901,543 947,775 934,282 1,110,884 
Interest-bearing:
Transaction788,142 792,269 810,896 834,491 784,614 
Savings18,258 17,999 18,122 16,182 16,468 
Time26,704 28,774 27,259 31,274 30,862 
Total interest-bearing833,104 839,042 856,277 881,947 831,944 
Total Arizona1,736,400 1,740,585 1,804,052 1,816,229 1,942,828 
Kansas/Missouri:
Demand479,459 537,143 553,345 658,342 488,595 
Interest-bearing:
Transaction747,981 913,921 1,107,525 1,086,946 965,757 
Savings19,375 19,943 19,589 18,844 17,303 
Time13,258 13,962 11,527 12,255 13,040 
Total interest-bearing780,614 947,826 1,138,641 1,118,045 996,100 
Total Kansas/Missouri1,260,073 1,484,969 1,691,986 1,776,387 1,484,695 
Arkansas:
Demand43,111 41,084 38,798 42,499 41,594 
Interest-bearing:
Transaction123,273 130,300 122,020 119,543 149,611 
Savings3,098 3,125 3,265 3,213 3,289 
Time5,940 6,371 6,414 6,196 6,677 
Total interest-bearing132,311 139,796 131,699 128,952 159,577 
Total Arkansas175,422 180,880 170,497 171,451 201,171 
Total BOK Financial deposits$36,415,915 $38,618,918 $39,425,951 $41,242,059 $38,524,551 

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 September 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 $1.5 billion during the quarter, compared to $1.3 billion in the second quarter of 2022.

At September 30, 2022, the estimated unused credit available to BOKF, NA from collateralized sources was approximately $14 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
September 30, 2022		 Three Months Ended
June 30, 2022
Sep. 30, 2022Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		June 30, 2022Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased153,413 180,727 1.29 %153,413 163,961 365,054 1.22 %307,424 
Repurchase agreements473,539 620,032 0.55 %502,900 513,069 859,080 0.23 %595,816 
Other borrowings:
Federal Home Loan Bank advances
200,000 1,494,565 2.30 %2,200,000 — 1,267,033 0.89 %— 
GNMA repurchase liability
7,264 5,852 4.47 %7,264 5,123 5,150 4.05 %5,123 
Other27,669 28,470 3.54 %29,133 30,382 29,175 3.23 %30,382 
Total other borrowings234,933 1,528,887 2.33 %35,505 1,301,358 1.01 %
Subordinated debentures1
131,168 131,199 5.07 %131,203 131,223 131,219 4.50 %131,223 
Total other borrowed funds and subordinated debentures
$993,053 $2,460,845 1.95 %$843,758 $2,656,711 0.96 %
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 September 30, 2022, cash and interest-bearing cash and cash equivalents held by the parent company totaled $175 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 September 30, 2022, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $267 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 September 30, 2022 was $4.5 billion, a $227 million decrease compared to June 30, 2022. Net income less cash dividends paid increased equity $121 million during the third quarter of 2022. Changes in interest rates resulted in a $302 million decrease in accumulated other comprehensive income compared to June 30, 2022. We also repurchased $50 million of common stock during the third 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 September 30, 2022, 4,651,465 shares have been repurchased under this authorization. The Company repurchased 548,034 shares of common stock at an average price of $91.20 a share in the third quarter of 2022. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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On November 1, 2022, the board of directors authorized the Company to purchase up to five million additional common shares, subject to market conditions, securities law and other regulatory compliance limitations. This authorization replaces the existing board authorization for the purchase of five million common shares, under which 4,651,465 shares were repurchased.

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 a 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 the current expected credit loss ("CECL") model the option to delay for two years an estimate of the CECL methodology's effect on regulatory capital, followed by a three-year transition period. The estimate includes the implementation date adjustment as of January 1, 2020 plus an estimate of the impact of the change for a two year period following implementation of CECL. We elected to delay the regulatory capital impact of the transition in accordance with the interim final rule. Deferral of the impact of CECL added 9 basis points to the Company's Common equity Tier 1 capital at September 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 BufferSep. 30, 2022June 30, 2022Sep. 30, 2021
Risk-based capital:
Common equity Tier 14.50 %2.50 %7.00 %11.80 %11.61 %12.26 %
Tier 1 capital6.00 %2.50 %8.50 %11.82 %11.63 %12.29 %
Total capital8.00 %2.50 %10.50 %12.81 %12.59 %13.38 %
Tier 1 Leverage4.00 %N/A4.00 %9.76 %9.12 %8.77 %
Average total equity to average assets10.58 %10.01 %11.00 %
Tangible common equity ratio7.96 %8.16 %9.28 %

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)
Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Tangible common equity ratio:     
Total shareholders' equity$4,509,934 $4,737,339 $4,849,582 $5,363,732 $5,388,973 
Less: Goodwill and intangible assets, net1,124,582 1,128,493 1,132,510 1,136,527 1,140,935 
Tangible common equity3,385,352 3,608,846 3,717,072 4,227,205 4,248,038 
Total assets43,645,446 45,377,072 46,826,507 50,249,431 46,923,409 
Less: Goodwill and intangible assets, net1,124,582 1,128,493 1,132,510 1,136,527 1,140,935 
Tangible assets$42,520,864 $44,248,579 $45,693,997 $49,112,904 $45,782,474 
Tangible common equity ratio7.96 %8.16 %8.13 %8.61 %9.28 %
Pre-provision net revenue:
Net income before taxes$196,272 $168,980 $78,649 $152,025 $241,782 
Provision for expected credit losses15,000 — — (17,000)(23,000)
Net income (loss) attributable to non-controlling interests81 12 (36)(129)(601)
Pre-provision net revenue$211,191 $168,968 $78,685 $135,154 $219,383 

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 has approved market risk limits for fixed income trading, mortgage pipeline and mortgage servicing assets inclusive of economic hedge benefits. Exposure is measured daily and compliance is reviewed monthly. Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure. These plans are subject to escalation to and approval by the Board.

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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 deposit 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.

On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") confirmed that the publication of the principal tenors of the U.S. dollar London Interbank Offered Rate ("LIBOR") will cease immediately following a final publication on June 30, 2023. Further, U.S. regulators released a joint inter-agency statement about their expectations that banks cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021.

The Bank has ceased production of new LIBOR-based exposure as of December 31, 2021 and now offers floating rate products in various alternative reference rates with the majority of volume being observed thus far in simple or term rate versions of the Secured Overnight Financing Rate (“SOFR”). Key loan provisions have been modified so that new and renewed loans include LIBOR fallback language designed to ensure the smoothest possible transition from LIBOR to the new benchmark when such transition occurs. All existing financial contracts with direct exposure to LIBOR have been inventoried, and the Company has taken action to transition these exposures to an alternative reference rate in advance of the June 30, 2023 deadline.

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 0.62 percent, or $9.0 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 2.73 percent, or $40.0 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 is neutral.

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Table 24 -- Interest Rate Sensitivity
(Dollars in thousands)
Sep. 30, 2022June 30, 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$24,230 $23,920 $(50,900)$66,720 $47,620 $(62,104)
1.65 %1.63 %(3.47)%5.19 %3.70 %(4.83)%
Anticipated impact over months twelve through twenty-four$67,340 $61,100 $(140,940)$167,107 $122,239 $(168,539)
 4.15 %3.76 %(8.68)%12.14 %8.88 %(12.24)%

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.

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)
 Sep. 30, 2022June 30, 2022
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$5,358 $(7,053)$8,502 $(11,579)
MSR Hedge(7,646)7,301 (8,009)8,080 
Net Exposure(2,288)248 493 (3,499)

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.

- 42 -

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 EndedNine Months Ended September 30,
 Sep. 30, 2022June 30, 202220222021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(54)$(105)$(81)$(158)$(77)$(226)$(487)$(498)
Low2
381 57 76 91 381 91 (17)13 
High3
(172)(452)(222)(327)(402)(779)(1,244)(1,097)
Period End(8)(115)(87)(20)(8)(115)(393)(449)
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.

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 September 30, 2022, June 30, 2022, September 30, 2021 and June 30, 2021. In the third 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.






- 43 -

Table 27 -- VaR and SVaR Measures

Three Months EndedThree Months Ended
 Sep. 30, 2022June 30, 2022Sep. 30, 2021June 30, 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
$2,644 $7,555 $6,070 $12,619 $9,604 $19,230 $11,585 $19,865 
Low1,044 4,051 2,612 5,820 5,219 9,050 7,151 10,814 
High5,930 14,030 11,583 25,184 16,348 37,807 18,802 38,031 
Period End1,584 5,478 3,386 8,220 5,694 22,203 9,368 20,870 
1    Average represents the simple average of each daily value observed during the reporting period.


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

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 EndedNine Months Ended September 30,
 Sep. 30, 2022June 30, 202220222021
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$1,594 $(1,543)$(435)$939 $571 $750 $(1,503)$3,983 
Low2
6,079 1,113 3,004 4,658 8,643 12,277 7,271 13,323 
High3
(1,221)(6,325)(3,672)(2,779)(11,253)(6,325)(9,345)(5,392)
Period End983 (504)785 (1,138)983 (504)(1,288)2,423 
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.

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.”

- 44 -

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 reports, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial’s management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company’s internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
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.
- 45 -


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months EndedNine Months Ended
 September 30,September 30,
Interest revenue2022202120222021
Loans$264,350 $191,206 $646,738 $582,621 
Residential mortgage loans held for sale1,684 1,274 4,637 4,223 
Trading securities22,720 38,941 86,653 111,518 
Investment securities9,108 2,580 14,947 7,914 
Available for sale securities58,779 57,310 175,383 174,827 
Fair value option securities286 342 1,214 1,240 
Restricted equity securities2,703 1,565 5,194 4,675 
Interest-bearing cash and cash equivalents3,520 245 5,730 577 
Total interest revenue363,150 293,463 940,496 887,595 
Interest expense    
Deposits34,715 7,665 56,175 25,940 
Borrowed funds10,433 3,066 21,115 11,494 
Subordinated debentures1,677 2,505 4,452 9,205 
Total interest expense46,825 13,236 81,742 46,639 
Net interest revenue316,325 280,227 858,754 840,956 
Provision for credit losses15,000 (23,000)15,000 (83,000)
Net interest revenue after provision for credit losses
301,325 303,227 843,754 923,956 
Other operating revenue    
Brokerage and trading revenue61,006 47,930 77,970 98,120 
Transaction card revenue25,974 24,632 77,130 71,985 
Fiduciary and asset management revenue50,190 45,248 146,427 131,402 
Deposit service charges and fees28,703 27,429 84,207 77,499 
Mortgage banking revenue11,282 26,286 39,300 84,618 
Other revenue15,479 18,896 38,608 58,364 
Total fees and commissions192,634 190,421 463,642 521,988 
Other gains (losses), net979 31,091 (8,304)57,661 
Loss on derivatives, net(17,009)(5,760)(77,559)(14,590)
Loss on fair value option securities, net(4,368)(120)(17,790)(3,657)
Change in fair value of mortgage servicing rights16,570 12,945 83,165 33,778 
Gain on available for sale securities, net892 1,255 3,017 3,152 
Total other operating revenue189,698 229,832 446,171 598,332 
Other operating expense    
Personnel170,348 175,863 484,499 520,908 
Business promotion6,127 4,939 18,965 9,837 
Charitable contributions to BOKF Foundation— — — 4,000 
Professional fees and services14,089 12,436 37,977 36,777 
Net occupancy and equipment29,296 28,395 87,640 81,690 
Insurance4,306 3,712 13,317 11,992 
Data processing and communications41,743 38,371 122,859 112,256 
Printing, postage and supplies4,349 3,558 11,967 11,283 
Amortization of intangible assets3,943 4,488 11,956 13,873 
Mortgage banking costs9,504 8,962 26,818 34,031 
Other expense11,046 10,553 30,026 41,566 
Total other operating expense294,751 291,277 846,024 878,213 
Net income before taxes196,272 241,782 443,901 644,075 
Federal and state income taxes39,681 54,061 92,000 144,939 
Net income156,591 187,721 351,901 499,136 
Net income (loss) attributable to non-controlling interests81 (601)57 (1,667)
Net income attributable to BOK Financial Corporation shareholders$156,510 $188,322 $351,844 $500,803 
Earnings per share:    
Basic$2.32 $2.74 $5.18 $7.23 
Diluted$2.32 $2.74 $5.18 $7.23 
Average shares used in computation:
Basic67,003,199 68,359,125 67,409,789 68,768,044 
Diluted67,004,623 68,360,871 67,411,222 68,770,663 
Dividends declared per share$0.53 $0.52 $1.59 $1.56 

See accompanying notes to consolidated financial statements.
- 46 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)  
 Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Net income$156,591 $187,721 $351,901 $499,136 
Other comprehensive income (loss) before income taxes:    
Net change in unrealized loss(412,084)(74,525)(1,293,661)(216,176)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities21,675 — 24,130 — 
Operating expense, Personnel(3,483)— (3,483)— 
Gain on available for sale securities, net(892)(1,255)(3,017)(3,152)
Other comprehensive loss before income taxes(394,784)(75,780)(1,276,031)(219,328)
Federal and state income taxes(92,467)(18,184)(298,715)(52,632)
Other comprehensive loss, net of income taxes(302,317)(57,596)(977,316)(166,696)
Comprehensive income (loss)(145,726)130,125 (625,415)332,440 
Comprehensive income (loss) attributable to non-controlling interests81 (601)57 (1,667)
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders$(145,807)$130,726 $(625,472)$334,107 

See accompanying notes to consolidated financial statements.
- 47 -

Consolidated Balance Sheets
(In thousands, except share data)
 Sep. 30, 2022Dec. 31, 2021
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$804,110 $712,067 
Interest-bearing cash and cash equivalents804,799 2,125,343 
Trading securities2,194,618 9,136,813 
Investment securities, net of allowance (fair value: September 30, 2022 – $2,407,766; December 31, 2021 – $231,395)
2,572,360 210,444 
Available for sale securities10,040,894 13,157,817 
Fair value option securities33,966 43,770 
Restricted equity securities100,356 83,113 
Residential mortgage loans held for sale148,121 192,295 
Loans21,790,457 20,205,680 
Allowance for loan losses(241,768)(256,421)
Loans, net of allowance21,548,689 19,949,259 
Premises and equipment, net569,379 574,148 
Receivables200,343 223,021 
Goodwill1,044,749 1,044,749 
Intangible assets, net79,833 91,778 
Mortgage servicing rights283,806 163,198 
Real estate and other repossessed assets, net of allowance (September 30, 2022 – $10,548; December 31, 2021 –
         $6,083)
29,676 24,589 
Derivative contracts, net1,693,742 1,097,297 
Cash surrender value of bank-owned life insurance407,722 405,607 
Receivable on unsettled securities sales49,089 56,172 
Other assets1,039,194 957,951 
Total assets$43,645,446 $50,249,431 
Liabilities and Equity
Liabilities:
Noninterest-bearing demand deposits$14,985,115 $15,344,423 
Interest-bearing deposits:  
Transaction19,000,023 23,268,573 
Savings971,634 924,735 
Time1,459,143 1,704,328 
Total deposits36,415,915 41,242,059 
Funds purchased and repurchase agreements626,952 2,326,449 
Other borrowings234,933 36,753 
Subordinated debentures131,168 131,226 
Accrued interest, taxes and expense212,342 273,041 
Derivative contracts, net821,275 275,625 
Due on unsettled securities purchases205,388 160,686 
Other liabilities483,165 435,221 
Total liabilities39,131,138 44,881,060 
Shareholders' equity:  
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2022 – 76,404,688; December 31, 2021 – 76,254,029)
5 5 
Capital surplus1,385,481 1,378,794 
Retained earnings4,691,924 4,447,691 
Treasury stock (shares at cost: September 30, 2022 – 9,150,305; December 31, 2021 – 7,786,257)
(662,531)(535,129)
Accumulated other comprehensive income (loss)(904,945)72,371 
Total shareholders’ equity4,509,934 5,363,732 
Non-controlling interests4,374 4,639 
Total equity4,514,308 5,368,371 
Total liabilities and equity$43,645,446 $50,249,431 

See accompanying notes to consolidated financial statements.
- 48 -

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, 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 
Net income (loss)— — — 156,510 — — — 156,510 81 156,591 
Other comprehensive loss— — — — — — (302,317)(302,317)— (302,317)
Repurchase of common stock— — — — 548 (49,980)— (49,980)— (49,980)
Share-based compensation plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		(3)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 3,805 — — — — 3,805 — 3,805 
Cash dividends on common
     stock		— — — (35,423)— — — (35,423)— (35,423)
Capital calls and distributions,
     net		— — — — — — — — 90 90 
Balance, September 30, 202276,405 $5 $1,385,481 $4,691,924 9,150 $(662,531)$(904,945)$4,509,934 $4,374 $4,514,308 
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)— — — 351,844 — — — 351,844 57 351,901 
Other comprehensive loss— — — — — — (977,316)(977,316)— (977,316)
Repurchase of common stock— — — — 1,318 (122,458)— (122,458)— (122,458)
Share-based compensation
     plans:
Stock options exercised1 — 37 — — — — 37 — 37 
Non-vested shares awarded,
     net		150 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 46 (4,944)— (4,944)— (4,944)
Share-based compensation— — 6,650 — — — — 6,650 — 6,650 
Cash dividends on common
     stock		— — — (107,611)— — — (107,611)— (107,611)
Capital calls and distributions,
     net		— — — — — — — — (322)(322)
Balance, September 30, 202276,405 $5 $1,385,481 $4,691,924 9,150 $(662,531)$(904,945)$4,509,934 $4,374 $4,514,308 
- 49 -

 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders’
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
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 
Net income (loss)— — — 188,322 — — — 188,322 (601)187,721 
Other comprehensive loss— — — — — — (57,596)(57,596)— (57,596)
Repurchase of common stock— — — — 478 (40,644)— (40,644)— (40,644)
Share-based compensation
     plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		(4)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 1,587 — — — — 1,587 — 1,587 
Cash dividends on common
     stock		— — — (35,673)— — — (35,673)— (35,673)
Capital calls and distributions,
     net		— — — — — — — — (13,498)(13,498)
Balance, September 30, 202176,254 $5 $1,374,688 $4,366,779 7,657 $(521,671)$169,172 $5,388,973 $7,475 $5,396,448 
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)— — — 500,803 — — — 500,803 (1,667)499,136 
Other comprehensive loss— — — — — — (166,696)(166,696)— (166,696)
Repurchase of common stock— — — — 1,231 (104,512)— (104,512)— (104,512)
Share-based compensation
     plans:
Stock options exercised17 — 949 — — — — 949 — 949 
Non-vested shares awarded,
     net		242 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 68 (5,815)— (5,815)— (5,815)
Share-based compensation— — 5,677 — — — — 5,677 — 5,677 
Cash dividends on common
     stock		— — — (107,699)— — — (107,699)— (107,699)
Capital calls and distributions,
     net		— — — — — — — — (16,153)(16,153)
Balance, September 30, 202176,254 $5 $1,374,688 $4,366,779 7,657 $(521,671)$169,172 $5,388,973 $7,475 $5,396,448 
See accompanying notes to consolidated financial statements.
- 50 -

Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
 September 30,
 20222021
Cash Flows From Operating Activities:  
Net income$351,901 $499,136 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses15,000 (83,000)
Change in fair value of mortgage servicing rights due to market assumption changes(83,165)(33,778)
Change in the fair value of mortgage servicing rights due to principal payments24,277 30,949 
Net unrealized (gains) losses from derivative contracts(31,677)81,667 
Share-based compensation6,650 5,677 
Depreciation and amortization80,215 76,196 
Net amortization of discounts and premiums8,676 14,286 
Net losses (gains) on financial instruments and other losses (gains), net5,285 (57,467)
Net loss (gain) on mortgage loans held for sale795 (56,423)
Mortgage loans originated for sale(1,039,313)(2,250,282)
Proceeds from sale of mortgage loans held for sale1,085,632 2,376,479 
Capitalized mortgage servicing rights(15,810)(29,307)
Change in trading and fair value option securities6,951,932 (782,380)
Change in receivables41,705 97,430 
Change in other assets9,899 206 
Change in other liabilities(68,084)27,285 
Net cash provided by (used in) operating activities7,343,918 (83,326)
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities100,418 28,970 
Proceeds from maturities or redemptions of available for sale securities1,827,825 2,682,934 
Purchases of investment securities(10,000)— 
Purchases of available for sale securities(2,716,590)(3,704,636)
Proceeds from sales of available for sale securities242,135 488,274 
Change in amount receivable on unsettled available for sale securities transactions(11,348)(176,600)
Loans originated, net of principal collected(1,572,461)2,690,611 
Net payments on derivative asset contracts(35,198)33,183 
Net change in restricted equity securities(17,243)93,849 
Proceeds from disposition of assets17,759 141,006 
Purchases of assets(151,320)(130,146)
Net cash provided by (used in) investing activities(2,326,023)2,147,445 
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts(4,580,959)2,567,084 
Net change in time deposits(245,185)(186,413)
Net change in other borrowed funds(1,528,634)(2,734,198)
Repayment of subordinated debentures— (150,000)
Net proceeds on derivative liability contracts15,215 (32,591)
Net change in derivative margin accounts271,418 (834,108)
Change in amount due on unsettled available for sale securities transactions56,725 234,589 
Issuance of common and treasury stock, net(4,907)(4,866)
Repurchase of common stock(122,458)(104,512)
Dividends paid(107,611)(107,699)
Net cash provided by (used in) financing activities(6,246,396)(1,352,714)
Net increase (decrease) in cash and cash equivalents(1,228,501)711,405 
Cash and cash equivalents at beginning of period2,837,410 1,180,573 
Cash and cash equivalents at end of period$1,608,909 $1,891,978 
Supplemental Cash Flow Information:
Cash paid for interest$80,759 $52,304 
Cash paid for taxes$67,147 $120,879 
Net loans and bank premises transferred to repossessed real estate and other assets$12,314 $8,175 
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
$27,317 $69,541 
Conveyance of other real estate owned guaranteed by U.S. government agencies$5,882 $4,956 
Right-of-use assets obtained in exchange for operating lease liabilities$21,198 $14,551 
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 nine-month period ended September 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. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method ("ASU 2022-01")

On March 28, 2022, the FASB issued ASU 2022-01 which clarifies existing guidance around fair value hedge accounting of interest rate risk for portfolios of financial assets. Under existing guidance, the "last-of-layer" method (now known as the "portfolio layer" method) enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and non-prepayable financial assets. ASU 2022-01 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of ASU 2022-01 is not expected to have a material impact on the Company's financial statements as we do not currently apply hedge accounting to our financial assets.

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):
 
 September 30, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$8,757 $— $23,610 $40 
Residential agency mortgage-backed securities
2,138,527 (68,373)9,068,900 (9,338)
Municipal securities22,611 (427)25,783 34 
Other trading securities24,723 (500)18,520 (26)
Total trading securities$2,194,618 $(69,300)$9,136,813 $(9,290)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 September 30, 2022
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$173,113 $173,113 $176,990 $5,138 $(1,261)
Mortgage-backed securities:
Residential agency2,614,691 2,373,039 2,205,333 167 (167,873)
Commercial agency17,260 15,532 14,437 — (1,095)
Other debt securities11,288 11,288 11,006 — (282)
Total investment securities2,816,352 2,572,972 2,407,766 5,305 (170,511)
Allowance for credit losses(612)(612)
Investment securities, net of allowance$2,815,740 $2,572,360 $2,407,766 $5,305 $(170,511)
1    Carrying value includes $243 million of net unrealized loss which remains in Accumulated other comprehensive income ("AOCI") in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 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 -

The amortized cost and fair values of investment securities at September 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$23,919 $102,100 $68,921 $4,993 $199,933 4.57 
Fair value24,075 106,695 66,693 4,970 202,433  
Residential mortgage-backed securities:      
Carrying value    $2,373,039 2
Fair value    2,205,333  
Total investment securities:      
Carrying value    $2,572,972  
Fair value    2,407,766  
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 5.5 years years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
September 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 securities58 $39,774 $1,178 $519 $83 $40,293 $1,261 
Mortgage-backed securities:
Residential agency116 2,204,036 167,873 — — 2,204,036 167,873 
Commercial agency2 14,437 1,095 — — 14,437 1,095 
Other debt securities3 9,734 266 259 16 9,993 282 
Total investment securities179 $2,267,981 $170,412 $778 $99 $2,268,759 $170,511 

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):
 September 30, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $890 $— $(110)
Municipal securities689,779 619,349 — (70,430)
Mortgage-backed securities:    
Residential agency5,286,454 4,894,569 221 (392,106)
Residential non-agency545,094 506,394 10,532 (49,232)
Commercial agency4,453,855 4,019,220 — (434,635)
Other debt securities500 472 — (28)
Total available for sale securities$10,976,682 $10,040,894 $10,753 $(946,541)
 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 September 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$122,091 $2,162,215 $2,420,097 $440,731 $5,145,134 6.15 
Fair value120,736 2,007,747 2,108,706 402,742 4,639,931 
Residential mortgage-backed securities:
Amortized cost$5,831,548 2
Fair value5,400,963 
Total available for sale securities:
Amortized cost$10,976,682 
Fair value10,040,894 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years 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
September 30,		Nine Months Ended September 30,
 2022202120222021
Proceeds$30,834 $94,128 $242,135 $488,274 
Gross realized gains1,116 1,572 4,510 3,812 
Gross realized losses(224)(317)(1,493)(660)
Related federal and state income tax expense209 301 706 756 

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 $8.9 billion at September 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
(dollars in thousands)
September 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 $890 $110 $— $— $890 $110 
Municipal securities238 275,952 20,417 343,396 50,013 619,348 70,430 
Mortgage-backed securities:
    
Residential agency621 4,761,363 381,057 105,816 11,049 4,867,179 392,106 
Residential non-agency25 489,067 49,232 — — 489,067 49,232 
Commercial agency281 1,866,226 114,850 2,152,994 319,785 4,019,220 434,635 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities1,167 $7,393,498 $565,666 $2,602,678 $380,875 $9,996,176 $946,541 

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 September 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):
 September 30, 2022December 31, 2021
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities
$33,966 $(3,767)$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 reduce 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 September 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$2,679,510 $170,252 $— $170,252 $(109,758)$60,494 
Energy contracts8,408,274 1,826,832 (766,029)1,060,803 (35,907)1,024,896 
Foreign exchange contracts243,059 237,031 — 237,031 (2,023)235,008 
Equity option contracts31,237 188 — 188 (91)97 
Total customer risk management programs11,362,080 2,234,303 (766,029)1,468,274 (147,779)1,320,495 
Trading20,478,198 588,982 (217,095)371,887 (349)371,538 
Internal risk management programs85,000 3,094 (1,385)1,709 — 1,709 
Total derivative contracts$31,925,278 $2,826,379 $(984,509)$1,841,870 $(148,128)$1,693,742 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,679,510 $170,252 $— $170,252 $— $170,252 
Energy contracts8,735,189 1,860,112 (766,029)1,094,083 (984,924)109,159 
Foreign exchange contracts241,984 235,653 — 235,653 — 235,653 
Equity option contracts31,237 188 — 188 — 188 
Total customer risk management programs11,687,920 2,266,205 (766,029)1,500,176 (984,924)515,252 
Trading18,089,890 537,052 (217,095)319,957 (24,358)295,599 
Internal risk management programs393,595 11,809 (1,385)10,424 — 10,424 
Total derivative contracts$30,171,405 $2,815,066 $(984,509)$1,830,557 $(1,009,282)$821,275 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


- 60 -

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 
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 
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
September 30, 2022September 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$2,677 $— $1,283 $— 
Energy contracts10,386 — 5,528 — 
Agricultural contracts— — (1)— 
Foreign exchange contracts116 — 120 — 
Equity option contracts— — — — 
Total customer risk management programs13,179 — 6,930 — 
Trading1
52,373 — 9,952 — 
Internal risk management programs— (17,009)— (5,760)
Total derivative contracts$65,552 $(17,009)$16,882 $(5,760)
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.
 Nine Months Ended
September 30, 2022September 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 contracts9,958 — 3,687 — 
Energy contracts26,870 — 7,142 — 
Agricultural contracts— — 27 — 
Foreign exchange contracts422 — 471 — 
Equity option contracts— — — — 
Total customer risk management programs37,250 — 11,327 — 
Trading1
68,071 — (1,976)— 
Internal risk management programs— (77,559)— (14,590)
Total derivative contracts$105,321 $(77,559)$9,351 $(14,590)
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 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 values. 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):
 September 30, 2022December 31, 2021
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,333,460 $10,198,556 $75,670 $13,607,686 $3,360,117 $9,072,244 $74,104 $12,506,465 
Commercial real estate
888,066 3,577,874 7,971 4,473,911 929,015 2,888,048 14,262 3,831,325 
Paycheck protection program20,233 — — 20,233 276,341 — — 276,341 
Loans to individuals2,055,244 1,586,224 47,159 3,688,627 2,037,792 1,508,064 45,693 3,591,549 
Total$6,297,003 $15,362,654 $130,800 $21,790,457 $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 September 30, 2022, outstanding commitments totaled $14.6 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 September 30, 2022, outstanding standby letters of credit totaled $725 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, for real property held as collateral for loans, 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 a 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
September 30, 2022
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$137,562 $62,997 $— $40,555 $241,114 
Provision for loan losses3,158 (4,415)— 2,368 1,111 
Loans charged off(75)— — (1,691)(1,766)
Recoveries of loans previously charged off
721 7 — 581 1,309 
Ending balance$141,366 $58,589 $— $41,813 $241,768 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$15,839 $24,670 $— $1,741 $42,250 
Provision for off-balance sheet credit risk
939 12,826 — 295 14,060 
Ending balance$16,778 $37,496 $— $2,036 $56,310 

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Nine Months Ended
September 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(17,428)138 — 8,276 (9,014)
Loans charged off(6,162)(269)— (4,508)(10,939)
Recoveries2,900 167 — 2,233 5,300 
Ending balance$141,366 $58,589 $— $41,813 $241,768 
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
2,966 20,054 — 313 23,333 
Ending balance$16,778 $37,496 $— $2,036 $56,310 
Three Months Ended
September 30, 2021
 CommercialCommercial Real EstatePaycheck Protection ProgramLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$198,303 $70,540 $— $43,047 $311,890 
Provision for loan losses(15,996)(9,418)— (1,981)(27,395)
Loans charged off(6,979)(1,422)— (1,183)(9,584)
Recoveries of loans previously charged off
832 228 — 709 1,769 
Ending balance$176,160 $59,928 $— $40,592 $276,680 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$10,094 $12,348 $— $1,845 $24,287 
Provision for off-balance sheet credit risk
2,772 2,294 — (114)4,952 
Ending balance$12,866 $14,642 $— $1,731 $29,239 
Nine Months Ended
September 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(44,331)(24,579)— (5,319)(74,229)
Loans charged off(38,826)(2,485)— (3,482)(44,793)
Recoveries of loans previously charged off4,383 434 — 2,245 7,062 
Ending balance$176,160 $59,928 $— $40,592 $276,680 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$14,422 $20,571 $— $1,928 $36,921 
Provision for off-balance sheet credit risk(1,556)(5,929)— (197)(7,682)
Ending balance$12,866 $14,642 $— $1,731 $29,239 
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A $15.0 million provision for credit losses was necessary for the third quarter of 2022, primarily related to strong loan growth in loans and unfunded commitments during the quarter. The level of uncertainty in the current economic outlook increased, resulting in an increase in the probability weighting of the downside scenario and key economic factors were slightly less favorable to economic growth across all scenarios. These changes were offset by a decrease in expected losses on commercial real estate, energy, healthcare and services loans and continued improvement in credit quality metrics.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 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$13,532,016 $125,253 $75,670 $16,113 $13,607,686 $141,366 
Commercial real estate4,465,940 57,654 7,971 935 4,473,911 58,589 
Paycheck protection program20,233 — — — 20,233 — 
Loans to individuals3,641,468 41,813 47,159 — 3,688,627 41,813 
Total$21,659,657 $224,720 $130,800 $17,048 $21,790,457 $241,768 

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

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


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Credit Quality Indicators

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

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

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

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

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

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

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

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The following table summarizes the Company’s loan portfolio at September 30, 2022 by the risk grade categories and vintage (in thousands): 
Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$165,547 $87,788 $31,140 $13,509 $6,153 $5,091 $3,023,546 $— $3,332,774 
Accruing Substandard— — — 1,046 482 688 22,909 9,525 34,650 
Nonaccrual— — — — — 292 3,872 — 4,164 
Total energy165,547 87,788 31,140 14,555 6,635 6,071 3,050,327 9,525 3,371,588 
Healthcare
Pass734,327 603,595 515,393 462,765 464,154 748,312 229,326 22 3,757,894 
Special Mention— — — — — 20,452 4 — 20,456 
Accruing Substandard— — — — — 6,835 — — 6,835 
Nonaccrual— — — 26,652 6,488 8,298 — — 41,438 
Total healthcare734,327 603,595 515,393 489,417 470,642 783,897 229,330 22 3,826,623 
Services
Pass600,374 512,773 300,490 199,238 161,527 754,204 689,197 683 3,218,486 
Special Mention313 396 295 769 940 39 999 — 3,751 
Accruing Substandard— — — 2,636 50 2,867 25,666 154 31,373 
Nonaccrual— 2,172 — — — 4,059 21,084 — 27,315 
Total services600,687 515,341 300,785 202,643 162,517 761,169 736,946 837 3,280,925 
General business
Pass579,329 433,284 205,796 197,961 143,995 306,131 1,227,059 1,883 3,095,438 
Special Mention— 878 — — 1,889 1,153 8,314 — 12,234 
Accruing Substandard— 2,024 75 4,269 2,365 9,265 88 39 18,125 
Nonaccrual— — 1,073 14 953 7 677 29 2,753 
Total general business579,329 436,186 206,944 202,244 149,202 316,556 1,236,138 1,951 3,128,550 
Total commercial2,079,890 1,642,910 1,054,262 908,859 788,996 1,867,693 5,252,741 12,335 13,607,686 
Commercial real estate:
Pass854,039 1,146,736 616,509 717,579 276,614 686,543 138,168 — 4,436,188 
Special Mention— — — — — 26,652 — — 26,652 
Accruing Substandard— — — — — 3,100 — — 3,100 
Nonaccrual— — — 7,571 — 400 — — 7,971 
Total commercial real estate854,039 1,146,736 616,509 725,150 276,614 716,695 138,168 — 4,473,911 
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Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Paycheck protection program:
Pass— 9,042 11,191 — — — — — 20,233 
Total paycheck protection program— 9,042 11,191 — — — — — 20,233 
Loans to individuals:
Residential mortgage
Pass280,323 376,110 402,088 67,906 42,603 278,129 350,036 23,185 1,820,380 
Special Mention— 59 189 16 11 261 629 37 1,202 
Accruing Substandard— — — 17 — 81 51 39 188 
Nonaccrual33 1,557 2,750 358 1,936 20,564 2,049 819 30,066 
Total residential mortgage280,356 377,726 405,027 68,297 44,550 299,035 352,765 24,080 1,851,836 
Residential mortgage guaranteed by U.S. government agencies
Pass— 2,235 8,876 11,995 18,851 203,552 — — 245,509 
Nonaccrual— — 299 1,467 2,631 12,560 — — 16,957 
Total residential mortgage guaranteed by U.S. government agencies— 2,235 9,175 13,462 21,482 216,112 — — 262,466 
Personal:
Pass181,102 208,625 156,718 170,232 71,133 206,780 578,456 357 1,573,403 
Special Mention26 129 25 6 12 4 1 — 203 
Accruing Substandard— 423 — 160 — — — — 583 
Nonaccrual10 37 14 23 7 20 25 — 136 
Total personal181,138 209,214 156,757 170,421 71,152 206,804 578,482 357 1,574,325 
Total loans to individuals461,494 589,175 570,959 252,180 137,184 721,951 931,247 24,437 3,688,627 
Total loans$3,395,423 $3,387,863 $2,252,921 $1,886,189 $1,202,794 $3,306,339 $6,322,156 $36,772 $21,790,457 




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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 energy263,341 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 business584,921 215,625 270,718 187,562 181,917 218,556 1,055,846 2,303 2,717,448 
Total commercial2,115,523 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 estate717,400 711,231 879,359 423,127 294,436 687,894 117,847 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 Substandard98 — — — 127 41 400 — 666 
Nonaccrual1,516 1,809 383 1,968 629 22,289 2,177 803 31,574 
Total residential mortgage387,706 454,346 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 agencies699 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 personal219,505 180,605 177,598 70,276 92,627 135,129 638,738 728 1,515,206 
Total loans to individuals607,910 646,331 284,047 161,425 194,929 711,519 962,235 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 September 30, 2022 follows (in thousands): 
As of September 30, 2022
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$4,164 $4,164 $— $— 
Healthcare41,438 34,951 6,487 946 
Services27,315 1,307 26,008 15,167 
General business2,753 2,753 — — 
Total commercial75,670 43,175 32,495 16,113 
Commercial real estate7,971 400 7,571 935 
Loans to individuals:    
Residential mortgage30,066 30,066 — — 
Residential mortgage guaranteed by U.S. government agencies
16,957 16,957 — — 
Personal136 136 — — 
Total loans to individuals47,159 47,159 — — 
Total$130,800 $90,734 $40,066 $17,048 


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 September 30, 2022 the Company had $240 million in TDRs, of which $176 million were accruing residential mortgage loans guaranteed by U.S. government agencies and $20 million were nonaccruing residential mortgage loans with no specific allowance necessary. Of the approximately $127 million of TDRs that are performing in accordance with the modified terms, $84 million are government guaranteed loans.

At December 31, 2021, the Company had $284 million in TDRs, of which $211 million were accruing residential mortgage loans guaranteed by U.S. government agencies. Of the approximately $152 million of TDRs that were performing in accordance with the modified terms, $84 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 nine months ended September 30, 2022, $5.4 million and $32 million of loans were restructured and $22 thousand and $101 thousand of loans designated as TDRs were charged off. During the three and nine months ended September 30, 2021, $18 million and $81 million of loans were restructured and $712 thousand and $994 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 September 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$3,371,588 $— $— $— $3,371,588 $— 
Healthcare3,811,313 524 — 14,786 3,826,623 — 
Services3,277,632 1,832 154 1,307 3,280,925 — 
General business3,127,305 590 547 108 3,128,550 — 
Total commercial13,587,838 2,946 701 16,201 13,607,686 — 
Commercial real estate4,473,593 — — 318 4,473,911 101 
Paycheck protection program20,211 — 3 19 20,233 19 
Loans to individuals:    
Residential mortgage1,840,017 5,203 1,397 5,219 1,851,836 — 
Residential mortgage guaranteed by U.S. government agencies
121,966 40,778 18,248 81,474 262,466 73,028 
Personal1,572,650 1,649 — 26 1,574,325 — 
Total loans to individuals3,534,633 47,630 19,645 86,719 3,688,627 73,028 
Total$21,616,275 $50,576 $20,349 $103,257 $21,790,457 $73,148 
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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):
 September 30, 2022December 31, 2021
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$145,360 $139,061 $182,710 $186,175 
Residential mortgage loan commitments75,779 693 171,412 6,167 
Forward sales contracts210,000 8,367 328,433 (47)
  $148,121  $192,295 

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

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended September 30,
 2022202120222021
Production revenue:  
Net realized gains (losses) on sale of mortgage loans$(1,072)$16,177 $8,969 $62,960 
Net change in unrealized gain (loss) on mortgage loans held for sale(6,244)(1,365)(9,764)(6,537)
Net change in the fair value of mortgage loan commitments(3,174)(1,953)(5,474)(12,186)
Net change in the fair value of forward sales contracts8,084 2,544 8,414 6,457 
Total production revenue(2,406)15,403 2,145 50,694 
Servicing revenue13,688 10,883 37,155 33,924 
Total mortgage banking revenue$11,282 $26,286 $39,300 $84,618 

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):
 September 30, 2022December 31, 2021
Number of residential mortgage loans serviced for others111,441 102,008 
Outstanding principal balance of residential mortgage loans serviced for others$19,023,295 $16,442,446 
Weighted average interest rate3.55 %3.58 %
Remaining term (in months)284281
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning Balance$270,312 $117,629 $163,198 $101,172 
Additions4,841 11,540 15,810 29,307 
Acquisitions1,043 — 45,910 — 
Change in fair value due to principal payments(8,960)(8,806)(24,277)(30,949)
Change in fair value due to market assumption changes16,570 12,945 83,165 33,778 
Ending Balance$283,806 $133,308 $283,806 $133,308 

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:
 September 30, 2022December 31, 2021
Discount rate – risk-free rate plus a market premium9.52%8.39%
Prepayment rate - based upon loan interest rate, original term and loan type7.49%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
$875 - $8,000
$1,000 - $4,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
4.09%1.32%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
1.92%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 to, 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 required 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 $25 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. The Tenth Circuit plaintiff petitioned the Supreme Court of the United States for certiorari which the Supreme Court denied. Both the Fifth and Tenth Circuit Actions are closed.

On March 7, 2020, three former employees sued BOKF, NA, the Plan Committee of the BOKF, NA 401k Plan, and Cavanal Hill Investment Management, Inc., a subsidiary of BOKF, NA, alleging that the defendants included proprietary investment products as investment options in the BOKF, NA 401k Plan, whose fees were too high and performance too low, for the purpose of earning fees. The action is brought as a putative class action on behalf of all Plan Participants. The action was settled pursuant to the offer and acceptance of the judgment for $30,000.

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 Court has denied pending motions for summary judgment, but motions to disqualify plaintiff's experts are pending. The matter is proceeding to trial. 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 September 30, 2022, the Company has $392 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 $103 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.
(7) Shareholders' Equity

On November 1, 2022, the Company declared a quarterly cash dividend of $0.54 per common share payable on or about November 25, 2022 to shareholders of record as of November 15, 2022.

Dividends declared were $0.53 and $1.59 per share during the three and nine months ended September 30, 2022 and $0.52 and $1.56 per share during the three and nine months ended September 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. 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)
(216,176)— — (216,176)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net
(3,152)— — (3,152)
Other comprehensive loss, before income taxes(219,328)— — (219,328)
Federal and state income taxes(52,632)— — (52,632)
Other comprehensive loss, net of income taxes(166,696)— — (166,696)
Balance, September 30, 2021$168,336 $— $836 $169,172 
Balance, Dec. 31, 2021$69,775 $— $2,596 $72,371 
Net change in unrealized gain (loss)
(1,293,661)— — (1,293,661)
Transfer of net unrealized loss from AFS to investment securities267,509 (267,509)— — 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 24,130 — 24,130 
Operating expense, Personnel— — (3,483)(3,483)
Gain on available for sale securities, net
(3,017)— — (3,017)
Other comprehensive loss, before income taxes(1,029,169)(243,379)(3,483)(1,276,031)
Federal and state income taxes(240,868)(56,960)(887)(298,715)
Other comprehensive loss, net of income taxes(788,301)(186,419)(2,596)(977,316)
Balance, September 30, 2022$(718,526)$(186,419)$— $(904,945)

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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Numerator:    
Net income attributable to BOK Financial Corp. shareholders$156,510 $188,322 $351,844 $500,803 
Less: Earnings allocated to participating securities1,161 1,351 2,562 3,458 
Numerator for basic earnings per share – income available to common shareholders
155,349 186,971 349,282 497,345 
Effect of reallocating undistributed earnings of participating securities— — — — 
Numerator for diluted earnings per share – income available to common shareholders
$155,349 $186,971 $349,282 $497,345 
Denominator:    
Weighted average shares outstanding67,503,041 68,852,688 67,902,592 69,243,562 
Less:  Participating securities included in weighted average shares outstanding
499,842 493,563 492,803 475,518 
Denominator for basic earnings per common share67,003,199 68,359,125 67,409,789 68,768,044 
Dilutive effect of employee stock compensation plans1,424 1,746 1,433 2,619 
Denominator for diluted earnings per common share67,004,623 68,360,871 67,411,222 68,770,663 
Basic earnings per share$2.32 $2.74 $5.18 $7.23 
Diluted earnings per share$2.32 $2.74 $5.18 $7.23 

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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$224,855 $17,482 $34,746 $39,242 $316,325 
Net interest revenue (expense) from internal sources
(17,951)26,469 (1,162)(7,356)— 
Net interest revenue206,904 43,951 33,584 31,886 316,325 
Net loans charged off and provision for credit losses(526)1,408 (22)14,140 15,000 
Net interest revenue after provision for credit losses
207,430 42,543 33,606 17,746 301,325 
Other operating revenue60,386 30,186 113,113 (13,987)189,698 
Other operating expense75,872 53,236 79,151 86,492 294,751 
Net direct contribution191,944 19,493 67,568 (82,733)196,272 
Gain (loss) on financial instruments, net4 (21,395)— 21,391 — 
Change in fair value of mortgage servicing rights— 16,570 — (16,570)— 
Gain (loss) on repossessed assets, net(158)— — 158 — 
Corporate expense allocations16,451 10,792 12,934 (40,177)— 
Net income (loss) before taxes175,339 3,876 54,634 (37,577)196,272 
Federal and state income taxes42,398 906 12,826 (16,449)39,681 
Net income (loss)132,941 2,970 41,808 (21,128)156,591 
Net income attributable to non-controlling interests— — — 81 81 
Net income (loss) attributable to BOK Financial Corp. shareholders$132,941 $2,970 $41,808 $(21,209)$156,510 
Average assets$28,890,429 $10,233,401 $13,818,299 $(7,822,927)$45,119,202 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$545,438 $51,183 $130,389 $131,744 $858,754 
Net interest revenue (expense) from internal sources(34,983)53,764 (3,290)(15,491)— 
Net interest revenue510,455 104,947 127,099 116,253 858,754 
Net loans charged off and provision for credit losses3,316 3,716 (153)8,121 15,000 
Net interest revenue after provision for credit losses
507,139 101,231 127,252 108,132 843,754 
Other operating revenue179,501 94,236 224,892 (52,458)446,171 
Other operating expense210,995 154,685 230,166 250,178 846,024 
Net direct contribution475,645 40,782 121,978 (194,504)443,901 
Gain (loss) on financial instruments, net(138)(95,150)— 95,288 — 
Change in fair value of mortgage servicing rights— 83,165 — (83,165)— 
Gain (loss) on repossessed assets, net(2,880)138 — 2,742 — 
Corporate expense allocations49,331 32,994 37,508 (119,833)— 
Net income (loss) before taxes423,296 (4,059)84,470 (59,806)443,901 
Federal and state income taxes103,198 (950)19,897 (30,145)92,000 
Net income (loss)320,098 (3,109)64,573 (29,661)351,901 
Net income attributable to non-controlling interests— — — 57 57 
Net income (loss) attributable to BOK Financial Corp. shareholders$320,098 $(3,109)$64,573 $(29,718)$351,844 
Average assets$29,324,596 $10,281,679 $17,320,779 $(9,290,763)$47,636,291 


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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2021 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$150,211 $16,967 $55,697 $57,352 $280,227 
Net interest revenue (expense) from internal sources(16,107)10,255 (501)6,353 — 
Net interest revenue134,104 27,222 55,196 63,705 280,227 
Net loans charged off and provision for credit losses2,807 928 (70)(26,665)(23,000)
Net interest revenue after provision for credit losses
131,297 26,294 55,266 90,370 303,227 
Other operating revenue92,511 44,401 97,888 (4,968)229,832 
Other operating expense68,301 49,483 87,498 85,995 291,277 
Net direct contribution155,507 21,212 65,656 (593)241,782 
Gain (loss) on financial instruments, net44 (5,949)— 5,905 — 
Change in fair value of mortgage servicing rights— 12,945 — (12,945)— 
Gain (loss) on repossessed assets, net(3,945)— — 3,945 — 
Corporate expense allocations11,769 11,516 10,110 (33,395)— 
Net income before taxes139,837 16,692 55,546 29,707 241,782 
Federal and state income taxes37,143 4,260 14,207 (1,549)54,061 
Net income
102,694 12,432 41,339 31,256 187,721 
Net loss attributable to non-controlling interests— — — (601)(601)
Net income attributable to BOK Financial Corp. shareholders$102,694 $12,432 $41,339 $31,857 $188,322 
Average assets$28,474,132 $10,083,593 $19,109,704 $(8,168,280)$49,499,149 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2021 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$457,953 $51,205 $157,217 $174,581 $840,956 
Net interest revenue (expense) from internal sources(62,941)21,936 (1,375)42,380 — 
Net interest revenue395,012 73,141 155,842 216,961 840,956 
Net loans charged off and provision for credit losses33,061 2,489 (153)(118,397)(83,000)
Net interest revenue after provision for credit losses
361,951 70,652 155,995 335,358 923,956 
Other operating revenue204,358 134,396 243,160 16,418 598,332 
Other operating expense206,630 157,558 245,685 268,340 878,213 
Net direct contribution359,679 47,490 153,470 83,436 644,075 
Gain (loss) on financial instruments, net111 (18,427)— 18,316 — 
Change in fair value of mortgage servicing rights— 33,778 — (33,778)— 
Gain (loss) on repossessed assets, net12,355 41 — (12,396)— 
Corporate expense allocations37,015 34,590 30,358 (101,963)— 
Net income before taxes335,130 28,292 123,112 157,541 644,075 
Federal and state income taxes90,130 7,214 31,488 16,107 144,939 
Net income
245,000 21,078 91,624 141,434 499,136 
Net loss attributable to non-controlling interests— — — (1,667)(1,667)
Net income attributable to BOK Financial Corp. shareholders
$245,000 $21,078 $91,624 $143,101 $500,803 
Average assets$28,228,824 $9,976,742 $18,987,236 $(7,193,540)$49,999,262 

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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 September 30, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $26,463 $— $26,463 $26,463 $— 
Customer hedging revenue
8,169 — 257 4,753 13,179 13,179 — 
Retail brokerage revenue
— — 3,839 (1)3,838 — 3,838 
Insurance brokerage revenue
— — 3,254 — 3,254 — 3,254 
Investment banking revenue
6,348 — 7,924 — 14,272 5,990 8,282 
Brokerage and trading revenue
14,517 — 41,737 4,752 61,006 45,632 15,374 
TransFund EFT network revenue21,243 910 (19)2 22,136 — 22,136 
Merchant services revenue1,917 8 — — 1,925 — 1,925 
Corporate card revenue1,711 — 99 103 1,913 — 1,913 
Transaction card revenue24,871 918 80 105 25,974 — 25,974 
Personal trust revenue— — 24,361 — 24,361 — 24,361 
Corporate trust revenue— — 6,513 — 6,513 — 6,513 
Institutional trust & retirement plan services revenue
— — 12,585 (1)12,584 — 12,584 
Investment management services and other revenue
— — 6,817 (85)6,732 — 6,732 
Fiduciary and asset management revenue
— — 50,276 (86)50,190 — 50,190 
Commercial account service charge revenue
13,361 473 480 — 14,314 — 14,314 
Overdraft fee revenue29 6,936 19 3 6,987 — 6,987 
Check card revenue
— 5,944 — (2)5,942 — 5,942 
Automated service charge and other deposit fee revenue
201 1,205 54 — 1,460 — 1,460 
Deposit service charges and fees
13,591 14,558 553 1 28,703 — 28,703 
Mortgage production revenue— (2,406)— — (2,406)(2,406)— 
Mortgage servicing revenue— 14,206 — (518)13,688 13,688 — 
Mortgage banking revenue— 11,800 — (518)11,282 11,282 — 
Other revenue5,168 2,954 20,467 (13,110)15,479 4,227 11,252 
Total fees and commissions revenue
$58,147 $30,230 $113,113 $(8,856)$192,634 $61,141 $131,493 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the nine months ended September 30, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $(15,594)$— $(15,594)$(15,594)$— 
Customer hedging revenue
28,888 — 1,379 6,983 37,250 37,250 — 
Retail brokerage revenue
— — 12,707 (1)12,706 — 12,706 
Insurance brokerage revenue
— — 9,810 — 9,810 — 9,810 
Investment banking revenue
16,775 — 17,023 — 33,798 15,461 18,337 
Brokerage and trading revenue
45,663 — 25,325 6,982 77,970 37,117 40,853 
TransFund EFT network revenue59,763 2,708 (55)5 62,421 — 62,421 
Merchant services revenue9,425 28 — — 9,453 — 9,453 
Corporate card revenue4,681 — 276 299 5,256 — 5,256 
Transaction card revenue73,869 2,736 221 304 77,130 — 77,130 
Personal trust revenue— — 74,834 — 74,834 — 74,834 
Corporate trust revenue— — 16,947 — 16,947 — 16,947 
Institutional trust & retirement plan services revenue
— — 37,726 — 37,726 — 37,726 
Investment management services and other revenue
— — 17,050 (130)16,920 — 16,920 
Fiduciary and asset management revenue— — 146,557 (130)146,427 — 146,427 
Commercial account service charge revenue
40,283 1,392 1,516 — 43,191 — 43,191 
Overdraft fee revenue89 19,673 63 4 19,829 — 19,829 
Check card revenue
— 17,502 — — 17,502 — 17,502 
Automated service charge and other deposit fee revenue
245 3,373 65 2 3,685 — 3,685 
Deposit service charges and fees
40,617 41,940 1,644 6 84,207 — 84,207 
Mortgage production revenue— 2,145 — — 2,145 2,145 — 
Mortgage servicing revenue— 38,650 — (1,495)37,155 37,155 — 
Mortgage banking revenue— 40,795 — (1,495)39,300 39,300 — 
Other revenue14,843 8,837 51,160 (36,232)38,608 19,402 19,206 
Total fees and commissions revenue
$174,992 $94,308 $224,907 $(30,565)$463,642 $95,819 $367,823 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2021.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $24,067 $1 $24,068 $24,068 $— 
Customer hedging revenue
6,720 — 26 184 6,930 6,930 — 
Retail brokerage revenue
— — 4,887 — 4,887 — 4,887 
Insurance brokerage revenue
— — 3,061 — 3,061 — 3,061 
Investment banking revenue
4,386 — 5,341 (743)8,984 3,045 5,939 
Brokerage and trading revenue
11,106 — 37,382 (558)47,930 34,043 13,887 
TransFund EFT network revenue19,280 920 (18)1 20,183 — 20,183 
Merchant services revenue3,051 12 — — 3,063 — 3,063 
Corporate card revenue1,260 — 45 81 1,386 — 1,386 
Transaction card revenue23,591 932 27 82 24,632 — 24,632 
Personal trust revenue— — 24,624 — 24,624 — 24,624 
Corporate trust revenue— — 3,814 — 3,814 — 3,814 
Institutional trust & retirement plan services revenue
— — 13,040 — 13,040 — 13,040 
Investment management services and other revenue
— — 3,815 (45)3,770 — 3,770 
Fiduciary and asset management revenue
— — 45,293 (45)45,248 — 45,248 
Commercial account service charge revenue
12,795 463 621 (2)13,877 — 13,877 
Overdraft fee revenue29 6,098 17 1 6,145 — 6,145 
Check card revenue
— 6,293 — 1 6,294 — 6,294 
Automated service charge and other deposit fee revenue
24 1,068 21 — 1,113 — 1,113 
Deposit service charges and fees
12,848 13,922 659 — 27,429 — 27,429 
Mortgage production revenue— 15,403 — — 15,403 15,403 — 
Mortgage servicing revenue— 11,347 — (464)10,883 10,883 — 
Mortgage banking revenue— 26,750 — (464)26,286 26,286 — 
Other revenue8,907 2,801 14,605 (7,417)18,896 13,092 5,804 
Total fees and commissions revenue
$56,452 $44,405 $97,966 $(8,402)$190,421 $73,421 $117,000 
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 nine months ended September 30, 2021.
CommercialConsumerWealth Management
Funds Management & Other3
Consolidated
Out of Scope1
In Scope2
Trading revenue$— $— $40,785 $— $40,785 $40,785 $— 
Customer hedging revenue
16,620 — 172 (5,465)11,327 11,327 — 
Retail brokerage revenue
— — 14,156 — 14,156 — 14,156 
Insurance brokerage revenue
— — 8,973 — 8,973 — 8,973 
Investment banking revenue
10,579 — 13,735 (1,435)22,879 7,815 15,064 
Brokerage and trading revenue
27,199 — 77,821 (6,900)98,120 59,927 38,193 
TransFund EFT network revenue57,097 2,678 (48)4 59,731 — 59,731 
Merchant services revenue8,751 45 — — 8,796 — 8,796 
Corporate card revenue3,127 — 110 221 3,458 — 3,458 
Transaction card revenue68,975 2,723 62 225 71,985 — 71,985 
Personal trust revenue— — 71,757 (1)71,756 — 71,756 
Corporate trust revenue— — 11,038 — 11,038 — 11,038 
Institutional trust & retirement plan services revenue
— — 38,478 — 38,478 — 38,478 
Investment management services and other revenue
— — 10,261 (131)10,130 — 10,130 
Fiduciary and asset management revenue
— — 131,534 (132)131,402 — 131,402 
Commercial account service charge revenue
37,493 1,366 1,809 (2)40,666 — 40,666 
Overdraft fee revenue77 15,649 53 3 15,782 — 15,782 
Check card revenue
— 17,650 — — 17,650 — 17,650 
Automated service charge and other deposit fee revenue
75 3,260 64 2 3,401 — 3,401 
Deposit service charges and fees
37,645 37,925 1,926 3 77,499 — 77,499 
Mortgage production revenue— 50,694 — — 50,694 50,694 — 
Mortgage servicing revenue— 35,292 — (1,368)33,924 33,924 — 
Mortgage banking revenue— 85,986 — (1,368)84,618 84,618 — 
Other revenue35,848 7,785 31,148 (16,417)58,364 46,276 12,088 
Total fees and commissions revenue
$169,667 $134,419 $242,491 $(24,589)$521,988 $190,821 $331,167 
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.
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(11) Fair Value Measurements

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

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

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

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

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

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the nine months ended September 30, 2022 and 2021, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the nine months ended September 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 September 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 September 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$8,757 $8,757 $— $— 
Residential agency mortgage-backed securities2,138,527 — 2,138,527 — 
Municipal securities22,611 — 22,611 — 
Other trading securities24,723 — 24,723 — 
Total trading securities2,194,618 8,757 2,185,861 — 
Available for sale securities:    
U.S. Treasury890 890 — — 
Municipal securities619,349 — 619,349 — 
Residential agency mortgage-backed securities4,894,569 — 4,894,569 — 
Residential non-agency mortgage-backed securities506,394 — 506,394 — 
Commercial agency mortgage-backed securities
4,019,220 — 4,019,220 — 
Other debt securities472 — — 472 
Total available for sale securities10,040,894 890 10,039,532 472 
Fair value option securities – Residential agency mortgage-backed securities33,966 — 33,966 — 
Residential mortgage loans held for sale1
148,121 — 140,211 7,910 
Mortgage servicing rights2
283,806 — — 283,806 
Derivative contracts, net of cash collateral1,693,742 — 1,693,742 — 
Liabilities: 
Derivative contracts, net of cash collateral821,275 — 821,275 — 
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 82.57% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.


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




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

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

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at September 30, 2022 for which the fair value was adjusted during the nine months ended September 30, 2022:
Fair Value Adjustments for the
 Carrying Value at September 30, 2022Three Months Ended
Sep. 30, 2022 Recognized in:		Nine Months Ended
Sep. 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$— $159 $126 $22 $— $499 $— 
Real estate and other repossessed assets
— 649 1,699 — — — (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 September 30, 2021 for which the fair value was adjusted during the nine months ended September 30, 2021:
Fair Value Adjustments for the
 Carrying Value at September 30, 2021Three Months Ended
Sep. 30, 2021 Recognized in:		Nine Months Ended
Sep. 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$— $63 $12,538 $6,929 $— $17,466 $— 
Real estate and other repossessed assets
— 1,706 — — — — (150)

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 September 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 September 30, 2021 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$12,538 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
1% - 97% (23%)1
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 September 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$804,110 $804,110 $804,110 804110000$— $— 
Interest-bearing cash and cash equivalents804,799 804,799 804,799 — — 
Trading securities:
U.S. government securities8,757 8,757 8,757 — — 
Residential agency mortgage-backed securities2,138,527 2,138,527 — 2,138,527 — 
Municipal securities22,611 22,611 — 22,611 — 
Other trading securities24,723 24,723 — 24,723 — 
Total trading securities2,194,618 2,194,618 8,757 2,185,861 — 
Investment securities:  
Municipal securities173,113 176,990 — 40,046 136,944 
Residential agency mortgage-backed securities2,373,039 2,205,333 — 2,205,333 — 
Commercial agency mortgage-backed securities15,532 14,437 — 14,437 — 
Other debt securities11,288 11,006 — 11,006 — 
Total investment securities2,572,972 2,407,766 — 2,270,822 136,944 
Allowance for credit losses(612)— — — — 
Investment securities, net of allowance2,572,360 2,407,766 — 2,270,822 136,944 
Available for sale securities:  
U.S. Treasury890 890 890 — — 
Municipal securities619,349 619,349 — 619,349 — 
Residential agency mortgage-backed securities4,894,569 4,894,569 — 4,894,569 — 
Residential non-agency mortgage-backed securities506,394 506,394 — 506,394 — 
Commercial agency mortgage-backed securities
4,019,220 4,019,220 — 4,019,220 — 
Other debt securities472 472 — — 472 
Total available for sale securities10,040,894 10,040,894 890 10,039,532 472 
Fair value option securities – Residential agency mortgage-backed securities33,966 33,966 — 33,966 — 
Residential mortgage loans held for sale148,121 148,121 — 140,211 7,910 
Loans:  
Commercial13,607,686 13,279,531 — — 13,279,531 
Commercial real estate4,473,911 4,318,977 — — 4,318,977 
Paycheck protection program20,233 20,233 — — 20,233 
Loans to individuals3,688,627 3,463,547 — — 3,463,547 
Total loans21,790,457 21,082,288 — — 21,082,288 
Allowance for loan losses(241,768)— — — — 
Loans, net of allowance21,548,689 21,082,288 — — 21,082,288 
Mortgage servicing rights283,806 283,806 — — 283,806 
Derivative instruments with positive fair value, net of cash collateral
1,693,742 1,693,742 — 1,693,742 — 
Deposits with no stated maturity34,956,772 34,956,772 — — 34,956,772 
Time deposits1,459,143 1,429,354 — — 1,429,354 
Other borrowed funds861,885 859,317 — — 859,317 
Subordinated debentures131,168 124,153 — 124,153 — 
Derivative instruments with negative fair value, net of cash collateral
821,275 821,275 — 821,275 — 

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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 September 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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Nine-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data)Nine Months Ended
 September 30, 2022September 30, 2021
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$879,657 $5,730 0.87 %$684,279 $577 0.11 %
Trading securities5,274,507 86,822 1.99 %7,339,417 111,677 2.02 %
Investment securities1,142,177 15,267 1.78 %225,541 8,404 4.97 %
Available for sale securities11,875,378 176,044 1.92 %13,374,513 175,060 1.83 %
Fair value option securities55,597 1,214 2.89 %75,101 1,240 2.31 %
Restricted equity securities168,656 5,194 4.11 %214,903 4,675 2.90 %
Residential mortgage loans held for sale153,350 4,637 4.04 %197,466 4,223 2.89 %
Loans21,044,363 651,764 4.14 %21,917,244 588,577 3.59 %
Allowance for loan losses(247,083)(344,429)
Loans, net of allowance20,797,280 651,764 4.19 %21,572,815 588,577 3.65 %
Total earning assets
40,346,602 946,672 3.07 %43,684,035 894,433 2.77 %
Receivable on unsettled securities sales350,058 694,530 
Cash and other assets6,939,631 5,620,697 
Total assets$47,636,291 $49,999,262 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$21,107,446 $48,063 0.30 %$21,453,439 $16,864 0.11 %
Savings969,280 284 0.04 %850,455 278 0.04 %
Time1,456,389 7,828 0.72 %1,920,436 8,798 0.61 %
Total interest-bearing deposits23,533,115 56,175 0.32 %24,224,330 25,940 0.14 %
Funds purchased and repurchase agreements1,338,711 7,751 0.77 %2,018,162 2,792 0.18 %
Other borrowings1,327,622 13,364 1.35 %3,179,166 8,702 0.37 %
Subordinated debentures131,215 4,452 4.54 %255,343 9,205 4.82 %
Total interest-bearing liabilities26,330,663 81,742 0.42 %29,677,001 46,639 0.21 %
Non-interest bearing demand deposits15,123,552 13,062,720 
Due on unsettled securities purchases409,598 858,302 
Other liabilities888,641 1,051,535 
Total equity4,883,837 5,349,704 
Total liabilities and equity$47,636,291 $49,999,262 
Tax-equivalent Net Interest Revenue$864,930 2.65 %$847,794 2.56 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.80 %2.63 %
Less tax-equivalent adjustment6,176 6,838 
Net Interest Revenue858,754 840,956 
Provision for credit losses
15,000 (83,000)
Other operating revenue446,171 598,332 
Other operating expense846,024 878,213 
Income before taxes443,901 644,075 
Federal and state income taxes92,000 144,939 
Net income351,901 499,136 
Net income (loss) attributable to non-controlling interests
57 (1,667)
Net income attributable to BOK Financial Corp. shareholders
$351,844 $500,803 
Earnings Per Average Common Share Equivalent:
      
Net income:      
Basic $5.18   $7.23  
Diluted $5.18   $7.23  
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.
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Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data)Three Months Ended
 September 30, 2022June 30, 2022
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$748,263 $3,520 1.87 %$843,619 $1,737 0.83 %
Trading securities3,178,068 22,772 2.72 %4,166,954 23,009 2.00 %
Investment securities, net of allowance2,593,989 9,207 1.42 %610,983 3,585 2.35 %
Available for sale securities10,306,257 59,144 2.21 %12,258,072 58,882 1.84 %
Fair value option securities36,846 286 2.98 %54,832 437 2.92 %
Restricted equity securities173,656 2,703 6.23 %167,732 1,384 3.30 %
Residential mortgage loans held for sale132,685 1,684 5.05 %148,183 1,559 4.22 %
Loans21,599,232 265,997 4.89 %21,057,714 205,694 3.92 %
Allowance for loan losses(241,136)(246,064)
Loans, net of allowance21,358,096 265,997 4.94 %20,811,650 205,694 3.96 %
Total earning assets
38,527,860 365,313 3.71 %39,062,025 296,287 2.96 %
Receivable on unsettled securities sales219,113 457,165 
Cash and other assets6,372,229 7,769,208 
Total assets$45,119,202 $47,288,398 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$19,556,806 $31,266 0.63 %$21,037,294 $11,454 0.22 %
Savings978,596 135 0.05 %981,493 76 0.03 %
Time1,409,069 3,314 0.93 %1,373,036 2,332 0.68 %
Total interest-bearing deposits21,944,471 34,715 0.63 %23,391,823 13,862 0.24 %
Funds purchased and repurchase agreements800,759 1,445 0.72 %1,224,134 1,608 0.53 %
Other borrowings1,528,887 8,988 2.33 %1,301,358 3,286 1.01 %
Subordinated debentures131,199 1,677 5.07 %131,219 1,473 4.50 %
Total interest-bearing liabilities24,405,316 46,825 0.76 %26,048,534 20,229 0.31 %
Non-interest bearing demand deposits15,105,305 15,202,597 
Due on unsettled securities purchases331,428 380,332 
Other liabilities501,731 924,605 
Total equity4,775,422 4,732,330 
Total liabilities and equity$45,119,202 $47,288,398 
Tax-equivalent Net Interest Revenue$318,488 2.95 %$276,058 2.65 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.24 %2.76 %
Less tax-equivalent adjustment2,163 2,040 
Net Interest Revenue316,325 274,018 
Provision for credit losses
15,000 — 
Other operating revenue189,698 168,617 
Other operating expense294,751 273,655 
Income before taxes196,272 168,980 
Federal and state income taxes39,681 36,122 
Net income156,591 132,858 
Net income (loss) attributable to non-controlling interests
81 12 
Net income attributable to BOK Financial Corp. shareholders
$156,510 $132,846 
Earnings Per Average Common Share Equivalent:
      
Basic $2.32   $1.96  
Diluted $2.32   $1.96  
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.
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(In Thousands, Except Per Share Data)Three Months Ended
March 31, 2022December 31, 2021
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$1,050,409 $473 0.18 %$1,208,552 $483 0.16 %
Trading securities8,537,390 41,041 1.71 %9,260,778 44,537 1.89 %
Investment securities, net of allowance195,198 2,475 5.07 %213,188 2,661 4.99 %
Available for sale securities13,092,422 58,018 1.77 %13,247,607 55,638 1.72 %
Fair value option securities75,539 491 2.81 %46,458 302 2.71 %
Restricted equity securities164,484 1,107 2.69 %137,874 1,028 2.98 %
Residential mortgage loans held for sale179,697 1,394 3.11 %163,433 1,242 3.06 %
Loans20,463,662 180,073 3.57 %20,242,653 188,547 3.70 %
Allowance for loan losses(254,191)(271,794)
Loans, net of allowance20,209,471 180,073 3.61 %19,970,859 188,547 3.75 %
Total earning assets
43,504,610 285,072 2.58 %44,248,749 294,438 2.66 %
Receivable on unsettled securities sales375,616 585,901 
Cash and other assets6,680,848 5,769,406 
Total assets$50,561,074 $50,604,056 
Liabilities and equity
Interest-bearing deposits:
Transaction$22,763,479 $5,343 0.10 %$22,326,401 $5,097 0.09 %
Savings947,407 73 0.03 %909,131 96 0.04 %
Time1,589,039 2,182 0.56 %1,747,715 2,351 0.53 %
Total interest-bearing deposits25,299,925 7,598 0.12 %24,983,247 7,544 0.12 %
Funds purchased and repurchase agreements2,004,466 4,698 0.95 %2,893,128 5,292 0.73 %
Other borrowings1,148,440 1,090 0.38 %880,837 1,091 0.49 %
Subordinated debentures131,228 1,302 4.02 %131,224 1,330 4.02 %
Total interest-bearing liabilities28,584,059 14,688 0.21 %28,888,436 15,257 0.21 %
Non-interest bearing demand deposits15,062,282 14,818,841 
Due on unsettled securities purchases519,097 629,642 
Other liabilities1,247,785 898,848 
Total equity5,147,851 5,368,289 
Total liabilities and equity$50,561,074 $50,604,056 
Tax-equivalent Net Interest Revenue$270,384 2.37 %$279,181 2.45 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.44 %2.52 %
Less tax-equivalent adjustment1,973 2,104 
Net Interest Revenue268,411 277,077 
Provision for credit losses
— (17,000)
Other operating revenue87,856 157,443 
Other operating expense277,618 299,495 
Income before taxes78,649 152,025 
Federal and state income taxes16,197 34,836 
Net income62,452 117,189 
Net income (loss) attributable to non-controlling interests
(36)(129)
Net income attributable to BOK Financial Corp. shareholders
$62,488 $117,318 
Earnings Per Average Common Share Equivalent:
Basic $0.91   $1.71  
Diluted $0.91   $1.71  
Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
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(In Thousands, Except Per Share Data)Three Months Ended
September 30, 2021
Average BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$682,788 $245 0.14 %
Trading securities7,617,236 39,006 2.04 %
Investment securities, net of allowance218,117 2,740 5.02 %
Available for sale securities13,446,095 57,391 1.80 %
Fair value option securities56,307 342 2.62 %
Restricted equity securities245,485 1,565 2.55 %
Residential mortgage loans held for sale167,620 1,274 3.06 %
Loans20,848,608 193,117 3.68 %
Allowance for loan losses(306,125)
Loans, net of allowance20,542,483 193,117 3.73 %
Total earning assets
42,976,131 295,680 2.78 %
Receivable on unsettled securities sales632,539 
Cash and other assets5,890,479 
Total assets$49,499,149 
Liabilities and equity
Interest-bearing deposits:
Transaction$21,435,736 $5,002 0.09 %
Savings888,011 96 0.04 %
Time1,839,983 2,567 0.55 %
Total interest-bearing deposits24,163,730 7,665 0.13 %
Funds purchased and repurchase agreements1,448,800 722 0.20 %
Other borrowings2,546,083 2,344 0.37 %
Subordinated debentures214,654 2,505 4.63 %
Total interest-bearing liabilities28,373,267 13,236 0.19 %
Non-interest bearing demand deposits13,670,656 
Due on unsettled securities purchases957,538 
Other liabilities1,054,247 
Total equity5,443,441 
Total liabilities and equity$49,499,149 
Tax-equivalent Net Interest Revenue$282,444 2.59 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.66 %
Less tax-equivalent adjustment2,217 
Net Interest Revenue280,227 
Provision for credit losses
(23,000)
Other operating revenue229,832 
Other operating expense291,277 
Income before taxes241,782 
Federal and state income taxes54,061 
Net income187,721 
Net income (loss) attributable to non-controlling interests
(601)
Net income attributable to BOK Financial Corp. shareholders
$188,322 
Earnings Per Average Common Share Equivalent:
Basic$2.74 
Diluted$2.74 
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 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Sep. 30, 2022June 30, 2022Mar. 31, 2022Dec. 31, 2021Sep. 30, 2021
Interest revenue$363,150 $294,247 $283,099 $292,334 $293,463 
Interest expense46,825 20,229 14,688 15,257 13,236 
Net interest revenue316,325 274,018 268,411 277,077 280,227 
Provision for credit losses15,000 — — (17,000)(23,000)
Net interest revenue after provision for credit losses
301,325 274,018 268,411 294,077 303,227 
Other operating revenue     
Brokerage and trading revenue61,006 44,043 (27,079)14,869 47,930 
Transaction card revenue25,974 26,940 24,216 24,998 24,632 
Fiduciary and asset management revenue50,190 49,838 46,399 46,872 45,248 
Deposit service charges and fees28,703 28,500 27,004 26,718 27,429 
Mortgage banking revenue11,282 11,368 16,650 21,278 26,286 
Other revenue15,479 12,684 10,445 11,586 18,896 
Total fees and commissions192,634 173,373 97,635 146,321 190,421 
Other gains (losses), net979 (7,639)(1,644)6,081 31,091 
Loss on derivatives, net(17,009)(13,569)(46,981)(4,788)(5,760)
Gain (loss) on fair value option securities, net(4,368)(2,221)(11,201)1,418 (120)
Change in fair value of mortgage servicing rights16,570 17,485 49,110 7,859 12,945 
Gain on available for sale securities, net892 1,188 937 552 1,255 
Total other operating revenue189,698 168,617 87,856 157,443 229,832 
Other operating expense     
Personnel170,348 154,923 159,228 174,474 175,863 
Business promotion6,127 6,325 6,513 6,452 4,939 
Charitable contributions to BOKF Foundation— — — 5,000 — 
Professional fees and services14,089 12,475 11,413 14,129 12,436 
Net occupancy and equipment29,296 27,489 30,855 26,897 28,395 
Insurance4,306 4,728 4,283 3,889 3,712 
Data processing and communications41,743 41,280 39,836 39,358 38,371 
Printing, postage and supplies4,349 3,929 3,689 2,935 3,558 
Amortization of intangible assets3,943 4,049 3,964 4,438 4,488 
Mortgage banking costs9,504 9,437 7,877 8,667 8,962 
Other expense11,046 9,020 9,960 13,256 10,553 
Total other operating expense294,751 273,655 277,618 299,495 291,277 
Net income before taxes196,272 168,980 78,649 152,025 241,782 
Federal and state income taxes39,681 36,122 16,197 34,836 54,061 
Net income156,591 132,858 62,452 117,189 187,721 
Net income (loss) attributable to non-controlling interests
81 12 (36)(129)(601)
Net income attributable to BOK Financial Corporation shareholders
$156,510 $132,846 $62,488 $117,318 $188,322 
Earnings per share:     
Basic$2.32$1.96$0.91$1.71$2.74
Diluted$2.32$1.96$0.91$1.71$2.74
Average shares used in computation:
Basic67,003,199 67,453,748 67,812,400 68,069,160 68,359,125 
Diluted67,004,623 67,455,172 67,813,851 68,070,910 68,360,871 


- 102 -

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 September 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
July 1 to July 31, 202225,000 $87.70 25,000 871,569 
August 1 to August 31, 2022523,034 $91.37 523,034 348,535 
September 1 to September 30, 2022— $— — 348,535 
Total548,034  548,034  
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 September 30, 2022, the Company had repurchased 4,651,465 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.
- 103 -

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:        November 2, 2022                                                                  


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

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

- 104 -

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