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BOK Financial
BOKF
#2248
Rank
$8.49 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$134.37
Share price
-0.18%
Change (1 day)
23.30%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q3

BOK Financial - 10-Q quarterly report FY2023 Q3


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

FORM 10-Q
(Mark One) 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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: 65,664,840 shares of common stock ($.00006 par value) as of September 30, 2023.

BOK Financial Corporation
Form 10-Q
Quarter Ended September 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)
Nine-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 $134.5 million or $2.04 per diluted share for the third quarter of 2023 compared to $151.3 million or $2.27 per diluted share for the second quarter of 2023. Pre-provision net revenue ("PPNR"), a non-GAAP measure, decreased $37.6 million to $174.8 million compared to the second quarter of 2023.

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

•Net interest revenue totaled $300.9 million, a decrease of $21.4 million compared to the prior quarter. Net interest margin was 2.69 percent for the third quarter of 2023 compared to 3.00 percent for the prior quarter. Growth in low-spread trading assets drove an 8 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 23 basis point reduction. For the third quarter of 2023, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.14 percent compared to 3.36 percent in the prior quarter.
•Fees and commissions revenue totaled $197.9 million, a decrease of $2.6 million. Decreased brokerage and trading revenue and mortgage banking revenue were partially offset by increased other revenue.
•Other operating expense totaled $324.3 million, an increase of $5.6 million. Personnel expense was relatively unchanged, while non-personnel expense increased $5.5 million, led by higher occupancy and equipment costs and other expenses.
•Other gains and losses, net decreased $11.1 million to $1.5 million. The prior quarter included gains on alternative investments, primarily attributable to merchant banking activity.
•Period end outstanding loan balances totaled $23.7 billion at September 30, 2023, growing $486 million over June 30, 2023, largely due to growth in commercial and commercial real estate loans secured by multifamily properties. Average loan balances increased $525 million to $23.4 billion.
•The provision for credit losses of $7.0 million in the third quarter of 2023 reflects our continued loan growth and changes in our economic forecast. Net charge-offs were $6.5 million or 0.11 percent of average loans on an annualized basis in the third quarter. The resulting combined allowance for credit losses totaled $325 million or 1.37 percent of outstanding loans at September 30, 2023. The combined allowance for credit losses was $323 million or 1.39 percent of outstanding loans at June 30, 2023.
•Nonperforming assets not guaranteed by U.S. government agencies were $113 million, a $12 million decrease compared to June 30, 2023. Potential problem loans increased by $36 million, while other loans especially mentioned were largely unchanged compared to June 30, 2023.
•Period end deposits were $33.7 billion at September 30, 2023, a $358 million increase over June 30, 2023. Average deposits increased $918 million, including a $1.8 billion increase in average interest-bearing deposits, partially offset by an $840 million reduction in demand deposit balances. The loan to deposit ratio was 70 percent at September 30, 2023, consistent with June 30, 2023.
•Assets under management or administration totaled $99.0 billion at September 30, 2023, decreasing $4.6 billion compared to June 30, 2023.
•The Company's tangible common equity ratio, a non-GAAP measure, was 7.74 percent at September 30, 2023 and 7.79 percent at June 30, 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 7.35 percent at September 30, 2023 and 7.49 percent at June 30, 2023.
•The common equity Tier 1 capital ratio at September 30, 2023 was 12.06 percent. Other regulatory capital ratios include the Tier 1 capital ratio at 12.07 percent, total capital ratio at 13.16 percent, and leverage ratio at 9.52 percent. At June 30, 2023, the common equity Tier 1 capital ratio was 12.13 percent, the Tier 1 capital ratio was 12.13 percent, total capital ratio was 13.24 percent, and leverage ratio was 9.75 percent.
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•The Company repurchased 700,500 shares of common stock at an average price of $84.17 per share in the third quarter of 2023 and 266,000 shares at an average price of $84.08 in the second 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 $35.7 million or $0.54 per common share during the third quarter of 2023. On October 31, 2023, the board of directors approved a quarterly cash dividend of $0.55 per common share payable on or about November 30, 2023 to shareholders of record as of November 15, 2023.
Highlights of the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 included:
•Tax-equivalent net interest revenue totaled $982.2 million for the nine months ended September 30, 2023 and $864.9 million for the nine months ended September 30, 2022. Net interest revenue increased $166.1 million from changes in interest rates and decreased $48.8 million from changes in earning assets. Net interest margin was 3.03 percent compared to 2.80 percent. In response to rising inflation, the Federal Reserve increased the federal funds rate 525 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 285 basis points and funding costs increased 279 basis points. Average earning assets increased $2.2 billion to $42.5 billion. Higher average loan balances were partially offset by lower trading 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 $5.6 billion while total interest-bearing deposits decreased $1.7 billion.
•Fees and commissions revenue totaled $584.3 million for the nine months ended September 30, 2023, a $120.7 million increase over the nine months ended September 30, 2022. Brokerage and trading revenue increased $101.7 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 $9.5 million led by growth in mutual fund fees, Cavanal Hill fund fees, and trust fees. Other revenue increased $8.5 million, largely due to increased revenue on bank-owned life insurance and higher margin interest fees. The prior year included a $4.5 million write-down of bank-owned life insurance as the fair value of this portfolio declined and exceeded the maximum support from the stable value wrap.
•Total operating expense was $948.8 million for the nine months ended September 30, 2023, an increase of $102.8 million compared to the nine months ended September 30, 2022. Personnel expense increased $79.1 million. Regular compensation increased $29.4 million, largely related to annual merit increases, salary adjustments, and business expansion. Cash-based incentive compensation grew $22.9 million due to higher sales activity. Share-based compensation expense increased $6.9 million reflecting changes in assumptions of certain performance-based equity awards. Deferred compensation expense, which is offset by changes in fair value of deferred compensation investments, grew $14.6 million. Non-personnel expense increased $23.7 million to $385.2 million, largely due to higher data processing costs related to ongoing technology projects and FDIC insurance costs following increased assessment rates in 2023.
•The provision for expected credit losses was $40.0 million for the nine months ended September 30, 2023, primarily due to growth in loan balances and changes in our economic forecast, including a more challenging national commercial real estate environment, particularly related to office. A $15.0 million provision for expected credit losses was recorded for the nine months ended September 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 $303.1 million for the third quarter of 2023, compared to $324.5 million for the prior quarter. Compared to the second quarter of 2023, net interest revenue decreased $19.0 million from changes in interest rates and $2.3 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 $1.3 billion compared to the second quarter of 2023. The average balance of trading securities increased $1.2 billion due to favorable market opportunities for U.S. government agency residential mortgage-backed securities observed primarily throughout the second quarter and extending into the early part of the third quarter. Average loan balances increased $525 million, largely due to growth in commercial and commercial real estate loans. Average fair value option securities, held as an economic hedge of the changes in fair value of our mortgage servicing rights, decreased $204 million. The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, decreased $108 million and average interest-bearing cash and cash equivalents declined $110 million.

Total average deposits increased $918 million compared to the second quarter of 2023, including a $1.8 billion increase in interest-bearing deposits, partially offset by an $840 million decrease in demand deposits. Other borrowings grew $1.7 billion while funds purchased and repurchase agreements declined $972 million.

Net interest margin was 2.69 percent compared to 3.00 percent in the second quarter of 2023. Growth in low-spread trading assets drove an 8 basis point decline in net interest margin with deposit price competition and liability mix shift primarily driving the remaining 23 basis point reduction. For the third quarter of 2023, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.14 percent percent compared to 3.36 percent in the prior quarter. The tax-equivalent yield on earning assets was 5.49 percent, an increase of 20 basis points. Loan yields grew 22 basis points to 7.25 percent. The available for sale securities portfolio yield increased 11 basis points to 3.11 percent. The yield on trading securities grew 26 basis points to 4.76 percent.

Funding costs were 3.81 percent, a 54 basis point increase over the prior quarter. The cost of interest-bearing deposits increased 61 basis points to 3.17 percent. The cost of other borrowings increased 36 basis points to 5.48 percent while the cost of funds purchased and repurchase agreements increased 23 basis points to 4.81 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 101 basis points, an increase of 3 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
Sep. 30, 2023 / June 30, 2023
Nine Months Ended
Sep. 30, 2023 / 2022
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$(1,353)$(1,443)$90 $18,527 $(5,296)$23,823 
Trading securities17,419 14,291 3,128 60,434 (38,592)99,026 
Investment securities
(350)(341)(9)10,718 14,403 (3,685)
Available for sale securities
4,389 762 3,627 107,155 7,529 99,626 
Fair value option securities(2,564)(2,405)(159)6,347 4,238 2,109 
Restricted equity securities
2,347 1,982 365 15,819 9,073 6,746 
Residential mortgage loans held for sale
142 61 81 (1,332)(2,979)1,647 
Loans26,661 11,638 15,023 546,499 78,148 468,351 
Total tax-equivalent interest revenue46,691 24,545 22,146 764,167 66,524 697,643 
Interest expense:
Transaction deposits36,113 8,061 28,052 314,530 (25,286)339,816 
Savings deposits553 (41)594 1,497 (56)1,553 
Time deposits11,476 7,081 4,395 44,546 10,160 34,386 
Funds purchased and repurchase agreements(9,157)(11,253)2,096 81,352 26,511 54,841 
Other borrowings28,955 23,008 5,947 202,811 103,980 98,831 
Subordinated debentures102 13 89 2,157 (2)2,159 
Total interest expense68,042 26,869 41,173 646,893 115,307 531,586 
Tax-equivalent net interest revenue(21,351)(2,324)(19,027)117,274 (48,783)166,057 
Change in tax-equivalent adjustment14 523 
Net interest revenue$(21,365)$116,751 
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 $198.2 million for the third quarter of 2023, a decrease of $10.9 million compared to the second quarter of 2023.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Brokerage and trading revenue
$62,312 $65,006 $(2,694)(4)%$179,714 $77,970 $101,744 130 %
Transaction card revenue26,387 26,003 384 1 %78,011 77,130 881 1 %
Fiduciary and asset management revenue
52,256 52,997 (741)(1)%155,910 146,427 9,483 6 %
Deposit service charges and fees
27,676 27,100 576 2 %80,744 84,207 (3,463)(4)%
Mortgage banking revenue13,356 15,141 (1,785)(12)%42,864 39,300 3,564 9 %
Other revenue15,865 14,250 1,615 11 %47,085 38,608 8,477 22 %
Total fees and commissions revenue
197,852 200,497 (2,645)(1)%584,328 463,642 120,686 26 %
Other gains (losses), net1,474 12,618 (11,144)N/A16,343 (8,304)24,647 N/A
Loss on derivatives, net(9,010)(8,159)(851)N/A(18,513)(77,559)59,046 N/A
Loss on fair value option securities, net(203)(2,158)1,955 N/A(5,323)(17,790)12,467 N/A
Change in fair value of mortgage servicing rights
8,039 9,261 (1,222)N/A11,241 83,165 (71,924)N/A
Gain (loss) on available for sale securities, net— (3,010)3,010 N/A(3,010)3,017 (6,027)N/A
Total other operating revenue
$198,152 $209,049 $(10,897)(5)%$585,066 $446,171 $138,895 31 %
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 40 percent of total revenue for the third 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, decreased $2.7 million or 4 percent compared to the second 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 $34.5 million, a $2.5 million decrease compared to the prior quarter, primarily related to our municipal bond trading activity, which was influenced by the rising interest rate environment and evolving market expectations during the third quarter.

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 $6.9 million, a decrease of $6.8 million, driven by less energy customer activity following a record high in the second quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $13.9 million for the third quarter of 2023, an increase of $5.7 million compared to the second quarter of 2023, primarily related to the timing and volume of transactions of underwriting fees and financial advisory 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 $26.4 million for the third 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 was $52.3 million for the third quarter of 2023, largely unchanged compared to the second quarter of 2023.

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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
September 30, 2023June 30, 2023
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,572,514 $25,808 0.98 %$10,687,370 $26,741 1.00 %
Institutional18,244,521 8,532 0.19 %18,705,828 9,103 0.19 %
Total managed fiduciary assets
28,817,035 34,340 0.48 %29,393,198 35,844 0.49 %
Non-managed assets:
Fiduciary27,562,974 14,643 0.21 %28,480,670 14,300 0.20 %
Non-fiduciary18,215,082 3,273 0.07 %20,910,245 2,853 0.05 %
Safekeeping and brokerage assets under administration
24,409,088 — — %24,834,827 — — %
Total non-managed assets
70,187,144 17,916 0.10 %74,225,742 17,153 0.09 %
Total assets under management or administration
$99,004,179 $52,256 0.21 %$103,618,940 $52,997 0.20 %
Nine Months Ended
September 30, 2023September 30, 2022
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$10,572,514 $77,388 1.46 %$10,107,830 $81,760 1.62 %
Institutional18,244,521 26,858 0.29 %16,983,268 25,598 0.30 %
Total managed fiduciary assets
28,817,035 104,246 0.72 %27,091,098 107,358 0.79 %
Non-managed assets:
Fiduciary27,562,974 42,728 0.31 %27,623,607 30,134 0.22 %
Non-fiduciary18,215,082 8,936 0.10 %18,099,922 8,935 0.10 %
Safekeeping and brokerage assets under administration
24,409,088 — — %22,587,011 — — %
Total non-managed assets
70,187,144 51,664 0.15 %68,310,540 39,069 0.11 %
Total assets under management or administration
$99,004,179 $155,910 0.31 %$95,401,638 $146,427 0.31 %
1 Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $18 billion, $19 billion, and $23 billion of such assets are excluded from assets under management or administration at September 30, 2023, June 30, 2023, and September 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 nine months ended September 30, 2023 and 2022 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Beginning balance$103,618,940 $95,981,289 $99,735,040 $104,917,721 
Net inflows (outflows)(3,922,122)639,636 (4,727,474)(1,642,712)
Net change in fair value(692,639)(1,219,287)3,996,613 (7,873,371)
Ending balance$99,004,179 $95,401,638 $99,004,179 $95,401,638 

Assets under management as of September 30, 2023 consist of 43 percent fixed income, 32 percent equities, 16 percent cash, and 9 percent alternative investments.
Deposit Service Charges

Deposit service charges and fees were consistent with the second quarter of 2023.
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Mortgage Banking Revenue

Mortgage banking revenue decreased $1.8 million to $13.4 million, largely due to lower mortgage production and qualifying residential mortgage loans guaranteed by U.S. government agencies previously in forbearance that have been resold into Government National Mortgage Association ("GNMA") pools following the applicable performance period specified by the programs. Mortgage production volume decreased $30 million to $168 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 98 basis points to (1.12) percent.

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Mortgage production revenue$(1,887)$(284)$(1,603)(564)%$(2,804)$2,145 $(4,949)(231)%
Mortgage loans funded for sale$173,727 $214,785 $527,136 $1,039,313 
Add: Current period end outstanding commitments49,284 55,031 49,284 75,779 
Less: Prior period end outstanding commitments55,031 71,693 45,492 171,412 
Total mortgage production volume$167,980 $198,123 $(30,143)(15)%$530,928 $943,680 $(412,752)(44)%
Mortgage loan refinances to mortgage loans funded for sale9 %8 %100  bps— %26 %(2,600) bps
Realized margin on funded mortgage loans(0.94)%(0.14)%(80) bps(0.69)%0.86 %(155) bps
Production revenue as a percentage of production volume(1.12)%(0.14)%(98) bps(0.53)%0.23 %(76) bps
Primary mortgage interest rates:
Average7.08 %6.56 %52  bps6.66 %4.90 %176  bps
Period end7.35 %6.70 %65  bps7.35 %6.70 %65  bps
Mortgage servicing revenue$15,243 $15,425 $(182)(1)%$45,668 $37,155 $8,513 23 %
Average outstanding principal balance of mortgage loans serviced for others20,719,116 20,807,044 (87,928)— %20,882,493 17,520,715 $3,361,778 19 %
Average mortgage servicing revenue rates0.29 %0.30 %(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 $1.5 million for the third quarter of 2023 compared to net gains of $12.6 million in the second quarter of 2023. The prior quarter included a gain on alternative investments, largely attributable to merchant banking activity. Changes in fair value related to deferred compensation investments decreased $3.5 million.

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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 EndedNine Months Ended
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Loss on mortgage hedge derivative contracts, net$(8,980)$(8,099)$(18,790)$(77,360)
Loss on fair value option securities, net(203)(2,158)(5,323)(17,790)
Loss on economic hedge of mortgage servicing rights, net(9,183)(10,257)(24,113)(95,150)
Gain on change in fair value of mortgage servicing rights8,039 9,261 11,241 83,165 
Loss on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue(1,144)(996)(12,872)(11,985)
Net interest revenue (expense) on fair value option securities1
(112)(232)(157)687 
Total economic cost of changes in the fair value of mortgage servicing rights, net of economic hedges$(1,256)$(1,228)$(13,029)$(11,298)
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the third quarter of 2023 totaled $324.3 million, an increase of $5.6 million compared to the second quarter of 2023. Our efficiency ratio1 was 64.01% for the third quarter of 2023, compared to 58.75% in the prior quarter.

Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Nine Months EndedIncrease (Decrease)%
Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Regular compensation
$111,237 $109,197 $2,040 2 %$325,552 $296,164 $29,388 10 %
Incentive compensation:
Cash-based51,139 48,331 2,808 6 %141,205 118,300 22,905 19 %
Share-based3,489 4,566 (1,077)(24)%13,312 6,458 6,854 106 %
Deferred compensation60 2,685 (2,625)N/A4,455 (10,099)14,554 N/A
Total incentive compensation54,688 55,582 (894)(2)%158,972 114,659 44,313 39 %
Employee benefits24,866 25,873 (1,007)(4)%79,064 73,676 5,388 7 %
Total personnel expense190,791 190,652 139 — %563,588 484,499 79,089 16 %
Business promotion6,958 7,640 (682)(9)%23,167 18,965 4,202 22 %
Charitable contributions to BOKF Foundation
23 1,142 (1,119)N/A1,165 — 1,165 N/A
Professional fees and services
13,224 12,777 447 4 %39,049 37,977 1,072 3 %
Net occupancy and equipment32,583 30,105 2,478 8 %91,147 87,640 3,507 4 %
Insurance7,996 6,974 1,022 15 %22,285 13,317 8,968 67 %
Data processing and communications
45,672 45,307 365 1 %135,781 122,859 12,922 11 %
Printing, postage and supplies3,760 3,728 32 1 %11,381 11,967 (586)(5)%
Amortization of intangible assets3,474 3,474 — — %10,339 11,956 (1,617)(14)%
Mortgage banking costs8,357 8,300 57 1 %22,439 26,818 (4,379)(16)%
Other expense11,475 8,574 2,901 34 %28,457 30,026 (1,569)(5)%
Total other operating expense$324,313 $318,673 $5,640 2 %$948,798 $846,024 $102,774 12 %
Average number of employees (full-time equivalent)
4,927 4,875 52 1 %4,855 4,748 107 2 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense
Personnel expense was largely unchanged compared to the second quarter of 2023. Cash-based incentive compensation increased $2.8 million, driven by sales activities. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments, decreased $2.6 million, directly related to market movements. Share-based compensation was down $1.1 million reflecting changes in assumptions of certain performance-based equity awards. Regular compensation increased $2.0 million, along with our business expansion into the San Antonio and Memphis markets. Employee benefits expense decreased $1.0 million, primarily due to seasonal decreases in payroll taxes.


1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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Non-personnel operating expense
Non-personnel expense totaled $133.5 million for the third quarter of 2023, an increase of $5.5 million compared to the second quarter of 2023. Occupancy and equipment costs grew $2.5 million, driven by the retirement of certain automated teller machines ("ATMs") as we upgrade our network. Other expense increased $2.9 million, primarily due to an accrual for certain disputed matters. FDIC insurance expense also increased $1.0 million.
Income Taxes

The effective tax rate was 19.8 percent for the third quarter of 2023 and 22.5 percent for the second quarter of 2023. The effective tax rate for the third quarter of 2023 decreased primarily due to a decrease in uncertain tax positions from lapses of applicable statutes of limitations. The effective rate for the nine months ended September 30, 2023 and September 30, 2022 was 21.5 percent and 20.7 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.

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

As shown in Table 8, net income attributable to our lines of business decreased $28.9 million compared to the second quarter of 2023. Net interest revenue decreased $19.3 million largely as a result of deposit repricing activity while other operating revenue decreased $10.7 million. Operating expense increased $10.9 million over the second quarter of 2023 with a $4.3 million increase in personnel expense and $6.6 million increase in non-personnel expense.

Table 8 – Net Income by Line of Business
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Commercial Banking
$157,930 $170,179 $(12,249)(7)%$505,415 $321,775 $183,640 57 %
Consumer Banking58,009 60,332 (2,323)(4)%169,024 (3,109)172,133 (5,537)%
Wealth Management43,029 57,317 (14,288)(25)%152,793 64,573 88,220 137 %
Subtotal258,968 287,828 (28,860)(10)%827,232 383,239 443,993 116 %
Funds Management and other(124,473)(136,520)12,047 N/A(379,061)(31,395)(347,666)N/A
Total$134,495 $151,308 $(16,813)(11)%$448,171 $351,844 $96,327 27 %
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 $157.9 million to consolidated net income in the third quarter of 2023, a decrease of $12.2 million or 7 percent compared to the second quarter of 2023.

Table 9 – Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Net interest revenue from external sources
$298,293 $299,712 $(1,419)— %$886,263 $546,599 $339,664 62 %
Net interest expense from internal sources
(43,829)(39,613)(4,216)(11)%(104,543)(34,983)(69,560)(199)%
Total net interest revenue
254,464 260,099 (5,635)(2)%781,720 511,616 270,104 53 %
Net loans charged off4,904 6,000 (1,096)(18)%10,980 3,316 7,664 231 %
Net interest revenue after net loans charged off249,560 254,099 (4,539)(2)%770,740 508,300 262,440 52 %
Fees and commissions revenue
57,858 59,704 (1,846)(3)%173,397 174,992 (1,595)(1)%
Other gains, net1,295 9,124 (7,829)(86)%11,429 4,509 6,920 153 %
Other operating revenue
59,153 68,828 (9,675)(14)%184,826 179,501 5,325 3 %
Personnel expense
48,823 46,055 2,768 6 %137,625 125,290 12,335 10 %
Non-personnel expense
32,928 31,424 1,504 5 %94,739 84,722 10,017 12 %
Other operating expense
81,751 77,479 4,272 6 %232,364 210,012 22,352 11 %
Net direct contribution
226,962 245,448 (18,486)(8)%723,202 477,789 245,413 51 %
Gain (loss) on financial instruments, net(11)231 (242)(105)%162 (138)300 (217)%
Gain (loss) on repossessed assets, net(268)408 (676)(166)%999 (2,880)3,879 (135)%
Corporate expense allocations
17,834 21,404 (3,570)(17)%56,956 49,285 7,671 16 %
Income before taxes
208,849 224,683 (15,834)(7)%667,407 425,486 241,921 57 %
Federal and state income tax
50,919 54,504 (3,585)(7)%161,992 103,711 58,281 56 %
Net income
$157,930 $170,179 $(12,249)(7)%$505,415 $321,775 $183,640 57 %
Average assets
$28,849,597 $28,170,869 $678,728 2 %$28,396,982 $29,324,596 $(927,614)(3)%
Average loans
19,645,259 19,158,984 486,275 3 %19,188,167 17,317,109 1,871,058 11 %
Average deposits
15,098,038 14,822,093 275,945 2 %15,257,676 18,825,930 (3,568,254)(19)%
Average invested capital
2,178,908 2,174,335 4,573 — %2,156,183 2,040,038 116,145 6 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue decreased $5.6 million or 2 percent compared to the second quarter of 2023, primarily due to a shift in deposit balances from non-interest bearing to interest-bearing accounts. Net loans charged-off decreased $1.1 million to $4.9 million in the third quarter of 2023.

Fees and commissions revenue decreased $1.8 million or 3 percent. Customer hedging revenue decreased $5.4 million following a record high in the second quarter, partially offset by increases in other revenue and investment banking revenue.
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Operating expense increased $4.3 million or 6 percent compared to the second quarter of 2023, largely driven by the retirement of certain ATMs as we upgrade our network combined with increased incentive compensation expense. Corporate expense allocations decreased $3.6 million or 17 percent compared to the prior quarter. The second quarter of 2023 also included a gain on alternative investments of $8.1 million resulting from merchant banking activities.

Average outstanding balance of loans attributed to Commercial Banking increased $486 million or 3 percent over the second quarter of 2023 to $19.6 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 increased $276 million or 2 percent over the second quarter of 2023 to $15.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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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 $58.0 million to consolidated net income for the third quarter of 2023, a decrease of $2.3 million or 4 percent compared to the prior quarter.

Table 10 – Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Net interest revenue from external sources
$11,386 $17,828 $(6,442)(36)%$50,360 $51,183 $(823)(2)%
Net interest revenue from internal sources
101,222 95,563 5,659 6 %285,020 53,764 231,256 430 %
Total net interest revenue112,608 113,391 (783)(1)%335,380 104,947 230,433 220 %
Net loans charged off (recovered)(73)1,129 (1,202)(106)%2,240 3,716 (1,476)(40)%
Net interest revenue after net loans charged off (recovered)
112,681 112,262 419 — %333,140 101,231 231,909 229 %
Fees and commissions revenue30,715 32,361 (1,646)(5)%93,657 94,308 (651)(1)%
Other gains (losses), net1 (84)85 (101)%(54)(72)18 (25)%
Other operating revenue30,716 32,277 (1,561)(5)%93,603 94,236 (633)(1)%
Personnel expense22,591 22,468 123 1 %66,421 64,738 1,683 3 %
Non-personnel expense31,906 29,872 2,034 7 %90,614 89,947 667 1 %
Total other operating expense54,497 52,340 2,157 4 %157,035 154,685 2,350 2 %
Net direct contribution88,900 92,199 (3,299)(4)%269,708 40,782 228,926 561 %
Loss on financial instruments, net(9,183)(10,257)1,074 (10)%(24,113)(95,150)71,037 (75)%
Change in fair value of mortgage servicing rights
8,039 9,261 (1,222)(13)%11,241 83,165 (71,924)(86)%
Gain on repossessed assets, net11 — 11 N/A25 138 (113)(82)%
Corporate expense allocations11,920 12,318 (398)(3)%35,860 32,994 2,866 9 %
Income (loss) before taxes75,847 78,885 (3,038)(4)%221,001 (4,059)225,060 (5,545)%
Federal and state income tax17,838 18,553 (715)(4)%51,977 (950)52,927 (5,571)%
Net income (loss)$58,009 $60,332 $(2,323)(4)%$169,024 $(3,109)$172,133 (5,537)%
Average assets$9,379,478 $9,597,723 $(218,245)(2)%$9,635,204 $10,281,679 $(646,475)(6)%
Average loans1,812,606 1,762,568 50,038 3 %1,774,376 1,676,276 98,100 6 %
Average deposits7,936,186 7,986,674 (50,488)(1)%8,055,990 8,812,235 (756,245)(9)%
Average invested capital285,325 279,257 6,068 2 %273,405 253,007 20,398 8 %
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Net interest revenue from Consumer Banking activities was relatively consistent with the second quarter of 2023.
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Operating revenue decreased $1.6 million or 5 percent due to a decline in mortgage banking revenue. Mortgage banking revenue decreased $1.7 million, largely due to lower mortgage production and qualifying residential mortgage loans guaranteed by U.S. government agencies previously in forbearance that have been resold into GNMA pools following the applicable performance period specified by the programs. In addition, mortgage production volume decreased $30.1 million to $168.0 million. Operating expense increased $2.2 million or 4 percent due to an accrual for certain disputed matters. Corporate expense allocations were relatively consistent with the second quarter of 2023.

Average loans increased $50.0 million or 3 percent to $1.8 billion over the previous quarter. Average deposits attributed to the Consumer Banking segment were relatively consistent with the prior quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.


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Wealth Management

Wealth Management contributed $43.0 million to consolidated net income in the third quarter of 2023, a decrease of $14.3 million or 25 percent compared to the second quarter of 2023.

Table 11 – Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2023June 30, 2023Sep. 30, 2023Sep. 30, 2022
Net interest revenue from external sources
$7,622 $4,415 $3,207 73 %$32,977 $130,389 $(97,412)(75)%
Net interest revenue (expense) from internal sources28,815 44,937 (16,122)(36)%106,918 (3,290)110,208 3,350 %
Total net interest revenue36,437 49,352 (12,915)(26)%139,895 127,099 12,796 10 %
Net loans charged off (recovered)9 (45)54 120 %(60)(153)93 61 %
Net interest revenue after net loans charged off (recovered)
36,428 49,397 (12,969)(26)%139,955 127,252 12,703 10 %
Fees and commissions revenue123,614 123,050 564 — %355,575 224,907 130,668 58 %
Other losses, net— (7)7 (100)%(7)(15)8 (53)%
Other operating revenue123,614 123,043 571 — %355,568 224,892 130,676 58 %
Personnel expense63,706 62,263 1,443 2 %185,493 164,677 20,816 13 %
Non-personnel expense25,661 22,596 3,065 14 %70,772 65,489 5,283 8 %
Other operating expense89,367 84,859 4,508 5 %256,265 230,166 26,099 11 %
Net direct contribution70,675 87,581 (16,906)(19)%239,258 121,978 117,280 96 %
Corporate expense allocations14,331 12,574 1,757 14 %39,265 37,508 1,757 5 %
Income before taxes56,344 75,007 (18,663)(25)%199,993 84,470 115,523 137 %
Federal and state income tax13,315 17,690 (4,375)(25)%47,200 19,897 27,303 137 %
Net income$43,029 $57,317 $(14,288)(25)%$152,793 $64,573 $88,220 137 %
Average assets$14,740,641 $12,949,258 $1,791,383 14 %$13,128,925 $17,320,779 $(4,191,854)(24)%
Average loans2,219,829 2,230,906 (11,077)— %2,217,519 2,147,007 70,512 3 %
Average deposits7,886,962 7,544,143 342,819 5 %7,622,838 8,694,459 (1,071,621)(12)%
Average invested capital329,856 333,902 (4,046)(1)%310,113 295,139 14,974 5 %
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 decreased $12.4 million or 7 percent compared to the second quarter of 2023, primarily due to declining spreads on loans and deposits. Total revenue from institutional trading activities decreased $4.4 million, largely related to our municipal bond trading activity, which was influenced by the rising interest rate environment and evolving market expectations. Investment banking revenue increased $4.7 million due to increased underwriting fees and financial advisory fees. Other revenue decreased $1.7 million. Operating expense increased $4.5 million or 5 percent compared to the prior quarter. Personnel expense increased $1.4 million due to growth in regular compensation from business expansion. Non-personnel expense increased $3.1 million, primarily due to ongoing technology project costs. Corporate expense allocations increased $1.8 million or 14 percent compared to the previous quarter.

Average outstanding loans attributed to the Wealth Management segment were consistent with the prior quarter. Average Wealth Management deposits increased $343 million or 5 percent to $7.9 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 September 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 decreased $694 million to $4.7 billion during the third quarter of 2023. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques.

At September 30, 2023, the carrying value of investment (held-to-maturity) securities was $2.3 billion, including a $344 thousand allowance for expected credit losses, compared to $2.4 billion at June 30, 2023 with a $465 thousand allowance for expected credit losses. The fair value of investment securities was $2.1 billion at September 30, 2023, a $133 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 $12.9 billion at September 30, 2023, a $104 million increase compared to June 30, 2023. At September 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 was 3.7 years as of September 30, 2023 and 3.5 years as of June 30, 2023. Management estimates the duration extends to 4.1 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 3.0 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.4 years, extends to 3.6 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 $407 million of bank-owned life insurance at September 30, 2023. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $312 million is held in separate accounts and $95 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and agency securities, residential mortgage-backed securities, corporate debt, asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio's investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap, which protects against changes in the fair value of the investments. As of September 30, 2023, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $271 million. Since the underlying fair value of the investments held in separate accounts at September 30, 2023 was below the net book value of the investments, $39 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 $23.7 billion at September 30, 2023, growing $486 million over June 30, 2023, driven by growth in commercial and commercial real estate loans.

Table 12 – Loans
(In thousands)
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Commercial: 
Healthcare$4,083,134 $3,991,387 $3,899,341 $3,845,017 $3,826,623 
Services3,566,361 3,585,169 3,563,702 3,431,521 3,280,925 
Energy3,490,602 3,508,752 3,398,057 3,424,790 3,371,588 
General business3,579,742 3,449,208 3,356,249 3,511,171 3,148,783 
Total commercial14,719,839 14,534,516 14,217,349 14,212,499 13,627,919 
Commercial real estate:
Multifamily1,734,688 1,502,971 1,363,881 1,212,883 1,126,700 
Industrial1,432,629 1,349,709 1,309,435 1,221,501 1,103,905 
Office981,876 1,005,660 1,045,700 1,053,331 1,086,615 
Retail608,073 617,886 618,264 620,518 635,021 
Residential construction and land development
100,465 106,370 102,828 95,684 91,690 
Other commercial real estate383,569 388,205 375,208 402,860 429,980 
Total commercial real estate5,241,300 4,970,801 4,815,316 4,606,777 4,473,911 
Loans to individuals: 
Residential mortgage2,090,992 1,993,690 1,926,027 1,890,784 1,851,836 
Residential mortgage guaranteed by U.S. government agencies
161,092 186,170 224,753 245,940 262,466 
Personal1,510,795 1,552,482 1,566,608 1,601,150 1,574,325 
Total loans to individuals3,762,879 3,732,342 3,717,388 3,737,874 3,688,627 
Total$23,724,018 $23,237,659 $22,750,053 $22,557,150 $21,790,457 
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 $14.7 billion or 62 percent of the loan portfolio at September 30, 2023, a $185 million increase over June 30, 2023, primarily due to growth in general business and healthcare loans.

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 September 30, 2023, an $18 million decrease compared to June 30, 2023. Approximately $2.7 billion of energy loans were to oil and gas producers, a $39 million increase compared to June 30, 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 69 percent of the committed production loans are secured by properties primarily producing oil, and 31 percent of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $551 million at September 30, 2023, a $25 million decrease compared to June 30, 2023. Loans to borrowers that provide services to the energy industry totaled $165 million at September 30, 2023, a decrease of $33 million. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $60 million, largely unchanged compared to the prior quarter.

Unfunded energy loan commitments were $4.1 billion at September 30, 2023, a $219 million decrease compared to June 30, 2023.

The healthcare sector of the loan portfolio totaled $4.1 billion or 17 percent of total loans. Healthcare loans increased $92 million over June 30, 2023, primarily due to growth in loans to senior housing facilities and other medical practices. 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 $19 million decrease compared to the prior quarter. Service sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local governments, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors. Approximately $1.6 billion of the services category is made up of loans with individual balances of less than $10 million. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

General business loans totaled $3.6 billion or 15 percent of total loans, an increase of $131 million compared to the prior quarter. General business loans consist of $2.2 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 September 30, 2023, the outstanding principal balance of these loans totaled $5.8 billion, including $2.5 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 21 percent of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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Commercial Real Estate

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

The outstanding balance of commercial real estate loans grew by $270 million over June 30, 2023 to $5.2 billion or 22 percent of total loans at September 30, 2023, primarily driven by the funding of commercial real estate loan commitments. Loans secured by multifamily properties increased $232 million to $1.7 billion and loans secured by industrial facilities grew by $83 million to $1.4 billion at September 30, 2023. This growth was partially offset by a $24 million decrease in loans secured by office facilities.

Approximately 66 percent of loans in this segment are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 10 percent of the segment. All other states represent less than 5 percent individually.

Unfunded commercial real estate loan commitments were $2.0 billion at September 30, 2023, a decrease of $411 million compared to June 30, 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 near the upper internal concentration limit, we expect continued modest 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 mortgage 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 $3.8 billion or 16% of the loan portfolio, an increase of $31 million compared to June 30, 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.

- 23 -

Table 13 – Loans Managed by Primary Geographical Market
(In thousands)
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Texas:
Commercial$7,249,963 $7,223,820 $7,103,166 $6,878,618 $6,644,890 
Commercial real estate1,873,477 1,748,796 1,675,831 1,555,508 1,448,590 
Loans to individuals961,299 974,911 992,343 982,700 970,459 
Total Texas10,084,739 9,947,527 9,771,340 9,416,826 9,063,939 
Oklahoma:
Commercial3,384,627 3,251,547 3,178,934 3,382,577 3,108,608 
Commercial real estate601,087 573,559 574,708 582,109 608,856 
Loans to individuals2,100,974 2,079,311 2,049,472 2,077,124 2,054,362 
Total Oklahoma6,086,688 5,904,417 5,803,114 6,041,810 5,771,826 
Colorado:
Commercial2,219,460 2,179,473 2,148,066 2,149,199 2,117,181 
Commercial real estate710,552 683,973 646,537 613,912 565,057 
Loans to individuals227,569 223,200 231,368 241,902 237,981 
Total Colorado3,157,581 3,086,646 3,025,971 3,005,013 2,920,219 
Arizona:
Commercial1,173,491 1,177,778 1,115,973 1,124,289 1,103,000 
Commercial real estate1,014,151 926,750 881,465 860,947 850,319 
Loans to individuals260,282 242,102 240,556 229,872 225,981 
Total Arizona2,447,924 2,346,630 2,237,994 2,215,108 2,179,300 
Kansas/Missouri:
Commercial307,725 309,148 318,782 310,715 307,456 
Commercial real estate547,708 516,299 489,951 479,968 466,955 
Loans to individuals132,137 138,960 129,580 131,307 125,039 
Total Kansas/Missouri987,570 964,407 938,313 921,990 899,450 
New Mexico:
Commercial297,714 287,443 280,945 263,349 258,754 
Commercial real estate405,989 425,472 449,715 417,008 426,367 
Loans to individuals69,418 64,803 65,770 67,163 68,095 
Total New Mexico773,121 777,718 796,430 747,520 753,216 
Arkansas:
Commercial86,859 105,307 71,483 103,752 88,030 
Commercial real estate88,336 95,952 97,109 97,325 107,767 
Loans to individuals11,200 9,055 8,299 7,806 6,710 
Total Arkansas186,395 210,314 176,891 208,883 202,507 
Total BOK Financial loans$23,724,018 $23,237,659 $22,750,053 $22,557,150 $21,790,457 
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Off-Balance Sheet Commitments

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

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

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

Table 14 – Off-Balance Sheet Credit Commitments
(In thousands)
 Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Loan commitments$14,404,610 $14,979,253 $15,119,984 $15,424,431 $14,585,566 
Standby letters of credit759,563 721,908 790,316 740,039 725,302 
Unpaid principal balance of residential mortgage loans sold with recourse
40,369 42,041 43,510 44,742 46,199 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veterans Affairs970,469 988,212 996,139 1,005,368 1,021,504 
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.
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Derivative contracts are carried at fair value. At September 30, 2023, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $594 million compared to $538 million at June 30, 2023. At September 30, 2023, the net fair value of our derivative contracts included $365 million for energy contracts, $161 million for interest rate swaps and $68 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 $582 million at September 30, 2023 and $526 million at June 30, 2023.

At September 30, 2023, total derivative assets were reduced by $197 million of cash collateral received from counterparties and total derivative liabilities were reduced by $242 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 September 30, 2023 follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Customers$352,163 
Banks and other financial institutions44,498 
Exchanges and clearing organizations50 
Fair value of customer risk management program asset derivative contracts, net$396,711 
 
At September 30, 2023, our largest derivative exposure was to an energy customer for $44 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 to an equivalent of $72.84 per barrel of oil would decrease the fair value of derivative assets by $210 million, with lending customers comprising the bulk of the assets. An increase in prices to an equivalent of $108.74 per barrel of oil would increase the fair value of derivative assets by $757 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At September 30, 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 September 30, 2023, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Allowance for loan losses:  
Beginning balance$262,714 $249,460 235,704 241,768 241,114 
Loans charged off(10,593)(8,049)(3,667)(17,807)(1,766)
Recoveries of loans previously charged off4,062 1,346 2,898 2,301 1,309 
Net loans charged off
(6,531)(6,703)(769)(15,506)(457)
Provision for credit losses
15,931 19,957 14,525 9,442 1,111 
Ending balance$272,114 $262,714 $249,460 $235,704 $241,768 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$59,940 $62,943 60,919 56,310 42,250 
Provision for credit losses
(7,336)(3,003)2,024 4,609 14,060 
Ending balance$52,604 $59,940 $62,943 $60,919 $56,310 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$4,443 $4,381 4,904 3,885 4,003 
Loans charged off
(7)(16)(35)16 (52)
Provision for credit losses
(1,474)78 (488)1,003 (66)
Ending balance
$2,962 $4,443 $4,381 $4,904 $3,885 
Allowance for credit losses related to held-to-maturity (investment) securities:
Beginning balance
$465 $497 $558 $612 $717 
Provision for credit losses
(121)(32)(61)(54)(105)
Ending balance$344 $465 $497 $558 $612 
Total provision for credit losses
$7,000 $17,000 $16,000 $15,000 $15,000 
Average loans by portfolio segment :
Commercial$14,527,676 $14,316,474 $14,046,237 $13,846,339 $13,508,325 
Commercial real estate5,172,876 4,896,230 4,757,362 4,488,091 4,434,650 
Loans to individuals3,713,756 3,676,350 3,672,648 3,641,574 3,656,257 
Net charge-offs (annualized) to average loans0.11 %0.12 %0.01 %0.28 %0.01 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.18 %0.06 %(0.06)%0.42 %(0.02)%
Commercial real estate(0.07)%0.32 %0.17 %— %— %
Loans to individuals0.10 %0.08 %0.07 %0.12 %0.12 %
Recoveries to gross charge-offs
38.35 %16.72 %79.03 %12.92 %74.12 %
Provision for loan losses (annualized) to average loans
0.27 %0.35 %0.26 %0.17 %0.02 %
Allowance for loan losses to loans outstanding at period end
1.15 %1.13 %1.10 %1.04 %1.11 %
Accrual for unfunded loan commitments to loan commitments
0.37 %0.40 %0.42 %0.39 %0.39 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
1.37 %1.39 %1.37 %1.31 %1.37 %
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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.
The provision for credit losses of $7.0 million in the third quarter of 2023 reflects modest improvement in the economic outlook and the impact of forecasted higher energy prices during the forecast period, offset by loan growth and the impact of a more challenging national commercial real estate environment, particularly related to office.
Non-pass grade loans, including loans especially mentioned, accruing substandard and nonaccruing loans, increased $23 million compared to June 30, 2023. Non-pass graded general business loans increased $36 million and non-pass grade energy loans were up $29 million, partially offset by a $23 million decrease in non-pass grade healthcare loans and an $18 million decrease in non-pass grade services loans. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2023 follows:
BaseDownsideUpside
Scenario probability weighting50%35%15%
Economic outlookThe Russia-Ukraine conflict remains isolated.

The federal funds target range of 5.25 percent to 5.50 percent is held flat for the remainder of the forecast period.

Core inflation continues to improve from the peaks experienced in 2022, reaching 2.9 percent by the third quarter of 2024. Inflation pressures cause modest declines in real household income compared to pre-pandemic levels and a restrictive credit environment results 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 6.25 percent to 6.50 percent by the third quarter of 2024. This, coupled with a restrictive credit environment, pushes the United States into a recession, with a contraction in economic activity and a sharp increase in the unemployment rate.

Core inflation moderates from the peaks in 2022 but remains elevated through the forecast horizon, ending at 3.8 percent in the third quarter of 2024.
The Russia-Ukraine conflict remains isolated.

The federal funds target range of 5.25 percent to 5.50 percent is held flat through the second quarter of 2024. There is one rate cut in the third quarter of 2024 bringing the target range down to 5.00 percent to 5.25 percent.

Core inflation continues to improve from the peaks experienced in 2022 and reaches 2.5 percent by the third 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 1.3 percent over the next 12 months.
–Civilian unemployment rate of 3.8 percent in the fourth quarter of 2023 increases to 4.2 percent by the third quarter of 2024.
–WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of September 2023 and are expected to average $82.81 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 fourth quarter of 2023 increases to 6.1 percent in the third quarter of 2024.
–WTI oil prices are projected to average $57.66 over the next 12 months, with a peak of $65.92 in the fourth quarter of 2023 and falling 21 percent over the following three quarters.
–GDP is forecasted to grow by 1.8 percent over the next 12 months.
–Civilian unemployment rate of 3.7 percent in the fourth quarter of 2023 increases to 4.0 percent by the third quarter of 2024.
–WTI oil prices are projected to average $86.74 per barrel over the next 12 months.
The probability weighting of our base case reasonable and supportable forecast remained at 50 percent in the third quarter of 2023, but the probability weighting of our downside case decreased to 35 percent from 40 percent in the prior quarter. 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 $145 million in quantitative reserve, while a 100% upside case would result in $26 million less quantitative reserve at September 30, 2023. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

At September 30, 2023, the allowance for loan losses totaled $272 million or 1.15 percent of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 249 percent of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $325 million or 1.37 percent of outstanding loans and 298 percent of nonaccruing loans at September 30, 2023.
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The Company recorded a $17.0 million provision for credit losses in the second quarter of 2023. At June 30, 2023, the allowance for loan losses was $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.

Net Loans Charged Off

Net charge-offs of commercial loans were $6.5 million or 0.11 percent of average loans on an annualized basis in the third quarter. Charge-offs for the third quarter were primarily composed of a $4.6 million general business loan, a $2.2 million commercial real estate loan and a $1.5 million services loan. 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.
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Nonperforming Assets

As more fully described in Note 4 to the Consolidated Financial Statements, loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. Accruing renegotiated loans guaranteed by U.S. government agencies represent residential mortgage loans that have been modified in troubled debt restructurings. Interest continues to accrue based on the modified terms of the loan and loans may be sold once they become eligible according to U.S. government agency guidelines. 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)
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Nonaccruing loans:    
Commercial:  
Healthcare$41,836 $36,753 $37,247 $41,034 $41,438 
Services2,820 4,541 8,097 16,228 27,315 
Energy19,559 20,037 127 1,399 4,164 
General business6,483 11,946 8,961 1,636 2,753 
Total commercial70,698 73,277 54,432 60,297 75,670 
Commercial real estate7,418 17,395 21,668 16,570 7,971 
Loans to individuals:  
Residential mortgage30,954 29,973 29,693 29,791 30,066 
Residential mortgage guaranteed by U.S. government agencies
10,436 11,473 14,302 15,005 16,957 
Personal79 133 200 134 136 
Total loans to individuals41,469 41,579 44,195 44,930 47,159 
Total nonaccruing loans119,585 132,251 120,295 121,797 130,800 
Accruing renegotiated loans guaranteed by U.S. government agencies1
— — — 163,535 176,022 
Real estate and other repossessed assets3,753 4,227 12,651 14,304 29,676 
Total nonperforming assets$123,338 $136,478 $132,946 $299,636 $336,498 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$112,902 $125,005 $118,644 $121,096 $143,519 
Allowance for loan losses to nonaccruing loans2
249.31 %217.52 %235.36 %220.71 %212.37 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans2
297.50 %267.15 %294.74 %277.76 %261.83 %
Nonperforming assets to outstanding loans and repossessed assets
0.52 %0.59 %0.58 %1.33 %1.54 %
Nonperforming assets to outstanding loans and repossessed assets2
0.48 %0.54 %0.53 %0.54 %0.67 %
Nonaccruing loans to outstanding loans0.50 %0.57 %0.53 %0.54 %0.60 %
Nonaccruing commercial loans to outstanding commercial loans
0.48 %0.50 %0.38 %0.42 %0.56 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.14 %0.35 %0.45 %0.36 %0.18 %
Nonaccruing loans to individuals to outstanding loans to individuals2
0.86 %0.85 %0.86 %0.86 %0.88 %
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.

- 31 -

Nonaccruing loans decreased $13 million compared to June 30, 2023. Newly identified nonaccruing loans totaled $11 million, offset by $12 million of payments and $11 million of charge-offs. Nonaccruing commercial real estate loans decreased $10 million and nonaccruing general business loans decreased $5.5 million, partially offset by a $5.1 million increase in nonaccruing healthcare loans. 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 nine months ended September 30, 2023 follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
September 30, 2023
Nonaccruing Loans
 
Renegotiated Loans
Real Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, June 30, 2023$73,277 $17,395 $41,579 $132,251 $— $4,227 $136,478 
Additions6,234 — 4,466 10,700 — — 10,700 
Payments(2,044)(7,739)(2,497)(12,280)— — (12,280)
Charge-offs(6,769)(2,238)(1,586)(10,593)— — (10,593)
Net gains (losses) and write-downs— — — — — (252)(252)
Foreclosure of nonperforming loans
— — (142)(142)— 142 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (472)(472)— — (472)
Proceeds from sales— — — — — (364)(364)
Net transfers to nonaccruing loans— — 134 134 — — 134 
Return to accrual status— — (13)(13)— — (13)
Balance, September 30, 2023$70,698 $7,418 $41,469 $119,585 $— $3,753 $123,338 
Nine Months Ended
September 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)
Additions44,334 7,459 12,339 64,132 — — 64,132 
Payments(23,797)(8,165)(7,782)(39,744)— — (39,744)
Charge-offs(9,578)(8,446)(4,285)(22,309)— — (22,309)
Net gains (losses) and write-downs— — — — — 1,209 1,209 
Foreclosure of nonperforming loans
— — (367)(367)— 367 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (4,015)(4,015)— — (4,015)
Proceeds from sales— — — — — (12,127)(12,127)
Net transfers to nonaccruing loans— — 662 662 — — 662 
Return to accrual status(558)— (13)(571)— — (571)
Balance, September 30, 2023$70,698 $7,418 $41,469 $119,585 $— $3,753 $123,338 
- 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 $3.8 million at September 30, 2023, composed primarily of $3.2 million of land for commercial real estate development. Real estate and other repossessed assets decreased $474 thousand compared to June 30, 2023.
Liquidity and Capital

Based on the average balances for the third quarter of 2023, approximately 67 percent of our funding was provided by deposit accounts, 20 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 third quarter of 2023 totaled $33.3 billion, a $918 million increase compared to the second quarter of 2023. Demand deposits decreased $840 million while interest-bearing transaction account balances increased $1.0 billion. Time deposit balances increased $764 million.

Table 19 – Average Deposits by Line of Business
(In thousands)
Three Months Ended
 Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Commercial Banking$15,098,038 $14,822,093 $15,861,285 $16,832,244 $17,966,661 
Consumer Banking7,936,186 7,986,674 8,248,541 8,617,085 8,812,884 
Wealth Management7,886,962 7,544,143 7,432,413 7,888,753 7,999,074 
Subtotal30,921,186 30,352,910 31,542,239 33,338,082 34,778,619 
Funds Management and other2,366,711 2,016,802 1,940,232 2,123,303 2,271,157 
Total$33,287,897 $32,369,712 $33,482,471 $35,461,385 $37,049,776 

Average Commercial Banking deposit balances increased $276 million compared to the second quarter of 2023. Interest-bearing transaction account balances increased $903 million while demand deposit balances decreased $661 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 $50 million compared to the prior quarter. Decreases of $170 million in interest-bearing transaction deposit balances and $65 million in demand deposit balances were partially offset by an increase of $235 million in time deposit balances.

Average Wealth Management deposits increased $343 million compared to the second quarter of 2023. Interest-bearing transaction account balances increased $303 million and time deposit balances increased $133 million while demand deposit balances decreased $93 million.

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Total brokered deposits were 3 percent of total deposits during the third quarter of 2023. Average interest-bearing transaction accounts for the third quarter included $326 million of brokered deposits, a $73 million increase over the second quarter of 2023. Average time deposits for the third quarter of 2023 included $733 million of brokered deposits, a $359 million increase over the second quarter of 2023. Period-end brokered interest-bearing transaction accounts decreased $74 million to $284 million at September 30, 2023, and brokered time deposits decreased $72 million to $688 million at September 30, 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)
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Oklahoma:  
Demand$4,019,019 $4,273,136 $4,369,944 $4,585,963 $5,143,405 
Interest-bearing:
Transaction9,970,955 9,979,534 9,468,100 9,475,528 9,619,419 
Savings508,619 531,536 564,829 555,407 558,256 
Time2,019,749 1,945,916 942,787 794,002 776,306 
Total interest-bearing12,499,323 12,456,986 10,975,716 10,824,937 10,953,981 
Total Oklahoma16,518,342 16,730,122 15,345,660 15,410,900 16,097,386 
Texas:
Demand2,599,998 2,876,568 3,154,789 3,873,759 4,609,255 
Interest-bearing:
Transaction5,046,288 4,532,093 4,366,932 4,878,482 4,781,920 
Savings154,863 162,704 175,012 178,356 179,049 
Time436,218 377,424 321,774 356,538 343,015 
Total interest-bearing5,637,369 5,072,221 4,863,718 5,413,376 5,303,984 
Total Texas8,237,367 7,948,789 8,018,507 9,287,135 9,913,239 
Colorado:
Demand1,598,622 1,726,130 1,869,194 2,462,891 2,510,179 
Interest-bearing:
Transaction1,888,026 1,825,295 2,126,435 2,123,218 2,221,796 
Savings63,129 66,968 72,548 77,961 80,542 
Time185,030 148,840 128,583 135,043 151,064 
Total interest-bearing2,136,185 2,041,103 2,327,566 2,336,222 2,453,402 
Total Colorado3,734,807 3,767,233 4,196,760 4,799,113 4,963,581 
New Mexico:
Demand853,571 912,218 997,364 1,141,958 1,296,410 
Interest-bearing:
Transaction1,049,903 712,541 674,328 691,915 717,492 
Savings97,753 102,729 111,771 112,430 113,056 
Time217,535 179,548 137,875 133,625 142,856 
Total interest-bearing1,365,191 994,818 923,974 937,970 973,404 
Total New Mexico2,218,762 1,907,036 1,921,338 2,079,928 2,269,814 
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Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Arizona:
Demand522,142 592,144 780,051 844,327 903,296 
Interest-bearing:
Transaction903,535 800,970 687,527 739,628 788,142 
Savings12,340 14,489 16,993 16,496 18,258 
Time36,689 31,248 27,755 24,846 26,704 
Total interest-bearing952,564 846,707 732,275 780,970 833,104 
Total Arizona1,474,706 1,438,851 1,512,326 1,625,297 1,736,400 
Kansas/Missouri:
Demand351,236 363,534 393,321 436,259 479,459 
Interest-bearing:
Transaction981,091 1,014,247 1,040,009 694,163 747,981 
Savings14,331 16,316 18,292 20,678 19,375 
Time22,437 16,176 13,061 12,963 13,258 
Total interest-bearing1,017,859 1,046,739 1,071,362 727,804 780,614 
Total Kansas/Missouri1,369,095 1,410,273 1,464,683 1,164,063 1,260,073 
Arkansas:
Demand29,635 38,818 42,312 50,180 43,111 
Interest-bearing:
Transaction57,381 43,301 71,158 56,181 123,273 
Savings2,898 3,195 3,228 3,083 3,098 
Time9,559 7,225 4,775 4,825 5,940 
Total interest-bearing69,838 53,721 79,161 64,089 132,311 
Total Arkansas99,473 92,539 121,473 114,269 175,422 
Total BOK Financial deposits$33,652,552 $33,294,843 $32,580,747 $34,480,705 $36,415,915 

Estimated uninsured deposits totaled $19.1 billion or 53 percent of our total deposits at September 30, 2023. In addition to insured deposits, we also hold $4.3 billion of collateralized deposits. Municipalities, Native American tribal governments and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $13.7 billion or 41 percent of total deposits at September 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 $250 million at September 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 $6.9 billion during the quarter, compared to $5.2 billion in the second quarter of 2023.

At September 30, 2023, management estimates a total potential secured borrowing capacity of approximately $23.0 billion. This includes current available secured capacity of $18.7 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
September 30, 2023		 Three Months Ended
June 30, 2023
Sep. 30, 2023Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		June 30, 2023Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased355,246 675,887 5.49 %1,012,900 1,013,384 1,435,842 4.90 %1,704,877 
Repurchase agreements2,367,752 2,023,140 4.59 %2,367,752 4,433,480 2,235,152 4.37 %4,433,480 
Other borrowings:
Federal Home Loan Banks advances6,175,000 6,941,575 5.48 %7,875,000 3,750,000 5,244,340 5.12 %5,100,000 
GNMA repurchase liability
10,758 10,863 4.02 %11,563 10,201 11,596 3.80 %12,316 
Other15,886 15,871 5.02 %15,886 16,855 19,355 2.84 %23,775 
Total other borrowings6,201,644 6,968,309 5.48 %3,777,056 5,275,291 5.12 %
Subordinated debentures1
131,152 131,151 7.02 %131,152 131,154 131,153 6.79 %131,154 
Total other borrowed funds and subordinated debentures
$9,055,794 $9,798,487 5.32 %$9,355,074 $9,077,438 4.92 %
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 September 30, 2023, cash and interest-bearing cash and cash equivalents held by the parent company totaled $209 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At September 30, 2023, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $394 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at September 30, 2023 was $4.8 billion, a $50 million decrease compared to June 30, 2023. Net income less cash dividends paid increased equity $99 million during the third quarter of 2023. Changes in interest rates resulted in a $92 million decrease in accumulated other comprehensive income compared to June 30, 2023. We also repurchased $59 million of common stock, excluding a one percent excise tax on corporate stock repurchases, during the third 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 September 30, 2023, the Company had repurchased 1,727,977 shares under this authorization. The Company repurchased 700,500 shares of common stock at an average price of $84.17 per share in the third 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 6 basis points to the Company's Common equity Tier 1 capital at September 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 BufferSep. 30, 2023June 30, 2023Sep. 30, 2022
Capital:
Common equity Tier 14.50 %2.50 %7.00 %12.06 %12.13 %11.80 %
Tier 1 capital6.00 %2.50 %8.50 %12.07 %12.13 %11.82 %
Total capital8.00 %2.50 %10.50 %13.16 %13.24 %12.81 %
Tier 1 Leverage4.00 %N/A4.00 %9.52 %9.75 %9.76 %
Average total equity to average assets9.95 %10.32 %10.58 %
Tangible common equity ratio1
7.74 %7.79 %7.96 %
Adjusted common tangible equity ratio1
7.35 %7.49 %7.66 %
Performance Ratios:
Return on average equity10.88 %12.28 %13.01 %
Return on average tangible common equity1
14.08 %15.86 %17.04 %
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)
Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$4,814,019 $4,863,854 $4,874,786 $4,682,649 $4,509,934 
Less: Goodwill and intangible assets, net1,110,553 1,113,995 1,117,438 1,120,880 1,124,582 
Tangible common equity3,703,466 3,749,859 3,757,348 3,561,769 3,385,352 
Add: Unrealized gain (loss) on investment securities, net(246,395)(189,152)(140,947)(167,477)(165,206)
Add: Tax effect on unrealized gain (loss) on investment securities, net57,949 44,486 33,149 39,196 38,665 
Adjusted tangible common equity$3,515,020 $3,605,193 $3,649,550 $3,433,488 $3,258,811 
Total assets$48,931,397 $49,237,920 $45,524,122 $47,790,642 $43,645,446 
Less: Goodwill and intangible assets, net1,110,553 1,113,995 1,117,438 1,120,880 1,124,582 
Tangible assets$47,820,844 $48,123,925 $44,406,684 $46,669,762 $42,520,864 
Tangible common equity ratio7.74 %7.79 %8.46 %7.63 %7.96 %
Adjusted tangible common equity ratio7.35 %7.49 %8.22 %7.36 %7.66 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$4,902,119 $4,941,352 $4,837,567 $4,613,929 $4,771,123 
Less: Average goodwill and intangible assets, net1,112,217 1,115,652 1,119,123 1,122,680 1,126,440 
Average tangible common equity$3,789,902 $3,825,700 $3,718,444 $3,491,249 $3,644,683 
Net Income$134,495 $151,308 $162,368 $168,429 $156,510 
Return on average tangible common equity14.08 %15.86 %17.71 %19.14 %17.04 %
Reconciliation of pre-provision net revenue:
Net income before taxes$167,735 $195,637 $208,401 $216,256 $196,272 
Provision for expected credit losses7,000 17,000 16,000 15,000 15,000 
Net income (loss) attributable to non-controlling interests(16)328 128 (37)81 
Pre-provision net revenue$174,751 $212,309 $224,273 $231,293 $211,191 
Calculation of efficiency ratio:
Total other operating expense$324,313 $318,673 $305,812 $318,456 $294,751 
Less: Amortization of intangible assets3,474 3,474 3,391 3,736 3,943 
Adjusted total other operating expense$320,839 $315,199 $302,421 $314,720 $290,808 
Net interest revenue$300,896 $322,261 $352,348 $352,626 $316,325 
Tax-equivalent adjustment2,214 2,200 2,285 2,287 2,163 
Tax-equivalent net interest revenue303,110 324,461 354,633 354,913 318,488 
Total other operating revenue198,152 209,049 177,865 197,086 189,698 
Less: Gain (loss) on available for sale securities, net— (3,010)— (3,988)892 
Adjusted revenue$501,262 $536,520 $532,498 $555,987 $507,294 
Efficiency ratio64.01 %58.75 %56.79 %56.61 %57.33 %
- 38 -

Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Information on net interest revenue and net interest margin excluding trading activities:
Net interest revenue$300,896 $322,261 $352,348 $352,626 $316,325 
Less: Trading activities net interest revenue(7,343)(3,461)70 (860)4,478 
Net interest revenue excluding trading activities$308,239 $325,722 $352,278 $353,486 $311,847 
Tax-equivalent adjustment2,214 2,200 2,285 2,287 2,163 
Tax-equivalent net interest revenue excluding trading activities$310,453 $327,922 $354,563 $355,773 $314,010 
Average total earning assets$44,012,300 $42,731,533 $40,781,257 $39,285,300 $38,527,860 
Less: Average trading activities interest-earning assets5,444,587 4,274,803 3,031,969 3,086,985 3,178,068 
Average interest-earning assets excluding trading activities$38,567,713 $38,456,730 $37,749,288 $36,198,315 $35,349,792 
Net interest margin on average interest-earning assets2.69 %3.00 %3.45 %3.54 %3.24 %
Net interest margin on average trading activities interest-earning assets(0.49)%(0.34)%— %(0.12)%0.53 %
Net interest margin on average interest-earning assets excluding trading activities3.14 %3.36 %3.72 %3.84 %3.49 %

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 unpledged 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.

The U.K. Financial Conduct Authority ("FCA") ceased publication of the principal tenors of the U.S. dollar London Interbank Offered Rate ("LIBOR") immediately following the final publication on June 30, 2023. 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 (4.73) percent, or ($60.4 million) for the 200 basis point increase scenario. Alternatively, should deposit funding costs be 10 percent less sensitive to changes in rates, the variation in net interest revenue over the next twelve months would be (2.33) percent, or ($29.7 million) for the 200 basis point increase scenario.

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Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Sep. 30, 2023June 30, 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$(45,100)$(16,700)$(15,900)$(17,700)$(22,800)$(1,100)$(32,000)$(49,700)
(3.53)%(1.31)%(1.24)%(1.38)%(1.64)%(0.08)%(2.30)%(3.57)%
Anticipated impact over months twelve through twenty-four$(50,600)$(13,500)$(68,000)$(108,000)$(13,800)$19,900 $(100,200)$(171,700)
 (3.55)%(0.94)%(4.77)%(7.57)%(0.90)%1.30 %(6.52)%(11.18)%

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)
 Sep. 30, 2023June 30, 2023
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$5,164 $(6,738)$6,927 $(8,919)
MSR Hedge(6,672)6,817 (8,116)8,291 
Net Exposure(1,508)79 (1,189)(628)

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.

- 41 -

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 EndedNine Months Ended September 30,
 Sep. 30, 2023June 30, 202320232022
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(54)$(56)$(96)$(57)$(76)$(43)$(77)$(226)
Low2
49 12 — 52 49 61 381 91 
High3
(153)(115)(158)(168)(186)(168)(402)(779)
Period End(7)(41)(88)(99)(7)(41)(8)(115)
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" or "SVaR") and sensitivity analysis.

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

The trading portfolio's VaR and Stressed VaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and Stressed VaR based measures for the three months ended September 30, 2023, June 30, 2023, September 30, 2022 and June 30, 2022.

- 42 -

Table 27 – VaR and SVaR Measures
(In thousands)
Three Months EndedThree Months Ended
 Sep. 30, 2023June 30, 2023Sep. 30, 2022June 30, 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
$5,954 $6,118 $4,429 $7,239 $2,644 $7,555 $6,070 $12,619 
Low3,893 4,027 3,046 4,171 1,044 4,051 2,612 5,820 
High9,312 9,312 7,913 14,861 5,930 14,030 11,583 25,184 
Period End6,455 6,455 5,863 5,863 1,584 5,478 3,386 8,220 
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 $11 million market risk limit for the trading portfolio, net of economic hedges.

Table 28 – Trading Sensitivity Analysis
(In thousands)
Three Months EndedNine Months Ended September 30,
 Sep. 30, 2023June 30, 202320232022
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(3,644)$4,517 $(602)$1,452 $(1,169)$1,810 $571 $750 
Low2
620 8,955 4,279 6,202 4,513 8,955 8,643 12,277 
High3
(8,223)573 (4,758)(3,445)(8,223)(4,538)(11,253)(6,325)
Period End(4,745)4,983 (3,693)4,886 (4,745)4,983 983 (504)
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 Management

BOK Financial has an internal independent Model Risk Management staff that validates models to verify they are conceptually sound, computationally accurate, are performing as expected, and are in line with their intended use. Model Risk Management staff 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

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. 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 whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with 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.
- 44 -


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months EndedNine Months Ended
 September 30,September 30,
Interest revenue2023202220232022
Loans$425,662 $264,350 $1,192,714 $646,738 
Residential mortgage loans held for sale1,234 1,684 3,305 4,637 
Trading securities65,221 22,720 147,051 86,653 
Investment securities8,276 9,108 25,790 14,947 
Available for sale securities99,124 58,779 282,449 175,383 
Fair value option securities552 286 7,561 1,214 
Restricted equity securities8,776 2,703 21,013 5,194 
Interest-bearing cash and cash equivalents8,199 3,520 24,257 5,730 
Total interest revenue617,044 363,150 1,704,140 940,496 
Interest expense    
Deposits184,808 34,715 416,748 56,175 
Borrowed funds129,019 10,433 305,278 21,115 
Subordinated debentures2,321 1,677 6,609 4,452 
Total interest expense316,148 46,825 728,635 81,742 
Net interest revenue300,896 316,325 975,505 858,754 
Provision for credit losses7,000 15,000 40,000 15,000 
Net interest revenue after provision for credit losses
293,896 301,325 935,505 843,754 
Other operating revenue    
Brokerage and trading revenue62,312 61,006 179,714 77,970 
Transaction card revenue26,387 25,974 78,011 77,130 
Fiduciary and asset management revenue52,256 50,190 155,910 146,427 
Deposit service charges and fees27,676 28,703 80,744 84,207 
Mortgage banking revenue13,356 11,282 42,864 39,300 
Other revenue15,865 15,479 47,085 38,608 
Total fees and commissions197,852 192,634 584,328 463,642 
Other gains (losses), net1,474 979 16,343 (8,304)
Loss on derivatives, net(9,010)(17,009)(18,513)(77,559)
Loss on fair value option securities, net(203)(4,368)(5,323)(17,790)
Change in fair value of mortgage servicing rights8,039 16,570 11,241 83,165 
Gain (loss) on available for sale securities, net— 892 (3,010)3,017 
Total other operating revenue198,152 189,698 585,066 446,171 
Other operating expense    
Personnel190,791 170,348 563,588 484,499 
Business promotion6,958 6,127 23,167 18,965 
Charitable contributions to BOKF Foundation23 — 1,165 — 
Professional fees and services13,224 14,089 39,049 37,977 
Net occupancy and equipment32,583 29,296 91,147 87,640 
Insurance7,996 4,306 22,285 13,317 
Data processing and communications45,672 41,743 135,781 122,859 
Printing, postage and supplies3,760 4,349 11,381 11,967 
Amortization of intangible assets3,474 3,943 10,339 11,956 
Mortgage banking costs8,357 9,504 22,439 26,818 
Other expense11,475 11,046 28,457 30,026 
Total other operating expense324,313 294,751 948,798 846,024 
Net income before taxes167,735 196,272 571,773 443,901 
Federal and state income taxes33,256 39,681 123,162 92,000 
Net income134,479 156,591 448,611 351,901 
Net income (loss) attributable to non-controlling interests(16)81 440 57 
Net income attributable to BOK Financial Corporation shareholders$134,495 $156,510 $448,171 $351,844 
Earnings per share:    
Basic$2.04 $2.32 $6.74 $5.18 
Diluted$2.04 $2.32 $6.74 $5.18 
Average shares used in computation:
Basic65,548,307 67,003,199 65,955,294 67,409,789 
Diluted65,548,307 67,004,623 65,955,294 67,411,222 
Dividends declared per share$0.54 $0.53 $1.62 $1.59 

See accompanying notes to consolidated financial statements.
- 45 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data)  
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Net income$134,479 $156,591 $448,611 $351,901 
Other comprehensive income (loss) before income taxes:    
Net change in unrealized gain (loss)(135,614)(412,084)(171,977)(1,293,661)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities14,912 21,675 46,996 24,130 
Operating expense, Personnel— (3,483)— (3,483)
Loss (gain) on available for sale securities, net— (892)3,010 (3,017)
Other comprehensive income (loss) before income taxes(120,702)(394,784)(121,971)(1,276,031)
Federal and state income taxes(28,389)(92,467)(29,941)(298,715)
Other comprehensive income (loss), net of income taxes(92,313)(302,317)(92,030)(977,316)
Comprehensive income (loss)42,166 (145,726)356,581 (625,415)
Comprehensive income (loss) attributable to non-controlling interests(16)81 440 57 
Comprehensive income (loss) attributable to BOK Financial Corp. shareholders$42,182 $(145,807)$356,141 $(625,472)

See accompanying notes to consolidated financial statements.
- 46 -

Consolidated Balance Sheets
(In thousands, except share data)
 Sep. 30, 2023Dec. 31, 2022
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$854,161 $943,810 
Interest-bearing cash and cash equivalents520,774 457,906 
Trading securities4,748,101 4,464,161 
Investment securities, net of allowance (fair value: September 30, 2023 – $2,052,367; December 31, 2022 – $2,346,768)
2,298,418 2,513,687 
Available for sale securities11,906,647 11,493,860 
Fair value option securities20,215 296,590 
Restricted equity securities435,112 299,651 
Residential mortgage loans held for sale72,489 75,272 
Loans23,724,018 22,557,150 
Allowance for loan losses(272,114)(235,704)
Loans, net of allowance23,451,904 22,321,446 
Premises and equipment, net616,439 565,175 
Receivables255,164 273,815 
Goodwill1,044,749 1,044,749 
Intangible assets, net65,804 76,131 
Mortgage servicing rights311,382 277,608 
Real estate and other repossessed assets, net of allowance (September 30, 2023 – $4,247; December 31, 2022 – $10,115)
3,753 14,304 
Derivative contracts, net546,109 880,343 
Cash surrender value of bank-owned life insurance406,623 406,751 
Receivable on unsettled securities sales28,707 31,004 
Other assets1,344,846 1,354,379 
Total assets$48,931,397 $47,790,642 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
$9,974,223 $13,395,337 
Interest-bearing deposits:  
Transaction19,897,179 18,659,115 
Savings853,933 964,411 
Time2,927,217 1,461,842 
Total deposits33,652,552 34,480,705 
Funds purchased and repurchase agreements2,722,998 2,270,377 
Other borrowings6,201,644 4,736,908 
Subordinated debentures131,152 131,205 
Accrued interest, taxes and expense244,105 296,870 
Derivative contracts, net403,947 554,900 
Due on unsettled securities purchases235,473 147,470 
Other liabilities522,318 484,849 
Total liabilities44,114,189 43,103,284 
Shareholders' equity:  
Common stock ($0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2023 – 76,588,230; December 31, 2022 – 76,423,345)
5 5 
Capital surplus1,404,668 1,390,395 
Retained earnings5,164,597 4,824,164 
Treasury stock (shares at cost: September 30, 2023 – 10,923,390; December 31, 2022 – 9,464,711)
(826,266)(694,960)
Accumulated other comprehensive income (loss)(928,985)(836,955)
Total shareholders' equity4,814,019 4,682,649 
Non-controlling interests3,189 4,709 
Total equity4,817,208 4,687,358 
Total liabilities and equity$48,931,397 $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, 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 
Net income (loss)— — — 134,495 — — — 134,495 (16)134,479 
Other comprehensive loss— — — — — — (92,313)(92,313)— (92,313)
Repurchase of common stock— — — — 700 (59,545)— (59,545)— (59,545)
Share-based compensation plans:
Non-vested shares awarded,
     net		(4)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 3,159 — — — — 3,159 — 3,159 
Cash dividends on common
     stock		— — — (35,631)— — — (35,631)— (35,631)
Capital calls and distributions,
     net		— — — — — — — — (338)(338)
Balance, September 30, 202376,588 $5 $1,404,668 $5,164,597 10,923 $(826,266)$(928,985)$4,814,019 $3,189 $4,817,208 
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)— — — 448,171 — — — 448,171 440 448,611 
Other comprehensive loss
— — — — — — (92,030)(92,030)— (92,030)
Repurchase of common stock— — — — 1,413 (126,611)— (126,611)— (126,611)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		165 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 45 (4,695)— (4,695)— (4,695)
Share-based compensation— — 14,273 — — — — 14,273 — 14,273 
Cash dividends on common
     stock		— — — (107,738)— — — (107,738)— (107,738)
Capital calls and distributions,
     net		— — — — — — — — (1,960)(1,960)
Balance, September 30, 202376,588 $5 $1,404,668 $5,164,597 10,923 $(826,266)$(928,985)$4,814,019 $3,189 $4,817,208 
- 48 -

 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, June 30, 202276,408 $5 $1,381,676 $4,570,837 8,602 $(612,551)$(602,628)$4,737,339 $4,203 $4,741,542 
Net income (loss)— — — 156,510 — — — 156,510 81 156,591 
Other comprehensive loss— — — — — — (302,317)(302,317)— (302,317)
Repurchase of common stock— — — — 548 (49,980)— (49,980)— (49,980)
Share-based compensation
     plans:
Stock options exercised— — — — — — — — — — 
Non-vested shares awarded,
     net
(3)— — — — — — — — — 
Vesting of non-vested
     shares		— — — — — — — — — — 
Share-based compensation— — 3,805 — — — — 3,805 — 3,805 
Cash dividends on common
     stock		— — — (35,423)— — — (35,423)— (35,423)
Capital calls and distributions,
     net		— — — — — — — — 90 90 
Balance, September 30, 202276,405 $5 $1,385,481 $4,691,924 9,150 $(662,531)$(904,945)$4,509,934 $4,374 $4,514,308 
Balance, December 31, 202176,254 $5 $1,378,794 $4,447,691 7,786 $(535,129)$72,371 $5,363,732 $4,639 $5,368,371 
Net income (loss)— — — 351,844 — — — 351,844 57 351,901 
Other comprehensive loss— — — — — — (977,316)(977,316)— (977,316)
Repurchase of common stock— — — — 1,318 (122,458)— (122,458)— (122,458)
Share-based compensation
     plans:
Stock options exercised1 — 37 — — — — 37 — 37 
Non-vested shares awarded,
     net		150 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 46 (4,944)— (4,944)— (4,944)
Share-based compensation— — 6,650 — — — — 6,650 — 6,650 
Cash dividends on common
     stock		— — — (107,611)— — — (107,611)— (107,611)
Capital calls and distributions,
     net		— — — — — — — — (322)(322)
Balance, September 30, 202276,405 $5 $1,385,481 $4,691,924 9,150 $(662,531)$(904,945)$4,509,934 $4,374 $4,514,308 

See accompanying notes to consolidated financial statements.
- 49 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended
 September 30,
 20232022
Cash Flows From Operating Activities:  
Net income$448,611 $351,901 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses40,000 15,000 
Change in fair value of mortgage servicing rights due to market assumption changes(11,241)(83,165)
Change in the fair value of mortgage servicing rights due to principal payments21,031 24,277 
Net unrealized (gains) losses from derivative contracts(55,127)(31,677)
Share-based compensation14,273 6,650 
Depreciation and amortization81,002 80,215 
Net amortization of discounts and premiums(14,216)8,676 
Net losses (gains) on financial instruments and other losses (gains), net(12,702)5,285 
Net loss (gain) on mortgage loans held for sale4,306 795 
Mortgage loans originated for sale(527,136)(1,039,313)
Proceeds from sale of mortgage loans held for sale527,115 1,085,632 
Capitalized mortgage servicing rights(9,757)(15,810)
Change in trading and fair value option securities(7,477)6,951,932 
Change in receivables14,079 41,705 
Change in other assets74,107 9,899 
Change in other liabilities(58,926)(68,084)
Net cash provided by (used in) operating activities527,942 7,343,918 
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities214,869 100,418 
Proceeds from maturities or redemptions of available for sale securities1,134,602 1,827,825 
Purchases of investment securities(2,504)(10,000)
Purchases of available for sale securities(1,843,827)(2,716,590)
Proceeds from sales of available for sale securities135,489 242,135 
Change in amount receivable on unsettled available for sale securities transactions7,471 (11,348)
Loans originated, net of principal collected(1,168,401)(1,572,461)
Net payments on derivative asset contracts143,543 (35,198)
Net change in restricted equity securities(135,461)(17,243)
Proceeds from disposition of assets36,993 17,759 
Purchases of assets(128,902)(151,320)
Net cash provided by (used in) investing activities(1,606,128)(2,326,023)
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts(2,293,528)(4,580,959)
Net change in time deposits1,465,375 (245,185)
Net change in other borrowed funds1,906,678 (1,528,634)
Net proceeds on derivative liability contracts(153,692)15,215 
Net change in derivative margin accounts312,397 271,418 
Change in amount due on unsettled available for sale securities transactions53,219 56,725 
Issuance of common and treasury stock, net(4,695)(4,907)
Repurchase of common stock(126,611)(122,458)
Dividends paid(107,738)(107,611)
Net cash provided by (used in) financing activities1,051,405 (6,246,396)
Net increase (decrease) in cash and cash equivalents(26,781)(1,228,501)
Cash and cash equivalents at beginning of period1,401,716 2,837,410 
Cash and cash equivalents at end of period$1,374,935 $1,608,909 
Supplemental Cash Flow Information:
Cash paid for interest$706,011 $80,759 
Cash paid for taxes$156,092 $67,147 
Net loans and bank premises transferred to repossessed real estate and other assets$367 $12,314 
Transfer of available for sale securities to investment securities$— $2,454,273 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
$10,679 $27,317 
Conveyance of other real estate owned guaranteed by U.S. government agencies$4,007 $5,882 
Right-of-use assets obtained in exchange for operating lease liabilities$65,241 $21,198 
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 nine-month period ended September 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):
 
 September 30, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$18,843 $8 $9,823 $(16)
Residential agency mortgage-backed securities
4,653,161 (107,212)4,406,848 4 
Municipal securities51,998 (1,175)21,484 (136)
Other trading securities24,099 120 26,006 (175)
Total trading securities$4,748,101 $(108,259)$4,464,161 $(323)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 September 30, 2023
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$121,003 $121,003 $122,695 $2,882 $(1,190)
Mortgage-backed securities:
Residential agency2,322,710 2,146,133 1,901,143 95 (245,085)
Commercial agency17,258 15,838 14,371 — (1,467)
Other debt securities15,788 15,788 14,158 — (1,630)
Total investment securities2,476,759 2,298,762 2,052,367 2,977 (249,372)
Allowance for credit losses(344)(344)— — — 
Investment securities, net of allowance$2,476,415 $2,298,418 $2,052,367 $2,977 $(249,372)
1    Carrying value includes $178 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 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 September 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$17,756 $100,534 $34,326 $13 $152,629 3.53 
Fair value17,804 102,168 31,239 13 151,224  
Residential mortgage-backed securities:      
Carrying value    $2,146,133 2
Fair value    1,901,143  
Total investment securities:      
Carrying value    $2,298,762  
Fair value    2,052,367  
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):
September 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 securities59 $28,962 $601 $6,200 $589 $35,162 $1,190 
Mortgage-backed securities:
Residential agency116 — — 1,900,066 245,085 1,900,066 245,085 
Commercial agency2 — — 14,371 1,467 14,371 1,467 
Other debt securities3 — — 8,645 1,630 8,645 1,630 
Total investment securities180 $28,962 $601 $1,929,282 $248,771 $1,958,244 $249,372 

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):
 September 30, 2023
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $897 $— $(103)
Municipal securities545,940 488,269 — (57,671)
Mortgage-backed securities:    
Residential agency6,686,602 6,216,955 162 (469,809)
Residential non-agency774,074 715,806 9,830 (68,098)
Commercial agency4,933,051 4,484,247 37 (448,841)
Other debt securities500 473 — (27)
Total available for sale securities$12,941,167 $11,906,647 $10,029 $(1,044,549)
 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 September 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$347,874 $3,048,923 $1,554,983 $528,711 $5,480,491 5.58 
Fair value341,476 2,759,574 1,382,272 490,564 4,973,886 
Residential mortgage-backed securities:
Amortized cost$7,460,676 2
Fair value6,932,761 
Total available for sale securities:
Amortized cost$12,941,167 
Fair value11,906,647 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

- 55 -

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended September 30,
 2023202220232022
Proceeds$— $30,834 $135,489 $242,135 
Gross realized gains— 1,116 703 4,510 
Gross realized losses— (224)(3,713)(1,493)
Related federal and state income tax expense (benefit)
— 209 (708)706 

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 $13.1 billion at September 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)
September 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 $— $— $897 $103 $897 $103 
Municipal securities191 7,688 606 480,582 57,065 488,270 57,671 
Mortgage-backed securities:
    
Residential agency752 2,276,744 55,455 3,879,833 414,354 6,156,577 469,809 
Residential non-agency39 269,254 7,317 431,379 60,781 700,633 68,098 
Commercial agency302 821,238 20,920 3,622,841 427,921 4,444,079 448,841 
Other debt securities1 — — 473 27 473 27 
Total available for sale securities1,286 $3,374,924 $84,298 $8,416,005 $960,251 $11,790,929 $1,044,549 

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 September 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):
 September 30, 2023December 31, 2022
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities20,215 (2,436)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 September 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$2,763,185 $160,856 $— $160,856 $(160,548)$308 
Energy contracts8,617,592 972,109 (607,483)364,626 (34,399)330,227 
Foreign exchange contracts70,676 68,262 — 68,262 (2,086)66,176 
Equity option contracts5,524 47 — 47 (47)— 
Total customer risk management programs11,456,977 1,201,274 (607,483)593,791 (197,080)396,711 
Trading24,569,954 234,809 (85,411)149,398 — 149,398 
Internal risk management programs— — — — — — 
Total derivative contracts$36,026,931 $1,436,083 $(692,894)$743,189 $(197,080)$546,109 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,763,185 $160,869 $— $160,869 $— $160,869 
Energy contracts8,941,634 966,583 (607,483)359,100 (242,133)116,967 
Foreign exchange contracts64,921 62,306 — 62,306 — 62,306 
Equity option contracts5,524 47 — 47 — 47 
Total customer risk management programs11,775,264 1,189,805 (607,483)582,322 (242,133)340,189 
Trading18,778,554 150,983 (85,412)65,571 (6,138)59,433 
Internal risk management programs295,000 4,325 — 4,325 — 4,325 
Total derivative contracts$30,848,818 $1,345,113 $(692,895)$652,218 $(248,271)$403,947 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


- 58 -

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
September 30, 2023September 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$800 $— $2,677 $— 
Energy contracts5,994 — 10,386 — 
Foreign exchange contracts61 — 116 — 
Equity option contracts— — — — 
Total customer risk management programs6,855 — 13,179 — 
Trading1
21,511 — 52,373 — 
Internal risk management programs— (9,010)— (17,009)
Total derivative contracts$28,366 $(9,010)$65,552 $(17,009)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.
 Nine Months Ended
September 30, 2023September 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 contracts4,909 — 9,958 — 
Energy contracts23,797 — 26,870 — 
Foreign exchange contracts145 — 422 — 
Equity option contracts— — — — 
Total customer risk management programs28,851 — 37,250 — 
Trading1
22,590 — 68,071 — 
Internal risk management programs— (18,513)— (77,559)
Total derivative contracts$51,441 $(18,513)$105,321 $(77,559)
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):
 September 30, 2023December 31, 2022
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,536,353 $11,112,788 $70,698 $14,719,839 $3,392,422 $10,759,780 $60,297 $14,212,499 
Commercial real estate
848,042 4,385,840 7,418 5,241,300 874,716 3,715,491 16,570 4,606,777 
Loans to individuals2,229,750 1,491,660 41,469 3,762,879 2,099,165 1,593,779 44,930 3,737,874 
Total$6,614,145 $16,990,288 $119,585 $23,724,018 $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 September 30, 2023, outstanding commitments totaled $14.4 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

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

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At September 30, 2023, outstanding standby letters of credit totaled $760 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 ongoing 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
September 30, 2023
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$143,269 $76,347 $43,098 $262,714 
Provision for loan losses1,158 11,152 3,621 15,931 
Loans charged off(6,769)(2,238)(1,586)(10,593)
Recoveries of loans previously charged off
273 3,167 622 4,062 
Ending balance$137,931 $88,428 $45,755 $272,114 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$20,294 $37,681 $1,965 $59,940 
Provision for off-balance sheet credit risk
(2,179)(5,076)(81)(7,336)
Ending balance$18,115 $32,605 $1,884 $52,604 
Nine Months Ended
September 30, 2023
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$131,586 $57,648 $46,470 $235,704 
Provision for loan losses12,908 35,878 1,627 50,413 
Loans charged off(9,578)(8,446)(4,285)(22,309)
Recoveries of loans previously charged off
3,015 3,348 1,943 8,306 
Ending balance$137,931 $88,428 $45,755 $272,114 
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 risk
(131)(7,885)(299)(8,315)
Ending balance$18,115 $32,605 $1,884 $52,604 
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Three Months Ended
September 30, 2022
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$137,562 $62,997 $40,555 $241,114 
Provision for loan losses3,158 (4,415)2,368 1,111 
Loans charged off(75)— (1,691)(1,766)
Recoveries of loans previously charged off
721 7 581 1,309 
Ending balance$141,366 $58,589 $41,813 $241,768 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$15,839 $24,670 $1,741 $42,250 
Provision for off-balance sheet credit risk
939 12,826 295 14,060 
Ending balance$16,778 $37,496 $2,036 $56,310 
Nine Months Ended
September 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(17,428)138 8,276 (9,014)
Loans charged off(6,162)(269)(4,508)(10,939)
Recoveries of loans previously charged off2,900 167 2,233 5,300 
Ending balance$141,366 $58,589 $41,813 $241,768 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$13,812 $17,442 $1,723 $32,977 
Provision for off-balance sheet credit risk2,966 20,054 313 23,333 
Ending balance$16,778 $37,496 $2,036 $56,310 
A $7.0 million provision for credit losses was necessary for the third quarter of 2023, reflecting modest improvement in the economic outlook and the impact of forecasted higher energy prices during the forecast period, offset by loan growth and the impact of a more challenging national commercial real estate environment, particularly related to office.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 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$14,649,141 $136,285 $70,698 $1,646 $14,719,839 $137,931 
Commercial real estate5,233,882 88,428 7,418 — 5,241,300 88,428 
Loans to individuals3,721,410 45,755 41,469 — 3,762,879 45,755 
Total$23,604,433 $270,468 $119,585 $1,646 $23,724,018 $272,114 

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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 September 30, 2023 by the risk grade categories and vintage (in thousands): 
Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Energy
Pass$192,614 $106,593 $45,795 $8,190 $10,463 $12,518 $3,064,120 $— $3,440,293 
Special Mention— — — — — — 13,950 — 13,950 
Accruing Substandard— — — — — — 16,800 — 16,800 
Nonaccrual— — — — — 108 19,451 — 19,559 
Total energy192,614 106,593 45,795 8,190 10,463 12,626 3,114,321 — 3,490,602 
Loans charged-off, year-to-date— — — — — — — — — 
Healthcare
Pass485,617 903,150 573,317 464,170 338,944 947,581 268,806 16 3,981,601 
Special Mention— — 18,719 — 2,421 18,072 980 — 40,192 
Accruing Substandard— 589 214 6,957 — 10,046 1,700 — 19,506 
Nonaccrual— — — — 25,797 10,525 5,513 — 41,835 
Total healthcare485,617 903,739 592,250 471,127 367,162 986,224 276,999 16 4,083,134 
Loans charged-off, year-to-date— — — — — — — — — 
Services
Pass707,494 541,539 412,450 247,092 131,269 723,365 759,327 870 3,523,406 
Special Mention— 13,051 1,836 1,531 596 2,733 1,421 — 21,168 
Accruing Substandard— 5,752 730 1,716 2,333 3,446 4,957 33 18,967 
Nonaccrual— — 2,161 337 — — 322 — 2,820 
Total services707,494 560,342 417,177 250,676 134,198 729,544 766,027 903 3,566,361 
Loans charged-off, year-to-date— — 3,360 — — — 1,577 — 4,937 
General business
Pass667,802 504,364 262,660 148,645 140,220 319,113 1,396,919 2,196 3,441,919 
Special Mention9,277 15,059 9,103 1,115 287 8,389 7,959 — 51,189 
Accruing Substandard3,956 37,025 1,440 37 — — 37,693 — 80,151 
Nonaccrual— — — — — 54 6,385 44 6,483 
Total general business681,035 556,448 273,203 149,797 140,507 327,556 1,448,956 2,240 3,579,742 
Loans charged-off, year-to-date— — 4,598 2 — 17 14 10 4,641 
Total commercial2,066,760 2,127,122 1,328,425 879,790 652,330 2,055,950 5,606,303 3,159 14,719,839 
Commercial real estate:
Pass361,934 1,730,828 1,211,694 480,710 555,902 723,783 139,721 — 5,204,572 
Special Mention— — — — — 19,212 — — 19,212 
Accruing Substandard— — 79 — — 10,019 — — 10,098 
Nonaccrual— — — — 7,263 155 — — 7,418 
Total commercial real estate361,934 1,730,828 1,211,773 480,710 563,165 753,169 139,721 — 5,241,300 
Loans charged-off, year-to-date— — — — — 8,446 — — 8,446 
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Origination Year
20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass320,680 332,368 348,782 354,284 57,944 252,027 366,136 22,277 2,054,498 
Special Mention— 359 262 1,339 — 152 3,144 88 5,344 
Accruing Substandard— — — — — 45 101 51 197 
Nonaccrual— 1,298 2,223 2,771 723 20,728 2,196 1,014 30,953 
Total residential mortgage320,680 334,025 351,267 358,394 58,667 272,952 371,577 23,430 2,090,992 
Loans charged-off, year-to-date— — 51 4 — 14 1 — 70 
Residential mortgage guaranteed by U.S. government agencies
Pass— 1,624 2,030 4,749 6,752 135,502 — — 150,657 
Nonaccrual— — — 280 376 9,779 — — 10,435 
Total residential mortgage guaranteed by U.S. government agencies— 1,624 2,030 5,029 7,128 145,281 — — 161,092 
Personal:
Pass161,514 227,726 167,566 137,761 133,304 158,721 523,513 195 1,510,300 
Special Mention100 30 103 22 2 — — — 257 
Accruing Substandard— — — 2 157 — — — 159 
Nonaccrual— 27 4 9 4 12 23 — 79 
Total personal161,614 227,783 167,673 137,794 133,467 158,733 523,536 195 1,510,795 
Loans charged-off, year-to-date— 60 40 41 — 4,042 26 6 4,215 
Total loans to individuals482,294 563,432 520,970 501,217 199,262 576,966 895,113 23,625 3,762,879 
Total loans$2,910,988 $4,421,382 $3,061,168 $1,861,717 $1,414,757 $3,386,085 $6,641,137 $26,784 $23,724,018 

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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 September 30, 2023 follows (in thousands): 
As of September 30, 2023
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Energy$19,559 $19,559 $— $— 
Healthcare41,836 41,836 — — 
Services2,820 337 2,483 1,646 
General business6,483 6,483 — — 
Total commercial70,698 68,215 2,483 1,646 
Commercial real estate7,418 7,418 — — 
Loans to individuals:    
Residential mortgage30,954 30,954 — — 
Residential mortgage guaranteed by U.S. government agencies
10,436 10,436 — — 
Personal79 79 — — 
Total loans to individuals41,469 41,469 — — 
Total$119,585 $117,102 $2,483 $1,646 


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 September 30, 2023 the Company had $136 million of loan modifications to borrowers experiencing financial difficulty, including $81 million of general business loans, $42 million of healthcare loans and $12 million of residential mortgage loans guaranteed by U.S. government agencies. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension or a combination. Approximately $97 million of the modifications are term extensions of healthcare and general business loans, and $38 million are combination modifications to healthcare loans and loans to individuals. During the nine months ended September 30, 2023, $4.0 million of residential mortgage loans were modified and subsequently defaulted with nearly all 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 September 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$3,490,602 $— $— $— $3,490,602 $— 
Healthcare4,051,359 10 — 31,765 4,083,134 — 
Services3,564,401 599 324 1,037 3,566,361 — 
General business3,573,237 37 112 6,356 3,579,742 13 
Total commercial14,679,599 646 436 39,158 14,719,839 13 
Commercial real estate5,233,549 — 488 7,263 5,241,300 — 
Loans to individuals:    
Residential mortgage2,077,418 9,713 818 3,043 2,090,992 51 
Residential mortgage guaranteed by U.S. government agencies
58,486 31,390 19,004 52,212 161,092 47,670 
Personal1,510,472 298 2 23 1,510,795 — 
Total loans to individuals3,646,376 41,401 19,824 55,278 3,762,879 47,721 
Total$23,559,524 $42,047 $20,748 $101,699 $23,724,018 $47,734 
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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):
 September 30, 2023December 31, 2022
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$71,304 $69,653 $74,941 $73,938 
Residential mortgage loan commitments49,285 1,541 45,492 1,054 
Forward sales contracts102,529 1,295 109,469 280 
  $72,489  $75,272 

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

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
Sep. 30,
 2023202220232022
Production revenue:  
Net realized gains (losses) on sale of mortgage loans$(1,631)$(1,072)$(3,658)$8,969 
Net change in unrealized loss on mortgage loans held for sale(522)(6,244)(648)(9,764)
Net change in the fair value of mortgage loan commitments(288)(3,174)487 (5,474)
Net change in the fair value of forward sales contracts554 8,084 1,015 8,414 
Total production revenue (loss)(1,887)(2,406)(2,804)2,145 
Servicing revenue15,243 13,688 45,668 37,155 
Total mortgage banking revenue$13,356 $11,282 $42,864 $39,300 

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

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Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
 September 30, 2023December 31, 2022
Number of residential mortgage loans serviced for others116,941 110,541 
Outstanding principal balance of residential mortgage loans serviced for others$20,607,013 $18,863,201 
Weighted average interest rate3.61 %3.59 %
Remaining term (in months)282283
The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Beginning Balance$304,722 $270,312 $277,608 $163,198 
Additions3,154 4,841 9,757 15,810 
Acquisitions2,669 1,043 33,807 45,910 
Change in fair value due to principal payments(7,202)(8,960)(21,031)(24,277)
Change in fair value due to market assumption changes8,039 16,570 11,241 83,165 
Ending Balance$311,382 $283,806 $311,382 $283,806 

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

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 September 30, 2023December 31, 2022
Discount rate – risk-free rate plus a market premium9.84%9.51%
Prepayment rate - based upon loan interest rate, original term and loan type7.15%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
4.66%4.06%
Primary/secondary mortgage rate spread
105 bps105 bps
Delinquency rate
2.00%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 informed the Court of their intent to request the stay be lifted in a joint status report in July but have yet to do so. BOKF, NA plans to oppose any 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 $30 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 September 30, 2023, the Company has $413 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 $104 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On October 31, 2023, the Company declared a quarterly cash dividend of $0.55 per common share payable on or about November 30, 2023 to shareholders of record as of November 15, 2023.

Dividends declared were $0.54 and $1.62 per share during the three and nine months ended September 30, 2023 and $0.53 and $1.59 per share during the three and nine months ended September 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 $72,371 
Net change in unrealized gain (loss)
(1,293,661)— — (1,293,661)
Transfer of net unrealized loss from AFS to investment securities267,509 (267,509)— — 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 24,130 — 24,130 
Operating expense, Personnel— — (3,483)(3,483)
Gain on available for sale securities, net
(3,017)— — (3,017)
Other comprehensive loss, before income taxes(1,029,169)(243,379)(3,483)(1,276,031)
Federal and state income taxes(240,868)(56,960)(887)(298,715)
Other comprehensive loss, net of income taxes(788,301)(186,419)(2,596)(977,316)
Balance, September 30, 2022$(718,526)$(186,419)$— $(904,945)
Balance, Dec. 31, 2022$(664,618)$(172,337)$— $(836,955)
Net change in unrealized gain (loss)
(171,977)— — (171,977)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 46,996 — 46,996 
Loss on available for sale securities, net3,010 — — 3,010 
Other comprehensive income (loss), before income taxes(168,967)46,996 — (121,971)
Federal and state income taxes(40,735)10,794 — (29,941)
Other comprehensive income (loss), net of income taxes(128,232)36,202 — (92,030)
Balance, September 30, 2023$(792,850)$(136,135)$— $(928,985)


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(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Numerator:    
Net income attributable to BOK Financial Corp. shareholders$134,495 $156,510 $448,171 $351,844 
Less: Earnings allocated to participating securities1,104 1,161 3,561 2,562 
Numerator for basic earnings per share – income available to common shareholders
133,391 155,349 444,610 349,282 
Effect of reallocating undistributed earnings of participating securities— — — — 
Numerator for diluted earnings per share – income available to common shareholders
$133,391 $155,349 $444,610 $349,282 
Denominator:    
Weighted average shares outstanding66,090,988 67,503,041 66,484,557 67,902,592 
Less:  Participating securities included in weighted average shares outstanding
542,681 499,842 529,263 492,803 
Denominator for basic earnings per common share65,548,307 67,003,199 65,955,294 67,409,789 
Dilutive effect of employee stock compensation plans— 1,424 — 1,433 
Denominator for diluted earnings per common share65,548,307 67,004,623 65,955,294 67,411,222 
Basic earnings per share$2.04 $2.32 $6.74 $5.18 
Diluted earnings per share$2.04 $2.32 $6.74 $5.18 
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(9) Reportable Segments

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2023 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources
$298,293 $11,386 $7,622 $(16,405)$300,896 
Net interest revenue (expense) from internal sources
(43,829)101,222 28,815 (86,208)— 
Net interest revenue (expense)254,464 112,608 36,437 (102,613)300,896 
Net loans charged off and provision for credit losses4,904 (73)9 2,160 7,000 
Net interest revenue after provision for credit losses
249,560 112,681 36,428 (104,773)293,896 
Other operating revenue59,153 30,716 123,614 (15,331)198,152 
Other operating expense81,751 54,497 89,367 98,698 324,313 
Net direct contribution226,962 88,900 70,675 (218,802)167,735 
Gain (loss) on financial instruments, net(11)(9,183)— 9,194 — 
Change in fair value of mortgage servicing rights— 8,039 — (8,039)— 
Gain (loss) on repossessed assets, net(268)11 — 257 — 
Corporate expense allocations17,834 11,920 14,331 (44,085)— 
Net income (loss) before taxes208,849 75,847 56,344 (173,305)167,735 
Federal and state income taxes50,919 17,838 13,315 (48,816)33,256 
Net income (loss)157,930 58,009 43,029 (124,489)134,479 
Net income attributable to non-controlling interests— — — (16)(16)
Net income (loss) attributable to BOK Financial Corp. shareholders$157,930 $58,009 $43,029 $(124,473)$134,495 
Average assets$28,849,597 $9,379,478 $14,740,641 $(3,650,164)$49,319,552 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2023 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$886,263 $50,360 $32,977 $5,905 $975,505 
Net interest revenue (expense) from internal sources(104,543)285,020 106,918 (287,395)— 
Net interest revenue781,720 335,380 139,895 (281,490)975,505 
Net loans charged off and provision for credit losses10,980 2,240 (60)26,840 40,000 
Net interest revenue after provision for credit losses
770,740 333,140 139,955 (308,330)935,505 
Other operating revenue184,826 93,603 355,568 (48,931)585,066 
Other operating expense232,364 157,035 256,265 303,134 948,798 
Net direct contribution723,202 269,708 239,258 (660,395)571,773 
Gain (loss) on financial instruments, net162 (24,113)— 23,951 — 
Change in fair value of mortgage servicing rights— 11,241 — (11,241)— 
Gain (loss) on repossessed assets, net999 25 — (1,024)— 
Corporate expense allocations56,956 35,860 39,265 (132,081)— 
Net income (loss) before taxes667,407 221,001 199,993 (516,628)571,773 
Federal and state income taxes161,992 51,977 47,200 (138,007)123,162 
Net income (loss)505,415 169,024 152,793 (378,621)448,611 
Net income attributable to non-controlling interests— — — 440 440 
Net income (loss) attributable to BOK Financial Corp. shareholders$505,415 $169,024 $152,793 $(379,061)$448,171 
Average assets$28,396,982 $9,635,204 $13,128,925 $(3,412,178)$47,748,933 

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$226,016 $17,482 $34,746 $38,081 $316,325 
Net interest revenue (expense) from internal sources(17,951)26,469 (1,162)(7,356)— 
Net interest revenue208,065 43,951 33,584 30,725 316,325 
Net loans charged off and provision for credit losses(526)1,408 (22)14,140 15,000 
Net interest revenue after provision for credit losses
208,591 42,543 33,606 16,585 301,325 
Other operating revenue60,386 30,186 113,113 (13,987)189,698 
Other operating expense75,490 53,236 79,151 86,874 294,751 
Net direct contribution193,487 19,493 67,568 (84,276)196,272 
Gain (loss) on financial instruments, net4 (21,395)— 21,391 — 
Change in fair value of mortgage servicing rights— 16,570 — (16,570)— 
Gain (loss) on repossessed assets, net(158)— — 158 — 
Corporate expense allocations16,438 10,792 12,934 (40,164)— 
Net income before taxes176,895 3,876 54,634 (39,133)196,272 
Federal and state income taxes42,761 906 12,826 (16,812)39,681 
Net income
134,134 2,970 41,808 (22,321)156,591 
Net loss attributable to non-controlling interests— — — 81 81 
Net income attributable to BOK Financial Corp. shareholders$134,134 $2,970 $41,808 $(22,402)$156,510 
Average assets$28,890,429 $10,233,401 $13,818,299 $(7,822,927)$45,119,202 

Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2022 is as follows (in thousands):
 CommercialConsumerWealth
Management		Funds Management and OtherBOK
Financial
Consolidated
Net interest revenue from external sources$546,599 $51,183 $130,389 $130,583 $858,754 
Net interest revenue (expense) from internal sources(34,983)53,764 (3,290)(15,491)— 
Net interest revenue511,616 104,947 127,099 115,092 858,754 
Net loans charged off and provision for credit losses3,316 3,716 (153)8,121 15,000 
Net interest revenue after provision for credit losses
508,300 101,231 127,252 106,971 843,754 
Other operating revenue179,501 94,236 224,892 (52,458)446,171 
Other operating expense210,012 154,685 230,166 251,161 846,024 
Net direct contribution477,789 40,782 121,978 (196,648)443,901 
Gain (loss) on financial instruments, net(138)(95,150)— 95,288 — 
Change in fair value of mortgage servicing rights— 83,165 — (83,165)— 
Gain (loss) on repossessed assets, net(2,880)138 — 2,742 — 
Corporate expense allocations49,285 32,994 37,508 (119,787)— 
Net income before taxes425,486 (4,059)84,470 (61,996)443,901 
Federal and state income taxes103,711 (950)19,897 (30,658)92,000 
Net income
321,775 (3,109)64,573 (31,338)351,901 
Net loss attributable to non-controlling interests— — — 57 57 
Net income attributable to BOK Financial Corp. shareholders
$321,775 $(3,109)$64,573 $(31,395)$351,844 
Average assets$29,324,596 $10,281,679 $17,320,779 $(9,290,763)$47,636,291 

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(10) Fees and Commissions Revenue

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

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

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

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

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2023 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $34,461 $(1)$34,460 $34,460 $— 
Customer hedging revenue
7,403 — (141)(407)6,855 6,855 — 
Retail brokerage revenue
— — 4,357 — 4,357 — 4,357 
Insurance brokerage revenue
— — 2,703 — 2,703 — 2,703 
Investment banking revenue
4,508 — 9,428 1 13,937 3,823 10,114 
Brokerage and trading revenue
11,911 — 50,808 (407)62,312 45,138 17,174 
TransFund EFT network revenue21,038 875 (18)1 21,896 — 21,896 
Merchant services revenue2,430 8 — — 2,438 — 2,438 
Corporate card revenue1,768 — 179 106 2,053 — 2,053 
Transaction card revenue25,236 883 161 107 26,387 — 26,387 
Personal trust revenue— — 22,890 (1)22,889 — 22,889 
Corporate trust revenue— — 8,713 — 8,713 — 8,713 
Institutional trust & retirement plan services revenue
— — 16,883 — 16,883 — 16,883 
Investment management services and other revenue
— — 3,769 2 3,771 — 3,771 
Fiduciary and asset management revenue
— — 52,255 1 52,256 — 52,256 
Commercial account service charge revenue
13,687 524 496 2 14,709 — 14,709 
Overdraft fee revenue26 5,427 39 — 5,492 — 5,492 
Check card revenue
— 5,926 — 2 5,928 — 5,928 
Automated service charge and other deposit fee revenue
285 1,255 10 (3)1,547 — 1,547 
Deposit service charges and fees
13,998 13,132 545 1 27,676 — 27,676 
Mortgage production revenue— (1,887)— — (1,887)(1,887)— 
Mortgage servicing revenue— 15,861 — (618)15,243 15,243 — 
Mortgage banking revenue— 13,974 — (618)13,356 13,356 — 
Other revenue6,713 2,726 19,845 (13,419)15,865 9,236 6,629 
Total fees and commissions revenue
$57,858 $30,715 $123,614 $(14,335)$197,852 $67,730 $130,122 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the nine months ended September 30, 2023 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $98,980 $(1)$98,979 $98,979 $— 
Customer hedging revenue
26,729 — (200)2,322 28,851 28,851 — 
Retail brokerage revenue
— — 11,522 — 11,522 — 11,522 
Insurance brokerage revenue
— — 8,866 — 8,866 — 8,866 
Investment banking revenue
11,720 — 19,775 1 31,496 10,873 20,623 
Brokerage and trading revenue
38,449 — 138,943 2,322 179,714 138,703 41,011 
TransFund EFT network revenue62,020 2,690 (52)5 64,663 — 64,663 
Merchant services revenue7,074 26 — — 7,100 — 7,100 
Corporate card revenue5,387 — 540 321 6,248 — 6,248 
Transaction card revenue74,481 2,716 488 326 78,011 — 78,011 
Personal trust revenue— — 71,732 (1)71,731 — 71,731 
Corporate trust revenue— — 23,574 — 23,574 — 23,574 
Institutional trust & retirement plan services revenue
— — 43,843 — 43,843 — 43,843 
Investment management services and other revenue
— — 16,782 (20)16,762 — 16,762 
Fiduciary and asset management revenue— — 155,931 (21)155,910 — 155,910 
Commercial account service charge revenue
39,922 1,553 1,461 — 42,936 — 42,936 
Overdraft fee revenue83 15,321 101 1 15,506 — 15,506 
Check card revenue
— 17,540 — 2 17,542 — 17,542 
Automated service charge and other deposit fee revenue
789 3,801 172 (2)4,760 — 4,760 
Deposit service charges and fees
40,794 38,215 1,734 1 80,744 — 80,744 
Mortgage production revenue— (2,804)— — (2,804)(2,804)— 
Mortgage servicing revenue— 47,412 — (1,744)45,668 45,668 — 
Mortgage banking revenue— 44,608 — (1,744)42,864 42,864 — 
Other revenue19,673 8,118 58,479 (39,185)47,085 25,963 21,122 
Total fees and commissions revenue
$173,397 $93,657 $355,575 $(38,301)$584,328 $207,530 $376,798 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2022 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $26,463 $— $26,463 $26,463 $— 
Customer hedging revenue
8,169 — 257 4,753 13,179 13,179 — 
Retail brokerage revenue
— — 3,839 (1)3,838 — 3,838 
Insurance brokerage revenue
— — 3,254 — 3,254 — 3,254 
Investment banking revenue
6,348 — 7,924 — 14,272 5,990 8,282 
Brokerage and trading revenue
14,517 — 41,737 4,752 61,006 45,632 15,374 
TransFund EFT network revenue21,243 910 (19)2 22,136 — 22,136 
Merchant services revenue1,917 8 — — 1,925 — 1,925 
Corporate card revenue1,711 — 99 103 1,913 — 1,913 
Transaction card revenue24,871 918 80 105 25,974 — 25,974 
Personal trust revenue— — 23,927 — 23,927 — 23,927 
Corporate trust revenue— — 6,513 — 6,513 — 6,513 
Institutional trust & retirement plan services revenue
— — 13,019 (1)13,018 — 13,018 
Investment management services and other revenue
— — 6,817 (85)6,732 — 6,732 
Fiduciary and asset management revenue
— — 50,276 (86)50,190 — 50,190 
Commercial account service charge revenue
13,361 473 480 — 14,314 — 14,314 
Overdraft fee revenue29 6,936 19 3 6,987 — 6,987 
Check card revenue
— 5,944 — (2)5,942 — 5,942 
Automated service charge and other deposit fee revenue
201 1,205 54 — 1,460 — 1,460 
Deposit service charges and fees
13,591 14,558 553 1 28,703 — 28,703 
Mortgage production revenue— (2,406)— — (2,406)(2,406)— 
Mortgage servicing revenue— 14,206 — (518)13,688 13,688 — 
Mortgage banking revenue— 11,800 — (518)11,282 11,282 — 
Other revenue5,168 2,954 20,467 (13,110)15,479 4,227 11,252 
Total fees and commissions revenue
$58,147 $30,230 $113,113 $(8,856)$192,634 $61,141 $131,493 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the nine months ended September 30, 2022 (in thousands):
CommercialConsumerWealth Management
Funds Management & Other
Consolidated
Out of Scope1
In Scope2
Trading revenue$— $— $(15,594)$— $(15,594)$(15,594)$— 
Customer hedging revenue
28,888 — 1,379 6,983 37,250 37,250 — 
Retail brokerage revenue
— — 12,707 (1)12,706 — 12,706 
Insurance brokerage revenue
— — 9,810 — 9,810 — 9,810 
Investment banking revenue
16,775 — 17,023 — 33,798 15,461 18,337 
Brokerage and trading revenue
45,663 — 25,325 6,982 77,970 37,117 40,853 
TransFund EFT network revenue59,763 2,708 (55)5 62,421 — 62,421 
Merchant services revenue9,425 28 — — 9,453 — 9,453 
Corporate card revenue4,681 — 276 299 5,256 — 5,256 
Transaction card revenue73,869 2,736 221 304 77,130 — 77,130 
Personal trust revenue— — 73,551 — 73,551 — 73,551 
Corporate trust revenue— — 16,947 — 16,947 — 16,947 
Institutional trust & retirement plan services revenue
— — 39,009 — 39,009 — 39,009 
Investment management services and other revenue
— — 17,050 (130)16,920 — 16,920 
Fiduciary and asset management revenue
— — 146,557 (130)146,427 — 146,427 
Commercial account service charge revenue
40,283 1,392 1,516 — 43,191 — 43,191 
Overdraft fee revenue89 19,673 63 4 19,829 — 19,829 
Check card revenue
— 17,502 — — 17,502 — 17,502 
Automated service charge and other deposit fee revenue
245 3,373 65 2 3,685 — 3,685 
Deposit service charges and fees
40,617 41,940 1,644 6 84,207 — 84,207 
Mortgage production revenue— 2,145 — — 2,145 2,145 — 
Mortgage servicing revenue— 38,650 — (1,495)37,155 37,155 — 
Mortgage banking revenue— 40,795 — (1,495)39,300 39,300 — 
Other revenue14,843 8,837 51,160 (36,232)38,608 19,402 19,206 
Total fees and commissions revenue
$174,992 $94,308 $224,907 $(30,565)$463,642 $95,819 $367,823 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

(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 nine months ended September 30, 2023 and 2022, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 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 September 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 September 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$18,843 $17,932 $911 $— 
Residential agency mortgage-backed securities4,653,161 — 4,653,161 — 
Municipal securities51,998 — 51,998 — 
Other trading securities24,099 — 24,099 — 
Total trading securities4,748,101 17,932 4,730,169 — 
Available for sale securities:    
U.S. Treasury897 897 — — 
Municipal securities488,269 — 488,269 — 
Residential agency mortgage-backed securities6,216,955 — 6,216,955 — 
Residential non-agency mortgage-backed securities715,806 — 715,806 — 
Commercial agency mortgage-backed securities
4,484,247 — 4,484,247 — 
Other debt securities473 — — 473 
Total available for sale securities11,906,647 897 11,905,277 473 
Fair value option securities — Residential agency mortgage-backed securities20,215 — 20,215 — 
Residential mortgage loans held for sale1
72,489 — 65,179 7,310 
Mortgage servicing rights2
311,382 — — 311,382 
Derivative contracts, net of cash collateral3
546,109 1,596 544,513 — 
Liabilities: 
Derivative contracts, net of cash collateral3
403,947 190 403,757 — 
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 78.46% 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 Corporate Treasury, Risk Management and Finance departments assesses the appropriateness of these inputs quarterly.

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at September 30, 2023 for which the fair value was adjusted during the nine months ended September 30, 2023 (in thousands):
Fair Value Adjustments for the
 Carrying Value at September 30, 2023Three Months Ended
Sep. 30, 2023 Recognized in:		Nine Months Ended
Sep. 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$— $— $796 $2,135 $— $4,932 $— 

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at September 30, 2022 for which the fair value was adjusted during the nine months ended September 30, 2022 (in thousands):
Fair Value Adjustments for the
 Carrying Value at September 30, 2022Three Months Ended
Sep. 30, 2022 Recognized in:		Nine Months Ended
Sep. 30, 2022 Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $159 $126 $22 $— $499 $— 
Real estate and other repossessed assets
— 649 1,699 — — — (5,705)

The 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 September 30, 2023 follows (dollars in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$796 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
12% - 14% (14%)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 September 30, 2022 follows (dollars 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 September 30, 2023 (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$854,161 $854,161 $854,161 $— $— 
Interest-bearing cash and cash equivalents520,774 520,774 520,774 — — 
Trading securities:
U.S. government securities18,843 18,843 17,932 911 — 
Residential agency mortgage-backed securities4,653,161 4,653,161 — 4,653,161 — 
Municipal securities51,998 51,998 — 51,998 — 
Other trading securities24,099 24,099 — 24,099 — 
Total trading securities4,748,101 4,748,101 17,932 4,730,169 — 
Investment securities:  
Municipal securities121,003 122,695 — 11,957 110,738 
Residential agency mortgage-backed securities2,146,133 1,901,143 — 1,901,143 — 
Commercial agency mortgage-backed securities15,838 14,371 — 14,371 — 
Other debt securities15,788 14,158 — 14,158 — 
Total investment securities2,298,762 2,052,367 — 1,941,629 110,738 
Allowance for credit losses(344)— — — — 
Investment securities, net of allowance2,298,418 2,052,367 — 1,941,629 110,738 
Available for sale securities:  
U.S. Treasury897 897 897 — — 
Municipal securities488,269 488,269 — 488,269 — 
Residential agency mortgage-backed securities6,216,955 6,216,955 — 6,216,955 — 
Residential non-agency mortgage-backed securities715,806 715,806 — 715,806 — 
Commercial agency mortgage-backed securities
4,484,247 4,484,247 — 4,484,247 — 
Other debt securities473 473 — — 473 
Total available for sale securities11,906,647 11,906,647 897 11,905,277 473 
Fair value option securities — Residential agency mortgage-backed securities20,215 20,215 — 20,215 — 
Residential mortgage loans held for sale72,489 72,489 — 65,179 7,310 
Loans:  
Commercial14,719,839 14,603,075 — — 14,603,075 
Commercial real estate5,241,300 5,094,865 — — 5,094,865 
Loans to individuals3,762,879 3,512,686 — — 3,512,686 
Total loans23,724,018 23,210,626 — — 23,210,626 
Allowance for loan losses(272,114)— — — — 
Loans, net of allowance23,451,904 23,210,626 — — 23,210,626 
Mortgage servicing rights311,382 311,382 — — 311,382 
Derivative instruments with positive fair value, net of cash collateral
546,109 546,109 1,596 544,513 — 
Deposits with no stated maturity30,725,335 30,725,335 — — 30,725,335 
Time deposits2,927,217 2,986,307 — — 2,986,307 
Other borrowed funds8,924,642 8,922,567 — — 8,922,567 
Subordinated debentures131,152 116,911 — 116,911 — 
Derivative instruments with negative fair value, net of cash collateral
403,947 403,947 190 403,757 — 

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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 (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 September 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.

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Nine-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Nine Months Ended
 September 30, 2023September 30, 2022
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$641,203 $24,257 5.06 %$879,657 $5,730 0.87 %
Trading securities4,259,291 147,256 4.61 %5,274,507 86,822 1.99 %
Investment securities2,403,984 25,985 1.44 %1,142,177 15,267 1.78 %
Available for sale securities11,900,049 283,199 3.00 %11,875,378 176,044 1.92 %
Fair value option securities194,913 7,561 5.11 %55,597 1,214 2.89 %
Restricted equity securities371,871 21,013 7.53 %168,656 5,194 4.11 %
Residential mortgage loans held for sale72,021 3,305 5.98 %153,350 4,637 4.04 %
Loans22,929,972 1,198,263 6.99 %21,044,363 651,764 4.14 %
Allowance for loan losses(253,105)(247,083)
Loans, net of allowance22,676,867 1,198,263 7.06 %20,797,280 651,764 4.19 %
Total earning assets
42,520,199 1,710,839 5.29 %40,346,602 946,672 3.07 %
Receivable on unsettled securities sales203,520 350,058 
Cash and other assets5,025,214 6,939,631 
Total assets$47,748,933 $47,636,291 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$18,810,872 $362,593 2.58 %$21,107,446 $48,063 0.30 %
Savings919,644 1,781 0.26 %969,280 284 0.04 %
Time2,136,225 52,374 3.28 %1,456,389 7,828 0.72 %
Total interest-bearing deposits21,866,741 416,748 2.55 %23,533,115 56,175 0.32 %
Funds purchased and repurchase agreements2,713,195 89,103 4.39 %1,338,711 7,751 0.77 %
Other borrowings5,594,290 216,175 5.17 %1,327,622 13,364 1.35 %
Subordinated debentures131,156 6,609 6.74 %131,215 4,452 4.54 %
Total interest-bearing liabilities30,305,382 728,635 3.21 %26,330,663 81,742 0.42 %
Non-interest bearing demand deposits
11,179,239 15,123,552 
Due on unsettled securities purchases396,776 409,598 
Other liabilities970,132 888,641 
Total equity4,897,404 4,883,837 
Total liabilities and equity$47,748,933 $47,636,291 
Tax-equivalent Net Interest Revenue$982,204 2.08 %$864,930 2.65 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.03 %2.80 %
Less tax-equivalent adjustment6,699 6,176 
Net Interest Revenue975,505 858,754 
Provision for credit losses
40,000 15,000 
Other operating revenue585,066 446,171 
Other operating expense948,798 846,024 
Income before taxes571,773 443,901 
Federal and state income taxes123,162 92,000 
Net income448,611 351,901 
Net income (loss) attributable to non-controlling interests
440 57 
Net income attributable to BOK Financial Corp. shareholders
$448,171 $351,844 
Earnings Per Average Common Share Equivalent:
      
Net income:      
Basic $6.74   $5.18  
Diluted $6.74   $5.18  
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
 September 30, 2023June 30, 2023
Average
Balance		Revenue/
Expense		Yield/
Rate		Average
Balance		Revenue/
Expense		Yield/
Rate
Assets      
Interest-bearing cash and cash equivalents$598,734 $8,199 5.43 %$708,475 $9,552 5.41 %
Trading securities5,444,587 65,301 4.76 %4,274,803 47,882 4.50 %
Investment securities, net of allowance2,331,595 8,309 1.43 %2,408,122 8,659 1.44 %
Available for sale securities11,925,800 99,238 3.11 %12,033,597 94,849 3.00 %
Fair value option securities41,741 552 4.61 %245,469 3,116 5.07 %
Restricted equity securities445,532 8,776 7.88 %351,944 6,429 7.31 %
Residential mortgage loans held for sale77,208 1,234 6.27 %72,959 1,092 5.85 %
Loans23,414,308 427,649 7.25 %22,889,054 400,988 7.03 %
Allowance for loan losses(267,205)(252,890)
Loans, net of allowance23,147,103 427,649 7.33 %22,636,164 400,988 7.10 %
Total earning assets
44,012,300 619,258 5.49 %42,731,533 572,567 5.29 %
Receivable on unsettled securities sales268,344 163,903 
Cash and other assets5,038,908 5,012,671 
Total assets$49,319,552 $47,908,107 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$19,415,599 $155,385 3.18 %$18,368,592 $119,272 2.60 %
Savings874,530 1,043 0.47 %926,882 490 0.21 %
Time2,839,947 28,380 3.96 %2,076,037 16,904 3.27 %
Total interest-bearing deposits23,130,076 184,808 3.17 %21,371,511 136,666 2.56 %
Funds purchased and repurchase agreements2,699,027 32,748 4.81 %3,670,994 41,905 4.58 %
Other borrowings6,968,309 96,271 5.48 %5,275,291 67,316 5.12 %
Subordinated debentures131,151 2,321 7.02 %131,153 2,219 6.79 %
Total interest-bearing liabilities32,928,563 316,148 3.81 %30,448,949 248,106 3.27 %
Non-interest bearing demand deposits
10,157,821 10,998,201 
Due on unsettled securities purchases435,927 436,353 
Other liabilities891,675 1,079,692 
Total equity4,905,566 4,944,912 
Total liabilities and equity$49,319,552 $47,908,107 
Tax-equivalent Net Interest Revenue$303,110 1.68 %$324,461 2.02 %
Tax-equivalent Net Interest Revenue to Earning Assets
2.69 %3.00 %
Less tax-equivalent adjustment2,214 2,200 
Net Interest Revenue300,896 322,261 
Provision for credit losses
7,000 17,000 
Other operating revenue198,152 209,049 
Other operating expense324,313 318,673 
Income before taxes167,735 195,637 
Federal and state income taxes33,256 44,001 
Net income134,479 151,636 
Net income (loss) attributable to non-controlling interests
(16)328 
Net income attributable to BOK Financial Corp. shareholders
$134,495 $151,308 
Earnings Per Average Common Share Equivalent:
      
Basic $2.04   $2.27  
Diluted $2.04   $2.27  
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
March 31, 2023December 31, 2022
Average BalanceRevenue /ExpenseYield / RateAverage BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$616,596 $6,506 4.28 %$568,307 $5,822 4.06 %
Trading securities3,031,969 34,073 4.52 %3,086,985 28,473 3.70 %
Investment securities, net of allowance2,473,796 9,017 1.46 %2,535,305 9,223 1.46 %
Available for sale securities11,738,693 89,112 2.87 %10,953,851 73,317 2.54 %
Fair value option securities300,372 3,893 5.17 %92,012 931 4.40 %
Restricted equity securities316,724 5,808 7.34 %216,673 3,088 5.70 %
Residential mortgage loans held for sale65,769 979 5.79 %98,613 1,390 5.56 %
Loans22,476,247 369,626 6.67 %21,976,004 331,649 5.99 %
Allowance for loan losses(238,909)(242,450)
Loans, net of allowance22,237,338 369,626 6.74 %21,733,554 331,649 6.06 %
Total earning assets
40,781,257 519,014 5.06 %39,285,300 453,893 4.53 %
Receivable on unsettled securities sales177,312 194,996 
Cash and other assets5,023,899 5,729,322 
Total assets$45,982,468 $45,209,618 
Liabilities and equity
Interest-bearing deposits:
Transaction$18,639,900 $87,936 1.91 %$18,898,315 $60,893 1.28 %
Savings958,443 248 0.10 %969,275 205 0.08 %
Time1,477,720 7,090 1.95 %1,417,606 4,476 1.25 %
Total interest-bearing deposits21,076,063 95,274 1.83 %21,285,196 65,574 1.22 %
Funds purchased and repurchase agreements1,759,237 14,450 3.33 %1,046,447 5,407 2.05 %
Other borrowings4,512,280 52,588 4.73 %2,523,195 25,961 4.08 %
Subordinated debentures131,166 2,069 6.40 %131,180 2,038 6.16 %
Total interest-bearing liabilities27,478,746 164,381 2.43 %24,986,018 98,980 1.57 %
Non-interest bearing demand deposits
12,406,408 14,176,189 
Due on unsettled securities purchases316,738 575,957 
Other liabilities939,553 853,134 
Total equity4,841,023 4,618,320 
Total liabilities and equity$45,982,468 $45,209,618 
Tax-equivalent Net Interest Revenue$354,633 2.63 %$354,913 2.96 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.45 %3.54 %
Less tax-equivalent adjustment2,285 2,287 
Net Interest Revenue352,348 352,626 
Provision for credit losses
16,000 15,000 
Other operating revenue177,865 197,086 
Other operating expense305,812 318,456 
Income before taxes208,401 216,256 
Federal and state income taxes45,905 47,864 
Net income162,496 168,392 
Net income (loss) attributable to non-controlling interests128 (37)
Net income attributable to BOK Financial Corp. shareholders
$162,368 $168,429 
Earnings Per Average Common Share Equivalent:
Basic $2.43   $2.51  
Diluted $2.43   $2.51  
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
September 30, 2022
Average BalanceRevenue / ExpenseYield / Rate
Assets
Interest-bearing cash and cash equivalents$748,263 $3,520 1.87 %
Trading securities3,178,068 22,772 2.72 %
Investment securities, net of allowance2,593,989 9,207 1.42 %
Available for sale securities10,306,257 59,144 2.21 %
Fair value option securities36,846 286 2.98 %
Restricted equity securities173,656 2,703 6.23 %
Residential mortgage loans held for sale132,685 1,684 5.05 %
Loans21,599,232 265,997 4.89 %
Allowance for loan losses(241,136)
Loans, net of allowance21,358,096 265,997 4.94 %
Total earning assets
38,527,860 365,313 3.71 %
Receivable on unsettled securities sales219,113 
Cash and other assets6,372,229 
Total assets$45,119,202 
Liabilities and equity
Interest-bearing deposits:
Transaction$19,556,806 $31,266 0.63 %
Savings978,596 135 0.05 %
Time1,409,069 3,314 0.93 %
Total interest-bearing deposits21,944,471 34,715 0.63 %
Funds purchased and repurchase agreements800,759 1,445 0.72 %
Other borrowings1,528,887 8,988 2.33 %
Subordinated debentures131,199 1,677 5.07 %
Total interest-bearing liabilities24,405,316 46,825 0.76 %
Non-interest bearing demand deposits
15,105,305 
Due on unsettled securities purchases331,428 
Other liabilities501,731 
Total equity4,775,422 
Total liabilities and equity$45,119,202 
Tax-equivalent Net Interest Revenue$318,488 2.95 %
Tax-equivalent Net Interest Revenue to Earning Assets
3.24 %
Less tax-equivalent adjustment2,163 
Net Interest Revenue316,325 
Provision for credit losses
15,000 
Other operating revenue189,698 
Other operating expense294,751 
Income before taxes196,272 
Federal and state income taxes39,681 
Net income156,591 
Net income attributable to non-controlling interests81 
Net income attributable to BOK Financial Corp. shareholders
$156,510 
Earnings Per Average Common Share Equivalent:
Basic$2.32 
Diluted$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.
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Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Sep. 30, 2023June 30, 2023Mar. 31, 2023Dec. 31, 2022Sep. 30, 2022
Interest revenue$617,044 $570,367 $516,729 $451,606 $363,150 
Interest expense316,148 248,106 164,381 98,980 46,825 
Net interest revenue300,896 322,261 352,348 352,626 316,325 
Provision for credit losses7,000 17,000 16,000 15,000 15,000 
Net interest revenue after provision for credit losses
293,896 305,261 336,348 337,626 301,325 
Other operating revenue     
Brokerage and trading revenue62,312 65,006 52,396 63,008 61,006 
Transaction card revenue26,387 26,003 25,621 27,136 25,974 
Fiduciary and asset management revenue52,256 52,997 50,657 49,899 50,190 
Deposit service charges and fees27,676 27,100 25,968 26,429 28,703 
Mortgage banking revenue13,356 15,141 14,367 10,065 11,282 
Other revenue15,865 14,250 16,970 17,034 15,479 
Total fees and commissions197,852 200,497 185,979 193,571 192,634 
Other gains (losses), net1,474 12,618 2,251 8,427 979 
Gain (loss) on derivatives, net(9,010)(8,159)(1,344)4,548 (17,009)
Loss on fair value option securities, net(203)(2,158)(2,962)(2,568)(4,368)
Change in fair value of mortgage servicing rights8,039 9,261 (6,059)(2,904)16,570 
Gain (loss) on available for sale securities, net— (3,010)— (3,988)892 
Total other operating revenue198,152 209,049 177,865 197,086 189,698 
Other operating expense     
Personnel190,791 190,652 182,145 186,419 170,348 
Business promotion6,958 7,640 8,569 7,470 6,127 
Charitable contributions to BOKF Foundation23 1,142 — 2,500 — 
Professional fees and services13,224 12,777 13,048 18,365 14,089 
Net occupancy and equipment32,583 30,105 28,459 29,227 29,296 
Insurance7,996 6,974 7,315 4,677 4,306 
Data processing and communications45,672 45,307 44,802 43,048 41,743 
Printing, postage and supplies3,760 3,728 3,893 3,890 4,349 
Amortization of intangible assets3,474 3,474 3,391 3,736 3,943 
Mortgage banking costs8,357 8,300 5,782 9,016 9,504 
Other expense11,475 8,574 8,408 10,108 11,046 
Total other operating expense324,313 318,673 305,812 318,456 294,751 
Net income before taxes167,735 195,637 208,401 216,256 196,272 
Federal and state income taxes33,256 44,001 45,905 47,864 39,681 
Net income134,479 151,636 162,496 168,392 156,591 
Net income (loss) attributable to non-controlling interests
(16)328 128 (37)81 
Net income attributable to BOK Financial Corporation shareholders
$134,495 $151,308 $162,368 $168,429 $156,510 
Earnings per share:     
Basic$2.04$2.27$2.43$2.51$2.32
Diluted$2.04$2.27$2.43$2.51$2.32
Average shares used in computation:
Basic65,548,307 65,994,132 66,331,775 66,627,955 67,003,199 
Diluted65,548,307 65,994,132 66,331,775 66,627,955 67,004,623 


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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 September 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
July 1 to July 31, 202327,000 $89.31 27,000 3,945,523 
August 1 to August 31, 2023402,500 $84.61 402,500 3,543,023 
September 1 to September 30, 2023271,000 $83.00 271,000 3,272,023 
Total700,500  700,500  
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 September 30, 2023, the Company had repurchased 1,727,977 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 third 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:        November 1, 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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