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BOK Financial
BOKF
#2243
Rank
$8.49 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$134.37
Share price
-0.18%
Change (1 day)
23.30%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q2

BOK Financial - 10-Q quarterly report FY2023 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00006 per shareBOKFNasdaq Stock Market

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: 66,369,208 shares of common stock ($.00006 par value) as of June 30, 2023.

BOK Financial Corporation
Form 10-Q
Quarter Ended June 30, 2023

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)
Six Month Financial Summary – Unaudited (Item 2)
Quarterly Financial Summary – Unaudited (Item 2)
Quarterly Earnings Trend – Unaudited
  
Part II.  Other Information
Item 1.  Legal Proceedings
Item 1A. Risk Factors
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
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 $151.3 million or $2.27 per diluted share for the second quarter of 2023 compared to $162.4 million or $2.43 per diluted share for the first quarter of 2023. Pre-provision net revenue ("PPNR"), a non-GAAP measure, decreased $12.0 million to $212.3 million compared to the first quarter of 2023.

Highlights of the second quarter of 2023 compared to the first quarter of 2023 included:

•Net interest revenue totaled $322.3 million, a decrease of $30.1 million compared to the prior quarter. Net interest margin was 3.00 percent for the second quarter of 2023 compared to 3.45 percent for the prior quarter. Growth in low-spread trading assets drove a 9 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 36 basis point reduction.
•Fees and commissions revenue totaled $200.5 million, an increase of $14.5 million. Brokerage and trading revenue increased $12.6 million, largely driven by higher U.S. government agency mortgage-backed securities and related derivative contracts trading volumes, while fiduciary and asset management revenue grew $2.3 million.
•The net cost of the changes in fair value of mortgage servicing rights and related economic hedges was $1.2 million for the second quarter of 2023 compared to $10.5 million for the first quarter of 2023.
•Other operating expense totaled $318.7 million, an increase of $12.9 million. Personnel expense increased $8.5 million. Growth in regular compensation related to our annual merit increases and higher cash-based incentive compensation reflecting sales activity was partially offset by lower seasonal employee benefits costs. Non-personnel expense increased $4.4 million, led by higher seasonal mortgage banking costs.
•Period-end outstanding loan balances totaled $23.2 billion at June 30, 2023, growing $488 million over March 31, 2023, largely due to growth in commercial and commercial real estate loans secured by multifamily residential properties. Average loan balances increased $413 million to $22.9 billion.
•We recorded a $17.0 million provision for expected credit losses in the second quarter of 2023, primarily related to higher assumed commercial real estate vacancy rates during the forecast period and overall loan portfolio growth during the quarter. We recorded a $16.0 million provision for expected credit losses in the first quarter of 2023, as key economic factors in the base case, including projected West Texas Intermediate ("WTI") oil prices and commercial real estate vacancy rates, were less favorable to economic growth. The combined allowance for credit losses totaled $323 million or 1.39 percent of outstanding loans at June 30, 2023. The combined allowance for credit losses was $312 million or 1.37 percent of outstanding loans at March 31, 2023.
•Nonperforming assets not guaranteed by U.S. government agencies increased $6.4 million compared to March 31, 2023. Potential problem loans decreased $28 million while other loans especially mentioned fell $17 million. Net charge-offs were $6.7 million or 0.12 percent of average loans on an annualized basis for the second quarter of 2023. Net charge-offs were 0.10 percent of average loans over the last four quarters. Net charge-offs were $769 thousand or 0.01 percent of average loans on an annualized basis for the first quarter of 2023.
•Period-end deposits were $33.3 billion at June 30, 2023, a $714 million increase over March 31, 2023. Average deposits decreased $1.1 billion, including a $1.4 billion reduction in demand deposit balances and a $295 million increase in average interest-bearing deposits. The loan to deposit ratio was 70 percent at June 30, 2023, consistent with March 31, 2023.
•Assets under management or administration totaled $103.6 billion at June 30, 2023, growing $1.3 billion over March 31, 2023.
•The Company's tangible common equity ratio, a non-GAAP measure, was 7.79 percent at June 30, 2023 and 8.46 percent at March 31, 2023. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all securities portfolio losses, including the tax adjusted losses in the investment portfolio, the tangible common equity ratio would be 7.49 percent at June 30, 2023 and 8.22 percent at March 31, 2023.
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•The common equity Tier 1 capital ratio at June 30, 2023 was 12.13 percent. Other regulatory capital ratios include the Tier 1 capital ratio at 12.13 percent, total capital ratio at 13.24 percent, and leverage ratio at 9.75 percent. At March 31, 2023, the common equity Tier 1 capital ratio was 12.19 percent, the Tier 1 capital ratio was 12.20 percent, total capital ratio was 13.21 percent, and leverage ratio was 9.94 percent.
•The Company repurchased 266,000 shares of common stock at an average price of $84.08 per share in the second quarter of 2023 and 447,071 shares at an average price of $98.64 in the first quarter of 2023. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
•The Company paid a regular cash dividend of $35.9 million or $0.54 per common share during the second quarter of 2023. On August 1, 2023, the board of directors approved a quarterly cash dividend of $0.54 per common share payable on or about August 30, 2023 to shareholders of record as of August 15, 2023.
Highlights of the six months ended June 30, 2023 compared to the six months ended June 30, 2022 included:
•Tax-equivalent net interest revenue totaled $679.1 million for the six months ended June 30, 2023 and $546.4 million for the six months ended June 30, 2022. Net interest revenue increased $163.6 million from changes in interest rates and decreased $31.0 million from changes in earning assets. Net interest margin was 3.22 percent compared to 2.60 percent. In response to rising inflation, the Federal Reserve increased the federal funds rate 500 basis points since the beginning of 2022. The resulting impact on market interest rates increased net interest margin as our earning assets, led by our significant percentage of variable-rate commercial loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. Loan yields increased 310 basis points and funding costs increased 261 basis points. Average earning assets increased $491 million to $41.8 billion with higher average loans and investment securities balances, partially offset by lower trading securities and available for sale securities balances. In the second quarter of 2022, we transferred $2.4 billion of U.S. government agency mortgage-backed securities from available for sale to the investment securities portfolio to limit the effect of future rate increases on the tangible common equity ratio. Other borrowed funds increased $4.8 billion while total interest-bearing deposits decreased $3.1 billion.
•Fees and commissions revenue totaled $386.5 million for the six months ended June 30, 2023, a $115.5 million increase over the six months ended June 30, 2022. Brokerage and trading revenue increased $100.4 million, primarily due to disruptions in the fixed income markets related to economic uncertainty in the first part of 2022. Fiduciary and asset management revenue increased $7.4 million, led by growth in mutual fund fees and Cavanal Hill fund fees. Other revenue increased $8.1 million, primarily related to higher margin interest fees.
•Total operating expense was $624.5 million for the six months ended June 30, 2023, an increase of $73.2 million compared to the six months ended June 30, 2022. Personnel expense increased $58.6 million. Regular compensation increased $19.5 million, largely related to annual merit increases and salary adjustments, while cash-based incentive compensation grew $16.1 million due to higher sales activity. Share-based compensation expense increased $7.1 million reflecting changes in assumptions of certain performance-based equity awards. Non-personnel expense increased $14.6 million to $251.7 million, largely related to higher data processing costs related to on-going technology projects and FDIC insurance costs following increased assessment rates in 2023.
•We recorded a $33.0 million provision for expected credit losses in the six months ended June 30, 2023, primarily due to key economic factors, including projected commercial real estate vacancy rates and projected West Texas Intermediate ("WTI") oil prices being less favorable to economic growth and growth in the loan portfolio. No provision for expected credit losses was necessary for the six months ended June 30, 2022.
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Results of Operations
Net Interest Revenue and Net Interest Margin

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

Tax-equivalent net interest revenue totaled $324.5 million for the second quarter of 2023, compared to $354.6 million for the prior quarter. Compared to the first quarter of 2023, net interest revenue decreased $24.4 million from changes in interest rates and $5.8 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 increased $2.0 billion compared to the first quarter of 2023. The average balance of trading securities increased $1.2 billion due to favorable market opportunities. Average loan balances increased $413 million, largely due to growth in commercial and commercial real estate loans. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, increased $295 million. Average interest-bearing cash and cash equivalents grew $92 million.

Total average deposits declined by $1.1 billion compared to the first quarter of 2023, including a $1.4 billion decrease in demand deposits, partially offset by a $295 million increase in interest-bearing deposits. Funds purchased and repurchase agreements grew $1.9 billion while other borrowings increased $763 million.

Net interest margin was 3.00 percent compared to 3.45 percent in the first quarter of 2023. Growth in our trading assets drove a 9 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 36 basis point reduction. In recent prior quarters, the rapid pace of market interest rate increases grew net interest margin as our earning assets, led by our significant percentage of variable-rate loans, repriced at a higher rate and faster pace than our interest-bearing liabilities. In the past two quarters, deposit price competition and liability mix shift have driven compression in the net interest margin. The tax-equivalent yield on earning assets was 5.29 percent, an increase of 23 basis points. Loan yields grew 36 basis points to 7.03 percent. The available for sale securities portfolio yield increased 13 basis points to 3.00 percent. The yield on interest-bearing cash and cash equivalents increased 113 basis points to 5.41 percent.

Funding costs were 3.27 percent, an 84 basis point increase over the prior quarter. The cost of interest-bearing deposits increased 73 basis points to 2.56 percent. The cost of funds purchased and repurchase agreements increased 125 basis points to 4.58 percent while the cost of other borrowings increased 39 basis points to 5.12 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 98 basis points, an increase of 16 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 80 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 is asset sensitive, which means that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market-rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

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

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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
June 30, 2023 / Mar. 31, 2023
Six Months Ended
June 30, 2023 / 2022
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$3,046 $1,145 $1,901 $13,848 $(3,779)$17,627 
Trading securities13,809 13,991 (182)17,905 (54,033)71,938 
Investment securities
(358)(277)(81)11,616 21,608 (9,992)
Available for sale securities
5,737 1,795 3,942 67,061 (4,870)71,931 
Fair value option securities(777)(705)(72)6,081 4,155 1,926 
Restricted equity securities
621 635 (14)9,746 4,376 5,370 
Residential mortgage loans held for sale
113 103 10 (882)(2,159)1,277 
Loans31,362 9,027 22,335 384,847 50,704 334,143 
Total tax-equivalent interest revenue53,553 25,714 27,839 510,222 16,002 494,220 
Interest expense:
Transaction deposits31,336 (1,011)32,347 190,411 (20,606)211,017 
Savings deposits242 (14)256 589 (18)607 
Time deposits9,814 3,930 5,884 19,480 2,446 17,034 
Funds purchased and repurchase agreements27,455 18,922 8,533 50,049 13,645 36,404 
Other borrowings14,728 9,669 5,059 115,528 51,496 64,032 
Subordinated debentures150 11 139 1,513 (2)1,515 
Total interest expense83,725 31,507 52,218 377,570 46,961 330,609 
Tax-equivalent net interest revenue(30,172)(5,793)(24,379)132,652 (30,959)163,611 
Change in tax-equivalent adjustment(85)472 
Net interest revenue$(30,087)$132,180 
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 $209.0 million for the second quarter of 2023, an increase of $31.2 million compared to the first quarter of 2023.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Brokerage and trading revenue
$65,006 $52,396 $12,610 24 %$117,402 $16,964 $100,438 592 %
Transaction card revenue26,003 25,621 382 1 %51,624 51,156 468 1 %
Fiduciary and asset management revenue
52,997 50,657 2,340 5 %103,654 96,237 7,417 8 %
Deposit service charges and fees
27,100 25,968 1,132 4 %53,068 55,504 (2,436)(4)%
Mortgage banking revenue15,141 14,367 774 5 %29,508 28,018 1,490 5 %
Other revenue14,250 16,970 (2,720)(16)%31,220 23,129 8,091 35 %
Total fees and commissions revenue
200,497 185,979 14,518 8 %386,476 271,008 115,468 43 %
Other gains (losses), net12,618 2,251 10,367 N/A14,869 (9,283)24,152 N/A
Loss on derivatives, net(8,159)(1,344)(6,815)N/A(9,503)(60,550)51,047 N/A
Loss on fair value option securities, net(2,158)(2,962)804 N/A(5,120)(13,422)8,302 N/A
Change in fair value of mortgage servicing rights
9,261 (6,059)15,320 N/A3,202 66,595 (63,393)N/A
Gain (loss) on available for sale securities, net(3,010)— (3,010)N/A(3,010)2,125 (5,135)N/A
Total other operating revenue
$209,049 $177,865 $31,184 18 %$386,914 $256,473 $130,441 51 %
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 second quarter of 2023, 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 diversification to changes resulting from market or economic conditions such as 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 affect 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. 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, 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 $12.6 million or 24 percent compared to the first quarter of 2023.

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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 was $36.9 million, a $9.3 million increase over the prior quarter, largely due to a higher volume of U.S. agency residential mortgage-backed securities and related derivative contracts trading volumes.

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 Risk Management 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 $13.6 million, an increase of $5.3 million, driven by energy customer activity. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $8.3 million for the second quarter of 2023, a decrease of $1.0 million compared to the first quarter of 2023, primarily related to the timing and volume of transactions. A reduction in syndication activity was partially offset by higher underwriting fees.
Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions and interchange fees from our corporate card program. Transaction card revenue totaled $26.0 million for the second quarter of 2023, relatively consistent with the prior quarter.
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. Fiduciary and asset management revenue is largely 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 grew $2.3 million over the first quarter of 2023, led by higher seasonal tax preparation fee income.

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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
(Dollars in thousands)
Three Months Ended
June 30, 2023March 31, 2023
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,687,370 $26,741 1.00 %$10,609,920 $24,839 0.94 %
Institutional18,705,828 9,103 0.19 %18,683,598 9,223 0.20 %
Total managed fiduciary assets
29,393,198 35,844 0.49 %29,293,518 34,062 0.47 %
Non-managed assets:
Fiduciary28,480,670 14,300 0.20 %28,164,407 13,785 0.20 %
Non-fiduciary20,910,245 2,853 0.05 %19,830,593 2,810 0.06 %
Safekeeping and brokerage assets under administration
24,834,827 — — %25,021,601 — — %
Total non-managed assets
74,225,742 17,153 0.09 %73,016,601 16,595 0.09 %
Total assets under management or administration
$103,618,940 $52,997 0.20 %$102,310,119 $50,657 0.20 %
Six Months Ended
June 30, 2023June 30, 2022
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,687,370 $51,580 0.97 %$10,403,398 $55,720 1.07 %
Institutional18,705,828 18,326 0.20 %16,895,773 17,208 0.20 %
Total managed fiduciary assets
29,393,198 69,906 0.48 %27,299,171 72,928 0.53 %
Non-managed assets:
Fiduciary28,480,670 28,085 0.20 %28,673,413 17,791 0.12 %
Non-fiduciary20,910,245 5,663 0.05 %18,582,670 5,518 0.06 %
Safekeeping and brokerage assets under administration
24,834,827 — — %21,426,035 — — %
Total non-managed assets
74,225,742 33,748 0.09 %68,682,118 23,309 0.07 %
Total assets under management or administration
$103,618,940 $103,654 0.20 %$95,981,289 $96,237 0.20 %
1 Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $19 billion, $18 billion, and $22 billion of such assets are excluded from assets under management or administration for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively.
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 six months ended June 30, 2023 and 2022 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Beginning balance$102,310,119 $101,081,355 $99,735,040 $104,917,721 
Net inflows (outflows)(288,434)(508,292)(805,352)(2,282,348)
Net change in fair value1,597,255 (4,591,774)4,689,252 (6,654,084)
Ending balance$103,618,940 $95,981,289 $103,618,940 $95,981,289 

Assets under management as of June 30, 2023 consist of 43 percent fixed income, 33 percent equities, 15 percent cash, and 9 percent alternative investments.
Deposit Service Charges

Deposit service charges and fees increased $1.1 million over the first quarter of 2023, primarily due to commercial customers holding lower compensating non-interest deposit balances to cover fees. Overdraft and non-sufficient funds fees earned primarily on consumer deposit accounts totaled $5.1 million, largely unchanged compared to the prior quarter.
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Mortgage Banking Revenue

Mortgage banking revenue was relatively consistent with the first quarter of 2023. Mortgage production volume increased $33 million to $198 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, increased 24 basis points to (0.14) percent.


Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Mortgage production revenue$(284)$(633)$349 55 %$(917)$4,551 $(5,468)(120)%
Mortgage loans funded for sale$214,785 $138,624 $353,409 $779,103 
Add: Current period end outstanding commitments55,031 71,693 55,031 106,004 
Less: Prior period end outstanding commitments71,693 45,492 45,492 171,412 
Total mortgage production volume$198,123 $164,825 $33,298 20 %$362,948 $713,695 $(350,747)(49)%
Mortgage loan refinances to mortgage loans funded for sale8 %9 %(100) bps— %32 %(3,200) bps
Realized margin on funded mortgage loans(0.14)%(1.25)%111  bps(0.57)%1.29 %(186) bps
Production revenue as a percentage of production volume(0.14)%(0.38)%24  bps(0.25)%0.64 %(89) bps
Primary mortgage interest rates:
Average6.56 %6.33 %23  bps6.45 %4.54 %191  bps
Period end6.70 %6.24 %46  bps6.70 %5.70 %100  bps
Mortgage servicing revenue$15,425 $15,000 $425 3 %$30,425 $23,467 $6,958 30 %
Average outstanding principal balance of mortgage loans serviced for others20,807,044 21,121,319 (314,275)(1)%20,964,181 16,745,962 $4,218,219 25 %
Average mortgage servicing revenue rates0.30 %0.29 %1  bp0.29 %0.28 %1  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 $12.6 million for the second quarter of 2023 compared to net gains of $2.3 million in the first quarter of 2023. The current quarter included a gain on alternative investments of $8.1 million, largely attributable to merchant banking activity. Changes in fair value related to deferred compensation investments increased $2.7 million. We also recognized a $3.0 million loss on the sale of available for sale securities in the second quarter to improve the overall economics of the portfolio going forward.
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As discussed in the Market Risk section following, the fair value of our mortgage servicing rights ("MSRs") changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

Table 6 – Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months EndedSix Months Ended
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Loss on mortgage hedge derivative contracts, net$(8,099)$(1,711)$(9,810)$(60,333)
Loss on fair value option securities, net(2,158)(2,962)(5,120)(13,422)
Gain (loss) on economic hedge of mortgage servicing rights, net(10,257)(4,673)(14,930)(73,755)
Gain (loss) on change in fair value of mortgage servicing rights9,261 (6,059)3,202 66,595 
Loss on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue(996)(10,732)(11,728)(7,160)
Net interest revenue (expense) on fair value option securities1
(232)187 (45)658 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(1,228)$(10,545)$(11,773)$(6,502)
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the second quarter of 2023 totaled $318.7 million, an increase of $12.9 million compared to the first quarter of 2023. Our efficiency ratio1 was 58.75% for the second quarter of 2023, compared to 56.79% in the prior quarter.

Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Six Months EndedIncrease (Decrease)%
Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Regular compensation
$109,197 $105,118 $4,079 4 %$214,315 $194,796 $19,519 10 %
Incentive compensation:
Cash-based48,331 41,735 6,596 16 %90,066 73,924 16,142 22 %
Share-based4,566 5,257 (691)(13)%9,823 2,714 7,109 262 %
Deferred compensation2,685 1,710 975 N/A4,395 (9,094)13,489 N/A
Total incentive compensation55,582 48,702 6,880 14 %104,284 67,544 36,740 54 %
Employee benefits25,873 28,325 (2,452)(9)%54,198 51,811 2,387 5 %
Total personnel expense190,652 182,145 8,507 5 %372,797 314,151 58,646 19 %
Business promotion7,640 8,569 (929)(11)%16,209 12,838 3,371 26 %
Charitable contributions to BOKF Foundation
1,142 — 1,142 N/A1,142 — 1,142 N/A
Professional fees and services
12,777 13,048 (271)(2)%25,825 23,888 1,937 8 %
Net occupancy and equipment30,105 28,459 1,646 6 %58,564 58,344 220 — %
Insurance6,974 7,315 (341)(5)%14,289 9,011 5,278 59 %
Data processing and communications
45,307 44,802 505 1 %90,109 81,116 8,993 11 %
Printing, postage and supplies3,728 3,893 (165)(4)%7,621 7,618 3 — %
Amortization of intangible assets3,474 3,391 83 2 %6,865 8,013 (1,148)(14)%
Mortgage banking costs8,300 5,782 2,518 44 %14,082 17,314 (3,232)(19)%
Other expense8,574 8,408 166 2 %16,982 18,980 (1,998)(11)%
Total other operating expense$318,673 $305,812 $12,861 4 %$624,485 $551,273 $73,212 13 %
Average number of employees (full-time equivalent)
4,875 4,796 79 2 %4,819 4,735 84 2 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense increased $8.5 million compared to the first quarter of 2023. Cash-based incentive compensation increased $6.6 million, driven by sales activities. Regular compensation increased $4.1 million, representing the full quarter impact of our annual merit increases in March. Employee benefits expense decreased $2.5 million, primarily due to a seasonal decrease in payroll taxes, partially offset by higher healthcare costs.
Non-personnel operating expense
Non-personnel expense totaled $128.0 million for the second quarter of 2023, an increase of $4.4 million compared to the first quarter of 2023. Mortgage banking costs increased $2.5 million, largely from higher seasonal prepayments. Occupancy and equipment costs grew $1.6 million, primarily due to seasonal increases in general building operating costs. The second quarter of 2023 also included a $1.1 million charitable donation to the BOKF Foundation.
1    See Explanation and Reconciliation of Non-GAAP Measures following.
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Income Taxes

The effective tax rate was 22.5 percent for the second quarter of 2023 and 22.0 percent for the first quarter of 2023. The effective rate for the six months ended June 30, 2023 and June 30, 2022 were 22.3 percent and 21.1 percent, respectively, increasing primarily due to higher forecasted and actual pre-tax income.
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. For indeterminate-maturity deposits, annual adjustments are made to the funds credit formula each January that attribute more or less deposit credit value to the business lines dependent upon historical and forward-looking interest rate expectations, which are then held constant throughout the remainder of the year. After several years of decreased funding credits provided to business lines from a sustained low interest rate environment, increases in short-term and long-term rates in response to the Federal Reserve's actions to control inflation caused a commensurate increase in funding credits to business lines in the first quarter of 2023, with the offset to Funds Management and other.

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 $7.4 million compared to the first quarter of 2023. Net interest revenue decreased $7.8 million, primarily due to a decline in deposit balances. Net charge-offs increased $5.8 million to $7.1 million in the second quarter of 2023. Other operating revenue increased $27.8 million. Brokerage and trading revenue increased $13.4 million, with a $9.3 million increase in trading revenue, largely due to a higher volume of U.S. agency residential mortgage-backed securities trading activity. Customer hedging revenue grew $6.1 million, primarily driven by energy customer activity. The second quarter of 2023 included a gain on alternative investments of $8.1 million resulting from merchant banking activities. Fiduciary and asset management revenue increased $2.3 million, largely due to seasonal tax preparation fees. Operating expense increased $9.3 million over the first quarter of 2023. Personnel expense increased $7.2 million due to a combination of higher incentive compensation costs reflecting sales activity and growth in regular compensation related to our annual merit increases. Non-personnel expense increased $2.2 million, led by higher mortgage banking costs. The decrease in net income attributed to Funds Management and other is largely due to adjustments made that attribute more deposit credit value to the business lines, with the offset to Funds Management and other.

Table 8 – Net Income by Line of Business
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Commercial Banking
$170,179 $177,306 $(7,127)(4)%$347,485 $187,644 $159,841 85 %
Consumer Banking60,332 50,683 9,649 19 %111,015 (6,078)117,093 (1,927)%
Wealth Management57,317 52,447 4,870 9 %109,764 22,766 86,998 382 %
Subtotal287,828 280,436 7,392 3 %568,264 204,332 363,932 178 %
Funds Management and other(136,520)(118,068)(18,452)N/A(254,588)(8,998)(245,590)N/A
Total$151,308 $162,368 $(11,060)(7)%$313,676 $195,334 $118,342 61 %
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 $170.2 million to consolidated net income in the second quarter of 2023, a decrease of $7.1 million or 4 percent compared to the first quarter of 2023.

Table 9 – Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Net interest revenue from external sources
$299,712 $288,258 $11,454 4 %$587,970 $320,585 $267,385 83 %
Net interest expense from internal sources
(39,613)(21,101)(18,512)(88)%(60,714)(17,031)(43,683)(256)%
Total net interest revenue
260,099 267,157 (7,058)(3)%527,256 303,554 223,702 74 %
Net loans charged off6,000 76 5,924 7,795 %6,076 3,841 2,235 58 %
Net interest revenue after net loans charged off254,099 267,081 (12,982)(5)%521,180 299,713 221,467 74 %
Fees and commissions revenue
59,704 55,835 3,869 7 %115,539 116,845 (1,306)(1)%
Other gains, net9,124 1,010 8,114 803 %10,134 2,270 7,864 346 %
Other operating revenue
68,828 56,845 11,983 21 %125,673 119,115 6,558 6 %
Personnel expense
46,055 42,747 3,308 8 %88,802 80,629 8,173 10 %
Non-personnel expense
31,424 30,387 1,037 3 %61,811 53,892 7,919 15 %
Other operating expense
77,479 73,134 4,345 6 %150,613 134,521 16,092 12 %
Net direct contribution
245,448 250,792 (5,344)(2)%496,240 284,307 211,933 75 %
Gain (loss) on financial instruments, net231 (58)289 (498)%173 (143)316 (221)%
Gain on repossessed assets, net408 859 (451)(53)%1,267 (2,722)3,989 (147)%
Corporate expense allocations
21,404 17,718 3,686 21 %39,122 32,847 6,275 19 %
Income before taxes
224,683 233,875 (9,192)(4)%458,558 248,595 209,963 84 %
Federal and state income tax
54,504 56,569 (2,065)(4)%111,073 60,951 50,122 82 %
Net income
$170,179 $177,306 $(7,127)(4)%$347,485 $187,644 $159,841 85 %
Average assets
$28,170,869 $28,162,934 $7,935 — %$28,166,923 $29,545,278 $(1,378,355)(5)%
Average loans
19,158,984 18,750,426 408,558 2 %18,955,834 17,018,404 1,937,430 11 %
Average deposits
14,822,093 15,861,285 (1,039,192)(7)%15,338,818 19,262,686 (3,923,868)(20)%
Average invested capital
2,174,335 2,133,459 40,876 2 %2,146,562 2,012,227 134,335 7 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue decreased $7.1 million or 3 percent compared to the first quarter of 2023, primarily due to a decline in demand deposit balances. Net loans charged-off increased $5.9 million to $6.0 million in the second quarter of 2023.

Fees and commissions revenue increased $3.9 million or 7 percent, largely due to growth in customer hedging revenue primarily driven by energy customer activity. Operating expense increased $4.3 million or 6 percent compared to the first quarter of 2023, largely due to increased incentive compensation expense and growth in regular compensation expense related to annual merit increases. Corporate expense allocations increased $3.7 million or 21 percent over the prior quarter. The second quarter of 2023 also included a gain on alternative investments of $8.1 million resulting from merchant banking activities.
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Average outstanding balance of loans attributed to Commercial Banking increased $409 million or 2 percent over the first quarter of 2023 to $19.2 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 $14.8 billion for the second quarter of 2023, a $1.0 billion decrease compared to the first quarter of 2023. 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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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 $60.3 million to consolidated net income for the second quarter of 2023, an increase of $9.6 million or 19 percent over the prior quarter. The net cost of changes in the fair value of mortgage servicing rights and related economic hedges was $1.2 million compared to $10.5 million for the first quarter of 2023.

Table 10 – Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Net interest revenue from external sources
$17,828 $21,146 $(3,318)(16)%$38,974 $33,699 $5,275 16 %
Net interest revenue from internal sources
95,563 88,235 7,328 8 %183,798 27,294 156,504 573 %
Total net interest revenue113,391 109,381 4,010 4 %222,772 60,993 161,779 265 %
Net loans charged off1,129 1,184 (55)(5)%2,313 2,308 5 — %
Net interest revenue after net loans charged off
112,262 108,197 4,065 4 %220,459 58,685 161,774 276 %
Fees and commissions revenue32,361 30,581 1,780 6 %62,942 64,078 (1,136)(2)%
Other gains (losses), net(84)29 (113)(390)%(55)(28)(27)96 %
Other operating revenue32,277 30,610 1,667 5 %62,887 64,050 (1,163)(2)%
Personnel expense22,468 21,362 1,106 5 %43,830 42,494 1,336 3 %
Non-personnel expense29,872 28,836 1,036 4 %58,708 58,955 (247)— %
Total other operating expense52,340 50,198 2,142 4 %102,538 101,449 1,089 1 %
Net direct contribution92,199 88,609 3,590 4 %180,808 21,286 159,522 749 %
Loss on financial instruments, net(10,257)(4,673)(5,584)119 %(14,930)(73,755)58,825 (80)%
Change in fair value of mortgage servicing rights
9,261 (6,059)15,320 (253)%3,202 66,595 (63,393)(95)%
Gain on repossessed assets, net— 14 (14)(100)%14 138 (124)(90)%
Corporate expense allocations12,318 11,622 696 6 %23,940 22,200 1,740 8 %
Income (loss) before taxes78,885 66,269 12,616 19 %145,154 (7,936)153,090 (1,929)%
Federal and state income tax18,553 15,586 2,967 19 %34,139 (1,858)35,997 (1,937)%
Net income (loss)$60,332 $50,683 $9,649 19 %$111,015 $(6,078)$117,093 (1,927)%
Average assets$9,597,723 $9,934,511 $(336,788)(3)%$9,765,186 $10,306,218 $(541,032)(5)%
Average loans1,762,568 1,747,237 15,331 1 %1,754,945 1,671,081 83,864 5 %
Average deposits7,986,674 8,248,541 (261,867)(3)%8,116,885 8,811,904 (695,019)(8)%
Average invested capital279,257 261,485 17,772 7 %268,143 248,044 20,099 8 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

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Net interest revenue from Consumer Banking activities increased $4.0 million or 4 percent compared to the first quarter of 2023, largely due to an increase in the spread on deposits, partially offset by a decline in deposit balances.

Operating revenue increased $1.7 million or 5 percent, largely due to increased mortgage banking revenue. Mortgage production volume increased $33.3 million to $198.1 million. Operating expense increased $2.1 million or 4 percent. Higher seasonal prepayments led to a $2.5 million increase in mortgage banking costs. Corporate expense allocations were relatively consistent with the first quarter of 2023.

Average loans increased $15.3 million or 1 percent to $1.8 billion over the previous quarter. Average deposits attributed to the Consumer Banking segment decreased $262 million or 3 percent to $8.0 billion compared to the first quarter of 2023.


- 17 -

Wealth Management

Wealth Management contributed $57.3 million to consolidated net income in the second quarter of 2023, an increase of $4.9 million or 9 percent over the first quarter of 2023.

Table 11 – Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Six Months EndedIncrease (Decrease)% Increase (Decrease)
 June 30, 2023Mar. 31, 2023June 30, 2023June 30, 2022
Net interest revenue from external sources
$4,415 $20,940 $(16,525)(79)%$25,355 $95,643 $(70,288)(73)%
Net interest revenue (expense) from internal sources44,937 33,166 11,771 35 %78,103 (2,130)80,233 3,767 %
Total net interest revenue49,352 54,106 (4,754)(9)%103,458 93,513 9,945 11 %
Net loans recovered(45)(24)(21)(88)%(69)(131)62 47 %
Net interest revenue after net loans recovered49,397 54,130 (4,733)(9)%103,527 93,644 9,883 11 %
Fees and commissions revenue123,050 108,911 14,139 13 %231,961 111,794 120,167 107 %
Other losses, net(7)— (7)N/A(7)(15)8 (53)%
Other operating revenue123,043 108,911 14,132 13 %231,954 111,779 120,175 108 %
Personnel expense62,263 59,524 2,739 5 %121,787 107,737 14,050 13 %
Non-personnel expense22,596 22,515 81 — %45,111 43,275 1,836 4 %
Other operating expense84,859 82,039 2,820 3 %166,898 151,012 15,886 11 %
Net direct contribution87,581 81,002 6,579 8 %168,583 54,411 114,172 210 %
Corporate expense allocations12,574 12,360 214 2 %24,934 24,575 359 1 %
Income before taxes75,007 68,642 6,365 9 %143,649 29,836 113,813 381 %
Federal and state income tax17,690 16,195 1,495 9 %33,885 7,070 26,815 379 %
Net income$57,317 $52,447 $4,870 9 %$109,764 $22,766 $86,998 382 %
Average assets$12,949,258 $11,663,096 $1,286,162 11 %$12,309,730 $19,101,045 $(6,791,315)(36)%
Average loans2,230,906 2,201,622 29,284 1 %2,216,345 2,138,383 77,962 4 %
Average deposits7,544,143 7,432,413 111,730 2 %7,488,587 9,047,915 (1,559,328)(17)%
Average invested capital333,902 290,369 43,533 15 %304,200 279,992 24,208 9 %
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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Combined net interest revenue and fee revenue increased $9.4 million or 6 percent over the first quarter of 2023, primarily due to an increase of $5.1 million in total revenue from institutional trading activities from higher U.S. agency residential mortgage-backed securities trading volumes. Fiduciary and asset management revenue increased $2.3 million, largely due to seasonal tax preparation fee income. Other revenue increased $4.5 million. Operating expense increased $2.8 million or 3 percent due to increased cash-based incentive compensation, driven by higher trading activities, combined with increased regular compensation related to annual merit increases. Corporate expense allocations were consistent with the previous quarter.

Average outstanding loans attributed to the Wealth Management segment increased $29.3 million or 1 percent over the prior quarter. Average Wealth Management deposits increased $112 million or 2 percent to $7.5 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
Financial Condition
Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity and comply with regulatory requirements. Securities are classified as trading, held for investment, or available for sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of June 30, 2023 and December 31, 2022.

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 increased $3.1 billion to $5.4 billion during the second quarter of 2023 due to favorable market conditions and opportunities. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques.

At June 30, 2023, the carrying value of investment (held-to-maturity) securities was $2.4 billion, including a $465 thousand allowance for expected credit losses, compared to $2.4 billion at March 31, 2023 with a $497 thousand allowance for expected credit losses. The fair value of investment securities was $2.2 billion at June 30, 2023, a $122 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of available for sale securities totaled $12.8 billion at June 30, 2023, a $158 million increase compared to March 31, 2023. At June 30, 2023, 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 contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities at June 30, 2023 is 3.5 years, consistent with the same measure as of March 31, 2023. Management estimates the duration extends to 3.9 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.9 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.3 years, extends to 3.5 years in an upward shock of 200 basis points, and contracts to 3.0 years in a down 200 basis point shock scenario. 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.
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Bank-Owned Life Insurance

We have approximately $411 million of bank-owned life insurance at June 30, 2023. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $316 million is held in separate accounts 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 June 30, 2023, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $287 million. Since the underlying fair value of the investments held in separate accounts at June 30, 2023 was below the net book value of the investments, $27 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. Future rate increases may cause write-downs in the short-term. The stable value wrap is provided by an investment grade financial institution. 
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Loans

The aggregate loan portfolio before allowance for loan losses totaled $23.2 billion at June 30, 2023, growing $488 million over March 31, 2023, driven by growth in commercial loans, commercial real estate loans and loans to individuals.

Table 12 – Loans
(In thousands)
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Commercial: 
Healthcare$3,991,387 $3,899,341 $3,845,017 $3,826,623 $3,696,963 
Services3,585,169 3,563,702 3,431,521 3,280,925 3,421,493 
Energy3,508,752 3,398,057 3,424,790 3,371,588 3,393,072 
General business3,449,208 3,356,249 3,511,171 3,148,783 3,110,309 
Total commercial14,534,516 14,217,349 14,212,499 13,627,919 13,621,837 
Commercial real estate:
Multifamily1,502,971 1,363,881 1,212,883 1,126,700 878,565 
Industrial1,349,709 1,309,435 1,221,501 1,103,905 953,626 
Office1,005,660 1,045,700 1,053,331 1,086,615 1,100,115 
Retail617,886 618,264 620,518 635,021 637,304 
Residential construction and land development
106,370 102,828 95,684 91,690 111,575 
Other commercial real estate388,205 375,208 402,860 429,980 424,963 
Total commercial real estate4,970,801 4,815,316 4,606,777 4,473,911 4,106,148 
Loans to individuals: 
Residential mortgage1,993,690 1,926,027 1,890,784 1,851,836 1,784,729 
Residential mortgage guaranteed by U.S. government agencies
186,170 224,753 245,940 262,466 293,838 
Personal1,552,482 1,566,608 1,601,150 1,574,325 1,484,596 
Total loans to individuals3,732,342 3,717,388 3,737,874 3,688,627 3,563,163 
Total$23,237,659 $22,750,053 $22,557,150 $21,790,457 $21,291,148 
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 $14.5 billion or 63 percent of the loan portfolio at June 30, 2023, a $317 million increase over March 31, 2023 with growth in all commercial loan categories.

Approximately 71 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.

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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 $3.5 billion or 15 percent of total loans at June 30, 2023, a $111 million increase compared to March 31, 2023. Approximately $2.7 billion of energy loans were to oil and gas producers, a $12 million decrease compared to March 31, 2023. 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 67 percent of the committed production loans are secured by properties primarily producing oil, and 33 percent of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $576 million at June 30, 2023, a $57 million increase compared to March 31, 2023. Loans to borrowers that provide services to the energy industry totaled $119 million at June 30, 2023, a decrease of $7.0 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $139 million, a $73 million increase over the prior quarter.

Unfunded energy loan commitments were $4.3 billion at June 30, 2023, growing $224 million over March 31, 2023.

The healthcare sector of the loan portfolio totaled $4.0 billion or 17 percent of total loans. Healthcare loans increased $92 million over March 31, 2023, primarily due to growth in loans to senior housing facilities and other medical practices. This was partially offset by a decrease in loans to hospital systems 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 $3.6 billion or 15 percent of total loans, a $21 million increase compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local governments, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.7 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 $3.4 billion or 15 percent of total loans, an increase of $93 million compared to the prior quarter. General business loans consist of $2.0 billion of wholesale/retail loans and $1.4 billion of loans from other commercial industries.

We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At June 30, 2023, the outstanding principal balance of these loans totaled $5.6 billion, including $2.6 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.

- 22 -

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 $155 million over March 31, 2023 to $5.0 billion or 21 percent of total loans at June 30, 2023. Multifamily residential loans increased $139 million to $1.5 billion, loans secured by industrial facilities grew by $40 million to $1.3 billion and other real estate loans increased by $13 million at June 30, 2023. This growth was partially offset by a $40 million decrease in loans secured by office facilities.

Approximately 67 percent of loans in this segment are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 9 percent of the segment. All other states represent less than 5 percent individually.

Unfunded commercial real estate loan commitments were $2.4 billion at June 30, 2023, a decrease of $306 million compared to March 31, 2023. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of Tier 1 Capital. While loan commitments are presently at the upper concentration limit, we expect continued growth in our commercial real estate balances as loans fund, primarily in the multifamily and industrial loan portfolios.
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.

Loans to individuals totaled $3.7 billion or 16% of the loan portfolio, an increase of $15.0 million compared to March 31, 2023. 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)
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Texas:
Commercial$7,223,820 $7,103,166 $6,878,618 $6,644,890 $6,645,698 
Commercial real estate1,748,796 1,675,831 1,555,508 1,448,590 1,339,452 
Loans to individuals974,911 992,343 982,700 970,459 934,856 
Total Texas9,947,527 9,771,340 9,416,826 9,063,939 8,920,006 
Oklahoma:
Commercial3,251,547 3,178,934 3,382,577 3,108,608 3,139,093 
Commercial real estate573,559 574,708 582,109 608,856 576,458 
Loans to individuals2,079,311 2,049,472 2,077,124 2,054,362 1,982,247 
Total Oklahoma5,904,417 5,803,114 6,041,810 5,771,826 5,697,798 
Colorado:
Commercial2,179,473 2,148,066 2,149,199 2,117,181 2,082,688 
Commercial real estate683,973 646,537 613,912 565,057 473,231 
Loans to individuals223,200 231,368 241,902 237,981 234,105 
Total Colorado3,086,646 3,025,971 3,005,013 2,920,219 2,790,024 
Arizona:
Commercial1,177,778 1,115,973 1,124,289 1,103,000 1,085,401 
Commercial real estate926,750 881,465 860,947 850,319 766,767 
Loans to individuals242,102 240,556 229,872 225,981 212,870 
Total Arizona2,346,630 2,237,994 2,215,108 2,179,300 2,065,038 
Kansas/Missouri:
Commercial309,148 318,782 310,715 307,456 338,910 
Commercial real estate516,299 489,951 479,968 466,955 458,157 
Loans to individuals138,960 129,580 131,307 125,039 125,584 
Total Kansas/Missouri964,407 938,313 921,990 899,450 922,651 
New Mexico:
Commercial287,443 280,945 263,349 258,754 253,825 
Commercial real estate425,472 449,715 417,008 426,367 431,606 
Loans to individuals64,803 65,770 67,163 68,095 67,026 
Total New Mexico777,718 796,430 747,520 753,216 752,457 
Arkansas:
Commercial105,307 71,483 103,752 88,030 76,222 
Commercial real estate95,952 97,109 97,325 107,767 60,477 
Loans to individuals9,055 8,299 7,806 6,710 6,475 
Total Arkansas210,314 176,891 208,883 202,507 143,174 
Total BOK Financial loans$23,237,659 $22,750,053 $22,557,150 $21,790,457 $21,291,148 
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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)
 Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Loan commitments$14,979,253 $15,119,984 $15,424,431 $14,585,566 $13,470,286 
Standby letters of credit721,908 790,316 740,039 725,302 700,929 
Unpaid principal balance of residential mortgage loans sold with recourse
42,041 43,510 44,742 46,199 48,775 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs988,212 996,139 1,005,368 1,021,504 1,038,317 
Customer Hedging 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 hedging 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.
- 25 -

Derivative contracts are carried at fair value. At June 30, 2023, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $538 million compared to $572 million at March 31, 2023. At June 30, 2023, the net fair value of our derivative contracts included $327 million for energy contracts, $150 million for interest rate swaps and $61 million for foreign exchange contracts. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $526 million at June 30, 2023 and $578 million at March 31, 2023.

At June 30, 2023, total derivative assets were reduced by $269 million of cash collateral received from counterparties and total derivative liabilities were reduced by $23 million 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 an event of default is reasonably assured.

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

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at June 30, 2023 follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Customers$94,769 
Banks and other financial institutions40,734 
Exchanges and clearing organizations133,770 
Fair value of customer risk management program asset derivative contracts, net$269,273 
 
At June 30, 2023, our largest derivative exposure was to an exchange for $133 million of net derivative positions, net of cash margin.

Our customer hedging 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 $53.08 per barrel of oil would decrease the fair value of derivative assets by $32 million, with lending customers comprising the bulk of the assets. An increase in prices up to an equivalent of $88.20 per barrel of oil would increase the fair value of derivative assets by $580 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At June 30, 2023, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million. The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of June 30, 2023, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
- 26 -

Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Allowance for loan losses:  
Beginning balance$249,460 $235,704 241,768 241,114 246,473 
Loans charged off(8,049)(3,667)(17,807)(1,766)(1,368)
Recoveries of loans previously charged off1,346 2,898 2,301 1,309 2,167 
Net loans recovered (charged off)(6,703)(769)(15,506)(457)799 
Provision for credit losses
19,957 14,525 9,442 1,111 (6,158)
Ending balance$262,714 $249,460 $235,704 $241,768 $241,114 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$62,943 $60,919 56,310 42,250 36,245 
Provision for credit losses
(3,003)2,024 4,609 14,060 6,005 
Ending balance$59,940 $62,943 $60,919 $56,310 $42,250 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$4,381 $4,904 3,885 4,003 3,997 
Loans charged off
(16)(35)16 (52)(63)
Provision for credit losses
78 (488)1,003 (66)69 
Ending balance
$4,443 $4,381 $4,904 $3,885 $4,003 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$497 $558 $612 $717 $633 
Provision for credit losses
(32)(61)(54)(105)84 
Ending balance$465 $497 $558 $612 $717 
Total provision for credit losses
$17,000 $16,000 $15,000 $15,000 $— 
Average loans by portfolio segment :
Commercial$14,316,474 $14,046,237 $13,846,339 $13,508,325 $13,472,488 
Commercial real estate4,896,230 4,757,362 4,488,091 4,434,650 4,061,129 
Loans to individuals3,676,350 3,672,648 3,641,574 3,656,257 3,524,097 
Net charge-offs (annualized) to average loans0.12 %0.01 %0.28 %0.01 %(0.02)%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.06 %(0.06)%0.42 %(0.02)%(0.05)%
Commercial real estate0.32 %0.17 %— %— %0.01 %
Loans to individuals0.08 %0.07 %0.12 %0.12 %0.08 %
Recoveries to gross charge-offs
16.72 %79.03 %12.92 %74.12 %158.41 %
Provision for loan losses (annualized) to average loans
0.35 %0.26 %0.17 %0.02 %(0.12)%
Allowance for loan losses to loans outstanding at period-end
1.13 %1.10 %1.04 %1.11 %1.13 %
Accrual for unfunded loan commitments to loan commitments
0.40 %0.42 %0.39 %0.39 %0.31 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period-end
1.39 %1.37 %1.31 %1.37 %1.33 %
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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, commercial real estate vacancy rates 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 $17.0 million provision for credit losses was necessary for the second quarter of 2023, primarily related to higher assumed commercial real estate vacancy rates during the forecast period and overall loan portfolio growth during the quarter. The probability weighting of our base case reasonable and supportable forecast remained at 50 percent in the second quarter of 2023 as the level of uncertainty in economic forecasts remained high.
Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans decreased by $33 million compared to March 31, 2023, primarily due to a decrease in non-pass grade general business loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
- 28 -

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at June 30, 2023 follows:
BaseDownsideUpside
Scenario probability weighting50%40%10%
Economic outlookThe Russia-Ukraine conflict remains isolated.

There is one federal funds rate increase at the Federal Reserve Open Market ("FOMC") meeting in the third quarter of 2023, which results in a target range of 5.25 percent to 5.50 percent. There are no additional rate increases for the remainder of the forecast period.

Inflation continues to improve from the peaks experienced in 2022, reaching 3.1 percent by the second quarter of 2024. Inflation pressures cause modest declines in real household income compared to pre-pandemic levels, resulting in below-trend GDP growth.

Job openings revert to more normalized levels and overall hiring levels decline, causing the national unemployment rate to modestly increase over the next four quarters. 		The Russia-Ukraine conflict remains isolated.

Higher levels of inflation force the Federal Reserve to adopt a more aggressive monetary policy compared to the base case scenario. This results in a target range of 6.00 percent to 6.25 percent by the second quarter of 2024. This pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.

Inflation moderates slightly from peaks in 2022 and remains elevated through the forecast horizon, ending at 3.8 percent in the second quarter of 2024. 		The Russia-Ukraine conflict remains isolated.

There are no additional rate increases and the terminal range of 5.00 percent to 5.25 percent is held flat for the remainder of the forecast horizon.

Inflation continues to improve from the peaks experienced in 2022 and reaches 2.6 percent by the second quarter of 2024.

Labor force participants continue to re-enter the job market to help fill the elevated level 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 1.0 percent over the next 12 months.
–Civilian unemployment rate of 3.8 percent in the third quarter of 2023 increases to 4.2 percent by the second quarter of 2024.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of June 2023 and are expected to average $69.39 per barrel over the next 12 months.
–GDP is forecasted to contract 2.0 percent over the next twelve months.
–Civilian unemployment rate of 4.7 percent in the third quarter of 2023 increases to 6.1 percent in the second quarter of 2024.
–WTI oil prices are projected to average $55.78 over the next 12 months, with a peak of $62.31 in the third quarter of 2023 and falling 19 percent over the following three quarters.
–GDP is forecasted to grow by 1.5 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the third quarter of 2023 increases to 3.9 percent by the second quarter of 2024.
–WTI oil prices are projected to average $73.97 per barrel over the next 12 months.
The probability weighting of our base case reasonable and supportable forecast remained at 50 percent in the second quarter of 2023 as the level of uncertainty in economic forecasts remained high. 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 $157 million in quantitative reserve, while a 100% Upside Case would result in $16 million less quantitative reserve at June 30, 2023. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

- 29 -

At June 30, 2023, the allowance for loan losses totaled $263 million or 1.13 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 218 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $323 million or 1.39 percent of outstanding loans and 267 percent of nonaccruing loans at June 30, 2023.

The Company recorded a $16.0 million provision for credit losses in the first quarter of 2023. At March 31, 2023, the allowance for loan losses was $249 million or 1.10 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 235 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $312 million or 1.37 percent of outstanding loans and 295 percent of nonaccruing loans.

Net Loans Charged Off

Net charge-offs of commercial loans were $2.0 million in the second quarter of 2023. Net charge-offs of commercial real estate loans were $4.0 million and net charge-offs of loans to individuals were $698 thousand. Net charge-offs of loans to individuals include deposit account overdraft losses.

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

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

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

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

The expected credit losses principles apply to all financial assets measured at cost, including our held-to-maturity (investment) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets are based on the 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. The Company adopted FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates designation of these loans as troubled debt restructurings effective January 1, 2023. 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
(Dollars in thousands)
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Nonaccruing loans:    
Commercial:  
Healthcare$36,753 $37,247 $41,034 $41,438 $14,886 
Services4,541 8,097 16,228 27,315 15,259 
Energy20,037 127 1,399 4,164 20,924 
General business11,946 8,961 1,636 2,753 3,539 
Total commercial73,277 54,432 60,297 75,670 54,608 
Commercial real estate17,395 21,668 16,570 7,971 10,939 
Loans to individuals:  
Residential mortgage29,973 29,693 29,791 30,066 30,460 
Residential mortgage guaranteed by U.S. government agencies
11,473 14,302 15,005 16,957 18,000 
Personal133 200 134 136 132 
Total loans to individuals41,579 44,195 44,930 47,159 48,592 
Total nonaccruing loans132,251 120,295 121,797 130,800 114,139 
Accruing renegotiated loans guaranteed by U.S. government agencies1
— — 163,535 176,022 196,420 
Real estate and other repossessed assets4,227 12,651 14,304 29,676 22,221 
Total nonperforming assets$136,478 $132,946 $299,636 $336,498 $332,780 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$125,005 $118,644 $121,096 $143,519 $118,360 
Allowance for loan losses to nonaccruing loans2
217.52 %235.36 %220.71 %212.37 %250.80 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans2
267.15 %294.74 %277.76 %261.83 %294.74 %
Nonperforming assets to outstanding loans and repossessed assets
0.59 %0.58 %1.33 %1.54 %1.56 %
Nonperforming assets to outstanding loans and repossessed assets2
0.54 %0.53 %0.54 %0.67 %0.56 %
Nonaccruing loans to outstanding loans0.57 %0.53 %0.54 %0.60 %0.54 %
Nonaccruing commercial loans to outstanding commercial loans
0.50 %0.38 %0.42 %0.56 %0.40 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.35 %0.45 %0.36 %0.18 %0.27 %
Nonaccruing loans to individuals to outstanding loans to individuals2
0.85 %0.86 %0.86 %0.88 %0.94 %
1     The Company adopted FASB Accounting Standards Update No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates designation of these loans as troubled debt restructurings effective January 1, 2023.
2    Excludes residential mortgages guaranteed by U.S. government agencies.

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Nonaccruing loans increased $12 million compared to March 31, 2023. Nonaccruing energy loans increased $20 million and nonaccruing general business loans increased $3.0 million. These increases were partially offset by a $4.3 million decrease in nonaccruing commercial real estate loans and a $3.6 million decrease in nonaccruing services loans. Newly identified nonaccruing loans totaled $28 million, offset by $5.9 million of payments and $8.0 million of charge-offs. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

A rollforward of nonperforming assets for the three and six months ended June 30, 2023 follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
June 30, 2023
Nonaccruing Loans
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, March 31, 2023$54,432 $21,668 $44,195 $120,295 $— $12,651 $132,946 
Additions25,127 — 3,316 28,443 — — 28,443 
Payments(2,927)(273)(2,678)(5,878)— — (5,878)
Charge-offs(2,797)(4,000)(1,252)(8,049)— — (8,049)
Net gains (losses) and write-downs— — — — — 410 410 
Foreclosure of nonperforming loans
— — — — — — — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (2,530)(2,530)— — (2,530)
Proceeds from sales— — — — — (8,834)(8,834)
Net transfers to nonaccruing loans— — 528 528 — — 528 
Return to accrual status(558)— — (558)— — (558)
Balance, June 30, 2023$73,277 $17,395 $41,579 $132,251 $— $4,227 $136,478 
Six Months Ended
June 30, 2023
Nonaccruing Loans
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, Dec. 31, 2022$60,297 $16,570 $44,930 $121,797 $163,535 $14,304 $299,636 
Change in accounting standard— — — — (163,535)— (163,535)
Additions38,100 7,459 7,873 53,432 — — 53,432 
Payments(21,753)(426)(5,285)(27,464)— — (27,464)
Charge-offs(2,809)(6,208)(2,699)(11,716)— — (11,716)
Net gains (losses) and write-downs— — — — — 1,461 1,461 
Foreclosure of nonperforming loans
— — (225)(225)— 225 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (3,543)(3,543)— — (3,543)
Proceeds from sales— — — — — (11,763)(11,763)
Net transfers to nonaccruing loans— — 528 528 — — 528 
Return to accrual status(558)— — (558)— — (558)
Balance, June 30, 2023$73,277 $17,395 $41,579 $132,251 $— $4,227 $136,478 
- 32 -

We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $4.2 million at June 30, 2023, composed primarily of $3.2 million of land for commercial real estate development. Real estate and other repossessed assets decreased $8.4 million compared to March 31, 2023.
Liquidity and Capital

Based on the average balances for the second quarter of 2023, approximately 68 percent of our funding was provided by deposit accounts, 19 percent from borrowed funds, 10 percent from equity and less than 1 percent from long-term subordinated debt. Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs.

Subsidiary Bank

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

Average deposits for the second quarter of 2023 totaled $32.4 billion, a $1.1 billion decrease compared to the first quarter of 2023. Deposit balances continue to decline as customers redeploy resources and pursue other investment alternatives following the savings trend during the height of the pandemic. Demand deposits decreased $1.4 billion while interest-bearing transaction account balances decreased $271 million. Time deposit balances increased $598 million.

Table 19 – Average Deposits by Line of Business
(In thousands)
Three Months Ended
 Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Commercial Banking$14,822,093 $15,861,285 $16,832,244 $17,966,661 $18,933,766 
Consumer Banking7,986,674 8,248,541 8,617,085 8,812,884 8,876,469 
Wealth Management7,544,143 7,432,413 7,888,753 7,999,074 8,482,785 
Subtotal30,352,910 31,542,239 33,338,082 34,778,619 36,293,020 
Funds Management and other2,016,802 1,940,232 2,123,303 2,271,157 2,301,400 
Total$32,369,712 $33,482,471 $35,461,385 $37,049,776 $38,594,420 

Average Commercial Banking deposit balances decreased $1.0 billion compared to the first quarter of 2023. Demand deposit balances decreased $1.2 billion while interest-bearing transaction account balances increased $190 million. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 6 percent of our total deposits.

Average Consumer Banking deposit balances decreased $262 million compared to the prior quarter. Interest-bearing transaction deposit balances decreased $237 million. Demand deposit balances decreased $88 million while time deposit balances increased $95 million.

Average Wealth Management deposits increased $112 million compared to the first quarter of 2023. Time deposit balances increased $209 million while demand deposit balances decreased $82 million.

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Average interest-bearing transaction accounts for the second quarter included $1.1 billion of brokered deposits, a $245 million decrease compared to the first quarter of 2023. Average time deposits for the second quarter of 2023 included $374 million of brokered deposits, a $279 million increase over the first quarter of 2023.

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)
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Oklahoma:  
Demand$4,273,136 $4,369,944 $4,585,963 $5,143,405 $5,422,593 
Interest-bearing:
Transaction9,979,534 9,468,100 9,475,528 9,619,419 10,240,378 
Savings531,536 564,829 555,407 558,256 561,413 
Time1,945,916 942,787 794,002 776,306 678,127 
Total interest-bearing12,456,986 10,975,716 10,824,937 10,953,981 11,479,918 
Total Oklahoma16,730,122 15,345,660 15,410,900 16,097,386 16,902,511 
Texas:
Demand2,876,568 3,154,789 3,873,759 4,609,255 4,670,535 
Interest-bearing:
Transaction4,532,093 4,366,932 4,878,482 4,781,920 5,344,326 
Savings162,704 175,012 178,356 179,049 183,708 
Time377,424 321,774 356,538 343,015 333,038 
Total interest-bearing5,072,221 4,863,718 5,413,376 5,303,984 5,861,072 
Total Texas7,948,789 8,018,507 9,287,135 9,913,239 10,531,607 
Colorado:
Demand1,726,130 1,869,194 2,462,891 2,510,179 2,799,798 
Interest-bearing:
Transaction1,825,295 2,126,435 2,123,218 2,221,796 2,277,563 
Savings66,968 72,548 77,961 80,542 82,976 
Time148,840 128,583 135,043 151,064 160,795 
Total interest-bearing2,041,103 2,327,566 2,336,222 2,453,402 2,521,334 
Total Colorado3,767,233 4,196,760 4,799,113 4,963,581 5,321,132 
New Mexico:
Demand912,218 997,364 1,141,958 1,296,410 1,347,600 
Interest-bearing:
Transaction712,541 674,328 691,915 717,492 845,442 
Savings102,729 111,771 112,430 113,056 115,660 
Time179,548 137,875 133,625 142,856 148,532 
Total interest-bearing994,818 923,974 937,970 973,404 1,109,634 
Total New Mexico1,907,036 1,921,338 2,079,928 2,269,814 2,457,234 
- 34 -

Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Arizona:
Demand592,144 780,051 844,327 903,296 901,543 
Interest-bearing:
Transaction800,970 687,527 739,628 788,142 792,269 
Savings14,489 16,993 16,496 18,258 17,999 
Time31,248 27,755 24,846 26,704 28,774 
Total interest-bearing846,707 732,275 780,970 833,104 839,042 
Total Arizona1,438,851 1,512,326 1,625,297 1,736,400 1,740,585 
Kansas/Missouri:
Demand363,534 393,321 436,259 479,459 537,143 
Interest-bearing:
Transaction1,014,247 1,040,009 694,163 747,981 913,921 
Savings16,316 18,292 20,678 19,375 19,943 
Time16,176 13,061 12,963 13,258 13,962 
Total interest-bearing1,046,739 1,071,362 727,804 780,614 947,826 
Total Kansas/Missouri1,410,273 1,464,683 1,164,063 1,260,073 1,484,969 
Arkansas:
Demand38,818 42,312 50,180 43,111 41,084 
Interest-bearing:
Transaction43,301 71,158 56,181 123,273 130,300 
Savings3,195 3,228 3,083 3,098 3,125 
Time7,225 4,775 4,825 5,940 6,371 
Total interest-bearing53,721 79,161 64,089 132,311 139,796 
Total Arkansas92,539 121,473 114,269 175,422 180,880 
Total BOK Financial deposits$33,294,843 $32,580,747 $34,480,705 $36,415,915 $38,618,918 

Estimated uninsured deposits totaled $19.0 billion or 57 percent of our total deposits at June 30, 2023. In addition to insured deposits, we also hold $4.8 billion of collateralized deposits. Municipalities, Native American tribal governments and certain trust-related deposits are all required to be collateralized. Excluding the impact collateralized deposits and deposits related to consolidated subsidiaries of BOKF, NA, our uninsured and uncollateralized deposit level is $13.4 billion or 40 percent of total deposits at June 30, 2023.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Banks 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 largest source of wholesale federal funds purchased totaled $650 million at June 30, 2023. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale and trading securities. Federal Home Loan Banks 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 $5.2 billion during the quarter, compared to $4.5 billion in the first quarter of 2023.

At June 30, 2023, management estimates a total potential secured borrowing capacity of approximately $23.5 billion. This includes current available secured capacity of $19.2 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.3 billion of other sources that could be converted into additional secured capacity.

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

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Table 21 – Borrowed Funds
(Dollars in thousands)
  Three Months Ended
June 30, 2023		 Three Months Ended
Mar. 31, 2023
Jun. 30, 2023Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		Mar. 31, 2023Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased1,013,384 1,435,842 4.90 %1,704,877 1,087,553 847,336 4.23 %1,711,580 
Repurchase agreements4,433,480 2,235,152 4.37 %4,433,480 512,171 911,901 2.50 %512,171 
Other borrowings:
Federal Home Loan Banks advances3,750,000 5,244,340 5.12 %5,100,000 4,700,000 4,475,555 4.74 %4,700,000 
GNMA repurchase liability
10,201 11,596 3.80 %12,316 11,868 11,371 4.24 %10,608 
Other16,855 19,355 2.84 %23,775 24,017 25,354 2.54 %26,311 
Total other borrowings3,777,056 5,275,291 5.12 %4,735,885 4,512,280 4.73 %
Subordinated debentures1
131,154 131,153 6.79 %131,154 131,148 131,166 6.40 %131,164 
Total other borrowed funds and subordinated debentures
$9,355,074 $9,077,438 4.92 %$6,466,757 $6,402,683 4.38 %
1 Parent Company only.
BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.
Parent Company

At June 30, 2023, cash and interest-bearing cash and cash equivalents held by the parent company totaled $204 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At June 30, 2023, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $416 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at June 30, 2023 was $4.9 billion, an $11 million decrease compared to March 31, 2023. Net income less cash dividends paid increased equity $116 million during the second quarter of 2023. Changes in interest rates resulted in a $108 million decrease in accumulated other comprehensive income compared to March 31, 2023. We also repurchased $22 million of common stock, excluding a one percent excise tax on corporate stock repurchases, during the second quarter of 2023. 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 November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law and other regulatory compliance limitations. As of June 30, 2023, the Company had repurchased 1,027,477 shares under this authorization. The Company repurchased 266,000 shares of common stock at an average price of $84.08 per share in the second quarter of 2023. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. These capital requirements include quantitative measures of assets, liabilities and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.

A summary of minimum capital requirements, including 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 7 basis points to the Company's Common equity Tier 1 capital at June 30, 2023.

Capital and other performance ratios for BOK Financial on a consolidated basis are presented in Table 22.

Table 22 – Capital and Performance Ratios
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferJun. 30, 2023Mar. 31, 2023Jun. 30, 2022
Capital:
Common equity Tier 14.50 %2.50 %7.00 %12.13 %12.19 %11.61 %
Tier 1 capital6.00 %2.50 %8.50 %12.13 %12.20 %11.63 %
Total capital8.00 %2.50 %10.50 %13.24 %13.21 %12.59 %
Tier 1 Leverage4.00 %N/A4.00 %9.75 %9.94 %9.12 %
Average total equity to average assets10.32 %10.53 %10.01 %
Tangible common equity ratio1
7.79 %8.46 %8.16 %
Adjusted common tangible equity ratio1
7.49 %8.22 %8.10 %
Performance Ratios:
Return on average equity12.28 %13.61 %11.27 %
Return on average tangible common equity1
15.86 %17.71 %14.81 %
1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.
- 37 -

Explanation and Reconciliation of Non-GAAP Measures

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

Table 23 – Non-GAAP Measures
(Dollars in thousands)
Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$4,863,854 $4,874,786 $4,682,649 $4,509,934 $4,737,339 
Less: Goodwill and intangible assets, net1,113,995 1,117,438 1,120,880 1,124,582 1,128,493 
Tangible common equity3,749,859 3,757,348 3,561,769 3,385,352 3,608,846 
Add: Unrealized gain (loss) on investment securities, net(189,152)(140,947)(167,477)(165,206)(30,305)
Add: Tax effect on unrealized gain (loss) on investment securities, net44,486 33,149 39,196 38,665 7,093 
Adjusted tangible common equity$3,605,193 $3,649,550 $3,433,488 $3,258,811 $3,585,634 
Total assets$49,237,920 $45,524,122 $47,790,642 $43,645,446 $45,377,072 
Less: Goodwill and intangible assets, net1,113,995 1,117,438 1,120,880 1,124,582 1,128,493 
Tangible assets$48,123,925 $44,406,684 $46,669,762 $42,520,864 $44,248,579 
Tangible common equity ratio7.79 %8.46 %7.63 %7.96 %8.16 %
Adjusted tangible common equity ratio7.49 %8.22 %7.36 %7.66 %8.10 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$4,941,352 $4,837,567 $4,613,929 $4,771,123 $4,728,311 
Less: Average goodwill and intangible assets, net1,115,652 1,119,123 1,122,680 1,126,440 1,130,430 
Average tangible common equity$3,825,700 $3,718,444 $3,491,249 $3,644,683 $3,597,881 
Net Income$151,308 $162,368 $168,429 $156,510 $132,846 
Return on average tangible common equity15.86 %17.71 %19.14 %17.04 %14.81 %
Reconciliation of pre-provision net revenue:
Net income before taxes$195,637 $208,401 $216,256 $196,272 $168,980 
Provision for expected credit losses17,000 16,000 15,000 15,000 — 
Net income (loss) attributable to non-controlling interests328 128 (37)81 12 
Pre-provision net revenue$212,309 $224,273 $231,293 $211,191 $168,968 
Calculation of efficiency ratio:
Total other operating expense$318,673 $305,812 $318,456 $294,751 $273,655 
Less: Amortization of intangible assets3,474 3,391 3,736 3,943 4,049 
Adjusted total other operating expense$315,199 $302,421 $314,720 $290,808 $269,606 
Net interest revenue$322,261 $352,348 $352,626 $316,325 $274,018 
Tax-equivalent adjustment2,200 2,285 2,287 2,163 2,040 
Tax-equivalent net interest revenue324,461 354,633 354,913 318,488 276,058 
Total other operating revenue209,049 177,865 197,086 189,698 168,617 
Less: Gain (loss) on available for sale securities, net(3,010)— (3,988)892 1,188 
Adjusted revenue$536,520 $532,498 $555,987 $507,294 $443,487 
Efficiency ratio58.75 %56.79 %56.61 %57.33 %60.79 %
- 38 -

Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Information on net interest revenue and net interest margin excluding trading activities:
Net interest revenue$322,261 $352,348 $352,626 $316,325 $274,018 
Less: Trading activities net interest revenue(3,461)70 (860)4,478 15,073 
Net interest revenue excluding trading activities$325,722 $352,278 $353,486 $311,847 $258,945 
Tax-equivalent adjustment2,200 2,285 2,287 2,163 2,040 
Tax-equivalent net interest revenue excluding trading activities$327,922 $354,563 $355,773 $314,010 $260,985 
Average total earning assets$42,731,533 $40,781,257 $39,285,300 $38,527,860 $39,062,025 
Less: Average trading activities interest-earning assets4,274,803 3,031,969 3,086,985 3,178,068 4,166,954 
Average interest-earning assets excluding trading activities$38,456,730 $37,749,288 $36,198,315 $35,349,792 $34,895,071 
Net interest margin on average interest-earning assets3.00 %3.45 %3.54 %3.24 %2.76 %
Net interest margin on average trading activities interest-earning assets(0.34)%— %(0.12)%0.53 %1.31 %
Net interest margin on average interest-earning assets excluding trading activities3.36 %3.72 %3.84 %3.49 %2.95 %

Explanation of Non-GAAP Measures

The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that do not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.

Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

The efficiency ratio measures the Company's ability to use its assets and manage its liabilities effectively in the current period. Prior to the second quarter of 2023, the efficiency ratio did not exclude amortization of intangible assets and only included tax-equivalent net interest revenue and fees and commissions as part of total revenue. All prior periods were adjusted to conform with the current methodology.

Net interest revenue and net interest margin excluding trading activities remove the effect of trading activities on these metrics allowing management and investors to assess the performance of the Company's core lending and deposit activities without the associated volatility from trading activities.
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.

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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.

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 6.5 percent. 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 Company 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 term rate versions of the Secured Overnight Financing Rate ("SOFR"). Before the June 30, 2023 deadline, the Company mitigated its remaining LIBOR exposure, with any outstanding or committed exposure being proactively moved to an alternative rate or falling back per the terms of their contract or as per the LIBOR Act.

The Company's primary interest rate exposures include the Federal Funds rate, which affects short-term borrowings, and the prime lending rate, SOFR, which is 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 (2.75) percent, or ($38.2 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 (0.53) percent, or ($7.4 million) for the 200 basis point increase scenario.

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Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
June 30, 2023Mar. 31, 2023
 200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease
Anticipated impact over the next twelve months on net interest revenue$(22,800)$(1,100)$(32,000)$(49,700)$(26,900)$(2,800)$(26,600)$(40,970)
(1.64)%(0.08)%(2.30)%(3.57)%(1.93)%(0.20)%(1.90)%(2.93)%
Anticipated impact over months twelve through twenty-four$(13,800)$19,900 $(100,200)$(171,700)$(10,100)$21,970 $(96,300)$(177,100)
 (0.90)%1.30 %(6.52)%(11.18)%(0.68)%1.47 %(6.46)%(11.88)%

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
(In thousands)
 June 30, 2023Mar. 31, 2023
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$6,927 $(8,919)$8,778 $(11,308)
MSR Hedge(8,116)8,291 (10,299)9,860 
Net Exposure(1,189)(628)(1,521)(1,448)

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.

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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
(In thousands)
Three Months EndedSix Months Ended June 30,
 June 30, 2023Mar. 31, 202320232022
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(96)$(57)$(79)$(16)$(87)$(37)$(89)$(288)
Low2
— 52 (1)61 — 61 161 91 
High3
(158)(168)(186)(84)(186)(168)(402)(779)
Period End(88)(99)(74)(19)(88)(99)(87)(20)
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 June 30, 2023, March 31, 2023, June 30, 2022 and Mar. 31, 2022.

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Table 27 – VaR and SVaR Measures
(In thousands)
Three Months EndedThree Months Ended
 June 30, 2023Mar. 31, 2023June 30, 2022Mar. 31, 2022
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
$4,429 $7,239 $4,059 $7,461 $6,070 $12,619 $8,759 $39,402 
Low3,046 4,171 1,944 3,156 2,612 5,820 5,969 23,910 
High7,913 14,861 8,487 15,571 11,583 25,184 14,556 73,790 
Period End5,863 5,863 4,036 8,907 3,386 8,220 8,178 23,988 
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 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
(In thousands)
Three Months EndedSix Months Ended June 30,
 June 30, 2023Mar. 31, 202320232022
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(602)$1,452 $701 $(497)$49 $477 $60 $1,896 
Low2
4,279 6,202 4,513 1,983 4,513 6,202 8,643 12,277 
High3
(4,758)(3,445)(1,837)(4,538)(4,758)(4,538)(11,253)(3,813)
Period End(3,693)4,886 2,247 (2,053)(3,693)4,886 785 (1,138)
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 results as one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved."
- 43 -

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, and the economy generally 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 changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

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

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months EndedSix Months Ended
 June 30,June 30,
Interest revenue2023202220232022
Loans$399,182 $204,015 $767,052 $382,388 
Residential mortgage loans held for sale1,092 1,559 2,071 2,953 
Trading securities47,821 22,958 81,830 63,933 
Investment securities8,586 3,485 17,514 5,839 
Available for sale securities94,589 58,672 183,325 116,604 
Fair value option securities3,116 437 7,009 928 
Restricted equity securities6,429 1,384 12,237 2,491 
Interest-bearing cash and cash equivalents9,552 1,737 16,058 2,210 
Total interest revenue570,367 294,247 1,087,096 577,346 
Interest expense    
Deposits136,666 13,862 231,940 21,460 
Borrowed funds109,221 4,894 176,259 10,682 
Subordinated debentures2,219 1,473 4,288 2,775 
Total interest expense248,106 20,229 412,487 34,917 
Net interest revenue322,261 274,018 674,609 542,429 
Provision for credit losses17,000 — 33,000 — 
Net interest revenue after provision for credit losses
305,261 274,018 641,609 542,429 
Other operating revenue    
Brokerage and trading revenue65,006 44,043 117,402 16,964 
Transaction card revenue26,003 26,940 51,624 51,156 
Fiduciary and asset management revenue52,997 49,838 103,654 96,237 
Deposit service charges and fees27,100 28,500 53,068 55,504 
Mortgage banking revenue15,141 11,368 29,508 28,018 
Other revenue14,250 12,684 31,220 23,129 
Total fees and commissions200,497 173,373 386,476 271,008 
Other gains (losses), net12,618 (7,639)14,869 (9,283)
Loss on derivatives, net(8,159)(13,569)(9,503)(60,550)
Loss on fair value option securities, net(2,158)(2,221)(5,120)(13,422)
Change in fair value of mortgage servicing rights9,261 17,485 3,202 66,595 
Gain (loss) on available for sale securities, net(3,010)1,188 (3,010)2,125 
Total other operating revenue209,049 168,617 386,914 256,473 
Other operating expense    
Personnel190,652 154,923 372,797 314,151 
Business promotion7,640 6,325 16,209 12,838 
Charitable contributions to BOKF Foundation1,142 — 1,142 — 
Professional fees and services12,777 12,475 25,825 23,888 
Net occupancy and equipment30,105 27,489 58,564 58,344 
Insurance6,974 4,728 14,289 9,011 
Data processing and communications45,307 41,280 90,109 81,116 
Printing, postage and supplies3,728 3,929 7,621 7,618 
Amortization of intangible assets3,474 4,049 6,865 8,013 
Mortgage banking costs8,300 9,437 14,082 17,314 
Other expense8,574 9,020 16,982 18,980 
Total other operating expense318,673 273,655 624,485 551,273 
Net income before taxes195,637 168,980 404,038 247,629 
Federal and state income taxes44,001 36,122 89,906 52,319 
Net income151,636 132,858 314,132 195,310 
Net income (loss) attributable to non-controlling interests328 12 456 (24)
Net income attributable to BOK Financial Corporation shareholders$151,308 $132,846 $313,676 $195,334 
Earnings per share:    
Basic$2.27 $1.96 $4.70 $2.87 
Diluted$2.27 $1.96 $4.70 $2.87 
Average shares used in computation:
Basic65,994,132 67,453,748 66,162,048 67,616,396 
Diluted65,994,132 67,455,172 66,162,048 67,617,834 
Dividends declared per share$0.54 $0.53 $1.08 $1.06 

See accompanying notes to consolidated financial statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)  
 Three Months EndedSix Months Ended
June 30,June 30,
 2023202220232022
Net income$151,636 $132,858 $314,132 $195,310 
Other comprehensive income (loss) before income taxes:    
Net change in unrealized gain (loss)(160,408)(242,536)(36,363)(881,577)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities16,033 2,455 32,084 2,455 
Loss (gain) on available for sale securities, net3,010 (1,188)3,010 (2,125)
Other comprehensive income (loss) before income taxes(141,365)(241,269)(1,269)(881,247)
Federal and state income taxes(33,247)(56,467)(1,552)(206,248)
Other comprehensive income (loss), net of income taxes(108,118)(184,802)283 (674,999)
Comprehensive income (loss)43,518 (51,944)314,415 (479,689)
Comprehensive income (loss) attributable to non-controlling interests328 12 456 (24)
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders$43,190 $(51,956)$313,959 $(479,665)

See accompanying notes to consolidated financial statements.
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Consolidated Balance Sheets
(In thousands, except share data)
 June 30, 2023Dec. 31, 2022
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$875,714 $943,810 
Interest-bearing cash and cash equivalents571,616 457,906 
Trading securities5,442,364 4,464,161 
Investment securities, net of allowance (fair value: June 30, 2023 – $2,185,384; December 31, 2022 – $2,346,768)
2,374,071 2,513,687 
Available for sale securities11,938,523 11,493,860 
Fair value option securities212,321 296,590 
Restricted equity securities330,086 299,651 
Residential mortgage loans held for sale94,820 75,272 
Loans23,237,659 22,557,150 
Allowance for loan losses(262,714)(235,704)
Loans, net of allowance22,974,945 22,321,446 
Premises and equipment, net617,918 565,175 
Receivables263,915 273,815 
Goodwill1,044,749 1,044,749 
Intangible assets, net69,246 76,131 
Mortgage servicing rights304,722 277,608 
Real estate and other repossessed assets, net of allowance (June 30, 2023 – $4,406; December 31, 2022 – $10,115)
4,227 14,304 
Derivative contracts, net353,037 880,343 
Cash surrender value of bank-owned life insurance411,084 406,751 
Receivable on unsettled securities sales133,909 31,004 
Other assets1,220,653 1,354,379 
Total assets$49,237,920 $47,790,642 
Liabilities and Equity
Liabilities:
Noninterest-bearing demand deposits$10,782,548 $13,395,337 
Interest-bearing deposits:  
Transaction18,907,981 18,659,115 
Savings897,937 964,411 
Time2,706,377 1,461,842 
Total deposits33,294,843 34,480,705 
Funds purchased and repurchase agreements5,446,864 2,270,377 
Other borrowings3,777,056 4,736,908 
Subordinated debentures131,154 131,205 
Accrued interest, taxes and expense228,797 296,870 
Derivative contracts, net550,653 554,900 
Due on unsettled securities purchases400,430 147,470 
Other liabilities540,726 484,849 
Total liabilities44,370,523 43,103,284 
Shareholders' equity:  
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: June 30, 2023 – 76,592,098; December 31, 2022 – 76,423,345)
5 5 
Capital surplus1,401,509 1,390,395 
Retained earnings5,065,733 4,824,164 
Treasury stock (shares at cost: June 30, 2023 – 10,222,890; December 31, 2022 – 9,464,711)
(766,721)(694,960)
Accumulated other comprehensive income (loss)(836,672)(836,955)
Total shareholders' equity4,863,854 4,682,649 
Non-controlling interests3,543 4,709 
Total equity4,867,397 4,687,358 
Total liabilities and equity$49,237,920 $47,790,642 

See accompanying notes to consolidated financial statements.
- 47 -

Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, March 31, 202376,556 $5 $1,397,096 $4,950,176 9,955 $(743,937)$(728,554)$4,874,786 $3,241 $4,878,027 
Net income (loss)— — — 151,308 — — — 151,308 328 151,636 
Other comprehensive loss— — — — — — (108,118)(108,118)— (108,118)
Repurchase of common stock— — — — 266 (22,590)— (22,590)— (22,590)
Share-based compensation plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		36 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 2 (194)— (194)— (194)
Share-based compensation— — 4,413 — — — — 4,413 — 4,413 
Cash dividends on common
     stock		— — — (35,751)— — — (35,751)— (35,751)
Capital calls and distributions,
     net		— — — — — — — — (26)(26)
Balance, June 30, 202376,592 $5 $1,401,509 $5,065,733 10,223 $(766,721)$(836,672)$4,863,854 $3,543 $4,867,397 
Balance, December 31, 202276,423 $5 $1,390,395 $4,824,164 9,465 $(694,960)$(836,955)$4,682,649 $4,709 $4,687,358 
Net income (loss)— — — 313,676 — — — 313,676 456 314,132 
Other comprehensive income— — — — — — 283 283 — 283 
Repurchase of common stock— — — — 713 (67,066)— (67,066)— (67,066)
Share-based compensation
     plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net		169 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 45 (4,695)— (4,695)— (4,695)
Share-based compensation— — 11,114 — — — — 11,114 — 11,114 
Cash dividends on common
     stock		— — — (72,107)— — — (72,107)— (72,107)
Capital calls and distributions,
     net		— — — — — — — — (1,622)(1,622)
Balance, June 30, 202376,592 $5 $1,401,509 $5,065,733 10,223 $(766,721)$(836,672)$4,863,854 $3,543 $4,867,397 
- 48 -

 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, March 31, 202276,412 $5 $1,381,666 $4,473,884 8,308 $(588,147)$(417,826)$4,849,582 $3,942 $4,853,524 
Net income (loss)— — — 132,846 — — — 132,846 12 132,858 
Other comprehensive loss— — — — — — (184,802)(184,802)— (184,802)
Repurchase of common stock— — — — 294 (24,404)— (24,404)— (24,404)
Share-based compensation
     plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net
(4)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 10 — — — — 10 — 10 
Cash dividends on common
     stock		— — — (35,893)— — — (35,893)— (35,893)
Capital calls and distributions,
     net		— — — — — — — — 249 249 
Balance, June 30, 202276,408 $5 $1,381,676 $4,570,837 8,602 $(612,551)$(602,628)$4,737,339 $4,203 $4,741,542 
Balance, December 31, 202176,254 $5 $1,378,794 $4,447,691 7,786 $(535,129)$72,371 $5,363,732 $4,639 $5,368,371 
Net income (loss)— — — 195,334 — — — 195,334 (24)195,310 
Other comprehensive loss— — — — — — (674,999)(674,999)— (674,999)
Repurchase of common stock— — — — 770 (72,478)— (72,478)— (72,478)
Share-based compensation
     plans:
Stock options exercised1 — 37 — — — — 37 — 37 
Non-vested shares awarded,
     net		153 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 46 (4,944)— (4,944)— (4,944)
Share-based compensation— — 2,845 — — — — 2,845 — 2,845 
Cash dividends on common
     stock		— — — (72,188)— — — (72,188)— (72,188)
Capital calls and distributions,
     net		— — — — — — — — (412)(412)
Balance, June 30, 202276,408 $5 $1,381,676 $4,570,837 8,602 $(612,551)$(602,628)$4,737,339 $4,203 $4,741,542 

See accompanying notes to consolidated financial statements.
- 49 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Six Months Ended
 June 30,
 20232022
Cash Flows From Operating Activities:  
Net income$314,132 $195,310 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses33,000 — 
Change in fair value of mortgage servicing rights due to market assumption changes(3,202)(66,595)
Change in the fair value of mortgage servicing rights due to principal payments13,829 15,317 
Net unrealized (gains) losses from derivative contracts(25,310)(47,004)
Share-based compensation11,114 2,845 
Depreciation and amortization56,583 52,971 
Net amortization of discounts and premiums(8,733)6,417 
Net losses (gains) on financial instruments and other losses (gains), net(11,617)7,157 
Net loss (gain) on mortgage loans held for sale2,153 (6,521)
Mortgage loans originated for sale(353,409)(779,103)
Proceeds from sale of mortgage loans held for sale332,944 793,223 
Capitalized mortgage servicing rights(6,603)(10,969)
Change in trading and fair value option securities(893,843)6,283,157 
Change in receivables(82,491)62,029 
Change in other assets44,365 (17,067)
Change in other liabilities17,318 (55,875)
Net cash provided by (used in) operating activities(559,770)6,435,292 
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities140,043 26,730 
Proceeds from maturities or redemptions of available for sale securities656,703 1,365,103 
Purchases of investment securities(2,504)— 
Purchases of available for sale securities(1,266,764)(1,919,632)
Proceeds from sales of available for sale securities135,489 211,301 
Change in amount receivable on unsettled available for sale securities transactions(10,548)(19,793)
Loans originated, net of principal collected(678,700)(1,070,725)
Net payments on derivative asset contracts156,205 151,559 
Net change in restricted equity securities(30,435)(12,017)
Proceeds from disposition of assets29,136 11,559 
Purchases of assets(97,875)(119,302)
Net cash provided by (used in) investing activities(969,250)(1,375,217)
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts(2,430,397)(2,288,412)
Net change in time deposits1,244,535 (334,729)
Net change in other borrowed funds2,208,867 (1,671,503)
Net proceeds on derivative liability contracts(151,457)(131,361)
Net change in derivative margin accounts707,266 (1,417,338)
Change in amount due on unsettled available for sale securities transactions139,688 132,781 
Issuance of common and treasury stock, net(4,695)(4,907)
Repurchase of common stock(67,066)(72,478)
Dividends paid(72,107)(72,188)
Net cash provided by (used in) financing activities1,574,634 (5,860,135)
Net increase (decrease) in cash and cash equivalents45,614 (800,060)
Cash and cash equivalents at beginning of period1,401,716 2,837,410 
Cash and cash equivalents at end of period$1,447,330 $2,037,350 
Supplemental Cash Flow Information:
Cash paid for interest$401,187 $35,094 
Cash paid for taxes$123,821 $66,862 
Net loans and bank premises transferred to repossessed real estate and other assets$225 $4,080 
Transfer of available for sale securities to investment securities$— $2,454,273 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
$7,768 $20,836 
Conveyance of other real estate owned guaranteed by U.S. government agencies$2,569 $3,478 
Right-of-use assets obtained in exchange for operating lease liabilities$64,899 $15,506 
See accompanying notes to consolidated financial statements.
- 50 -

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 2022 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2022 have been derived from the audited financial statements included in BOK Financial's 2022 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board ("FASB")

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 was effective for the Company January 1, 2023. Amendments related to TDR recognition and measurement and vintage disclosures were applied prospectively and are included in Note 4 to the consolidated financial statements. Adoption of this standard did not have a material effect on the Company's financial condition or results of operations.

FASB Accounting Standards Update No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01")

On March 27, 2023, the FASB issued ASU 2023-01 which, in part, amends the accounting for leasehold improvement in common-control arrangements. Under previous guidance, a lessee is generally required to amortize leasehold improvements that it owns over the shorter of the useful life of those improvements or the lease term. However, due to the nature of leasehold improvements made under leases between entities under common control, ASU 2023-01 requires a lessee in a common-control arrangement to amortize such leasehold improvements that it owns over the improvements' useful life to the common control group, regardless of the lease term. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of ASU 2023-01 is not expected to have a material impact on the Company's financial statements.

- 51 -

FASB Accounting Standards Update No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02")

On March 29, 2023, the FASB issued ASU 2023-02 which amends previous guidance to allow entities to account for qualifying tax equity investments using the proportional amortization method regardless of the program giving rise to the related income tax credits, as opposed to only being allowed to apply this method to qualifying tax equity investments in low-income housing tax credit structures as was the case under previous guidance. ASU 2023-02 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. On June 30, 2023, the Company early adopted ASU 2023-02 as of January 1, 2023 using the modified retrospective approach, which did not have a material impact on the Company's financial statements. The Company transitioned from the equity method of accounting and began applying the proportional amortization method of accounting to its qualifying new markets tax credit and historic tax credit investments in addition to its low income housing tax credit partnerships already subject to the proportional amortization method.


- 52 -

(2) Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 June 30, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$46,994 $(13)$9,823 $(16)
Residential agency mortgage-backed securities
5,334,372 (33,275)4,406,848 4 
Municipal securities49,595 140 21,484 (136)
Other trading securities11,403 (129)26,006 (175)
Total trading securities$5,442,364 $(33,277)$4,464,161 $(323)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 June 30, 2023
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$136,803 $136,803 $141,587 $5,168 $(384)
Mortgage-backed securities:
Residential agency2,397,098 2,205,685 2,014,427 128 (191,386)
Commercial agency17,259 15,760 14,636 — (1,124)
Other debt securities16,288 16,288 14,734 — (1,554)
Total investment securities2,567,448 2,374,536 2,185,384 5,296 (194,448)
Allowance for credit losses(465)(465)— — — 
Investment securities, net of allowance$2,566,983 $2,374,071 $2,185,384 $5,296 $(194,448)
1    Carrying value includes $193 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.
 December 31, 2022
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$170,629 $170,629 $176,621 $6,456 $(464)
Mortgage-backed securities:
Residential agency2,538,565 2,315,219 2,143,360 155 (172,014)
Commercial agency17,259 15,609 14,588 — (1,021)
Other debt securities12,788 12,788 12,199 — (589)
Total investment securities2,739,241 2,514,245 2,346,768 6,611 (174,088)
Allowance for credit losses(558)(558)— — — 
Investment securities, net of allowance$2,738,683 $2,513,687 $2,346,768 $6,611 $(174,088)
1    Carrying value includes $225 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.



- 53 -

The amortized cost and fair values of investment securities at June 30, 2023, 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$26,633 $100,361 $41,844 $13 $168,851 3.59 
Fair value26,772 104,295 39,877 13 170,957  
Residential mortgage-backed securities:      
Carrying value    $2,205,685 2
Fair value    2,014,427  
Total investment securities:      
Carrying value    $2,374,536  
Fair value    2,185,384  
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 5.3 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(dollars in thousands):
June 30, 2023
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities20 $16,740 $79 $6,484 $305 $23,224 $384 
Mortgage-backed securities:
Residential agency116 2,309 128 2,010,981 191,258 2,013,290 191,386 
Commercial agency2 — — 14,637 1,124 14,637 1,124 
Other debt securities3 8,464 1,536 257 18 8,721 1,554 
Total investment securities141 $27,513 $1,743 $2,032,359 $192,705 $2,059,872 $194,448 

December 31, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities22 $18,037 $406 $544 $58 $18,581 $464 
Mortgage-backed securities:
Residential agency116 2,142,114 172,014 — — 2,142,114 172,014 
Commercial agency2 14,588 1,021 — — 14,588 1,021 
Other debt securities3 9,428 571 257 18 9,685 589 
Total investment securities143 $2,184,167 $174,012 $801 $76 $2,184,968 $174,088 


- 54 -

Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 June 30, 2023
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $901 $— $(99)
Municipal securities547,510 491,715 — (55,795)
Mortgage-backed securities:    
Residential agency6,492,794 6,114,202 852 (379,444)
Residential non-agency746,481 699,178 10,458 (57,761)
Commercial agency5,049,144 4,632,054 556 (417,646)
Other debt securities500 473 — (27)
Total available for sale securities$12,837,429 $11,938,523 $11,866 $(910,772)
 December 31, 2022
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $898 $— $(102)
Municipal securities687,875 624,500 321 (63,696)
Mortgage-backed securities:   
Residential agency6,161,358 5,814,496 13,085 (359,947)
Residential non-agency616,423 577,576 11,776 (50,623)
Commercial agency4,892,257 4,475,917 3,479 (419,819)
Other debt securities500 473 — (27)
Total available for sale securities$12,359,413 $11,493,860 $28,661 $(894,214)

The amortized cost and fair values of available for sale securities at June 30, 2023, 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$180,223 $2,894,432 $1,987,608 $535,891 $5,598,154 5.71 
Fair value178,499 2,675,529 1,769,950 501,165 5,125,143 
Residential mortgage-backed securities:
Amortized cost$7,239,275 2
Fair value6,813,380 
Total available for sale securities:
Amortized cost$12,837,429 
Fair value11,938,523 
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 4.5 years based upon current prepayment assumptions.

- 55 -

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended June 30,
 2023202220232022
Proceeds$135,489 $156,116 $135,489 $211,301 
Gross realized gains703 1,461 703 3,394 
Gross realized losses(3,713)(273)(3,713)(1,269)
Related federal and state income tax expense(708)278 (708)497 

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 $14.6 billion at June 30, 2023 and $11.2 billion at December 31, 2022. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(Dollars in thousands)
June 30, 2023
 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 $— $— $901 $99 $901 $99 
Municipal securities192 35,516 1,022 456,199 54,773 491,715 55,795 
Mortgage-backed securities:
    
Residential agency716 2,853,011 74,530 3,035,935 304,914 5,888,946 379,444 
Residential non-agency35 278,467 9,156 369,937 48,605 648,404 57,761 
Commercial agency302 998,353 23,530 3,528,331 394,116 4,526,684 417,646 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,247 $4,165,347 $108,238 $7,391,776 $802,534 $11,557,123 $910,772 

December 31, 2022
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:     
U.S. Treasury
1 $— $— $899 $102 $899 $102 
Municipal securities227 146,634 5,301 428,248 58,395 574,882 63,696 
Mortgage-backed securities:
     
Residential agency
613 3,879,582 256,973 863,732 102,974 4,743,314 359,947 
Residential non-agency26 499,716 50,623 — — 499,716 50,623 
Commercial agency
285 1,647,778 63,701 2,535,816 356,118 4,183,594 419,819 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities
1,153 $6,173,710 $376,598 $3,829,168 $517,616 $10,002,878 $894,214 

Based on evaluations of impaired securities as of June 30, 2023, 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.


- 56 -

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

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 June 30, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities212,321 (2,492)296,590 338 

(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.

- 57 -

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.

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at June 30, 2023 (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$2,667,177 $150,410 $— $150,410 $(146,700)$3,710 
Energy contracts8,269,088 914,855 (587,545)327,310 (120,398)206,912 
Foreign exchange contracts62,860 60,509 — 60,509 (1,862)58,647 
Equity option contracts8,107 60 — 60 (56)4 
Total customer risk management programs11,007,232 1,125,834 (587,545)538,289 (269,016)269,273 
Trading24,565,864 133,391 (51,516)81,875 (153)81,722 
Internal risk management programs190,000 2,042 — 2,042 — 2,042 
Total derivative contracts$35,763,096 $1,261,267 $(639,061)$622,206 $(269,169)$353,037 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,667,177 $150,412 $— $150,412 $— $150,412 
Energy contracts8,266,679 903,909 (587,545)316,364 (23,427)292,937 
Foreign exchange contracts62,154 59,632 — 59,632 — 59,632 
Equity option contracts8,107 60 — 60 — 60 
Total customer risk management programs11,004,117 1,114,013 (587,545)526,468 (23,427)503,041 
Trading20,340,860 96,506 (51,516)44,990 (1,559)43,431 
Internal risk management programs335,000 4,181 — 4,181 — 4,181 
Total derivative contracts$31,679,977 $1,214,700 $(639,061)$575,639 $(24,986)$550,653 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


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The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2022 (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$2,629,318 $158,825 $— $158,825 $(114,955)$43,870 
Energy contracts7,918,020 1,232,283 (594,543)637,740 (67,024)570,716 
Foreign exchange contracts219,791 216,569 — 216,569 — 216,569 
Equity option contracts21,102 193 — 193 (109)84 
Total customer risk management programs10,788,231 1,607,870 (594,543)1,013,327 (182,088)831,239 
Trading17,400,037 126,910 (74,647)52,263 (4,646)47,617 
Internal risk management programs85,000 1,500 (13)1,487 — 1,487 
Total derivative contracts$28,273,268 $1,736,280 $(669,203)$1,067,077 $(186,734)$880,343 
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$2,629,122 $158,816 $— $158,816 $— $158,816 
Energy contracts8,696,060 1,242,058 (594,543)647,515 (484,319)163,196 
Foreign exchange contracts214,855 211,233 — 211,233 (7)211,226 
Equity option contracts21,102 193 — 193 — 193 
Total customer risk management programs11,561,139 1,612,300 (594,543)1,017,757 (484,326)533,431 
Trading14,038,906 94,958 (74,647)20,311 (423)19,888 
Internal risk management programs178,806 1,594 (13)1,581 — 1,581 
Total derivative contracts$25,778,851 $1,708,852 $(669,203)$1,039,649 $(484,749)$554,900 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
 Three Months Ended
June 30, 2023June 30, 2022
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$2,339 $— $939 $— 
Energy contracts11,250 — 12,036 — 
Foreign exchange contracts53 — 158 — 
Equity option contracts— — — — 
Total customer risk management programs13,642 — 13,133 — 
Trading1
64,172 — (15,376)— 
Internal risk management programs— (8,159)— (13,569)
Total derivative contracts$77,814 $(8,159)$(2,243)$(13,569)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.
 Six Months Ended
June 30, 2023June 30, 2022
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts4,109 — 7,281 — 
Energy contracts17,803 — 16,484 — 
Foreign exchange contracts84 — 306 — 
Equity option contracts— — — — 
Total customer risk management programs21,996 — 24,071 — 
Trading1
1,079 — 15,698 — 
Internal risk management programs— (9,503)— (60,550)
Total derivative contracts$23,075 $(9,503)$39,769 $(60,550)
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.

(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.

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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.

Modifications of loans to existing borrowers generally consist of interest rate reductions, extension of payment terms, or a combination of these. Modifications may arise 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. A change to the allowance for credit losses is generally not recorded upon modification because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance methodology.

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 modification. 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.

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 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. 

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Portfolio segments of the loan portfolio are as follows (in thousands):
 June 30, 2023December 31, 2022
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,492,786 $10,968,453 $73,277 $14,534,516 $3,392,422 $10,759,780 $60,297 $14,212,499 
Commercial real estate
878,947 4,074,459 17,395 4,970,801 874,716 3,715,491 16,570 4,606,777 
Loans to individuals2,133,208 1,557,555 41,579 3,732,342 2,099,165 1,593,779 44,930 3,737,874 
Total$6,504,941 $16,600,467 $132,251 $23,237,659 $6,366,303 $16,069,050 $121,797 $22,557,150 

Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At June 30, 2023, outstanding commitments totaled $15.0 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

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

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At June 30, 2023, outstanding standby letters of credit totaled $722 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.

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.

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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.

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.

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

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

A provision for credit losses is charged against or credited to earnings in amounts necessary to maintain an appropriate Allowance for Credit Losses. Recoveries of loans previously charged off are added to the allowance when received.
The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
June 30, 2023
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$139,898 $66,003 $43,559 $249,460 
Provision for loan losses5,420 14,300 237 19,957 
Loans charged off(2,797)(4,000)(1,252)(8,049)
Recoveries of loans previously charged off
748 44 554 1,346 
Ending balance$143,269 $76,347 $43,098 $262,714 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$20,608 $40,211 $2,124 $62,943 
Provision for off-balance sheet credit risk
(314)(2,530)(159)(3,003)
Ending balance$20,294 $37,681 $1,965 $59,940 
Six Months Ended
June 30, 2023
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$131,586 $57,648 $46,470 $235,704 
Provision for loan losses11,750 24,726 (1,994)34,482 
Loans charged off(2,809)(6,208)(2,699)(11,716)
Recoveries2,742 181 1,321 4,244 
Ending balance$143,269 $76,347 $43,098 $262,714 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$18,246 $40,490 $2,183 $60,919 
Provision for off-balance sheet credit losses
2,048 (2,809)(218)(979)
Ending balance$20,294 $37,681 $1,965 $59,940 
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Three Months Ended
June 30, 2022
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$151,448 $58,974 $36,051 $246,473 
Provision for loan losses(15,468)4,085 5,225 (6,158)
Loans charged off(6)(78)(1,284)(1,368)
Recoveries of loans previously charged off
1,588 16 563 2,167 
Ending balance$137,562 $62,997 $40,555 $241,114 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$13,966 $20,465 $1,814 $36,245 
Provision for off-balance sheet credit risk
1,873 4,205 (73)6,005 
Ending balance$15,839 $24,670 $1,741 $42,250 
Six Months Ended
June 30, 2022
CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:
Beginning balance$162,056 $58,553 $35,812 $256,421 
Provision for loan losses(20,586)4,553 5,908 (10,125)
Loans charged off(6,087)(269)(2,817)(9,173)
Recoveries of loans previously charged off2,179 160 1,652 3,991 
Ending balance$137,562 $62,997 $40,555 $241,114 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$13,812 $17,442 $1,723 $32,977 
Provision for off-balance sheet credit risk2,027 7,228 18 9,273 
Ending balance$15,839 $24,670 $1,741 $42,250 
A $17.0 million provision for credit losses was necessary for the second quarter of 2023, primarily related to higher assumed commercial real estate vacancy rates during the forecast period and overall loan portfolio growth during the quarter.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at June 30, 2023 is as follows (in thousands):
 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$14,461,239 $135,453 $73,277 $7,816 $14,534,516 $143,269 
Commercial real estate4,953,406 74,797 17,395 1,550 4,970,801 76,347 
Loans to individuals3,690,763 43,098 41,579 — 3,732,342 43,098 
Total$23,105,408 $253,348 $132,251 $9,366 $23,237,659 $262,714 

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2022 is as follows (in thousands):

 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$14,152,202 $127,566 $60,297 $4,020 $14,212,499 $131,586 
Commercial real estate4,590,207 56,098 16,570 1,550 4,606,777 57,648 
Loans to individuals3,692,944 46,470 44,930 — 3,737,874 46,470 
Total$22,435,353 $230,134 $121,797 $5,570 $22,557,150 $235,704 

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 June 30, 2023 by the risk grade categories and vintage (in thousands): 
Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$120,233 $99,929 $50,910 $8,713 $10,528 $10,884 $3,185,817 $— $3,487,014 
Accruing Substandard— — — — 651 1,050 — — 1,701 
Nonaccrual— — — — — 117 19,920 — 20,037 
Total energy120,233 99,929 50,910 8,713 11,179 12,051 3,205,737 — 3,508,752 
Loans charged-off, year-to-date— — — — — — — — — 
Healthcare
Pass357,976 857,991 584,067 465,489 367,300 958,933 275,267 17 3,867,040 
Special Mention— — 18,722 6,986 14,025 32,123 980 — 72,836 
Accruing Substandard— 540 — — — 12,518 1,700 — 14,758 
Nonaccrual— — — — 25,967 10,786 — — 36,753 
Total healthcare357,976 858,531 602,789 472,475 407,292 1,014,360 277,947 17 3,991,387 
Loans charged-off, year-to-date— — — — — — — — — 
Services
Pass378,254 681,854 461,897 262,276 158,543 759,638 820,662 607 3,523,731 
Special Mention— 18,244 252 180 623 2,171 3,963 — 25,433 
Accruing Substandard— 629 836 1,756 2,556 3,372 22,259 56 31,464 
Nonaccrual— — 4,137 404 — — — — 4,541 
Total services378,254 700,727 467,122 264,616 161,722 765,181 846,884 663 3,585,169 
Loans charged-off, year-to-date— — 882 — — — 1,899 — 2,781 
General business
Pass443,873 624,377 292,674 158,127 158,780 339,584 1,327,452 2,352 3,347,219 
Special Mention898 3,461 7,449 44 114 1,485 15,563 — 29,014 
Accruing Substandard— 41,341 2,931 46 — 6,072 10,629 10 61,029 
Nonaccrual— — — — 14 60 11,843 29 11,946 
Total general business444,771 669,179 303,054 158,217 158,908 347,201 1,365,487 2,391 3,449,208 
Loans charged-off, year-to-date— — — 2 — 12 4 10 28 
Total commercial1,301,234 2,328,366 1,423,875 904,021 739,101 2,138,793 5,696,055 3,071 14,534,516 
Commercial real estate:
Pass281,559 1,541,831 1,173,425 491,657 543,242 790,115 117,939 — 4,939,768 
Special Mention— — — — — 13,638 — — 13,638 
Nonaccrual— — — — 7,343 10,052 — — 17,395 
Total commercial real estate281,559 1,541,831 1,173,425 491,657 550,585 813,805 117,939 — 4,970,801 
Loans charged-off, year-to-date— — — — — 6,208 — — 6,208 
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Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass190,406 339,049 359,330 363,831 59,080 267,776 356,384 22,218 1,958,074 
Special Mention— 246 — 1,347 — 355 3,388 — 5,336 
Accruing Substandard— — — — — 54 253 — 307 
Nonaccrual— 1,147 2,280 2,828 729 20,042 2,228 719 29,973 
Total residential mortgage190,406 340,442 361,610 368,006 59,809 288,227 362,253 22,937 1,993,690 
Loans charged-off, year-to-date— — 7 — — 4 1 — 12 
Residential mortgage guaranteed by U.S. government agencies
Pass— 1,184 2,089 5,872 7,690 157,862 — — 174,697 
Nonaccrual— — — 299 641 10,533 — — 11,473 
Total residential mortgage guaranteed by U.S. government agencies— 1,184 2,089 6,171 8,331 168,395 — — 186,170 
Personal:
Pass83,233 230,418 175,862 151,387 130,574 199,122 575,095 249 1,545,940 
Special Mention— 47 82 49 7 3 6,056 — 6,244 
Accruing Substandard— — — — 160 — 5 — 165 
Nonaccrual— 36 5 45 5 14 28 — 133 
Total personal83,233 230,501 175,949 151,481 130,746 199,139 581,184 249 1,552,482 
Loans charged-off, year-to-date— 43 40 16 — 2,584 4 1 2,688 
Total loans to individuals273,639 572,127 539,648 525,658 198,886 655,761 943,437 23,186 3,732,342 
Total loans$1,856,432 $4,442,324 $3,136,948 $1,921,336 $1,488,572 $3,608,359 $6,757,431 $26,257 $23,237,659 

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The following table summarizes the Company's loan portfolio at December 31, 2022 by the risk grade categories and vintage (in thousands): 
Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$157,745 $76,951 $30,284 $12,783 $5,992 $4,980 $3,104,906 $— $3,393,641 
Accruing Substandard
— — — 664 385 683 28,018 — 29,750 
Nonaccrual— — — — — 159 1,240 — 1,399 
Total energy157,745 76,951 30,284 13,447 6,377 5,822 3,134,164 — 3,424,790 
Healthcare
Pass932,097 604,886 476,854 404,204 464,989 618,163 245,898 20 3,747,111 
Special Mention— — — 20,071 — 18,859 4 — 38,934 
Accruing Substandard
— — — — — 14,304 3,634 — 17,938 
Nonaccrual— — — 26,480 6,373 8,181 — — 41,034 
Total healthcare932,097 604,886 476,854 450,755 471,362 659,507 249,536 20 3,845,017 
Services
Pass821,785 496,510 286,085 193,481 156,736 696,300 722,371 639 3,373,907 
Special Mention502 5,139 989 771 894 1,345 8,668 — 18,308 
Accruing Substandard
— — — 2,459 43 2,789 17,665 122 23,078 
Nonaccrual— 5,570 449 — — 2,389 7,820 — 16,228 
Total services822,287 507,219 287,523 196,711 157,673 702,823 756,524 761 3,431,521 
General business
Pass725,894 361,839 198,274 172,878 139,140 283,694 1,570,536 2,329 3,454,584 
Special Mention17,759 13,065 208 71 7 2,291 7,094 26 40,521 
Accruing Substandard
— 2,169 66 4,130 4,680 3,287 94 4 14,430 
Nonaccrual— — 1,052 14 72 5 485 8 1,636 
Total general business743,653 377,073 199,600 177,093 143,899 289,277 1,578,209 2,367 3,511,171 
Total commercial2,655,782 1,566,129 994,261 838,006 779,311 1,657,429 5,718,433 3,148 14,212,499 
Commercial real estate:
Pass1,188,483 1,158,002 552,616 641,102 247,625 633,304 161,616 — 4,582,748 
Accruing Substandard
— — — 7,459 — — — — 7,459 
Nonaccrual— — — — — 16,570 — — 16,570 
Total commercial real estate1,188,483 1,158,002 552,616 648,561 247,625 649,874 161,616 — 4,606,777 
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Origination Year
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass354,497 373,190 393,002 63,142 40,525 260,625 352,126 22,176 1,859,283 
Special Mention— 81 42 — 142 388 527 87 1,267 
Accruing Substandard— — 187 — — 138 117 1 443 
Nonaccrual32 1,656 2,717 362 1,904 20,139 2,216 765 29,791 
Total residential mortgage354,529 374,927 395,948 63,504 42,571 281,290 354,986 23,029 1,890,784 
Residential mortgage guaranteed by U.S. government agencies
Pass289 2,254 9,000 10,722 17,244 191,426 — — 230,935 
Nonaccrual— — 299 1,460 2,319 10,927 — — 15,005 
Total residential mortgage guaranteed by U.S. government agencies289 2,254 9,299 12,182 19,563 202,353 — — 245,940 
Personal:
Pass254,497 193,095 154,887 172,114 68,871 201,278 549,187 332 1,594,261 
Special Mention47 28 40 12 17 — 6,003 4 6,151 
Accruing Substandard
— 444 — 160 — — — — 604 
Nonaccrual38 7 12 22 14 18 23 — 134 
Total personal254,582 193,574 154,939 172,308 68,902 201,296 555,213 336 1,601,150 
Total loans to individuals609,400 570,755 560,186 247,994 131,036 684,939 910,199 23,365 3,737,874 
Total loans$4,453,665 $3,294,886 $2,107,063 $1,734,561 $1,157,972 $2,992,242 $6,790,248 $26,513 $22,557,150 

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Nonaccruing Loans

A summary of nonaccruing loans at June 30, 2023 follows (in thousands): 
As of June 30, 2023
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$20,037 $20,037 $— $— 
Healthcare36,753 36,753 — — 
Services4,541 404 4,137 3,218 
General business11,946 7,348 4,598 4,598 
Total commercial73,277 64,542 8,735 7,816 
Commercial real estate17,395 7,504 9,891 1,550 
Loans to individuals:    
Residential mortgage29,973 29,973 — — 
Residential mortgage guaranteed by U.S. government agencies
11,473 11,473 — — 
Personal133 133 — — 
Total loans to individuals41,579 41,579 — — 
Total$132,251 $113,625 $18,626 $9,366 


A summary of nonaccruing loans at December 31, 2022 follows (in thousands): 
As of December 31, 2022
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$1,399 $1,399 $— $— 
Healthcare41,034 34,661 6,373 946 
Services16,228 7,835 8,393 3,074 
General business1,636 1,636 — — 
Total commercial60,297 45,531 14,766 4,020 
Commercial real estate16,570 393 16,177 1,550 
Loans to individuals:    
Residential mortgage29,791 29,791 — — 
Residential mortgage guaranteed by U.S. government agencies
15,005 15,005 — — 
Personal134 134 — — 
Total loans to individuals44,930 44,930 — — 
Total$121,797 $90,854 $30,943 $5,570 

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Loan Modifications to Borrowers Experiencing Financial Difficulty

At June 30, 2023 the Company had $57.6 million of loan modifications to borrowers experiencing financial difficulty, including $36.9 million of healthcare loans, $10.7 million of residential mortgage loans guaranteed by U.S. government agencies and $9.5 million of general business loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension or a combination. During the six months ended June 30, 2023, $4.4 million of residential mortgage loans were modified and subsequently defaulted with $4.3 million of these defaulted loans being guaranteed by U.S. government agencies. A payment default is defined as being 30 or more days past due after modification.

Past Due Loans

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

A summary of loans currently performing and past due as of June 30, 2023 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$3,508,752 $— $— $— $3,508,752 $— 
Healthcare3,959,317 — — 32,070 3,991,387 — 
Services3,582,538 2,172 55 404 3,585,169 — 
General business3,444,191 4,893 118 6 3,449,208 6 
Total commercial14,494,798 7,065 173 32,480 14,534,516 6 
Commercial real estate4,963,458 — — 7,343 4,970,801 — 
Loans to individuals:    
Residential mortgage1,976,973 10,537 2,850 3,330 1,993,690 54 
Residential mortgage guaranteed by U.S. government agencies
75,333 30,504 18,302 62,031 186,170 55,782 
Personal1,548,084 3,185 1,009 204 1,552,482 160 
Total loans to individuals3,600,390 44,226 22,161 65,565 3,732,342 55,996 
Total$23,058,646 $51,291 $22,334 $105,388 $23,237,659 $56,002 
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A summary of loans currently performing and past due as of December 31, 2022 is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Energy$3,424,766 $24 $— $— $3,424,790 $— 
Healthcare3,812,164 5,914 26,480 459 3,845,017 — 
Services3,423,042 1,060 2,461 4,958 3,431,521 — 
General business3,509,094 257 1,424 396 3,511,171 396 
Total commercial14,169,066 7,255 30,365 5,813 14,212,499 396 
Commercial real estate4,606,029 531 — 217 4,606,777 — 
Loans to individuals:    
Residential mortgage1,872,155 10,632 1,828 6,169 1,890,784 114 
Residential mortgage guaranteed by U.S. government agencies
108,019 36,119 19,400 82,402 245,940 75,604 
Personal1,600,595 502 21 32 1,601,150 — 
Total loans to individuals3,580,769 47,253 21,249 88,603 3,737,874 75,718 
Total$22,355,864 $55,039 $51,614 $94,633 $22,557,150 $76,114 



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(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 June 30, 2023December 31, 2022
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$93,379 $92,250 $74,941 $73,938 
Residential mortgage loan commitments55,031 1,829 45,492 1,054 
Forward sales contracts124,228 741 109,469 280 
  $94,820  $75,272 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of June 30, 2023 or December 31, 2022. No credit losses were recognized on residential mortgage loans held for sale for the six month period ended June 30, 2023 and 2022.

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Production revenue:  
Net realized gains (losses) on sale of mortgage loans$(296)$3,158 $(2,027)$10,041 
Net change in unrealized gain (loss) on mortgage loans held for sale(496)2,307 (126)(3,520)
Net change in the fair value of mortgage loan commitments(865)998 775 (2,300)
Net change in the fair value of forward sales contracts1,373 (6,967)461 330 
Total production revenue(284)(504)(917)4,551 
Servicing revenue15,425 11,872 30,425 23,467 
Total mortgage banking revenue$15,141 $11,368 $29,508 $28,018 

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

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Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
 June 30, 2023December 31, 2022
Number of residential mortgage loans serviced for others116,980 110,541 
Outstanding principal balance of residential mortgage loans serviced for others$20,693,294 $18,863,201 
Weighted average interest rate3.58 %3.59 %
Remaining term (in months)283283
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Beginning Balance$299,803 $209,563 $277,608 $163,198 
Additions4,103 5,754 6,603 10,969 
Acquisitions— 44,867 31,138 44,867 
Change in fair value due to principal payments(8,445)(7,357)(13,829)(15,317)
Change in fair value due to market assumption changes9,261 17,485 3,202 66,595 
Ending Balance$304,722 $270,312 $304,722 $270,312 

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

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 June 30, 2023December 31, 2022
Discount rate – risk-free rate plus a market premium9.44%9.51%
Prepayment rate - based upon loan interest rate, original term and loan type7.27%7.54%
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
$875 - $8,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
4.18%4.06%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
1.91%2.33%

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. While the action remains stayed with no current deadlines pending, plaintiffs recently informed the Court of their intent to request the stay be lifted in a joint status report. BOKF, NA plans to oppose the request to lift the stay. 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. On April 18, 2023 seven plaintiffs dismissed their claims without prejudice. Discovery on the remaining plaintiff's claims is ongoing. 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 in principal 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.

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 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.

At June 30, 2023, the Company has $417 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. These investments are recognized in Other assets on the Consolidated Balance Sheets. This investment balance also includes $101 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On August 1, 2023, the Company declared a quarterly cash dividend of $0.54 per common share payable on or about August 30, 2023 to shareholders of record as of August 15, 2023.

Dividends declared were $0.54 and $1.08 per share during the three and six months ended June 30, 2023 and $0.53 and $1.06 per share during the three and six months ended June 30, 2022.

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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, 2021$69,775 $— $2,596 $72,371 
Net change in unrealized gain (loss)
(881,577)— — (881,577)
Transfer of net unrealized loss from AFS to investment securities267,509 (267,509)— — 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 2,455 — 2,455 
Gain on available for sale securities, net
(2,125)— — (2,125)
Other comprehensive loss, before income taxes(616,193)(265,054)— (881,247)
Federal and state income taxes(144,215)(62,033)— (206,248)
Other comprehensive loss, net of income taxes(471,978)(203,021)— (674,999)
Balance, June 30, 2022$(402,203)$(203,021)$2,596 $(602,628)
Balance, Dec. 31, 2022$(664,618)$(172,337)$— $(836,955)
Net change in unrealized gain (loss)
(36,363)— — (36,363)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 32,084 — 32,084 
Loss on available for sale securities, net3,010 — — 3,010 
Other comprehensive income (loss), before income taxes(33,353)32,084 — (1,269)
Federal and state income taxes(8,839)7,287 — (1,552)
Other comprehensive income (loss), net of income taxes(24,514)24,797 — 283 
Balance, June 30, 2023$(689,132)$(147,540)$— $(836,672)


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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Numerator:    
Net income attributable to BOK Financial Corp. shareholders$151,308 $132,846 $313,676 $195,334 
Less: Earnings allocated to participating securities1,202 949 2,457 1,400 
Numerator for basic earnings per share – income available to common shareholders
150,106 131,897 311,219 193,934 
Effect of reallocating undistributed earnings of participating securities— — — — 
Numerator for diluted earnings per share – income available to common shareholders
$150,106 $131,897 $311,219 $193,934 
Denominator:    
Weighted average shares outstanding66,521,728 67,938,607 66,684,603 68,105,679 
Less:  Participating securities included in weighted average shares outstanding
527,596 484,859 522,555 489,283 
Denominator for basic earnings per common share65,994,132 67,453,748 66,162,048 67,616,396 
Dilutive effect of employee stock compensation plans— 1,424 — 1,438 
Denominator for diluted earnings per common share65,994,132 67,455,172 66,162,048 67,617,834 
Basic earnings per share$2.27 $1.96 $4.70 $2.87 
Diluted earnings per share$2.27 $1.96 $4.70 $2.87 
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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2023 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$299,712 $17,828 $4,415 $306 $322,261 
Net interest revenue (expense) from internal sources
(39,613)95,563 44,937 (100,887)— 
Net interest revenue (expense)260,099 113,391 49,352 (100,581)322,261 
Net loans charged off and provision for credit losses6,000 1,129 (45)9,916 17,000 
Net interest revenue after provision for credit losses
254,099 112,262 49,397 (110,497)305,261 
Other operating revenue68,828 32,277 123,043 (15,099)209,049 
Other operating expense77,479 52,340 84,859 103,995 318,673 
Net direct contribution245,448 92,199 87,581 (229,591)195,637 
Gain (loss) on financial instruments, net231 (10,257)— 10,026 — 
Change in fair value of mortgage servicing rights— 9,261 — (9,261)— 
Gain (loss) on repossessed assets, net408 — — (408)— 
Corporate expense allocations21,404 12,318 12,574 (46,296)— 
Net income (loss) before taxes224,683 78,885 75,007 (182,938)195,637 
Federal and state income taxes54,504 18,553 17,690 (46,746)44,001 
Net income (loss)170,179 60,332 57,317 (136,192)151,636 
Net income attributable to non-controlling interests— — — 328 328 
Net income (loss) attributable to BOK Financial Corp. shareholders$170,179 $60,332 $57,317 $(136,520)$151,308 
Average assets$28,170,869 $9,597,723 $12,949,258 $(2,809,743)$47,908,107 

Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2023 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$587,970 $38,974 $25,355 $22,310 $674,609 
Net interest revenue (expense) from internal sources(60,714)183,798 78,103 (201,187)— 
Net interest revenue527,256 222,772 103,458 (178,877)674,609 
Net loans charged off and provision for credit losses6,076 2,313 (69)24,680 33,000 
Net interest revenue after provision for credit losses
521,180 220,459 103,527 (203,557)641,609 
Other operating revenue125,673 62,887 231,954 (33,600)386,914 
Other operating expense150,613 102,538 166,898 204,436 624,485 
Net direct contribution496,240 180,808 168,583 (441,593)404,038 
Gain (loss) on financial instruments, net173 (14,930)— 14,757 — 
Change in fair value of mortgage servicing rights— 3,202 — (3,202)— 
Gain (loss) on repossessed assets, net1,267 14 — (1,281)— 
Corporate expense allocations39,122 23,940 24,934 (87,996)— 
Net income (loss) before taxes458,558 145,154 143,649 (343,323)404,038 
Federal and state income taxes111,073 34,139 33,885 (89,191)89,906 
Net income (loss)347,485 111,015 109,764 (254,132)314,132 
Net income attributable to non-controlling interests— — — 456 456 
Net income (loss) attributable to BOK Financial Corp. shareholders$347,485 $111,015 $109,764 $(254,588)$313,676 
Average assets$28,166,923 $9,765,186 $12,309,730 $(3,291,232)$46,950,607 

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended June 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$172,995 $16,784 $39,412 $44,827 $274,018 
Net interest revenue (expense) from internal sources(6,452)17,002 (1,665)(8,885)— 
Net interest revenue166,543 33,786 37,747 35,942 274,018 
Net loans charged off and provision for credit losses(1,502)1,196 (60)366 — 
Net interest revenue after provision for credit losses
168,045 32,590 37,807 35,576 274,018 
Other operating revenue61,688 30,089 86,761 (9,921)168,617 
Other operating expense69,631 52,660 76,393 74,971 273,655 
Net direct contribution160,102 10,019 48,175 (49,316)168,980 
Gain (loss) on financial instruments, net61 (15,860)— 15,799 — 
Change in fair value of mortgage servicing rights— 17,485 — (17,485)— 
Gain (loss) on repossessed assets, net(4,515)93 — 4,422 — 
Corporate expense allocations16,617 10,120 12,503 (39,240)— 
Net income before taxes139,031 1,617 35,672 (7,340)168,980 
Federal and state income taxes33,916 378 8,385 (6,557)36,122 
Net income
105,115 1,239 27,287 (783)132,858 
Net loss attributable to non-controlling interests— — — 12 12 
Net income attributable to BOK Financial Corp. shareholders$105,115 $1,239 $27,287 $(795)$132,846 
Average assets$29,269,712 $10,338,191 $16,902,721 $(9,222,090)$47,288,534 

Reportable segments reconciliation to the Consolidated Financial Statements for the six months ended June 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$320,585 $33,699 $95,643 $92,502 $542,429 
Net interest revenue (expense) from internal sources(17,031)27,294 (2,130)(8,133)— 
Net interest revenue303,554 60,993 93,513 84,369 542,429 
Net loans charged off and provision for credit losses3,841 2,308 (131)(6,018)— 
Net interest revenue after provision for credit losses
299,713 58,685 93,644 90,387 542,429 
Other operating revenue119,115 64,050 111,779 (38,471)256,473 
Other operating expense134,521 101,449 151,012 164,291 551,273 
Net direct contribution284,307 21,286 54,411 (112,375)247,629 
Gain (loss) on financial instruments, net(143)(73,755)— 73,898 — 
Change in fair value of mortgage servicing rights— 66,595 — (66,595)— 
Gain (loss) on repossessed assets, net(2,722)138 — 2,584 — 
Corporate expense allocations32,847 22,200 24,575 (79,622)— 
Net income before taxes248,595 (7,936)29,836 (22,866)247,629 
Federal and state income taxes60,951 (1,858)7,070 (13,844)52,319 
Net income
187,644 (6,078)22,766 (9,022)195,310 
Net loss attributable to non-controlling interests— — — (24)(24)
Net income attributable to BOK Financial Corp. shareholders
$187,644 $(6,078)$22,766 $(8,998)$195,334 
Average assets$29,545,278 $10,306,218 $19,101,045 $(10,036,777)$48,915,764 

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(10) Fees and Commissions Revenue

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

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

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

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

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2023.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $36,921 $— $36,921 $36,921 $— 
Customer hedging revenue
12,839 — (159)962 13,642 13,642 — 
Retail brokerage revenue
— — 3,321 — 3,321 — 3,321 
Insurance brokerage revenue
— — 2,857 — 2,857 — 2,857 
Investment banking revenue
3,514 — 4,751 — 8,265 3,452 4,813 
Brokerage and trading revenue
16,353 — 47,691 962 65,006 54,015 10,991 
TransFund EFT network revenue20,483 907 (17)2 21,375 — 21,375 
Merchant services revenue2,494 10 — — 2,504 — 2,504 
Corporate card revenue1,834 — 184 106 2,124 — 2,124 
Transaction card revenue24,811 917 167 108 26,003 — 26,003 
Personal trust revenue— — 25,799 — 25,799 — 25,799 
Corporate trust revenue— — 7,201 — 7,201 — 7,201 
Institutional trust & retirement plan services revenue
— — 13,223 — 13,223 — 13,223 
Investment management services and other revenue
— — 6,775 (1)6,774 — 6,774 
Fiduciary and asset management revenue
— — 52,998 (1)52,997 — 52,997 
Commercial account service charge revenue
13,364 530 488 (2)14,380 — 14,380 
Overdraft fee revenue32 5,066 42 1 5,141 — 5,141 
Check card revenue
— 5,976 — (1)5,975 — 5,975 
Automated service charge and other deposit fee revenue
267 1,233 103 1 1,604 — 1,604 
Deposit service charges and fees
13,663 12,805 633 (1)27,100 — 27,100 
Mortgage production revenue— (284)— — (284)(284)— 
Mortgage servicing revenue— 15,993 — (568)15,425 15,425 — 
Mortgage banking revenue— 15,709 — (568)15,141 15,141 — 
Other revenue4,877 2,930 21,561 (15,118)14,250 8,166 6,084 
Total fees and commissions revenue
$59,704 $32,361 $123,050 $(14,618)$200,497 $77,322 $123,175 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2023.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $64,519 $— $64,519 $64,519 $— 
Customer hedging revenue
19,326 — (59)2,729 21,996 21,996 — 
Retail brokerage revenue
— — 7,165 — 7,165 — 7,165 
Insurance brokerage revenue
— — 6,163 — 6,163 — 6,163 
Investment banking revenue
7,212 — 10,347 — 17,559 7,050 10,509 
Brokerage and trading revenue
26,538 — 88,135 2,729 117,402 93,565 23,837 
TransFund EFT network revenue40,982 1,815 (34)4 42,767 — 42,767 
Merchant services revenue4,644 18 — — 4,662 — 4,662 
Corporate card revenue3,619 — 361 215 4,195 — 4,195 
Transaction card revenue49,245 1,833 327 219 51,624 — 51,624 
Personal trust revenue— — 49,744 — 49,744 — 49,744 
Corporate trust revenue— — 14,861 — 14,861 — 14,861 
Institutional trust & retirement plan services revenue
— — 26,058 — 26,058 — 26,058 
Investment management services and other revenue
— — 13,013 (22)12,991 — 12,991 
Fiduciary and asset management revenue— — 103,676 (22)103,654 — 103,654 
Commercial account service charge revenue
26,235 1,029 965 (2)28,227 — 28,227 
Overdraft fee revenue57 9,894 62 1 10,014 — 10,014 
Check card revenue
— 11,614 — — 11,614 — 11,614 
Automated service charge and other deposit fee revenue
504 2,546 162 1 3,213 — 3,213 
Deposit service charges and fees
26,796 25,083 1,189 — 53,068 — 53,068 
Mortgage production revenue— (917)— — (917)(917)— 
Mortgage servicing revenue— 31,551 — (1,126)30,425 30,425 — 
Mortgage banking revenue— 30,634 — (1,126)29,508 29,508 — 
Other revenue12,960 5,392 38,634 (25,766)31,220 16,727 14,493 
Total fees and commissions revenue
$115,539 $62,942 $231,961 $(23,966)$386,476 $139,800 $246,676 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended June 30, 2022.
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $11,991 $— $11,991 $11,991 $— 
Customer hedging revenue
7,740 — 305 5,088 13,133 13,133 — 
Retail brokerage revenue
— — 4,258 — 4,258 — 4,258 
Insurance brokerage revenue
— — 2,818 — 2,818 — 2,818 
Investment banking revenue
7,069 — 4,774 — 11,843 6,371 5,472 
Brokerage and trading revenue
14,809 — 24,146 5,088 44,043 31,495 12,548 
TransFund EFT network revenue20,367 912 (19)2 21,262 — 21,262 
Merchant services revenue3,867 10 — — 3,877 — 3,877 
Corporate card revenue1,594 — 101 106 1,801 — 1,801 
Transaction card revenue25,828 922 82 108 26,940 — 26,940 
Personal trust revenue— — 25,676 — 25,676 — 25,676 
Corporate trust revenue— — 6,476 — 6,476 — 6,476 
Institutional trust & retirement plan services revenue
— — 12,574 — 12,574 — 12,574 
Investment management services and other revenue
— — 5,112 — 5,112 — 5,112 
Fiduciary and asset management revenue
— — 49,838 — 49,838 — 49,838 
Commercial account service charge revenue
13,791 469 523 (1)14,782 — 14,782 
Overdraft fee revenue29 6,544 21 1 6,595 — 6,595 
Check card revenue
— 6,013 — 2 6,015 — 6,015 
Automated service charge and other deposit fee revenue
21 1,061 25 1 1,108 — 1,108 
Deposit service charges and fees
13,841 14,087 569 3 28,500 — 28,500 
Mortgage production revenue— (504)— — (504)(504)— 
Mortgage servicing revenue— 12,368 — (496)11,872 11,872 — 
Mortgage banking revenue— 11,864 — (496)11,368 11,368 — 
Other revenue5,403 3,228 12,136 (8,083)12,684 7,900 4,784 
Total fees and commissions revenue
$59,881 $30,101 $86,771 $(3,380)$173,373 $50,763 $122,610 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the six months ended June 30, 2022.
CommercialConsumerWealth Management
Funds Management & Other3
Consolidated
Out of Scope1
In Scope2
Trading revenue$— $— $(42,057)$— $(42,057)$(42,057)$— 
Customer hedging revenue
20,719 — 1,122 2,230 24,071 24,071 — 
Retail brokerage revenue
— — 8,868 — 8,868 — 8,868 
Insurance brokerage revenue
— — 6,556 — 6,556 — 6,556 
Investment banking revenue
10,427 — 9,099 — 19,526 9,470 10,056 
Brokerage and trading revenue
31,146 — (16,412)2,230 16,964 (8,516)25,480 
TransFund EFT network revenue38,520 1,798 (36)3 40,285 — 40,285 
Merchant services revenue7,508 20 — — 7,528 — 7,528 
Corporate card revenue2,970 — 177 196 3,343 — 3,343 
Transaction card revenue48,998 1,818 141 199 51,156 — 51,156 
Personal trust revenue— — 50,473 — 50,473 — 50,473 
Corporate trust revenue— — 10,434 — 10,434 — 10,434 
Institutional trust & retirement plan services revenue
— — 25,141 — 25,141 — 25,141 
Investment management services and other revenue
— — 10,233 (44)10,189 — 10,189 
Fiduciary and asset management revenue
— — 96,281 (44)96,237 — 96,237 
Commercial account service charge revenue
26,922 919 1,036 — 28,877 — 28,877 
Overdraft fee revenue60 12,737 44 1 12,842 — 12,842 
Check card revenue
— 11,558 — 2 11,560 — 11,560 
Automated service charge and other deposit fee revenue
44 2,168 11 2 2,225 — 2,225 
Deposit service charges and fees
27,026 27,382 1,091 5 55,504 — 55,504 
Mortgage production revenue— 4,551 — — 4,551 4,551 — 
Mortgage servicing revenue— 24,444 — (977)23,467 23,467 — 
Mortgage banking revenue— 28,995 — (977)28,018 28,018 — 
Other revenue9,675 5,883 30,693 (23,122)23,129 15,175 7,954 
Total fees and commissions revenue
$116,845 $64,078 $111,794 $(21,709)$271,008 $34,677 $236,331 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

(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.

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

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

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and six months ended June 30, 2023 and 2022, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and six months ended June 30, 2023 and 2022 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at June 30, 2023 or December 31, 2022.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of June 30, 2023 (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$46,994 $4,963 $42,031 $— 
Residential agency mortgage-backed securities5,334,372 — 5,334,372 — 
Municipal securities49,595 — 49,595 — 
Other trading securities11,403 — 11,403 — 
Total trading securities5,442,364 4,963 5,437,401 — 
Available for sale securities:    
U.S. Treasury901 901 — — 
Municipal securities491,715 — 491,715 — 
Residential agency mortgage-backed securities6,114,202 — 6,114,202 — 
Residential non-agency mortgage-backed securities699,178 — 699,178 — 
Commercial agency mortgage-backed securities
4,632,054 — 4,632,054 — 
Other debt securities473 — — 473 
Total available for sale securities11,938,523 901 11,937,149 473 
Fair value option securities — Residential agency mortgage-backed securities212,321 — 212,321 — 
Residential mortgage loans held for sale1
94,820 — 87,572 7,248 
Mortgage servicing rights2
304,722 — — 304,722 
Derivative contracts, net of cash collateral3
353,037 2,506 350,531 — 
Liabilities: 
Derivative contracts, net of cash collateral3
550,653 4 550,649 — 
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 78.99% 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.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2022 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$9,823 $4,970 $4,853 $— 
Residential agency mortgage-backed securities4,406,848 — 4,406,848 — 
Municipal securities21,484 — 21,484 — 
Other trading securities26,006 — 26,006 — 
Total trading securities4,464,161 4,970 4,459,191 — 
Available for sale securities:    
U.S. Treasury898 898 — — 
Municipal securities624,500 — 624,500 — 
Residential agency mortgage-backed securities5,814,496 — 5,814,496 — 
Residential non-agency mortgage-backed securities577,576 — 577,576 — 
Commercial agency mortgage-backed securities
4,475,917 — 4,475,917 — 
Other debt securities473 — — 473 
Total available for sale securities11,493,860 898 11,492,489 473 
Fair value option securities — Residential agency mortgage-backed securities296,590 — 296,590 — 
Residential mortgage loans held for sale1
75,272 — 68,054 7,218 
Mortgage servicing rights2
277,608 — — 277,608 
Derivative contracts, net of cash collateral3
880,343 2,110 878,233 — 
Liabilities:
Derivative contracts, net of cash collateral3
554,900 16 554,884 — 
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 77.55% 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.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading purposes.




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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 June 30, 2023 for which the fair value was adjusted during the six months ended June 30, 2023:
Fair Value Adjustments for the
 Carrying Value at June 30, 2023Three Months Ended
June 30, 2023 Recognized in:		Six Months Ended
June 30, 2023 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$— $— $12,048 $6,797 $— $8,787 $— 
Real estate and other repossessed assets
— 547 — — — — (101)

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2022 for which the fair value was adjusted during the six months ended June 30, 2022:
Fair Value Adjustments for the
 Carrying Value at June 30, 2022Three Months Ended
Jun. 30, 2022 Recognized in:		Six Months Ended
Jun. 30, 2022 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $99 $126 $— $— $478 $— 
Real estate and other repossessed assets
— 1,412 1,699 — (5,811)— (5,705)

The 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.

- 90 -

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2023 follows (in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$12,048 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
44% - 62% (58%)1
1    Represents fair value as a percentage of the unpaid principal balance.    

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 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 collateralN/A
1    Represents fair value as a percentage of the unpaid principal balance.




- 91 -

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 are measured at fair value on a non-recurring basis as of June 30, 2023 (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$875,714 $875,714 $875,714 $— $— 
Interest-bearing cash and cash equivalents571,616 571,616 571,616 — — 
Trading securities:
U.S. government securities46,994 46,994 4,963 42,031 — 
Residential agency mortgage-backed securities5,334,372 5,334,372 — 5,334,372 — 
Municipal securities49,595 49,595 — 49,595 — 
Other trading securities11,403 11,403 — 11,403 — 
Total trading securities5,442,364 5,442,364 4,963 5,437,401 — 
Investment securities:  
Municipal securities136,803 141,587 — 17,567 124,020 
Residential agency mortgage-backed securities2,205,685 2,014,427 — 2,014,427 — 
Commercial agency mortgage-backed securities15,760 14,636 — 14,636 — 
Other debt securities16,288 14,734 — 14,734 — 
Total investment securities2,374,536 2,185,384 — 2,061,364 124,020 
Allowance for credit losses(465)— — — — 
Investment securities, net of allowance2,374,071 2,185,384 — 2,061,364 124,020 
Available for sale securities:  
U.S. Treasury901 901 901 — — 
Municipal securities491,715 491,715 — 491,715 — 
Residential agency mortgage-backed securities6,114,202 6,114,202 — 6,114,202 — 
Residential non-agency mortgage-backed securities699,178 699,178 — 699,178 — 
Commercial agency mortgage-backed securities
4,632,054 4,632,054 — 4,632,054 — 
Other debt securities473 473 — — 473 
Total available for sale securities11,938,523 11,938,523 901 11,937,149 473 
Fair value option securities — Residential agency mortgage-backed securities212,321 212,321 — 212,321 — 
Residential mortgage loans held for sale94,820 94,820 — 87,572 7,248 
Loans:  
Commercial14,534,516 14,428,246 — — 14,428,246 
Commercial real estate4,970,801 4,839,799 — — 4,839,799 
Loans to individuals3,732,342 3,578,079 — — 3,578,079 
Total loans23,237,659 22,846,124 — — 22,846,124 
Allowance for loan losses(262,714)— — — — 
Loans, net of allowance22,974,945 22,846,124 — — 22,846,124 
Mortgage servicing rights304,722 304,722 — — 304,722 
Derivative instruments with positive fair value, net of cash collateral
353,037 353,037 2,506 350,531 — 
Deposits with no stated maturity30,588,466 30,588,466 — — 30,588,466 
Time deposits2,706,377 2,672,789 — — 2,672,789 
Other borrowed funds9,223,920 9,221,872 — — 9,221,872 
Subordinated debentures131,154 112,501 — 112,501 — 
Derivative instruments with negative fair value, net of cash collateral
550,653 550,653 4 550,649 — 

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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 are measured at fair value on a non-recurring basis as of December 31, 2022 (dollars in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$943,810 $943,810 $943,810 $— $— 
Interest-bearing cash and cash equivalents457,906 457,906 457,906 — — 
Trading securities:
U.S. government securities9,823 9,823 4,970 4,853 — 
Residential agency mortgage-backed securities4,406,848 4,406,848 — 4,406,848 — 
Municipal securities21,484 21,484 — 21,484 — 
Other trading securities26,006 26,006 — 26,006 — 
Total trading securities4,464,161 4,464,161 4,970 4,459,191 — 
Investment securities:  
Municipal securities170,629 176,621 — 38,106 138,515 
Residential agency mortgage-backed securities2,315,219 2,143,360 — 2,143,360 — 
Commercial agency mortgage-backed securities15,609 14,588 — 14,588 — 
Other debt securities12,788 12,199 — 12,199 — 
Total investment securities2,514,245 2,346,768 — 2,208,253 138,515 
Allowance for credit losses(558)— — — — 
Investment securities, net of allowance2,513,687 2,346,768 — 2,208,253 138,515 
Available for sale securities:  
U.S. Treasury898 898 898 — — 
Municipal securities624,500 624,500 — 624,500 — 
Residential agency mortgage-backed securities5,814,496 5,814,496 — 5,814,496 — 
Residential non-agency mortgage-backed securities577,576 577,576 — 577,576 — 
Commercial agency mortgage-backed securities
4,475,917 4,475,917 — 4,475,917 — 
Other debt securities473 473 — — 473 
Total available for sale securities11,493,860 11,493,860 898 11,492,489 473 
Fair value option securities — Residential agency mortgage-backed securities296,590 296,590 — 296,590 — 
Residential mortgage loans held for sale75,272 75,272 — 68,054 7,218 
Loans:  
Commercial14,212,499 13,905,765 — — 13,905,765 
Commercial real estate4,606,777 4,454,048 — — 4,454,048 
Loans to individuals3,737,874 3,531,410 — — 3,531,410 
Total loans22,557,150 21,891,223 — — 21,891,223 
Allowance for loan losses(235,704)— — — — 
Loans, net of allowance22,321,446 21,891,223 — — 21,891,223 
Mortgage servicing rights277,608 277,608 — — 277,608 
Derivative instruments with positive fair value, net of cash collateral
880,343 880,343 2,110 878,233 — 
Deposits with no stated maturity33,018,863 33,018,863 — — 33,018,863 
Time deposits1,461,842 1,431,245 — — 1,431,245 
Other borrowed funds7,007,285 7,005,305 — — 7,005,305 
Subordinated debentures131,205 121,497 — 121,497 — 
Derivative instruments with negative fair value, net of cash collateral
554,900 554,900 16 554,884 — 

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

The Company evaluated events from the date of the consolidated financial statements on June 30, 2023 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.

- 94 -


Six-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Six Months Ended
 June 30, 2023June 30, 2022
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$662,788 $16,058 4.89 %$946,442 $2,210 0.47 %
Trading securities3,656,819 81,955 4.51 %6,340,099 64,050 1.81 %
Investment securities2,440,778 17,676 1.45 %404,239 6,060 3.00 %
Available for sale securities11,886,960 183,961 2.94 %12,672,942 116,900 1.80 %
Fair value option securities272,769 7,009 5.13 %65,128 928 2.86 %
Restricted equity securities334,431 12,237 7.32 %166,118 2,491 3.00 %
Residential mortgage loans held for sale69,385 2,071 5.82 %163,853 2,953 3.62 %
Loans22,683,791 770,614 6.85 %20,762,329 385,767 3.75 %
Allowance for loan losses(245,938)(250,105)
Loans, net of allowance22,437,853 770,614 6.92 %20,512,224 385,767 3.79 %
Total earning assets
41,761,783 1,091,581 5.18 %41,271,045 581,359 2.76 %
Receivable on unsettled securities sales170,570 416,616 
Cash and other assets5,018,254 7,228,034 
Total assets$46,950,607 $48,915,695 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$18,503,496 $207,208 2.26 %$21,895,619 $16,797 0.15 %
Savings942,575 738 0.16 %964,544 149 0.03 %
Time1,778,532 23,994 2.72 %1,480,441 4,514 0.61 %
Total interest-bearing deposits21,224,603 231,940 2.20 %24,340,604 21,460 0.18 %
Funds purchased and repurchase agreements2,720,397 56,355 4.18 %1,612,144 6,306 0.79 %
Other borrowings4,895,893 119,904 4.94 %1,225,321 4,376 0.72 %
Subordinated debentures131,159 4,288 6.59 %131,223 2,775 4.26 %
Total interest-bearing liabilities28,972,052 412,487 2.87 %27,309,292 34,917 0.26 %
Non-interest bearing demand deposits11,698,414 15,132,828 
Due on unsettled securities purchases376,876 449,331 
Other liabilities1,010,011 1,085,302 
Total equity4,893,254 4,938,942 
Total liabilities and equity$46,950,607 $48,915,695 
Tax-equivalent Net Interest Revenue$679,094 2.31 %$546,442 2.50 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.22 %2.60 %
Less tax-equivalent adjustment4,485 4,013 
Net Interest Revenue674,609 542,429 
Provision for credit losses
33,000 — 
Other operating revenue386,914 256,473 
Other operating expense624,485 551,273 
Income before taxes404,038 247,629 
Federal and state income taxes89,906 52,319 
Net income314,132 195,310 
Net income (loss) attributable to non-controlling interests
456 (24)
Net income attributable to BOK Financial Corp. shareholders
$313,676 $195,334 
Earnings Per Average Common Share Equivalent:
      
Net income:      
Basic $4.70   $2.87  
Diluted $4.70   $2.87  
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.
- 95 -


Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Three Months Ended
 June 30, 2023March 31, 2023
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$708,475 $9,552 5.41 %$616,596 $6,506 4.28 %
Trading securities4,274,803 47,882 4.50 %3,031,969 34,073 4.52 %
Investment securities, net of allowance2,408,122 8,659 1.44 %2,473,796 9,017 1.46 %
Available for sale securities12,033,597 94,849 3.00 %11,738,693 89,112 2.87 %
Fair value option securities245,469 3,116 5.07 %300,372 3,893 5.17 %
Restricted equity securities351,944 6,429 7.31 %316,724 5,808 7.34 %
Residential mortgage loans held for sale72,959 1,092 5.85 %65,769 979 5.79 %
Loans22,889,054 400,988 7.03 %22,476,247 369,626 6.67 %
Allowance for loan losses(252,890)(238,909)
Loans, net of allowance22,636,164 400,988 7.10 %22,237,338 369,626 6.74 %
Total earning assets
42,731,533 572,567 5.29 %40,781,257 519,014 5.06 %
Receivable on unsettled securities sales163,903 177,312 
Cash and other assets5,012,671 5,023,899 
Total assets$47,908,107 $45,982,468 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$18,368,592 $119,272 2.60 %$18,639,900 $87,936 1.91 %
Savings926,882 490 0.21 %958,443 248 0.10 %
Time2,076,037 16,904 3.27 %1,477,720 7,090 1.95 %
Total interest-bearing deposits21,371,511 136,666 2.56 %21,076,063 95,274 1.83 %
Funds purchased and repurchase agreements3,670,994 41,905 4.58 %1,759,237 14,450 3.33 %
Other borrowings5,275,291 67,316 5.12 %4,512,280 52,588 4.73 %
Subordinated debentures131,153 2,219 6.79 %131,166 2,069 6.40 %
Total interest-bearing liabilities30,448,949 248,106 3.27 %27,478,746 164,381 2.43 %
Non-interest bearing demand deposits10,998,201 12,406,408 
Due on unsettled securities purchases436,353 316,738 
Other liabilities1,079,692 939,553 
Total equity4,944,912 4,841,023 
Total liabilities and equity$47,908,107 $45,982,468 
Tax-equivalent Net Interest Revenue$324,461 2.02 %$354,633 2.63 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.00 %3.45 %
Less tax-equivalent adjustment2,200 2,285 
Net Interest Revenue322,261 352,348 
Provision for credit losses
17,000 16,000 
Other operating revenue209,049 177,865 
Other operating expense318,673 305,812 
Income before taxes195,637 208,401 
Federal and state income taxes44,001 45,905 
Net income151,636 162,496 
Net income (loss) attributable to non-controlling interests
328 128 
Net income attributable to BOK Financial Corp. shareholders
$151,308 $162,368 
Earnings Per Average Common Share Equivalent:
      
Basic $2.27   $2.43  
Diluted $2.27   $2.43  
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.
- 96 -

(In thousands, except per share data)Three Months Ended
December 31, 2022September 30, 2022
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$568,307 $5,822 4.06 %$748,263 $3,520 1.87 %
Trading securities3,086,985 28,473 3.70 %3,178,068 22,772 2.72 %
Investment securities, net of allowance2,535,305 9,223 1.46 %2,593,989 9,207 1.42 %
Available for sale securities10,953,851 73,317 2.54 %10,306,257 59,144 2.21 %
Fair value option securities92,012 931 4.40 %36,846 286 2.98 %
Restricted equity securities216,673 3,088 5.70 %173,656 2,703 6.23 %
Residential mortgage loans held for sale98,613 1,390 5.56 %132,685 1,684 5.05 %
Loans21,976,004 331,649 5.99 %21,599,232 265,997 4.89 %
Allowance for loan losses(242,450)(241,136)
Loans, net of allowance21,733,554 331,649 6.06 %21,358,096 265,997 4.94 %
Total earning assets
39,285,300 453,893 4.53 %38,527,860 365,313 3.71 %
Receivable on unsettled securities sales194,996 219,113 
Cash and other assets5,729,322 6,372,229 
Total assets$45,209,618 $45,119,202 
Liabilities and equity
Interest-bearing deposits:
Transaction$18,898,315 $60,893 1.28 %$19,556,806 $31,266 0.63 %
Savings969,275 205 0.08 %978,596 135 0.05 %
Time1,417,606 4,476 1.25 %1,409,069 3,314 0.93 %
Total interest-bearing deposits21,285,196 65,574 1.22 %21,944,471 34,715 0.63 %
Funds purchased and repurchase agreements1,046,447 5,407 2.05 %800,759 1,445 0.72 %
Other borrowings2,523,195 25,961 4.08 %1,528,887 8,988 2.33 %
Subordinated debentures131,180 2,038 6.16 %131,199 1,677 5.07 %
Total interest-bearing liabilities24,986,018 98,980 1.57 %24,405,316 46,825 0.76 %
Non-interest bearing demand deposits14,176,189 15,105,305 
Due on unsettled securities purchases575,957 331,428 
Other liabilities853,134 501,731 
Total equity4,618,320 4,775,422 
Total liabilities and equity$45,209,618 $45,119,202 
Tax-equivalent Net Interest Revenue$354,913 2.96 %$318,488 2.95 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.54 %3.24 %
Less tax-equivalent adjustment2,287 2,163 
Net Interest Revenue352,626 316,325 
Provision for credit losses
15,000 15,000 
Other operating revenue197,086 189,698 
Other operating expense318,456 294,751 
Income before taxes216,256 196,272 
Federal and state income taxes47,864 39,681 
Net income168,392 156,591 
Net income attributable to non-controlling interests(37)81 
Net income attributable to BOK Financial Corp. shareholders
$168,429 $156,510 
Earnings Per Average Common Share Equivalent:
Basic $2.51   $2.32  
Diluted $2.51   $2.32  
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.
- 97 -

(In thousands, except per share data)Three Months Ended
June 30, 2022
Average BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$843,619 $1,737 0.83 %
Trading securities4,166,954 23,009 2.00 %
Investment securities, net of allowance610,983 3,585 2.35 %
Available for sale securities12,258,072 58,882 1.84 %
Fair value option securities54,832 437 2.92 %
Restricted equity securities167,732 1,384 3.30 %
Residential mortgage loans held for sale148,183 1,559 4.22 %
Loans21,057,714 205,694 3.92 %
Allowance for loan losses(246,064)
Loans, net of allowance20,811,650 205,694 3.96 %
Total earning assets
39,062,025 296,287 2.96 %
Receivable on unsettled securities sales457,165 
Cash and other assets7,769,208 
Total assets$47,288,398 
Liabilities and equity
Interest-bearing deposits:
Transaction$21,037,294 $11,454 0.22 %
Savings981,493 76 0.03 %
Time1,373,036 2,332 0.68 %
Total interest-bearing deposits23,391,823 13,862 0.24 %
Funds purchased and repurchase agreements1,224,134 1,608 0.53 %
Other borrowings1,301,358 3,286 1.01 %
Subordinated debentures131,219 1,473 4.50 %
Total interest-bearing liabilities26,048,534 20,229 0.31 %
Non-interest bearing demand deposits15,202,597 
Due on unsettled securities purchases380,332 
Other liabilities924,605 
Total equity4,732,330 
Total liabilities and equity$47,288,398 
Tax-equivalent Net Interest Revenue$276,058 2.65 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.76 %
Less tax-equivalent adjustment2,040 
Net Interest Revenue274,018 
Provision for credit losses
— 
Other operating revenue168,617 
Other operating expense273,655 
Income before taxes168,980 
Federal and state income taxes36,122 
Net income132,858 
Net income (loss) attributable to non-controlling interests
12 
Net income attributable to BOK Financial Corp. shareholders
$132,846 
Earnings Per Average Common Share Equivalent:
Basic$1.96 
Diluted$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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Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Jun. 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022Jun. 30, 2022
Interest revenue$570,367 $516,729 $451,606 $363,150 $294,247 
Interest expense248,106 164,381 98,980 46,825 20,229 
Net interest revenue322,261 352,348 352,626 316,325 274,018 
Provision for credit losses17,000 16,000 15,000 15,000 — 
Net interest revenue after provision for credit losses
305,261 336,348 337,626 301,325 274,018 
Other operating revenue     
Brokerage and trading revenue65,006 52,396 63,008 61,006 44,043 
Transaction card revenue26,003 25,621 27,136 25,974 26,940 
Fiduciary and asset management revenue52,997 50,657 49,899 50,190 49,838 
Deposit service charges and fees27,100 25,968 26,429 28,703 28,500 
Mortgage banking revenue15,141 14,367 10,065 11,282 11,368 
Other revenue14,250 16,970 17,034 15,479 12,684 
Total fees and commissions200,497 185,979 193,571 192,634 173,373 
Other gains (losses), net12,618 2,251 8,427 979 (7,639)
Gain (loss) on derivatives, net(8,159)(1,344)4,548 (17,009)(13,569)
Loss on fair value option securities, net(2,158)(2,962)(2,568)(4,368)(2,221)
Change in fair value of mortgage servicing rights9,261 (6,059)(2,904)16,570 17,485 
Gain (loss) on available for sale securities, net(3,010)— (3,988)892 1,188 
Total other operating revenue209,049 177,865 197,086 189,698 168,617 
Other operating expense     
Personnel190,652 182,145 186,419 170,348 154,923 
Business promotion7,640 8,569 7,470 6,127 6,325 
Charitable contributions to BOKF Foundation1,142 — 2,500 — — 
Professional fees and services12,777 13,048 18,365 14,089 12,475 
Net occupancy and equipment30,105 28,459 29,227 29,296 27,489 
Insurance6,974 7,315 4,677 4,306 4,728 
Data processing and communications45,307 44,802 43,048 41,743 41,280 
Printing, postage and supplies3,728 3,893 3,890 4,349 3,929 
Amortization of intangible assets3,474 3,391 3,736 3,943 4,049 
Mortgage banking costs8,300 5,782 9,016 9,504 9,437 
Other expense8,574 8,408 10,108 11,046 9,020 
Total other operating expense318,673 305,812 318,456 294,751 273,655 
Net income before taxes195,637 208,401 216,256 196,272 168,980 
Federal and state income taxes44,001 45,905 47,864 39,681 36,122 
Net income151,636 162,496 168,392 156,591 132,858 
Net income (loss) attributable to non-controlling interests
328 128 (37)81 12 
Net income attributable to BOK Financial Corporation shareholders
$151,308 $162,368 $168,429 $156,510 $132,846 
Earnings per share:     
Basic$2.27$2.43$2.51$2.32$1.96
Diluted$2.27$2.43$2.51$2.32$1.96
Average shares used in computation:
Basic65,994,132 66,331,775 66,627,955 67,003,199 67,453,748 
Diluted65,994,132 66,331,775 66,627,955 67,004,623 67,455,172 


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PART II. Other Information

Item 1. Legal Proceedings
 
See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.

Item 1A. Risk Factors
There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, except as described below.

Recent events impacting the financial services industry could adversely affect BOK Financial's business.

Recent events affecting the financial services industry have generated significant market volatility among publicly traded bank holding companies with particular focus on regional banks. These events occurred following a period of rapidly rising interest rates, which resulted in unrealized losses in longer duration securities and loans held by banks as well as more competition for bank deposits. These recent events have, and may continue to, adversely impact the market price and volatility of the Company’s stock. Potentially adverse changes to laws or regulations governing banks and bank holding companies may occur, including but not limited to, increased regulatory scrutiny in the course of routine examinations or otherwise and new regulations directed towards banks of similar size, which could increase the costs of doing business. As a result of recent bank failures the FDIC proposed a special assessment to replenish the Deposit Insurance Fund. If finalized, the special assessment will increase FDIC insurance premiums above the recently increased levels which will result in higher costs.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended June 30, 2023.
 
Period
Total Number of Shares Purchased2
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
Maximum Number of Shares that May Yet Be Purchased Under the Plans
April 1 to April 30, 2023— $— — 4,238,523 
May 1 to May 31, 2023138,000 $81.66 138,000 4,100,523 
June 1 to June 30, 2023128,000 $86.69 128,000 3,972,523 
Total266,000  266,000  
1On November 1, 2022, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of June 30, 2023, the Company had repurchased 1,027,477 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 5. Other Information

Trading Plans

No Company director or officer (as defined in Exchange Act Rule 16a-1(f)) has adopted, modified or terminated any trading arrangements during the second quarter of 2023.

Certain of our officers or directors have made elections to participate in, and are participating in, our dividend reinvestment plan and 401(k) plan, and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes on issuances of shares to such officers or directors, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
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Item 6. Exhibits
31.1
31.2
32
101
Interactive 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 and 4 are not applicable and have been omitted.
- 101 -

Signatures


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


BOK FINANCIAL CORPORATION
(Registrant)



Date:        August 2, 2023                                                                  


/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President and
Chief Financial Officer

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

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