Quartergate

Document 99

EX-99.1 2 a20241231bokfex99.htm EX-99.1 Document

BOK Financial Corporation reports annual earnings of $524 million, or $8.14 per share, and quarterly earnings of $136 million, or $2.12 per share, in the fourth quarter.


Fourth quarter 2024 financial highlights1
Net Income						Net income was $136.2 million, or $2.12 per diluted share, compared to $140.0 million, or $2.18 per diluted share.

Net Interest Income & Margin						Net interest income totaled $313.0 million, an increase of $4.9 million. Net interest margin expanded 7 basis points to 2.75% compared to 2.68% in the prior quarter.

Fees & Commissions Revenue						Fees and commissions revenue was $206.9 million, growing by $4.4 million. Higher brokerage and trading revenue and fiduciary and asset management revenue was partially offset by a decrease in other revenue.

Operating Expense						Operating expense increased $6.6 million to $347.7 million. Personnel expense increased $3.9 million due to commissions related to increased trading revenue and business expansion. Non-personnel expense was up $2.8 million due to higher professional fees and services, business promotion expense, and mortgage banking costs.

Loans						Period end loans were $24.1 billion, an increase of $130 million. Growth in commercial loan balances and loans to individuals was partially offset by a decrease in commercial real estate loans. Average outstanding loan balances were $24.0 billion, a $280 million decrease.

Credit Quality						Nonperforming assets were at a historic low, totaling $49 million, or 0.20% of outstanding loans and repossessed assets, at December 31, 2024, compared to $87 million, or 0.36%, at September 30, 2024. Net charge-offs also remained muted at $528 thousand, or 0.01% of average loans on an annualized basis, in the fourth quarter.

Deposits						Period end deposits grew by $964 million to $38.2 billion, while average deposits increased $1.1 billion to $37.8 billion. Average interest-bearing deposits increased $954 million, while average demand deposits increased by $105 million. The loan to deposit ratio was 63% at December 31, 2024, compared to 64% at September 30, 2024.

Capital						Tangible common equity ratio was 9.17% compared to 9.22% at September 30, 2024. Tier 1 capital ratio was 13.04%, Common equity Tier 1 capital ratio was 13.03%, and total capital ratio was 14.21%.

$4.9 million

1 bp

$1.1 billion

NET INTEREST INCOME

NET CHARGE OFFS - ANNUALIZED

AVERAGE DEPOSIT GROWTH


Full year 2024 financial highlights2
Net income was $523.6 million, or $8.14 per diluted share, for 2024, compared to $530.7 million, or $8.02 per diluted share, for the prior year. Net interest income totaled $1.2 billion, a decrease of $61.4 million. Net interest margin was 2.65% compared to 2.93%. Fees and commissions revenue grew $28.9 million to $810.0 million and operating expense increased $32.9 million to $1.4 billion. Net charge-offs were $12.9 million, or 0.05% of average loans in 2024, compared to $18.1 million, or 0.08% of average loans in 2023.

1 Comparisons are to prior quarter unless otherwise noted. 2 Comparisons are to prior year unless otherwise noted.

CEO Commentary

Stacy Kymes, President and CEO, stated, “I am very proud of the BOKF team and the exceptional results we’ve reported this year. We have a talented team with an award-winning culture that focuses on driving long-term success for our organization. It is good to see the investments we are making to grow Core C&I loans are paying off with 8.1 percent year over year growth. Net interest income has expanded every quarter throughout 2024. We’ve done this while capital and asset quality are historically strong. Once again, our diverse business model coupled with our extraordinary team, has shown BOKF is built to perform through diverse business cycles."



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Net Interest Income


(In thousands)	Dec. 31, 2024			Sep. 30, 2024			Change			% Change
Interest revenue	$	639,125		$	680,310		$	(41,185)		(6.1)	%
Interest expense	326,079			372,191			(46,112)			(12.4)	%
Net interest income	$	313,046		$	308,119		$	4,927		1.6	%

Net interest margin	2.75		%	2.68		%	0.07		%	N/A

Average earning assets	$	45,375,438		$	45,911,383		$	(535,945)		(1.2)	%
Average trading securities	5,636,949			5,802,448			(165,499)			(2.9)	%
Average investment securities	2,037,072			2,094,408			(57,336)			(2.7)	%
Average available for sale securities	12,969,630			12,939,422			30,208			0.2	%

Average loans balance	24,024,544			24,304,884			(280,340)			(1.2)	%
Average interest-bearing deposits	29,440,556			28,486,641			953,915			3.3	%
Funds purchased and repurchase agreements	1,076,400			1,016,688			59,712			5.9	%
Other borrowings	4,489,870			6,366,046			(1,876,176)			(29.5)	%

Net interest income was $313.0 million for the fourth quarter of 2024, an increase of $4.9 million over the prior quarter. Net interest margin expanded to 2.75% from 2.68%, primarily attributable to liabilities re-pricing lower more quickly than assets during the quarter. For the fourth quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, expanded 7 basis points to 3.09% compared to 3.02% in the prior quarter.

Average earning assets decreased $536 million. Average loan balances decreased $280 million, largely due to decreases in commercial loans and commercial real estate loan balances. Average trading securities decreased $165 million. Average interest-bearing deposits increased $954 million, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements increased $60 million, while average other borrowings decreased $1.9 billion.

The yield on average earning assets was 5.59%, a 30 basis point decrease from the prior quarter, in response to the rate cuts by the Federal Reserve. The loan portfolio yield decreased 46 basis points to 7.01%, while the yield on the available for sale securities portfolio increased 6 basis points to 3.82% due to repricing at higher rates. The yield on trading securities decreased 46 basis points to 4.90% and the yield on interest-bearing cash and cash equivalents decreased 73 basis points to 4.60%.

Funding costs were 3.69%, down 42 basis points. The cost of interest-bearing deposits decreased 31 basis points to 3.48%. The cost of funds purchased and repurchase agreements decreased 11 basis points to 3.78%, while the cost of other borrowings decreased 60 basis points to 4.95%. The benefit to net interest margin from assets funded by non-interest liabilities was 85 basis points, a decrease of 5 basis points.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Other Operating Revenue


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		Change		% Change
Brokerage and trading revenue	$	55,505	$	50,391	$	5,114	10.1	%
Transaction card revenue	27,631		28,495		(864)		(3.0)	%
Fiduciary and asset management revenue	60,595		57,384		3,211		5.6	%
Deposit service charges and fees	30,038		30,450		(412)		(1.4)	%
Mortgage banking revenue	18,140		18,372		(232)		(1.3)	%
Other revenue	15,029		17,402		(2,373)		(13.6)	%
Total fees and commissions	206,938		202,494		4,444		2.2	%
Other gains, net	4,995		13,087		(8,092)		N/A
Gain (loss) on derivatives, net	(21,728)		8,991		(30,719)		N/A
Gain (loss) on fair value option securities, net	(621)		764		(1,385)		N/A
Change in fair value of mortgage servicing rights	20,460		(16,453)		36,913		N/A
Gain (loss) on available for sale securities, net	—		(691)		691		N/A
Total other operating revenue	$	210,044	$	208,192	$	1,852	0.9	%

Fees and commissions revenue totaled $206.9 million for the fourth quarter of 2024, an increase of $4.4 million over the prior quarter.

Brokerage and trading revenue increased $5.1 million to $55.5 million. Trading revenue increased $9.4 million to $33.1 million, driven by growth in U.S. agency residential mortgage-backed securities trading volumes and increased industry turnover as client demand returned to more normal levels following rate cuts in the prior quarter. Investment banking revenue decreased $4.1 million following an elevated quarter, primarily due to timing and volume of transactions.

Fiduciary and asset management revenue increased $3.2 million led by growth in trust fees related to increased market valuations and continued growth in client relationships.

Other revenue decreased $2.4 million to $15.0 million following seasonal highs in letter of credit fees in the third quarter.

Other gains, net, were $5.0 million for the fourth quarter of 2024, compared to $13.1 million in the third quarter of 2024. The prior quarter included a pre-tax gain of $3.1 million related to the sale of converted Visa shares. Unrealized gain on merchant banking investments was $2.2 million and gain on investments related to deferred compensation was $2.5 million for the fourth quarter of 2024, compared to $5.0 million and $3.8 million, respectively, in the prior quarter.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Operating Expenses


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		Change		% Change
Personnel	$	210,675	$	206,821	$	3,854	1.9	%
Business promotion	9,365		7,681		1,684		21.9	%

Professional fees and services	15,175		13,405		1,770		13.2	%
Net occupancy and equipment	32,713		32,077		636		2.0	%
FDIC and other insurance	6,862		8,186		(1,324)		(16.2)	%
FDIC special assessment	(686)		(1,437)		751		N/A
Data processing and communications	48,024		47,554		470		1.0	%
Printing, postage and supplies	3,699		3,594		105		2.9	%
Amortization of intangible assets	2,855		2,856		(1)		—	%
Mortgage banking costs	10,692		9,059		1,633		18.0%
Other expense	8,282		11,229		(2,947)		(26.2)	%
Total operating expense	$	347,656	$	341,025	$	6,631	1.9	%

Total operating expense was $347.7 million for the fourth quarter of 2024, an increase of $6.6 million compared to the third quarter of 2024.

Personnel expense was $210.7 million, an increase of $3.9 million. Cash-based incentive compensation expense increased $6.1 million, primarily driven by increased trading activity. Deferred compensation expense decreased $1.5 million to $2.4 million; however, this was largely offset by a decrease in the value of related investments included in Other gains, net.

Non-personnel expense was $137.0 million, an increase of $2.8 million. Professional fees and services expenses increased $1.8 million due to ongoing technology project related expenses. Business promotion expense grew $1.7 million, primarily due to increased travel costs. Mortgage banking costs increased $1.6 million. Other expense decreased by $2.9 million due to lower operational losses.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Loans


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		Change		% Change
Commercial:
Healthcare	$	3,967,533	$	4,149,069	$	(181,536)	(4.4)%
Services	3,643,203		3,573,670		69,533		1.9%
Energy	3,254,724		3,126,635		128,089		4.1%
General business	4,164,676		4,028,548		136,128		3.4%
Total commercial	15,030,136		14,877,922		152,214		1.0%

Commercial Real Estate:
Multifamily	2,237,064		2,109,445		127,619		6.0%
Industrial	1,127,867		1,270,928		(143,061)		(11.3)%
Office	755,838		815,966		(60,128)		(7.4)%
Retail	485,926		521,874		(35,948)		(6.9)%
Residential construction and land development	109,120		105,048		4,072		3.9%
Other real estate loans	342,637		365,394		(22,757)		(6.2)%
Total commercial real estate	5,058,452		5,188,655		(130,203)		(2.5)%

Loans to individuals:
Residential mortgage	2,436,958		2,370,293		66,665		2.8%
Residential mortgages guaranteed by U.S. government agencies	136,649		127,747		8,902		7.0%
Personal	1,452,529		1,420,444		32,085		2.3%
Total loans to individuals	4,026,136		3,918,484		107,652		2.7%

Total loans	$	24,114,724	$	23,985,061	$	129,663	0.5%

Outstanding loans were $24.1 billion at December 31, 2024, an increase of $130 million over September 30, 2024, largely due to growth in commercial loans and loans to individuals, partially offset by a decrease in commercial real estate loans. Unfunded loan commitments increased $180 million compared to the third quarter of 2024.

Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, increased $152 million compared to the prior quarter.

General business loans increased $136 million to $4.2 billion, or 17% of total loans. General business loans include $2.6 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

Energy loan balances increased $128 million to $3.3 billion, or 13% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 70% of committed production loans are secured by properties primarily producing oil. The remaining 30% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at December 31, 2024, a $103 million decrease compared to September 30, 2024.

Services sector loan balances increased $70 million to $3.6 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.

Healthcare sector loan balances decreased $182 million, totaling $4.0 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.2 billion 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, which serves to help diversify risks specific to a single facility.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Commercial real estate loan balances decreased $130 million to $5.1 billion, representing 21% of total loans. Loans secured by industrial facilities decreased $143 million to $1.1 billion, and loans secured by office facilities decreased $60 million to $756 million. Loans secured by retail facilities decreased $36 million to $486 million, and other real estate loans decreased $23 million to $343 million. The decreases in these portfolios were partially offset by a $128 million increase in loans secured by multifamily properties to $2.2 billion. Unfunded commercial real estate loan commitments were $1.9 billion at December 31, 2024, a $206 million increase over September 30, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to individuals increased $108 million to $4.0 billion and represent 17% of total loans. Residential mortgage loans increased $76 million while personal loans increased $32 million.

Period End & Average Deposits


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		Change		% Change
Period end deposits
Demand	$	8,371,897	$	8,260,244	$	111,653	1.4	%
Interest-bearing transaction	25,455,106		24,312,211		1,142,895		4.7	%
Savings	828,817		816,707		12,110		1.5	%
Time	3,535,410		3,837,956		(302,546)		(7.9)	%
Total deposits	$	38,191,230	$	37,227,118	$	964,112	2.6	%

Average deposits
Demand	$	8,378,558	$	8,273,656	$	104,902	1.3	%
Interest-bearing transaction	24,992,464		23,986,697		1,005,767		4.2	%
Savings	818,210		820,980		(2,770)		(0.3)	%
Time	3,629,882		3,678,964		(49,082)		(1.3)	%
Total average deposits	$	37,819,114	$	36,760,297	$	1,058,817	2.9	%

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 63% at December 31, 2024, compared to 64% at September 30, 2024, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $38.2 billion at December 31, 2024, a $964 million increase. Interest-bearing transaction account balances increased $1.1 billion while demand deposits increased $112 million. Time deposits decreased $303 million.

Average deposits were $37.8 billion at December 31, 2024, a $1.1 billion increase. Average interest-bearing transaction account balances increased $1.0 billion, and average demand deposit account balances increased $105 million. Average time deposits decreased $49 million.

Average Commercial Banking deposits grew by $811 million over the prior quarter to $17.9 billion, or 47% of total deposits. 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 9% of our total deposits. Wealth Management deposits increased by $145 million to $10.0 billion, or 26% of total deposits. Consumer Banking deposits increased $61 million to $8.2 billion, or 22% of total deposits.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Capital


	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Dec. 31, 2024			Sep. 30, 2024
Common equity Tier 1	4.50	%	2.50	%	7.00	%	13.03		%	12.73		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	13.04		%	12.74		%
Total capital	8.00	%	2.50	%	10.50	%	14.21		%	13.91		%
Tier 1 leverage	4.00	%	N/A		4.00	%	9.97		%	9.67		%
Tangible common equity ratio1							9.17		%	9.22		%
Adjusted common tangible equity ratio1							8.86		%	9.01		%

Common stock repurchased (shares)							—			—
Average price per share repurchased							$	—		$	—

1 See Explanation and Reconciliation of Non-GAAP Measures following.

The company's common equity Tier 1 capital ratio was 13.03% at December 31, 2024. In addition, the company's Tier 1 capital ratio was 13.04%, total capital ratio was 14.21%, and leverage ratio was 9.97% at December 31, 2024. At the beginning of 2020, we elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period. This election added 3 basis points to the company's common equity Tier 1 capital ratio at December 31, 2024. At September 30, 2024, the company's common equity Tier 1 capital ratio was 12.73%, Tier 1 capital ratio was 12.74%, total capital ratio was 13.91%, and leverage ratio was 9.67%.

The company's tangible common equity ratio, a non-GAAP measure, was 9.17% at December 31, 2024, and 9.22% at September 30, 2024. 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 unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 8.86%.

No shares were repurchased during the fourth quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

Nonperforming assets were at a historic low, totaling $49 million, or 0.20% of outstanding loans and repossessed assets, at December 31, 2024, compared to $87 million, or 0.36%, at September 30, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $42 million, or 0.18% of outstanding loans and repossessed assets, at December 31, 2024, compared to $80 million, or 0.34%, at September 30, 2024.

Nonaccruing loans decreased $38 million compared to September 30, 2024. New nonaccruing loans identified in the fourth quarter totaled $5.6 million, offset by $41 million in payments received and $1.3 million in charge-offs. Nonaccruing energy loans decreased $29 million and nonaccruing general business loans decreased $5.2 million.

Net charge-offs remained muted at $528 thousand, or 0.01% of average loans on an annualized basis, in the fourth quarter. Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter of 2024.

No provision for expected credit losses was necessary for the fourth quarter of 2024. The provision for credit losses was $2.0 million in the third quarter of 2024.

At December 31, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.38% of outstanding loans and 831% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At September 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.39% of outstanding loans and 427% of nonaccruing loans.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Securities & Derivatives

The fair value of the available for sale securities portfolio totaled $12.9 billion at December 31, 2024, a $164 million decrease compared to September 30, 2024. At December 31, 2024, the available for sale securities portfolio consisted primarily of $8.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.2 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2024, the available for sale securities portfolio had a net unrealized loss of $537 million, compared to $307 million at September 30, 2024.

We hold an inventory of trading securities in support of sales to a variety of customers. At December 31, 2024, the trading securities portfolio totaled $4.9 billion, compared to $5.1 billion at September 30, 2024.

The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $1.3 million to $17.9 million at December 31, 2024.

Derivative contracts are carried at fair value. At December 31, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $242 million, compared to $415 million at September 30, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $205 million at December 31, 2024, and $393 million at September 30, 2024.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.2 million during the fourth quarter of 2024, including a $22.5 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $20.5 million increase in the fair value of mortgage servicing rights, and $79 thousand of related net interest expense.

Fourth Quarter 2024 Segment Highlights


	Commercial Banking				Consumer Banking				Wealth Management

(In thousands)	Dec. 31, 2024		Sep. 30, 2024		Dec. 31, 2024		Sep. 30, 2024		Dec. 31, 2024		Sep. 30, 2024
Net interest income and fee revenue	$	256,310	$	263,475	$	101,445	$	101,962	$	156,454	$	145,642
Net loans charged-off (recovered)	(115)		(1,329)		993		1,779		(10)		(159)
Personnel expense	49,592		48,152		24,799		24,616		69,944		66,524
Non-personnel expense	31,242		30,235		35,111		33,163		25,252		27,015
Net income before taxes	160,393		172,663		23,580		24,774		48,915		38,804

Average loans	19,996,608		20,340,512		2,147,058		2,057,870		2,160,588		2,151,196
Average deposits	17,941,793		17,131,237		8,197,577		8,136,312		9,983,232		9,837,888
Assets under management or administration	—		—		—		—		114,615,237		110,702,612

Commercial Banking contributed $160.4 million to net income before taxes in the fourth quarter of 2024, a decrease of $12.3 million compared to the third quarter of 2024. Combined net interest income and fee revenue decreased $7.2 million due to a decline in loan balances, along with reduced loan fees and loan spreads. Net loans recovered decreased $1.2 million to $115 thousand in the fourth quarter of 2024. Personnel expense increased $1.4 million due to increased incentive compensation costs during the quarter, and non-personnel expense increased$1.0 million due to ongoing project costs. Other gains, net, declined $1.9 million related to decreased gains on merchant banking investments. Average loans decreased $344 million, or 2%, to $20.0 billion. Average deposits grew $811 million, or 5%, to $17.9 billion.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)

Consumer Banking contributed $23.6 million to net income before taxes in the fourth quarter of 2024, a decrease of $1.2 million compared to the prior quarter. Combined net interest income and fee revenue was consistent with the prior quarter. Other operating expenses increased $2.1 million, primarily due to higher mortgage costs. Average loans increased $89 million, or 4%, to $2.1 billion. Average deposits increased $61 million, or 1%, to $8.2 billion.

Wealth Management contributed $48.9 million to net income before taxes in the fourth quarter of 2024, an increase of $10.1 million over the third quarter of 2024. Combined net interest income and fee revenue increased $10.8 million. Total revenue from institutional trading activities increased $10.8 million, primarily driven by growth in U.S. agency residential mortgage-backed securities trading volumes and increased industry turnover as client demand returned to more normal levels following rate cuts in the prior quarter. Fiduciary and asset management revenue increased $3.2 million led by growth in trust fees, while investment banking revenue decreased $5.6 million following an elevated quarter and other revenue decreased $1.7 million. Other operating expense increased $1.7 million, largely due to growth in sales-based incentive compensation expense driven by increased trading activity, partially offset by lower operational losses. Average loans were consistent with the previous quarter at $2.2 billion. Average deposits increased $145 million, or 1%, to $10.0 billion. Assets under management or administration were $114.6 billion, an increase of $3.9 billion, or 4%.

Conference Call & Webcast

The company will hold a conference call at noon Central time on Tuesday, January 21, 2025, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.

About BOK Financial Corporation

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $115 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 2024 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release 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. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “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, 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 Corporation 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.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION


(In thousands)	Dec. 31, 2024		Sep. 30, 2024
Assets
Cash and due from banks	$	1,043,969	$	928,997
Interest-bearing cash and cash equivalents	390,732		547,043
Trading securities	4,899,090		5,139,725
Investment securities, net of allowance	2,017,225		2,069,865
Available for sale securities	12,851,600		13,015,986
Fair value option securities	17,876		19,172
Restricted equity securities	406,178		389,335
Residential mortgage loans held for sale	77,561		95,494
Loans:
Commercial	15,030,136		14,877,922
Commercial real estate	5,058,452		5,188,655
Loans to individuals	4,026,136		3,918,484
Total loans	24,114,724		23,985,061
Allowance for loan losses	(280,035)		(284,456)
Loans, net of allowance	23,834,689		23,700,605
Premises and equipment, net	634,485		632,819
Receivables	281,091		299,686
Goodwill	1,044,749		1,044,749
Intangible assets, net	46,788		51,205
Mortgage servicing rights	338,145		315,920
Real estate and other repossessed assets, net	2,254		2,625
Derivative contracts, net	242,809		334,382
Cash surrender value of bank-owned life insurance	416,741		413,682
Receivable on unsettled securities sales	4,825		98,526
Other assets	1,135,085		982,169
Total assets	$	49,685,892	$	50,081,985

Liabilities
Deposits:
Demand	$	8,371,897	$	8,260,244
Interest-bearing transaction	25,455,106		24,312,211
Savings	828,817		816,707
Time	3,535,410		3,837,956
Total deposits	38,191,230		37,227,118
Funds purchased and repurchase agreements	1,292,856		743,903
Other borrowings	3,030,123		4,729,880
Subordinated debentures	131,200		131,188
Accrued interest, taxes and expense	352,345		340,290
Due on unsettled securities purchases	405,494		377,240
Derivative contracts, net	237,582		402,559
Other liabilities	494,105		514,609
Total liabilities	44,134,935		44,466,787
Shareholders' equity
Capital, surplus and retained earnings	6,051,393		5,947,732
Accumulated other comprehensive loss	(503,040)		(335,289)
Total shareholders’ equity	5,548,353		5,612,443
Non-controlling interests	2,604		2,755
Total equity	5,550,957		5,615,198
Total liabilities and equity	$	49,685,892	$	50,081,985



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

AVERAGE BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

(In thousands)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Assets
Interest-bearing cash and cash equivalents	$	546,955	$	531,811	$	533,760	$	567,680	$	605,839
Trading securities	5,636,949		5,802,448		5,922,891		5,371,209		5,448,403
Investment securities, net of allowance	2,037,072		2,094,408		2,151,079		2,210,040		2,264,194
Available for sale securities	12,969,630		12,939,422		12,755,865		12,537,981		12,063,398
Fair value option securities	18,384		19,095		19,170		20,080		20,086
Restricted equity securities	338,236		410,800		453,303		412,376		432,780
Residential mortgage loans held for sale	87,353		95,742		81,371		57,402		61,146
Loans:
Commercial	14,973,929		15,076,308		15,516,238		14,992,639		14,680,001
Commercial real estate	5,039,535		5,257,842		5,048,704		5,188,152		5,293,021
Loans to individuals	4,011,080		3,970,734		3,820,211		3,767,776		3,732,086
Total loans	24,024,544		24,304,884		24,385,153		23,948,567		23,705,108
Allowance for loan losses	(283,685)		(287,227)		(283,246)		(278,449)		(273,717)
Loans, net of allowance	23,740,859		24,017,657		24,101,907		23,670,118		23,431,391
Total earning assets	45,375,438		45,911,383		46,019,346		44,846,886		44,327,237
Cash and due from banks	910,894		884,053		871,171		861,319		883,858
Derivative contracts, net	360,352		294,276		273,052		326,564		372,789
Cash surrender value of bank-owned life insurance	414,760		412,945		410,679		409,230		407,665
Receivable on unsettled securities sales	284,793		216,158		171,344		307,389		276,856
Other assets	3,268,949		3,438,220		3,449,607		3,276,184		3,445,265
Total assets	$	50,615,186	$	51,157,035	$	51,195,199	$	50,027,572	$	49,713,670

Liabilities
Deposits:
Demand	$	8,378,558	$	8,273,656	$	8,386,979	$	8,631,416	$	9,378,886
Interest-bearing transaction	24,992,464		23,986,697		23,006,204		22,264,259		20,449,370
Savings	818,210		820,980		832,704		843,037		845,705
Time	3,629,882		3,678,964		3,427,336		3,287,179		3,002,252
Total deposits	37,819,114		36,760,297		35,653,223		35,025,891		33,676,213
Funds purchased and repurchase agreements	1,076,400		1,016,688		1,838,323		1,258,044		2,476,973
Other borrowings	4,489,870		6,366,046		7,151,228		6,844,633		7,120,963
Subordinated debentures	131,185		131,155		131,156		131,154		131,151
Derivative contracts, net	417,026		466,271		380,942		537,993		524,101
Due on unsettled securities purchases	472,334		348,585		351,199		499,936		363,358
Other liabilities	630,957		618,187		539,485		574,954		483,934
Total liabilities	45,036,886		45,707,229		46,045,556		44,872,605		44,776,693
Total equity	5,578,300		5,449,806		5,149,643		5,154,967		4,936,977
Total liabilities and equity	$	50,615,186	$	51,157,035	$	51,195,199	$	50,027,572	$	49,713,670



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

STATEMENTS OF EARNINGS – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended				Year Ended
	December 31,				December 31,
(In thousands, except per share data)	2024		2023		2024		2023
Interest revenue	$	639,125	$	638,324	$	2,636,464	$	2,342,464
Interest expense	326,079		341,649		1,425,706		1,070,284
Net interest income	313,046		296,675		1,210,758		1,272,180
Provision for credit losses	—		6,000		18,000		46,000
Net interest income after provision for credit losses	313,046		290,675		1,192,758		1,226,180
Other operating revenue:
Brokerage and trading revenue	55,505		60,896		218,092		240,610
Transaction card revenue	27,631		28,847		108,865		106,858
Fiduciary and asset management revenue	60,595		51,408		230,860		207,318
Deposit service charges and fees	30,038		27,770		118,745		108,514
Mortgage banking revenue	18,140		12,834		74,107		55,698
Other revenue	15,029		15,035		59,354		62,120
Total fees and commissions	206,938		196,790		810,023		781,118
Other gains, net	4,995		40,452		79,726		56,795
Gain (loss) on derivatives, net	(21,728)		8,592		(22,461)		(9,921)
Gain (loss) on fair value option securities, net	(621)		1,031		(256)		(4,292)
Change in fair value of mortgage servicing rights	20,460		(14,356)		18,437		(3,115)
Loss on available for sale securities, net	—		(27,626)		(45,828)		(30,636)



Total other operating revenue	210,044		204,883		839,641		789,949
Other operating expense:
Personnel	210,675		203,022		811,239		766,610
Business promotion	9,365		8,629		33,274		31,796
Charitable contributions to BOKF Foundation	—		1,542		13,610		2,707
Professional fees and services	15,175		16,288		53,921		55,337
Net occupancy and equipment	32,713		30,355		125,328		121,502
FDIC and other insurance	6,862		8,495		31,105		30,780
FDIC special assessment	(686)		43,773		5,521		43,773
Data processing and communications	48,024		45,584		187,273		181,365
Printing, postage and supplies	3,699		3,844		15,079		15,225
Amortization of intangible assets	2,855		3,543		11,612		13,882
Mortgage banking costs	10,692		8,085		34,638		30,524
Other expense	8,282		10,923		43,155		39,380
Total other operating expense	347,656		384,083		1,365,755		1,332,881

Net income before taxes	175,434		111,475		666,644		683,248
Federal and state income taxes	39,280		28,953		143,091		152,115

Net income	136,154		82,522		523,553		531,133
Net income (loss) attributable to non-controlling interests	—		(53)		(16)		387
Net income attributable to BOK Financial Corporation shareholders	$	136,154	$	82,575	$	523,569	$	530,746

Average shares outstanding:
Basic	63,491,458		64,750,171		63,745,088		65,651,569
Diluted	63,491,458		64,750,171		63,745,088		65,651,569

Net income per share:
Basic	$	2.12	$	1.26	$	8.14	$	8.02
Diluted	$	2.12	$	1.26	$	8.14	$	8.02



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

QUARTERLY EARNINGS TREND – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

(In thousands, except ratio and per share data)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Interest revenue	$	639,125	$	680,310	$	671,817	$	645,212	$	638,324
Interest expense	326,079		372,191		375,796		351,640		341,649
Net interest income	313,046		308,119		296,021		293,572		296,675
Provision for credit losses	—		2,000		8,000		8,000		6,000
Net interest income after provision for credit losses	313,046		306,119		288,021		285,572		290,675
Other operating revenue:
Brokerage and trading revenue	55,505		50,391		53,017		59,179		60,896
Transaction card revenue	27,631		28,495		27,246		25,493		28,847
Fiduciary and asset management revenue	60,595		57,384		57,576		55,305		51,408
Deposit service charges and fees	30,038		30,450		29,572		28,685		27,770
Mortgage banking revenue	18,140		18,372		18,628		18,967		12,834
Other revenue	15,029		17,402		13,988		12,935		15,035
Total fees and commissions	206,938		202,494		200,027		200,564		196,790
Other gains, net	4,995		13,087		57,375		4,269		40,452
Gain (loss) on derivatives, net	(21,728)		8,991		(1,091)		(8,633)		8,592
Gain (loss) on fair value option securities, net	(621)		764		(94)		(305)		1,031
Change in fair value of mortgage servicing rights	20,460		(16,453)		3,453		10,977		(14,356)
Gain (loss) on available for sale securities, net	—		(691)		34		(45,171)		(27,626)




Total other operating revenue	210,044		208,192		259,704		161,701		204,883
Other operating expense:
Personnel	210,675		206,821		191,090		202,653		203,022
Business promotion	9,365		7,681		8,250		7,978		8,629
Charitable contributions to BOKF Foundation	—		—		13,610		—		1,542
Professional fees and services	15,175		13,405		13,331		12,010		16,288
Net occupancy and equipment	32,713		32,077		30,245		30,293		30,355
FDIC and other insurance	6,862		8,186		7,317		8,740		8,495
FDIC special assessment	(686)		(1,437)		1,190		6,454		43,773
Data processing and communications	48,024		47,554		46,131		45,564		45,584
Printing, postage and supplies	3,699		3,594		3,789		3,997		3,844
Amortization of intangible assets	2,855		2,856		2,898		3,003		3,543
Mortgage banking costs	10,692		9,059		8,532		6,355		8,085
Other expense	8,282		11,229		10,307		13,337		10,923
Total other operating expense	347,656		341,025		336,690		340,384		384,083
Net income before taxes	175,434		173,286		211,035		106,889		111,475
Federal and state income taxes	39,280		33,313		47,303		23,195		28,953
Net income	136,154		139,973		163,732		83,694		82,522
Net income (loss) attributable to non-controlling interests	—		(26)		19		(9)		(53)
Net income attributable to BOK Financial Corporation shareholders	$	136,154	$	139,999	$	163,713	$	83,703	$	82,575

Average shares outstanding:
Basic	63,491,458		63,489,581		63,714,204		64,290,105		64,750,171
Diluted	63,491,458		63,489,581		63,714,204		64,290,105		64,750,171
Net income per share:
Basic	$	2.12	$	2.18	$	2.54	$	1.29	$	1.26
Diluted	$	2.12	$	2.18	$	2.54	$	1.29	$	1.26



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

FINANCIAL HIGHLIGHTS – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

(In thousands, except ratio and share data)	Dec. 31, 2024			Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Capital:
Period end shareholders' equity	$	5,548,353		$	5,612,443		$	5,229,130		$	5,128,751		$	5,142,442
Risk weighted assets	$	38,315,722		$	38,365,133		$	39,405,794		$	38,952,556		$	38,820,977
Risk-based capital ratios:
Common equity Tier 1	13.03		%	12.73		%	12.10		%	11.99		%	12.06		%
Tier 1	13.04		%	12.74		%	12.11		%	12.00		%	12.07		%
Total capital	14.21		%	13.91		%	13.25		%	13.15		%	13.16		%
Leverage ratio	9.97		%	9.67		%	9.39		%	9.42		%	9.45		%
Tangible common equity ratio1	9.17		%	9.22		%	8.38		%	8.21		%	8.29		%
Adjusted tangible common equity ratio1	8.86		%	9.01		%	8.06		%	7.92		%	8.02		%

Common stock:
Book value per share	$	86.53		$	87.53		$	81.54		$	79.50		$	79.15
Tangible book value per share	$	69.51		$	70.44		$	64.41		$	62.42		$	62.15
Market value per share:
High	$	121.58		$	108.01		$	96.41		$	92.08		$	87.52
Low	$	99.93		$	86.43		$	85.02		$	77.86		$	62.42
Cash dividends paid	$	36,421		$	35,147		$	35,288		$	35,568		$	35,739
Dividend payout ratio	26.75		%	25.11		%	21.55		%	42.49		%	43.28		%
Shares outstanding, net	64,121,299			64,118,417			64,127,824			64,515,035			64,967,177
Stock buy-back program:
Shares repurchased	—			—			412,176			616,630			700,237
Amount	$	—		$	—		$	37,253		$	51,727		$	49,710
Average price paid per share2	$	—		$	—		$	90.38		$	83.89		$	70.99

Performance ratios (quarter annualized):
Return on average assets	1.07		%	1.09		%	1.29		%	0.67		%	0.66		%
Return on average equity	9.71		%	10.22		%	12.79		%	6.53		%	6.64		%
Return on average tangible common equity1	12.09		%	12.80		%	16.27		%	8.31		%	8.56		%
Net interest margin	2.75		%	2.68		%	2.56		%	2.61		%	2.64		%
Efficiency ratio1	65.61		%	65.11		%	59.83		%	67.13		%	71.62		%


Other data:
Tax equivalent interest	$	2,466		$	2,385		$	2,196		$	2,100		$	2,112
Net unrealized loss on available for sale securities	$	(537,335)		$	(307,360)		$	(649,236)		$	(643,259)		$	(616,624)



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)


	Three Months Ended

(In thousands, except ratio and share data)	Dec. 31, 2024			Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Mortgage banking:
Mortgage production revenue	$	1,282		$	1,563		$	2,369		$	3,525		$	(2,535)

Mortgage loans funded for sale	$	208,300		$	224,749		$	240,038		$	139,176		$	139,255
Add: Current period end outstanding commitments	36,590			70,102			62,960			67,951			34,783
Less: Prior period end outstanding commitments	70,102			62,960			67,951			34,783			49,284
Total mortgage production volume	$	174,788		$	231,891		$	235,047		$	172,344		$	124,754

Mortgage loan refinances to mortgage loans funded for sale	19		%	11		%	7		%	10		%	10		%
Realized margin on funded mortgage loans	0.87		%	0.93		%	0.97		%	1.46		%	(0.98)		%
Production revenue as a percentage of production volume	0.73		%	0.67		%	1.01		%	2.05		%	(2.03)		%

Mortgage servicing revenue	$	16,858		$	16,809		$	16,259		$	15,442		$	15,369
Average outstanding principal balance of mortgage loans serviced for others	$	22,214,392		$	22,203,787		$	22,287,559		$	21,088,898		$	20,471,030
Average mortgage servicing revenue rates	0.30		%	0.30		%	0.29		%	0.29		%	0.30		%

Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	(21,917)		$	11,357		$	(3,484)		$	(9,357)		$	8,275
Gain (loss) on fair value option securities, net	(621)			764			(94)			(305)			1,031
Gain (loss) on economic hedge of mortgage servicing rights	(22,538)			12,121			(3,578)			(9,662)			9,306
Change in fair value of mortgage servicing rights	20,460			(16,453)			3,453			10,977			(14,356)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	(2,078)			(4,332)			(125)			1,315			(5,050)
Net interest expense on fair value option securities3	(79)			(146)			(96)			(155)			(101)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	(2,157)		$	(4,478)		$	(221)		$	1,160		$	(5,151)

1 See Reconciliation of Non-GAAP Measures following.

2 Excludes 1% excise tax on corporate stock repurchases.

3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

(In thousands, except ratio and share data)	Dec. 31, 2024			Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,548,353		$	5,612,443		$	5,229,130		$	5,128,751		$	5,142,442
Less: Goodwill and intangible assets, net	1,091,537			1,095,954			1,098,777			1,101,643			1,104,728
Tangible common equity	4,456,816			4,516,489			4,130,353			4,027,108			4,037,714
Add: Unrealized loss on investment securities, net	(199,519)			(132,192)			(204,636)			(185,978)			(171,903)
Add: Tax effect on unrealized loss on investment securities, net	46,925			31,090			48,128			43,740			40,430
Adjusted tangible common equity	$	4,304,222		$	4,415,387		$	3,973,845		$	3,884,870		$	3,906,241

Total assets	$	49,685,892		$	50,081,985		$	50,403,457		$	50,160,380		$	49,824,830
Less: Goodwill and intangible assets, net	1,091,537			1,095,954			1,098,777			1,101,643			1,104,728
Tangible assets	$	48,594,355		$	48,986,031		$	49,304,680		$	49,058,737		$	48,720,102

Tangible common equity ratio	9.17		%	9.22		%	8.38		%	8.21		%	8.29		%











Adjusted tangible common equity ratio	8.86		%	9.01		%	8.06		%	7.92		%	8.02		%

Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,575,583		$	5,446,998		$	5,146,785		$	5,152,061		$	4,933,917
Less: Average goodwill and intangible assets, net	1,094,466			1,097,317			1,100,139			1,103,090			1,107,949
Average tangible common equity	$	4,481,117		$	4,349,681		$	4,046,646		$	4,048,971		$	3,825,968

Net income	$	136,154		$	139,999		$	163,713		$	83,703		$	82,575

Return on average tangible common equity	12.09		%	12.80		%	16.27		%	8.31		%	8.56		%

Reconciliation of pre-provision net revenue:
Net income before taxes	$	175,434		$	173,286		$	211,035		$	106,889		$	111,475
Add: Provision for expected credit losses	—			2,000			8,000			8,000			6,000
Less: Net income (loss) attributable to non-controlling interests	—			(26)			19			(9)			(53)
Pre-provision net revenue	$	175,434		$	175,312		$	219,016		$	114,898		$	117,528

Calculation of efficiency ratio:
Total other operating expense	$	347,656		$	341,025		$	336,690		$	340,384		$	384,083
Less: Amortization of intangible assets	2,855			2,856			2,898			3,003			3,543
Numerator for efficiency ratio	$	344,801		$	338,169		$	333,792		$	337,381		$	380,540





Net interest income	$	313,046		$	308,119		$	296,021		$	293,572		$	296,675
Tax-equivalent adjustment	2,466			2,385			2,196			2,100			2,112
Tax-equivalent net interest income	315,512			310,504			298,217			295,672			298,787
Total other operating revenue	210,044			208,192			259,704			161,701			204,883
Less: Gain (loss) on available for sale securities, net	—			(691)			34			(45,171)			(27,626)
Denominator for efficiency ratio	$	525,556		$	519,387		$	557,887		$	502,544		$	531,296




Efficiency ratio	65.61		%	65.11		%	59.83		%	67.13		%	71.62		%



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)


	Three Months Ended

(In thousands, except ratio and share data)	Dec. 31, 2024			Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income	$	313,046		$	308,119		$	296,021		$	293,572		$	296,675
Less: Trading activities net interest income	4,648			3,751			(275)			(498)			(3,305)
Net interest income excluding trading activities	308,398			304,368			296,296			294,070			299,980
Tax-equivalent adjustment	2,466			2,385			2,196			2,100			2,112
Tax-equivalent net interest income excluding trading activities	$	310,864		$	306,753		$	298,492		$	296,170		$	302,092

Average interest-earning assets	$	45,375,438		$	45,911,383		$	46,019,346		$	44,846,886		$	44,327,237
Less: Average trading activities interest-earning assets	5,636,949			5,802,448			5,922,891			5,371,209			5,448,403
Average interest-earning assets excluding trading activities	$	39,738,489		$	40,108,935		$	40,096,455		$	39,475,677		$	38,878,834

Net interest margin on average interest-earning assets	2.75		%	2.68		%	2.56		%	2.61		%	2.64		%
Net interest margin on average trading activities interest-earning assets	0.36		%	0.29		%	(0.05)		%	(0.07)		%	(0.20)		%
Net interest margin on average interest-earning assets excluding trading activities	3.09		%	3.02		%	2.94		%	2.97		%	3.03		%

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 does 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.

Net interest income and net interest margin excluding trading activities removes 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.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

LOANS TREND – UNAUDITED

BOK FINANCIAL CORPORATION


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Commercial:
Healthcare	$	3,967,533	$	4,149,069	$	4,231,058	$	4,245,939	$	4,143,233
Services	3,643,203		3,573,670		3,577,144		3,529,421		3,576,223
Energy	3,254,724		3,126,635		3,451,485		3,443,719		3,437,101
General business	4,164,676		4,028,548		4,363,722		3,913,788		3,647,212
Total commercial	15,030,136		14,877,922		15,623,409		15,132,867		14,803,769

Commercial real estate:
Multifamily	2,237,064		2,109,445		1,997,282		1,960,839		1,872,760
Industrial	1,127,867		1,270,928		1,214,991		1,343,970		1,475,165
Office	755,838		815,966		876,897		901,105		909,442
Retail	485,926		521,874		547,706		543,735		592,632
Residential construction and land development	109,120		105,048		88,252		83,906		95,052
Other commercial real estate	342,637		365,394		358,447		403,122		392,596
Total commercial real estate	5,058,452		5,188,655		5,083,575		5,236,677		5,337,647

Loans to individuals:
Residential mortgage	2,436,958		2,370,293		2,281,226		2,192,584		2,160,640
Residential mortgages guaranteed by U.S. government agencies	136,649		127,747		131,825		139,456		149,807
Personal	1,452,529		1,420,444		1,433,546		1,470,976		1,453,105
Total loans to individuals	4,026,136		3,918,484		3,846,597		3,803,016		3,763,552

Total	$	24,114,724	$	23,985,061	$	24,553,581	$	24,172,560	$	23,904,968



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Texas:
Commercial	$	7,411,416	$	7,437,800	$	7,879,143	$	7,515,070	$	7,384,107
Commercial real estate	1,731,281		1,816,276		1,754,087		1,935,728		1,987,037

Loans to individuals	918,994		880,213		908,920		964,464		914,134
Total Texas	10,061,691		10,134,289		10,542,150		10,415,262		10,285,278

Oklahoma:
Commercial	3,585,592		3,440,385		3,619,136		3,478,146		3,275,907
Commercial real estate	513,101		557,025		556,971		605,419		606,515

Loans to individuals	2,440,874		2,367,725		2,273,240		2,176,268		2,147,782
Total Oklahoma	6,539,567		6,365,135		6,449,347		6,259,833		6,030,204

Colorado:
Commercial	2,188,324		2,175,540		2,220,887		2,244,416		2,273,179
Commercial real estate	759,168		835,478		806,522		766,100		769,329

Loans to individuals	213,768		216,938		217,990		221,291		228,257
Total Colorado	3,161,260		3,227,956		3,245,399		3,231,807		3,270,765

Arizona:
Commercial	1,082,829		1,064,380		1,104,875		1,149,394		1,143,682
Commercial real estate	1,098,174		1,115,928		1,045,837		1,007,972		1,003,331

Loans to individuals	215,531		218,340		208,419		218,664		248,873
Total Arizona	2,396,534		2,398,648		2,359,131		2,376,030		2,395,886

Kansas/Missouri:
Commercial	305,957		306,370		336,232		320,609		331,179
Commercial real estate	515,511		438,424		482,249		497,036		511,947

Loans to individuals	164,638		158,524		157,750		141,767		144,958
Total Kansas/Missouri	986,106		903,318		976,231		959,412		988,084

New Mexico:
Commercial	325,246		324,605		318,711		317,651		291,736
Commercial real estate	402,217		386,037		367,678		352,559		389,106

Loans to individuals	60,703		64,511		67,747		67,814		67,485
Total New Mexico	788,166		775,153		754,136		738,024		748,327

Arkansas:
Commercial	130,772		128,842		144,425		107,581		103,979
Commercial real estate	39,000		39,487		70,231		71,863		70,382

Loans to individuals	11,628		12,233		12,531		12,748		12,063
Total Arkansas	181,400		180,562		227,187		192,192		186,424

Total BOK Financial	$	24,114,724	$	23,985,061	$	24,553,581	$	24,172,560	$	23,904,968

Loans attributed to a principal market may not always represent the location of the borrower or the collateral.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Oklahoma:
Demand	$	3,618,771	$	3,491,996	$	3,721,009	$	3,365,529	$	3,586,091
Interest-bearing:
Transaction	13,352,732		12,474,626		12,115,793		12,362,193		10,929,704
Savings	497,443		490,957		496,289		509,775		500,313
Time	2,138,620		2,462,463		2,157,778		2,136,583		1,984,336
Total interest-bearing	15,988,795		15,428,046		14,769,860		15,008,551		13,414,353
Total Oklahoma	19,607,566		18,920,042		18,490,869		18,374,080		17,000,444

Texas:
Demand	2,216,393		2,228,690		2,448,433		2,201,561		2,306,334
Interest-bearing:
Transaction	6,205,605		6,191,794		5,425,670		5,125,834		5,035,856
Savings	154,112		152,392		150,812		157,108		155,652
Time	646,490		648,796		626,724		605,526		492,753
Total interest-bearing	7,006,207		6,992,982		6,203,206		5,888,468		5,684,261
Total Texas	9,222,600		9,221,672		8,651,639		8,090,029		7,990,595

Colorado:
Demand	1,159,076		1,195,637		1,244,848		1,316,971		1,633,672
Interest-bearing:
Transaction	2,089,475		1,935,685		1,921,671		1,951,232		1,921,605
Savings	59,244		56,275		61,184		63,675		67,646
Time	280,081		279,887		261,237		237,656		201,393
Total interest-bearing	2,428,800		2,271,847		2,244,092		2,252,563		2,190,644
Total Colorado	3,587,876		3,467,484		3,488,940		3,569,534		3,824,316

New Mexico:
Demand	659,234		628,594		661,677		683,643		794,467
Interest-bearing:
Transaction	1,305,044		1,275,502		1,323,750		1,085,946		886,089
Savings	90,580		90,867		92,910		95,944		95,453
Time	347,443		336,830		314,133		298,556		258,195
Total interest-bearing	1,743,067		1,703,199		1,730,793		1,480,446		1,239,737
Total New Mexico	2,402,301		2,331,793		2,392,470		2,164,089		2,034,204

Arizona:
Demand	418,587		435,553		448,587		502,143		524,167
Interest-bearing:
Transaction	1,277,494		1,237,811		1,227,895		1,181,539		1,174,715
Savings	12,336		11,228		11,542		12,024		11,636
Time	70,390		59,508		56,102		46,962		41,884
Total interest-bearing	1,360,220		1,308,547		1,295,539		1,240,525		1,228,235
Total Arizona	1,778,807		1,744,100		1,744,126		1,742,668		1,752,402



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)


(In thousands)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Kansas/Missouri:
Demand	277,440		255,950		291,045		316,041		326,496
Interest-bearing:
Transaction	1,169,541		1,134,544		1,040,114		985,706		966,166
Savings	12,158		11,896		14,998		13,095		13,821
Time	37,210		35,316		32,921		30,411		23,955
Total interest-bearing	1,218,909		1,181,756		1,088,033		1,029,212		1,003,942
Total Kansas/Missouri	1,496,349		1,437,706		1,379,078		1,345,253		1,330,438

Arkansas:
Demand	22,396		23,824		24,579		28,168		25,266
Interest-bearing:
Transaction	55,215		62,249		52,149		55,735		49,966
Savings	2,944		3,092		2,754		2,776		2,564
Time	15,176		15,156		15,040		11,215		9,506
Total interest-bearing	73,335		80,497		69,943		69,726		62,036
Total Arkansas	95,731		104,321		94,522		97,894		87,302

Total BOK Financial	$	38,191,230	$	37,227,118	$	36,241,644	$	35,383,547	$	34,019,701



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

NET INTEREST MARGIN TREND – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents	4.60	%	5.33	%	5.86	%	4.96	%	5.30	%
Trading securities	4.90	%	5.36	%	5.06	%	5.12	%	5.05	%



Investment securities, net of allowance	1.42	%	1.41	%	1.41	%	1.42	%	1.42	%



Available for sale securities	3.82	%	3.76	%	3.71	%	3.48	%	3.27	%
Fair value option securities	3.70	%	3.69	%	3.68	%	3.59	%	3.57	%
Restricted equity securities	7.60	%	8.20	%	8.11	%	8.59	%	8.01	%
Residential mortgage loans held for sale	5.85	%	6.15	%	6.50	%	6.25	%	6.59	%
Loans	7.01	%	7.47	%	7.41	%	7.40	%	7.36	%
Allowance for loan losses
Loans, net of allowance	7.10	%	7.55	%	7.49	%	7.48	%	7.45	%
Total tax-equivalent yield on earning assets	5.59	%	5.89	%	5.80	%	5.73	%	5.64	%

Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction	3.42	%	3.78	%	3.76	%	3.68	%	3.44	%
Savings	0.59	%	0.60	%	0.58	%	0.57	%	0.53	%
Time	4.56	%	4.56	%	4.51	%	4.54	%	4.13	%
Total interest-bearing deposits	3.48	%	3.79	%	3.76	%	3.69	%	3.43	%
Funds purchased and repurchase agreements	3.78	%	3.89	%	4.28	%	4.05	%	4.79	%
Other borrowings	4.95	%	5.55	%	5.58	%	5.56	%	5.55	%
Subordinated debt	6.80	%	7.15	%	7.07	%	7.09	%	7.09	%
Total cost of interest-bearing liabilities	3.69	%	4.11	%	4.15	%	4.08	%	3.98	%
Tax-equivalent net interest spread	1.90	%	1.78	%	1.65	%	1.65	%	1.66	%
Effect of noninterest-bearing funding sources and other	0.85	%	0.90	%	0.91	%	0.96	%	0.98	%
Tax-equivalent net interest margin	2.75	%	2.68	%	2.56	%	2.61	%	2.64	%

Yield calculations are shown on a tax equivalent basis 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.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

CREDIT QUALITY INDICATORS – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended

(In thousands, except ratios)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy	$	49	$	28,986	$	28,668	$	14,991	$	17,843
Healthcare	13,717		15,927		20,845		49,307		81,529
Services	767		1,425		3,165		3,319		3,616
General business	114		5,334		5,756		7,003		7,143
Total commercial	14,647		51,672		58,434		74,620		110,131

Commercial real estate	9,905		12,364		12,883		22,087		7,320

Loans to individuals:
Permanent mortgage	15,261		13,688		12,627		13,449		18,056
Permanent mortgage guaranteed by U.S. government agencies	6,803		6,520		6,617		9,217		9,709
Personal	109		71		122		142		253
Total loans to individuals	22,173		20,279		19,366		22,808		28,018

Total nonaccruing loans	46,725		84,315		90,683		119,515		145,469

Real estate and other repossessed assets	2,254		2,625		2,334		2,860		2,875
Total nonperforming assets	$	48,979	$	86,940	$	93,017	$	122,375	$	148,344

Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	42,176	$	80,420	$	86,400	$	113,158	$	138,635

Accruing loans 90 days past due1	$	—	$	597	$	2,962	$	—	$	170

Gross charge-offs	$	1,339	$	2,496	$	7,940	$	7,060	$	5,007
Recoveries	(811)		(2,550)		(995)		(1,600)		(911)
Net charge-offs (recoveries)	$	528	$	(54)	$	6,945	$	5,460	$	4,096

Provision for loan losses	$	(3,893)	$	(3,424)	$	13,148	$	9,960	$	9,105
Provision for credit losses from off-balance sheet unfunded loan commitments	3,874		5,430		(4,983)		(1,658)		(3,627)
Provision for expected credit losses from mortgage banking activities	30		47		(153)		(265)		530
Provision for credit losses related to held-to maturity (investment) securities portfolio	(11)		(53)		(12)		(37)		(8)
Total provision for credit losses	$	—	$	2,000	$	8,000	$	8,000	$	6,000



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)


	Three Months Ended

(In thousands, except ratios)	Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023

Allowance for loan losses to period end loans	1.16	%	1.19	%	1.17	%	1.17	%	1.16	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.38	%	1.39	%	1.34	%	1.36	%	1.36	%
Nonperforming assets to period end loans and repossessed assets	0.20	%	0.36	%	0.38	%	0.51	%	0.62	%
Net charge-offs (annualized) to average loans	0.01	%	—	%	0.11	%	0.09	%	0.07	%
Allowance for loan losses to nonaccruing loans1	701.46	%	365.65	%	342.38	%	255.33	%	204.13	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	830.81	%	427.05	%	392.74	%	298.23	%	240.20	%

1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government.



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(b)

SEGMENTS – UNAUDITED

BOK FINANCIAL CORPORATION


	Three Months Ended				4Q24 vs 3Q24				Year Ended			2024 vs 2023

(In thousands, except ratios)	Dec. 31, 2024		Sep. 30, 2024		Change		% Change			Dec 31, 2024		Dec 31, 2023		Change		% Change
Commercial Banking:
Net interest income	$	199,735	$	207,610	$	(7,875)	(3.8)	%		$	815,096	$	873,399	$	(58,303)	(6.7)	%
Fees and commissions revenue	56,575		55,865		710		1.3	%		216,790		234,334		(17,544)		(7.5)	%
Combined net interest income and fee revenue	256,310		263,475		(7,165)		(2.7)	%		1,031,886		1,107,733		(75,847)		(6.8)	%
Other operating expense	80,834		78,387		2,447		3.1	%		305,430		315,848		(10,418)		(3.3)	%
Corporate allocations	16,848		17,371		(523)		(3.0)	%		69,997		74,999		(5,002)		(6.7)	%
Net income before taxes	160,393		172,663		(12,270)		(7.1)	%		491,607		715,586		(223,979)		(31.3)	%

Average assets	21,510,871		21,881,574		(370,703)		(1.7)	%		21,751,103		21,003,551		747,552		3.6	%
Average loans	19,996,608		20,340,512		(343,904)		(1.7)	%		20,201,849		19,374,797		827,052		4.3	%
Average deposits	17,941,793		17,131,237		810,556		4.7	%		16,752,377		15,321,427		1,430,950		9.3	%

Consumer Banking:
Net interest income	$	65,485	$	65,263	$	222	0.3	%		$	260,047	$	267,020	$	(6,973)	(2.6)	%
Fees and commissions revenue	35,960		36,699		(739)		(2.0)	%		145,118		123,732		21,386		17.3	%
Combined net interest income and fee revenue	101,445		101,962		(517)		(0.5)	%		405,165		390,752		14,413		3.7	%
Other operating expense	59,910		57,779		2,131		3.7	%		226,264		212,114		14,150		6.7	%
Corporate allocations	14,874		13,298		1,576		11.9	%		55,737		48,565		7,172		14.8	%
Net income before taxes	23,580		24,774		(1,194)		(4.8)	%		112,224		106,977		5,247		4.9	%

Average assets	8,238,609		8,172,256		66,353		0.8	%		8,112,293		8,040,602		71,691		0.9	%
Average loans	2,147,058		2,057,870		89,188		4.3	%		2,023,837		1,800,320		223,517		12.4	%
Average deposits	8,197,577		8,136,312		61,265		0.8	%		8,077,700		8,014,159		63,541		0.8	%

Wealth Management:
Net interest income	$	38,144	$	33,185	$	4,959	14.9	%		$	129,228	$	119,018	$	10,210	8.6	%
Fees and commissions revenue	118,310		112,457		5,853		5.2	%		462,679		475,447		(12,768)		(2.7)	%
Combined net interest income and fee revenue	156,454		145,642		10,812		7.4	%		591,907		594,465		(2,558)		(0.4)	%
Other operating expense	95,196		93,539		1,657		1.8	%		378,237		351,467		26,770		7.6	%
Corporate allocations	12,353		13,458		(1,105)		(8.2)	%		57,073		54,401		2,672		4.9	%
Net income before taxes	48,915		38,804		10,111		26.1	%		119,678		219,647		(99,969)		(45.5)	%

Average assets	10,775,744		10,566,503		209,241		2.0	%		10,772,189		9,883,180		889,009		9.0	%
Average loans	2,160,588		2,151,196		9,392		0.4	%		2,177,465		2,201,614		(24,149)		(1.1)	%
Average deposits	9,983,232		9,837,888		145,344		1.5	%		9,654,008		7,739,490		1,914,518		24.7	%
Fiduciary assets	67,979,134		63,703,618		4,275,516		6.7	%		67,979,134		59,798,693		8,180,441		13.7	%
Assets under management or administration	114,615,237		110,702,612		3,912,625		3.5	%		114,615,237		104,736,999		9,878,238		9.4	%

Certain prior period amounts have been reclassified to conform to current period presentation.

Document 1

EX-99.2 3 a20241231bokfearningscal.htm EX-99.2 a20241231bokfearningscal

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic January 21, 2025 Q4 Earnings Conference Call

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic This presentation 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. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” "outlook," “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, 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. For a discussion of risk factors that may cause actual results to differ from expectations, please refer to BOK Financial Corporation’s most recent annual and quarterly reports. BOK Financial Corporation 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. Non-GAAP Financial Measures: This presentation may refer to non-GAAP financial measures. Additional information on these financial measures is available in BOK Financial’s 10-Q and 10-K filings with the Securities and Exchange Commission which can be accessed at bokf.com. All data is presented as of December 31, 2024 unless otherwise noted. Legal Disclaimers 2

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Stacy Kymes Chief Executive Officer 3

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Q4 Financial Highlights * Non-GAAP measure Attributable to shareholders Per share (diluted) Net Income • Net Income was $136.2 million, or $2.12 per diluted share • Net interest margin expanded 7 basis points with core net interest margin excluding trading also expanding 7 basis points • Asset quality remains very strong with non-performing assets, excluding loans guaranteed by U.S. government agencies, declining 47.6% to the lowest level in 20 years. Net charge- offs were $528 thousand during Q4 • Period end loans grew 0.5% to $24.1 billion • Continued strong capital and liquidity position with deposits growing $964 million during the quarter 4 $82.6 $83.7 $163.7 $140.0 $136.2 $1.26 $1.29 $2.54 $2.18 $2.12 4Q23 1Q24 2Q24 3Q24 4Q24 ($Million, exc. EPS) Q4 2024 Q3 2024 Q4 2023 Net income $136.2 $140.0 $82.6 Diluted EPS $2.12 $2.18 $1.26 Net income before taxes $175.4 $173.3 $111.5 Provision for credit losses $0.0 $2.0 $6.0 Pre-provision net revenue* $175.4 $175.3 $117.5 Efficiency ratio 65.6% 65.1% 71.6% Revenue Composition as of 12/31/2024 60% 11% 12% 5% 6% 3% 3% Net Interest Income Trading & Brokerage Fiduciary & Asset Management Transaction Card Deposit Service Charges Mortgage Banking Other Revenue

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Additional Details 5 ◦ Period end loan balances grew $130 million, with higher commercial balances and loans to individuals, partially offset by decreased CRE activity. Average loan balances declined $280 million with lower commercial and CRE balances, partially offset by higher loans to individuals ◦ Average deposits increased $1.1 billion in Q4, largely attributed to interest bearing transaction account balances ◦ Strong deposit growth reduced the loan- to-deposit ratio by 1% to 63% at December 31, continuing to be well below the pre-pandemic level of 79% at Dec. 31, 2019 ◦ Assets under management or administration increased $3.9 billion, driven by increased market valuations and new business ($Billion) Q4 2024 Quarterly Sequential Quarterly YOY Period End Loans $24.1 0.5% 0.9% Average Loans $24.0 (1.2)% 1.3% Period End Deposits $38.2 2.6% 12.3% Average Deposits $37.8 2.9% 12.3% Fiduciary Assets $68.0 6.7% 13.7% Assets Under Management or Administration $114.6 3.5% 9.4%

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Marc Maun EVP, Regional Banking Executive 6

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Loan Portfolio • Combined Services & General Business (Core C&I) balances increased $206 million or 2.7% linked quarter and $584 million or 8.1% year over year • Energy balances increased $128 million reflecting fund ups of balances and new relationships • Healthcare balances decreased $182 million linked quarter as we continue to see payoff activity into the fixed rate HUD market • Commercial Real Estate loan balances declined $130 million or 2.5% linked quarter as part of the normal cycle of refinancing completed projects 7 ($Million) Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023 Seq. Loan Growth YOY Loan Growth Energy $ 3,254.7 $ 3,126.6 $ 3,437.1 4.1% (5.3)% Services 3,643.2 3,573.7 3,576.2 1.9% 1.9% Healthcare 3,967.5 4,149.1 4,143.2 (4.4)% (4.2)% General Business 4,164.7 4,028.5 3,647.2 3.4% 14.2% Total Commercial $ 15,030.1 $ 14,877.9 $ 14,803.8 1.0% 1.5% Multifamily $ 2,237.1 $ 2,109.4 $ 1,872.8 6.0% 19.5% Industrial 1,127.9 1,270.9 1,475.2 (11.3)% (23.5)% Office 755.8 816.0 909.4 (7.4)% (16.9)% Retail 485.9 521.9 592.6 (6.9)% (18.0)% Residential Construction and Land Development 109.1 105.0 95.1 3.9% 14.8% Other Commercial Real Estate 342.6 365.4 392.6 (6.2)% (12.7)% Total Commercial Real Estate $ 5,058.5 $ 5,188.7 $ 5,337.6 (2.5)% (5.2)% Loans to individuals $ 4,026.1 $ 3,918.5 $ 3,763.6 2.7% 7.0% Total Loans $ 24,114.7 $ 23,985.1 $ 23,905.0 0.5% 0.9%

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Credit Quality Metrics • Credit quality remains very strong with a 47.6% decline in non-performing assets during the quarter, excluding those guaranteed by U.S. government agencies, representing the lowest level in 20 years • Trailing 12 months net charge-offs at 5 bps with net charge-offs of $528 thousand during Q4 • CRE office exposure is 3% of outstanding period end total loan balances, with properties in resilient markets • No provision for credit losses was necessary for the quarter, a combined allowance for credit losses of $332 million or 1.38% at year end Net Charge-Offs to Average Loans NPA (ex Govt. Guaranteed) as % of Total Loans Annualized 8 0.07% 0.09% 0.11% 0.00% 0.01% 4Q23 1Q24 2Q24 3Q24 4Q24 0.00% 0.20% 0.40% 0.60% 19.1% 18.0% 10.2% 9.4% 11.2% 11.3% 12.0% 4Q18 4Q19 4Q23 1Q24 2Q24 3Q24 4Q24 —% 10.0% 20.0% 30.0% Committed Criticized Assets / Tier 1 Capital & Reserves 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 —% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75%

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Scott Grauer EVP, Wealth Management Executive 9

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Fee Income - Markets & Securities Trading Fees • Increased 39.8% driven by higher MBS volumes and widened spreads as client demand returned to more normal levels Mortgage Banking • Revenue consistent with prior quarter, which reflects higher production volume than 2023 as the origination market showed modest improvement compared to the prior year Syndication and Investment Banking Fees • Syndication fees were up $1.4 million over the prior quarter. Investment banking fees were down $5.5 million versus a record third quarter 10 ($Million) Q4 2024 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Trading Fees $ 33.1 $ 9.4 39.8% (7.0)% Mortgage Banking 18.1 (0.2) (1.3)% 41.3% Customer Hedging Fees 7.2 (0.2) (2.8)% (5.9)% Brokerage Fees* 5.0 — 1.0% (19.8)% Syndication Fees 5.0 1.4 38.2% 7.8% Investment Banking Fees 5.2 (5.5) (51.4)% (23.5)% Markets & Securities $ 73.6 $ 4.9 7.1% (0.1)% * The year-over-year decrease of 19.8% is affected by the sale of our insurance brokerage business in Q4 of 2023. Excluding that impact, Brokerage Fees would have increased 13.4%. ($Million) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Trading Fees $ 33.1 $ 23.6 $ 27.7 $ 37.5 $ 35.5 Trading NII 4.6 3.8 (0.3) (0.5) (3.3) Total Trading Revenue $ 37.7 $ 27.4 $ 27.4 $ 37.0 $ 32.2 A A Total Trading Revenue A + B B

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Fee Income - Asset Management & Transactions Fiduciary & Asset Management • Assets under management or administration (“AUMA”) increased $3.9 billion during the quarter driven by increased market valuations and client growth Other Revenue • Other revenue decreased $2.4 million to $15.0 million following seasonal highs in letter of credit fees in the third quarter 11 ($Million) Q4 2024 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Markets & Securities $ 73.6 $ 4.9 7.1% (0.1)% Fiduciary & Asset Management 60.6 3.2 5.6% 17.9% Transaction Card 27.6 (0.9) (3.0)% (4.2)% Deposit Service Charges & Fees 30.0 (0.4) (1.4)% 8.2% Other Revenue 15.0 (2.4) (13.6)% —% Asset Management & Transactions 133.3 (0.4) (0.3)% 8.3% Total Fees & Commissions $ 206.9 $ 4.4 2.2% 5.2% B+A A B

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Marty Grunst EVP, Chief Financial Officer 12

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Yields, Rate & Margin Net Interest Income • Net interest income was up $4.9 million linked quarter driven by downward repricing of deposits while securities portfolio yields continued to re-price higher Net Interest Margin • 7 basis points NIM increase with core net interest margin excluding trading also up 7 basis points 13 ($Million) Q4 2024 Q3 2024 Q4 2023 Quarterly sequential Quarterly YOY Net Interest Income $313.0 $308.1 $296.7 1.6% 5.5% Net Interest Margin 2.75% 2.68% 2.64% 7 bps 11 bps Yield on Loans 7.01% 7.47% 7.36% (46) bps (35) bps Tax-equivalent Yield on Earning Assets 5.59% 5.89% 5.64% (30) bps (5) bps Cost of Interest-bearing Deposits 3.48% 3.79% 3.43% (31) bps 5 bps Rate on Interest- bearing Liabilities 3.69% 4.11% 3.98% (42) bps (29) bps Net Interest Income ($Million) $300.0 $294.1 $296.3 $304.4 $308.4 $(3.3) $(0.5) $(0.3) $3.8 $4.6 NII excl. Trading * Trading NII 4Q23 1Q24 2Q24 3Q24 4Q24 0 100 200 300 400 2.64% 2.61% 2.56% 2.68% 2.75% 3.03% 2.97% 2.94% 3.02% 3.09% Reported NIM NIM excl. Trading * 4Q23 1Q24 2Q24 3Q24 4Q24 2.50% 3.00% 3.50% 4.00% Net Interest Margin * Non-GAAP measure

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Expenses • Quarterly personnel expenses increased $3.9 million as normal levels of trading activity resumed and we continue to invest in our businesses • Non-personnel expense increased $2.8 million, largely due to project related professional fees and seasonal business promotion costs 14 ($Million) Q4 2024 Q3 2024 Q4 2023 % Incr. Seq. % Incr. YOY Personnel Expense $210.7 $206.8 $203.0 1.9% 3.8% Other Operating Expense $137.0 $134.2 $181.1 2.1% (24.3)% Total Operating Expense $347.7 $341.0 $384.1 1.9% (9.5)% Efficiency Ratio* 65.6% 65.1% 71.6% --- --- * Non-GAAP measure

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic 2025 Full Year Outlook 15 *Refer to Slide #2 regarding forward looking statements, expectations above assume no change to economic environment. **Non-GAAP measure Business Driver 2024 Actuals FY '25 As of 01/21/25* Notes EOP Loans $24.1 billion Mid to upper single-digit growth rate Core C&I grew at an 8.1% rate in 2024. Idiosyncratic payoff activity in Specialized Lending is unlikely to recur. EOP Inv Securities $14.9 billion Flat Net Interest Income $1.2 billion $1.325 to $1.375 billion Assumes two 25bp rate cuts (May/Sept) by year-end. Incremental NII growth supported by mix shift of total trading revenue from fees to NII. Fees & Commissions $810 million $810-$830 million Fee Income excluding Trading Fees growing in the mid to upper single digits. Total Revenue $2.05 billion Mid to upper single-digit growth rate Expenses $1.37 billion Mid single-digit growth Efficiency Ratio** 64.3% Approximately 65% Declining quarterly trend in 2025 as revenue grows. The 2024 efficiency ratio adjusted for discrete items would have been 65.4%. Provision Expense $18 million $20 to $40 million Credit outlook remains strong and charge off levels are expected to remain low.

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Question & Answer Session 16

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Stacy Kymes Chief Executive Officer 17

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Appendix 18

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Credit Resilience Disciplined Credit Concentration • CRE limit on total committed balances is 185% of tier one capital plus reserves • Office CRE outstandings only comprise 3% of total loans 19 100 year history in energy lending and a tested playbook that works • 70% oil / 30% gas-weighted borrowers • Robust stress testing process and 17 petroleum engineers on staff

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Securities and Interest Rate Risk Position Interest Rate Risk • Approximately 74% of the total loan portfolio is variable rate or fixed rate that reprice within a year • Approximately 82% of Commercial and Commercial Real Estate portfolios are variable rate or fixed rate that reprice within a year • Sensitivity to betas - The impact of decreasing our deposit beta by 10% in a down -100 interest rate scenario is (0.38)% on NII 20 Scenario* Δ NII % Δ NII $ Down 200 Ramp, year 1 0.99% $13.2 million Down 100 Ramp, year 1 0.29% $3.9 million Up 100 Ramp, year 1 (0.61)% $(8.1) million Up 200 Ramp, year 1 (2.83)% $(37.9) million Securities Portfolio • Short duration with limited extension, current portfolio duration is 3.3 years, extending to only 3.7 years if rates increase 200 bps • RMBS portfolio is all "AAA" rated with average credit enhancement of ~17% • Portfolio runoff for Q4 2024 was $693 million 92% 5% 2% Govt/GSE Guaranteed RMBS Muni BOKF Securities by Guarantee Type 12/31/2024

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Liquidity & Capital * Non-GAAP measure ** Uninsured and non-collateralized deposits excludes intra-bank deposits Liquidity • Period end deposit balances increased $964 million this quarter • Uninsured and non-collateralized deposit coverage ratio was ~ 175% at December 31, 2024 Capital • Robust capital ratios consistently remain well above regulatory and internal policy thresholds • Tier 1 Common Equity ratio if adjusted to include all securities portfolio losses was 11.3%* • Tangible Common Equity ratio including held-to-maturity losses was 8.9%* • No shares were repurchased in the open market in Q4 21 Q4 2024 Q3 2024 Q4 2023 Loan to Deposit Ratio 63.1% 64.4% 70.3% Period-End Deposits $38.2 billion $37.2 billion $34.0 billion Available Secured Capacity $22.9 billion $22.8 billion $18.3 billion Common Equity Tier 1 13.0% 12.7% 12.1% Total Capital Ratio 14.2% 13.9% 13.2% Tangible Common Equity Ratio * 9.2% 9.2% 8.3% $27.5 $15.7 Potential secured capacity Uninsured and non-collateralized deposits** $— $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Coverage Ratio ~175% Uninsured Deposit Coverage ($Billion)

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic 2024 Financial Highlights * Non-GAAP measure • Net Income was $523.6 million, or $8.14 per diluted share • Asset quality was very strong. Net charge-offs were $12.9 million, or 0.05% of average loans in 2024, compared to $18.1 million, or 0.08% of average loans in 2023 • Period end loans grew 0.9% to $24.1 billion with Core C&I increasing 8.1%, while average loans increased 4.5% • Continued strong capital and liquidity position with deposits growing $4.2 billion over the prior year 22 ($Million, exc. EPS) 2024 2023 Net income $523.6 $530.7 Diluted EPS $8.14 $8.02 Net income before taxes $666.6 $683.2 Provision for credit losses $18.0 $46.0 Pre-provision net revenue* $684.7 $728.9 Efficiency ratio* 64.32% 62.76%

Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic