CEO Commentary |
Stacy Kymes, president and chief executive officer, stated, “The
strong results of the fourth quarter continue to build on the
earnings momentum we have been developing throughout 2022. This
quarter was the highest pre-provision net revenue in our history.
We enjoyed loan growth, net interest margin expansion, strong
capital levels and balance sheet liquidity while asset quality
remains very strong. We also took actions in the fourth quarter to
move toward a more neutral interest rate position. Our fee
businesses remained strong for the quarter and for the year in
spite of the worst combined equity and fixed income markets since
the late 1960’s. I am proud of the results our team is delivering.
Our thoughtful growth, diverse business mix, resilient geographic
footprint, and proven credit discipline have BOK Financial
well-positioned as we begin 2023." |
Fourth Quarter 2022 Financial Highlights |
(Unless indicated otherwise, all comparisons are to the prior
quarter) |
- Net income was $168.4 million or $2.51
per diluted share for the fourth quarter of 2022 and $156.5 million
or $2.32 per diluted share for the third quarter of 2022.
- Net interest revenue totaled $352.6
million, an increase of $36.3 million. Net interest margin was 3.54
percent compared to 3.24 percent. In response to rising inflation,
the Federal Reserve increased the federal funds rate another 125
basis points in the fourth quarter. The resulting impact on market
interest rates increased our net interest margin.
- Fees and commissions revenue was
relatively consistent with the prior quarter at $193.6 million.
Increased brokerage and trading revenue, transaction card revenue,
and other revenue was offset by lower revenue from mortgage banking
and deposit service charges.
- The net cost of the changes in fair
value of mortgage servicing rights and related economic hedges was
$1.2 million for the fourth quarter of 2022 compared to $4.8
million for the third quarter of 2022.
- Operating expense increased $23.7
million to $318.5 million. Personnel expense increased $16.1
million, largely driven by higher incentive compensation expense.
Non-personnel expense increased $7.6 million, primarily related to
project-related professional fees and data processing and
communications costs.
- Period-end loans increased $767
million to $22.6 billion at December 31, 2022. Of this increase,
commercial loans increased $591 million, commercial real estate
loans grew $133 million, and loans to individuals increased $49
million. In addition, unfunded loan commitments grew by $839
million. Average outstanding loan balances were $22.0 billion, a
$377 million increase.
- We recorded a $15.0 million
provision for expected credit losses in the fourth quarter of 2022,
primarily due to strong growth in loans and loan commitments. The
level of uncertainty in the economic outlook remained high and key
economic factors were slightly less favorable to economic growth
across all scenarios. We also recorded a $15.0 million provision
for expected credit losses in the third quarter of 2022, primarily
as a result of growth in loans and loan commitments during the
quarter. The combined allowance for credit losses totaled $297
million or 1.31 percent of outstanding loans at December 31, 2022.
The combined allowance for credit losses was $298 million or 1.37
percent of outstanding loans at September 30, 2022.
- Average deposits decreased $1.6
billion to $35.5 billion and period-end deposits decreased $1.9
billion to $34.5 billion, consistent with industry trends as
customers redeploy resources following the savings trend during the
height of the pandemic. Average demand deposits were reduced by
$929 million and average interest-bearing deposits decreased $659
million. The loan to deposit ratio was 65 percent at December 31,
2022 and 60 percent at September 30, 2022.
- The company's common equity Tier 1
capital ratio was 11.69 percent at December 31, 2022. In addition,
the company's Tier 1 capital ratio was 11.71 percent, total capital
ratio was 12.67 percent, and leverage ratio was 9.91 percent at
December 31, 2022. At September 30, 2022, the company's common
equity Tier 1 capital ratio was 11.80 percent, Tier 1 capital ratio
was 11.82 percent, total capital ratio was 12.81 percent, and
leverage ratio was 9.76 percent.
- The company repurchased 314,406
shares of common stock at an average price of $103.14 a share in
the fourth quarter of 2022.
Fourth Quarter 2022 Segment Highlights |
- Commercial Banking
contributed $139.4 million to net income in the fourth quarter of
2022, an increase of $5.5 million. Combined net interest revenue
and fee revenue increased $25.5 million, primarily due to the
increase in the spread on deposits sold to our Funds Management
unit. Net loans charged-off increased $14.9 million. Personnel
expense increased $3.4 million, driven by incentive compensation
costs associated with growth in revenue. Average loans increased
$350 million or 2 percent to $18.3 billion. Average deposits
decreased $1.1 billion or 6 percent to $16.8 billion.
- Consumer Banking contributed $9.0 million to net income in the
fourth quarter of 2022, an increase of $6.0 million over the prior
quarter. Combined net interest revenue and fee revenue increased
$6.7 million. Net interest revenue increased $9.4 million, largely
due to an increase in the spread on deposits sold to our Funds
Management unit. Fees and commissions revenue decreased $2.6
million. Deposit service charges decreased $1.5 million from
reduced consumer overdraft charges as expected from changes
implemented in the fourth quarter. Mortgage banking revenue
decreased $1.2 million due to reduced mortgage production volume
combined with narrowing margins. Operating expense increased $1.3
million. Average loans increased $39 million or 2 percent to $1.7
billion. Average deposits decreased $196 million or 2 percent to
$8.6 billion.
- Wealth Management contributed $41.6
million to net income in the fourth quarter of 2022, consistent
with the third quarter of 2022. Our diverse set of
investment-focused businesses, which include trading in fixed
income securities and other financial instruments and providing
wealth management services to institutional and private wealth
clients, produced total net interest and fee revenues of $149.1
million, an increase of $2.4 million. Total revenue from
institutional trading activities increased $2.7 million, primarily
due to a higher volume of residential mortgage-backed securities
trading activity. Other revenue decreased $2.3 million due to lower
energy hedging in the fourth quarter. Operating expense increased
$2.9 million, mainly due to increased volume-driven incentive
compensation costs. Average loans increased $59 million or 3
percent to $2.2 billion. Average deposits decreased $110 million or
1 percent to $7.9 billion. Assets under management were $99.7
billion, an increase of $4.3 billion.
Annual 2022 Financial Highlights |
(Unless indicated otherwise, all comparisons are to the prior
year) |
- Net income was
$520.3 million or $7.68 per diluted share for the year ended
December 31, 2022 and $618.1 million or $8.95 per diluted share for
the year ended December 31, 2021.
- Net interest revenue totaled $1.2
billion, an increase of $93.3 million. Net interest margin was 2.98
percent compared to 2.60 percent. In response to rising inflation,
the Federal Reserve increased the federal funds rate 425 basis
points since the beginning of 2022. The resulting impact on market
interest rates has increased net interest margin.
- Fees and commissions revenue
decreased $11.1 million to $657.2 million. A $56.5 million decrease
in mortgage banking revenue due to increasing mortgage interest
rates and continued inventory shortages was largely offset by
increased customer hedging, investment banking, and fiduciary and
asset management revenues.
- The net cost of the changes in the
fair value of mortgage servicing rights and related economic hedges
was $12.5 million for the year ended December 31, 2022 compared to
a net benefit of $21.0 million for the year ended December 31,
2021, due to increased market volatility throughout 2022.
- Other gains and losses, net,
decreased $63.6 million due to sales of an alternative investment
and repossessed assets in the prior year.
- Operating expense decreased $13.2
million to $1.2 billion. Personnel expense decreased $24.5 million,
largely driven by lower incentive compensation expense, partially
offset by an increase in regular compensation. Non-personnel
expense increased $11.2 million, primarily related to additional
business promotion fees and project-related data processing and
communications and professional fees. These were partially offset
by lower mortgage banking costs and expenses on repossessed
assets.
- Period-end loans increased $2.4
billion to $22.6 billion at December 31, 2022. Of this increase,
commercial loans increased $1.7 billion, commercial real estate
loans increased $775 million, and loans to individuals grew by $146
million. Paycheck Protection Program loans decreased $262 million.
Average outstanding loan balances were $21.3 billion, a $216
million decrease.
- We recorded a $30.0 million
provision for expected credit losses in 2022, primarily due to
strong growth in loans and loan commitments, partially offset by
improvement in credit quality metrics. The uncertainty in our
economic forecast increased and some key economic factors were less
favorable to growth across all scenarios. A negative $100.0 million
provision for expected credit losses was recorded in 2021. The
combined allowance for credit losses totaled $297 million or 1.31
percent of outstanding loans at December 31, 2022. The combined
allowance for credit losses was $289 million or 1.43 percent of
outstanding loans at December 31, 2021.
- Average deposits decreased $70
million to $37.9 billion and period-end deposits decreased $6.8
billion to $34.5 billion. In the first half of the year, the
majority of deposit outflows were driven by institutional clients
moving to off-balance sheet alternatives seeking higher yields.
Starting in the third quarter, deposit outflows were largely
attributed to commercial clients redeploying capital. The fourth
quarter also saw seasonal declines due to mortgage tax
disbursements.
2022 Annual Segment Highlights |
- Commercial Banking
contributed $460.4 million to net income in 2022, an increase of
$131.8 million compared to 2021. Combined net-interest revenue and
fee revenue increased $215.5 million. Net interest revenue
increased $208.7 million, primarily due to growth in average
deposit balances and an increase in the spread on deposits sold to
our Funds Management unit. Fees and commissions revenue increased
$6.8 million as increases in customer hedging revenue and
transaction card revenue were largely offset by a decline in other
revenue. Operating expense increased $9.6 million, primarily due to
incentive compensation costs. The prior year also included the sale
of an alternative investment that resulted in a $31.1 million
pre-tax gain, net of non-controlling interest. Net loans
charged-off decreased $13.4 million. Average Commercial Banking
loans increased $700 million or 4 percent to $17.6 billion. Average
Commercial Banking deposits grew $664 million or 4 percent to $18.3
billion.
- Consumer Banking contributed $5.9
million to net income in 2022, a decrease of $21.8 million compared
to the prior year. Combined net interest revenue and fee revenue
increased $3.3 million. Net interest revenue increased $54.7
million, primarily due to an increase in the spread on deposits
sold to our Funds Management unit. Fees and commissions revenue
decreased $51.4 million, largely attributable to reduced mortgage
production volume and margin compression. The net cost of the
changes in fair value of mortgage servicing rights and related
economic hedges was $12.5 million for the year ended December 31,
2022 compared to a net benefit of $21.0 million for the year ended
December 31, 2021. Interest rate volatility affected the
effectiveness of our mortgage servicing rights hedging strategy.
Operating expense was consistent with the prior year. Average
Consumer Banking loans decreased $81 million or 5 percent to $1.7
billion. Average Consumer Banking deposits increased $323 million
or 4 percent to $8.8 billion.
- Wealth Management contributed $106.2 million to net income in
2022, a decrease of $7.1 million compared to 2021. Total Wealth
Management revenue decreased $11.7 million. Total revenue from
trading activities decreased $89.5 million compared to the year
ended December 31, 2021, largely due to disruption in the fixed
income markets due to economic uncertainty, primarily in the first
quarter, combined with narrowing margins and lower trading volumes.
This decrease was partially offset by an increase in the spread on
deposits sold to our Funds Management unit. Fiduciary and asset
management revenue also increased $18.0 million. Growth in mutual
fund fees and decreased waivers were partially offset by lower
trust fees and managed account fees due to market driven declines
in assets under management or administration. Other revenue
increased $26.7 million, largely due to higher derivative margin
use fees. Operating expense decreased $8.5 million due to incentive
compensation costs related to reduced trading activity. Average
Wealth Management loans grew $185 million or 9 percent to $2.2
billion. Average Wealth Management deposits decreased $935 million
or 10 percent to $8.5 billion. Average assets under management
decreased $5.2 billion or 5 percent compared to the prior
year.
(Unless indicated otherwise, comparisons are to the prior
quarter) |
Net Interest Revenue |
Net interest revenue was $352.6 million for the fourth quarter
of 2022, an increase of $36.3 million. The rapid increase in
interest rates, combined with our strong loan growth and our asset
sensitive position, drove a linked quarter increase in net interest
revenue and a 30 basis point increase in net interest margin to
3.54 percent. In response to rising inflation, the Federal Reserve
increased the federal funds rate 125 basis points in the fourth
quarter bringing the year-to-date total rate increases to 425 basis
points. The resulting impact on market interest rates has increased
net interest margin as our earning assets, led by our significant
percentage of variable-rate commercial loans, reprice at a higher
rate and faster pace than our interest-bearing liabilities.
Average earning assets increased $757 million. Average loan
balances increased $377 million, largely due to growth in
commercial and commercial real estate loans. Average available for
sale securities increased $648 million as we reposition our balance
for the current rate environment. Average interest bearing cash and
cash equivalents decreased $180 million while average trading
securities decreased $91 million. Average interest-bearing deposits
decreased $659 million as customers redeploy resources following
the savings trend during the height of the pandemic. Average other
borrowings increased $994 million while funds purchased and
repurchase agreements increased $246 million.
The yield on average earning assets was 4.53 percent, up 82
basis points. The loan portfolio yield increased 110 basis points
to 5.99 percent while the yield on trading securities was up 98
basis points to 3.70 percent. The yield on the available for sale
securities portfolio increased 33 basis points to 2.54 percent. The
yield on interest-bearing cash and cash equivalents increased 219
basis points to 4.06 percent.
Funding costs were 1.57 percent, an 81 basis point increase. The
cost of interest-bearing deposits increased 59 basis points to 1.22
percent. The cost of other borrowings was up 175 basis points to
4.08 percent while the cost of funds purchased and repurchase
agreements increased 133 basis points to 2.05 percent. The benefit
to net interest margin from assets funded by non-interest
liabilities was 58 basis points, an increase of 29 basis
points.
Fees and commissions revenue totaled $193.6 million for the
fourth quarter of 2022, relatively unchanged from the prior
quarter.
Brokerage and trading revenue increased $2.0 million. Trading
revenue grew $9.5 million, largely due to an increase in volume and
higher margins on U.S. agency residential mortgage-backed
securities trading activity driven by favorable market conditions
and increased market volatility. A decline from heightened energy
derivative activity in the third quarter led to a $4.7 million
decrease in customer hedging revenue. Total investment banking
revenue decreased $2.4 million, following record levels in the
third quarter. Other revenue increased $1.6 million, largely due to
higher revenue on repossessed assets while transaction card revenue
grew $1.2 million along with a rise in seasonal transaction
volumes.
Deposit service charges decreased $2.3 million. In the fourth
quarter, we implemented changes to eliminate non-sufficient funds
fees and reduce consumer overdraft fees. Mortgage banking revenue
decreased $1.2 million with a reduction in mortgage production
revenue partially offset by an increase in mortgage servicing
revenue. Mortgage production volume decreased $119 million to $111
million as rising mortgage interest rates and continued inventory
constraints place pressure on mortgage loan originations.
Other gains and losses, net, increased $7.4 million, primarily
driven by the sale of a repossessed entity combined with a change
in the value of deferred compensation investments, which are held
to offset the cost of various employee benefit programs. We also
recognized a $4.0 million loss on the sale of available for sale
securities in the fourth quarter as we repositioned our balance
sheet for the current rate environment.
Total operating expense was $318.5 million for the fourth
quarter of 2022, an increase of $23.7 million compared to the third
quarter of 2022.
Personnel expense increased $16.1 million. Cash-based incentive
compensation increased $9.9 million due to increased sales activity
combined with a one-time incentive given to all employees in the
fourth quarter. Deferred compensation expense, which is offset by
deferred compensation investments in other revenue, increased $4.9
million.
Non-personnel expense was $132.0 million, up $7.6 million. A
$4.3 million increase in professional fees and services and $1.3
million increase in data processing and communications expense was
largely attributed to ongoing technology projects. The fourth
quarter of 2022 also included a $2.5 million charitable donation to
the BOKF Foundation as we continue to focus on the communities we
serve.
Loans, Deposits and Capital |
Loans
Outstanding loans were $22.6 billion at December 31, 2022,
growing $767 million over September 30, 2022, largely due to
growth in commercial and commercial real estate loans. Unfunded
loan commitments were also up $839 million over the third
quarter.
Outstanding commercial loan balances, which includes services,
general business, energy, and healthcare loans, increased $591
million with strong growth in all categories.
Services sector loan balances increased $151 million to $3.4
billion or 15 percent 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.
General business loans increased $368 million to $3.5 billion or
16 percent of total loans. General business loans include $2.1
billion of wholesale/retail loans and $1.4 billion of loans from
other commercial industries.
Energy loan balances increased $53 million to $3.4 billion or 15
percent 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 percent of committed production loans are
secured by properties primarily producing oil. The remaining 28
percent is secured by properties primarily producing natural gas.
Unfunded energy loan commitments were $3.8 billion at December 31,
2022, an increase of $334 million over September 30, 2022.
Healthcare sector loan balances increased $18 million, totaling
$3.8 billion or 17 percent 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.
Commercial real estate loan balances grew $133 million and
represent 20 percent of total loans. Loans secured by industrial
facilities increased $118 million to $1.2 billion. Loans secured by
multifamily residential properties increased $86 million to 1.2
billion. This growth was partially offset by a $33 million decrease
in loans secured by office buildings and $27 million decrease in
other real estate loans. Unfunded commercial real estate loan
commitments were $3.1 billion at December 31, 2022, an increase of
$144 million over September 30, 2022.
Loans to individuals increased $49 million and represent 17
percent of total loans. Total residential mortgage loans increased
$22 million while personal loans increased $27 million.
Liquidity and Capital
Our funding sources, which primarily include deposits and
borrowings from the Federal Home Loan Banks, provide adequate
liquidity to meet our needs. The loan to deposit ratio was 65
percent at December 31, 2022 providing significant on-balance sheet
liquidity to meet future loan demand and contractual
obligations.
Period-end deposits totaled $34.5 billion at December 31, 2022,
a $1.9 billion decrease, largely due to commercial clients
redeploying capital following the savings trend during the pandemic
combined with seasonal mortgage tax disbursements. Demand deposits
decreased $1.6 billion while interest-bearing transaction account
balances decreased $341 million. Period-end Commercial Banking
deposits decreased $1.4 billion, Consumer Banking deposits declined
$354 million, and Wealth Management deposits were largely
unchanged. Average deposits were $35.5 billion at December 31,
2022, a $1.6 billion decrease. Average demand deposit account
balances decreased $929 million and average interest-bearing
transaction account balances decreased $658 million.
The company's common equity Tier 1 capital ratio was 11.69
percent at December 31, 2022. In addition, the company's Tier 1
capital ratio was 11.71 percent, total capital ratio was 12.67
percent, and leverage ratio was 9.91 percent at December 31, 2022.
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 8 basis
points to the company's common equity tier 1 capital ratio at
December 31, 2022. At September 30, 2022, the company's common
equity Tier 1 capital ratio was 11.80 percent, Tier 1 capital ratio
was 11.82 percent, total capital ratio was 12.81 percent, and
leverage ratio was 9.76 percent.
The company's tangible common equity ratio, a non-GAAP measure,
was 7.63 percent at December 31, 2022 and 7.96 percent at
September 30, 2022. The tangible common equity ratio is
primarily based on total shareholders' equity, which includes
unrealized gains and losses on available for sale securities. The
company has elected to exclude unrealized gains and losses from
available for sale securities from its calculation of Tier 1
capital for regulatory capital purposes, consistent with the
treatment under the previous capital rules.
The company repurchased 314,406 shares of common stock at an
average price of $103.14 a share in the fourth quarter of 2022. The
company repurchased a total of 1,632,401 shares of common stock at
an average price of $94.88 a share in 2022. We view share buybacks
opportunistically, but within the context of maintaining our strong
capital position.
Expected credit losses on assets carried at amortized cost are
recognized over their projected lives based on models that measure
the probability of default and loss given default over a 12-month
reasonable and supportable forecast period. Our models incorporate
base case, downside and upside macroeconomic variables such as real
gross domestic product ("GDP") growth, civilian unemployment rates
and West Texas Intermediate ("WTI") oil prices on a probability
weighted basis.
A $15.0 million provision for credit losses was necessary for
the fourth quarter of 2022, primarily related to strong growth in
loans and unfunded commitments during the quarter. The level of
uncertainty in the economic outlook of our reasonable and
supportable forecast remained high, and key economic factors were
slightly less favorable to economic growth across all
scenarios.
The probability weighting of our base case reasonable and
supportable forecast remained at 50 percent in the fourth quarter
of 2022 as the level of uncertainty in economic forecasts remained
high. Our base case reasonable and supportable forecast assumes
inflation continues to improve from the peak experienced in the
third quarter of 2022 and slowly normalizes. We expect the impact
of the Russian-Ukraine conflict remains isolated. Inflation
pressures cause modest declines in real household income compared
to pre-pandemic levels, resulting in below-trend GDP growth. GDP is
projected to grow by 0.9 percent over the next twelve months. Job
openings revert to more normalized levels and overall hiring levels
decline, causing the national unemployment rate to modestly
increase over the next four quarters. Our forecasted civilian
unemployment rate is 3.9 percent for the first quarter of 2023,
increasing to 4.1 percent by the fourth quarter of 2023. Our base
case also assumes the Federal Reserve increases the federal funds
rate twice in the first quarter of 2023, resulting in a target
range of 4.75 percent to 5.00 percent. No additional rate increases
in 2023 are anticipated. WTI oil prices are projected to generally
follow the NYMEX forward curve that existed at the end of December
2022, averaging $75.05 per barrel over the next twelve months.
Our downside case, probability weighted at 40 percent, assumes
that inflation moderates slightly from the peak experienced in the
third quarter of 2022, but remains elevated through the forecast
horizon ending 2023 at 5.0 percent. Higher levels of inflation
force the Federal Reserve to adopt a more aggressive monetary
policy as compared to the base case scenario. This results in a
federal funds target range of 5.75 percent to 6.00 percent by
December 2023. The United States economy is pushed into a
recession, with a contraction in economic activity and a sharp
increase in the unemployment rate from 4.8 percent in the first
quarter of 2023 to 6.0 percent in the fourth quarter of 2023. In
this scenario, real GDP is expected to contract 1.3 percent over
the next four quarters. WTI oil prices are projected to average
$65.87 per barrel over the next twelve months, peaking at $70.78 in
the first quarter of 2023 and falling 15 percent over the following
three quarters.
Nonperforming assets totaled $300 million or 1.33 percent of
outstanding loans and repossessed assets at December 31, 2022,
compared to $336 million or 1.54 percent at September 30,
2022. Excluding loans guaranteed by U.S. government agencies,
nonperforming assets totaled $121 million or 0.54 percent of
outstanding loans and repossessed assets at December 31, 2022,
compared to $144 million or 0.67 percent at September 30,
2022.
Nonaccruing loans were $122 million or 0.54 percent of
outstanding loans at December 31, 2022. Nonaccruing commercial
loans totaled $60 million or 0.42 percent of outstanding commercial
loans. Nonaccruing commercial real estate loans totaled $17 million
or 0.36 percent of outstanding commercial real estate loans.
Nonaccruing loans to individuals totaled $45 million or 1.20
percent of outstanding loans to individuals.
Nonaccruing loans decreased $9.0 million compared to
September 30, 2022, primarily related to nonaccruing services,
energy and loans to individuals, partially offset by an increase in
nonaccruing commercial real estate loans. New nonaccruing loans
identified in the fourth quarter totaled $32 million, offset by
$9.1 million in payments received.
Potential problem loans, which are defined as performing loans
that, based on known information, cause management concern as to
the borrowers' ability to continue to perform, totaled $94 million
at December 31, 2022, compared to $95 million at September 30,
2022. A decrease in potential problem services, energy and general
business loans was offset by an increase in healthcare and
commercial real estate potential problem loans.
At December 31, 2022, the combined allowance for loan losses and
accrual for off-balance sheet credit risk from unfunded loan
commitments was $297 million or 1.31 percent of outstanding loans
and 278 percent of nonaccruing loans. The allowance for loan losses
totaled $236 million or 1.04 percent of outstanding loans and 221
percent of nonaccruing loans. At September 30, 2022, the
combined allowance for loan losses and accrual for off-balance
sheet credit risk from unfunded loan commitments was $298 million
or 1.37 percent of outstanding loans and 262 percent of nonaccruing
loans. The allowance for loan losses was $242 million or 1.11
percent of outstanding loans and 212 percent of nonaccruing loans.
The allowance to nonaccruing loan percentages referenced above omit
residential mortgage loans guaranteed by U.S. government
agencies.
Gross charge-offs were $17.8 million for the fourth quarter
compared to $1.8 million for the third quarter of 2022. Gross
charge-offs for the fourth quarter were primarily related to a
single services borrower. Recoveries totaled $2.3 million for the
fourth quarter of 2022 and $1.3 million for the prior quarter. Net
charge-offs were $15.5 million or 0.28 percent of average loans on
an annualized basis in the fourth quarter compared to net
charge-offs of $457 thousand or 0.01 percent of average loans on an
annualized basis in the third quarter. Net charge-offs were 0.10
percent of average loans over the last four quarters.
Securities and Derivatives |
The fair value of the available for sale securities portfolio
totaled $11.5 billion at December 31, 2022, a $1.5 billion increase
compared to September 30, 2022. At December 31, 2022, the
available for sale securities portfolio consisted primarily of $5.8
billion of residential mortgage-backed securities fully backed by
U.S. government agencies and $4.5 billion of commercial
mortgage-backed securities fully backed by U.S. government
agencies. At December 31, 2022, the available for sale securities
portfolio had a net unrealized loss of $866 million compared to
$936 million at September 30, 2022.
We hold an inventory of trading securities in support of sales
to a variety of customers. At December 31, 2022, the trading
securities portfolio totaled $4.5 billion compared to $2.2 billion
at September 30, 2022.
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 increased $263 million to
$297 million at December 31, 2022.
Derivative contracts are carried at fair value. At December
31, 2022, the net fair values of derivative contracts, before
consideration of cash margin, reported as assets under our customer
derivative programs totaled $1.0 billion compared to $1.5 billion
at September 30, 2022. The aggregate net fair value of
derivative contracts, before consideration of cash margin, held
under these programs reported as liabilities totaled $1.0 billion
at December 31, 2022 and $1.5 billion at September 30,
2022.
The net cost of the changes in the fair value of mortgage
servicing rights and related economic hedges was $1.2 million
during the fourth quarter of 2022, including a $2.9 million
decrease in the fair value of mortgage servicing rights, $1.8
million increase in the fair value of securities and derivative
contracts held as an economic hedge, and $118 thousand of related
net interest expense.
Conference Call and Webcast |
The company will hold a conference call at 9 a.m. Central time
on Wednesday, January 25, 2023 to discuss the financial
results with investors. The live audio webcast and
presentation slides will be available on the company’s website at
www.bokf.com. The conference call can also be accessed by dialing
1-201-689-8471. A conference call and webcast replay will also be
available shortly after conclusion of the live call at
www.bokf.com or by dialing 1-877-407-4018 and referencing
conference ID # 13735343.
About BOK Financial Corporation |
BOK Financial Corporation is a $48 billion regional financial
services company headquartered in Tulsa, Oklahoma with $100 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., BOK Financial Private Wealth,
Inc. and BOK Financial Insurance, Inc. BOKF, NA's holdings include
TransFund, Cavanal Hill Investment Management, Inc. and BOK
Financial Asset 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 and Connecticut. Through its
subsidiaries, BOK Financial Corporation provides commercial and
consumer banking, brokerage trading, investment, trust and
insurance 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, 2022 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, the economy generally and the expected
or potential impact of the novel coronavirus (COVID-19) pandemic,
and the related responses of the government, consumers, and others,
on our business, financial condition and results of operations.
Words such as “anticipates,” “believes,” “estimates,” “expects,”
“forecasts,” “plans,” “projects,” “will,” “intends,” variations of
such words and similar expressions are intended to identify such
forward-looking statements. Management judgments relating to and
discussion of the provision and allowance for credit losses,
allowance for uncertain tax positions, accruals for loss
contingencies and valuation of mortgage servicing rights involve
judgments as to expected events and are inherently forward-looking
statements. Assessments that acquisitions and growth endeavors will
be profitable are necessary statements of belief as to the outcome
of future events based in part on information provided by others
which BOK Financial has not independently verified. These various
forward-looking statements are not guarantees of future performance
and involve certain risks, uncertainties, and assumptions which are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. Therefore, actual results and outcomes may
materially differ from what is expected, implied or forecasted in
such forward-looking statements. Internal and external factors that
might cause such a difference include, but are not limited to
changes in government, consumer or business responses to, and
ability to treat or prevent further outbreak of the COVID-19
pandemic, changes in commodity prices, interest rates and interest
rate relationships, inflation, demand for products and services,
the degree of competition by traditional and nontraditional
competitors, changes in banking regulations, tax laws, prices,
levies and assessments, the impact of technological advances, and
trends in customer behavior as well as their ability to repay
loans. BOK Financial 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.
BALANCE SHEETS -- UNAUDITEDBOK
FINANCIAL CORPORATION(In thousands)
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
ASSETS |
|
|
|
Cash and due from banks |
$ |
943,810 |
|
|
$ |
804,110 |
|
Interest-bearing cash and cash
equivalents |
|
457,906 |
|
|
|
804,799 |
|
Trading securities |
|
4,464,161 |
|
|
|
2,194,618 |
|
Investment securities, net of
allowance |
|
2,513,687 |
|
|
|
2,572,360 |
|
Available for sale
securities |
|
11,493,860 |
|
|
|
10,040,894 |
|
Fair value option
securities |
|
296,590 |
|
|
|
33,966 |
|
Restricted equity
securities |
|
299,651 |
|
|
|
100,356 |
|
Residential mortgage loans
held for sale |
|
75,272 |
|
|
|
148,121 |
|
Loans: |
|
|
|
Commercial |
|
14,198,187 |
|
|
|
13,607,686 |
|
Commercial real estate |
|
4,606,777 |
|
|
|
4,473,911 |
|
Paycheck protection program |
|
14,312 |
|
|
|
20,233 |
|
Loans to individuals |
|
3,737,874 |
|
|
|
3,688,627 |
|
Total loans |
|
22,557,150 |
|
|
|
21,790,457 |
|
Allowance for loan losses |
|
(235,704 |
) |
|
|
(241,768 |
) |
Loans, net of allowance |
|
22,321,446 |
|
|
|
21,548,689 |
|
Premises and equipment,
net |
|
565,175 |
|
|
|
569,379 |
|
Receivables |
|
273,815 |
|
|
|
200,343 |
|
Goodwill |
|
1,044,749 |
|
|
|
1,044,749 |
|
Intangible assets, net |
|
76,131 |
|
|
|
79,833 |
|
Mortgage servicing rights |
|
277,608 |
|
|
|
283,806 |
|
Real estate and other
repossessed assets, net |
|
14,304 |
|
|
|
29,676 |
|
Derivative contracts, net |
|
880,343 |
|
|
|
1,693,742 |
|
Cash surrender value of
bank-owned life insurance |
|
406,751 |
|
|
|
407,722 |
|
Receivable on unsettled
securities sales |
|
31,004 |
|
|
|
49,089 |
|
Other
assets |
|
1,354,379 |
|
|
|
1,039,194 |
|
TOTAL ASSETS |
$ |
47,790,642 |
|
|
$ |
43,645,446 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Deposits: |
|
|
|
Demand |
$ |
13,395,337 |
|
|
$ |
14,985,115 |
|
Interest-bearing transaction |
|
18,659,115 |
|
|
|
19,000,023 |
|
Savings |
|
964,411 |
|
|
|
971,634 |
|
Time |
|
1,461,842 |
|
|
|
1,459,143 |
|
Total deposits |
|
34,480,705 |
|
|
|
36,415,915 |
|
Funds purchased and repurchase
agreements |
|
2,270,377 |
|
|
|
626,952 |
|
Other borrowings |
|
4,736,908 |
|
|
|
234,933 |
|
Subordinated debentures |
|
131,205 |
|
|
|
131,168 |
|
Accrued interest, taxes and
expense |
|
296,870 |
|
|
|
212,342 |
|
Due on unsettled securities
purchases |
|
147,470 |
|
|
|
205,388 |
|
Derivative contracts, net |
|
554,900 |
|
|
|
821,275 |
|
Other
liabilities |
|
484,849 |
|
|
|
483,165 |
|
TOTAL LIABILITIES |
|
43,103,284 |
|
|
|
39,131,138 |
|
Shareholders' equity: |
|
|
|
Capital, surplus and retained earnings |
|
5,519,604 |
|
|
|
5,414,879 |
|
Accumulated other comprehensive loss |
|
(836,955 |
) |
|
|
(904,945 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
4,682,649 |
|
|
|
4,509,934 |
|
Non-controlling interests |
|
4,709 |
|
|
|
4,374 |
|
TOTAL EQUITY |
|
4,687,358 |
|
|
|
4,514,308 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
47,790,642 |
|
|
$ |
43,645,446 |
|
AVERAGE BALANCE SHEETS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands)
|
Three Months Ended |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
ASSETS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash and cash equivalents |
$ |
568,307 |
|
|
$ |
748,263 |
|
|
$ |
843,619 |
|
|
$ |
1,050,409 |
|
|
$ |
1,208,552 |
|
Trading securities |
|
3,086,985 |
|
|
|
3,178,068 |
|
|
|
4,166,954 |
|
|
|
8,537,390 |
|
|
|
9,260,778 |
|
Investment securities, net of
allowance |
|
2,535,305 |
|
|
|
2,593,989 |
|
|
|
610,983 |
|
|
|
195,198 |
|
|
|
213,188 |
|
Available for sale
securities |
|
10,953,851 |
|
|
|
10,306,257 |
|
|
|
12,258,072 |
|
|
|
13,092,422 |
|
|
|
13,247,607 |
|
Fair value option
securities |
|
92,012 |
|
|
|
36,846 |
|
|
|
54,832 |
|
|
|
75,539 |
|
|
|
46,458 |
|
Restricted equity
securities |
|
216,673 |
|
|
|
173,656 |
|
|
|
167,732 |
|
|
|
164,484 |
|
|
|
137,874 |
|
Residential mortgage loans
held for sale |
|
98,613 |
|
|
|
132,685 |
|
|
|
148,183 |
|
|
|
179,697 |
|
|
|
163,433 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial |
|
13,827,517 |
|
|
|
13,481,961 |
|
|
|
13,382,176 |
|
|
|
12,677,706 |
|
|
|
12,401,935 |
|
Commercial real estate |
|
4,488,091 |
|
|
|
4,434,650 |
|
|
|
4,061,129 |
|
|
|
4,059,148 |
|
|
|
3,838,336 |
|
Paycheck protection program |
|
18,822 |
|
|
|
26,364 |
|
|
|
90,312 |
|
|
|
210,110 |
|
|
|
404,261 |
|
Loans to individuals |
|
3,641,574 |
|
|
|
3,656,257 |
|
|
|
3,524,097 |
|
|
|
3,516,698 |
|
|
|
3,598,121 |
|
Total loans |
|
21,976,004 |
|
|
|
21,599,232 |
|
|
|
21,057,714 |
|
|
|
20,463,662 |
|
|
|
20,242,653 |
|
Allowance for loan losses |
|
(242,450 |
) |
|
|
(241,136 |
) |
|
|
(246,064 |
) |
|
|
(254,191 |
) |
|
|
(271,794 |
) |
Loans, net of allowance |
|
21,733,554 |
|
|
|
21,358,096 |
|
|
|
20,811,650 |
|
|
|
20,209,471 |
|
|
|
19,970,859 |
|
Total earning assets |
|
39,285,300 |
|
|
|
38,527,860 |
|
|
|
39,062,025 |
|
|
|
43,504,610 |
|
|
|
44,248,749 |
|
Cash and due from banks |
|
865,796 |
|
|
|
821,801 |
|
|
|
822,599 |
|
|
|
790,440 |
|
|
|
783,670 |
|
Derivative contracts, net |
|
1,239,717 |
|
|
|
2,019,905 |
|
|
|
3,051,429 |
|
|
|
2,126,282 |
|
|
|
1,441,869 |
|
Cash surrender value of
bank-owned life insurance |
|
406,826 |
|
|
|
410,667 |
|
|
|
408,489 |
|
|
|
406,379 |
|
|
|
404,149 |
|
Receivable on unsettled
securities sales |
|
194,996 |
|
|
|
219,113 |
|
|
|
457,165 |
|
|
|
375,616 |
|
|
|
585,901 |
|
Other
assets |
|
3,216,983 |
|
|
|
3,119,856 |
|
|
|
3,486,691 |
|
|
|
3,357,747 |
|
|
|
3,139,718 |
|
TOTAL ASSETS |
$ |
45,209,618 |
|
|
$ |
45,119,202 |
|
|
$ |
47,288,398 |
|
|
$ |
50,561,074 |
|
|
$ |
50,604,056 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
14,176,189 |
|
|
$ |
15,105,305 |
|
|
$ |
15,202,597 |
|
|
$ |
15,062,282 |
|
|
$ |
14,818,841 |
|
Interest-bearing transaction |
|
18,898,315 |
|
|
|
19,556,806 |
|
|
|
21,037,294 |
|
|
|
22,763,479 |
|
|
|
22,326,401 |
|
Savings |
|
969,275 |
|
|
|
978,596 |
|
|
|
981,493 |
|
|
|
947,407 |
|
|
|
909,131 |
|
Time |
|
1,417,606 |
|
|
|
1,409,069 |
|
|
|
1,373,036 |
|
|
|
1,589,039 |
|
|
|
1,747,715 |
|
Total deposits |
|
35,461,385 |
|
|
|
37,049,776 |
|
|
|
38,594,420 |
|
|
|
40,362,207 |
|
|
|
39,802,088 |
|
Funds purchased and repurchase
agreements |
|
1,046,447 |
|
|
|
800,759 |
|
|
|
1,224,134 |
|
|
|
2,004,466 |
|
|
|
2,893,128 |
|
Other borrowings |
|
2,523,195 |
|
|
|
1,528,887 |
|
|
|
1,301,358 |
|
|
|
1,148,440 |
|
|
|
880,837 |
|
Subordinated debentures |
|
131,180 |
|
|
|
131,199 |
|
|
|
131,219 |
|
|
|
131,228 |
|
|
|
131,224 |
|
Derivative contracts, net |
|
445,105 |
|
|
|
105,221 |
|
|
|
535,574 |
|
|
|
682,435 |
|
|
|
320,757 |
|
Due on unsettled securities
purchases |
|
575,957 |
|
|
|
331,428 |
|
|
|
380,332 |
|
|
|
519,097 |
|
|
|
629,642 |
|
Other
liabilities |
|
408,029 |
|
|
|
396,510 |
|
|
|
389,031 |
|
|
|
565,350 |
|
|
|
578,091 |
|
TOTAL LIABILITIES |
|
40,591,298 |
|
|
|
40,343,780 |
|
|
|
42,556,068 |
|
|
|
45,413,223 |
|
|
|
45,235,767 |
|
Total
equity |
|
4,618,320 |
|
|
|
4,775,422 |
|
|
|
4,732,330 |
|
|
|
5,147,851 |
|
|
|
5,368,289 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
45,209,618 |
|
|
$ |
45,119,202 |
|
|
$ |
47,288,398 |
|
|
$ |
50,561,074 |
|
|
$ |
50,604,056 |
|
STATEMENTS OF EARNINGS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except per share
data)
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Interest revenue |
$ |
451,606 |
|
|
$ |
292,334 |
|
|
$ |
1,392,102 |
|
|
$ |
1,179,929 |
|
Interest expense |
|
98,980 |
|
|
|
15,257 |
|
|
|
180,722 |
|
|
|
61,896 |
|
Net interest revenue |
|
352,626 |
|
|
|
277,077 |
|
|
|
1,211,380 |
|
|
|
1,118,033 |
|
Provision for credit losses |
|
15,000 |
|
|
|
(17,000 |
) |
|
|
30,000 |
|
|
|
(100,000 |
) |
Net interest revenue after provision for credit
losses |
|
337,626 |
|
|
|
294,077 |
|
|
|
1,181,380 |
|
|
|
1,218,033 |
|
Other operating revenue: |
|
|
|
|
|
|
|
Brokerage and trading revenue |
|
63,008 |
|
|
|
14,869 |
|
|
|
140,978 |
|
|
|
112,989 |
|
Transaction card revenue |
|
27,136 |
|
|
|
24,998 |
|
|
|
104,266 |
|
|
|
96,983 |
|
Fiduciary and asset management revenue |
|
49,899 |
|
|
|
46,872 |
|
|
|
196,326 |
|
|
|
178,274 |
|
Deposit service charges and fees |
|
26,429 |
|
|
|
26,718 |
|
|
|
110,636 |
|
|
|
104,217 |
|
Mortgage banking revenue |
|
10,065 |
|
|
|
21,278 |
|
|
|
49,365 |
|
|
|
105,896 |
|
Other revenue |
|
17,034 |
|
|
|
11,586 |
|
|
|
55,642 |
|
|
|
69,950 |
|
Total fees and commissions |
|
193,571 |
|
|
|
146,321 |
|
|
|
657,213 |
|
|
|
668,309 |
|
Other gains, net |
|
8,427 |
|
|
|
6,081 |
|
|
|
123 |
|
|
|
63,742 |
|
Gain (loss) on derivatives, net |
|
4,548 |
|
|
|
(4,788 |
) |
|
|
(73,011 |
) |
|
|
(19,378 |
) |
Gain (loss) on fair value option securities, net |
|
(2,568 |
) |
|
|
1,418 |
|
|
|
(20,358 |
) |
|
|
(2,239 |
) |
Change in fair value of mortgage servicing rights |
|
(2,904 |
) |
|
|
7,859 |
|
|
|
80,261 |
|
|
|
41,637 |
|
Gain (loss) on available for sale securities, net |
|
(3,988 |
) |
|
|
552 |
|
|
|
(971 |
) |
|
|
3,704 |
|
Total other operating revenue |
|
197,086 |
|
|
|
157,443 |
|
|
|
643,257 |
|
|
|
755,775 |
|
Other operating expense: |
|
|
|
|
|
|
|
Personnel |
|
186,419 |
|
|
|
174,474 |
|
|
|
670,918 |
|
|
|
695,382 |
|
Business promotion |
|
7,470 |
|
|
|
6,452 |
|
|
|
26,435 |
|
|
|
16,289 |
|
Charitable contributions to BOKF Foundation |
|
2,500 |
|
|
|
5,000 |
|
|
|
2,500 |
|
|
|
9,000 |
|
Professional fees and services |
|
18,365 |
|
|
|
14,129 |
|
|
|
56,342 |
|
|
|
50,906 |
|
Net occupancy and equipment |
|
29,227 |
|
|
|
26,897 |
|
|
|
116,867 |
|
|
|
108,587 |
|
Insurance |
|
4,677 |
|
|
|
3,889 |
|
|
|
17,994 |
|
|
|
15,881 |
|
Data processing and communications |
|
43,048 |
|
|
|
39,358 |
|
|
|
165,907 |
|
|
|
151,614 |
|
Printing, postage and supplies |
|
3,890 |
|
|
|
2,935 |
|
|
|
15,857 |
|
|
|
14,218 |
|
Amortization of intangible assets |
|
3,736 |
|
|
|
4,438 |
|
|
|
15,692 |
|
|
|
18,311 |
|
Mortgage banking costs |
|
9,016 |
|
|
|
8,667 |
|
|
|
35,834 |
|
|
|
42,698 |
|
Other expense |
|
10,108 |
|
|
|
13,256 |
|
|
|
40,134 |
|
|
|
54,822 |
|
Total other operating expense |
|
318,456 |
|
|
|
299,495 |
|
|
|
1,164,480 |
|
|
|
1,177,708 |
|
|
|
|
|
|
|
|
|
Net income before
taxes |
|
216,256 |
|
|
|
152,025 |
|
|
|
660,157 |
|
|
|
796,100 |
|
Federal
and state income taxes |
|
47,864 |
|
|
|
34,836 |
|
|
|
139,864 |
|
|
|
179,775 |
|
|
|
|
|
|
|
|
|
Net
income |
|
168,392 |
|
|
|
117,189 |
|
|
|
520,293 |
|
|
|
616,325 |
|
Net
income (loss) attributable to non-controlling interests |
|
(37 |
) |
|
|
(129 |
) |
|
|
20 |
|
|
|
(1,796 |
) |
Net income attributable to BOK Financial Corporation
shareholders |
$ |
168,429 |
|
|
$ |
117,318 |
|
|
$ |
520,273 |
|
|
$ |
618,121 |
|
|
|
|
|
|
|
|
|
Average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
66,627,955 |
|
|
|
68,069,160 |
|
|
|
67,212,728 |
|
|
|
68,591,920 |
|
Diluted |
|
66,627,955 |
|
|
|
68,070,910 |
|
|
|
67,212,735 |
|
|
|
68,594,322 |
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
2.51 |
|
|
$ |
1.71 |
|
|
$ |
7.68 |
|
|
$ |
8.95 |
|
Diluted |
$ |
2.51 |
|
|
$ |
1.71 |
|
|
$ |
7.68 |
|
|
$ |
8.95 |
|
FINANCIAL HIGHLIGHTS -- UNAUDITEDBOK
FINANCIAL CORPORATION(in thousands, except ratio and share
data)
|
Three Months Ended |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
Capital: |
|
|
|
|
|
|
|
|
|
Period-end shareholders' equity |
$ |
4,682,649 |
|
|
$ |
4,509,934 |
|
|
$ |
4,737,339 |
|
|
$ |
4,849,582 |
|
|
$ |
5,363,732 |
|
Risk weighted assets |
$ |
38,142,231 |
|
|
$ |
36,866,994 |
|
|
$ |
36,787,092 |
|
|
$ |
37,160,258 |
|
|
$ |
34,575,277 |
|
Risk-based capital ratios: |
|
|
|
|
|
|
|
|
|
Common equity tier 1 |
|
11.69 |
% |
|
|
11.80 |
% |
|
|
11.61 |
% |
|
|
11.30 |
% |
|
|
12.24 |
% |
Tier 1 |
|
11.71 |
% |
|
|
11.82 |
% |
|
|
11.63 |
% |
|
|
11.31 |
% |
|
|
12.25 |
% |
Total capital |
|
12.67 |
% |
|
|
12.81 |
% |
|
|
12.59 |
% |
|
|
12.25 |
% |
|
|
13.29 |
% |
Leverage ratio |
|
9.91 |
% |
|
|
9.76 |
% |
|
|
9.12 |
% |
|
|
8.47 |
% |
|
|
8.55 |
% |
Tangible common equity ratio1 |
|
7.63 |
% |
|
|
7.96 |
% |
|
|
8.16 |
% |
|
|
8.13 |
% |
|
|
8.61 |
% |
|
|
|
|
|
|
|
|
|
|
Common
stock: |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
69.93 |
|
|
$ |
67.06 |
|
|
$ |
69.87 |
|
|
$ |
71.21 |
|
|
$ |
78.34 |
|
Tangible book value per share |
$ |
53.19 |
|
|
$ |
50.34 |
|
|
$ |
53.22 |
|
|
$ |
54.58 |
|
|
$ |
61.74 |
|
Market value per share: |
|
|
|
|
|
|
|
|
|
High |
$ |
110.28 |
|
|
$ |
95.51 |
|
|
$ |
94.76 |
|
|
$ |
119.59 |
|
|
$ |
110.21 |
|
Low |
$ |
88.46 |
|
|
$ |
69.82 |
|
|
$ |
74.03 |
|
|
$ |
93.76 |
|
|
$ |
89.01 |
|
Cash dividends paid |
$ |
36,188 |
|
|
$ |
35,661 |
|
|
$ |
35,892 |
|
|
$ |
36,093 |
|
|
$ |
36,256 |
|
Dividend payout ratio |
|
21.49 |
% |
|
|
22.79 |
% |
|
|
27.02 |
% |
|
|
57.76 |
% |
|
|
30.90 |
% |
Shares outstanding, net |
|
66,958,634 |
|
|
|
67,254,383 |
|
|
|
67,806,005 |
|
|
|
68,104,043 |
|
|
|
68,467,772 |
|
Stock buy-back program: |
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
314,406 |
|
|
|
548,034 |
|
|
|
294,084 |
|
|
|
475,877 |
|
|
|
128,522 |
|
Amount |
$ |
32,429 |
|
|
$ |
49,980 |
|
|
$ |
24,404 |
|
|
$ |
48,074 |
|
|
$ |
13,426 |
|
Average price per share |
$ |
103.14 |
|
|
$ |
91.20 |
|
|
$ |
82.98 |
|
|
$ |
101.02 |
|
|
$ |
104.46 |
|
|
|
|
|
|
|
|
|
|
|
Performance ratios (quarter annualized): |
Return on average assets |
|
1.48 |
% |
|
|
1.38 |
% |
|
|
1.13 |
% |
|
|
0.50 |
% |
|
|
0.92 |
% |
Return on average equity |
|
14.48 |
% |
|
|
13.01 |
% |
|
|
11.27 |
% |
|
|
4.93 |
% |
|
|
8.68 |
% |
Net interest margin |
|
3.54 |
% |
|
|
3.24 |
% |
|
|
2.76 |
% |
|
|
2.44 |
% |
|
|
2.52 |
% |
Efficiency ratio |
|
57.87 |
% |
|
|
57.35 |
% |
|
|
60.65 |
% |
|
|
75.07 |
% |
|
|
70.14 |
% |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP measures: |
1Tangible common equity ratio: |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
4,682,649 |
|
|
$ |
4,509,934 |
|
|
$ |
4,737,339 |
|
|
$ |
4,849,582 |
|
|
$ |
5,363,732 |
|
Less: Goodwill and intangible assets, net |
|
1,120,880 |
|
|
|
1,124,582 |
|
|
|
1,128,493 |
|
|
|
1,132,510 |
|
|
|
1,136,527 |
|
Tangible common equity |
$ |
3,561,769 |
|
|
$ |
3,385,352 |
|
|
$ |
3,608,846 |
|
|
$ |
3,717,072 |
|
|
$ |
4,227,205 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
47,790,642 |
|
|
$ |
43,645,446 |
|
|
$ |
45,377,072 |
|
|
$ |
46,826,507 |
|
|
$ |
50,249,431 |
|
Less: Goodwill and intangible assets, net |
|
1,120,880 |
|
|
|
1,124,582 |
|
|
|
1,128,493 |
|
|
|
1,132,510 |
|
|
|
1,136,527 |
|
Tangible assets |
$ |
46,669,762 |
|
|
$ |
42,520,864 |
|
|
$ |
44,248,579 |
|
|
$ |
45,693,997 |
|
|
$ |
49,112,904 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio |
|
7.63 |
% |
|
|
7.96 |
% |
|
|
8.16 |
% |
|
|
8.13 |
% |
|
|
8.61 |
% |
|
|
|
|
|
|
|
|
|
|
Pre-provision net
revenue: |
|
|
|
|
|
|
|
|
|
Net income before taxes |
$ |
216,256 |
|
|
$ |
196,272 |
|
|
$ |
168,980 |
|
|
$ |
78,649 |
|
|
$ |
152,025 |
|
Provision for expected credit losses |
|
15,000 |
|
|
|
15,000 |
|
|
|
— |
|
|
|
— |
|
|
|
(17,000 |
) |
Net income (loss) attributable to non-controlling interests |
|
(37 |
) |
|
|
81 |
|
|
|
12 |
|
|
|
(36 |
) |
|
|
(129 |
) |
Pre-provision net revenue |
$ |
231,293 |
|
|
$ |
211,191 |
|
|
$ |
168,968 |
|
|
$ |
78,685 |
|
|
$ |
135,154 |
|
|
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
Tax equivalent interest |
$ |
2,287 |
|
|
$ |
2,163 |
|
|
$ |
2,040 |
|
|
$ |
1,973 |
|
|
$ |
2,104 |
|
Net unrealized gain (loss) on available for sale securities |
$ |
(865,553 |
) |
|
$ |
(935,788 |
) |
|
$ |
(522,812 |
) |
|
$ |
(546,598 |
) |
|
$ |
93,381 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking: |
|
|
|
|
|
|
|
|
|
Mortgage production revenue |
$ |
(3,983 |
) |
|
$ |
(2,406 |
) |
|
$ |
(504 |
) |
|
$ |
5,055 |
|
|
$ |
10,018 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans funded for sale |
$ |
141,090 |
|
|
$ |
260,210 |
|
|
$ |
360,237 |
|
|
$ |
418,866 |
|
|
$ |
568,507 |
|
Add: current period-end outstanding commitments |
|
45,492 |
|
|
|
75,779 |
|
|
|
106,004 |
|
|
|
160,260 |
|
|
|
171,412 |
|
Less: prior period end outstanding commitments |
|
75,779 |
|
|
|
106,004 |
|
|
|
160,260 |
|
|
|
171,412 |
|
|
|
239,066 |
|
Total mortgage production volume |
$ |
110,803 |
|
|
$ |
229,985 |
|
|
$ |
305,981 |
|
|
$ |
407,714 |
|
|
$ |
500,853 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan refinances to mortgage loans funded for sale |
|
10 |
% |
|
|
10 |
% |
|
|
19 |
% |
|
|
45 |
% |
|
|
51 |
% |
Realized margin on funded mortgage loans |
(1.10)% |
|
(0.41)% |
|
|
0.88 |
% |
|
|
1.64 |
% |
|
|
2.34 |
% |
Production revenue as a percentage of production volume |
(3.59)% |
|
(1.05)% |
|
(0.16)% |
|
|
1.24 |
% |
|
|
2.00 |
% |
|
|
|
|
|
|
|
|
|
|
Mortgage servicing revenue |
$ |
14,048 |
|
|
$ |
13,688 |
|
|
$ |
11,872 |
|
|
$ |
11,595 |
|
|
$ |
11,260 |
|
Average outstanding principal balance of mortgage loans serviced
for others |
|
18,923,078 |
|
|
|
19,070,221 |
|
|
|
17,336,596 |
|
|
|
16,155,329 |
|
|
|
15,930,480 |
|
Average mortgage servicing revenue rates |
|
0.29 |
% |
|
|
0.28 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
|
|
Gain
(loss) on mortgage servicing rights, net of economic
hedge: |
Gain (loss) on mortgage hedge derivative contracts, net |
$ |
4,373 |
|
|
$ |
(17,027 |
) |
|
$ |
(13,639 |
) |
|
$ |
(46,694 |
) |
|
$ |
(4,862 |
) |
Gain (loss) on fair value option securities, net |
|
(2,568 |
) |
|
|
(4,368 |
) |
|
|
(2,221 |
) |
|
|
(11,201 |
) |
|
|
1,418 |
|
Gain (loss) on economic hedge of mortgage servicing rights |
|
1,805 |
|
|
|
(21,395 |
) |
|
|
(15,860 |
) |
|
|
(57,895 |
) |
|
|
(3,444 |
) |
Gain (loss) on changes in fair value of mortgage servicing
rights |
|
(2,904 |
) |
|
|
16,570 |
|
|
|
17,485 |
|
|
|
49,110 |
|
|
|
7,859 |
|
Gain (loss) on changes in fair value of mortgage servicing rights,
net of economic hedges, included in other operating revenue |
|
(1,099 |
) |
|
|
(4,825 |
) |
|
|
1,625 |
|
|
|
(8,785 |
) |
|
|
4,415 |
|
Net interest revenue on fair value option securities2 |
|
(118 |
) |
|
|
29 |
|
|
|
275 |
|
|
|
383 |
|
|
|
259 |
|
Total economic benefit (cost) of changes in the fair value of
mortgage servicing rights, net of economic hedges |
$ |
(1,217 |
) |
|
$ |
(4,796 |
) |
|
$ |
1,900 |
|
|
$ |
(8,402 |
) |
|
$ |
4,674 |
|
2 Actual interest earned on fair value option securities less
internal transfer-priced cost of funds.
QUARTERLY EARNINGS TREND --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands, except ratio and per share data)
|
Three Months Ended |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
|
|
|
|
|
|
|
|
|
Interest revenue |
$ |
451,606 |
|
|
$ |
363,150 |
|
|
$ |
294,247 |
|
|
$ |
283,099 |
|
|
$ |
292,334 |
|
Interest expense |
|
98,980 |
|
|
|
46,825 |
|
|
|
20,229 |
|
|
|
14,688 |
|
|
|
15,257 |
|
Net interest revenue |
|
352,626 |
|
|
|
316,325 |
|
|
|
274,018 |
|
|
|
268,411 |
|
|
|
277,077 |
|
Provision for credit losses |
|
15,000 |
|
|
|
15,000 |
|
|
|
— |
|
|
|
— |
|
|
|
(17,000 |
) |
Net interest revenue after provision for credit
losses |
|
337,626 |
|
|
|
301,325 |
|
|
|
274,018 |
|
|
|
268,411 |
|
|
|
294,077 |
|
Other operating revenue: |
|
|
|
|
|
|
|
|
|
Brokerage and trading revenue |
|
63,008 |
|
|
|
61,006 |
|
|
|
44,043 |
|
|
|
(27,079 |
) |
|
|
14,869 |
|
Transaction card revenue |
|
27,136 |
|
|
|
25,974 |
|
|
|
26,940 |
|
|
|
24,216 |
|
|
|
24,998 |
|
Fiduciary and asset management revenue |
|
49,899 |
|
|
|
50,190 |
|
|
|
49,838 |
|
|
|
46,399 |
|
|
|
46,872 |
|
Deposit service charges and fees |
|
26,429 |
|
|
|
28,703 |
|
|
|
28,500 |
|
|
|
27,004 |
|
|
|
26,718 |
|
Mortgage banking revenue |
|
10,065 |
|
|
|
11,282 |
|
|
|
11,368 |
|
|
|
16,650 |
|
|
|
21,278 |
|
Other revenue |
|
17,034 |
|
|
|
15,479 |
|
|
|
12,684 |
|
|
|
10,445 |
|
|
|
11,586 |
|
Total fees and commissions |
|
193,571 |
|
|
|
192,634 |
|
|
|
173,373 |
|
|
|
97,635 |
|
|
|
146,321 |
|
Other gains (losses), net |
|
8,427 |
|
|
|
979 |
|
|
|
(7,639 |
) |
|
|
(1,644 |
) |
|
|
6,081 |
|
Gain (loss) on derivatives, net |
|
4,548 |
|
|
|
(17,009 |
) |
|
|
(13,569 |
) |
|
|
(46,981 |
) |
|
|
(4,788 |
) |
Gain (loss) on fair value option securities, net |
|
(2,568 |
) |
|
|
(4,368 |
) |
|
|
(2,221 |
) |
|
|
(11,201 |
) |
|
|
1,418 |
|
Change in fair value of mortgage servicing rights |
|
(2,904 |
) |
|
|
16,570 |
|
|
|
17,485 |
|
|
|
49,110 |
|
|
|
7,859 |
|
Gain (loss) on available for sale securities, net |
|
(3,988 |
) |
|
|
892 |
|
|
|
1,188 |
|
|
|
937 |
|
|
|
552 |
|
Total other operating revenue |
|
197,086 |
|
|
|
189,698 |
|
|
|
168,617 |
|
|
|
87,856 |
|
|
|
157,443 |
|
Other operating expense: |
|
|
|
|
|
|
|
|
|
Personnel |
|
186,419 |
|
|
|
170,348 |
|
|
|
154,923 |
|
|
|
159,228 |
|
|
|
174,474 |
|
Business promotion |
|
7,470 |
|
|
|
6,127 |
|
|
|
6,325 |
|
|
|
6,513 |
|
|
|
6,452 |
|
Charitable contributions to BOKF Foundation |
|
2,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Professional fees and services |
|
18,365 |
|
|
|
14,089 |
|
|
|
12,475 |
|
|
|
11,413 |
|
|
|
14,129 |
|
Net occupancy and equipment |
|
29,227 |
|
|
|
29,296 |
|
|
|
27,489 |
|
|
|
30,855 |
|
|
|
26,897 |
|
Insurance |
|
4,677 |
|
|
|
4,306 |
|
|
|
4,728 |
|
|
|
4,283 |
|
|
|
3,889 |
|
Data processing and communications |
|
43,048 |
|
|
|
41,743 |
|
|
|
41,280 |
|
|
|
39,836 |
|
|
|
39,358 |
|
Printing, postage and supplies |
|
3,890 |
|
|
|
4,349 |
|
|
|
3,929 |
|
|
|
3,689 |
|
|
|
2,935 |
|
Amortization of intangible assets |
|
3,736 |
|
|
|
3,943 |
|
|
|
4,049 |
|
|
|
3,964 |
|
|
|
4,438 |
|
Mortgage banking costs |
|
9,016 |
|
|
|
9,504 |
|
|
|
9,437 |
|
|
|
7,877 |
|
|
|
8,667 |
|
Other expense |
|
10,108 |
|
|
|
11,046 |
|
|
|
9,020 |
|
|
|
9,960 |
|
|
|
13,256 |
|
Total other operating expense |
|
318,456 |
|
|
|
294,751 |
|
|
|
273,655 |
|
|
|
277,618 |
|
|
|
299,495 |
|
Net income before
taxes |
|
216,256 |
|
|
|
196,272 |
|
|
|
168,980 |
|
|
|
78,649 |
|
|
|
152,025 |
|
Federal
and state income taxes |
|
47,864 |
|
|
|
39,681 |
|
|
|
36,122 |
|
|
|
16,197 |
|
|
|
34,836 |
|
Net income |
|
168,392 |
|
|
|
156,591 |
|
|
|
132,858 |
|
|
|
62,452 |
|
|
|
117,189 |
|
Net
income (loss) attributable to non-controlling interests |
|
(37 |
) |
|
|
81 |
|
|
|
12 |
|
|
|
(36 |
) |
|
|
(129 |
) |
Net income attributable to BOK Financial Corporation
shareholders |
$ |
168,429 |
|
|
$ |
156,510 |
|
|
$ |
132,846 |
|
|
$ |
62,488 |
|
|
$ |
117,318 |
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
66,627,955 |
|
|
|
67,003,199 |
|
|
|
67,453,748 |
|
|
|
67,812,400 |
|
|
|
68,069,160 |
|
Diluted |
|
66,627,955 |
|
|
|
67,004,623 |
|
|
|
67,455,172 |
|
|
|
67,813,851 |
|
|
|
68,070,910 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.51 |
|
|
$ |
2.32 |
|
|
$ |
1.96 |
|
|
$ |
0.91 |
|
|
$ |
1.71 |
|
Diluted |
$ |
2.51 |
|
|
$ |
2.32 |
|
|
$ |
1.96 |
|
|
$ |
0.91 |
|
|
$ |
1.71 |
|
LOANS TREND -- UNAUDITEDBOK FINANCIAL
CORPORATION(In thousands)
|
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
Commercial: |
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
3,845,017 |
|
$ |
3,826,623 |
|
$ |
3,696,963 |
|
$ |
3,441,732 |
|
$ |
3,414,940 |
Energy |
|
|
3,424,790 |
|
|
3,371,588 |
|
|
3,393,072 |
|
|
3,197,667 |
|
|
3,006,884 |
Services |
|
|
3,431,521 |
|
|
3,280,925 |
|
|
3,421,493 |
|
|
3,351,495 |
|
|
3,367,193 |
General business |
|
|
3,496,859 |
|
|
3,128,550 |
|
|
3,067,169 |
|
|
2,892,295 |
|
|
2,717,448 |
Total commercial |
|
|
14,198,187 |
|
|
13,607,686 |
|
|
13,578,697 |
|
|
12,883,189 |
|
|
12,506,465 |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Industrial |
|
|
1,221,501 |
|
|
1,103,905 |
|
|
953,626 |
|
|
911,928 |
|
|
766,125 |
Multifamily |
|
|
1,212,883 |
|
|
1,126,700 |
|
|
878,565 |
|
|
867,288 |
|
|
786,404 |
Office |
|
|
1,053,331 |
|
|
1,086,615 |
|
|
1,100,115 |
|
|
1,097,516 |
|
|
1,040,963 |
Retail |
|
|
620,518 |
|
|
635,021 |
|
|
637,304 |
|
|
667,561 |
|
|
679,917 |
Residential construction and land development |
|
|
95,684 |
|
|
91,690 |
|
|
111,575 |
|
|
120,506 |
|
|
120,016 |
Other commercial real estate |
|
|
402,860 |
|
|
429,980 |
|
|
424,963 |
|
|
436,157 |
|
|
437,900 |
Total commercial real estate |
|
|
4,606,777 |
|
|
4,473,911 |
|
|
4,106,148 |
|
|
4,100,956 |
|
|
3,831,325 |
|
|
|
|
|
|
|
|
|
|
|
Paycheck protection
program |
|
|
14,312 |
|
|
20,233 |
|
|
43,140 |
|
|
137,365 |
|
|
276,341 |
|
|
|
|
|
|
|
|
|
|
|
Loans to individuals: |
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
1,890,784 |
|
|
1,851,836 |
|
|
1,784,729 |
|
|
1,723,506 |
|
|
1,722,170 |
Residential mortgages guaranteed by U.S. government agencies |
|
|
245,940 |
|
|
262,466 |
|
|
293,838 |
|
|
322,581 |
|
|
354,173 |
Personal |
|
|
1,601,150 |
|
|
1,574,325 |
|
|
1,484,596 |
|
|
1,506,832 |
|
|
1,515,206 |
Total loans to individuals |
|
|
3,737,874 |
|
|
3,688,627 |
|
|
3,563,163 |
|
|
3,552,919 |
|
|
3,591,549 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
22,557,150 |
|
$ |
21,790,457 |
|
$ |
21,291,148 |
|
$ |
20,674,429 |
|
$ |
20,205,680 |
LOANS MANAGED BY PRINCIPAL MARKET AREA --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands)
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
6,869,979 |
|
$ |
6,632,610 |
|
$ |
6,631,658 |
|
$ |
6,254,883 |
|
$ |
6,068,700 |
Commercial real estate |
|
1,555,508 |
|
|
1,448,590 |
|
|
1,339,452 |
|
|
1,345,105 |
|
|
1,253,439 |
Paycheck protection program |
|
8,639 |
|
|
12,280 |
|
|
14,040 |
|
|
31,242 |
|
|
81,654 |
Loans to individuals |
|
982,700 |
|
|
970,459 |
|
|
934,856 |
|
|
957,320 |
|
|
942,982 |
Total Texas |
|
9,416,826 |
|
|
9,063,939 |
|
|
8,920,006 |
|
|
8,588,550 |
|
|
8,346,775 |
|
|
|
|
|
|
|
|
|
|
Oklahoma: |
|
|
|
|
|
|
|
|
|
Commercial |
|
3,379,468 |
|
|
3,104,037 |
|
|
3,125,764 |
|
|
2,883,663 |
|
|
2,633,014 |
Commercial real estate |
|
582,109 |
|
|
608,856 |
|
|
576,458 |
|
|
552,310 |
|
|
546,021 |
Paycheck protection program |
|
3,109 |
|
|
4,571 |
|
|
13,329 |
|
|
52,867 |
|
|
69,817 |
Loans to individuals |
|
2,077,124 |
|
|
2,054,362 |
|
|
1,982,247 |
|
|
1,977,886 |
|
|
2,024,404 |
Total Oklahoma |
|
6,041,810 |
|
|
5,771,826 |
|
|
5,697,798 |
|
|
5,466,726 |
|
|
5,273,256 |
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Commercial |
|
2,147,969 |
|
|
2,115,883 |
|
|
2,074,455 |
|
|
1,977,773 |
|
|
1,936,149 |
Commercial real estate |
|
613,912 |
|
|
565,057 |
|
|
473,231 |
|
|
480,740 |
|
|
470,937 |
Paycheck protection program |
|
1,230 |
|
|
1,298 |
|
|
8,233 |
|
|
28,584 |
|
|
82,781 |
Loans to individuals |
|
241,902 |
|
|
237,981 |
|
|
234,105 |
|
|
236,125 |
|
|
256,533 |
Total Colorado |
|
3,005,013 |
|
|
2,920,219 |
|
|
2,790,024 |
|
|
2,723,222 |
|
|
2,746,400 |
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,123,569 |
|
|
1,101,917 |
|
|
1,080,228 |
|
|
1,074,551 |
|
|
1,130,798 |
Commercial real estate |
|
860,947 |
|
|
850,319 |
|
|
766,767 |
|
|
719,970 |
|
|
674,309 |
Paycheck protection program |
|
720 |
|
|
1,083 |
|
|
5,173 |
|
|
11,644 |
|
|
21,594 |
Loans to individuals |
|
229,872 |
|
|
225,981 |
|
|
212,870 |
|
|
190,746 |
|
|
186,528 |
Total Arizona |
|
2,215,108 |
|
|
2,179,300 |
|
|
2,065,038 |
|
|
1,996,911 |
|
|
2,013,229 |
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Commercial |
|
310,715 |
|
|
307,446 |
|
|
338,337 |
|
|
334,371 |
|
|
338,697 |
Commercial real estate |
|
479,968 |
|
|
466,955 |
|
|
458,157 |
|
|
436,740 |
|
|
382,761 |
Paycheck protection program |
|
— |
|
|
10 |
|
|
573 |
|
|
2,595 |
|
|
4,718 |
Loans to individuals |
|
131,307 |
|
|
125,039 |
|
|
125,584 |
|
|
121,247 |
|
|
110,889 |
Total Kansas/Missouri |
|
921,990 |
|
|
899,450 |
|
|
922,651 |
|
|
894,953 |
|
|
837,065 |
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Commercial |
|
262,735 |
|
|
257,763 |
|
|
252,033 |
|
|
262,533 |
|
|
306,964 |
Commercial real estate |
|
417,008 |
|
|
426,367 |
|
|
431,606 |
|
|
504,632 |
|
|
442,128 |
Paycheck protection program |
|
614 |
|
|
991 |
|
|
1,792 |
|
|
9,713 |
|
|
13,510 |
Loans to individuals |
|
67,163 |
|
|
68,095 |
|
|
67,026 |
|
|
63,299 |
|
|
63,930 |
Total New Mexico |
|
747,520 |
|
|
753,216 |
|
|
752,457 |
|
|
840,177 |
|
|
826,532 |
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Commercial |
|
103,752 |
|
|
88,030 |
|
|
76,222 |
|
|
95,415 |
|
|
92,143 |
Commercial real estate |
|
97,325 |
|
|
107,767 |
|
|
60,477 |
|
|
61,459 |
|
|
61,730 |
Paycheck protection program |
|
— |
|
|
— |
|
|
— |
|
|
720 |
|
|
2,267 |
Loans to individuals |
|
7,806 |
|
|
6,710 |
|
|
6,475 |
|
|
6,296 |
|
|
6,283 |
Total Arkansas |
|
208,883 |
|
|
202,507 |
|
|
143,174 |
|
|
163,890 |
|
|
162,423 |
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
22,557,150 |
|
$ |
21,790,457 |
|
$ |
21,291,148 |
|
$ |
20,674,429 |
|
$ |
20,205,680 |
Loans attributed to a principal market may not always represent
the location of the borrower or the collateral.
DEPOSITS BY PRINCIPAL MARKET AREA --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands)
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
Oklahoma: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
4,585,963 |
|
$ |
5,143,405 |
|
$ |
5,422,593 |
|
$ |
5,205,806 |
|
$ |
5,433,405 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
9,475,528 |
|
|
9,619,419 |
|
|
10,240,378 |
|
|
11,410,709 |
|
|
12,689,367 |
Savings |
|
555,407 |
|
|
558,256 |
|
|
561,413 |
|
|
558,634 |
|
|
521,439 |
Time |
|
794,002 |
|
|
776,306 |
|
|
678,127 |
|
|
817,744 |
|
|
978,822 |
Total interest-bearing |
|
10,824,937 |
|
|
10,953,981 |
|
|
11,479,918 |
|
|
12,787,087 |
|
|
14,189,628 |
Total Oklahoma |
|
15,410,900 |
|
|
16,097,386 |
|
|
16,902,511 |
|
|
17,992,893 |
|
|
19,623,033 |
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
Demand |
|
3,873,759 |
|
|
4,609,255 |
|
|
4,670,535 |
|
|
4,552,001 |
|
|
4,552,983 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
4,878,482 |
|
|
4,781,920 |
|
|
5,344,326 |
|
|
4,963,118 |
|
|
5,345,461 |
Savings |
|
178,356 |
|
|
179,049 |
|
|
183,708 |
|
|
182,536 |
|
|
178,458 |
Time |
|
356,538 |
|
|
343,015 |
|
|
333,038 |
|
|
329,931 |
|
|
337,559 |
Total interest-bearing |
|
5,413,376 |
|
|
5,303,984 |
|
|
5,861,072 |
|
|
5,475,585 |
|
|
5,861,478 |
Total Texas |
|
9,287,135 |
|
|
9,913,239 |
|
|
10,531,607 |
|
|
10,027,586 |
|
|
10,414,461 |
|
|
|
|
|
|
|
|
|
|
Colorado: |
|
|
|
|
|
|
|
|
|
Demand |
|
2,462,891 |
|
|
2,510,179 |
|
|
2,799,798 |
|
|
2,673,352 |
|
|
2,526,855 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
2,123,218 |
|
|
2,221,796 |
|
|
2,277,563 |
|
|
2,387,304 |
|
|
2,334,371 |
Savings |
|
77,961 |
|
|
80,542 |
|
|
82,976 |
|
|
81,762 |
|
|
78,636 |
Time |
|
135,043 |
|
|
151,064 |
|
|
160,795 |
|
|
165,401 |
|
|
174,351 |
Total interest-bearing |
|
2,336,222 |
|
|
2,453,402 |
|
|
2,521,334 |
|
|
2,634,467 |
|
|
2,587,358 |
Total Colorado |
|
4,799,113 |
|
|
4,963,581 |
|
|
5,321,132 |
|
|
5,307,819 |
|
|
5,114,213 |
|
|
|
|
|
|
|
|
|
|
New Mexico: |
|
|
|
|
|
|
|
|
|
Demand |
|
1,141,958 |
|
|
1,296,410 |
|
|
1,347,600 |
|
|
1,271,264 |
|
|
1,196,057 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
691,915 |
|
|
717,492 |
|
|
845,442 |
|
|
888,257 |
|
|
858,394 |
Savings |
|
112,430 |
|
|
113,056 |
|
|
115,660 |
|
|
115,457 |
|
|
107,963 |
Time |
|
133,625 |
|
|
142,856 |
|
|
148,532 |
|
|
156,140 |
|
|
163,871 |
Total interest-bearing |
|
937,970 |
|
|
973,404 |
|
|
1,109,634 |
|
|
1,159,854 |
|
|
1,130,228 |
Total New Mexico |
|
2,079,928 |
|
|
2,269,814 |
|
|
2,457,234 |
|
|
2,431,118 |
|
|
2,326,285 |
|
|
|
|
|
|
|
|
|
|
Arizona: |
|
|
|
|
|
|
|
|
|
Demand |
|
844,327 |
|
|
903,296 |
|
|
901,543 |
|
|
947,775 |
|
|
934,282 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
739,628 |
|
|
788,142 |
|
|
792,269 |
|
|
810,896 |
|
|
834,491 |
Savings |
|
16,496 |
|
|
18,258 |
|
|
17,999 |
|
|
18,122 |
|
|
16,182 |
Time |
|
24,846 |
|
|
26,704 |
|
|
28,774 |
|
|
27,259 |
|
|
31,274 |
Total interest-bearing |
|
780,970 |
|
|
833,104 |
|
|
839,042 |
|
|
856,277 |
|
|
881,947 |
Total Arizona |
|
1,625,297 |
|
|
1,736,400 |
|
|
1,740,585 |
|
|
1,804,052 |
|
|
1,816,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas/Missouri: |
|
|
|
|
|
|
|
|
|
Demand |
|
436,259 |
|
|
479,459 |
|
|
537,143 |
|
|
553,345 |
|
|
658,342 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
694,163 |
|
|
747,981 |
|
|
913,921 |
|
|
1,107,525 |
|
|
1,086,946 |
Savings |
|
20,678 |
|
|
19,375 |
|
|
19,943 |
|
|
19,589 |
|
|
18,844 |
Time |
|
12,963 |
|
|
13,258 |
|
|
13,962 |
|
|
11,527 |
|
|
12,255 |
Total interest-bearing |
|
727,804 |
|
|
780,614 |
|
|
947,826 |
|
|
1,138,641 |
|
|
1,118,045 |
Total Kansas/Missouri |
|
1,164,063 |
|
|
1,260,073 |
|
|
1,484,969 |
|
|
1,691,986 |
|
|
1,776,387 |
|
|
|
|
|
|
|
|
|
|
Arkansas: |
|
|
|
|
|
|
|
|
|
Demand |
|
50,180 |
|
|
43,111 |
|
|
41,084 |
|
|
38,798 |
|
|
42,499 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Transaction |
|
56,181 |
|
|
123,273 |
|
|
130,300 |
|
|
122,020 |
|
|
119,543 |
Savings |
|
3,083 |
|
|
3,098 |
|
|
3,125 |
|
|
3,265 |
|
|
3,213 |
Time |
|
4,825 |
|
|
5,940 |
|
|
6,371 |
|
|
6,414 |
|
|
6,196 |
Total interest-bearing |
|
64,089 |
|
|
132,311 |
|
|
139,796 |
|
|
131,699 |
|
|
128,952 |
Total Arkansas |
|
114,269 |
|
|
175,422 |
|
|
180,880 |
|
|
170,497 |
|
|
171,451 |
|
|
|
|
|
|
|
|
|
|
TOTAL
BOK FINANCIAL |
$ |
34,480,705 |
|
$ |
36,415,915 |
|
$ |
38,618,918 |
|
$ |
39,425,951 |
|
$ |
41,242,059 |
NET INTEREST MARGIN TREND --
UNAUDITEDBOK FINANCIAL CORPORATION
|
Three Months Ended |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
|
|
|
|
|
|
|
|
|
TAX-EQUIVALENT ASSETS
YIELDS |
|
|
|
|
|
|
|
|
|
Interest-bearing cash and cash equivalents |
4.06 |
% |
|
1.87 |
% |
|
0.83 |
% |
|
0.18 |
% |
|
0.16 |
% |
Trading securities |
3.70 |
% |
|
2.72 |
% |
|
2.00 |
% |
|
1.71 |
% |
|
1.89 |
% |
Investment securities, net of
allowance |
1.46 |
% |
|
1.42 |
% |
|
2.35 |
% |
|
5.07 |
% |
|
4.99 |
% |
Available for sale
securities |
2.54 |
% |
|
2.21 |
% |
|
1.84 |
% |
|
1.77 |
% |
|
1.72 |
% |
Fair value option
securities |
4.40 |
% |
|
2.98 |
% |
|
2.92 |
% |
|
2.81 |
% |
|
2.71 |
% |
Restricted equity
securities |
5.70 |
% |
|
6.23 |
% |
|
3.30 |
% |
|
2.69 |
% |
|
2.98 |
% |
Residential mortgage loans
held for sale |
5.56 |
% |
|
5.05 |
% |
|
4.22 |
% |
|
3.11 |
% |
|
3.06 |
% |
Loans |
5.99 |
% |
|
4.89 |
% |
|
3.92 |
% |
|
3.57 |
% |
|
3.70 |
% |
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
Loans, net of allowance |
6.06 |
% |
|
4.94 |
% |
|
3.96 |
% |
|
3.61 |
% |
|
3.75 |
% |
Total tax-equivalent
yield on earning assets |
4.53 |
% |
|
3.71 |
% |
|
2.96 |
% |
|
2.58 |
% |
|
2.66 |
% |
|
|
|
|
|
|
|
|
|
|
COST OF
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing transaction |
1.28 |
% |
|
0.63 |
% |
|
0.22 |
% |
|
0.10 |
% |
|
0.09 |
% |
Savings |
0.08 |
% |
|
0.05 |
% |
|
0.03 |
% |
|
0.03 |
% |
|
0.04 |
% |
Time |
1.25 |
% |
|
0.93 |
% |
|
0.68 |
% |
|
0.56 |
% |
|
0.53 |
% |
Total interest-bearing deposits |
1.22 |
% |
|
0.63 |
% |
|
0.24 |
% |
|
0.12 |
% |
|
0.12 |
% |
Funds purchased and repurchase
agreements |
2.05 |
% |
|
0.72 |
% |
|
0.53 |
% |
|
0.95 |
% |
|
0.73 |
% |
Other borrowings |
4.08 |
% |
|
2.33 |
% |
|
1.01 |
% |
|
0.38 |
% |
|
0.49 |
% |
Subordinated debt |
6.16 |
% |
|
5.07 |
% |
|
4.50 |
% |
|
4.02 |
% |
|
4.02 |
% |
Total cost of interest-bearing liabilities |
1.57 |
% |
|
0.76 |
% |
|
0.31 |
% |
|
0.21 |
% |
|
0.21 |
% |
Tax-equivalent net interest revenue spread |
2.96 |
% |
|
2.95 |
% |
|
2.65 |
% |
|
2.37 |
% |
|
2.45 |
% |
Effect
of noninterest-bearing funding sources and other |
0.58 |
% |
|
0.29 |
% |
|
0.11 |
% |
|
0.07 |
% |
|
0.07 |
% |
Tax-equivalent net interest margin |
3.54 |
% |
|
3.24 |
% |
|
2.76 |
% |
|
2.44 |
% |
|
2.52 |
% |
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.
CREDIT QUALITY INDICATORS --
UNAUDITEDBOK FINANCIAL CORPORATION(in
thousands, except ratios)
|
Three Months Ended |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
June 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
Nonaccruing loans: |
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
Healthcare |
$ |
41,034 |
|
|
$ |
41,438 |
|
|
$ |
14,886 |
|
|
$ |
15,076 |
|
|
$ |
15,762 |
|
Services |
|
16,228 |
|
|
|
27,315 |
|
|
|
15,259 |
|
|
|
16,535 |
|
|
|
17,170 |
|
Energy |
|
1,399 |
|
|
|
4,164 |
|
|
|
20,924 |
|
|
|
24,976 |
|
|
|
31,091 |
|
General business |
|
1,636 |
|
|
|
2,753 |
|
|
|
3,539 |
|
|
|
3,750 |
|
|
|
10,081 |
|
Total commercial |
|
60,297 |
|
|
|
75,670 |
|
|
|
54,608 |
|
|
|
60,337 |
|
|
|
74,104 |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
16,570 |
|
|
|
7,971 |
|
|
|
10,939 |
|
|
|
15,989 |
|
|
|
14,262 |
|
|
|
|
|
|
|
|
|
|
|
Loans to individuals: |
|
|
|
|
|
|
|
|
|
Permanent mortgage |
|
29,791 |
|
|
|
30,066 |
|
|
|
30,460 |
|
|
|
30,757 |
|
|
|
31,574 |
|
Permanent mortgage guaranteed by U.S. government agencies |
|
15,005 |
|
|
|
16,957 |
|
|
|
18,000 |
|
|
|
16,992 |
|
|
|
13,861 |
|
Personal |
|
134 |
|
|
|
136 |
|
|
|
132 |
|
|
|
171 |
|
|
|
258 |
|
Total loans to individuals |
|
44,930 |
|
|
|
47,159 |
|
|
|
48,592 |
|
|
|
47,920 |
|
|
|
45,693 |
|
|
|
|
|
|
|
|
|
|
|
Total nonaccruing loans |
$ |
121,797 |
|
|
$ |
130,800 |
|
|
$ |
114,139 |
|
|
$ |
124,246 |
|
|
$ |
134,059 |
|
Accruing renegotiated loans
guaranteed by U.S. government agencies |
|
163,535 |
|
|
|
176,022 |
|
|
|
196,420 |
|
|
|
204,121 |
|
|
|
210,618 |
|
Real
estate and other repossessed assets |
|
14,304 |
|
|
|
29,676 |
|
|
|
22,221 |
|
|
|
24,492 |
|
|
|
24,589 |
|
Total nonperforming assets |
$ |
299,636 |
|
|
$ |
336,498 |
|
|
$ |
332,780 |
|
|
$ |
352,859 |
|
|
$ |
369,266 |
|
Total nonperforming assets excluding those guaranteed by U.S.
government agencies |
$ |
121,096 |
|
|
$ |
143,519 |
|
|
$ |
118,360 |
|
|
$ |
131,746 |
|
|
$ |
144,787 |
|
|
|
|
|
|
|
|
|
|
|
Accruing loans 90 days past
due1 |
$ |
510 |
|
|
$ |
120 |
|
|
$ |
3 |
|
|
$ |
307 |
|
|
$ |
313 |
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
$ |
17,807 |
|
|
$ |
1,766 |
|
|
$ |
1,368 |
|
|
$ |
7,805 |
|
|
$ |
6,558 |
|
Recoveries |
|
(2,301 |
) |
|
|
(1,309 |
) |
|
|
(2,167 |
) |
|
|
(1,824 |
) |
|
|
(7,272 |
) |
Net charge-offs (recoveries) |
$ |
15,506 |
|
|
$ |
457 |
|
|
$ |
(799 |
) |
|
$ |
5,981 |
|
|
$ |
(714 |
) |
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
$ |
9,442 |
|
|
$ |
1,111 |
|
|
$ |
(6,158 |
) |
|
$ |
(3,967 |
) |
|
$ |
(20,973 |
) |
Provision for credit losses
from off-balance sheet unfunded loan commitments |
|
4,609 |
|
|
|
14,060 |
|
|
|
6,005 |
|
|
|
3,268 |
|
|
|
3,738 |
|
Provision for expected credit
losses from mortgage banking activities |
|
1,003 |
|
|
|
(66 |
) |
|
|
69 |
|
|
|
621 |
|
|
|
150 |
|
Provision for credit losses related to held-to maturity
(investment) securities portfolio |
|
(54 |
) |
|
|
(105 |
) |
|
|
84 |
|
|
|
78 |
|
|
|
85 |
|
Total provision for credit losses |
$ |
15,000 |
|
|
$ |
15,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(17,000 |
) |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
period end loans |
|
1.04 |
% |
|
|
1.11 |
% |
|
|
1.13 |
% |
|
|
1.19 |
% |
|
|
1.27 |
% |
Combined allowance for loan
losses and accrual for off-balance sheet credit risk from unfunded
loan commitments to period end loans |
|
1.31 |
% |
|
|
1.37 |
% |
|
|
1.33 |
% |
|
|
1.37 |
% |
|
|
1.43 |
% |
Nonperforming assets to period
end loans and repossessed assets |
|
1.33 |
% |
|
|
1.54 |
% |
|
|
1.56 |
% |
|
|
1.70 |
% |
|
|
1.83 |
% |
Net charge-offs (annualized)
to average loans |
|
0.28 |
% |
|
|
0.01 |
% |
|
(0.02)% |
|
|
0.12 |
% |
|
(0.01)% |
Allowance for loan losses to
nonaccruing loans1 |
|
220.71 |
% |
|
|
212.37 |
% |
|
|
250.80 |
% |
|
|
229.80 |
% |
|
|
213.33 |
% |
Combined allowance for loan
losses and accrual for off-balance sheet credit risk from unfunded
loan commitments to nonaccruing loans1 |
|
277.76 |
% |
|
|
261.83 |
% |
|
|
294.74 |
% |
|
|
263.60 |
% |
|
|
240.77 |
% |
1 Excludes residential mortgage loans guaranteed by
agencies of the U.S. government.
SEGMENTS -- UNAUDITEDBOK FINANCIAL
CORPORATION(in thousands, except ratios)
|
|
Three Months Ended |
|
4Q22 vs
3Q22 |
|
Year Ended |
|
2022 vs 2021 |
|
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
$ change |
|
% change |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
$ change |
|
% change |
Commercial
Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest revenue |
|
$ |
232,834 |
|
$ |
208,065 |
|
$ |
24,769 |
|
|
11.9 |
% |
|
$ |
744,449 |
|
$ |
535,735 |
|
$ |
208,714 |
|
|
39.0 |
% |
Fees
and commissions revenue |
|
|
58,881 |
|
|
58,147 |
|
|
734 |
|
|
1.3 |
% |
|
|
233,873 |
|
|
227,081 |
|
|
6,792 |
|
|
3.0 |
% |
Combined net interest and fee revenue |
|
|
291,715 |
|
|
266,212 |
|
|
25,503 |
|
|
9.6 |
% |
|
|
978,322 |
|
|
762,816 |
|
|
215,506 |
|
|
28.3 |
% |
Other operating expense |
|
|
79,722 |
|
|
75,872 |
|
|
3,850 |
|
|
5.1 |
% |
|
|
290,717 |
|
|
281,089 |
|
|
9,628 |
|
|
3.4 |
% |
Corporate expense
allocations |
|
|
18,007 |
|
|
16,451 |
|
|
1,556 |
|
|
9.5 |
% |
|
|
67,337 |
|
|
49,941 |
|
|
17,396 |
|
|
34.8 |
% |
Net income |
|
|
139,374 |
|
|
133,830 |
|
|
5,544 |
|
|
4.1 |
% |
|
|
460,361 |
|
|
328,516 |
|
|
131,845 |
|
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
28,373,856 |
|
|
28,890,429 |
|
|
(516,573 |
) |
|
(1.8)% |
|
|
29,084,957 |
|
|
28,536,881 |
|
|
548,076 |
|
|
1.9 |
% |
Average loans |
|
|
18,254,559 |
|
|
17,904,779 |
|
|
349,780 |
|
|
2.0 |
% |
|
|
17,553,398 |
|
|
16,853,006 |
|
|
700,392 |
|
|
4.2 |
% |
Average deposits |
|
|
16,832,244 |
|
|
17,966,661 |
|
|
(1,134,417 |
) |
|
(6.3)% |
|
|
18,323,412 |
|
|
17,659,695 |
|
|
663,717 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest revenue |
|
$ |
53,302 |
|
$ |
43,951 |
|
$ |
9,351 |
|
|
21.3 |
% |
|
$ |
158,249 |
|
$ |
103,527 |
|
$ |
54,722 |
|
|
52.9 |
% |
Fees
and commissions revenue |
|
|
27,618 |
|
|
30,230 |
|
|
(2,612 |
) |
|
(8.6)% |
|
|
121,926 |
|
|
173,364 |
|
|
(51,438 |
) |
|
(29.7)% |
Combined net interest and fee revenue |
|
|
80,920 |
|
|
74,181 |
|
|
6,739 |
|
|
9.1 |
% |
|
|
280,175 |
|
|
276,891 |
|
|
3,284 |
|
|
1.2 |
% |
Other operating expense |
|
|
54,526 |
|
|
53,236 |
|
|
1,290 |
|
|
2.4 |
% |
|
|
209,210 |
|
|
209,596 |
|
|
(386 |
) |
|
(0.2)% |
Corporate expense
allocations |
|
|
11,972 |
|
|
10,792 |
|
|
1,180 |
|
|
10.9 |
% |
|
|
44,965 |
|
|
46,010 |
|
|
(1,045 |
) |
|
(2.3)% |
Net income |
|
|
8,996 |
|
|
2,970 |
|
|
6,026 |
|
|
202.9 |
% |
|
|
5,889 |
|
|
27,643 |
|
|
(21,754 |
) |
|
(78.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
10,078,381 |
|
|
10,233,401 |
|
|
(155,020 |
) |
|
(1.5)% |
|
|
10,230,437 |
|
|
10,029,687 |
|
|
200,750 |
|
|
2.0 |
% |
Average loans |
|
|
1,725,555 |
|
|
1,686,498 |
|
|
39,057 |
|
|
2.3 |
% |
|
|
1,688,697 |
|
|
1,769,384 |
|
|
(80,687 |
) |
|
(4.6)% |
Average deposits |
|
|
8,617,085 |
|
|
8,812,884 |
|
|
(195,799 |
) |
|
(2.2)% |
|
|
8,763,046 |
|
|
8,439,577 |
|
|
323,469 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest revenue |
|
$ |
34,498 |
|
$ |
33,584 |
|
$ |
914 |
|
|
2.7 |
% |
|
$ |
161,597 |
|
$ |
214,072 |
|
$ |
(52,475 |
) |
|
(24.5)% |
Fees
and commissions revenue |
|
|
114,630 |
|
|
113,113 |
|
|
1,517 |
|
|
1.3 |
% |
|
|
339,538 |
|
|
298,765 |
|
|
40,773 |
|
|
13.6 |
% |
Combined net interest and fee revenue |
|
|
149,128 |
|
|
146,697 |
|
|
2,431 |
|
|
1.7 |
% |
|
|
501,135 |
|
|
512,837 |
|
|
(11,702 |
) |
|
(2.3)% |
Other operating expense |
|
|
82,011 |
|
|
79,151 |
|
|
2,860 |
|
|
3.6 |
% |
|
|
312,177 |
|
|
320,726 |
|
|
(8,549 |
) |
|
(2.7)% |
Corporate expense
allocations |
|
|
12,733 |
|
|
12,934 |
|
|
(201 |
) |
|
(1.6)% |
|
|
50,241 |
|
|
40,341 |
|
|
9,900 |
|
|
24.5 |
% |
Net income |
|
|
41,600 |
|
|
41,808 |
|
|
(208 |
) |
|
(0.5)% |
|
|
106,173 |
|
|
113,246 |
|
|
(7,073 |
) |
|
(6.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
12,912,630 |
|
|
13,818,299 |
|
|
(905,669 |
) |
|
(6.6)% |
|
|
16,209,684 |
|
|
19,425,475 |
|
|
(3,215,791 |
) |
|
(16.6)% |
Average loans |
|
|
2,223,275 |
|
|
2,163,975 |
|
|
59,300 |
|
|
2.7 |
% |
|
|
2,166,231 |
|
|
1,981,159 |
|
|
185,072 |
|
|
9.3 |
% |
Average deposits |
|
|
7,888,753 |
|
|
7,999,074 |
|
|
(110,321 |
) |
|
(1.4)% |
|
|
8,491,377 |
|
|
9,426,771 |
|
|
(935,394 |
) |
|
(9.9)% |
Fiduciary assets |
|
|
56,060,496 |
|
|
54,714,705 |
|
|
1,345,791 |
|
|
2.5 |
% |
|
|
56,060,496 |
|
|
64,536,833 |
|
|
(8,476,337 |
) |
|
(13.1)% |
Assets under management or
administration |
|
|
99,735,041 |
|
|
95,401,638 |
|
|
4,333,403 |
|
|
4.5 |
% |
|
|
99,735,041 |
|
|
104,917,721 |
|
|
(5,182,680 |
) |
|
(4.9)% |
Contact:
Sue Hermann
Director, Corporate Communications
303-312-3488
BOK Financial (NASDAQ:BOKF)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
BOK Financial (NASDAQ:BOKF)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024