EX-99.1 2 a20250331bokfex99.htm EX-99.1 Document
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BOK Financial Corporation reports quarterly earnings of $120 million, or $1.86 per share, in the first quarter.
First quarter 2025 financial highlights1
Net Income
Net income was $119.8 million, or $1.86 per diluted share, compared to $136.2 million, or $2.12 per diluted share.
Net Interest Income & Margin
Net interest income totaled $316.3 million, an increase of $3.2 million. Net interest margin expanded 3 basis points to 2.78% compared to 2.75% in the prior quarter.
Fees & Commissions Revenue
Fees and commissions revenue was $184.1 million, a decrease of $22.8 million. Brokerage and trading revenue decreased $24.4 million due to lower trading volumes and trading margin compression, driven by market volatility during the first quarter.
Operating Expense
Operating expense was $347.5 million, consistent with the prior quarter. Personnel expense increased $3.5 million due to seasonally higher employee benefits and regular compensation expenses, partially offset by a reduction in incentive compensation. Non-personnel expense decreased $3.6 million, led by reduced mortgage banking costs and professional fees and services expense.
Loans
Period end loans were $23.7 billion, a decrease of $424 million. A decrease in commercial loans, primarily driven by energy balances, was partially offset by growth in commercial real estate loans and loans to individuals. Average outstanding loan balances were $24.1 billion, a $44 million increase.
Credit Quality
Nonperforming assets totaled $85 million, or 0.36% of outstanding loans and repossessed assets, at March 31, 2025, compared to $49 million, or 0.20%, at December 31, 2024. Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter.
Deposits
Period end deposits grew by $90 million to $38.3 billion, while average deposits increased $540 million to $38.4 billion. Average interest-bearing deposits increased $762 million, while average demand deposits decreased by $222 million. The loan to deposit ratio was 62% at March 31, 2025, compared to 63% at December 31, 2024.
Capital
Tangible common equity ratio was 9.48% compared to 9.17% at December 31, 2024. Tier 1 capital ratio was 13.31%, Common equity Tier 1 capital ratio was 13.31%, and total capital ratio was 14.54%.
1     Comparisons are to prior quarter unless otherwise noted.

p
$3.2 million
2 bps
9.48%
p
31 bps
NET INTEREST INCOME
NET CHARGE-OFFS (ANNUALIZED)
TANGIBLE COMMON EQUITY
CEO Commentary
Stacy Kymes, President and CEO, stated, “Our results this quarter are a testament to the strength and adaptability of our organization and our ability to navigate through times of uncertainty and extraordinary market volatility. Our diverse business model performed well this quarter and our diligent risk management practices were on display despite recent market disruptions and geopolitical events. Net interest income continues to expand, our loan pipeline is strong, credit quality remains excellent and we have incredibly strong capital and liquidity levels. While volatile market conditions may cause temporary headwinds for some of our fee businesses, the model we’ve created is built for long-term success, not just short-term results."
    

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Net Interest Income
(Dollars in thousands)Mar. 31, 2025Dec. 31, 2024Change% Change
Interest revenue
Interest-bearing cash and cash equivalents$6,229 $6,322 $(93)(1.5)%
Trading securities73,871 68,817 5,054 7.3 %
Investment securities7,008 7,256 (248)(3.4)%
Available-for-sale securities127,573 127,803 (230)(0.2)%
Fair value option securities178 183 (5)(2.7)%
Restricted equity securities6,541 6,427 114 1.8 %
Residential mortgage loans held for sale975 1,296 (321)(24.8)%
Loans398,737 423,487 (24,750)(5.8)%
Total interest revenue$621,112 $641,591 $(20,479)(3.2)%
Interest expense
Interest-bearing deposits:
Transaction$204,521 $214,868 $(10,347)(4.8)%
Savings1,168 1,213 (45)(3.7)%
Time35,383 41,643 (6,260)(15.0)%
Total interest-bearing deposits241,072 257,724 (16,652)(6.5)%
Funds purchased and repurchase agreements7,028 10,231 (3,203)(31.3)%
Other borrowings52,135 55,883 (3,748)(6.7)%
Subordinated debentures2,084 2,241 (157)(7.0)%
Total interest expense$302,319 $326,079 $(23,760)(7.3)%
Tax-equivalent net interest income318,793 315,512 3,281 1.0 %
Less: Tax-equivalent adjustment
2,542 2,466 76 3.1 %
Net interest income$316,251 $313,046 $3,205 1.0 %
Net interest margin2.78 %2.75 %0.03 %N/A
Average earning assets$45,606,324 $45,375,438 $230,886 0.5 %
Average trading securities5,881,997 5,636,949 245,048 4.3 %
Average investment securities1,980,005 2,037,072 (57,067)(2.8)%
Average available-for-sale securities12,962,830 12,969,630 (6,800)(0.1)%
Average loans balance24,068,227 24,024,544 43,683 0.2 %
Average interest-bearing deposits30,203,009 29,440,556 762,453 2.6 %
Funds purchased and repurchase agreements935,716 1,076,400 (140,684)(13.1)%
Other borrowings4,626,402 4,489,870 136,532 3.0 %
Net interest income was $316.3 million for the first quarter of 2025, an increase of $3.2 million over the prior quarter. Net interest margin expanded to 2.78% from 2.75%, primarily attributable to liabilities re-pricing lower more quickly than assets during the quarter. For the first quarter of 2025, our core net interest margin excluding trading activities, a non-GAAP measure, decreased 4 basis points to 3.05% compared to 3.09% in the prior quarter.
Average earning assets increased $231 million. Average trading securities increased $245 million. Average loan balances increased $44 million, largely due to growth in portfolio balances for commercial real estate loans and loans to individuals, largely offset by a decrease in commercial loans. Average interest-bearing deposits increased $762 million, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements decreased $141 million, while average other borrowings increased $137 million.
The yield on average earning assets was 5.45%, a 14 basis point decrease from the prior quarter. The loan portfolio yield decreased 30 basis points to 6.71% as the majority of our portfolio is floating rate and realized a full quarter impact of the fed funds rate cuts in the latter half of 2024. The yield on trading securities was up 17 basis points to 5.07%.






2

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Funding costs were 3.42%, down 27 basis points. The cost of interest-bearing deposits decreased 24 basis points to 3.24%. The cost of funds purchased and repurchase agreements decreased 73 basis points to 3.05%, while the cost of other borrowings decreased 38 basis points to 4.57%. The benefit to net interest margin from assets funded by non-interest liabilities was 75 basis points, a decrease of 10 basis points.

Other Operating Revenue
(Dollars in thousands)Mar. 31, 2025Dec. 31, 2024Change% Change
Brokerage and trading revenue$31,068 $55,505 $(24,437)(44.0)%
Transaction card revenue27,092 27,631 (539)(2.0)%
Fiduciary and asset management revenue60,972 60,595 377 0.6 %
Deposit service charges and fees30,275 30,038 237 0.8 %
Mortgage banking revenue19,815 18,140 1,675 9.2 %
Other revenue14,894 15,029 (135)(0.9)%
Total fees and commissions184,116 206,938 (22,822)(11.0)%
Other gains (losses), net(725)4,995 (5,720)N/A
Gain (loss) on derivatives, net9,565 (21,728)31,293 N/A
Gain (loss) on fair value option securities, net325 (621)946 N/A
Change in fair value of mortgage servicing rights(7,240)20,460 (27,700)N/A
Total other operating revenue$186,041 $210,044 $(24,003)(11.4)%
Fees and commissions revenue totaled $184.1 million for the first quarter of 2025, a decrease of $22.8 million compared to the prior quarter.
Brokerage and trading revenue decreased $24.4 million to $31.1 million, primarily driven by lower trading volumes and compressed spreads for U.S. agency mortgage-backed securities, as demand slowed due to market volatility from major geopolitical risks. We also experienced seasonally weaker municipal pipelines during the quarter.
Mortgage banking revenue increased $1.7 million led by higher production as client demand begins to grow and inventory constraints start to ease. Mortgage production volume increased $8.9 million, and realized margin on funded mortgage loans improved 4 bps.
Other gains (losses), net, were a net loss of $725 thousand for the first quarter of 2025, compared to a net gain of $5.0 million in the prior quarter. Unrealized gain on merchant banking investments was $678 thousand and loss on investments related to deferred compensation was $1.1 million for the first quarter of 2025, compared to a gain on merchant banking investments of $2.2 million and a gain of $2.5 million on investments related to deferred compensation in the prior quarter.






3

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Operating Expenses
(Dollars in thousands)Mar. 31, 2025Dec. 31, 2024Change% Change
Personnel$214,185 $210,675 $3,510 1.7 %
Business promotion8,818 9,365 (547)(5.8)%
Professional fees and services13,269 15,175 (1,906)(12.6)%
Net occupancy and equipment32,992 32,713 279 0.9 %
FDIC and other insurance6,587 6,862 (275)(4.0)%
FDIC special assessment523 (686)1,209 N/A
Data processing and communications47,578 48,024 (446)(0.9)%
Printing, postage, and supplies3,639 3,699 (60)(1.6)%
Amortization of intangible assets2,652 2,855 (203)(7.1)%
Mortgage banking costs7,689 10,692 (3,003)(28.1)%
Other expense9,597 8,282 1,315 15.9 %
Total operating expense$347,529 $347,656 $(127)— %
Total operating expense was $347.5 million for the first quarter of 2025, consistent with the prior quarter.
Personnel expense was $214.2 million, an increase of $3.5 million. Employee benefits expense increased $7.7 million, primarily due to a seasonal increase in payroll taxes. Regular compensation costs grew $3.2 million due to standard annual merit increases effective for most employees in March. Cash-based incentive compensation expense decreased $4.6 million, primarily driven by reduced trading activity. Deferred compensation expense decreased $3.2 million; however, this was largely offset by a decrease in the value of related investments included in Other gains (losses), net.
Non-personnel expense was $133.3 million, a decrease of $3.6 million. Lower prepayments led to a $3.0 million decrease in mortgage banking costs. Professional fees and services expense decreased $1.9 million, largely related to lower technology project costs. Other expense increased by $1.3 million due to higher operational losses.





4

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Loans
(Dollars in thousands)Mar. 31, 2025Dec. 31, 2024Change% Change
Commercial:
Healthcare$3,789,446$3,967,533$(178,087)(4.5)%
Services3,704,8343,643,20361,6311.7%
Energy2,860,3303,254,724(394,394)(12.1)%
General business4,048,8214,164,676(115,855)(2.8)%
Total commercial14,403,43115,030,136(626,705)(4.2)%
Commercial Real Estate:
Multifamily2,336,3122,237,06499,2484.4%
Industrial1,163,0891,127,86735,2223.1%
Office704,688755,838(51,150)(6.8)%
Retail497,579485,92611,6532.4%
Residential construction and land development
105,190109,120(3,930)(3.6)%
Other real estate loans356,678342,63714,0414.1%
Total commercial real estate5,163,5365,058,452105,0842.1%
Loans to individuals:
Residential mortgage
2,471,3452,436,95834,3871.4%
Residential mortgages guaranteed by U.S. government agencies133,453136,649(3,196)(2.3)%
Personal1,518,7231,452,52966,1944.6%
Total loans to individuals4,123,5214,026,13697,3852.4%
Total loans$23,690,488$24,114,724$(424,236)(1.8)%
Outstanding loans were $23.7 billion at March 31, 2025, a decrease of $424 million compared to December 31, 2024, largely due to a decrease in commercial loans, partially offset by growth in commercial real estate loans and loans to individuals. Unfunded loan commitments decreased $189 million compared to the fourth quarter of 2024.
Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, decreased $627 million compared to the prior quarter.
Energy loan balances decreased $394 million to $2.9 billion, or 12% 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 72% of committed production loans are secured by properties primarily producing oil. The remaining 28% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at March 31, 2025, a $16 million increase over December 31, 2024.
Healthcare sector loan balances decreased $178 million and totaled $3.8 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.1 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.
General business loans decreased $116 million to $4.0 billion, or 17% of total loans. General business loans include $2.4 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances increased $62 million to $3.7 billion, or 16% 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.





5

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Commercial real estate loan balances increased $105 million to $5.2 billion, representing 22% of total loans. Loans secured by multifamily properties increased $99 million to $2.3 billion and loans secured by industrial facilities increased $35 million to $1.2 billion. The increases in these portfolios were partially offset by a $51 million decrease in loans secured by office facilities. Unfunded commercial real estate loan commitments were $1.9 billion at March 31, 2025, a $45 million decrease compared to December 31, 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 $97 million to $4.1 billion and represent 17% of total loans. Personal loans increased $66 million, while residential mortgage loans increased $31 million.

Period End & Average Deposits
(Dollars in thousands)Mar. 31, 2025Dec. 31, 2024Change% Change
Period end deposits
Demand$8,288,496 $8,371,897 $(83,401)(1.0)%
Interest-bearing transaction25,662,030 25,455,106 206,924 0.8 %
Savings864,719 828,817 35,902 4.3 %
Time3,466,428 3,535,410 (68,982)(2.0)%
Total deposits$38,281,673 $38,191,230 $90,443 0.2 %
Average deposits
Demand$8,156,069 $8,378,558 $(222,489)(2.7)%
Interest-bearing transaction25,859,733 24,992,464 867,269 3.5 %
Savings844,875 818,210 26,665 3.3 %
Time3,498,401 3,629,882 (131,481)(3.6)%
Total average deposits$38,359,078 $37,819,114 $539,964 1.4 %
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 62% at March 31, 2025, compared to 63% at December 31, 2024, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $38.3 billion at March 31, 2025, a $90 million increase. Interest-bearing transaction account balances increased $207 million, while demand deposits decreased $83 million. Time deposits decreased $69 million.
Average deposits were $38.4 billion at March 31, 2025, a $540 million increase. Average interest-bearing transaction account balances increased $867 million. Average demand deposit account balances decreased $222 million and average time deposits decreased $131 million.
Average Commercial Banking deposits decreased $173 million to $17.8 billion, or 46% 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. Consumer Banking deposits decreased $43 million to $8.2 billion, or 21% of total deposits. Average Wealth Management deposits increased by $719 million to $10.7 billion, or 28% of total deposits.





6

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Capital
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferMar. 31, 2025Dec. 31, 2024
Common equity Tier 14.50 %2.50 %7.00 %13.31 %13.03 %
Tier 1 capital6.00 %2.50 %8.50 %13.31 %13.04 %
Total capital8.00 %2.50 %10.50 %14.54 %14.21 %
Tier 1 leverage4.00 %N/A4.00 %10.02 %9.97 %
Tangible common equity ratio1
9.48 %9.17 %
Adjusted common tangible equity ratio1
9.23 %8.86 %
Common stock repurchased (shares)10,000 — 
Average price per share repurchased$98.45 $— 
1     See Explanation and Reconciliation of Non-GAAP Measures following.
The company's common equity Tier 1 capital ratio was 13.31% at March 31, 2025. In addition, the company's Tier 1 capital ratio was 13.31%, total capital ratio was 14.54%, and leverage ratio was 10.02% at March 31, 2025. At December 31, 2024, the company's common equity Tier 1 capital ratio was 13.03%, Tier 1 capital ratio was 13.04%, total capital ratio was 14.21%, and leverage ratio was 9.97%.
The company's tangible common equity ratio, a non-GAAP measure, was 9.48% at March 31, 2025, and 9.17% at December 31, 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 9.23%.

Credit Quality
Nonperforming assets totaled $85 million, or 0.36% of outstanding loans and repossessed assets, at March 31, 2025, compared to $49 million, or 0.20%, at December 31, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $79 million, or 0.33% of outstanding loans and repossessed assets, at March 31, 2025, compared to $42 million, or 0.18%, at December 31, 2024.
Nonaccruing loans increased $37 million compared to December 31, 2024. New nonaccruing loans identified in the first quarter totaled $39 million, partially offset by $2.0 million in payments received and $2.3 million in charge-offs. Nonaccruing healthcare loans increased $16 million and nonaccruing services loans increased $13 million.
Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter. Net charge-offs were $528 thousand, or 0.01% of average loans on an annualized basis, in the fourth quarter of 2024.
Consistent with the prior quarter, no provision for expected credit losses was necessary for the first quarter of 2025. A worse economic outlook compared to the prior quarter was offset by decreased loan balances and further improvements in portfolio credit quality during the quarter.
At March 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $331 million, or 1.40% of outstanding loans and 431% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. 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.






7

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Securities & Derivatives
The fair value of the available-for-sale securities portfolio totaled $13.1 billion at March 31, 2025, a $251 million increase over December 31, 2024. At March 31, 2025, the available-for-sale securities portfolio consisted primarily of $8.8 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.3 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2025, the available-for-sale securities portfolio had a net unrealized loss of $364 million, compared to $537 million at December 31, 2024.
We hold an inventory of trading securities in support of sales to a variety of customers. At March 31, 2025, the trading securities portfolio totaled $5.9 billion, compared to $4.9 billion at December 31, 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 $326 thousand to $17.6 million at March 31, 2025.
Derivative contracts are carried at fair value. At March 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $428 million, compared to $242 million at December 31, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $386 million at March 31, 2025, and $205 million at December 31, 2024.
The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.2 million during the first quarter of 2025, including a $9.5 million increase in the fair value of securities and derivative contracts held as an economic hedge, a $7.2 million decrease in the fair value of mortgage servicing rights, and $71 thousand of related net interest expense.

First Quarter 2025 Segment Highlights
Commercial BankingConsumer BankingWealth Management
(In thousands)Mar. 31, 2025Dec. 31, 2024Mar. 31, 2025Dec. 31, 2024Mar. 31, 2025Dec. 31, 2024
Net interest income and fee revenue
$233,415 $256,310$94,047 $101,445$140,838 $156,454
Net loans charged-off (recovered)148 (115)1,517 993(8)(10)
Personnel expense48,051 49,59225,837 24,79967,245 69,944
Non-personnel expense28,183 31,24231,399 35,11127,021 25,252
Net income before taxes139,983 160,39322,122 23,58032,726 48,915
Average loans$19,965,166 $19,996,608$2,206,553 $2,147,058$2,187,599 $2,160,588
Average deposits17,769,083 17,941,7938,154,762 8,197,57710,702,521 9,983,232
Assets under management or administration113,956,563 114,615,237
Commercial Banking contributed $140.0 million to net income before taxes in the first quarter of 2025, a decrease of $20.4 million compared to the fourth quarter of 2024. Combined net interest income and fee revenue decreased $22.9 million, primarily due to reduced loan spreads as the majority of our portfolio is floating rate and realized a full quarter impact of the fed funds rate cuts in the latter half of 2024, along with lower loan balances. Personnel expense decreased $1.5 million due to lower incentive compensation costs during the quarter, and non-personnel expense decreased $3.1 million, primarily due to reduced costs related to ongoing projects. Other gains (losses), net, declined $1.5 million related to reduced gains on merchant banking investments. Average loans were largely unchanged from the previous quarter. Average deposits declined $173 million, or 1%, to $17.8 billion.





8

BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Consumer Banking contributed $22.1 million to net income before taxes in the first quarter of 2025, a decrease of $1.5 million compared to the prior quarter. Combined net interest income and fee revenue decreased $7.4 million, largely due to a reduction in the spread on deposits, partially offset by an increase in mortgage banking revenue from higher production volumes. Other operating expenses decreased $2.7 million, primarily due to lower mortgage costs. The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.2 million, compared to a net cost of $2.2 million in the prior quarter. Average loans increased $59 million, or 3%, to $2.2 billion. Average deposits were largely unchanged from the previous quarter.
Wealth Management contributed $32.7 million to net income before taxes in the first quarter of 2025, a decrease of $16.2 million compared to the fourth quarter of 2024. Combined net interest income and fee revenue decreased $15.6 million. Total revenue from trading activities decreased $14.4 million, primarily driven by lower U.S. agency residential mortgage-backed securities trading volumes and tightened spread as client demand was muted given the current market conditions. During the first quarter of 2025, trading-related fee revenue began to shift to net interest income due to the steepening of the yield curve. Other operating expense was relatively consistent with the prior quarter as lower sales-based incentive compensation expense driven by decreased trading activity was largely offset by increased data processing and communications expense. Average loans increased $27 million, or 1%, to $2.2 billion. Average deposits increased $719 million, or 7%, to $10.7 billion. Assets under management or administration were $114.0 billion, a decrease of $659 million, or 1%.

Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, April 22, 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 $114 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 March 31, 2025 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 governmental economic policy, including tariffs, 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.





9
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Mar. 31, 2025Dec. 31, 2024
Assets
Cash and due from banks$990,358 $1,043,969 
Interest-bearing cash and cash equivalents426,337 390,732 
Trading securities5,851,752 4,899,090 
Investment securities, net of allowance1,953,513 2,017,225 
Available-for-sale securities13,102,877 12,851,600 
Fair value option securities17,550 17,876 
Restricted equity securities315,192 406,178 
Residential mortgage loans held for sale79,664 77,561 
Loans:
Commercial14,403,431 15,030,136 
Commercial real estate5,163,536 5,058,452 
Loans to individuals4,123,521 4,026,136 
Total loans23,690,488 24,114,724 
Allowance for loan losses(278,594)(280,035)
Loans, net of allowance23,411,894 23,834,689 
Premises and equipment, net636,096 634,485 
Receivables261,696 281,091 
Goodwill1,044,749 1,044,749 
Intangible assets, net44,064 46,788 
Mortgage servicing rights342,111 338,145 
Real estate and other repossessed assets, net1,769 2,254 
Derivative contracts, net405,202 242,809 
Cash surrender value of bank-owned life insurance419,150 416,741 
Receivable on unsettled securities sales54,662 4,825 
Other assets1,113,553 1,135,085 
Total assets$50,472,189 $49,685,892 
Liabilities
Deposits:
Demand$8,288,496 $8,371,897 
Interest-bearing transaction25,662,030 25,455,106 
Savings864,719 828,817 
Time3,466,428 3,535,410 
Total deposits38,281,673 38,191,230 
Funds purchased and repurchase agreements851,875 1,292,856 
Other borrowings3,151,178 3,030,123 
Subordinated debentures131,186 131,200 
Accrued interest, taxes, and expense291,174 352,345 
Due on unsettled securities purchases1,335,251 405,494 
Derivative contracts, net180,001 237,582 
Other liabilities475,473 494,105 
Total liabilities44,697,811 44,134,935 
Shareholders' equity
Capital, surplus and retained earnings6,134,156 6,051,393 
Accumulated other comprehensive loss(362,343)(503,040)
Total shareholders’ equity5,771,813 5,548,353 
Non-controlling interests2,565 2,604 
Total equity5,774,378 5,550,957 
Total liabilities and equity$50,472,189 $49,685,892 





10
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Assets
Interest-bearing cash and cash equivalents$564,014 $546,955 $531,811 $533,760 $567,680 
Trading securities5,881,997 5,636,949 5,802,448 5,922,891 5,371,209 
Investment securities, net of allowance1,980,005 2,037,072 2,094,408 2,151,079 2,210,040 
Available-for-sale securities12,962,830 12,969,630 12,939,422 12,755,865 12,537,981 
Fair value option securities17,603 18,384 19,095 19,170 20,080 
Restricted equity securities348,266 338,236 410,800 453,303 412,376 
Residential mortgage loans held for sale63,365 87,353 95,742 81,371 57,402 
Loans:
Commercial14,633,090 14,973,929 15,076,308 15,516,238 14,992,639 
Commercial real estate5,245,867 5,039,535 5,257,842 5,048,704 5,188,152 
Loans to individuals4,189,270 4,011,080 3,970,734 3,820,211 3,767,776 
Total loans24,068,227 24,024,544 24,304,884 24,385,153 23,948,567 
Allowance for loan losses(279,983)(283,685)(287,227)(283,246)(278,449)
Loans, net of allowance23,788,244 23,740,859 24,017,657 24,101,907 23,670,118 
Total earning assets45,606,324 45,375,438 45,911,383 46,019,346 44,846,886 
Cash and due from banks995,598 910,894 884,053 871,171 861,319 
Derivative contracts, net328,478 360,352 294,276 273,052 326,564 
Cash surrender value of bank-owned life insurance417,797 414,760 412,945 410,679 409,230 
Receivable on unsettled securities sales184,960 284,793 216,158 171,344 307,389 
Other assets3,453,746 3,268,949 3,438,220 3,449,607 3,276,184 
Total assets$50,986,903 $50,615,186 $51,157,035 $51,195,199 $50,027,572 
Liabilities
Deposits:
Demand$8,156,069 $8,378,558 $8,273,656 $8,386,979 $8,631,416 
Interest-bearing transaction25,859,733 24,992,464 23,986,697 23,006,204 22,264,259 
Savings844,875 818,210 820,980 832,704 843,037 
Time3,498,401 3,629,882 3,678,964 3,427,336 3,287,179 
Total deposits38,359,078 37,819,114 36,760,297 35,653,223 35,025,891 
Funds purchased and repurchase agreements935,716 1,076,400 1,016,688 1,838,323 1,258,044 
Other borrowings4,626,402 4,489,870 6,366,046 7,151,228 6,844,633 
Subordinated debentures131,188 131,185 131,155 131,156 131,154 
Derivative contracts, net237,035 417,026 466,271 380,942 537,993 
Due on unsettled securities purchases425,050 472,334 348,585 351,199 499,936 
Other liabilities611,762 630,957 618,187 539,485 574,954 
Total liabilities45,326,231 45,036,886 45,707,229 46,045,556 44,872,605 
Total equity5,660,672 5,578,300 5,449,806 5,149,643 5,154,967 
Total liabilities and equity
$50,986,903 $50,615,186 $51,157,035 $51,195,199 $50,027,572 





11
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
March 31,
(In thousands, except share and per share data)20252024
Interest revenue$618,570 $645,212 
Interest expense302,319 351,640 
Net interest income
316,251 293,572 
Provision for credit losses— 8,000 
Net interest income after provision for credit losses
316,251 285,572 
Other operating revenue:
Brokerage and trading revenue31,068 59,179 
Transaction card revenue27,092 25,493 
Fiduciary and asset management revenue60,972 55,305 
Deposit service charges and fees30,275 28,685 
Mortgage banking revenue19,815 18,967 
Other revenue14,894 12,935 
Total fees and commissions184,116 200,564 
Other gains (losses), net(725)4,269 
Gain (loss) on derivatives, net9,565 (8,633)
Gain (loss) on fair value option securities, net325 (305)
Change in fair value of mortgage servicing rights(7,240)10,977 
Loss on available-for-sale securities, net— (45,171)
Total other operating revenue186,041 161,701 
Other operating expense:
Personnel214,185 202,653 
Business promotion8,818 7,978 
Professional fees and services13,269 12,010 
Net occupancy and equipment32,992 30,293 
FDIC and other insurance6,587 8,740 
FDIC special assessment523 6,454 
Data processing and communications47,578 45,564 
Printing, postage, and supplies3,639 3,997 
Amortization of intangible assets2,652 3,003 
Mortgage banking costs7,689 6,355 
Other expense9,597 13,337 
Total other operating expense347,529 340,384 
Net income before taxes154,763 106,889 
Federal and state income taxes34,992 23,195 
Net income119,771 83,694 
Net income (loss) attributable to non-controlling interests(6)(9)
Net income attributable to BOK Financial Corporation shareholders$119,777 $83,703 
Average shares outstanding:
Basic63,547,510 64,290,105 
Diluted63,547,510 64,290,105 
Net income per share:
Basic$1.86 $1.29 
Diluted$1.86 $1.29 





12
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Interest revenue$618,570 $639,125 $680,310 $671,817 $645,212 
Interest expense302,319 326,079 372,191 375,796 351,640 
Net interest income
316,251 313,046 308,119 296,021 293,572 
Provision for credit losses— — 2,000 8,000 8,000 
Net interest income after provision for credit losses
316,251 313,046 306,119 288,021 285,572 
Other operating revenue:
Brokerage and trading revenue31,068 55,505 50,391 53,017 59,179 
Transaction card revenue27,092 27,631 28,495 27,246 25,493 
Fiduciary and asset management revenue60,972 60,595 57,384 57,576 55,305 
Deposit service charges and fees30,275 30,038 30,450 29,572 28,685 
Mortgage banking revenue19,815 18,140 18,372 18,628 18,967 
Other revenue14,894 15,029 17,402 13,988 12,935 
Total fees and commissions184,116 206,938 202,494 200,027 200,564 
Other gains (losses), net(725)4,995 13,087 57,375 4,269 
Gain (loss) on derivatives, net9,565 (21,728)8,991 (1,091)(8,633)
Gain (loss) on fair value option securities, net325 (621)764 (94)(305)
Change in fair value of mortgage servicing rights(7,240)20,460 (16,453)3,453 10,977 
Gain (loss) on available-for-sale securities, net— — (691)34 (45,171)
Total other operating revenue186,041 210,044 208,192 259,704 161,701 
Other operating expense:
Personnel214,185 210,675 206,821 191,090 202,653 
Business promotion8,818 9,365 7,681 8,250 7,978 
Charitable contributions to BOKF Foundation
— — — 13,610 — 
Professional fees and services13,269 15,175 13,405 13,331 12,010 
Net occupancy and equipment32,992 32,713 32,077 30,245 30,293 
FDIC and other insurance6,587 6,862 8,186 7,317 8,740 
FDIC special assessment523 (686)(1,437)1,190 6,454 
Data processing and communications47,578 48,024 47,554 46,131 45,564 
Printing, postage, and supplies3,639 3,699 3,594 3,789 3,997 
Amortization of intangible assets2,652 2,855 2,856 2,898 3,003 
Mortgage banking costs7,689 10,692 9,059 8,532 6,355 
Other expense9,597 8,282 11,229 10,307 13,337 
Total other operating expense347,529 347,656 341,025 336,690 340,384 
Net income before taxes154,763 175,434 173,286 211,035 106,889 
Federal and state income taxes34,992 39,280 33,313 47,303 23,195 
Net income119,771 136,154 139,973 163,732 83,694 
Net income (loss) attributable to non-controlling interests(6)— (26)19 (9)
Net income attributable to BOK Financial Corporation shareholders$119,777 $136,154 $139,999 $163,713 $83,703 
Average shares outstanding:
Basic63,547,510 63,491,458 63,489,581 63,714,204 64,290,105 
Diluted63,547,510 63,491,458 63,489,581 63,714,204 64,290,105 
Net income per share:
Basic$1.86 $2.12 $2.18 $2.54 $1.29 
Diluted$1.86 $2.12 $2.18 $2.54 $1.29 





13
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Capital:
Period end shareholders' equity
$5,771,813 $5,548,353 $5,612,443 $5,229,130 $5,128,751 
Risk weighted assets$38,062,913 $38,315,722 $38,365,133 $39,405,794 $38,952,556 
Risk-based capital ratios:
Common equity Tier 1
13.31 %13.03 %12.73 %12.10 %11.99 %
Tier 113.31 %13.04 %12.74 %12.11 %12.00 %
Total capital14.54 %14.21 %13.91 %13.25 %13.15 %
Leverage ratio10.02 %9.97 %9.67 %9.39 %9.42 %
Tangible common equity ratio1
9.48 %9.17 %9.22 %8.38 %8.21 %
Adjusted tangible common equity ratio1
9.23 %8.86 %9.01 %8.06 %7.92 %
Common stock:
Book value per share$89.82 $86.53 $87.53 $81.54 $79.50 
Tangible book value per share$72.87 $69.51 $70.44 $64.41 $62.42 
Market value per share:
High$116.29 $121.58 $108.01 $96.41 $92.08 
Low$97.84 $99.93 $86.43 $85.02 $77.86 
Cash dividends paid$36,468 $36,421 $35,147 $35,288 $35,568 
Dividend payout ratio30.45 %26.75 %25.11 %21.55 %42.49 %
Shares outstanding, net64,261,824 64,121,299 64,118,417 64,127,824 64,515,035 
Stock buy-back program:
Shares repurchased10,000 — — 412,176 616,630 
Amount$985 $— $— $37,253 $51,727 
Average price paid per share2
$98.45 $— $— $90.38 $83.89 
Performance ratios (quarter annualized):
Return on average assets0.95 %1.07 %1.09 %1.29 %0.67 %
Return on average equity8.59 %9.71 %10.22 %12.79 %6.53 %
Return on average tangible common equity1
10.63 %12.09 %12.80 %16.27 %8.31 %
Net interest margin2.78 %2.75 %2.68 %2.56 %2.61 %
Efficiency ratio1
68.31 %65.61 %65.11 %59.83 %67.13 %
Other data:
Tax-equivalent interest$2,542 $2,466 $2,385 $2,196 $2,100 
Net unrealized loss on available-for-sale securities$(363,507)$(537,335)$(307,360)$(649,236)$(643,259)





14
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratio, share, and per share data)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Mortgage banking:
Mortgage production revenue$2,629 $1,282 $1,563 $2,369 $3,525 
Mortgage loans funded for sale$159,816 $208,300 $224,749 $240,038 $139,176 
Add: Current period end outstanding commitments
60,429 36,590 70,102 62,960 67,951 
Less: Prior period end outstanding commitments36,590 70,102 62,960 67,951 34,783 
Total mortgage production volume$183,655 $174,788 $231,891 $235,047 $172,344 
Mortgage loan refinances to mortgage loans funded for sale12 %19 %11 %7 %10 %
Realized margin on funded mortgage loans0.91 %0.87 %0.93 %0.97 %1.46 %
Production revenue as a percentage of production volume1.43 %0.73 %0.67 %1.01 %2.05 %
Mortgage servicing revenue$17,186 $16,858 $16,809 $16,259 $15,442 
Average outstanding principal balance of mortgage loans serviced for others$23,089,324 $22,214,392 $22,203,787 $22,287,559 $21,088,898 
Average mortgage servicing revenue rates0.30 %0.30 %0.30 %0.29 %0.29 %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net$9,183 $(21,917)$11,357 $(3,484)$(9,357)
Gain (loss) on fair value option securities, net325 (621)764 (94)(305)
Gain (loss) on economic hedge of mortgage servicing rights9,508 (22,538)12,121 (3,578)(9,662)
Change in fair value of mortgage servicing rights(7,240)20,460 (16,453)3,453 10,977 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue2,268 (2,078)(4,332)(125)1,315 
Net interest expense on fair value option securities3
(71)(79)(146)(96)(155)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$2,197 $(2,157)$(4,478)$(221)$1,160 
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.






15
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)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$5,771,813 $5,548,353 $5,612,443 $5,229,130 $5,128,751 
Less: Goodwill and intangible assets, net1,088,813 1,091,537 1,095,954 1,098,777 1,101,643 
Tangible common equity4,683,000 4,456,816 4,516,489 4,130,353 4,027,108 
Add: Unrealized loss on investment securities, net
(165,676)(199,519)(132,192)(204,636)(185,978)
Add: Tax effect on unrealized loss on investment securities, net
39,149 46,925 31,090 48,128 43,740 
Adjusted tangible common equity$4,556,473 $4,304,222 $4,415,387 $3,973,845 $3,884,870 
Total assets$50,472,189 $49,685,892 $50,081,985 $50,403,457 $50,160,380 
Less: Goodwill and intangible assets, net1,088,813 1,091,537 1,095,954 1,098,777 1,101,643 
Tangible assets$49,383,376 $48,594,355 $48,986,031 $49,304,680 $49,058,737 
Tangible common equity ratio9.48 %9.17 %9.22 %8.38 %8.21 %
Adjusted tangible common equity ratio9.23 %8.86 %9.01 %8.06 %7.92 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,658,082 $5,575,583 $5,446,998 $5,146,785 $5,152,061 
Less: Average goodwill and intangible assets, net1,090,116 1,094,466 1,097,317 1,100,139 1,103,090 
Average tangible common equity$4,567,966 $4,481,117 $4,349,681 $4,046,646 $4,048,971 
Net income attributable to BOK Financial Corporation shareholders
$119,777 $136,154 $139,999 $163,713 $83,703 
Return on average tangible common equity10.63 %12.09 %12.80 %16.27 %8.31 %
Reconciliation of common equity Tier 1 ratio including all securities portfolio losses:
Common equity Tier 1 capital
$5,067,926 $4,995,415 $4,884,551 $4,769,037 $4,670,858 
Add: Accumulated other comprehensive loss
(362,343)(503,040)(335,289)(605,502)(610,128)
Add: Unrealized loss on investment securities, net
(165,676)(199,519)(132,192)(204,636)(185,978)
Add: Tax effect on unrealized loss on investment securities, net
39,149 46,925 31,090 48,128 43,740 
Adjusted Tier 1 capital
$4,579,056 $4,339,781 $4,448,160 $4,007,027 $3,918,492 
Risk weighted assets
$38,062,913 $38,316,481 $38,365,133 $39,405,831 $38,952,555 
Common equity Tier 1 ratio including AOCI & loss on investment securities
12.03 %11.33 %11.59 %10.17 %10.06 %
Reconciliation of pre-provision net revenue:
Net income before taxes$154,763 $175,434 $173,286 $211,035 $106,889 
Add: Provision for expected credit losses
— — 2,000 8,000 8,000 
Less: Net income (loss) attributable to non-controlling interests
(6)— (26)19 (9)
Pre-provision net revenue$154,769 $175,434 $175,312 $219,016 $114,898 





16
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Calculation of efficiency ratio:
Total other operating expense$347,529 $347,656 $341,025 $336,690 $340,384 
Less: Amortization of intangible assets2,652 2,855 2,856 2,898 3,003 
Numerator for efficiency ratio
$344,877 $344,801 $338,169 $333,792 $337,381 
Net interest income
$316,251 $313,046 $308,119 $296,021 $293,572 
Add: Tax-equivalent adjustment
2,542 2,466 2,385 2,196 2,100 
Tax-equivalent net interest income
318,793 315,512 310,504 298,217 295,672 
Total other operating revenue186,041 210,044 208,192 259,704 161,701 
Less: Gain (loss) on available-for-sale securities, net— — (691)34 (45,171)
Denominator for efficiency ratio
$504,834 $525,556 $519,387 $557,887 $502,544 
Efficiency ratio68.31 %65.61 %65.11 %59.83 %67.13 %
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$316,251 $313,046 $308,119 $296,021 $293,572 
Less: Trading activities net interest income
15,174 4,648 3,751 (275)(498)
Net interest income excluding trading activities
301,077 308,398 304,368 296,296 294,070 
Add: Tax-equivalent adjustment
2,542 2,466 2,385 2,196 2,100 
Tax-equivalent net interest income excluding trading activities
$303,619 $310,864 $306,753 $298,492 $296,170 
Average interest-earning assets$45,606,324 $45,375,438 $45,911,383 $46,019,346 $44,846,886 
Less: Average trading activities interest-earning assets5,881,997 5,636,949 5,802,448 5,922,891 5,371,209 
Average interest-earning assets excluding trading activities$39,724,327 $39,738,489 $40,108,935 $40,096,455 $39,475,677 
Net interest margin on average interest-earning assets2.78 %2.75 %2.68 %2.56 %2.61 %
Net interest margin on average trading activities interest-earning assets0.98 %0.36 %0.29 %(0.05)%(0.07)%
Net interest margin on average interest-earning assets excluding trading activities3.05 %3.09 %3.02 %2.94 %2.97 %





17
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Year Ended
December 31, 2024
Calculation of efficiency ratio and efficiency ratio excluding discrete items:
Total other operating expense$1,365,755 
Less: Amortization of intangible assets11,612 
Numerator for efficiency ratio
$1,354,143 
Less: FDIC special assessment5,521 
Less: Contribution of converted Visa shares to BOKF Foundation
10,000 
Adjusted numerator for efficiency ratio
$1,338,622 
Net interest income
$1,210,758 
Add: Tax-equivalent adjustment
9,147 
Tax-equivalent net interest income
1,219,905 
Total other operating revenue839,641 
Less: Gain (loss) on available-for-sale securities, net(45,828)
Denominator for efficiency ratio
$2,105,374 
Less: Gain on converted Visa shares56,877 
Adjusted denominator for efficiency ratio
$2,048,497 
Efficiency ratio64.32 %
Efficiency ratio excluding discrete items
65.35 %

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.
The adjusted Tier 1 common equity ratio includes accumulated other comprehensive loss and unrealized gains and losses on the investment portfolio. This measure is a valuable indicator of a financial institution’s capital strength and retains 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.






18
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Commercial:     
Healthcare$3,789,446 $3,967,533 $4,149,069 $4,231,058 $4,245,939 
Services3,704,834 3,643,203 3,573,670 3,577,144 3,529,421 
Energy2,860,330 3,254,724 3,126,635 3,451,485 3,443,719 
General business4,048,821 4,164,676 4,028,548 4,363,722 3,913,788 
Total commercial14,403,431 15,030,136 14,877,922 15,623,409 15,132,867 
Commercial real estate:
Multifamily2,336,312 2,237,064 2,109,445 1,997,282 1,960,839 
Industrial1,163,089 1,127,867 1,270,928 1,214,991 1,343,970 
Office704,688 755,838 815,966 876,897 901,105 
Retail497,579 485,926 521,874 547,706 543,735 
Residential construction and land development105,190 109,120 105,048 88,252 83,906 
Other commercial real estate356,678 342,637 365,394 358,447 403,122 
Total commercial real estate5,163,536 5,058,452 5,188,655 5,083,575 5,236,677 
Loans to individuals:     
Residential mortgage2,471,345 2,436,958 2,370,293 2,281,226 2,192,584 
Residential mortgages guaranteed by U.S. government agencies133,453 136,649 127,747 131,825 139,456 
Personal1,518,723 1,452,529 1,420,444 1,433,546 1,470,976 
Total loans to individuals4,123,521 4,026,136 3,918,484 3,846,597 3,803,016 
Total$23,690,488 $24,114,724 $23,985,061 $24,553,581 $24,172,560 





19
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Texas:
Commercial$6,953,714 $7,411,416 $7,437,800 $7,879,143 $7,515,070 
Commercial real estate1,864,345 1,731,281 1,816,276 1,754,087 1,935,728 
Loans to individuals929,825 918,994 880,213 908,920 964,464 
Total Texas9,747,884 10,061,691 10,134,289 10,542,150 10,415,262 
Oklahoma:
Commercial3,380,680 3,585,592 3,440,385 3,619,136 3,478,146 
Commercial real estate521,992 513,101 557,025 556,971 605,419 
Loans to individuals2,548,549 2,440,874 2,367,725 2,273,240 2,176,268 
Total Oklahoma6,451,221 6,539,567 6,365,135 6,449,347 6,259,833 
Colorado:
Commercial2,246,388 2,188,324 2,175,540 2,220,887 2,244,416 
Commercial real estate706,154 759,168 835,478 806,522 766,100 
Loans to individuals210,531 213,768 216,938 217,990 221,291 
Total Colorado3,163,073 3,161,260 3,227,956 3,245,399 3,231,807 
Arizona:
Commercial1,115,085 1,082,829 1,064,380 1,104,875 1,149,394 
Commercial real estate1,084,967 1,098,174 1,115,928 1,045,837 1,007,972 
Loans to individuals218,093 215,531 218,340 208,419 218,664 
Total Arizona2,418,145 2,396,534 2,398,648 2,359,131 2,376,030 
Kansas/Missouri:
Commercial298,410 305,957 306,370 336,232 320,609 
Commercial real estate533,335 515,511 438,424 482,249 497,036 
Loans to individuals147,651 164,638 158,524 157,750 141,767 
Total Kansas/Missouri979,396 986,106 903,318 976,231 959,412 
New Mexico:
Commercial324,321 325,246 324,605 318,711 317,651 
Commercial real estate381,775 402,217 386,037 367,678 352,559 
Loans to individuals57,926 60,703 64,511 67,747 67,814 
Total New Mexico764,022 788,166 775,153 754,136 738,024 
Arkansas:
Commercial84,833 130,772 128,842 144,425 107,581 
Commercial real estate70,968 39,000 39,487 70,231 71,863 
Loans to individuals10,946 11,628 12,233 12,531 12,748 
Total Arkansas166,747 181,400 180,562 227,187 192,192 
Total BOK Financial$23,690,488 $24,114,724 $23,985,061 $24,553,581 $24,172,560 
Loans attributed to a principal market may not always represent the location of the borrower or the collateral.






20
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Oklahoma:
    Demand$3,629,708 $3,618,771 $3,491,996 $3,721,009 $3,365,529 
    Interest-bearing:
       Transaction13,891,707 13,352,732 12,474,626 12,115,793 12,362,193 
       Savings525,424 497,443 490,957 496,289 509,775 
       Time2,089,744 2,138,620 2,462,463 2,157,778 2,136,583 
    Total interest-bearing16,506,875 15,988,795 15,428,046 14,769,860 15,008,551 
Total Oklahoma20,136,583 19,607,566 18,920,042 18,490,869 18,374,080 
Texas:
    Demand2,187,903 2,216,393 2,228,690 2,448,433 2,201,561 
    Interest-bearing:
       Transaction5,925,285 6,205,605 6,191,794 5,425,670 5,125,834 
       Savings155,777 154,112 152,392 150,812 157,108 
       Time633,538 646,490 648,796 626,724 605,526 
    Total interest-bearing6,714,600 7,006,207 6,992,982 6,203,206 5,888,468 
Total Texas8,902,503 9,222,600 9,221,672 8,651,639 8,090,029 
Colorado:
    Demand1,082,304 1,159,076 1,195,637 1,244,848 1,316,971 
    Interest-bearing:
       Transaction1,988,258 2,089,475 1,935,685 1,921,671 1,951,232 
       Savings58,318 59,244 56,275 61,184 63,675 
       Time274,235 280,081 279,887 261,237 237,656 
    Total interest-bearing2,320,811 2,428,800 2,271,847 2,244,092 2,252,563 
Total Colorado3,403,115 3,587,876 3,467,484 3,488,940 3,569,534 
New Mexico:
    Demand631,950 659,234 628,594 661,677 683,643 
    Interest-bearing:
       Transaction1,283,998 1,305,044 1,275,502 1,323,750 1,085,946 
       Savings96,969 90,580 90,867 92,910 95,944 
       Time344,827 347,443 336,830 314,133 298,556 
    Total interest-bearing1,725,794 1,743,067 1,703,199 1,730,793 1,480,446 
Total New Mexico2,357,744 2,402,301 2,331,793 2,392,470 2,164,089 
Arizona:
    Demand451,085 418,587 435,553 448,587 502,143 
    Interest-bearing:
       Transaction1,312,979 1,277,494 1,237,811 1,227,895 1,181,539 
       Savings11,125 12,336 11,228 11,542 12,024 
       Time70,758 70,390 59,508 56,102 46,962 
    Total interest-bearing1,394,862 1,360,220 1,308,547 1,295,539 1,240,525 
Total Arizona1,845,947 1,778,807 1,744,100 1,744,126 1,742,668 





21
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
(In thousands)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Kansas/Missouri:
    Demand279,808 277,440 255,950 291,045 316,041 
    Interest-bearing:
       Transaction1,202,107 1,169,541 1,134,544 1,040,114 985,706 
       Savings14,504 12,158 11,896 14,998 13,095 
       Time36,307 37,210 35,316 32,921 30,411 
    Total interest-bearing1,252,918 1,218,909 1,181,756 1,088,033 1,029,212 
Total Kansas/Missouri1,532,726 1,496,349 1,437,706 1,379,078 1,345,253 
Arkansas:
    Demand25,738 22,396 23,824 24,579 28,168 
    Interest-bearing:
       Transaction57,696 55,215 62,249 52,149 55,735 
       Savings2,602 2,944 3,092 2,754 2,776 
       Time17,019 15,176 15,156 15,040 11,215 
    Total interest-bearing77,317 73,335 80,497 69,943 69,726 
Total Arkansas103,055 95,731 104,321 94,522 97,894 
Total BOK Financial$38,281,673 $38,191,230 $37,227,118 $36,241,644 $35,383,547 





22
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Tax-equivalent asset yields
Interest-bearing cash and cash equivalents4.48 %4.60 %5.33 %5.86 %4.96 %
Trading securities5.07 %4.90 %5.36 %5.06 %5.12 %
Investment securities, net of allowance1.42 %1.42 %1.41 %1.41 %1.42 %
Available-for-sale securities3.82 %3.82 %3.76 %3.71 %3.48 %
Fair value option securities3.72 %3.70 %3.69 %3.68 %3.59 %
Restricted equity securities7.51 %7.60 %8.20 %8.11 %8.59 %
Residential mortgage loans held for sale6.03 %5.85 %6.15 %6.50 %6.25 %
Loans6.71 %7.01 %7.47 %7.41 %7.40 %
Allowance for loan losses
Loans, net of allowance6.79 %7.10 %7.55 %7.49 %7.48 %
Total tax-equivalent yield on earning assets5.45 %5.59 %5.89 %5.80 %5.73 %
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction3.21 %3.42 %3.78 %3.76 %3.68 %
Savings0.56 %0.59 %0.60 %0.58 %0.57 %
Time4.10 %4.56 %4.56 %4.51 %4.54 %
Total interest-bearing deposits3.24 %3.48 %3.79 %3.76 %3.69 %
Funds purchased and repurchase agreements3.05 %3.78 %3.89 %4.28 %4.05 %
Other borrowings4.57 %4.95 %5.55 %5.58 %5.56 %
Subordinated debt6.44 %6.80 %7.15 %7.07 %7.09 %
Total cost of interest-bearing liabilities3.42 %3.69 %4.11 %4.15 %4.08 %
Tax-equivalent net interest spread
2.03 %1.90 %1.78 %1.65 %1.65 %
Effect of noninterest-bearing funding sources and other0.75 %0.85 %0.90 %0.91 %0.96 %
Tax-equivalent net interest margin2.78 %2.75 %2.68 %2.56 %2.61 %
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.





23
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratios)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy$49 $49 $28,986 $28,668 $14,991 
Healthcare29,253 13,717 15,927 20,845 49,307 
Services13,662 767 1,425 3,165 3,319 
General business103 114 5,334 5,756 7,003 
Total commercial43,067 14,647 51,672 58,434 74,620 
Commercial real estate13,125 9,905 12,364 12,883 22,087 
Loans to individuals:
Permanent mortgage20,502 15,261 13,688 12,627 13,449 
Permanent mortgage guaranteed by U.S. government agencies6,786 6,803 6,520 6,617 9,217 
Personal40 109 71 122 142 
Total loans to individuals27,328 22,173 20,279 19,366 22,808 
Total nonaccruing loans83,520 46,725 84,315 90,683 119,515 
Real estate and other repossessed assets1,769 2,254 2,625 2,334 2,860 
Total nonperforming assets$85,289 $48,979 $86,940 $93,017 $122,375 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$78,503 $42,176 $80,420 $86,400 $113,158 
Accruing loans 90 days past due1
$3,258 $— $597 $2,962 $— 
Gross charge-offs$2,291 $1,339 $2,496 $7,940 $7,060 
Recoveries(1,186)(811)(2,550)(995)(1,600)
Net charge-offs (recoveries)$1,105 $528 $(54)$6,945 $5,460 
Provision for loan losses$(336)$(3,893)$(3,424)$13,148 $9,960 
Provision for credit losses from off-balance sheet unfunded loan commitments448 3,874 5,430 (4,983)(1,658)
Provision for expected credit losses from mortgage banking activities(82)30 47 (153)(265)
Provision for credit losses related to held-to-maturity (investment) securities portfolio(30)(11)(53)(12)(37)
Total provision for credit losses$— $— $2,000 $8,000 $8,000 





24
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratios)Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024Mar. 31, 2024
Allowance for loan losses to period end loans1.18 %1.16 %1.19 %1.17 %1.17 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans1.40 %1.38 %1.39 %1.34 %1.36 %
Nonperforming assets to period end loans and repossessed assets0.36 %0.20 %0.36 %0.38 %0.51 %
Net charge-offs (annualized) to average loans0.02 %0.01 %— %0.11 %0.09 %
Allowance for loan losses to nonaccruing loans1
363.06 %701.46 %365.65 %342.38 %255.33 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
430.95 %830.81 %427.05 %392.74 %298.23 %
1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.





25
BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
1Q25 vs 4Q24
1Q25 vs 1Q24
(Dollars in thousands, except ratios)
Mar. 31, 2025Dec. 31, 2024Mar. 31, 2024Change% ChangeChange% Change
Commercial Banking:
Net interest income$178,258 $199,735 $203,995 $(21,477)(10.8)%$(25,737)(12.6)%
Fees and commissions revenue55,157 56,575 50,630 (1,418)(2.5)%4,527 8.9 %
Combined net interest income and fee revenue233,415 256,310 254,625 (22,895)(8.9)%(21,210)(8.3)%
Other operating expense76,234 80,834 70,095 (4,600)(5.7)%6,139 8.8 %
Corporate allocations17,414 16,848 18,397 566 3.4 %(983)(5.3)%
Net income before taxes139,983 160,393 161,516 (20,410)(12.7)%(21,533)(13.3)%
Average assets$21,400,745 $21,510,871 $21,652,694 $(110,126)(0.5)%$(251,949)(1.2)%
Average loans19,965,166 19,996,608 20,067,170 (31,442)(0.2)%(102,004)(0.5)%
Average deposits17,769,083 17,941,793 15,730,241 (172,710)(1.0)%2,038,842 13.0 %
Consumer Banking:
Net interest income$57,252 $65,485 $64,135 $(8,233)(12.6)%$(6,883)(10.7)%
Fees and commissions revenue36,795 35,960 36,207 835 2.3 %588 1.6 %
Combined net interest income and fee revenue94,047 101,445 100,342 (7,398)(7.3)%(6,295)(6.3)%
Other operating expense57,236 59,910 53,447 (2,674)(4.5)%3,789 7.1 %
Corporate allocations15,435 14,874 14,172 561 3.8 %1,263 8.9 %
Net income before taxes22,122 23,580 32,336 (1,458)(6.2)%(10,214)(31.6)%
Average assets$8,201,821 $8,238,609 $7,928,757 $(36,788)(0.4)%$273,064 3.4 %
Average loans2,206,553 2,147,058 1,913,586 59,495 2.8 %292,967 15.3 %
Average deposits8,154,762 8,197,577 7,901,167 (42,815)(0.5)%253,595 3.2 %
Wealth Management:
Net interest income$44,502 $38,144 $28,398 $6,358 16.7 %$16,104 56.7 %
Fees and commissions revenue96,336 118,310 118,704 (21,974)(18.6)%(22,368)(18.8)%
Combined net interest income and fee revenue140,838 156,454 147,102 (15,616)(10.0)%(6,264)(4.3)%
Other operating expense94,266 95,196 99,288 (930)(1.0)%(5,022)(5.1)%
Corporate allocations13,854 12,353 14,779 1,501 12.2 %(925)(6.3)%
Net income before taxes32,726 48,915 33,050 (16,189)(33.1)%(324)(1.0)%
Average assets$11,367,435 $10,775,744 $10,508,821 $591,691 5.5 %$858,614 8.2 %
Average loans2,187,599 2,160,588 2,198,803 27,011 1.3 %(11,204)(0.5)%
Average deposits10,702,521 9,983,232 9,237,965 719,289 7.2 %1,464,556 15.9 %
Fiduciary assets68,059,837 67,979,134 60,365,292 80,703 0.1 %7,694,545 12.7 %
Assets under management or administration113,956,563 114,615,237 105,530,903 (658,674)(0.6)%8,425,660 8.0 %
Certain prior period amounts have been reclassified to conform to current period presentation.





26