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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

ý |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019
OR

¨ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________
Commission File No. 0-19341
BOK FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Oklahoma |  | 73-1373454
(State or other jurisdiction of Incorporation or Organization) |  | (IRS Employer Identification No.)
Bank of Oklahoma Tower |  |
Boston Avenue at Second Street |  |
Tulsa, Oklahoma |  | 74192
(Address of Principal Executive Offices) |  | (Zip Code)

(918) 588-6000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ý Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company ¨
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 71,449,982 shares of common stock ($.00006 par value) as of March 31, 2019.

BOK Financial Corporation
Form 10-Q
Quarter Ended March 31, 2019
Index

Part I. Financial Information
Management’s Discussion and Analysis (Item 2) | 1
Market Risk (Item 3) | 37
Controls and Procedures (Item 4) | 40
Consolidated Financial Statements – Unaudited (Item 1) | 41
Quarterly Financial Summary – Unaudited (Item 2) | 93
Quarterly Earnings Trend – Unaudited | 97
Part II. Other Information
Item 1. Legal Proceedings | 97
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 97
Item 6. Exhibits | 97
Signatures | 98

Management’s Discussion and Analysis of Financial Condition and Results of Operations
Performance Summary
BOK Financial Corporation (“the Company”) reported net income of $110.6 million or $1.54 per diluted share for the first quarter of 2019. Net income was $105.6 million or $1.61 per diluted share for the first quarter of 2018 and $108.5 million or $1.50 per diluted share for the fourth quarter of 2018.
On October 1, 2018, the Company acquired CoBiz Financial, Inc. ("CoBiz"). We incurred $12.7 million of integration costs in the first quarter of 2019 and $14.5 million in the fourth quarter of 2018, resulting in a per share reduction of 13 cents and 15 cents, respectively. The fluctuation discussion in the highlights below excludes the impact of these items.
Highlights of the first quarter of 2019 included:

• | Net interest revenue totaled $278.1 million, up $58.4 million over the first quarter of 2018. CoBiz added $42.8 million to net interest revenue. The remaining increase in net interest revenue over the prior year was driven by both growth in average earning assets and improving yields. Net interest margin was 3.30 percent for the first quarter of 2019 compared to 2.99 percent for the first quarter of 2018. Average earning assets were $34.4 billion for the first quarter of 2019 compared to $29.9 billion for the first quarter of 2018. Net interest revenue decrease d $7.6 million compared to the fourth quarter of 2018. Net interest margin decreased by 10 basis points. A decrease in average non-interest bearing demand deposits and an increase in average trading securities and related receivables combined to decrease net interest revenue and to compress the net interest margin.

• | Fees and commissions revenue totaled $160.6 million, an increase of $938 thousand compared to the first quarter of 2018. Increases in brokerage and trading, fiduciary and asset management and deposit service charges were partially offset by decreased mortgage banking revenue. Fees and commissions revenue were consistent with the fourth quarter of 2018. Increases in brokerage and trading and mortgage banking revenue were offset by a decrease in other revenue.

• | Other operating expense totaled $274.4 million, a $30.0 million increase over the first quarter of 2018. Expenses related to CoBiz operations added $26.6 million in the first quarter of 2019. Excluding CoBiz operations, personnel expense increase d $9.6 million, primarily due to an increase in regular and share-based compensation. Non-personnel expense decrease d $6.4 million, largely due to a decrease in net losses and expenses related to repossessed assets. Operating expense increase d $4.3 million over the fourth quarter of 2018. Personnel expense increase d $10.9 million, primarily due to an increase in share-based compensation expense due to changes in vesting assumptions. Non-personnel expense decrease d $6.6 million.

• | The Company recorded a provision for credit losses of $8.0 million in the first quarter of 2019 and $9.0 million in the fourth quarter of 2018. A negative provision of $5.0 million was recorded in the first quarter of 2018. Nonperforming assets not guaranteed by U.S. government agencies decrease d $10.8 million compared to December 31, 2018. Potential problem loans decrease d $46 million while other loans especially mentioned increase d $14 million. Net charge-offs were $10.1 million or 0.19 percent of average loans for the first quarter of 2019, compared to net charge-offs of $12.3 million or 0.23% of average loans for the fourth quarter of 2018. The combined allowance for credit losses totaled $207 million or 0.95 percent of outstanding loans at March 31, 2019 compared to $209 million or 0.97 percent of outstanding loans at December 31, 2018.

• | Period-end outstanding loan balances totaled $21.8 billion at March 31, 2019, an increase of $102 million over December 31, 2018.

• | Period-end deposits were $25.3 billion at March 31, 2019, a $68 million increase compared to December 31, 2018. Interest-bearing transaction deposits increase d $270 million while demand deposit balances decrease d $318 million. Savings and time deposits balances increased $116 million.

• | The common equity Tier 1 capital ratio at March 31, 2019 was 10.71 percent. Other regulatory capital ratios were Tier 1 capital ratio, 10.71 percent, total capital ratio, 12.24 percent, and leverage ratio, 8.76 percent. At December 31, 2018, the common equity Tier 1 capital ratio was 10.92 percent, the Tier 1 capital ratio was 10.92 percent, total capital ratio was 12.50 percent, and leverage ratio was 8.96 percent.

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• | The Company repurchased 705,609 shares at an average price of $85.85 per share during the first quarter of 2019 and 525,000 thousand shares at an average price of $85.82 in the fourth quarter of 2018.

• | The company paid a regular cash dividend of $35.9 million or $0.50 per common share during the first quarter of 2019. On April 30, 2019, the board of directors approved a quarterly cash dividend of $0.50 per common share payable on or about May 28, 2019 to shareholders of record as of May 13, 2019.

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Results of Operations
Net Interest Revenue and Net Interest Margin
Net interest revenue is the interest earned on debt securities, loans and other interest-earning assets less interest paid for interest-bearing deposits and other borrowings. The net interest margin is calculated by dividing tax-equivalent net interest revenue by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest spread due to interest income earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.
Tax-equivalent net interest revenue totaled $281.3 million for the first quarter of 2019, up from $221.7 million in the first quarter of 2018. CoBiz added $42.8 million to net interest revenue, including $7.8 million of net purchase accounting discount accretion in the first quarter of 2019. Net interest revenue increased $15.6 million primarily due to three 25 basis point increases in the federal funds rate by the Federal Reserve since the end of the first quarter of 2018 and $43.9 million primarily due to growth in average loan balances, including acquired loans. Table 1 shows the effect on net interest revenue from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.
Net interest margin was 3.30 percent for the first quarter of 2019, compared to 2.99 percent for the first quarter of 2018. The tax-equivalent yield on earning assets was 4.46 percent, up 85 basis points over the first quarter of 2018. Loan yields increase d 81 basis points to 5.26 percent primarily due to an increase in short-term interest rates. The yield on interest-bearing cash and cash equivalents increase d 99 basis points to 2.56 percent. Yield on trading securities increase d 48 basis points. The available for sale securities portfolio yield increase d 34 basis points to 2.57 percent and the yield on fair value option securities was up 67 basis points. Funding costs were up 73 basis points over the first quarter of 2018. The cost of interest-bearing deposits increase d 47 basis points and the cost of other borrowed funds increase d 104 basis points. The benefit to net interest margin from earning assets funded by non-interest bearing liabilities was 50 basis points for the first quarter of 2019, up 19 basis points over the first quarter of 2018.
Average earning assets for the first quarter of 2019 increase d $4.5 billion or 15 percent over the first quarter of 2018. Average loans, net of allowance for loan losses, increase d $4.5 billion, including acquired loans. The legacy BOKF portfolio grew $1.6 billion mainly due to growth in commercial and commercial real estate loans. Available for sale securities increase d $646 million. The average balance of trading securities grew by $1.0 billion, primarily due to expansion of U.S. agency residential mortgage-backed securities trading activities. Interest-bearing cash and cash equivalent balances decrease d $1.5 billion. The Company reduced excess cash balances held at the Federal Reserve, including cash used in our purchase of CoBiz.
Average deposits increase d $2.5 billion compared to the first quarter of 2018, including $3.2 billion related to CoBiz. Excluding acquired deposits, demand deposit balances decrease d $694 million and time deposits decrease d $72 million. Average borrowed funds increase d $2.2 billion over the first quarter of 2018, primarily due to funds purchased and repurchase agreement balances.
Tax-equivalent net interest revenue decrease d $7.5 million compared to the fourth quarter of 2018. Net interest margin decreased 10 basis points compared to the fourth quarter of 2018. A decrease in average non-interest bearing demand deposits and an increase in average trading securities and related receivables combined to decrease net interest revenue and to compress the net interest margin. Due to the nature of trading activity, the increase in revenue associated with the increase in trading securities is recognized as brokerage and trading revenue, while the related funding costs remain in interest expense.
The yield on average earning assets was up 13 basis points over the prior quarter. The loan portfolio yield increase d 17 basis points. The yield on interest-bearing cash and cash equivalents increase d 33 basis points. The yield on the trading securities portfolio was down 22 basis points and the yield on the available for sale securities portfolio increase d 6 basis points. Funding costs were 1.66 percent, up 24 basis points. The cost of interest-bearing deposits increase d 17 basis points to 1.04 percent. The cost of other borrowed funds was up 21 basis points to 2.54 percent. The benefit to net interest margin from earning assets funded by non-interest bearing liabilities increase d 1 basis point over the prior quarter.
Average earning assets increase d $675 million compared to the fourth quarter of 2018. Average loan balances grew by $187 million. Average fair value option securities increase d $317 million. Average available for sale securities increase d $178 million. Trading securities balances increase d $39 million.
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Average deposit balances decrease d $481 million compared to the fourth quarter of 2018. Demand deposit balances decrease d $661 million, partially offset by an increase in interest-bearing transaction account balances of $158 million. The average balance of borrowed funds increase d $1.5 billion. The decrease in non-interest bearing demand deposits appears to have been driven primarily by seasonal factors along with commercial customers putting their cash to use.
Our overall objective is to manage the Company’s balance sheet to be relatively neutral to changes in interest rates as is further described in the Market Risk section of this report. Approximately 77% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that would be asset sensitive, which means that assets generally reprice more quickly than liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market-rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk.
The effectiveness of these strategies is reflected in the overall change in net interest revenue due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.
Table 1 -- Volume/Rate Analysis
(In thousands)

|  | Three Months Ended March 31, 2019 / 2018
|  |  |  | Change Due To 1
|  | Change |  | Volume |  | Yield/Rate
Tax-equivalent interest revenue: |  |  |  |  |  |
Interest-bearing cash and cash equivalents |  | $ | (4,585 | ) |  | $ | (7,753 | ) |  | $ | 3,168 |
Trading securities |  | 10,981 |  |  | 9,224 |  |  | 1,757 |
Investment securities |  | 317 |  |  | (966 | ) |  | 1,283 |
Available for sale securities |  | 10,873 |  |  | 2,780 |  |  | 8,093 |
Fair value option securities |  | 418 |  |  | (597 | ) |  | 1,015 |
Restricted equity securities |  | 1,228 |  |  | 811 |  |  | 417 |
Residential mortgage loans held for sale |  | (181 | ) |  | (549 | ) |  | 368 |
Loans |  | 92,754 |  |  | 53,853 |  |  | 38,901 |
Total tax-equivalent interest revenue |  | 111,805 |  |  | 56,803 |  |  | 55,002 |
Interest expense: |  |  |  |  |  |
Transaction deposits |  | 16,210 |  |  | 2,736 |  |  | 13,474 |
Savings deposits |  | 72 |  |  | 12 |  |  | 60 |
Time deposits |  | 2,916 |  |  | 3 |  |  | 2,913 |
Funds purchased and repurchase agreements |  | 9,834 |  |  | 4,561 |  |  | 5,273 |
Other borrowings |  | 21,527 |  |  | 3,746 |  |  | 17,781 |
Subordinated debentures |  | 1,742 |  |  | 1,796 |  |  | (54 | )
Total interest expense |  | 52,301 |  |  | 12,854 |  |  | 39,447 |
Tax-equivalent net interest revenue |  | 59,504 |  |  | 43,949 |  |  | 15,555 |
Change in tax-equivalent adjustment |  | 1,138 |  |  |  |  |
Net interest revenue |  | $ | 58,366 |  |  |  |  |

1 | Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.

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Other Operating Revenue
Other operating revenue was $157.3 million for the first quarter of 2019, a $1.3 million increase over the first quarter of 2018 and a $20.8 million increase over the fourth quarter of 2018. The change in the fair value of mortgage servicing rights, net of economic hedges, decreased other operating revenue by $6.6 million in the first quarter of 2018 and $12.4 million in the fourth quarter of 2018. In addition, other net gains and losses improved $11.3 million compared to the fourth quarter of 2018, largely related to assets held to offset changes in deferred compensation.
Table 2 – Other Operating Revenue
(In thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Brokerage and trading revenue |  | $ | 31,617 |  |  | $ | 30,648 |  |  | $ | 969 |  |  | 3 | % |  | $ | 28,101 |  |  | $ | 3,516 |  |  | 13 | %
Transaction card revenue |  | 20,738 |  |  | 20,990 |  |  | (252 | ) |  | (1 | )% |  | 20,664 |  |  | 74 |  |  | — | %
Fiduciary and asset management revenue |  | 43,358 |  |  | 41,832 |  |  | 1,526 |  |  | 4 | % |  | 43,665 |  |  | (307 | ) |  | (1 | )%
Deposit service charges and fees |  | 28,243 |  |  | 27,161 |  |  | 1,082 |  |  | 4 | % |  | 29,393 |  |  | (1,150 | ) |  | (4 | )%
Mortgage banking revenue |  | 23,834 |  |  | 26,025 |  |  | (2,191 | ) |  | (8 | )% |  | 21,880 |  |  | 1,954 |  |  | 9 | %
Other revenue |  | 12,762 |  |  | 12,958 |  |  | (196 | ) |  | (2 | )% |  | 16,404 |  |  | (3,642 | ) |  | (22 | )%
Total fees and commissions revenue |  | 160,552 |  |  | 159,614 |  |  | 938 |  |  | 1 | % |  | 160,107 |  |  | 445 |  |  | — | %
Other gains (losses), net |  | 2,976 |  |  | (1,292 | ) |  | 4,268 |  |  | N/A |  |  | (8,305 | ) |  | 11,281 |  |  | N/A |
Loss on derivatives, net |  | 4,667 |  |  | (5,685 | ) |  | 10,352 |  |  | N/A |  |  | 11,167 |  |  | (6,500 | ) |  | N/A |
Gain (loss) on fair value option securities, net |  | 9,665 |  |  | (17,564 | ) |  | 27,229 |  |  | N/A |  |  | (282 | ) |  | 9,947 |  |  | N/A |
Change in fair value of mortgage servicing rights |  | (20,666 | ) |  | 21,206 |  |  | (41,872 | ) |  | N/A |  |  | (24,233 | ) |  | 3,567 |  |  | N/A |
Gain (loss) on available for sale securities, net |  | 76 |  |  | (290 | ) |  | 366 |  |  | N/A |  |  | (1,999 | ) |  | 2,075 |  |  | N/A |
Total other operating revenue |  | $ | 157,270 |  |  | $ | 155,989 |  |  | $ | 1,281 |  |  | 1 | % |  | $ | 136,455 |  |  | $ | 20,815 |  |  | 15 | %

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.
Fees and commissions revenue
Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 37 percent of total revenue for the first quarter of 2019, excluding provision for credit losses and gains and losses on other assets, securities and derivatives and the change in the fair value of mortgage servicing rights. We believe that a variety of fee revenue sources provides an offset to changes in interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. As an example of this strength, many of the economic factors such as rising interest rates resulting in growth in net interest revenue or fiduciary and asset management revenue, may also decrease mortgage production volumes. We expect growth in other operating revenue to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.
Brokerage and Trading Revenue
Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, increase d $969 thousand or 3 percent compared to the first quarter of 2018.
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Trading revenue includes net realized and unrealized gains and losses primarily related to sales of U.S. government securities, residential mortgage-backed securities guaranteed by U.S. government agencies, municipal securities and asset-backed securities to institutional customers and related derivative instruments. Trading revenue was $12.9 million for the first quarter of 2019, a $2.5 million or 24 percent increase compared to the first quarter of 2018. Average trading securities increased $1.0 billion compared to the first quarter of 2018.
Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Derivative Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange and equity derivatives to our customers. Customer hedging revenue totaled $6.7 million for the first quarter of 2019, a $4.2 million or 39 percent decrease compared to the first quarter of 2018, largely related to energy contracts.
Brokerage and trading revenue increase d $3.5 million compared to the previous quarter, primarily due to increased trading volumes.
Fiduciary and Asset Management Revenue
Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Approximately 80 percent of fiduciary and asset management revenue is primarily based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue increase d $1.5 million or 4 percent over the first quarter of 2018 and was consistent compared to the fourth quarter of 2018.
A distribution of assets under management or administration and related fiduciary and asset management revenue follows:
Table 3 -- Assets Under Management or Administration

| Three Months Ended
| March 31, 2019 |  | March 31, 2018 |  | December 31, 2018
| Balance |  | Revenue 1 |  | Margin 2 |  | Balance |  | Revenue 1 |  | Margin 2 |  | Balance |  | Revenue 1 |  | Margin 2
Managed fiduciary assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal | $ | 8,428,218 |  |  | $ | 23,276 |  |  | 1.10 | % |  | $ | 7,577,717 |  |  | $ | 22,632 |  |  | 1.19 | % |  | $ | 8,115,503 |  |  | $ | 23,773 |  |  | 1.17 | %
Institutional | 14,026,020 |  |  | 6,138 |  |  | 0.18 | % |  | 13,322,472 |  |  | 5,469 |  |  | 0.16 | % |  | 13,119,497 |  |  | 5,918 |  |  | 0.18 | %
Total managed fiduciary assets | 22,454,238 |  |  | 29,414 |  |  | 0.52 | % |  | 20,900,189 |  |  | 28,101 |  |  | 0.54 | % |  | 21,235,000 |  |  | 29,691 |  |  | 0.56 | %
Non-managed assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fiduciary | 23,946,911 |  |  | 13,528 |  |  | 0.23 | % |  | 25,748,101 |  |  | 12,997 |  |  | 0.20 | % |  | 23,606,339 |  |  | 13,454 |  |  | 0.23 | %
Non-fiduciary | 16,215,999 |  |  | 416 |  |  | 0.01 | % |  | 16,321,458 |  |  | 734 |  |  | 0.02 | % |  | 15,964,854 |  |  | 521 |  |  | 0.01 | %
Safekeeping and brokerage assets under administration | 16,235,136 |  |  | — |  |  | — | % |  | 15,909,241 |  |  | — |  |  | — | % |  | 15,473,584 |  |  | — |  |  | — | %
Total non-managed assets | 56,398,046 |  |  | 13,944 |  |  | 0.10 | % |  | 57,978,800 |  |  | 13,731 |  |  | 0.09 | % |  | 55,044,777 |  |  | 13,975 |  |  | 0.10 | %
Total assets under management or administration | $ | 78,852,284 |  |  | $ | 43,358 |  |  | 0.22 | % |  | $ | 78,878,989 |  |  | $ | 41,832 |  |  | 0.21 | % |  | $ | 76,279,777 |  |  | $ | 43,666 |  |  | 0.23 | %

1 | Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.

2 | Annualized revenue divided by period-end balance.

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A summary of changes in assets under management or administration for the three months ended March 31, 2019 and 2018 follows:
Table 4 -- Changes in Assets Under Management or Administration

|  | Three Months Ended March 31,
|  | 2019 |  | 2018
Beginning balance |  | $ | 76,279,777 |  |  | $ | 81,827,797 |
Net inflows (outflows) |  | (989,398 | ) |  | (3,434,649 | )
Net change in fair value |  | 3,561,905 |  |  | 485,841 |
Ending balance |  | $ | 78,852,284 |  |  | $ | 78,878,989 |

Mortgage Banking Revenue
Mortgage banking revenue decrease d $2.2 million or 8 percent compared to the first quarter of 2018. Mortgage loan production volumes decrease d $127 million or 17 percent as average primary mortgage rates have increased.
Mortgage banking revenue increase d $2.0 million or 9 percent compared to the fourth quarter of 2018. Lower mortgage interest rates during the quarter led to an increase in mortgage applications.
Table 5 – Mortgage Banking Revenue
(In thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |
Mortgage production revenue |  | $ | 7,868 |  |  | $ | 9,452 |  |  | $ | (1,584 | ) |  | (17 | )% |  | $ | 5,073 |  |  | $ | 2,795 |  |  | 55 | %
Mortgage loans funded for sale |  | $ | 510,527 |  |  | $ | 664,958 |  |  |  |  |  |  |  |  | $ | 497,353 |  |  |  |  |
Add: Current period end outstanding commitments |  | 263,434 |  |  | 298,318 |  |  |  |  |  |  | 160,848 |  |  |  |  |
Less: Prior period end outstanding commitments |  | 160,848 |  |  | 222,919 |  |  |  |  |  |  | 197,752 |  |  |  |  |
Total mortgage production volume |  | $ | 613,113 |  |  | $ | 740,357 |  |  | $ | (127,244 | ) |  | (17 | )% |  | $ | 460,449 |  |  | $ | 152,664 |  |  | 33 | %
Mortgage loan refinances to mortgage loans funded for sale |  | 30 | % |  | 42 | % |  | (1,200 | ) bps |  |  |  | 23 | % |  | 700 | bps |  |
Gains on sale margin |  | 1.28 | % |  | 1.28 | % |  | — |  |  |  |  | 1.10 | % |  | 18 | bps |  |
Primary mortgage interest rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average |  | 4.37 | % |  | 4.28 | % |  | 9 | bps |  |  |  | 4.78 | % |  | (41 | ) bps |  |
Period end |  | 4.06 | % |  | 4.44 | % |  | (38 | ) bps |  |  |  | 4.55 | % |  | (49 | ) bps |  |
Mortgage servicing revenue |  | $ | 15,966 |  |  | $ | 16,573 |  |  | $ | (607 | ) |  | (4 | )% |  | $ | 16,807 |  |  | $ | (841 | ) |  | (5 | )%
Average outstanding principal balance of mortgage loans serviced for others |  | 21,581,835 |  |  | 22,027,726 |  |  | (445,891 | ) |  | (2 | )% |  | 21,706,541 |  |  | (124,706 | ) |  | (1 | )%
Average mortgage servicing revenue rates |  | 0.30 | % |  | 0.31 | % |  | (1 | ) bp |  |  |  | 0.31 | % |  | (1 | ) bp |  |

Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.
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Net gains on other assets, securities and derivatives
Other net gains totaled $3.0 million in the first quarter of 2019 compared to net losses of $1.3 million in the first quarter of 2018. Other net losses totaled $8.3 million in the fourth quarter of 2018. These fluctuations are primarily related to changes in the fair value of investments related to deferred compensation that are largely offset by deferred compensation expense.
As discussed in the Market Risk section following, the fair value of our mortgage servicing rights ("MSRs") changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.
Table 6 - Gain (Loss) on Mortgage Servicing Rights
(In thousands)

|  | Three Months Ended
|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Mar. 31, 2018
Gain (loss) on mortgage hedge derivative contracts, net |  | $ | 4,432 |  |  | $ | 12,162 |  |  | $ | (5,698 | )
Gain (loss) on fair value option securities, net |  | 9,665 |  |  | (282 | ) |  | (17,564 | )
Gain (loss) on economic hedge of mortgage servicing rights, net |  | 14,097 |  |  | 11,880 |  |  | (23,262 | )
Gain (loss) on change in fair value of mortgage servicing rights |  | (20,666 | ) |  | (24,233 | ) |  | 21,206 |
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue |  | (6,569 | ) |  | (12,353 | ) |  | (2,056 | )
Net interest revenue on fair value option securities 1 |  | 1,129 |  |  | 695 |  |  | 1,800 |
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges |  | $ | (5,440 | ) |  | $ | (11,658 | ) |  | $ | (256 | )

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

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Other Operating Expense
Other operating expense for the first quarter of 2019 totaled $287.2 million, up $42.7 million compared to the first quarter of 2018. Operating expenses in the first quarter of 2019 included $12.7 million of CoBiz integration costs and $26.6 million of CoBiz operating expenses. CoBiz added $14.5 million in integration costs and $29.7 million in operating costs during the fourth quarter of 2018.
Table 7 – Other Operating Expense
(In thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Regular compensation |  | $ | 100,650 |  |  | $ | 84,991 |  |  | $ | 15,659 |  |  | 18 | % |  | $ | 100,796 |  |  | $ | (146 | ) |  | — | %
Incentive compensation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash-based |  | 32,137 |  |  | 29,549 |  |  | 2,588 |  |  | 9 | % |  | 39,681 |  |  | (7,544 | ) |  | (19 | )%
Share-based |  | 5,162 |  |  | 2,902 |  |  | 2,260 |  |  | 78 | % |  | (1,904 | ) |  | 7,066 |  |  | 371 | %
Deferred compensation |  | 3,911 |  |  | 44 |  |  | 3,867 |  |  | N/A |  |  | (3,489 | ) |  | 7,400 |  |  | N/A |
Total incentive compensation |  | 41,210 |  |  | 32,495 |  |  | 8,715 |  |  | 27 | % |  | 34,288 |  |  | 6,922 |  |  | 20 | %
Employee benefits |  | 27,368 |  |  | 22,461 |  |  | 4,907 |  |  | 22 | % |  | 25,622 |  |  | 1,746 |  |  | 7 | %
Total personnel expense |  | 169,228 |  |  | 139,947 |  |  | 29,281 |  |  | 21 | % |  | 160,706 |  |  | 8,522 |  |  | 5 | %
Business promotion |  | 7,874 |  |  | 6,010 |  |  | 1,864 |  |  | 31 | % |  | 9,207 |  |  | (1,333 | ) |  | (14 | )%
Charitable contributions to BOKF Foundation |  | — |  |  | — |  |  | — |  |  | N/A |  |  | 2,846 |  |  | (2,846 | ) |  | N/A |
Professional fees and services |  | 16,139 |  |  | 10,200 |  |  | 5,939 |  |  | 58 | % |  | 20,712 |  |  | (4,573 | ) |  | (22 | )%
Net occupancy and equipment |  | 29,521 |  |  | 24,046 |  |  | 5,475 |  |  | 23 | % |  | 27,780 |  |  | 1,741 |  |  | 6 | %
Insurance |  | 4,839 |  |  | 6,593 |  |  | (1,754 | ) |  | (27 | )% |  | 4,248 |  |  | 591 |  |  | 14 | %
Data processing and communications |  | 31,449 |  |  | 27,817 |  |  | 3,632 |  |  | 13 | % |  | 27,575 |  |  | 3,874 |  |  | 14 | %
Printing, postage and supplies |  | 4,885 |  |  | 4,089 |  |  | 796 |  |  | 19 | % |  | 5,232 |  |  | (347 | ) |  | (7 | )%
Net losses and operating expenses of repossessed assets |  | 1,996 |  |  | 7,705 |  |  | (5,709 | ) |  | (74 | )% |  | 2,581 |  |  | (585 | ) |  | (23 | )%
Amortization of intangible assets |  | 5,191 |  |  | 1,300 |  |  | 3,891 |  |  | 299 | % |  | 5,331 |  |  | (140 | ) |  | (3 | )%
Mortgage banking costs |  | 9,906 |  |  | 10,149 |  |  | (243 | ) |  | (2 | )% |  | 11,518 |  |  | (1,612 | ) |  | (14 | )%
Other expense |  | 6,129 |  |  | 6,574 |  |  | (445 | ) |  | (7 | )% |  | 6,907 |  |  | (778 | ) |  | (11 | )%
Total other operating expense |  | $ | 287,157 |  |  | $ | 244,430 |  |  | $ | 42,727 |  |  | 17 | % |  | $ | 284,643 |  |  | $ | 2,514 |  |  | 1 | %
Average number of employees (full-time equivalent) |  | 5,291 |  |  | 4,899 |  |  | 392 |  |  | 8 | % |  | 4,974 |  |  | 317 |  |  | 6 | %

Certain percentage increases (decreases) are not meaningful for comparison purposes.
Personnel expense
Personnel expense increase d $29.3 million over the first quarter of 2018. CoBiz integration costs added $3.3 million and CoBiz operating expenses added $16.4 million to the first quarter of 2019. The remaining increase of $9.6 million is largely attributed to standard annual merit increases in regular compensation and incentive compensation.
Personnel expense increase d $8.5 million over the fourth quarter of 2018. CoBiz integration costs added $3.3 million to the first quarter of 2019 and $5.7 million to the fourth quarter of 2018. The remaining $10.9 million increase is primarily due to incentive compensation and a seasonal increase in payroll tax expense.
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Non-personnel operating expense
Non-personnel operating expense increase d $13.4 million over the first quarter of 2018. CoBiz integration costs added $9.4 million and CoBiz operating expenses added $10.2 million to the first quarter of 2019. The remaining decrease of $6.2 million is largely attributed to net losses and operating expenses of repossessed assets. The first quarter of 2018 included a $5.0 million write-down of certain oil and gas properties.
Non-personnel expense decrease d $6.0 million compared to the fourth quarter of 2018. CoBiz integration costs added $9.4 million in the first quarter of 2019 and $8.8 million to the fourth quarter of 2018. The remaining $6.6 million decrease is related to a $2.8 million charitable donation to the BOKF Foundation made in the fourth quarter combined with decreases in business promotion and mortgage banking related to seasonality. These were partially offset by an increase in data processing and communications expense.
Income Taxes
Income tax expense was $30.0 million or 21 percent of net income before taxes for the first quarter of 2019, compared to $30.9 million or 23 percent of net income before taxes for the first quarter of 2018 and $20.1 million or 16 percent of net income before taxes for the fourth quarter of 2018.
In 2018, we completed our accounting for uncertainties that resulted from the Tax Reform Act. Resolution of these uncertainties and revaluation of deferred taxes increased tax expense for the first quarter of 2018 by $1.9 million. Excluding these adjustments, the effective tax rate for the first quarter of 2018 would have been 21.3%. Resolution of uncertainties decreased fourth quarter of 2018 tax expense by $7.8 million. Excluding these adjustments, the fourth quarter 2018 effective tax rate would have been 21.7%.
Unrecognized tax benefits totaled $19.5 million at March 31, 2019, $18.9 million at December 31, 2018 and $19.6 million at March 31, 2018. BOK Financial operates in numerous jurisdictions, which requires judgment regarding the allocation of income, expense and earnings under various laws and regulations of each of these taxing jurisdictions. Each jurisdiction may audit our tax returns and may take different positions with respect to these allocations.
Lines of Business
We operate three principal lines of business: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking includes lending, treasury and cash management services and customer risk management products for small businesses, middle market and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network and all mortgage banking activities. Wealth Management provides fiduciary services, private banking services and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.
In addition to our lines of business, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each line of business borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies and certain executive compensation costs that are not attributed to the lines of business.
The operations of CoBiz were not yet allocated to the operating segments at March 31, 2019 and are included in Funds Management and other.
We allocate resources and evaluate the performance of our lines of business using the net direct contribution, which includes the allocation of funds, actual net credit losses and capital costs. In addition, we measure the performance of our business lines after allocation of certain indirect expenses and taxes based on statutory rates.
- 10 -

The cost of funds borrowed from the Funds Management unit by the operating lines of business is transfer priced at rates that approximate market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on the applicable LIBOR or interest rate swap rates, adjusted for prepayment and liquidity risk. This method of transfer-pricing funds that supports assets of the operating lines of business tends to insulate them from interest rate risk.
The value of funds provided by the operating lines of business to the Funds Management unit is also based on rates that approximate wholesale market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on LIBOR or interest rate swap rates. The funds credit formula applied to deposit products with indeterminate maturities is established based on their repricing characteristics reflected in a combination of the short-term LIBOR rate and a moving average of an intermediate-term swap rate, with an appropriate spread applied to both. Shorter duration products are weighted towards the short-term LIBOR rate and longer duration products are weighted towards the intermediate-term swap rates. The expected duration ranges from 30 days for certain rate-sensitive deposits to five years. During 2018 the funds transfer pricing rates for non–maturity deposits became inverted due to the flattening of the yield curve. Short term rates continued to increase while long term rates remained relatively flat. In order to appropriately reflect the organizational value of these deposits to the lines of business, effective January 1, 2019 we made adjustments that push more deposit credit value to the business lines, with the offset to Funds Management and other.
Economic capital is assigned to the business units by a capital allocation model that reflects management’s assessment of risk. This model assigns capital based upon credit, operating, interest rate and other market risk inherent in our business lines and recognizes the diversification benefits among the units. The level of assigned economic capital is a combination of the risk taken by each business line, based on its actual exposures and calibrated to its own loss history where possible. Average invested capital includes economic capital and amounts we have invested in the lines of business.
As shown in Table 8, net income attributable to our lines of business was up $17.2 million or 16 percent over the first quarter of 2018. Net interest revenue grew by $36.6 million over the prior year, primarily due to the change in the deposit funding credit noted above, combined with growth in average loan balances. Net charge-offs increase d $10.3 million. Other operating revenue decrease d by $5.6 million and operating expense decrease d by $2.8 million compared to the first quarter of 2018.
Table 8 -- Net Income by Line of Business
(In thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Commercial Banking |  | $ | 86,143 |  |  | $ | 79,247 |  |  | $ | 6,896 |  |  | 9 | % |  | $ | 84,588 |  |  | $ | 1,555 |  |  | 2 | %
Consumer Banking |  | 15,584 |  |  | 9,374 |  |  | 6,210 |  |  | 66 | % |  | 2,741 |  |  | 12,843 |  |  | 469 | %
Wealth Management |  | 23,719 |  |  | 19,609 |  |  | 4,110 |  |  | 21 | % |  | 17,472 |  |  | 6,247 |  |  | 36 | %
Subtotal |  | 125,446 |  |  | 108,230 |  |  | 17,216 |  |  | 16 | % |  | 104,801 |  |  | 20,645 |  |  | 20 | %
Funds Management and other |  | (14,834 | ) |  | (2,668 | ) |  | (12,166 | ) |  | N/A |  |  | 3,655 |  |  | (18,489 | ) |  | N/A |
Total |  | $ | 110,612 |  |  | $ | 105,562 |  |  | $ | 5,050 |  |  | 5 | % |  | $ | 108,456 |  |  | $ | 2,156 |  |  | 2 | %

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.
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Commercial Banking
Commercial Banking contributed $86.1 million to consolidated net income in the first quarter of 2019, an increase of $6.9 million or 9 percent over the first quarter of 2018. Growth in net interest revenue was partially offset by increased net loans charged off.
Table 9 -- Commercial Banking
(Dollars in thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Net interest revenue from external sources |  | $ | 204,209 |  |  | $ | 160,414 |  |  | $ | 43,795 |  |  | 27 | % |  | $ | 196,897 |  |  | $ | 7,312 |  |  | 4 | %
Net interest expense from internal sources |  | (52,562 | ) |  | (28,343 | ) |  | (24,219 | ) |  | 85 | % |  | (48,538 | ) |  | (4,024 | ) |  | 8 | %
Total net interest revenue |  | 151,647 |  |  | 132,071 |  |  | 19,576 |  |  | 15 | % |  | 148,359 |  |  | 3,288 |  |  | 2 | %
Net loans charged off |  | 11,245 |  |  | 627 |  |  | 10,618 |  |  | 1,693 | % |  | 11,577 |  |  | (332 | ) |  | (3 | )%
Net interest revenue after net loans charged off |  | 140,402 |  |  | 131,444 |  |  | 8,958 |  |  | 7 | % |  | 136,782 |  |  | 3,620 |  |  | 3 | %
Fees and commissions revenue |  | 38,046 |  |  | 40,017 |  |  | (1,971 | ) |  | (5 | )% |  | 39,667 |  |  | (1,621 | ) |  | (4 | )%
Other gains (losses), net |  | (434 | ) |  | (341 | ) |  | (93 | ) |  | N/A |  |  | 173 |  |  | (607 | ) |  | N/A |
Other operating revenue |  | 37,612 |  |  | 39,676 |  |  | (2,064 | ) |  | (5 | )% |  | 39,840 |  |  | (2,228 | ) |  | (6 | )%
Personnel expense |  | 31,217 |  |  | 28,921 |  |  | 2,296 |  |  | 8 | % |  | 31,918 |  |  | (701 | ) |  | (2 | )%
Non-personnel expense |  | 18,960 |  |  | 19,449 |  |  | (489 | ) |  | (3 | )% |  | 19,710 |  |  | (750 | ) |  | (4 | )%
Other operating expense |  | 50,177 |  |  | 48,370 |  |  | 1,807 |  |  | 4 | % |  | 51,628 |  |  | (1,451 | ) |  | (3 | )%
Net direct contribution |  | 127,837 |  |  | 122,750 |  |  | 5,087 |  |  | 4 | % |  | 124,994 |  |  | 2,843 |  |  | 2 | %
Gain on financial instruments, net |  | 18 |  |  | 7 |  |  | 11 |  |  | N/A |  |  | 13 |  |  | 5 |  |  | N/A |
Loss on repossessed assets, net |  | (346 | ) |  | (4,166 | ) |  | 3,820 |  |  | N/A |  |  | (431 | ) |  | 85 |  |  | N/A |
Corporate expense allocations |  | 10,148 |  |  | 10,603 |  |  | (455 | ) |  | (4 | )% |  | 9,112 |  |  | 1,036 |  |  | 11 | %
Income before taxes |  | 117,361 |  |  | 107,988 |  |  | 9,373 |  |  | 9 | % |  | 115,464 |  |  | 1,897 |  |  | 2 | %
Federal and state income tax |  | 31,218 |  |  | 28,741 |  |  | 2,477 |  |  | 9 | % |  | 30,492 |  |  | 726 |  |  | 2 | %
Net income |  | $ | 86,143 |  |  | $ | 79,247 |  |  | $ | 6,896 |  |  | 9 | % |  | $ | 84,972 |  |  | $ | 1,171 |  |  | 1 | %
Average assets |  | $ | 19,330,249 |  |  | $ | 17,793,820 |  |  | $ | 1,536,429 |  |  | 9 | % |  | $ | 18,766,165 |  |  | $ | 564,084 |  |  | 3 | %
Average loans |  | 15,992,749 |  |  | 14,426,750 |  |  | 1,565,999 |  |  | 11 | % |  | 15,628,731 |  |  | 364,018 |  |  | 2 | %
Average deposits |  | 8,261,543 |  |  | 8,664,452 |  |  | (402,909 | ) |  | (5 | )% |  | 8,393,016 |  |  | (131,473 | ) |  | (2 | )%
Average invested capital |  | 1,638,130 |  |  | 1,335,896 |  |  | 302,234 |  |  | 23 | % |  | 1,519,983 |  |  | 118,147 |  |  | 8 | %

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.
Net interest revenue increase d $19.6 million or 15 percent over the prior year. Growth in net interest revenue was due to increased yields and an increase in average loan balances. Yields on deposits sold to the funds management unit also went up due to the increase in short-term interest rates. Net loans charged-off increase d $10.6 million.
Fees and commissions revenue decrease d $2.0 million or 5 percent while operating expense increase d $1.8 million or 4 percent compared to the first quarter of 2018. Corporate expense allocations decrease d $455 thousand or 4 percent compared to the prior year.
- 12 -

The average outstanding balance of loans attributed to Commercial Banking were up $1.6 billion or 11 percent over the first quarter of 2018 to $16.0 billion. See the Loans section of Management’s Discussion and Analysis of Financial Condition following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment.
Average deposits attributed to Commercial Banking were $8.3 billion for the first quarter of 2019, a 5 percent decrease compared to the first quarter of 2018. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of change.
Net interest revenue increase d $3.3 million or 2 percent over the fourth quarter of 2018. Fees and commissions revenue decreased $1.6 million or 4 percent, offset by a decrease in operating expense of $1.5 million.
Average loan balances increase d $364 million or 2 percent, largely impacted by acquired loans. Average customer deposits decrease d $131 million or 2 percent. The deposit mix continues to shift with a $411 million decrease in demand deposit balances partially offset by a $277 million increase in interest-bearing transaction account balances.
- 13 -

Consumer Banking
Consumer Banking provides retail banking services through four primary distribution channels: traditional branches, the 24-hour ExpressBank call center, Internet banking and mobile banking. Consumer Banking also conducts mortgage banking activities through offices located outside of our Consumer Banking markets. In the first quarter of 2019, the strategic decision was made to exit our online lead buying business, HomeDirect, to focus more on our high margin, core competency of developing complete, long-term relationships with our clients through our traditional mortgage origination channel.
Consumer Banking contributed $15.6 million to consolidated net income for the first quarter of 2019, an increase of $6.2 million over the first quarter of 2018. Improved performance by Consumer Banking was largely due to the effect of changes in pricing of funds sold to the Funds Management unit, partially offset by net changes in the fair value of mortgage servicing rights.
Table 10 -- Consumer Banking
(Dollars in thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Net interest revenue from external sources |  | $ | 21,595 |  |  | $ | 21,753 |  |  | $ | (158 | ) |  | (1 | )% |  | $ | 19,727 |  |  | $ | 1,868 |  |  | 9 | %
Net interest revenue from internal sources |  | 29,507 |  |  | 15,224 |  |  | 14,283 |  |  | 94 | % |  | 21,637 |  |  | 7,870 |  |  | 36 | %
Total net interest revenue |  | 51,102 |  |  | 36,977 |  |  | 14,125 |  |  | 38 | % |  | 41,364 |  |  | 9,738 |  |  | 24 | %
Net loans charged off |  | 1,085 |  |  | 1,300 |  |  | (215 | ) |  | (17 | )% |  | 1,253 |  |  | (168 | ) |  | (13 | )%
Net interest revenue after net loans charged off |  | 50,017 |  |  | 35,677 |  |  | 14,340 |  |  | 40 | % |  | 40,111 |  |  | 9,906 |  |  | 25 | %
Fees and commissions revenue |  | 42,821 |  |  | 44,963 |  |  | (2,142 | ) |  | (5 | )% |  | 42,839 |  |  | (18 | ) |  | — | %
Other losses, net |  | (73 | ) |  | (16 | ) |  | (57 | ) |  | N/A |  |  | (7 | ) |  | (66 | ) |  | N/A |
Other operating revenue |  | 42,748 |  |  | 44,947 |  |  | (2,199 | ) |  | (5 | )% |  | 42,832 |  |  | (84 | ) |  | — | %
Personnel expense |  | 24,330 |  |  | 24,341 |  |  | (11 | ) |  | — | % |  | 22,765 |  |  | 1,565 |  |  | 7 | %
Non-personnel expense |  | 29,176 |  |  | 30,354 |  |  | (1,178 | ) |  | (4 | )% |  | 33,316 |  |  | (4,140 | ) |  | (12 | )%
Total other operating expense |  | 53,506 |  |  | 54,695 |  |  | (1,189 | ) |  | (2 | )% |  | 56,081 |  |  | (2,575 | ) |  | (5 | )%
Net direct contribution |  | 39,259 |  |  | 25,929 |  |  | 13,330 |  |  | 51 | % |  | 26,862 |  |  | 12,397 |  |  | 46 | %
Gain (loss) on financial instruments, net |  | 14,097 |  |  | (23,262 | ) |  | 37,359 |  |  | N/A |  |  | 11,880 |  |  | 2,217 |  |  | N/A |
Change in fair value of mortgage servicing rights |  | (20,666 | ) |  | 21,206 |  |  | (41,872 | ) |  | N/A |  |  | (24,234 | ) |  | 3,568 |  |  | N/A |
Gain (loss) on repossessed assets, net |  | 103 |  |  | (108 | ) |  | 211 |  |  | N/A |  |  | 267 |  |  | (164 | ) |  | N/A |
Corporate expense allocations |  | 11,883 |  |  | 11,188 |  |  | 695 |  |  | 6 | % |  | 11,098 |  |  | 785 |  |  | 7 | %
Income before taxes |  | 20,910 |  |  | 12,577 |  |  | 8,333 |  |  | 66 | % |  | 3,677 |  |  | 17,233 |  |  | 469 | %
Federal and state income tax |  | 5,326 |  |  | 3,203 |  |  | 2,123 |  |  | 66 | % |  | 936 |  |  | 4,390 |  |  | 469 | %
Net income |  | $ | 15,584 |  |  | $ | 9,374 |  |  | $ | 6,210 |  |  | 66 | % |  | $ | 2,741 |  |  | $ | 12,843 |  |  | 469 | %
Average assets |  | $ | 8,371,683 |  |  | $ | 8,468,101 |  |  | $ | (96,418 | ) |  | (1 | )% |  | $ | 8,071,978 |  |  | $ | 299,705 |  |  | 4 | %
Average loans |  | 1,750,642 |  |  | 1,746,136 |  |  | 4,506 |  |  | — | % |  | 1,745,642 |  |  | 5,000 |  |  | — | %
Average deposits |  | 6,544,665 |  |  | 6,538,096 |  |  | 6,569 |  |  | — | % |  | 6,542,188 |  |  | 2,477 |  |  | — | %
Average invested capital |  | 302,195 |  |  | 298,438 |  |  | 3,757 |  |  | 1 | % |  | 291,846 |  |  | 10,349 |  |  | 4 | %

Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.
- 14 -

Net interest revenue from Consumer Banking activities grew by $14.1 million or 38 percent over the the first quarter of 2018, primarily due to increased rates received on deposit balances sold to the Funds Management unit. Average consumer deposits were relatively consistent compared to the first quarter of 2018. Demand deposit balances grew by $131 million or 7 percent, offset by a decrease of $133 million or 4 percent in interest-bearing transaction account balances.
Fees and commissions revenue decrease d $2.1 million or 5 percent compared to the first quarter of 2018. Higher average interest rates decreased mortgage loan origination volumes. This was offset by a decrease of $1.2 million in operating expense. Corporate expense allocations were $695 thousand or 6 percent higher than the prior year.
Changes in the fair value of mortgage servicing rights, net of economic hedges, decrease d pre-tax net income for first quarter of 2019 by $6.6 million compared to a $2.1 million decrease in pre-tax net income in the first quarter of 2018.
Net interest revenue from Consumer Banking activities increased $9.7 million or 24 percent over the fourth quarter of 2018, primarily due to increased yields on deposits sold to the Funds Management unit. In addition, lower recent interest rates increased mortgage application volume in the first quarter of 2019.
Revenues from mortgage banking activities increased $1.9 million over the prior quarter, partially offset by a decrease of $1.6 million in service charges driven by two less days in the quarter. Operating expense decrease d $2.6 million or 5 percent. Personnel expenses increase d $1.6 million mainly due to increased incentive compensation costs. Non-personnel expense decrease d $4.1 million. Mortgage banking costs decrease d $1.6 million primarily affected by seasonality. Occupancy and equipment costs decrease d $1.0 million.
Average consumer loans and deposits remained relatively consistent compared to the prior quarter at $1.8 billion and $6.5 billion, respectively.
- 15 -

Wealth Management
Wealth Management contributed $23.7 million to consolidated net income in the first quarter of 2019, up $4.1 million or 21 percent over the first quarter of 2018. Improved performance by Wealth Management was primarily due to an increase in net interest revenue and a decrease in operating expenses.
Table 11 -- Wealth Management
(Dollars in thousands)

|  | Three Months Ended March 31, |  | Increase (Decrease) |  | % Increase (Decrease) |  | Three Months Ended Dec. 31, 2018 |  | Increase (Decrease) |  | % Increase (Decrease)
|  | 2019 |  | 2018 |  |  |  |  |
Net interest revenue from external sources |  | $ | 21,486 |  |  | $ | 15,407 |  |  | $ | 6,079 |  |  | 39 | % |  | $ | 24,218 |  |  | $ | (2,732 | ) |  | (11 | )%
Net interest revenue from internal sources |  | 6,770 |  |  | 9,932 |  |  | (3,162 | ) |  | (32 | )% |  | 5,074 |  |  | 1,696 |  |  | 33 | %
Total net interest revenue |  | 28,256 |  |  | 25,339 |  |  | 2,917 |  |  | 12 | % |  | 29,292 |  |  | (1,036 | ) |  | (4 | )%
Net loans charged off (recovered) |  | (119 | ) |  | (48 | ) |  | (71 | ) |  | 148 | % |  | (52 | ) |  | (67 | ) |  | 129 | %
Net interest revenue after net loans charged off (recovered) |  | 28,375 |  |  | 25,387 |  |  | 2,988 |  |  | 12 | % |  | 29,344 |  |  | (969 | ) |  | (3 | )%
Fees and commissions revenue |  | 73,256 |  |  | 74,807 |  |  | (1,551 | ) |  | (2 | )% |  | 67,607 |  |  | 5,649 |  |  | 8 | %
Other gains (losses), net |  | 158 |  |  | (41 | ) |  | 199 |  |  | N/A |  |  | (4 | ) |  | 162 |  |  | N/A |
Other operating revenue |  | 73,414 |  |  | 74,766 |  |  | (1,352 | ) |  | (2 | )% |  | 67,603 |  |  | 5,811 |  |  | 9 | %
Personnel expense |  | 43,991 |  |  | 46,947 |  |  | (2,956 | ) |  | (6 | )% |  | 45,973 |  |  | (1,982 | ) |  | (4 | )%
Non-personnel expense |  | 17,516 |  |  | 17,995 |  |  | (479 | ) |  | (3 | )% |  | 18,576 |  |  | (1,060 | ) |  | (6 | )%
Other operating expense |  | 61,507 |  |  | 64,942 |  |  | (3,435 | ) |  | (5 | )% |  | 64,549 |  |  | (3,042 | ) |  | (5 | )%
Net direct contribution |  | 40,282 |  |  | 35,211 |  |  | 5,071 |  |  | 14 | % |  | 32,398 |  |  | 7,884 |  |  | 24 | %
Corporate expense allocations |  | 8,360 |  |  | 8,815 |  |  | (455 | ) |  | (5 | )% |  | 8,828 |  |  | (468 | ) |  | (5 | )%
Income before taxes |  | 31,922 |  |  | 26,396 |  |  | 5,526 |  |  | 21 | % |  | 23,570 |  |  | 8,352 |  |  | 35 | %
Federal and state income tax |  | 8,203 |  |  | 6,787 |  |  | 1,416 |  |  | 21 | % |  | 6,098 |  |  | 2,105 |  |  | 35 | %
Net income |  | $ | 23,719 |  |  | $ | 19,609 |  |  | $ | 4,110 |  |  | 21 | % |  | $ | 17,472 |  |  | $ | 6,247 |  |  | 36 | %
Average assets |  | $ | 9,312,154 |  |  | $ | 8,095,794 |  |  | $ | 1,216,360 |  |  | 15 | % |  | $ | 8,687,234 |  |  | $ | 624,920 |  |  | 7 | %
Average loans |  | 1,448,718 |  |  | 1,389,926 |  |  | 58,792 |  |  | 4 | % |  | 1,448,805 |  |  | (87 | ) |  | — | %
Average deposits |  | 5,659,771 |  |  | 5,662,470 |  |  | (2,699 | ) |  | — | % |  | 5,483,455 |  |  | 176,316 |  |  | 3 | %
Average invested capital |  | 265,572 |  |  | 246,673 |  |  | 18,899 |  |  | 8 | % |  | 255,948 |  |  | 9,624 |  |  | 4 | %

Net interest revenue increase d $2.9 million or 12 percent over the first quarter of 2018. Average trading securities balances increased $1.0 billion and average loans attributed to the Wealth Management segment increased $59 million or 4 percent. Average deposit balances were largely unchanged compared to the first quarter of 2018. Growth in interest-bearing transaction account balances of $118 million or 3 percent was offset by a decrease of $90 million in demand deposit balances and $34 million in time deposit balances.
Fees and commissions revenue was relatively unchanged compared to the first quarter of 2018. Operating expense decrease d $3.4 million or 5 percent compared to the first quarter of 2018. Personnel expense decrease d $3.0 million primarily due to a decrease in incentive compensation. Non-personnel expense was consistent with the first quarter of 2018. Corporate expense allocations decrease d $455 thousand or 5 percent compared to the prior year.
Net interest revenue decrease d $1.0 million or 4 percent compared to the fourth quarter of 2018. Brokerage and trading revenue increase d $6.4 million or 33 percent compared to the fourth quarter of 2018. This increase was partially offset by a decrease in interest received on trading securities and an increase in funding costs.
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Average loans were largely unchanged at $1.4 billion. Average deposits increase d $176 million or 3 percent, primarily due to an increase of $150 million in interest-bearing transaction account balances.
Financial Condition
Securities
We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity and comply with regulatory requirements. Securities are classified as trading, held for investment, or available for sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of March 31, 2019 and December 31, 2018.
We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers and others. Trading securities increase d $183 million to $2.1 billion during the first quarter of 2019. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales and other techniques. These limits remain unchanged from levels set before our expanded trading activities.
At March 31, 2019, the carrying value of investment (held-to-maturity) securities was $331 million and the fair value was $348 million. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, long-term, fixed rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.
Available for sale securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders’ equity. The amortized cost of available for sale securities totaled $9.0 billion at March 31, 2019, a $75 million increase compared to December 31, 2018. At March 31, 2019, the available for sale securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.
A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or prepayment during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and available for sale securities at March 31, 2019 is 3.0 years. Management estimates the duration extends to 3.8 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.5 years assuming a 100 basis point decline in the current low rate environment.
The aggregate gross amount of unrealized losses on available for sale securities totaled $69 million at March 31, 2019, compared to $138 million at December 31, 2018. On a quarterly basis, we perform an evaluation on debt securities to determine if the unrealized losses are temporary as more fully described in Note 2 of the Consolidated Financial Statements. No other-than-temporary impairment charges were recognized in earnings during the first quarter of 2019.
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Loans
The aggregate loan portfolio before allowance for loan losses totaled $21.8 billion at March 31, 2019, up $102 million over December 31, 2018, primarily due to growth in commercial loans, partially offset by a decrease in commercial real estate loans.
Table 12 -- Loans
(In thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Commercial: |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 3,705,099 |  |  | $ | 3,590,333 |  |  | $ | 3,294,867 |  |  | $ | 3,147,219 |  |  | $ | 2,969,618 |
Services |  | 3,287,563 |  |  | 3,258,192 |  |  | 2,603,862 |  |  | 2,516,676 |  |  | 2,488,065 |
Healthcare |  | 2,915,885 |  |  | 2,799,277 |  |  | 2,437,323 |  |  | 2,353,722 |  |  | 2,359,928 |
Wholesale/retail |  | 1,706,900 |  |  | 1,621,158 |  |  | 1,650,729 |  |  | 1,699,554 |  |  | 1,531,576 |
Public finance |  | 803,083 |  |  | 804,550 |  |  | 418,578 |  |  | 433,408 |  |  | 445,814 |
Manufacturing |  | 742,374 |  |  | 730,521 |  |  | 660,582 |  |  | 647,816 |  |  | 559,695 |
Other commercial and industrial |  | 801,071 |  |  | 832,047 |  |  | 510,160 |  |  | 550,644 |  |  | 564,971 |
Total commercial |  | 13,961,975 |  |  | 13,636,078 |  |  | 11,576,101 |  |  | 11,349,039 |  |  | 10,919,667 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily |  | 1,210,358 |  |  | 1,288,065 |  |  | 1,120,166 |  |  | 1,056,984 |  |  | 1,008,903 |
Office |  | 1,033,158 |  |  | 1,072,920 |  |  | 824,829 |  |  | 820,127 |  |  | 737,144 |
Retail |  | 890,685 |  |  | 919,082 |  |  | 759,423 |  |  | 768,024 |  |  | 750,396 |
Industrial |  | 767,757 |  |  | 778,106 |  |  | 696,774 |  |  | 653,384 |  |  | 613,608 |
Residential construction and land development |  | 149,686 |  |  | 148,584 |  |  | 101,872 |  |  | 118,999 |  |  | 117,458 |
Other commercial real estate |  | 549,007 |  |  | 558,056 |  |  | 301,611 |  |  | 294,702 |  |  | 279,273 |
Total commercial real estate |  | 4,600,651 |  |  | 4,764,813 |  |  | 3,804,675 |  |  | 3,712,220 |  |  | 3,506,782 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 1,098,481 |  |  | 1,122,610 |  |  | 1,094,926 |  |  | 1,068,412 |  |  | 1,047,785 |
Permanent mortgages guaranteed by U.S. government agencies |  | 193,308 |  |  | 190,866 |  |  | 180,718 |  |  | 169,653 |  |  | 177,880 |
Home equity |  | 900,831 |  |  | 916,557 |  |  | 696,098 |  |  | 704,185 |  |  | 720,104 |
Total residential mortgage |  | 2,192,620 |  |  | 2,230,033 |  |  | 1,971,742 |  |  | 1,942,250 |  |  | 1,945,769 |
Personal |  | 1,003,734 |  |  | 1,025,806 |  |  | 996,941 |  |  | 1,000,187 |  |  | 965,632 |
Total |  | $ | 21,758,980 |  |  | $ | 21,656,730 |  |  | $ | 18,349,459 |  |  | $ | 18,003,696 |  |  | $ | 17,337,850 |

Commercial
Commercial loans represent loans for working capital, facilities acquisition or expansion, purchases of equipment and other needs of commercial customers primarily located within our geographical footprint. Commercial loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer’s industry and market. While commercial loans are generally secured by the customer’s assets including real property, inventory, accounts receivable, operating equipment, interests in mineral rights and other property and may also include personal guarantees of the owners and related parties, the primary source of repayment of the loans is the ongoing cash flow from operations of the customer’s business. Inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with commercial lending policies.
Commercial loans totaled $14.0 billion or 64 percent of the loan portfolio at March 31, 2019, an increase of $326 million over December 31, 2018. Healthcare sector loan balances were up $117 million. Energy loan balances grew by $115 million. Wholesale/retail sector loans increase d $86 million. This growth was partially offset by a $31 million decrease in other commercial and industrial loans.
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Table 13 presents the commercial sector of our loan portfolio distributed primarily by collateral location. Loans for which collateral location is less relevant, such as unsecured loans and reserve-based energy loans, are distributed by the borrower's primary operating location.
Table 13 -- Commercial Loans by Collateral Location
(In thousands)

|  | Oklahoma |  | Texas |  | New Mexico |  | Arkansas |  | Colorado |  | Arizona |  | Kansas/Missouri |  | Other |  | Total
Energy |  | $ | 765,840 |  |  | $ | 2,089,600 |  |  | $ | 34,802 |  |  | $ | 2,483 |  |  | $ | 353,639 |  |  | $ | 4,564 |  |  | $ | 108,588 |  |  | $ | 345,583 |  |  | $ | 3,705,099 |
Services |  | 615,903 |  |  | 761,921 |  |  | 168,742 |  |  | 3,971 |  |  | 634,929 |  |  | 433,433 |  |  | 280,158 |  |  | 388,506 |  |  | 3,287,563 |
Healthcare |  | 217,785 |  |  | 382,523 |  |  | 128,468 |  |  | 81,713 |  |  | 333,306 |  |  | 235,783 |  |  | 251,574 |  |  | 1,284,733 |  |  | 2,915,885 |
Wholesale/retail |  | 239,075 |  |  | 678,453 |  |  | 38,597 |  |  | 29,436 |  |  | 175,128 |  |  | 111,786 |  |  | 65,831 |  |  | 368,594 |  |  | 1,706,900 |
Public finance |  | 87,663 |  |  | 157,819 |  |  | 42,604 |  |  | — |  |  | 167,447 |  |  | 121,124 |  |  | — |  |  | 226,426 |  |  | 803,083 |
Manufacturing |  | 97,019 |  |  | 172,356 |  |  | 697 |  |  | 5,761 |  |  | 185,771 |  |  | 130,571 |  |  | 70,249 |  |  | 79,950 |  |  | 742,374 |
Other commercial and industrial |  | 111,899 |  |  | 165,405 |  |  | 3,404 |  |  | 49,514 |  |  | 120,115 |  |  | 45,155 |  |  | 63,255 |  |  | 242,324 |  |  | 801,071 |
Total commercial loans |  | $ | 2,135,184 |  |  | $ | 4,408,077 |  |  | $ | 417,314 |  |  | $ | 172,878 |  |  | $ | 1,970,335 |  |  | $ | 1,082,416 |  |  | $ | 839,655 |  |  | $ | 2,936,116 |  |  | $ | 13,961,975 |

The majority of the collateral securing our commercial loan portfolio is located within our geographical footprint with 32 percent concentrated in the Texas market, 15 percent concentrated in the Oklahoma market and 14 percent in the Colorado market. At March 31, 2019, the Other category is primarily composed of California - $561 million or 4 percent of the commercial loan portfolio, Florida - $279 million or 2 percent of the commercial loan portfolio, Pennsylvania - $167 million or 1 percent of the commercial loan portfolio, Ohio - $162 million or 1 percent of the commercial loan portfolio and Louisiana - $155 million or 1 percent of the commercial loan portfolio. All other states individually represent less than one percent of total commercial loans.
Supporting the energy industry with loans to producers and other energy-related entities has been a hallmark of the Company since its founding and represents a large portion of our commercial loan portfolio. In addition, energy production and related industries have a significant impact on the economy in our primary markets. Loans collateralized by oil and gas properties are subject to a semi-annual engineering review by our internal staff of petroleum engineers. This review is utilized as the basis for developing the expected cash flows supporting the loan amount. The projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Loans are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current pricing levels and with existing conventional equipment and operating methods and costs. As part of our evaluation of credit quality, we analyze rigorous stress tests over a range of commodity prices and take proactive steps to mitigate risk when appropriate.
Outstanding energy loans totaled $3.7 billion or 17 percent of total loans at March 31, 2019. Unfunded energy loan commitments were $3.4 billion at March 31, 2019, up $221 million over December 31, 2018. Approximately $3.0 billion of energy loans were to oil and gas producers, growing $77 million over December 31, 2018. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 57 percent of the committed production loans are secured by properties primarily producing oil and 43 percent of the committed production loans are secured by properties primarily producing natural gas. Loans to midstream oil and gas companies totaled $463 million at March 31, 2019, an increase of $43 million over December 31, 2018. Loans to borrowers that provide services to the energy industry totaled $173 million at March 31, 2019, unchanged compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $60 million, a $2.0 million decrease compared to the prior quarter.
The services sector of the loan portfolio totaled $3.3 billion or 15 percent of total loans and consists of a large number of loans to a variety of businesses, including commercial services, Native American tribal governments, entertainment & recreation, financial services and consumer services. Service sector loans increase d by $29 million compared to December 31, 2018. Approximately $1.7 billion of the services category is made up of loans with individual balances of less than $10 million. Service sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer’s business.
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The healthcare sector of the loan portfolio totaled $2.9 billion or 13 percent of total loans and consists primarily of loans for the development and operation of senior housing and care facilities, including independent living, assisted living and skilled nursing. Healthcare also includes loans to hospitals and other medical service providers.
We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of more than $100 million and with three or more non-affiliated banks as participants. At March 31, 2019, the outstanding principal balance of these loans totaled $4.4 billion. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 18 percent of our shared national credits, based on dollars committed. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer. In addition to management’s quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.
Commercial Real Estate
Commercial real estate represents loans for the construction of buildings or other improvements to real estate and property held by borrowers for investment purposes generally within our geographical footprint. Our larger concentrations are in Texas, Colorado and Oklahoma representing 27 percent, 13 percent and 10 percent of the total commercial real estate portfolio at March 31, 2019, respectively. We require collateral values in excess of the loan amounts, demonstrated cash flows in excess of expected debt service requirements, equity investment in the project and a portion of the project already sold, leased or permanent financing already secured. The expected cash flows from all significant new or renewed income producing property commitments are stress tested to reflect the risks in varying interest rates, vacancy rates and rental rates. As with commercial loans, inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with applicable lending policies.
Commercial real estate loans totaled $4.6 billion or 21 percent of the loan portfolio at March 31, 2019. The outstanding balance of commercial real estate loans decrease d $164 million compared to December 31, 2018. Loans secured by multifamily residential properties decrease d $78 million. Loans secured by office buildings decrease d $40 million. Loans secured by retail facilities decrease d $28 million. The commercial real estate loan balance as a percentage of our total loan portfolio has ranged from 19 percent to 21 percent over the past five years.
The commercial real estate sector of our loan portfolio distributed by collateral location follows in Table 14.
Table 14 -- Commercial Real Estate Loans by Collateral Location
(In thousands)

|  | Oklahoma |  | Texas |  | New Mexico |  | Arkansas |  | Colorado |  | Arizona |  | Kansas/Missouri |  | Other |  | Total
Multifamily |  | $ | 160,566 |  |  | $ | 434,105 |  |  | $ | 31,706 |  |  | $ | 49,405 |  |  | $ | 63,150 |  |  | $ | 118,339 |  |  | $ | 176,069 |  |  | $ | 177,018 |  |  | $ | 1,210,358 |
Office |  | 107,021 |  |  | 275,583 |  |  | 96,161 |  |  | 16,669 |  |  | 130,895 |  |  | 73,767 |  |  | 36,288 |  |  | 296,774 |  |  | 1,033,158 |
Retail |  | 56,621 |  |  | 255,901 |  |  | 136,992 |  |  | 5,469 |  |  | 102,068 |  |  | 73,138 |  |  | 14,057 |  |  | 246,439 |  |  | 890,685 |
Industrial |  | 83,536 |  |  | 207,516 |  |  | 19,203 |  |  | 92 |  |  | 78,359 |  |  | 43,181 |  |  | 41,248 |  |  | 294,622 |  |  | 767,757 |
Residential construction and land development |  | 5,243 |  |  | 13,890 |  |  | 13,385 |  |  | 559 |  |  | 59,999 |  |  | 13,278 |  |  | 11,097 |  |  | 32,235 |  |  | 149,686 |
Other commercial real estate |  | 49,323 |  |  | 40,185 |  |  | 11,264 |  |  | 2,218 |  |  | 155,721 |  |  | 78,063 |  |  | 39,969 |  |  | 172,264 |  |  | 549,007 |
Total commercial real estate loans |  | $ | 462,310 |  |  | $ | 1,227,180 |  |  | $ | 308,711 |  |  | $ | 74,412 |  |  | $ | 590,192 |  |  | $ | 399,766 |  |  | $ | 318,728 |  |  | $ | 1,219,352 |  |  | $ | 4,600,651 |

The Other category is primarily composed of California - $285 million or 6 percent of the commercial real estate portfolio, Utah - $137 million or 3 percent of the commercial real estate portfolio and Nevada - $108 million or 2 percent of the commercial real estate portfolio. All other states represent less than 2% individually.
While recent changes nationally in consumer purchasing trends from brick-and-mortar stores to online has created concern with regards to retail lending, our credit quality remains very good. The portfolio is highly diversified with no material exposure to a single borrower or tenant.
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Residential Mortgage and Personal
Residential mortgage loans provide funds for our customers to purchase or refinance their primary residence or to borrow against the equity in their home. Residential mortgage loans are secured by a first or second-mortgage on the customer’s primary residence. Personal loans consist primarily of loans to wealth management clients secured by the cash surrender value of insurance policies and marketable securities. It also includes direct loans secured by and for the purchase of automobiles, recreational and marine equipment as well as unsecured loans. Residential mortgage and personal loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history, residential and employment stability.
Residential mortgage loans totaled $2.2 billion, a decrease of $37 million compared to December 31, 2018. In general, we sell the majority of our conforming fixed rate loan originations in the secondary market and retain the majority of our non-conforming and adjustable-rate mortgage loans. We have no concentration in sub-prime residential mortgage loans. Our mortgage loan portfolio does not include payment option adjustable rate mortgage loans or adjustable rate mortgage loans with initial rates that are below market. Collateral for 92% of our residential mortgage loan portfolio is located within our geographical footprint.
The majority of our permanent mortgage loan portfolio is composed of various non-conforming mortgage programs to support customer relationships including jumbo mortgage loans, non-builder construction loans and special loan programs for high net worth individuals or certain professionals. Jumbo loans may be fixed or variable rate and are fully amortizing. The size of jumbo loans exceeds maximums set under government sponsored entity standards, but otherwise generally conform to those standards. These loans generally require a minimum FICO score of 720 and a maximum debt-to-income ratio (“DTI”) of 38 percent. Loan-to-value ratios (“LTV”) are tiered from 60 percent to100 percent, depending on the market. Special mortgage programs include fixed and variable rate fully amortizing loans tailored to the needs of certain healthcare professionals. Variable rate loans are fully indexed at origination and may have fixed rates for three to ten years, then adjust annually thereafter.
At March 31, 2019, $193 million of permanent residential mortgage loans are guaranteed by U.S. government agencies. We have limited credit exposure on loans guaranteed by the agencies. This amount includes residential mortgage loans previously sold into GNMA mortgage pools that the Company may repurchase when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet. Permanent residential mortgage loans guaranteed by U.S. government agencies increase d $2.4 million over December 31, 2018.
Home equity loans totaled $901 million at March 31, 2019, a $16 million decrease compared to December 31, 2018. Our home equity loan portfolio is primarily composed of first-lien, fully amortizing home equity loans. Home equity loans generally require a minimum FICO score of 700 and a maximum DTI of 50 percent. The maximum loan amount available for our home equity loan products is generally $400 thousand. Revolving loans have a 10 year revolving period followed by a 15 year term of amortizing repayment. Interest-only home equity loans have a 5 year revolving period followed by a 15 year term of amortizing repayments and may not be extended for any additional revolving time. All other home equity loans may be extended at management's discretion for an additional 5 year revolving term subject to an update of certain credit information. A summary of our home equity loan portfolio at March 31, 2019 by lien position and amortizing status follows in Table 15.
Table 15 -- Home Equity Loans
(In thousands)

|  | Revolving |  | Amortizing |  | Total
First lien |  | $ | 87,364 |  |  | $ | 520,691 |  |  | $ | 608,055 |
Junior lien |  | 175,625 |  |  | 117,151 |  |  | 292,776 |
Total home equity |  | $ | 262,989 |  |  | $ | 637,842 |  |  | $ | 900,831 |

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The distribution of residential mortgage and personal loans at March 31, 2019 is as follows in Table 16. Residential mortgage loans are distributed by collateral location. Personal loans are generally distributed by borrower location.
Table 16 -- Residential Mortgage and Personal Loans by Collateral Location
(In thousands)

|  | Oklahoma |  | Texas |  | New Mexico |  | Arkansas |  | Colorado |  | Arizona |  | Kansas/Missouri |  | Other |  | Total
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | $ | 168,755 |  |  | $ | 436,600 |  |  | $ | 60,691 |  |  | $ | 12,960 |  |  | $ | 196,222 |  |  | $ | 106,324 |  |  | $ | 63,996 |  |  | $ | 52,933 |  |  | $ | 1,098,481 |
Permanent mortgages guaranteed by U.S. government agencies |  | 45,406 |  |  | 31,333 |  |  | 34,218 |  |  | 9,998 |  |  | 5,201 |  |  | 1,264 |  |  | 15,821 |  |  | 50,067 |  |  | 193,308 |
Home equity |  | 360,862 |  |  | 137,082 |  |  | 80,170 |  |  | 7,973 |  |  | 156,039 |  |  | 39,547 |  |  | 52,389 |  |  | 66,769 |  |  | 900,831 |
Total residential mortgage |  | $ | 575,023 |  |  | $ | 605,015 |  |  | $ | 175,079 |  |  | $ | 30,931 |  |  | $ | 357,462 |  |  | $ | 147,135 |  |  | $ | 132,206 |  |  | $ | 169,769 |  |  | $ | 2,192,620 |
Personal |  | $ | 316,266 |  |  | $ | 418,582 |  |  | $ | 12,210 |  |  | $ | 11,696 |  |  | $ | 72,738 |  |  | $ | 55,643 |  |  | $ | 52,910 |  |  | $ | 63,689 |  |  | $ | 1,003,734 |

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The Company secondarily evaluates loan portfolio performance based on the primary geographical market managing the loan. Loans attributed to a geographical market may not represent the location of the borrower or the collateral. All permanent mortgage loans serviced by our mortgage banking unit and held for investment by the Company are centrally managed by the Bank of Oklahoma.
Table 17 -- Loans Managed by Primary Geographical Market
(In thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Oklahoma: |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 3,551,054 |  |  | $ | 3,491,117 |  |  | $ | 3,609,109 |  |  | $ | 3,465,407 |  |  | $ | 3,265,013 |
Commercial real estate |  | 665,190 |  |  | 700,756 |  |  | 651,315 |  |  | 662,665 |  |  | 668,031 |
Residential mortgage |  | 1,417,381 |  |  | 1,440,566 |  |  | 1,429,843 |  |  | 1,403,658 |  |  | 1,419,281 |
Personal |  | 374,807 |  |  | 375,543 |  |  | 376,201 |  |  | 362,846 |  |  | 353,128 |
Total Oklahoma |  | 6,008,432 |  |  | 6,007,982 |  |  | 6,066,468 |  |  | 5,894,576 |  |  | 5,705,453 |
Texas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 5,754,018 |  |  | 5,438,133 |  |  | 5,115,646 |  |  | 4,922,451 |  |  | 4,715,841 |
Commercial real estate |  | 1,344,810 |  |  | 1,341,783 |  |  | 1,354,679 |  |  | 1,336,101 |  |  | 1,254,421 |
Residential mortgage |  | 265,927 |  |  | 266,805 |  |  | 253,265 |  |  | 243,400 |  |  | 229,761 |
Personal |  | 396,794 |  |  | 394,743 |  |  | 381,452 |  |  | 394,021 |  |  | 363,608 |
Total Texas |  | 7,761,549 |  |  | 7,441,464 |  |  | 7,105,042 |  |  | 6,895,973 |  |  | 6,563,631 |
New Mexico: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 342,915 |  |  | 340,489 |  |  | 325,048 |  |  | 305,167 |  |  | 315,701 |
Commercial real estate |  | 371,416 |  |  | 383,670 |  |  | 392,494 |  |  | 386,878 |  |  | 348,485 |
Residential mortgage |  | 85,326 |  |  | 87,346 |  |  | 88,110 |  |  | 90,581 |  |  | 93,490 |
Personal |  | 11,065 |  |  | 10,662 |  |  | 11,659 |  |  | 11,107 |  |  | 11,667 |
Total New Mexico |  | 810,722 |  |  | 822,167 |  |  | 817,311 |  |  | 793,733 |  |  | 769,343 |
Arkansas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 79,286 |  |  | 111,338 |  |  | 102,237 |  |  | 93,217 |  |  | 94,430 |
Commercial real estate |  | 142,551 |  |  | 141,898 |  |  | 106,701 |  |  | 90,807 |  |  | 88,700 |
Residential mortgage |  | 7,731 |  |  | 7,537 |  |  | 7,278 |  |  | 6,927 |  |  | 7,033 |
Personal |  | 11,550 |  |  | 11,955 |  |  | 12,126 |  |  | 12,331 |  |  | 9,916 |
Total Arkansas |  | 241,118 |  |  | 272,728 |  |  | 228,342 |  |  | 203,282 |  |  | 200,079 |
Colorado: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 2,231,703 |  |  | 2,275,069 |  |  | 1,132,500 |  |  | 1,165,721 |  |  | 1,180,655 |
Commercial real estate |  | 957,348 |  |  | 963,575 |  |  | 354,543 |  |  | 267,065 |  |  | 210,801 |
Residential mortgage |  | 241,722 |  |  | 251,849 |  |  | 68,694 |  |  | 64,839 |  |  | 64,530 |
Personal |  | 65,812 |  |  | 72,916 |  |  | 56,999 |  |  | 60,504 |  |  | 63,118 |
Total Colorado |  | 3,496,585 |  |  | 3,563,409 |  |  | 1,612,736 |  |  | 1,558,129 |  |  | 1,519,104 |
Arizona: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 1,335,140 |  |  | 1,320,139 |  |  | 621,658 |  |  | 681,852 |  |  | 624,106 |
Commercial real estate |  | 791,466 |  |  | 889,903 |  |  | 666,562 |  |  | 710,784 |  |  | 672,319 |
Residential mortgage |  | 98,973 |  |  | 97,959 |  |  | 44,659 |  |  | 47,010 |  |  | 39,227 |
Personal |  | 61,875 |  |  | 68,546 |  |  | 67,280 |  |  | 65,541 |  |  | 57,023 |
Total Arizona |  | 2,287,454 |  |  | 2,376,547 |  |  | 1,400,159 |  |  | 1,505,187 |  |  | 1,392,675 |
Kansas/Missouri: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 667,859 |  |  | 659,793 |  |  | 669,903 |  |  | 715,224 |  |  | 723,921 |
Commercial real estate |  | 327,870 |  |  | 343,228 |  |  | 278,381 |  |  | 257,920 |  |  | 264,025 |
Residential mortgage |  | 75,560 |  |  | 77,971 |  |  | 79,893 |  |  | 85,835 |  |  | 92,447 |
Personal |  | 81,831 |  |  | 91,441 |  |  | 91,224 |  |  | 93,837 |  |  | 107,172 |
Total Kansas/Missouri |  | 1,153,120 |  |  | 1,172,433 |  |  | 1,119,401 |  |  | 1,152,816 |  |  | 1,187,565 |
Total BOK Financial loans |  | $ | 21,758,980 |  |  | $ | 21,656,730 |  |  | $ | 18,349,459 |  |  | $ | 18,003,696 |  |  | $ | 17,337,850 |

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Loan Commitments
We enter into certain off-balance sheet arrangements in the normal course of business as shown in Table 18. Loan commitments may be unconditional obligations to provide financing or conditional obligations that depend on the borrower’s financial condition, collateral value or other factors. Standby letters of credit are unconditional commitments to guarantee the performance of our customer to a third party. Since some of these commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Table 18 – Off-Balance Sheet Credit Commitments
(In thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Loan commitments |  | $ | 12,243,886 |  |  | $ | 11,944,524 |  |  | $ | 10,715,964 |  |  | $ | 10,294,211 |  |  | $ | 10,249,729 |
Standby letters of credit |  | 720,451 |  |  | 582,196 |  |  | 671,844 |  |  | 659,867 |  |  | 664,342 |
Mortgage loans sold with recourse |  | 94,938 |  |  | 98,623 |  |  | 101,512 |  |  | 116,269 |  |  | 121,197 |

Customer Derivative Programs
We offer programs that permit our customers to hedge various risks, including fluctuations in energy, cattle and other agricultural product prices, interest rates and foreign exchange rates. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties to minimize market risk due to changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to the customer contracts, except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk and profit.
The customer derivative programs create credit risk for potential amounts due to the Company from our customers and from the counterparties. Customer credit risk is monitored through existing credit policies and procedures. The effects of changes in commodity prices, interest rates or foreign exchange rates are evaluated across a range of possible scenarios to determine the maximum exposure we are willing to have individually to any customer. Customers may also be required to provide cash margin or other collateral in conjunction with our credit agreements to further limit our credit risk.
Counterparty credit risk is evaluated through existing policies and procedures. This evaluation considers the total relationship between BOK Financial and each of the counterparties. Individual limits are established by management, approved by Credit Administration and reviewed by the Asset/Liability Committee. Margin collateral is required if the exposure between the Company and any counterparty exceeds established limits. Based on declines in the counterparties’ credit ratings, these limits may be reduced and additional margin collateral may be required.
A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorated such that either the fair value of underlying collateral no longer supported the contract or the customer or the counterparty’s ability to provide margin collateral was impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.
Derivative contracts are carried at fair value. At March 31, 2019, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $354 million compared to $427 million at December 31, 2018. At March 31, 2019, the net fair value of our derivative contracts included $223 million for foreign exchange contracts, $58 million of to-be-announced residential mortgage-backed securities, $39 million for energy contracts and $28 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $343 million at March 31, 2019 and $413 million at December 31, 2018.
At March 31, 2019, total derivative assets were reduced by $12 million of cash collateral received from counterparties and total derivative liabilities were reduced by $75 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement.
A table showing the notional and fair value of derivative assets and liabilities on both a gross and net basis is presented in Note 3 to the Consolidated Financial Statements.
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The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at March 31, 2019 follows in Table 19.
Table 19 -- Fair Value of Derivative Contracts
(In thousands)

Customers |  | $ | 212,147 |
Banks and other financial institutions |  | 129,213 |
Exchanges and clearing organizations |  | 1,141 |
Fair value of customer risk management program asset derivative contracts, net |  | $ | 342,501 |

At March 31, 2019, our largest derivative exposure was to a counterparty for energy contracts of $8.5 million.
Our customer derivative program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits. Also, changes in commodity prices affect the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices equivalent to $29.10 per barrel of oil would not be great enough to create a scenario in which we are owed by our customers. An increase in prices equivalent to $72.05 per barrel of oil would increase the fair value of derivative assets by $127 million. Further increases in price to the equivalent of $89.92 per barrel of oil would increase the fair value of our derivative assets by $320 million with lending customers comprising the bulk of the assets. Liquidity requirements of this program may also be affected by our credit rating. At March 31, 2019, a decrease in our credit rating to below investment grade did not have a significant impact on our obligation to post cash margin on existing contracts. The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of March 31, 2019, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
Summary of Loan Loss Experience
We maintain an allowance for loan losses and an accrual for off-balance sheet credit risk. At March 31, 2019, the combined allowance for loan losses and off-balance sheet credit losses totaled $207 million or 0.95 percent of outstanding loans and 142 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. Excluding acquired loans measured at acquisition date fair value, the combined allowance for loan losses was 1.09 percent of outstanding loans and 159 percent of nonaccruing loans. The allowance for loan losses was $205 million and the accrual for off-balance sheet credit losses was $1.8 million. At December 31, 2018, the combined allowance for credit losses was $209 million or 0.97 percent of outstanding loans and 134 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. Excluding acquired loans measured at acquisition date fair value, the combined allowance for loan losses was 1.12 percent of outstanding loans and 146 percent of nonaccruing loans. The allowance for loan losses was $207 million and the accrual for off-balance sheet credit losses was $1.8 million.
The provision for credit losses is the amount necessary to maintain the allowance for loan losses and an accrual for off-balance sheet credit risk at an amount determined by management to be appropriate based on its evaluation. The provision includes the combined charge to expense for both the allowance for loan losses and the accrual for off-balance sheet credit risk. All losses incurred from lending activities will ultimately be reflected in charge-offs against the allowance for loan losses following funds advanced against outstanding commitments. Based on an evaluation of all credit factors, including overall loan growth, the trends in nonaccruing loans, potential problem loans and net charge-offs, the Company determined that $8.0 million provision for credit losses was appropriate for the first quarter of 2019. The Company recorded $9.0 million provision for credit losses in the fourth quarter of 2018.
- 25 -

Table 20 -- Summary of Loan Loss Experience
(In thousands)

|  | Three Months Ended
|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 207,457 |  |  | $ | 210,569 |  |  | $ | 215,142 |  |  | $ | 223,967 |  |  | $ | 230,682 |
Loans charged off: |  |  |  |  |  |  |  |  |  |  |
Commercial |  | (10,468 | ) |  | (12,940 | ) |  | (9,602 | ) |  | (13,775 | ) |  | (1,563 | )
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgage |  | (42 | ) |  | (52 | ) |  | (91 | ) |  | (135 | ) |  | (100 | )
Personal |  | (1,265 | ) |  | (1,523 | ) |  | (1,380 | ) |  | (1,195 | ) |  | (1,227 | )
Total |  | (11,775 | ) |  | (14,515 | ) |  | (11,073 | ) |  | (15,105 | ) |  | (2,890 | )
Recoveries of loans previously charged off: |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 711 |  |  | 1,267 |  |  | 1,263 |  |  | 298 |  |  | 488 |
Commercial real estate |  | 112 |  |  | 232 |  |  | 40 |  |  | 3,097 |  |  | 183 |
Residential mortgage |  | 154 |  |  | 71 |  |  | 229 |  |  | 505 |  |  | 242 |
Personal |  | 712 |  |  | 598 |  |  | 560 |  |  | 678 |  |  | 663 |
Total |  | 1,689 |  |  | 2,168 |  |  | 2,092 |  |  | 4,578 |  |  | 1,576 |
Net loans recovered (charged off) |  | (10,086 | ) |  | (12,347 | ) |  | (8,981 | ) |  | (10,527 | ) |  | (1,314 | )
Provision for loan losses |  | 7,969 |  |  | 9,235 |  |  | 4,408 |  |  | 1,702 |  |  | (5,401 | )
Ending balance |  | $ | 205,340 |  |  | $ | 207,457 |  |  | $ | 210,569 |  |  | $ | 215,142 |  |  | $ | 223,967 |
Accrual for off-balance sheet credit losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,790 |  |  | $ | 2,025 |  |  | $ | 2,433 |  |  | $ | 4,135 |  |  | $ | 3,734 |
Provision for off-balance sheet credit losses |  | 31 |  |  | (235 | ) |  | (408 | ) |  | (1,702 | ) |  | 401 |
Ending balance |  | $ | 1,821 |  |  | $ | 1,790 |  |  | $ | 2,025 |  |  | $ | 2,433 |  |  | $ | 4,135 |
Total combined provision for credit losses |  | $ | 8,000 |  |  | $ | 9,000 |  |  | $ | 4,000 |  |  | $ | — |  |  | $ | (5,000 | )
Allowance for loan losses to loans outstanding at period-end |  | 0.94 | % |  | 0.96 | % |  | 1.15 | % |  | 1.19 | % |  | 1.29 | %
Net charge-offs (recoveries) (annualized) to average loans |  | 0.19 | % |  | 0.23 | % |  | 0.20 | % |  | 0.24 | % |  | 0.03 | %
Total provision for credit losses (annualized) to average loans |  | 0.15 | % |  | 0.17 | % |  | 0.09 | % |  | — | % |  | (0.12 | )%
Recoveries to gross charge-offs |  | 14.34 | % |  | 14.94 | % |  | 18.89 | % |  | 30.31 | % |  | 54.53 | %
Accrual for off-balance sheet credit losses to off-balance sheet credit commitments |  | 0.01 | % |  | 0.01 | % |  | 0.02 | % |  | 0.02 | % |  | 0.04 | %
Combined allowance for credit losses to loans outstanding at period-end |  | 0.95 | % |  | 0.97 | % |  | 1.16 | % |  | 1.21 | % |  | 1.32 | %

Allowance for Loan Losses
The appropriateness of the allowance for loan losses is assessed by management based on an ongoing quarterly evaluation of the probable estimated losses inherent in the portfolio. The allowance consists of specific allowances attributed to certain impaired loans, general allowances based on estimated loss rates by loan class and non-specific allowances based on general economic conditions, concentration in loans with large balances and other relevant factors.
Loans are considered to be impaired when it is probable that we will not collect all amounts due according to the original contractual terms of the loan agreement. This includes all nonaccruing loans, all loans modified in troubled debt restructurings and all government guaranteed loans repurchased from GNMA pools. A specific allowance is required when the outstanding principal balance of the loan is not supported by either the discounted cash flows expected to be received from the borrower or the fair value of collateral for collateral dependent loans. At March 31, 2019, impaired loans totaled $339 million, including $8.0 million with specific allowances of $3.5 million and $331 million with no specific allowances. At December 31, 2018, impaired loans totaled $347 million, including $35 million of impaired loans with specific allowances of $8.7 million and $312 million with no specific allowances.
- 26 -

General allowances for unimpaired loans are based on an estimated loss rate by loan class. Estimated loss rates for risk-graded loans are either increased or decreased based on changes in risk grading for each loan class. Estimated loss rates for both risk-graded and non-risk graded loans may be further adjusted for inherent risk identified for the given loan class which have not yet been captured in the loss rate.
The aggregate amount of general allowances for all unimpaired loans totaled $183 million at March 31, 2019. The general allowance for unimpaired loans increase d $2 million compared to December 31, 2018, primarily due to a decrease in general allowances related to residential mortgage loans, partially offset by an increase in general allowances related to the commercial loan segment.
Nonspecific allowances are maintained for risks beyond factors specific to a particular portfolio segment or loan class. These factors include trends in the economy in our primary lending areas, concentrations in loans with large balances and other relevant factors. Nonspecific allowances totaled $19 million at March 31, 2019, a $1.4 million increase over December 31, 2018.
An allocation of the allowance for loan losses by portfolio segment is included in Note 4 to the Consolidated Financial Statements.
Our loan monitoring process also identified certain accruing substandard loans that possess more than the normal amount of risk due to deterioration in the financial condition of the borrower or the value of the collateral. Because the borrowers are still performing in accordance with the original terms of the loan agreements, and no loss of principal or interest is anticipated, these loans were not included in nonperforming assets. Known information does, however, cause management concern as to the borrowers’ ability to comply with current repayment terms. These potential problem loans totaled $169 million at March 31, 2019 and were primarily composed of $81 million or 2.19 percent of energy loans, $28 million or less than 1 percent of service sector loans, $21 million or 2.87 percent of manufacturing sector loans and $14 million or less than 1 percent of healthcare sector loans. Potential problem loans totaled $215 million at December 31, 2018.
Based on regulatory guidelines, other loans especially mentioned are in compliance with the original terms of the agreement but may have a weakness that deserves management's close attention. Other loans especially mentioned totaled $196 million at March 31, 2019 and were composed primarily of $60 million or 1.84 percent of service sector loans, $39 million or 1.06 percent of energy sector loans, $34 million or 4.58 percent of manufacturing sector loans and $21 million or 1.24 percent of wholesale/retail sector loans and $14 million or 0.47 percent healthcare sector loans. Other loans especially mentioned totaled $182 million at December 31, 2018.
Net Loans Charged Off
Loans are charged off against the allowance for loan losses when the loan balance or a portion of the loan balance is no longer covered by the paying capacity of the borrower based on an evaluation of available cash resources and collateral value. Internally risk graded loans are evaluated quarterly and charge-offs are taken in the quarter in which the loss is identified. Non-risk graded loans are generally charged off when payments are between 60 days and 180 days past due, depending on loan class. In addition, non-risk graded loans are generally charged-down to collateral value within 60 days of being notified of a borrower's bankruptcy filing, regardless of payment status.
BOK Financial had net charge-offs of $10.1 million in the first quarter of 2019, compared to net charge-offs of $12.3 million in the fourth quarter of 2018 and net charge-offs of $1.3 million in the first quarter of 2018. The ratio of net loans charged off to average loans on an annualized basis was 0.19 percent for the first quarter of 2019, compared with 0.23 percent for the fourth quarter of 2018 and 0.03 percent for the first quarter of 2018.
Net charge-offs of commercial loans were $10 million in the first quarter of 2019, primarily related to a single energy production borrower and a single healthcare sector borrower. Net commercial real estate loan recoveries were $112 thousand in the first quarter of 2019. Net recoveries of residential mortgage loans were $112 thousand and net charge-offs of personal loans were $553 thousand for the first quarter. Personal loan net charge-offs include deposit account overdraft losses.
- 27 -

Nonperforming Assets
Table 21 -- Nonperforming Assets
(In thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Nonaccruing loans: |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 90,358 |  |  | $ | 99,841 |  |  | $ | 109,490 |  |  | $ | 120,978 |  |  | $ | 131,460 |
Commercial real estate |  | 21,508 |  |  | 21,621 |  |  | 1,316 |  |  | 1,996 |  |  | 2,470 |
Residential mortgage |  | 40,409 |  |  | 41,555 |  |  | 41,917 |  |  | 42,343 |  |  | 45,794 |
Personal |  | 302 |  |  | 230 |  |  | 269 |  |  | 340 |  |  | 340 |
Total nonaccruing loans |  | 152,577 |  |  | 163,247 |  |  | 152,992 |  |  | 165,657 |  |  | 180,064 |
Accruing renegotiated loans guaranteed by U.S. government agencies |  | 91,787 |  |  | 86,428 |  |  | 83,347 |  |  | 75,374 |  |  | 74,418 |
Real estate and other repossessed assets |  | 17,139 |  |  | 17,487 |  |  | 24,515 |  |  | 27,891 |  |  | 23,652 |
Total nonperforming assets |  | $ | 261,503 |  |  | $ | 267,162 |  |  | $ | 260,854 |  |  | $ | 268,922 |  |  | $ | 278,134 |
Total nonperforming assets excluding those guaranteed by U.S. government agencies |  | $ | 162,770 |  |  | $ | 173,602 |  |  | $ | 169,717 |  |  | $ | 185,981 |  |  | $ | 194,833 |
Nonaccruing loans by loan portfolio segment and class: |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 35,332 |  |  | $ | 47,494 |  |  | $ | 54,033 |  |  | $ | 65,597 |  |  | $ | 89,942 |
Healthcare |  | 18,768 |  |  | 16,538 |  |  | 15,704 |  |  | 16,125 |  |  | 15,342 |
Manufacturing |  | 9,548 |  |  | 8,919 |  |  | 9,202 |  |  | 2,991 |  |  | 3,002 |
Services |  | 9,555 |  |  | 8,567 |  |  | 4,097 |  |  | 4,377 |  |  | 2,109 |
Wholesale/retail |  | 1,425 |  |  | 1,316 |  |  | 9,249 |  |  | 14,095 |  |  | 2,564 |
Public finance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial |  | 15,730 |  |  | 17,007 |  |  | 17,205 |  |  | 17,793 |  |  | 18,501 |
Total commercial |  | 90,358 |  |  | 99,841 |  |  | 109,490 |  |  | 120,978 |  |  | 131,460 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | 20,159 |  |  | 20,279 |  |  | 777 |  |  | 1,068 |  |  | 264 |
Residential construction and land development |  | 350 |  |  | 350 |  |  | 350 |  |  | 350 |  |  | 1,613 |
Multifamily |  | — |  |  | 301 |  |  | — |  |  | — |  |  | — |
Office |  | 855 |  |  | — |  |  | — |  |  | 275 |  |  | 275 |
Industrial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial real estate |  | 144 |  |  | 691 |  |  | 189 |  |  | 303 |  |  | 318 |
Total commercial real estate |  | 21,508 |  |  | 21,621 |  |  | 1,316 |  |  | 1,996 |  |  | 2,470 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 22,937 |  |  | 23,951 |  |  | 22,855 |  |  | 23,105 |  |  | 24,578 |
Permanent mortgage guaranteed by U.S. government agencies |  | 6,946 |  |  | 7,132 |  |  | 7,790 |  |  | 7,567 |  |  | 8,883 |
Home equity |  | 10,526 |  |  | 10,472 |  |  | 11,272 |  |  | 11,671 |  |  | 12,333 |
Total residential mortgage |  | 40,409 |  |  | 41,555 |  |  | 41,917 |  |  | 42,343 |  |  | 45,794 |
Personal |  | 302 |  |  | 230 |  |  | 269 |  |  | 340 |  |  | 340 |
Total nonaccruing loans |  | $ | 152,577 |  |  | $ | 163,247 |  |  | $ | 152,992 |  |  | $ | 165,657 |  |  | $ | 180,064 |
Ratios: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses to nonaccruing loans 1 |  | 141.00 | % |  | 132.89 | % |  | 145.02 | % |  | 136.09 | % |  | 130.84 | %
Accruing loans 90 days or more past due 1 |  | $ | 610 |  |  | $ | 1,338 |  |  | $ | 518 |  |  | $ | 879 |  |  | $ | 90 |

1 | Excludes residential mortgages guaranteed by agencies of the U.S. Government.

- 28 -

Nonperforming assets totaled $262 million or 1.20 percent of outstanding loans and repossessed assets at March 31, 2019. Nonaccruing loans totaled $153 million, accruing renegotiated residential mortgage loans totaled $92 million and real estate and other repossessed assets totaled $17 million. All accruing renegotiated residential mortgage loans and $6.9 million of nonaccruing loans are guaranteed by U.S. government agencies. Excluding assets guaranteed by U.S. government agencies, nonperforming assets decrease d $11 million compared to the fourth quarter of 2018, primarily due to a decrease in nonaccruing energy loans. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.
Loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. As more fully discussed in Note 4 to the Consolidated Financial Statements, we may modify loans in troubled debt restructurings. Modifications may include extension of payment terms and rate concessions. We generally do not forgive principal or accrued but unpaid interest. All loans modified in troubled debt restructurings, except for residential mortgage loans guaranteed by U.S. government agencies, are currently classified as nonaccruing. We may also renew matured nonaccruing loans. All nonaccruing loans, including those renewed or modified in troubled debt restructurings, are charged off when the loan balance is no longer covered by the paying capacity of the borrower based on a quarterly evaluation of available cash resources and collateral value. Nonaccruing loans generally remain on nonaccrual status until full collection of principal and interest in accordance with the original terms, including principal previously charged off, is probable. We generally do not voluntarily modify personal loans to troubled borrowers. Personal loans modified at the direction of bankruptcy court orders are identified as troubled debt restructurings and classified as nonaccruing.
Renegotiated loans currently consist solely of accruing residential mortgage loans guaranteed by U.S. government agencies that have been modified in troubled debt restructurings. See Note 4 to the Consolidated Financial Statements for additional discussion of troubled debt restructurings. Generally, we modify residential mortgage loans primarily by reducing interest rates and extending the number of payments in accordance with U.S. government agency guidelines. Generally, no unpaid principal or interest is forgiven. Interest continues to accrue based on the modified terms of the loan. Modified loans guaranteed by U.S. government agencies under residential mortgage loan programs may be sold once they become eligible according to U.S. government agency guidelines.
A rollforward of nonperforming assets for the three months ended March 31, 2019 follows in Table 22.
Table 22 -- Rollforward of Nonperforming Assets
(In thousands)

|  | Three Months Ended
|  | March 31, 2019
|  | Nonaccruing Loans |  | Renegotiated Loans |  | Real Estate and Other Repossessed Assets |  | Total Nonperforming Assets
Balance, December 31, 2018 |  | $ | 163,247 |  |  | $ | 86,428 |  |  | $ | 17,487 |  |  | $ | 267,162 |
Additions |  | 26,868 |  |  | 14,316 |  |  | — |  |  | 41,184 |
Payments |  | (22,175 | ) |  | (633 | ) |  | — |  |  | (22,808 | )
Charge-offs |  | (11,775 | ) |  | — |  |  | — |  |  | (11,775 | )
Net losses and write-downs |  | — |  |  | — |  |  | (245 | ) |  | (245 | )
Foreclosure of nonperforming loans |  | (1,032 | ) |  | — |  |  | 1,032 |  |  | — |
Foreclosure of loans guaranteed by U.S. government agencies |  | (680 | ) |  | (2,524 | ) |  | — |  |  | (3,204 | )
Proceeds from sales |  | — |  |  | (6,054 | ) |  | (1,135 | ) |  | (7,189 | )
Return to accrual status |  | (1,876 | ) |  | — |  |  | — |  |  | (1,876 | )
Other, net |  | — |  |  | 254 |  |  | — |  |  | 254 |
Balance, March 31, 2019 |  | $ | 152,577 |  |  | $ | 91,787 |  |  | $ | 17,139 |  |  | $ | 261,503 |

We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations and credit risk is limited. These properties will be conveyed to the agencies once applicable criteria have been met.
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Commercial
Nonaccruing commercial loans totaled $90 million or 0.65 percent of total commercial loans at March 31, 2019 and $100 million or 0.73 percent of commercial loans at December 31, 2018. There were $20 million in newly identified nonaccruing commercial loans during the quarter, offset by $20 million in payments and $10 million of charge-offs of nonaccruing commercial loans during the first quarter.
Nonaccruing commercial loans at March 31, 2019 were primarily composed of $35 million or 0.95 percent of total energy loans, $19 million or 0.64 percent of total healthcare sector loans and $16 million or 1.96 percent of total other commercial and industrial sector loans.
Commercial Real Estate
Nonaccruing commercial real estate loans totaled $22 million or 0.47 percent of outstanding commercial real estate loans at March 31, 2019, compared to $22 million or 0.45 percent of outstanding commercial real estate loans at December 31, 2018. Newly identified nonaccruing commercial real estate loans of $855 thousand were offset by $132 thousand of cash payments received.
Nonaccruing commercial real estate loans were primarily composed of $20 million or 2.26 percent of loans secured by retail facilities.
Residential Mortgage and Personal
Nonaccruing residential mortgage loans totaled $40 million or 1.84 percent of outstanding residential mortgage loans at March 31, 2019, a $1.1 million decrease compared to December 31, 2018. Newly identified nonaccruing residential mortgage loans totaling $4.1 million were offset by $2.5 million of payments and $931 thousand of foreclosures.
Nonaccruing residential mortgage loans primarily consist of non-guaranteed permanent residential mortgage loans, which totaled $23 million or 2.09 percent of outstanding non-guaranteed permanent residential mortgage loans at March 31, 2019. Nonaccruing home equity loans totaled $11 million or 1.17 percent of total home equity loans.
Payments of accruing residential mortgage loans and personal loans may be delinquent. The composition of residential mortgage loans and personal loans past due but still accruing is included in the following Table 23. Substantially all non-guaranteed residential loans past due 90 days or more are nonaccruing. Residential mortgage loans 30 to 59 days past due increase d $5.2 million in the first quarter to $10 million at March 31, 2019. Residential mortgage loans 60 to 89 days past due decrease d by $550 thousand. Personal loans past due 30 to 59 days decrease d by $132 thousand and personal loans 60 to 89 days decrease d $780 thousand.
Table 23 -- Residential Mortgage and Personal Loans Past Due
(In thousands)

|  | March 31, 2019 |  | December 31, 2018
|  | 90 Days or More |  | 60 to 89 Days |  | 30 to 59 Days |  | 90 Days or More |  | 60 to 89 Days |  | 30 to 59 Days
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage 1 |  | $ | — |  |  | $ | — |  |  | $ | 5,394 |  |  | $ | — |  |  | $ | 366 |  |  | $ | 3,196 |
Home equity |  | — |  |  | 168 |  |  | 4,118 |  |  | 59 |  |  | 352 |  |  | 1,102 |
Total residential mortgage |  | $ | — |  |  | $ | 168 |  |  | $ | 9,512 |  |  | 59 |  |  | $ | 718 |  |  | $ | 4,298 |
Personal |  | $ | — |  |  | $ | 16 |  |  | $ | 347 |  |  | $ | 3 |  |  | $ | 796 |  |  | $ | 479 |

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

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Real Estate and Other Repossessed Assets
Real estate and other repossessed assets are assets acquired in partial or total forgiveness of loans. The assets are carried at the lower of cost as determined by fair value at the date of foreclosure or current fair value, less estimated selling costs.
Real estate and other repossessed assets totaled $17 million at March 31, 2019, composed primarily of $6.0 million of oil and gas properties, $4.6 million of 1-4 family residential properties, $3.3 million of developed commercial real estate and $3.3 million of undeveloped land primarily zoned for commercial development. Real estate and other repossessed assets totaled $17 million at December 31, 2018.
- 31 -

Liquidity and Capital
Based on the average balances for the first quarter of 2019, approximately 62 percent of our funding was provided by deposit accounts, 23 percent from borrowed funds, less than 1 percent from long-term subordinated debt and 11 percent from equity. Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs.
Subsidiary Bank
Deposits and borrowed funds are the primary sources of liquidity for BOKF, NA, the wholly owned subsidiary bank of BOK Financial. We compete for retail and commercial deposits by offering a broad range of products and services and focusing on customer convenience. Retail deposit growth is supported through personal and small business checking, online bill paying services, mobile banking services, an extensive network of branch locations and ATMs and our ExpressBank call center. Commercial deposit growth is supported by offering treasury management and lockbox services. We also acquire brokered deposits when the cost of funds is advantageous to other funding sources.
Average deposits for the first quarter of 2019 totaled $25 billion, a decrease of $481 million compared to the fourth quarter of 2018. Interest-bearing transaction account balances increase d $158 million and time deposits increase d $6 million. Demand deposits decrease d $661 million compared to the fourth quarter of 2018.
Table 24 - Average Deposits by Line of Business
(In thousands)

| Three Months Ended
| Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Commercial Banking | $ | 8,261,543 |  |  | $ | 8,393,016 |  |  | $ | 8,633,204 |  |  | $ | 8,379,584 |  |  | $ | 8,664,452 |
Consumer Banking | 6,544,665 |  |  | 6,542,188 |  |  | 6,580,395 |  |  | 6,579,635 |  |  | 6,538,096 |
Wealth Management | 5,659,771 |  |  | 5,483,455 |  |  | 5,492,048 |  |  | 5,834,669 |  |  | 5,662,470 |
Subtotal | 20,465,979 |  |  | 20,418,659 |  |  | 20,705,647 |  |  | 20,793,888 |  |  | 20,865,018 |
Funds Management and other | 4,148,500 |  |  | 4,676,736 |  |  | 1,230,648 |  |  | 1,261,344 |  |  | 1,261,877 |
Total | $ | 24,614,479 |  |  | $ | 25,095,395 |  |  | $ | 21,936,295 |  |  | $ | 22,055,232 |  |  | $ | 22,126,895 |

Average Commercial Banking deposit balances decrease d $131 million compared to fourth quarter of 2018. Demand deposit balances decrease d $411 million and interest-bearing transaction account balances increase d $277 million. Despite the series of federal funds rate increases from the Federal Reserve, as well as modest increases in our earnings credit, commercial customers continue to retain large cash reserves primarily due to a combination of factors including uncertainty about the economic environment and potential for growth, lack of preferable liquid alternatives and a desire to minimize deposit service charges through the earnings credit. The earnings credit is a non-cash method that enables commercial customers to offset deposit service charges based on account balances. Commercial deposit balances may decrease as the economic outlook continues to improve and if short-term rates continue to move higher, enhancing their investment alternatives. As short-term rates move higher, related increases to the earnings credit rate may be appropriate, which will reduce the amount of deposits required to offset service charges.
Average Consumer Banking deposit balances increase d $2.5 million over the prior quarter. Demand deposit and time deposit balances grew by $11 million and $6.9 million, respectively. This growth was offset by a decrease of $31 million in interest-bearing transaction account balances.
Average Wealth Management deposits increase d $176 million over the fourth quarter of 2018 primarily due to customers deploying funds in other off-balance sheet investment alternatives. Interest-bearing transaction account balances were up $150 million, demand deposit balances increase d $12 million, and time deposits balances were up $12 million.
Average time deposits for the first quarter of 2019 included $270 million of brokered deposits, an increase of $23 million over the fourth quarter of 2018. Average interest-bearing transaction accounts for the first quarter included $819 million of brokered deposits, a increase of $2.7 million over the fourth quarter of 2018.
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The distribution of our period end deposit account balances among principal markets follows in Table 25.
Table 25 -- Period End Deposits by Principal Market Area
(In thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Oklahoma: |  |  |  |  |  |  |  |  |  |
Demand |  | $ | 3,432,239 |  |  | $ | 3,610,593 |  |  | $ | 3,564,307 |  |  | $ | 3,867,934 |  |  | $ | 4,201,843 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 6,542,548 |  |  | 6,445,831 |  |  | 6,010,972 |  |  | 5,968,459 |  |  | 6,051,301 |
Savings |  | 309,875 |  |  | 288,210 |  |  | 288,080 |  |  | 289,202 |  |  | 289,351 |
Time |  | 1,217,371 |  |  | 1,118,643 |  |  | 1,128,810 |  |  | 1,207,471 |  |  | 1,203,534 |
Total interest-bearing |  | 8,069,794 |  |  | 7,852,684 |  |  | 7,427,862 |  |  | 7,465,132 |  |  | 7,544,186 |
Total Oklahoma |  | 11,502,033 |  |  | 11,463,277 |  |  | 10,992,169 |  |  | 11,333,066 |  |  | 11,746,029 |
Texas: |  |  |  |  |  |  |  |  |  |
Demand |  | 2,966,743 |  |  | 3,291,433 |  |  | 3,357,669 |  |  | 3,321,980 |  |  | 3,019,483 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 2,385,305 |  |  | 2,295,169 |  |  | 2,182,114 |  |  | 2,169,155 |  |  | 2,208,892 |
Savings |  | 101,849 |  |  | 99,624 |  |  | 97,909 |  |  | 97,809 |  |  | 98,852 |
Time |  | 419,269 |  |  | 423,880 |  |  | 453,119 |  |  | 445,500 |  |  | 475,967 |
Total interest-bearing |  | 2,906,423 |  |  | 2,818,673 |  |  | 2,733,142 |  |  | 2,712,464 |  |  | 2,783,711 |
Total Texas |  | 5,873,166 |  |  | 6,110,106 |  |  | 6,090,811 |  |  | 6,034,444 |  |  | 5,803,194 |
New Mexico: |  |  |  |  |  |  |  |  |  |
Demand |  | 662,362 |  |  | 691,692 |  |  | 722,188 |  |  | 770,974 |  |  | 695,060 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 573,203 |  |  | 571,347 |  |  | 593,760 |  |  | 586,593 |  |  | 555,414 |
Savings |  | 61,497 |  |  | 58,194 |  |  | 57,794 |  |  | 59,415 |  |  | 60,596 |
Time |  | 228,212 |  |  | 224,515 |  |  | 221,513 |  |  | 212,689 |  |  | 216,306 |
Total interest-bearing |  | 862,912 |  |  | 854,056 |  |  | 873,067 |  |  | 858,697 |  |  | 832,316 |
Total New Mexico |  | 1,525,274 |  |  | 1,545,748 |  |  | 1,595,255 |  |  | 1,629,671 |  |  | 1,527,376 |
Arkansas: |  |  |  |  |  |  |  |  |  |
Demand |  | 31,624 |  |  | 36,800 |  |  | 36,579 |  |  | 39,896 |  |  | 35,291 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 147,964 |  |  | 91,593 |  |  | 128,001 |  |  | 143,298 |  |  | 94,206 |
Savings |  | 1,785 |  |  | 1,632 |  |  | 1,826 |  |  | 1,885 |  |  | 1,960 |
Time |  | 8,321 |  |  | 8,726 |  |  | 10,214 |  |  | 10,771 |  |  | 11,878 |
Total interest-bearing |  | 158,070 |  |  | 101,951 |  |  | 140,041 |  |  | 155,954 |  |  | 108,044 |
Total Arkansas |  | 189,694 |  |  | 138,751 |  |  | 176,620 |  |  | 195,850 |  |  | 143,335 |

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|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Colorado: |  |  |  |  |  |  |  |  |  |
Demand |  | 1,897,547 |  |  | 1,658,473 |  |  | 593,442 |  |  | 529,912 |  |  | 521,963 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 1,844,632 |  |  | 1,899,203 |  |  | 622,520 |  |  | 701,362 |  |  | 687,785 |
Savings |  | 58,919 |  |  | 57,289 |  |  | 40,308 |  |  | 38,176 |  |  | 37,232 |
Time |  | 261,235 |  |  | 274,877 |  |  | 217,628 |  |  | 208,049 |  |  | 215,330 |
Total interest-bearing |  | 2,164,786 |  |  | 2,231,369 |  |  | 880,456 |  |  | 947,587 |  |  | 940,347 |
Total Colorado |  | 4,062,333 |  |  | 3,889,842 |  |  | 1,473,898 |  |  | 1,477,499 |  |  | 1,462,310 |
Arizona: |  |  |  |  |  |  |  |  |  |
Demand |  | 695,238 |  |  | 707,402 |  |  | 365,878 |  |  | 383,627 |  |  | 326,581 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 621,735 |  |  | 575,567 |  |  | 130,105 |  |  | 193,687 |  |  | 247,926 |
Savings |  | 12,144 |  |  | 10,545 |  |  | 3,559 |  |  | 3,935 |  |  | 4,116 |
Time |  | 44,004 |  |  | 43,051 |  |  | 23,927 |  |  | 22,447 |  |  | 21,009 |
Total interest-bearing |  | 677,883 |  |  | 629,163 |  |  | 157,591 |  |  | 220,069 |  |  | 273,051 |
Total Arizona |  | 1,373,121 |  |  | 1,336,565 |  |  | 523,469 |  |  | 603,696 |  |  | 599,632 |
Kansas/Missouri: |  |  |  |  |  |  |  |  |  |
Demand |  | 410,799 |  |  | 418,199 |  |  | 423,560 |  |  | 459,636 |  |  | 505,802 |
Interest-bearing: |  |  |  |  |  |  |  |  |  |
Transaction |  | 361,590 |  |  | 327,866 |  |  | 322,747 |  |  | 401,545 |  |  | 381,447 |
Savings |  | 13,815 |  |  | 13,721 |  |  | 13,125 |  |  | 13,052 |  |  | 13,845 |
Time |  | 19,977 |  |  | 19,688 |  |  | 20,635 |  |  | 20,805 |  |  | 22,230 |
Total interest-bearing |  | 395,382 |  |  | 361,275 |  |  | 356,507 |  |  | 435,402 |  |  | 417,522 |
Total Kansas/Missouri |  | 806,181 |  |  | 779,474 |  |  | 780,067 |  |  | 895,038 |  |  | 923,324 |
Total BOK Financial deposits |  | $ | 25,331,802 |  |  | $ | 25,263,763 |  |  | $ | 21,632,289 |  |  | $ | 22,169,264 |  |  | $ | 22,205,200 |

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements and Federal Home Loan Bank borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers’ banks and Federal Home Loan banks from across the country. The largest single source of wholesale federal funds purchased totaled $490 million at March 31, 2019. Securities repurchase agreements generally mature within 90 days and are secured by certain available for sale securities. Federal Home Loan Bank borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $5.7 billion during the quarter, compared to $6.5 billion in the fourth quarter of 2018.
At March 31, 2019, the estimated unused credit available to BOKF, NA from collateralized sources was approximately $7.1 billion.
A summary of other borrowings for BOK Financial on a consolidated basis follows in Table 26.
- 34 -

Table 26 -- Borrowed Funds
(In thousands)

|  |  |  | Three Months Ended March 31, 2019 |  |  |  | Three Months Ended December 31, 2018
|  | Mar. 31, 2019 |  | Average Balance During the Quarter |  | Rate |  | Maximum Outstanding At Any Month End During the Quarter |  | Dec. 31, 2018 |  | Average Balance During the Quarter |  | Rate |  | Maximum Outstanding At Any Month End During the Quarter
Parent Company and Other Non-Bank Subsidiaries:
Other borrowings |  | 25,946 |  |  | 5,877 |  |  | 1.25 | % |  | $ | 25,946 |  |  | 5,207 |  |  | 5,254 |  |  | 1.06 | % |  | 5,255 |
Subordinated debentures |  | 275,880 |  |  | 275,882 |  |  | 5.51 | % |  | $ | 275,880 |  |  | 275,913 |  |  | 276,378 |  |  | 5.38 | % |  | 276,141 |
Total parent company and other non-bank subsidiaries |  | 301,826 |  |  | 281,759 |  |  | 5.43 | % |  |  |  | 281,120 |  |  | 281,632 |  |  | 5.35 | % |  |  |
BOKF, NA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds purchased |  | 1,018,117 |  |  | 1,622,580 |  |  | 2.47 | % |  | 1,862,316 |  |  | 402,450 |  |  | 658,539 |  |  | 2.19 | % |  | 488,823 |
Repurchase agreements |  | 421,556 |  |  | 410,456 |  |  | 0.46 | % |  | 421,556 |  |  | 615,961 |  |  | 547,029 |  |  | 0.36 | % |  | 615,961 |
Other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank advances |  | 7,300,000 |  |  | 7,013,333 |  |  | 2.67 | % |  | 7,300,000 |  |  | 6,100,000 |  |  | 6,335,946 |  |  | 2.50 | % |  | 6,100,000 |
GNMA repurchase liability |  | 11,466 |  |  | 17,413 |  |  | 4.51 | % |  | 19,581 |  |  | 15,552 |  |  | 15,844 |  |  | 4.41 | % |  | 16,529 |
Other |  | 3,681 |  |  | 3,656 |  |  | 5.55 | % |  | 3,681 |  |  | 3,631 |  |  | 4,097 |  |  | 5.33 | % |  | 4,187 |
Total other borrowings |  | 7,315,147 |  |  | 7,034,402 |  |  | 2.67 | % |  |  |  |  | 6,119,183 |  |  | 6,355,887 |  |  | 2.50 | % |  |  |
Total BOKF, NA |  | 8,754,820 |  |  | 9,067,438 |  |  | 2.54 | % |  |  |  | 7,137,594 |  |  | 7,561,455 |  |  | 2.32 | % |  |
Total other borrowed funds and subordinated debentures |  | $ | 9,056,646 |  |  | $ | 9,349,197 |  |  | 2.63 | % |  |  |  | $ | 7,418,714 |  |  | $ | 7,843,087 |  |  | 2.43 | % |  |

BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold in GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors.
Parent Company
At March 31, 2019, cash and interest-bearing cash and cash equivalents held by the parent company totaled $168 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At March 31, 2019, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $67 million of dividends without regulatory approval. Dividend constraints may be alleviated through increases in retained earnings, capital issuances or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.
Our equity capital at March 31, 2019 was $4.5 billion, an $89 million increase over December 31, 2018. Net income less cash dividends paid increase d equity $77 million during the first quarter of 2019. Changes in interest rates resulted in a decrease in the accumulated other comprehensive loss to $3.5 million at March 31, 2019, compared to $73 million at December 31, 2018. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase and stock and cash dividends.
- 35 -

On October 27, 2015, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law and other regulatory compliance limitations. As of March 31, 2019, a cumulative total of 4,280,692 shares have been repurchased under this authorization. The Company repurchased 705,609 shares in the first quarter of 2019 at an average price of $85.85. The Company repurchased 525,000 shares in the fourth quarter of 2018 at an average price of $85.82 per share.
BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. These capital requirements include quantitative measures of assets, liabilities and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.
A summary of minimum capital requirements, including capital conservation buffer follows in Table 27. A bank which falls below these levels, including the capital conservation buffer, would be subject to regulatory restrictions on capital distributions (including but not limited to dividends and share repurchases) and executive bonus payments.
The capital ratios for BOK Financial on a consolidated basis are presented in Table 27.
Table 27 -- Capital Ratios

|  | Minimum Capital Requirement |  | Capital Conservation Buffer |  | Minimum Capital Requirement Including Capital Conservation Buffer |  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Mar. 31, 2018
Risk-based capital: |  |  |  |  |  |  |  |  |  |  |  |
Common equity Tier 1 |  | 4.50 | % |  | 2.50 | % |  | 7.00 | % |  | 10.71 | % |  | 10.92 | % |  | 12.06 | %
Tier 1 capital |  | 6.00 | % |  | 2.50 | % |  | 8.50 | % |  | 10.71 | % |  | 10.92 | % |  | 12.06 | %
Total capital |  | 8.00 | % |  | 2.50 | % |  | 10.50 | % |  | 12.24 | % |  | 12.50 | % |  | 13.49 | %
Tier 1 Leverage |  | 4.00 | % |  | N/A |  |  | 4.00 | % |  | 8.76 | % |  | 8.96 | % |  | 9.40 | %
Average total equity to average assets |  |  |  |  |  |  |  | 11.29 | % |  | 11.31 | % |  | 10.31 | %
Tangible common equity ratio |  |  |  |  |  |  |  | 8.64 | % |  | 8.82 | % |  | 9.18 | %

Capital resources of financial institutions are also regularly measured by the tangible common shareholders’ equity ratio. Tangible common shareholders’ equity is shareholders’ equity as defined by generally accepted accounting principles in the United States of America (“GAAP”) less intangible assets and equity which does not benefit common shareholders. Equity that does not benefit common shareholders includes preferred equity. This non-GAAP measure is a valuable indicator of a financial institution’s capital strength since it eliminates intangible assets from shareholders’ equity and retains the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders’ equity.
Table 28 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.
Table 28 -- Non-GAAP Measure
(Dollars in thousands)

|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Tangible common equity ratio: |  |  |  |  |  |  |  |  |  |
Total shareholders' equity |  | $ | 4,522,873 |  |  | $ | 4,432,109 |  |  | $ | 3,615,032 |  |  | $ | 3,553,431 |  |  | $ | 3,495,029 |
Less: Goodwill and intangible assets, net |  | 1,177,573 |  |  | 1,184,112 |  |  | 480,800 |  |  | 481,366 |  |  | 477,088 |
Tangible common equity |  | 3,345,300 |  |  | 3,247,997 |  |  | 3,134,232 |  |  | 3,072,065 |  |  | 3,017,941 |
Total assets |  | 39,882,962 |  |  | 38,020,504 |  |  | 33,289,864 |  |  | 33,833,107 |  |  | 33,361,492 |
Less: Goodwill and intangible assets, net |  | 1,177,573 |  |  | 1,184,112 |  |  | 480,800 |  |  | 481,366 |  |  | 477,088 |
Tangible assets |  | $ | 38,705,389 |  |  | $ | 36,836,392 |  |  | $ | 32,809,064 |  |  | $ | 33,351,741 |  |  | $ | 32,884,404 |
Tangible common equity ratio |  | 8.64 | % |  | 8.82 | % |  | 9.55 | % |  | 9.21 | % |  | 9.18 | %

- 36 -

Off-Balance Sheet Arrangements
See Note 7 to the Consolidated Financial Statements for a discussion of the Company’s significant off-balance sheet commitments.
Market Risk
Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange rates, commodity prices or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading. Market risk excludes changes in fair value due to credit of the individual issuers of financial instruments.
BOK Financial is subject to market risk primarily through the effect of changes in interest rates on both its assets held for purposes other than trading and trading assets. The effects of other changes, such as foreign exchange rates, commodity prices or equity prices do not pose significant market risk to BOK Financial. BOK Financial has no material investments in assets that are affected by changes in foreign exchange rates or equity prices. Energy and agricultural product derivative contracts, which are affected by changes in commodity prices, are matched against offsetting contracts as previously discussed.
The Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected variation in net interest revenue, net income and economic value of equity due to specified changes in interest rates. These limits also set maximum levels for short-term borrowings, short-term assets, public funds and brokered deposits and establish minimum levels for un-pledged assets, among other things. Further, the Board approved market risk limits for fixed income trading, mortgage pipeline and mortgage servicing assets inclusive of economic hedge benefits. Exposure is measured daily and compliance is reviewed monthly. Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure. These plans are subject to escalation to and approval by the Board.
The simulations used to manage market risk are based on numerous assumptions regarding the effects of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, models cannot precisely estimate or precisely predict the impact of higher or lower interest rates. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes, market conditions and management strategies, among other factors.
Interest Rate Risk – Other than Trading
As previously noted in the Net Interest Revenue section of this report, management has implemented strategies to manage the Company’s balance sheet to have relatively limited exposure to changes in interest rates over a twelve-month period. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest revenue. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest revenue variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 5%. The results of a 200 basis point decrease in interest rates in the current low-rate environment are not meaningful. Until such time as it becomes meaningful, we will instead report the effect of a 100 basis point decrease in interest rates.
The Company’s primary interest rate exposures include the Federal Funds rate, which affects short-term borrowings, and the prime lending rate and LIBOR, which are the basis for much of the variable rate loan pricing. Additionally, residential mortgage rates directly affect the prepayment speeds for residential mortgage-backed securities and mortgage servicing rights. Derivative financial instruments and other financial instruments used for purposes other than trading are included in this simulation. In addition, the impact on the level and composition of demand deposit accounts and other core deposit balances resulting from a significant increase in short-term market interest rates and the overall interest rate environment is likely to be material. The simulation incorporates assumptions regarding the effects of such changes based on a combination of historical analysis and expected behavior. The impact of planned growth and new business activities is factored into the simulation model.
- 37 -

Table 29 -- Interest Rate Sensitivity
(Dollars in thousands)

|  | 200 bp Increase |  | 100 bp Decrease 1
|  | March 31, |  | March 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Anticipated impact over the next twelve months on net interest revenue |  | $ | (4,451 | ) |  | $ | (1,846 | ) |  | $ | 42,977 |  |  | $ | (36,571 | )
|  | (0.38 | )% |  | (0.20 | )% |  | (3.70 | )% |  | (3.87 | )%

1 The results of a 200 basis point decrease in interest rates in the low-rate environment are not meaningful, therefore we will instead report the effect of a 100 basis point decrease in interest rates.
BOK Financial is also subjected to market risk through changes in the fair value of mortgage servicing rights. Changes in the fair value of mortgage servicing rights are highly dependent on changes in primary mortgage rates offered to borrowers, intermediate-term interest rates that affect the value of custodial funds, and assumptions about servicing revenues, servicing costs and discount rates. As primary mortgage rates increase, prepayment speeds slow and the value of our mortgage servicing rights increases. As primary mortgage rates fall, prepayment speeds increase and the value of our mortgage servicing rights decreases.
We maintain a portfolio of financial instruments, which may include debt securities issued by the U.S. government or its agencies and interest rate derivative contracts, held as an economic hedge of the changes in the fair value of our mortgage servicing rights. Composition of this portfolio will change based on our assessment of market risk. Changes in the fair value of residential mortgage-backed securities are highly dependent on changes in secondary mortgage rates required by investors, and interest rate derivative contracts are highly dependent on changes in other market interest rates. While primary and secondary mortgage rates generally move in the same direction, the spread between them may widen and narrow due to market conditions and government intervention. Changes in the forward-looking spread between the primary and secondary rates can cause significant earnings volatility.
Management performs a stress test to measure market risk due to changes in interest rates inherent in its MSR portfolio and hedges. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $20 million market risk limit for mortgage servicing rights, net of economic hedges.
Table 30 -- MSR Asset and Hedge Sensitivity Analysis
(Dollars in thousands)

|  | March 31,
|  | 2019 |  | 2018
|  | Up 50 bp |  | Down 50 bp |  | Up 50 bp |  | Down 50 bp
MSR Asset |  | $ | 25,936 |  |  | $ | (33,750 | ) |  | $ | 23,504 |  |  | $ | (26,145 | )
MSR Hedge |  | (31,698 | ) |  | 26,211 |  |  | (24,994 | ) |  | 22,132 |
Net Exposure |  | (5,762 | ) |  | (7,539 | ) |  | (1,490 | ) |  | (4,013 | )

Trading Activities
The Company bears market risk by originating residential mortgages held for sale ("RMHFS"). RMHFS are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a loan to sale of the closed loan to an investor. Primary mortgage interest rate changes during this period affect the value of RMHFS commitments and loans. We use forward sale contracts to mitigate market risk on all closed mortgage loans held for sale and on an estimate of mortgage loan commitments that are expected to result in closed loans.
A variety of methods are used to monitor market risk of mortgage origination activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and revenue sensitivity limits.
Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair
- 38 -

value, net of economic hedging activity that may result. The Board has approved a $7 million market risk limit for the mortgage production pipeline, net of forward sale contracts.
Table 31 -- Mortgage Pipeline Sensitivity Analysis
(Dollars in thousands)

|  | Three Months Ended March 31,
|  | 2019 |  | 2018
|  | Up 50 bp |  | Down 50 bp |  | Up 50 bp |  | Down 50 bp
Average 1 |  | $ | 29 |  |  | $ | (810 | ) |  | $ | 185 |  |  | $ | (619 | )
Low 2 |  | 436 |  |  | (344 | ) |  | 942 |  |  | 699 |
High 3 |  | (405 | ) |  | (1,343 | ) |  | (1,015 | ) |  | (1,504 | )
Period End |  | 127 |  |  | (1,013 | ) |  | 390 |  |  | (1,201 | )

1 | Average represents the simple average of each daily value observed during the reporting period.

2 | Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3 | High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

BOK Financial engages in trading activities both as an intermediary for customers and for its own account. As an intermediary, we take positions in securities, generally residential mortgage-backed securities, government agency securities and municipal bonds. These securities are purchased for resale to customers, which include individuals, corporations, foundations and financial institutions. On a limited basis, we may also take trading positions in U.S. Treasury securities, residential mortgage-backed securities, and municipal bonds to enhance returns on securities portfolios. Both of these activities involve interest rate, liquidity and price risk. BOK Financial has an insignificant exposure to foreign exchange risk and does not take positions in commodity derivatives.
A variety of methods are used to monitor the interest rate risk of trading activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and position limits for each trading activity. Economic hedges in either the futures or cash markets may be used to reduce the risk associated with some trading programs.
Management performs a stress test to measure market risk from changes in interest rates on its trading portfolio. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity that may result. The Board has approved an $8 million market risk limit for the trading portfolio, net of economic hedges.
Table 32 -- Trading Sensitivity Analysis
(Dollars in thousands)

|  | Three Months Ended March 31,
|  | 2019 |  | 2018
|  | Up 50 bp |  | Down 50 bp |  | Up 50 bp |  | Down 50 bp
Average 1 |  | $ | (1,707 | ) |  | $ | 1,577 |  |  | $ | (563 | ) |  | $ | 358 |
Low 2 |  | 857 |  |  | 3,440 |  |  | 849 |  |  | 2,321 |
High 3 |  | (3,665 | ) |  | (729 | ) |  | (2,808 | ) |  | (1,206 | )
Period End |  | 127 |  |  | (1,013 | ) |  | 579 |  |  | (841 | )

1 | Average represents the simple average of each daily value observed during the reporting period.

2 | Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3 | High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

- 39 -

Controls and Procedures
As required by Rule 13a-15(b), BOK Financial’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their report, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial’s management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company’s internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
Forward-Looking Statements
This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. 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 BOK Financial's acquisitions, including its latest acquisition of CoBiz Financial, Inc., and other 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 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 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. There may also be difficulties and delays in integrating CoBiz Financial Inc.'s business or fully realizing cost savings and other benefits including, but not limited to, business disruption and customer acceptance of BOK Financial Corporation's products and services. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
In this report we may sometimes use non-GAAP Financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
- 40 -

Consolidated Statements of Earnings (Unaudited) |  |  |  |
(In thousands, except share and per share data) |  | Three Months Ended
|  | March 31,
Interest revenue |  | 2019 |  | 2018
Loans |  | $ | 279,872 |  |  | $ | 188,091 |
Residential mortgage loans held for sale |  | 1,663 |  |  | 1,844 |
Trading securities |  | 18,695 |  |  | 7,738 |
Investment securities |  | 4,034 |  |  | 3,857 |
Available for sale securities |  | 56,831 |  |  | 45,959 |
Fair value option securities |  | 5,237 |  |  | 4,819 |
Restricted equity securities |  | 6,345 |  |  | 5,117 |
Interest-bearing cash and cash equivalents |  | 3,397 |  |  | 7,982 |
Total interest revenue |  | 376,074 |  |  | 265,407 |
Interest expense |  |  |  |  |  |
Deposits |  | 37,417 |  |  | 18,219 |
Borrowed funds |  | 56,810 |  |  | 25,449 |
Subordinated debentures |  | 3,745 |  |  | 2,003 |
Total interest expense |  | 97,972 |  |  | 45,671 |
Net interest revenue |  | 278,102 |  |  | 219,736 |
Provision for credit losses |  | 8,000 |  |  | (5,000 | )
Net interest revenue after provision for credit losses |  | 270,102 |  |  | 224,736 |
Other operating revenue |  |  |  |  |  |
Brokerage and trading revenue |  | 31,617 |  |  | 30,648 |
Transaction card revenue |  | 20,738 |  |  | 20,990 |
Fiduciary and asset management revenue |  | 43,358 |  |  | 41,832 |
Deposit service charges and fees |  | 28,243 |  |  | 27,161 |
Mortgage banking revenue |  | 23,834 |  |  | 26,025 |
Other revenue |  | 12,762 |  |  | 12,958 |
Total fees and commissions |  | 160,552 |  |  | 159,614 |
Other gains (losses), net |  | 2,976 |  |  | (1,292 | )
Gain (loss) on derivatives, net |  | 4,667 |  |  | (5,685 | )
Gain (loss) on fair value option securities, net |  | 9,665 |  |  | (17,564 | )
Change in fair value of mortgage servicing rights |  | (20,666 | ) |  | 21,206 |
Gain (loss) on available for sale securities, net |  | 76 |  |  | (290 | )
Total other operating revenue |  | 157,270 |  |  | 155,989 |
Other operating expense |  |  |  |  |  |
Personnel |  | 169,228 |  |  | 139,947 |
Business promotion |  | 7,874 |  |  | 6,010 |
Professional fees and services |  | 16,139 |  |  | 10,200 |
Net occupancy and equipment |  | 29,521 |  |  | 24,046 |
Insurance |  | 4,839 |  |  | 6,593 |
Data processing and communications |  | 31,449 |  |  | 27,817 |
Printing, postage and supplies |  | 4,885 |  |  | 4,089 |
Net losses and operating expenses of repossessed assets |  | 1,996 |  |  | 7,705 |
Amortization of intangible assets |  | 5,191 |  |  | 1,300 |
Mortgage banking costs |  | 9,906 |  |  | 10,149 |
Other expense |  | 6,129 |  |  | 6,574 |
Total other operating expense |  | 287,157 |  |  | 244,430 |
Net income before taxes |  | 140,215 |  |  | 136,295 |
Federal and state income taxes |  | 29,950 |  |  | 30,948 |
Net income |  | 110,265 |  |  | 105,347 |
Net income attributable to non-controlling interests |  | (347 | ) |  | (215 | )
Net income attributable to BOK Financial Corporation shareholders |  | $ | 110,612 |  |  | $ | 105,562 |
Earnings per share: |  |  |  |  |  |
Basic |  | $ | 1.54 |  |  | $ | 1.61 |
Diluted |  | $ | 1.54 |  |  | $ | 1.61 |
Average shares used in computation: |  |  |  |
Basic |  | 71,387,070 |  |  | 64,847,334 |
Diluted |  | 71,404,388 |  |  | 64,888,033 |
Dividends declared per share |  | $ | 0.50 |  |  | $ | 0.45 |

See accompanying notes to consolidated financial statements.
- 41 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands, except share and per share data) |  |  |  |
|  | Three Months Ended
|  | March 31,
|  | 2019 |  | 2018
Net income |  | $ | 110,265 |  |  | $ | 105,347 |
Other comprehensive income (loss) before income taxes: |  |  |  |
Net change in unrealized gain (loss) |  | 92,739 |  |  | (97,406 | )
Reclassification adjustments included in earnings: |  |  |  |
Loss (gain) on available for sale securities, net |  | (76 | ) |  | 290 |
Other comprehensive income (loss) before income taxes |  | 92,663 |  |  | (97,116 | )
Federal and state income taxes |  | 23,609 |  |  | (24,808 | )
Other comprehensive income (loss), net of income taxes |  | 69,054 |  |  | (72,308 | )
Comprehensive income |  | 179,319 |  |  | 33,039 |
Comprehensive income attributable to non-controlling interests |  | (347 | ) |  | (215 | )
Comprehensive income attributable to BOK Financial Corp. shareholders |  | $ | 179,666 |  |  | $ | 33,254 |

See accompanying notes to consolidated financial statements.
- 42 -

Consolidated Balance Sheets (In thousands, except share data)
|  | Mar. 31, 2019 |  | Dec. 31, 2018
|  | (Unaudited) |  | (Footnote 1)
Assets |  |  |  |
Cash and due from banks |  | $ | 718,297 |  |  | $ | 741,749 |
Interest-bearing cash and cash equivalents |  | 564,404 |  |  | 401,675 |
Trading securities |  | 2,140,326 |  |  | 1,956,923 |
Investment securities (fair value: March 31, 2019 – $348,488; December 31, 2018 – $367,298) |  | 331,466 |  |  | 355,187 |
Available for sale securities |  | 9,025,198 |  |  | 8,857,120 |
Fair value option securities |  | 707,994 |  |  | 283,235 |
Restricted equity securities |  | 376,429 |  |  | 344,447 |
Residential mortgage loans held for sale |  | 160,157 |  |  | 149,221 |
Loans |  | 21,758,980 |  |  | 21,656,730 |
Allowance for loan losses |  | (205,340 | ) |  | (207,457 | )
Loans, net of allowance |  | 21,553,640 |  |  | 21,449,273 |
Premises and equipment, net |  | 468,293 |  |  | 330,033 |
Receivables |  | 224,887 |  |  | 204,960 |
Goodwill |  | 1,048,091 |  |  | 1,049,263 |
Intangible assets, net |  | 129,482 |  |  | 134,849 |
Mortgage servicing rights |  | 238,193 |  |  | 259,254 |
Real estate and other repossessed assets, net of allowance (March 31, 2019 – $12,586; December 31, 2018 – $13,665) |  | 17,139 |  |  | 17,487 |
Derivative contracts, net |  | 359,223 |  |  | 320,929 |
Cash surrender value of bank-owned life insurance |  | 384,174 |  |  | 381,608 |
Receivable on unsettled securities sales |  | 966,455 |  |  | 336,400 |
Other assets |  | 469,114 |  |  | 446,891 |
Total assets |  | $ | 39,882,962 |  |  | $ | 38,020,504 |
Liabilities and Equity |  |  |  |
Liabilities: |  |  |  |
Noninterest-bearing demand deposits |  | $ | 10,096,552 |  |  | $ | 10,414,592 |
Interest-bearing deposits: |  |  |  |  |  |
Transaction |  | 12,476,977 |  |  | 12,206,576 |
Savings |  | 559,884 |  |  | 529,215 |
Time |  | 2,198,389 |  |  | 2,113,380 |
Total deposits |  | 25,331,802 |  |  | 25,263,763 |
Funds purchased and repurchase agreements |  | 1,439,673 |  |  | 1,018,411 |
Other borrowings |  | 7,341,093 |  |  | 6,124,390 |
Subordinated debentures |  | 275,880 |  |  | 275,913 |
Accrued interest, taxes and expense |  | 173,434 |  |  | 192,826 |
Derivative contracts, net |  | 299,698 |  |  | 362,306 |
Due on unsettled securities purchases |  | 186,401 |  |  | 156,370 |
Other liabilities |  | 303,272 |  |  | 183,480 |
Total liabilities |  | 35,351,253 |  |  | 33,577,459 |
Shareholders' equity: |  |  |  |  |  |
Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: March 31, 2019 – 75,762,268; December 31, 2018 – 75,711,492) |  | 5 |  |  | 5 |
Capital surplus |  | 1,340,323 |  |  | 1,334,030 |
Retained earnings |  | 3,447,076 |  |  | 3,369,654 |
Treasury stock (shares at cost: March 31, 2019 – 4,312,286; December 31, 2018 – 3,588,560) |  | (261,000 | ) |  | (198,995 | )
Accumulated other comprehensive loss |  | (3,531 | ) |  | (72,585 | )
Total shareholders’ equity |  | 4,522,873 |  |  | 4,432,109 |
Non-controlling interests |  | 8,836 |  |  | 10,936 |
Total equity |  | 4,531,709 |  |  | 4,443,045 |
Total liabilities and equity |  | $ | 39,882,962 |  |  | $ | 38,020,504 |

See accompanying notes to consolidated financial statements.
- 43 -

Consolidated Statements of Changes in Equity (Unaudited) (In thousands)
|  | Common Stock |  | Capital Surplus |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Total Shareholders’ Equity |  | Non- Controlling Interests |  | Total Equity
|  | Shares |  | Amount |  |  |  | Shares |  | Amount |  |  |
Balance, December 31, 2017 |  | 75,148 |  |  | $ | 4 |  |  | $ | 1,035,895 |  |  | $ | 3,048,487 |  |  | 9,753 |  |  | $ | (552,845 | ) |  | $ | (36,174 | ) |  | $ | 3,495,367 |  |  | $ | 22,967 |  |  | $ | 3,518,334 |
Transition adjustment of net unrealized gains on equity securities |  | — |  |  | — |  |  | — |  |  | 2,709 |  |  | — |  |  | — |  |  | (2,709 | ) |  | — |  |  | — |  |  | — |
Balance, December 31, 2017, Adjusted |  | 75,148 |  |  | 4 |  |  | 1,035,895 |  |  | 3,051,196 |  |  | 9,753 |  |  | (552,845 | ) |  | (38,883 | ) |  | 3,495,367 |  |  | 22,967 |  |  | 3,518,334 |
Net income |  | — |  |  | — |  |  | — |  |  | 105,562 |  |  | — |  |  | — |  |  | — |  |  | 105,562 |  |  | (215 | ) |  | 105,347 |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72,308 | ) |  | (72,308 | ) |  | — |  |  | (72,308 | )
Repurchase of common stock |  | — |  |  | — |  |  | — |  |  | — |  |  | 83 |  |  | (7,584 | ) |  | — |  |  | (7,584 | ) |  | — |  |  | (7,584 | )
Share-based compensation plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options exercised |  | 43 |  |  | — |  |  | 2,274 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,274 |  |  | — |  |  | 2,274 |
Non-vested shares awarded, net |  | 127 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of non-vested shares |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | (2,172 | ) |  | — |  |  | (2,172 | ) |  | — |  |  | (2,172 | )
Share-based compensation |  | — |  |  | — |  |  | 3,073 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,073 |  |  | — |  |  | 3,073 |
Cash dividends on common stock |  | — |  |  | — |  |  | — |  |  | (29,183 | ) |  | — |  |  | — |  |  | — |  |  | (29,183 | ) |  | — |  |  | (29,183 | )
Capital calls and distributions, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (439 | ) |  | (439 | )
Balance, March 31, 2018 |  | 75,318 |  |  | $ | 4 |  |  | $ | 1,041,242 |  |  | $ | 3,127,575 |  |  | 9,859 |  |  | $ | (562,601 | ) |  | $ | (111,191 | ) |  | $ | 3,495,029 |  |  | $ | 22,313 |  |  | $ | 3,517,342 |
Balance, December 31, 2018 |  | 75,711 |  |  | $ | 5 |  |  | $ | 1,334,030 |  |  | $ | 3,369,654 |  |  | 3,589 |  |  | $ | (198,995 | ) |  | $ | (72,585 | ) |  | $ | 4,432,109 |  |  | $ | 10,936 |  |  | $ | 4,443,045 |
Transition adjustment - Leasing Standard |  | — |  |  | — |  |  | — |  |  | 2,862 |  |  | — |  |  | — |  |  | — |  |  | 2,862 |  |  | — |  |  | 2,862 |
Balance, January 1, 2019, Adjusted |  | 75,711 |  |  | 5 |  |  | 1,334,030 |  |  | 3,372,516 |  |  | 3,589 |  |  | (198,995 | ) |  | (72,585 | ) |  | 4,434,971 |  |  | 10,936 |  |  | 4,445,907 |
Net income |  | — |  |  | — |  |  | — |  |  | 110,612 |  |  | — |  |  | — |  |  | — |  |  | 110,612 |  |  | (347 | ) |  | 110,265 |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69,054 |  |  | 69,054 |  |  | — |  |  | 69,054 |
Repurchase of common stock |  | — |  |  | — |  |  | — |  |  | — |  |  | 705 |  |  | (60,577 | ) |  | — |  |  | (60,577 | ) |  | — |  |  | (60,577 | )
Share-based compensation plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options exercised |  | 18 |  |  | — |  |  | 879 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 879 |  |  | — |  |  | 879 |
Non-vested shares awarded, net |  | 33 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of non-vested shares |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | (1,428 | ) |  | — |  |  | (1,428 | ) |  | — |  |  | (1,428 | )
Share-based compensation |  | — |  |  | — |  |  | 5,414 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,414 |  |  | — |  |  | 5,414 |
Cash dividends on common stock |  | — |  |  | — |  |  | — |  |  | (36,052 | ) |  | — |  |  | — |  |  | — |  |  | (36,052 | ) |  | — |  |  | (36,052 | )
Capital calls and distributions, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,753 | ) |  | (1,753 | )
Balance, March 31, 2019 |  | 75,762 |  |  | $ | 5 |  |  | $ | 1,340,323 |  |  | $ | 3,447,076 |  |  | 4,312 |  |  | $ | (261,000 | ) |  | $ | (3,531 | ) |  | $ | 4,522,873 |  |  | $ | 8,836 |  |  | $ | 4,531,709 |

See accompanying notes to consolidated financial statements.
- 44 -

Consolidated Statements of Cash Flows (Unaudited) (in thousands)
|  | Three Months Ended
|  | March 31,
|  | 2019 |  | 2018
Cash Flows From Operating Activities: |  |  |  |
Net income |  | $ | 110,265 |  |  | $ | 105,347 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
Provision for credit losses |  | 8,000 |  |  | (5,000 | )
Change in fair value of mortgage servicing rights due to market changes |  | 20,666 |  |  | (21,206 | )
Change in the fair value of mortgage servicing rights due to principal payments |  | 6,583 |  |  | 7,995 |
Net unrealized losses (gains) from derivative contracts |  | 695 |  |  | 2,222 |
Share-based compensation |  | 5,414 |  |  | 3,073 |
Depreciation and amortization |  | 19,412 |  |  | 13,561 |
Net amortization of securities discounts and premiums |  | 4,339 |  |  | 6,555 |
Net losses (gains) on financial instruments and other losses (gains), net |  | 1,872 |  |  | 5,593 |
Net gain on mortgage loans held for sale |  | (5,640 | ) |  | (7,549 | )
Mortgage loans originated for sale |  | (510,527 | ) |  | (664,958 | )
Proceeds from sale of mortgage loans held for sale |  | 507,459 |  |  | 670,598 |
Capitalized mortgage servicing rights |  | (6,188 | ) |  | (8,900 | )
Change in trading and fair value option securities |  | (608,232 | ) |  | (588,588 | )
Change in receivables |  | (682,957 | ) |  | (33,631 | )
Change in other assets |  | (5,074 | ) |  | (4,349 | )
Change in accrued interest, taxes and expense |  | (18,220 | ) |  | (8,749 | )
Change in other liabilities |  | 46,147 |  |  | 379,649 |
Net cash used in operating activities |  | (1,105,986 | ) |  | (148,337 | )
Cash Flows From Investing Activities: |  |  |  |  |  |
Proceeds from maturities or redemptions of investment securities |  | 23,227 |  |  | 44,031 |
Proceeds from maturities or redemptions of available for sale securities |  | 337,822 |  |  | 412,391 |
Purchases of available for sale securities |  | (663,193 | ) |  | (518,361 | )
Proceeds from sales of available for sale securities |  | 245,259 |  |  | 44,790 |
Change in amount receivable on unsettled available for sale securities transactions |  | 31,618 |  |  | 72,342 |
Loans originated, net of principal collected |  | (97,656 | ) |  | (180,381 | )
Net payments on derivative asset contracts |  | (33,781 | ) |  | (40,537 | )
Proceeds from disposition of assets |  | 70,379 |  |  | 44,620 |
Purchases of assets |  | (116,692 | ) |  | (59,788 | )
Net cash used in investing activities |  | (203,017 | ) |  | (180,893 | )
Cash Flows From Financing Activities: |  |  |  |  |  |
Net change in demand deposits, transaction deposits and savings accounts |  | (16,970 | ) |  | 76,057 |
Net change in time deposits |  | 84,828 |  |  | 67,838 |
Net change in other borrowed funds |  | 1,614,995 |  |  | 544,157 |
Net proceeds on derivative liability contracts |  | 36,250 |  |  | 41,486 |
Net change in derivative margin accounts |  | (150,722 | ) |  | (24,490 | )
Change in amount due on unsettled available for sale securities transactions |  | (22,923 | ) |  | (56,774 | )
Issuance of common and treasury stock, net |  | (549 | ) |  | 102 |
Repurchase of common stock |  | (60,577 | ) |  | (7,584 | )
Dividends paid |  | (36,052 | ) |  | (29,183 | )
Net cash provided by financing activities |  | 1,448,280 |  |  | 611,609 |
Net increase in cash and cash equivalents |  | 139,277 |  |  | 282,379 |
Cash and cash equivalents at beginning of period |  | 1,143,424 |  |  | 2,317,054 |
Cash and cash equivalents at end of period |  | $ | 1,282,701 |  |  | $ | 2,599,433 |
Supplemental Cash Flow Information: |  |  |  |
Cash paid for interest |  | $ | 94,660 |  |  | $ | 47,165 |
Cash paid for taxes |  | $ | 898 |  |  | $ | 1,548 |
Net loans and bank premises transferred to repossessed real estate and other assets |  | $ | 1,032 |  |  | $ | 2,156 |
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period |  | $ | 22,970 |  |  | $ | 19,332 |
Conveyance of other real estate owned guaranteed by U.S. government agencies |  | $ | 8,404 |  |  | $ | 11,817 |

See accompanying notes to consolidated financial statements.
- 45 -

Notes to Consolidated Financial Statements (Unaudited)
(1) Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of BOK Financial Corporation (“BOK Financial” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The unaudited consolidated financial statements include accounts of BOK Financial and its subsidiaries, principally BOKF, NA (“the Bank”), BOK Financial Securities, Inc., The Milestone Group, Inc. and Cavanal Hill Investment Management Inc. Operating divisions of the Bank include Bank of Albuquerque, Bank of Arkansas, Bank of Oklahoma, Bank of Texas, BOK Financial in Colorado and Arizona, Mobank, BOK Financial Mortgage and the TransFund electronic funds network.
Certain reclassifications have been made to conform to the current period presentation.
The financial information should be read in conjunction with BOK Financial’s 2018 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2018 have been derived from the audited financial statements included in BOK Financial’s 2018 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
Newly Adopted and Pending Accounting Policies
Financial Accounting Standards Board (“FASB”)
FASB Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU 2016-02")
On February 25, 2016, the FASB issued ASU 2016-02 to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessees are required to recognize an obligation for future lease payments measured on a discounted basis and a right-of-use asset. The Company adopted the new standard January 1, 2019 through a cumulative effect adjustment to retained earnings. Prior periods were not restated. BOKF elected to apply all practical expedients other than the lessee’s practical expedient to combine lease and non-lease components which would further gross up lease liability and the related right-of-use asset. The implementation of ASU 2016-02 increased the reported right-of-use asset and lease liability by $137 million. The effect on retained earnings was immaterial.
FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Assets Measured at Amortized Cost ("ASU 2016-13")
On June 16, 2016, the FASB issued ASU 2016-13 to provide more timely recording of credit losses on loans and other financial assets measured at amortized cost, effective for the Company for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years.
The Company has established a CECL implementation team to evaluate the impact to the Company's financial statements. The CECL implementation team, overseen by the Chief Credit Officer, Chief Financial Officer, and Chief Risk Officer, has developed a project plan that incorporates input from various departments within the bank including Credit, Financial Reporting, Risk, and Information Technology among others. The Audit Committee and Credit Committee of the Board of Directors is periodically updated on project progress. Key implementation activities for 2019 include model validation and quarterly parallel runs with development of governance, control, and disclosure frameworks. The Company will adopt the standard on January 1, 2020 through a cumulative-effect adjustment to retained earnings. The impact of adoption will depend on the composition of the loan and securities portfolios as well as current and expected economic conditions at that time.
- 46 -

FASB Accounting Standards Update No. 2019-01, Leases (Topic 842): Codification Improvements ("ASU 2019-01")
On March 5, 2019, the FASB issued ASU 2019-01 which amends certain aspects of leasing standard ASU 2016-02. ASU 2019-01 provides guidance for determining fair value of the underlying asset by lessors that are not manufacturers or dealers. The ASU also requires depository and lending lessors within the scope of ASC 942 to classify principal payments received from sales-type and direct financing leases within "investing activities" on the statement of cash flows. For the two issues above, the ASU is effective for the Company for fiscal years beginning after December 15, 2019, and interim periods therein; however early adoption is permitted. Additionally, ASU 2019-01 also clarifies interim disclosure requirements during transition and is effective with the original transition requirements in Topic 842. Adoption of ASU 2019-01 is not expected to have a material impact on the Company's financial statements.
- 47 -

(2) Securities
Trading Securities
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):

|  | March 31, 2019 |  | December 31, 2018
|  | Fair Value |  | Net Unrealized Gain (Loss) |  | Fair Value |  | Net Unrealized Gain (Loss)
U.S. government agency debentures |  | $ | 51,576 |  |  | $ | 52 |  |  | $ | 63,765 |  |  | $ | 254 |
U.S. government agency residential mortgage-backed securities |  | 1,952,742 |  |  | 12,377 |  |  | 1,791,584 |  |  | 9,966 |
Municipal and other tax-exempt securities |  | 50,637 |  |  | 225 |  |  | 34,507 |  |  | (1 | )
Asset-backed securities |  | 40,890 |  |  | 128 |  |  | 42,656 |  |  | 685 |
Other trading securities |  | 44,481 |  |  | 116 |  |  | 24,411 |  |  | 65 |
Total trading securities |  | $ | 2,140,326 |  |  | $ | 12,898 |  |  | $ | 1,956,923 |  |  | $ | 10,969 |

Investment Securities
The amortized cost and fair values of investment securities are as follows (in thousands):

|  | March 31, 2019
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
Municipal and other tax-exempt |  | $ | 126,544 |  |  | $ | 129,072 |  |  | $ | 2,712 |  |  | $ | (184 | )
U.S. government agency residential mortgage-backed securities |  | 12,106 |  |  | 12,388 |  |  | 349 |  |  | (67 | )
Other debt securities |  | 192,816 |  |  | 207,028 |  |  | 15,091 |  |  | (879 | )
Total investment securities |  | $ | 331,466 |  |  | $ | 348,488 |  |  | $ | 18,152 |  |  | $ | (1,130 | )

|  | December 31, 2018
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
Municipal and other tax-exempt |  | $ | 137,296 |  |  | $ | 138,562 |  |  | $ | 1,858 |  |  | $ | (592 | )
U.S. government agency residential mortgage-backed securities |  | 12,612 |  |  | 12,770 |  |  | 293 |  |  | (135 | )
Other debt securities |  | 205,279 |  |  | 215,966 |  |  | 12,257 |  |  | (1,570 | )
Total investment securities |  | $ | 355,187 |  |  | $ | 367,298 |  |  | $ | 14,408 |  |  | $ | (2,297 | )

- 48 -

The amortized cost and fair values of investment securities at March 31, 2019, by contractual maturity, are as shown in the following table (dollars in thousands):

|  | Less than One Year |  | One to Five Years |  | Six to Ten Years |  | Over Ten Years |  | Total |  | Weighted Average Maturity 1
Fixed maturity debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 52,230 |  |  | $ | 105,189 |  |  | $ | 136,731 |  |  | $ | 25,210 |  |  | $ | 319,360 |  |  | 5.23 |
Fair value |  | 52,406 |  |  | 108,571 |  |  | 149,919 |  |  | 25,204 |  |  | 336,100 |  |  |  |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,106 |  |  | 2 |
Fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,388 |  |  |  |
Total investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 331,466 |  |  |  |
Fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | 348,488 |  |  |  |

1 | Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.

2 | The average expected lives of residential mortgage-backed securities were 4.7 years based upon current prepayment assumptions.

Available for Sale Securities
The amortized cost and fair value of available for sale securities are as follows (in thousands):

|  | March 31, 2019
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
U.S. Treasury |  | $ | 1,880 |  |  | $ | 1,878 |  |  | $ | — |  |  | $ | (2 | )
Municipal and other tax-exempt |  | 2,365 |  |  | 2,447 |  |  | 82 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 6,056,710 |  |  | 6,040,086 |  |  | 35,131 |  |  | (51,755 | )
Residential non-agency |  | 33,305 |  |  | 47,958 |  |  | 14,653 |  |  | — |
Commercial agency |  | 2,933,046 |  |  | 2,932,357 |  |  | 17,022 |  |  | (17,711 | )
Other debt securities |  | 500 |  |  | 472 |  |  | — |  |  | (28 | )
Total available for sale securities |  | $ | 9,027,806 |  |  | $ | 9,025,198 |  |  | $ | 66,888 |  |  | $ | (69,496 | )

|  | December 31, 2018
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
U.S. Treasury |  | $ | 496 |  |  | $ | 493 |  |  | $ | — |  |  | $ | (3 | )
Municipal and other tax-exempt |  | 2,782 |  |  | 2,864 |  |  | 82 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 5,886,323 |  |  | 5,804,708 |  |  | 16,149 |  |  | (97,764 | )
Residential non-agency |  | 40,948 |  |  | 59,736 |  |  | 18,788 |  |  | — |
Commercial agency |  | 2,986,297 |  |  | 2,953,889 |  |  | 7,955 |  |  | (40,363 | )
Other debt securities |  | 35,545 |  |  | 35,430 |  |  | 12 |  |  | (127 | )
Total available for sale securities |  | $ | 8,952,391 |  |  | $ | 8,857,120 |  |  | $ | 42,986 |  |  | $ | (138,257 | )

- 49 -

The amortized cost and fair values of available for sale securities at March 31, 2019, by contractual maturity, are as shown in the following table (dollars in thousands):

| Less than One Year |  | One to Five Years |  | Six to Ten Years |  | Over Ten Years |  | Total |  | Weighted Average Maturity 1
Fixed maturity debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost | $ | 94,933 |  |  | $ | 983,438 |  |  | $ | 1,467,481 |  |  | $ | 391,939 |  |  | $ | 2,937,791 |  |  | 7.30 |
Fair value | 94,398 |  |  | 976,737 |  |  | 1,473,499 |  |  | 392,520 |  |  | 2,937,154 |  |  |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,090,015 |  |  | 2 |
Fair value |  |  |  |  |  |  |  |  |  |  |  |  | 6,088,044 |  |  |
Total available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,027,806 |  |  |  |
Fair value |  |  |  |  |  |  |  |  |  |  |  |  | 9,025,198 |  |  |  |

1 | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.

2 | The average expected lives of mortgage-backed securities were 4.1 years based upon current prepayment assumptions.

Sales of available for sale securities resulted in gains and losses as follows (in thousands):

| Three Months Ended March 31,
| 2019 |  | 2018
Proceeds | $ | 245,259 |  |  | $ | 44,790 |
Gross realized gains | 5,298 |  |  | 193 |
Gross realized losses | (5,222 | ) |  | (483 | )
Related federal and state income tax expense (benefit) | 19 |  |  | (74 | )

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $10.3 billion at March 31, 2019 and $9.1 billion at December 31, 2018. The secured parties do not have the right to sell or repledge these securities.
- 50 -

Temporarily Impaired Securities as of March 31, 2019
(in thousands):

|  | Number of Securities |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal and other tax-exempt |  | 50 |  |  | $ | 234 |  |  | $ | 1 |  |  | $ | 52,434 |  |  | $ | 183 |  |  | $ | 52,668 |  |  | $ | 184 |
U.S. government agency residential mortgage-backed securities |  | 2 |  |  | — |  |  | — |  |  | 5,468 |  |  | 67 |  |  | 5,468 |  |  | 67 |
Other debt securities |  | 30 |  |  | 25 |  |  | 1 |  |  | 16,932 |  |  | 878 |  |  | 16,957 |  |  | 879 |
Total investment securities |  | 82 |  |  | $ | 259 |  |  | $ | 2 |  |  | $ | 74,834 |  |  | $ | 1,128 |  |  | $ | 75,093 |  |  | $ | 1,130 |

|  | Number of Securities |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 495 |  |  | $ | 2 |  |  | $ | 495 |  |  | $ | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 244 |  |  | 300,369 |  |  | 1,016 |  |  | 3,251,359 |  |  | 50,739 |  |  | 3,551,728 |  |  | 51,755 |
Commercial agency |  | 169 |  |  | 432,254 |  |  | 833 |  |  | 1,590,803 |  |  | 16,878 |  |  | 2,023,057 |  |  | 17,711 |
Other debt securities |  | 1 |  |  | — |  |  | — |  |  | 472 |  |  | 28 |  |  | 472 |  |  | 28 |
Total available for sale securities |  | 415 |  |  | $ | 732,623 |  |  | $ | 1,849 |  |  | $ | 4,843,129 |  |  | $ | 67,647 |  |  | $ | 5,575,752 |  |  | $ | 69,496 |

Temporarily Impaired Securities as of December 31, 2018
(In thousands)

|  | Number of Securities |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal and other tax-exempt |  | 72 |  |  | $ | 18,255 |  |  | $ | 69 |  |  | $ | 66,141 |  |  | $ | 523 |  |  | $ | 84,396 |  |  | $ | 592 |
U.S. government agency residential mortgage-backed securities |  | 2 |  |  | — |  |  | — |  |  | 5,633 |  |  | 135 |  |  | 5,633 |  |  | 135 |
Other debt securities |  | 72 |  |  | 13,372 |  |  | 64 |  |  | 23,028 |  |  | 1,506 |  |  | 36,400 |  |  | 1,570 |
Total investment securities |  | 146 |  |  | $ | 31,627 |  |  | $ | 133 |  |  | $ | 94,802 |  |  | $ | 2,164 |  |  | $ | 126,429 |  |  | $ | 2,297 |

|  | Number of Securities |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 493 |  |  | $ | 3 |  |  | $ | 493 |  |  | $ | 3 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 289 |  |  | 510,824 |  |  | 1,158 |  |  | 3,641,370 |  |  | 96,606 |  |  | 4,152,194 |  |  | 97,764 |
Commercial agency |  | 197 |  |  | 179,258 |  |  | 394 |  |  | 1,969,504 |  |  | 39,969 |  |  | 2,148,762 |  |  | 40,363 |
Other debt securities |  | 3 |  |  | 9,982 |  |  | 63 |  |  | 20,436 |  |  | 64 |  |  | 30,418 |  |  | 127 |
Total available for sale securities |  | 490 |  |  | $ | 700,064 |  |  | $ | 1,615 |  |  | $ | 5,631,803 |  |  | $ | 136,642 |  |  | $ | 6,331,867 |  |  | $ | 138,257 |

Based on evaluations of impaired securities as of March 31, 2019, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.
- 51 -

(3) Derivatives
Derivative instruments may be used by the Company as part of its internal risk management programs or may be offered to customers. All derivative instruments are carried at fair value and changes in fair value are reported in earnings as they occur. Credit risk is also considered in determining fair value. Deterioration in the credit rating of customer or other counterparties reduced the fair value of asset contracts. Deterioration of our credit rating could decrease the fair value of our derivative liabilities.
When bilateral netting agreements or similar arrangements exist between the Company and its counterparties that create a single legal claim or obligation to pay or receive the net amount in settlement of the individual derivative contracts, the Company reports derivative assets and liabilities on a net by derivative contract type by counterparty basis.
Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.
None of these derivative contracts have been designated as hedging instruments for accounting purposes.
Customer Risk Management Programs
BOK Financial offers programs to permit its customers to manage various risks, including fluctuations in energy, cattle and other agricultural products, interest rates and foreign exchange rates with derivative contracts. Customers may also manage interest rate risk through interest rate swaps used by borrowers to modify interest rate terms of their loans or to-be-announced securities used by mortgage banking customers to hedge their loan production. Derivative contracts are executed between the customers and BOK Financial. Offsetting contracts are executed between BOK Financial and other selected counterparties to minimize the risk of changes in commodity prices, interest rates or foreign exchange rates. The counterparty contracts are identical to customer contracts, except for a fixed pricing spread or fee paid to BOK Financial as profit and compensation for administrative costs and credit risk which is recognized over the life of the contracts and included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.
Internal Risk Management Programs
BOK Financial may use derivative contracts in managing its interest rate sensitivity, as part of its economic hedge of the change in the fair value of mortgage servicing rights and to mitigate the market risk of holding trading securities. Changes in the fair value of derivative instruments used in managing interest rate sensitivity and as part of the economic hedge of changes in the fair value of mortgage servicing rights are included in Other operating revenue – Gain (loss) on derivatives, net in the Consolidated Statements of Earnings. Changes in the fair value of derivative instruments used to mitigate the market risk of holding trading securities are included in Other operating revenue – Brokerage and trading revenue.
As discussed in Note 6, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 6 for additional discussion of notional, fair value and impact on earnings of these contracts.
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The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at March 31, 2019 (in thousands):

|  | Assets
|  | Notional 1 |  | Gross Fair Value |  | Netting Adjustments |  | Net Fair Value Before Cash Collateral |  | Cash Collateral |  | Fair Value Net of Cash Collateral
Customer risk management programs: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
To-be-announced residential mortgage-backed securities |  | $ | 11,338,256 |  |  | $ | 91,727 |  |  | $ | (33,983 | ) |  | $ | 57,744 |  |  | $ | — |  |  | $ | 57,744 |
Interest rate swaps |  | 2,047,117 |  |  | 36,602 |  |  | (8,296 | ) |  | 28,306 |  |  | (593 | ) |  | 27,713 |
Energy contracts |  | 1,501,876 |  |  | 123,485 |  |  | (84,482 | ) |  | 39,003 |  |  | (10,130 | ) |  | 28,873 |
Agricultural contracts |  | 23,660 |  |  | 2,696 |  |  | (64 | ) |  | 2,632 |  |  | — |  |  | 2,632 |
Foreign exchange contracts |  | 224,741 |  |  | 223,329 |  |  | — |  |  | 223,329 |  |  | — |  |  | 223,329 |
Equity option contracts |  | 86,944 |  |  | 3,140 |  |  | — |  |  | 3,140 |  |  | (930 | ) |  | 2,210 |
Total customer risk management programs |  | 15,222,594 |  |  | 480,979 |  |  | (126,825 | ) |  | 354,154 |  |  | (11,653 | ) |  | 342,501 |
Internal risk management programs |  | 25,928,716 |  |  | 132,974 |  |  | (116,252 | ) |  | 16,722 |  |  | — |  |  | 16,722 |
Total derivative contracts |  | $ | 41,151,310 |  |  | $ | 613,953 |  |  | $ | (243,077 | ) |  | $ | 370,876 |  |  | $ | (11,653 | ) |  | $ | 359,223 |
|  | Liabilities
|  | Notional¹ |  | Gross Fair Value |  | Netting Adjustments |  | Net Fair Value Before Cash Collateral |  | Cash Collateral |  | Fair Value Net of Cash Collateral
Customer risk management programs: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
To-be-announced residential mortgage-backed securities |  | $ | 11,140,756 |  |  | $ | 89,929 |  |  | $ | (33,983 | ) |  | $ | 55,946 |  |  | $ | (55,879 | ) |  | $ | 67 |
Interest rate swaps |  | 2,047,117 |  |  | 36,644 |  |  | (8,296 | ) |  | 28,348 |  |  | (14,345 | ) |  | 14,003 |
Energy contracts |  | 1,433,137 |  |  | 119,097 |  |  | (84,482 | ) |  | 34,615 |  |  | (4,608 | ) |  | 30,007 |
Agricultural contracts |  | 23,636 |  |  | 2,662 |  |  | (64 | ) |  | 2,598 |  |  | — |  |  | 2,598 |
Foreign exchange contracts |  | 219,893 |  |  | 218,400 |  |  | — |  |  | 218,400 |  |  | (414 | ) |  | 217,986 |
Equity option contracts |  | 86,944 |  |  | 3,140 |  |  | — |  |  | 3,140 |  |  | — |  |  | 3,140 |
Total customer risk management programs |  | 14,951,483 |  |  | 469,872 |  |  | (126,825 | ) |  | 343,047 |  |  | (75,246 | ) |  | 267,801 |
Internal risk management programs |  | 27,041,772 |  |  | 151,686 |  |  | (116,252 | ) |  | 35,434 |  |  | (3,537 | ) |  | 31,897 |
Total derivative contracts |  | $ | 41,993,255 |  |  | $ | 621,558 |  |  | $ | (243,077 | ) |  | $ | 378,481 |  |  | $ | (78,783 | ) |  | $ | 299,698 |

1 | Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2018 (in thousands):

|  | Assets
|  | Notional 1 |  | Gross Fair Value |  | Netting Adjustments |  | Net Fair Value Before Cash Collateral |  | Cash Collateral |  | Fair Value Net of Cash Collateral
Customer risk management programs: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
To-be-announced residential mortgage-backed securities |  | $ | 10,671,151 |  |  | $ | 92,231 |  |  | $ | (26,787 | ) |  | $ | 65,444 |  |  | $ | — |  |  | $ | 65,444 |
Interest rate swaps |  | 1,924,131 |  |  | 36,112 |  |  | (6,688 | ) |  | 29,424 |  |  | (7,934 | ) |  | 21,490 |
Energy contracts |  | 1,472,209 |  |  | 206,418 |  |  | (60,983 | ) |  | 145,435 |  |  | (106,752 | ) |  | 38,683 |
Agricultural contracts |  | 21,210 |  |  | 842 |  |  | (201 | ) |  | 641 |  |  | — |  |  | 641 |
Foreign exchange contracts |  | 184,990 |  |  | 183,759 |  |  | — |  |  | 183,759 |  |  | — |  |  | 183,759 |
Equity option contracts |  | 89,085 |  |  | 2,021 |  |  | — |  |  | 2,021 |  |  | (648 | ) |  | 1,373 |
Total customer risk management programs |  | 14,362,776 |  |  | 521,383 |  |  | (94,659 | ) |  | 426,724 |  |  | (115,334 | ) |  | 311,390 |
Internal risk management programs |  | 15,909,988 |  |  | 50,410 |  |  | (40,871 | ) |  | 9,539 |  |  | — |  |  | 9,539 |
Total derivative contracts |  | $ | 30,272,764 |  |  | $ | 571,793 |  |  | $ | (135,530 | ) |  | $ | 436,263 |  |  | $ | (115,334 | ) |  | $ | 320,929 |
|  | Liabilities
|  | Notional 1 |  | Gross Fair Value |  | Netting Adjustments |  | Net Fair Value Before Cash Collateral |  | Cash Collateral |  | Fair Value Net of Cash Collateral
Customer risk management programs: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
To-be-announced residential mortgage-backed securities |  | $ | 10,558,151 |  |  | $ | 90,388 |  |  | $ | (26,787 | ) |  | $ | 63,601 |  |  | $ | (63,596 | ) |  | $ | 5 |
Interest rate swaps |  | 1,924,131 |  |  | 36,288 |  |  | (6,688 | ) |  | 29,600 |  |  | (4,110 | ) |  | 25,490 |
Energy contracts |  | 1,434,247 |  |  | 202,494 |  |  | (60,983 | ) |  | 141,511 |  |  | (1,490 | ) |  | 140,021 |
Agricultural contracts |  | 21,214 |  |  | 812 |  |  | (201 | ) |  | 611 |  |  | — |  |  | 611 |
Foreign exchange contracts |  | 177,423 |  |  | 175,922 |  |  | — |  |  | 175,922 |  |  | — |  |  | 175,922 |
Equity option contracts |  | 89,085 |  |  | 2,021 |  |  | — |  |  | 2,021 |  |  | — |  |  | 2,021 |
Total customer risk management programs |  | 14,204,251 |  |  | 507,925 |  |  | (94,659 | ) |  | 413,266 |  |  | (69,196 | ) |  | 344,070 |
Internal risk management programs |  | 19,634,642 |  |  | 66,422 |  |  | (40,871 | ) |  | 25,551 |  |  | (7,315 | ) |  | 18,236 |
Total derivative contracts |  | $ | 33,838,893 |  |  | $ | 574,347 |  |  | $ | (135,530 | ) |  | $ | 438,817 |  |  | $ | (76,511 | ) |  | $ | 362,306 |

1 | Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):

|  | Three Months Ended
|  | March 31, 2019 |  | March 31, 2018
|  | Brokerage and Trading Revenue |  | Gain (Loss) on Derivatives, Net |  | Brokerage and Trading Revenue |  | Gain (Loss)on Derivatives, Net
Customer risk management programs: |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |
To-be-announced residential mortgage-backed securities |  | $ | 5,700 |  |  | $ | — |  |  | $ | 6,819 |  |  | $ | — |
Interest rate swaps |  | 593 |  |  | — |  |  | 756 |  |  | — |
Energy contracts |  | 226 |  |  | — |  |  | 3,140 |  |  | — |
Agricultural contracts |  | 4 |  |  | — |  |  | 15 |  |  | — |
Foreign exchange contracts |  | 154 |  |  | — |  |  | 176 |  |  | — |
Equity option contracts |  | — |  |  | — |  |  | — |  |  | — |
Total customer risk management programs |  | 6,677 |  |  | — |  |  | 10,906 |  |  | — |
Internal risk management programs |  | (7,295 | ) |  | 4,667 |  |  | (1,883 | ) |  | (5,685 | )
Total derivative contracts |  | $ | (618 | ) |  | $ | 4,667 |  |  | $ | 9,023 |  |  | $ | (5,685 | )

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(4) Loans and Allowances for Credit Losses
Loans
Loans are either secured or unsecured based on the type of loan and the financial condition of the borrower. Repayment is generally expected from cash flow or proceeds from the sale of selected assets of the borrower. BOK Financial is exposed to risk of loss on loans due to the borrower’s difficulties, which may arise from any number of factors, including problems within the respective industry or local economic conditions. Access to collateral, in the event of borrower default, is reasonably assured through adherence to applicable lending laws and through sound lending standards and credit review procedures. Accounting policies for all loans, excluding residential mortgage loans guaranteed by U.S. government agencies, are as follows.
Interest is accrued at the applicable interest rate on the principal amount outstanding. Loans are placed on nonaccruing status when, in the opinion of management, full collection of principal or interest is uncertain. Internally risk graded loans are individually evaluated for nonaccruing status quarterly. Non-risk graded loans are generally placed on nonaccruing status when more than 90 days past due or within 60 days of being notified of the borrower's bankruptcy filing. Interest previously accrued but not collected is charged against interest income when the loan is placed on nonaccruing status. Payments on nonaccruing loans are applied to principal or recognized as interest income, according to management’s judgment as to the collectability of principal. Loans may be returned to accruing status when, in the opinion of management, full collection of principal and interest, including principal previously charged off, is probable based on improvements in the borrower’s financial condition or a sustained period of performance.
Loans to borrowers experiencing financial difficulties may be modified in troubled debt restructurings ("TDRs"). All TDRs are classified as nonaccruing, excluding loans guaranteed by U.S. government agencies. Modifications generally consist of extension of payment terms or interest rate concessions and may result either voluntarily through negotiations with the borrower or involuntarily through court order. Generally, principal and accrued but unpaid interest is not voluntarily forgiven.
Performing loans may be renewed under the current collateral value, debt service ratio and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing.
Occasionally, loans, other than residential mortgage loans, may be held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value with gains or losses recognized in other gains (losses), net in the Statements of Earnings.
All loans are charged off when the loan balance or a portion of the loan balance is no longer supported by the paying capacity of the borrower or when the required cash flow is reduced in a TDR. The charge-off amount is determined through a quarterly evaluation of available cash resources and collateral value and charge-offs are taken in the quarter in which the loss is identified. Non-risk graded loans that are past due between 60 days and 180 days, based on the loan product type, are charged off. Loans to borrowers whose personal obligation has been discharged through Chapter 7 bankruptcy proceedings are charged off within 60 days of notice of the bankruptcy filing, regardless of payment status.
Loan origination and commitment fees and direct loan acquisition and origination costs are deferred and amortized as an adjustment to yield over the life of the loan or over the commitment period, as applicable. Amortization does not anticipate loan prepayments. Net unamortized fees are recognized in full at time of payoff.
Qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. Under certain performance conditions specified in government programs, the Company may have the right, but not the obligation to repurchase loans from GNMA pools. These loans no longer qualify for sale accounting and are recognized in the Consolidated Balance Sheets. Guaranteed loans are considered impaired because we do not expect to receive all principal and interest based on the loan's contractual terms. The original principal guarantee remains; however, interest accrues at a curtailed rate as specified in the programs. The carrying value of these loans is reduced based on an estimate of the expected cash flows discounted at the original note rate plus a liquidity spread. Guaranteed loans may be modified in TDRs in accordance with U.S. government agency guidelines. Interest continues to accrue based on the modified rate. Guaranteed loans may either be resold into GNMA pools after a performance period specified by the programs or foreclosed and conveyed to the guarantors.
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Loans are disaggregated into portfolio segments and further disaggregated into classes. The portfolio segment is the level at which the Company develops and documents a systematic method for determining its allowance for credit losses. Classes are a further disaggregation of portfolio segments based on the risk characteristics of the loans and the Company’s method for monitoring and assessing credit risk.
Portfolio segments of the loan portfolio are as follows (in thousands):

|  | March 31, 2019 |  | December 31, 2018
|  | Fixed Rate |  | Variable Rate |  | Non-accrual |  | Total |  | Fixed Rate |  | Variable Rate |  | Non-accrual |  | Total
Commercial |  | $ | 3,336,747 |  |  | $ | 10,534,870 |  |  | $ | 90,358 |  |  | $ | 13,961,975 |  |  | $ | 2,251,188 |  |  | $ | 11,285,049 |  |  | $ | 99,841 |  |  | $ | 13,636,078 |
Commercial real estate |  | 1,004,692 |  |  | 3,574,451 |  |  | 21,508 |  |  | 4,600,651 |  |  | 1,477,274 |  |  | 3,265,918 |  |  | 21,621 |  |  | 4,764,813 |
Residential mortgage |  | 1,777,510 |  |  | 374,701 |  |  | 40,409 |  |  | 2,192,620 |  |  | 1,830,224 |  |  | 358,254 |  |  | 41,555 |  |  | 2,230,033 |
Personal |  | 160,472 |  |  | 842,960 |  |  | 302 |  |  | 1,003,734 |  |  | 190,687 |  |  | 834,889 |  |  | 230 |  |  | 1,025,806 |
Total |  | $ | 6,279,421 |  |  | $ | 15,326,982 |  |  | $ | 152,577 |  |  | $ | 21,758,980 |  |  | $ | 5,749,373 |  |  | $ | 15,744,110 |  |  | $ | 163,247 |  |  | $ | 21,656,730 |
Accruing loans past due (90 days)1 |  |  |  |  |  |  |  |  |  |  | $ | 610 |  |  |  |  |  |  |  |  |  |  |  | $ | 1,338 |

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

Credit Commitments
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2019, outstanding commitments totaled $12 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.
The amount of collateral obtained, if deemed necessary, is based upon management’s credit evaluation of the borrower.
Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At March 31, 2019, outstanding standby letters of credit totaled $720 million.
Allowances for Credit Losses
BOK Financial maintains an allowance for loan losses and an accrual for off-balance sheet credit risk. The accrual for off-balance sheet credit risk is maintained at a level that is appropriate to cover estimated losses associated with credit instruments that are not currently recognized as assets such as loan commitments, standby letters of credit or guarantees. As discussed in greater detail in Note 6, the Company also has separate accruals for off-balance sheet credit risk related to residential mortgage loans previously sold with full or partial recourse and for residential mortgage loans sold to government sponsored agencies under standard representations and warranties.
The appropriateness of the allowance for loan losses and accrual for off-balance sheet credit losses (collectively "allowance for credit losses") is assessed by management based on an ongoing quarterly evaluation of the probable estimated losses inherent in the portfolio, including probable losses on both outstanding loans and unused commitments.
The allowance for loan losses consists of specific allowances attributed to impaired loans that have not yet been charged down to amounts we expect to recover, general allowances for unimpaired loans based on estimated loss rates by loan class and nonspecific allowances based on general economic conditions, risk concentration and related factors. There have been no material changes in the approach or techniques utilized in developing the allowance for loan losses and the accrual for off-balance sheet credit losses for the three months ended March 31, 2019.
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Loans are considered to be impaired when it becomes probable that BOK Financial will be unable to collect all amounts due according to the contractual terms of the loan agreements. Internally risk graded loans are evaluated individually for impairment. Substantially all commercial and commercial real estate loans and certain residential mortgage and consumer loans are risk graded based on evaluation of the borrowers' ability to repay. Certain commercial loans and most residential mortgage and consumer loans are small balance, homogeneous pools of loans that are not risk graded. Non-risk graded loans are identified as impaired based on performance status. Generally, non-risk graded loans 90 days or more past due or modified in a TDR or in bankruptcy are considered to be impaired.
Specific allowances for impaired loans are measured by an evaluation of estimated future cash flows discounted at the loans’ initial effective interest rate or the fair value of collateral for certain collateral dependent loans. Collateral value of real property is generally based on third party appraisals that conform to Uniform Standards of Professional Appraisal Practice, less estimated selling costs. Appraised values are on an "as-is" basis and are generally not adjusted by the Company. Updated appraisals are obtained at least annually or more frequently if market conditions indicate collateral values have declined. Collateral value of mineral rights is generally determined by our internal staff of engineers based on projected cash flows under current market conditions. Collateral values and available cash resources that support impaired loans are evaluated quarterly. Historical statistics may be used as a practical way to estimate impairment in limited situations, such as when a collateral dependent loan is identified as impaired at the end of a reporting period, until an updated appraisal of collateral value is received or a full assessment of future cash flows is completed. Estimates of future cash flows and collateral values require significant judgments and may be volatile.
General allowances for unimpaired loans are based on estimated loss rates by loan class. The gross loss rate for each loan class is determined by the greater of the current gross loss rate based on the most recent twelve months or a ten-year gross loss rate. Recoveries are not directly considered in the estimation of loss rates. Recoveries generally do not follow predictable patterns and are not received until well after the charge-off date as a result of protracted legal actions. For risk graded loans, gross loss rates are adjusted for changes in risk grading. For each loan class, the current weighted average risk grade is compared to the long-term average risk grade. This comparison determines whether credit risk in each loan class is increasing or decreasing. Loss rates are adjusted upward or downward in proportion to changes in average risk grading. General allowances for unimpaired loans also consider inherent risks identified for each loan class. Inherent risks consider loss rates that most appropriately represent the current credit cycle and other factors attributable to specific loan classes which have not yet been represented in the gross loss rates or risk grading. These factors include changes in commodity prices or engineering imprecision, which may affect the value of reserves that secure our energy loan portfolio, construction risk that may affect commercial real estate loans, changes in regulations and public policy that may disproportionately impact health care loans and changes in loan products.
Nonspecific allowances are maintained for risks beyond factors specific to a particular loan or loan class. These factors include trends in the economy of our primary lending areas, concentrations in large balance loans and other relevant factors.
An accrual for off-balance sheet credit losses is included in Other liabilities in the Consolidated Balance Sheets. The appropriateness of this accrual is determined in the same manner as the allowance for loan losses.
A provision for credit losses is charged against or credited to earnings in amounts necessary to maintain an appropriate allowance for credit losses. Recoveries of loans previously charged off are added to the allowance when received.
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The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit for the three months ended March 31, 2019 is summarized as follows (in thousands):

|  | Commercial |  | Commercial Real Estate |  | Residential Mortgage |  | Personal |  | Nonspecific Allowance |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 102,226 |  |  | $ | 60,026 |  |  | $ | 17,964 |  |  | $ | 9,473 |  |  | $ | 17,768 |  |  | $ | 207,457 |
Provision for loan losses |  | 11,108 |  |  | (2,004 | ) |  | (2,408 | ) |  | (137 | ) |  | 1,410 |  |  | 7,969 |
Loans charged off |  | (10,468 | ) |  | — |  |  | (42 | ) |  | (1,265 | ) |  | — |  |  | (11,775 | )
Recoveries |  | 711 |  |  | 112 |  |  | 154 |  |  | 712 |  |  | — |  |  | 1,689 |
Ending balance |  | $ | 103,577 |  |  | $ | 58,134 |  |  | $ | 15,668 |  |  | $ | 8,783 |  |  | $ | 19,178 |  |  | $ | 205,340 |
Allowance for off-balance sheet credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,655 |  |  | $ | 52 |  |  | $ | 52 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 1,790 |
Provision for off-balance sheet credit losses |  | 70 |  |  | (4 | ) |  | (5 | ) |  | (30 | ) |  | — |  |  | 31 |
Ending balance |  | $ | 1,725 |  |  | $ | 48 |  |  | $ | 47 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,821 |
Total provision for credit losses |  | $ | 11,178 |  |  | $ | (2,008 | ) |  | $ | (2,413 | ) |  | $ | (167 | ) |  | $ | 1,410 |  |  | $ | 8,000 |

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit for the three months ended March 31, 2018 is summarized as follows (in thousands):

|  | Commercial |  | Commercial Real Estate |  | Residential Mortgage |  | Personal |  | Nonspecific Allowance |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 124,269 |  |  | $ | 56,621 |  |  | $ | 18,451 |  |  | $ | 9,124 |  |  | $ | 22,217 |  |  | $ | 230,682 |
Provision for loan losses |  | (3,111 | ) |  | 266 |  |  | (162 | ) |  | (152 | ) |  | (2,242 | ) |  | (5,401 | )
Loans charged off |  | (1,563 | ) |  | — |  |  | (100 | ) |  | (1,227 | ) |  | — |  |  | (2,890 | )
Recoveries |  | 488 |  |  | 183 |  |  | 242 |  |  | 663 |  |  | — |  |  | 1,576 |
Ending balance |  | $ | 120,083 |  |  | $ | 57,070 |  |  | $ | 18,431 |  |  | $ | 8,408 |  |  | $ | 19,975 |  |  | $ | 223,967 |
Allowance for off-balance sheet credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,644 |  |  | $ | 45 |  |  | $ | 43 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 3,734 |
Provision for off-balance sheet credit losses |  | 383 |  |  | (1 | ) |  | 19 |  |  | — |  |  | — |  |  | 401 |
Ending balance |  | $ | 4,027 |  |  | $ | 44 |  |  | $ | 62 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 4,135 |
Total provision for credit losses |  | $ | (2,728 | ) |  | $ | 265 |  |  | $ | (143 | ) |  | $ | (152 | ) |  | $ | (2,242 | ) |  | $ | (5,000 | )

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each impairment measurement method at March 31, 2019 is as follows (in thousands):

|  | Collectively Measured for Impairment |  | Individually Measured for Impairment |  | Total
|  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance
Commercial |  | $ | 13,871,617 |  |  | $ | 100,034 |  |  | $ | 90,358 |  |  | $ | 3,543 |  |  | $ | 13,961,975 |  |  | $ | 103,577 |
Commercial real estate |  | 4,579,143 |  |  | 58,134 |  |  | 21,508 |  |  | — |  |  | 4,600,651 |  |  | 58,134 |
Residential mortgage |  | 2,152,211 |  |  | 15,668 |  |  | 40,409 |  |  | — |  |  | 2,192,620 |  |  | 15,668 |
Personal |  | 1,003,432 |  |  | 8,783 |  |  | 302 |  |  | — |  |  | 1,003,734 |  |  | 8,783 |
Total |  | 21,606,403 |  |  | 182,619 |  |  | 152,577 |  |  | 3,543 |  |  | 21,758,980 |  |  | 186,162 |
Nonspecific allowance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,178 |
Total |  | $ | 21,606,403 |  |  | $ | 182,619 |  |  | $ | 152,577 |  |  | $ | 3,543 |  |  | $ | 21,758,980 |  |  | $ | 205,340 |

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each impairment measurement method at December 31, 2018 is as follows (in thousands):

|  | Collectively Measured for Impairment |  | Individually Measured for Impairment |  | Total
|  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance
Commercial |  | $ | 13,536,237 |  |  | $ | 93,494 |  |  | $ | 99,841 |  |  | $ | 8,732 |  |  | $ | 13,636,078 |  |  | $ | 102,226 |
Commercial real estate |  | 4,743,192 |  |  | 60,026 |  |  | 21,621 |  |  | — |  |  | 4,764,813 |  |  | 60,026 |
Residential mortgage |  | 2,188,478 |  |  | 17,964 |  |  | 41,555 |  |  | — |  |  | 2,230,033 |  |  | 17,964 |
Personal |  | 1,025,576 |  |  | 9,473 |  |  | 230 |  |  | — |  |  | 1,025,806 |  |  | 9,473 |
Total |  | 21,493,483 |  |  | 180,957 |  |  | 163,247 |  |  | 8,732 |  |  | 21,656,730 |  |  | 189,689 |
Nonspecific allowance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,768 |
Total |  | $ | 21,493,483 |  |  | $ | 180,957 |  |  | $ | 163,247 |  |  | $ | 8,732 |  |  | $ | 21,656,730 |  |  | $ | 207,457 |

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Credit Quality Indicators
The Company utilizes loan class and risk grading as primary credit quality indicators. Substantially all commercial and commercial real estate loans and certain residential mortgage and consumer loans are risk graded based on a quarterly evaluation of the borrowers’ ability to repay the loans. Certain commercial loans and most residential mortgage and consumer loans are small, homogeneous pools that are not risk graded.
The allowance for loan losses and recorded investment of the related loans by portfolio segment for risk graded and non-risk graded loans at March 31, 2019 is as follows (in thousands):

|  | Internally Risk Graded |  | Non-Graded |  | Total
|  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance
Commercial |  | $ | 13,931,425 |  |  | $ | 102,646 |  |  | $ | 30,550 |  |  | $ | 931 |  |  | $ | 13,961,975 |  |  | $ | 103,577 |
Commercial real estate |  | 4,600,651 |  |  | 58,134 |  |  | — |  |  | — |  |  | 4,600,651 |  |  | 58,134 |
Residential mortgage |  | 275,875 |  |  | 3,176 |  |  | 1,916,745 |  |  | 12,492 |  |  | 2,192,620 |  |  | 15,668 |
Personal |  | 912,343 |  |  | 6,627 |  |  | 91,391 |  |  | 2,156 |  |  | 1,003,734 |  |  | 8,783 |
Total |  | 19,720,294 |  |  | 170,583 |  |  | 2,038,686 |  |  | 15,579 |  |  | 21,758,980 |  |  | 186,162 |
Nonspecific allowance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,178 |
Total |  | $ | 19,720,294 |  |  | $ | 170,583 |  |  | $ | 2,038,686 |  |  | $ | 15,579 |  |  | $ | 21,758,980 |  |  | $ | 205,340 |

The allowance for loan losses and recorded investment of the related loans by portfolio segment for risk graded and non-risk graded loans at December 31, 2018 is as follows (in thousands):

|  | Internally Risk Graded |  | Non-Graded |  | Total
|  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Related Allowance
Commercial |  | $ | 13,586,654 |  |  | $ | 101,303 |  |  | $ | 49,424 |  |  | $ | 923 |  |  | $ | 13,636,078 |  |  | $ | 102,226 |
Commercial real estate |  | 4,764,813 |  |  | 60,026 |  |  | — |  |  | — |  |  | 4,764,813 |  |  | 60,026 |
Residential mortgage |  | 505,046 |  |  | 3,310 |  |  | 1,724,987 |  |  | 14,654 |  |  | 2,230,033 |  |  | 17,964 |
Personal |  | 948,890 |  |  | 6,633 |  |  | 76,916 |  |  | 2,840 |  |  | 1,025,806 |  |  | 9,473 |
Total |  | 19,805,403 |  |  | 171,272 |  |  | 1,851,327 |  |  | 18,417 |  |  | 21,656,730 |  |  | 189,689 |
Nonspecific allowance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,768 |
Total |  | $ | 19,805,403 |  |  | $ | 171,272 |  |  | $ | 1,851,327 |  |  | $ | 18,417 |  |  | $ | 21,656,730 |  |  | $ | 207,457 |

Loans are considered to be performing if they are in compliance with the original terms of the agreement and currently exhibit no factors that cause management to have doubts about the borrowers' ability to remain in compliance with the original terms of the agreement, which is consistent with the regulatory guideline of “pass.” Performing loans also include past due residential mortgages that are guaranteed by agencies of the U.S. government that continue to accrue interest based on criteria of the guarantors' programs. Other loans especially mentioned are currently performing in compliance with the original terms of the agreement but may have a potential weakness that deserves management’s close attention, consistent with regulatory guidelines.
The risk grading process identified certain loans that have a well-defined weakness (e.g. inadequate debt service coverage or liquidity or marginal capitalization; repayment may depend on collateral or other risk mitigation) that may jeopardize liquidation of the debt and represent a greater risk due to deterioration in the financial condition of the borrower. This is consistent with the regulatory guideline for “substandard.” Because the borrowers are still performing in accordance with the original terms of the loan agreements, these loans were not placed in nonaccruing status.
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Nonaccruing loans represent loans for which full collection of principal and interest is uncertain. This is substantially the same criteria used to determine whether a loan is impaired and includes certain loans considered “substandard” and all loans considered “doubtful” by regulatory guidelines.
The following table summarizes the Company’s loan portfolio at March 31, 2019 by the risk grade categories (in thousands):

|  | Internally Risk Graded |  | Non-Graded |  |
|  | Performing |  |  |  |  |  |  |  |
|  | Pass |  | Other Loans Especially Mentioned |  | Accruing Substandard |  | Nonaccrual |  | Performing |  | Nonaccrual |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 3,549,167 |  |  | $ | 39,285 |  |  | $ | 81,315 |  |  | $ | 35,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,705,099 |
Services |  | 3,189,490 |  |  | 60,361 |  |  | 28,157 |  |  | 9,555 |  |  | — |  |  | — |  |  | 3,287,563 |
Wholesale/retail |  | 1,675,248 |  |  | 21,100 |  |  | 9,127 |  |  | 1,425 |  |  | — |  |  | — |  |  | 1,706,900 |
Manufacturing |  | 677,497 |  |  | 34,033 |  |  | 21,296 |  |  | 9,548 |  |  | — |  |  | — |  |  | 742,374 |
Healthcare |  | 2,869,515 |  |  | 13,748 |  |  | 13,854 |  |  | 18,768 |  |  | — |  |  | — |  |  | 2,915,885 |
Public finance |  | 803,083 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 803,083 |
Other commercial and industrial |  | 744,082 |  |  | 3,190 |  |  | 7,580 |  |  | 15,669 |  |  | 30,489 |  |  | 61 |  |  | 801,071 |
Total commercial |  | 13,508,082 |  |  | 171,717 |  |  | 161,329 |  |  | 90,297 |  |  | 30,489 |  |  | 61 |  |  | 13,961,975 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development |  | 149,336 |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | — |  |  | 149,686 |
Retail |  | 857,698 |  |  | 11,549 |  |  | 1,279 |  |  | 20,159 |  |  | — |  |  | — |  |  | 890,685 |
Office |  | 1,024,892 |  |  | 4,219 |  |  | 3,192 |  |  | 855 |  |  | — |  |  | — |  |  | 1,033,158 |
Multifamily |  | 1,203,220 |  |  | 7,136 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1,210,358 |
Industrial |  | 767,757 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 767,757 |
Other commercial real estate |  | 546,942 |  |  | 1,071 |  |  | 850 |  |  | 144 |  |  | — |  |  | — |  |  | 549,007 |
Total commercial real estate |  | 4,549,845 |  |  | 23,975 |  |  | 5,323 |  |  | 21,508 |  |  | — |  |  | — |  |  | 4,600,651 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 272,741 |  |  | — |  |  | 2,225 |  |  | 909 |  |  | 800,578 |  |  | 22,028 |  |  | 1,098,481 |
Permanent mortgages guaranteed by U.S. government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | 186,362 |  |  | 6,946 |  |  | 193,308 |
Home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | 890,305 |  |  | 10,526 |  |  | 900,831 |
Total residential mortgage |  | 272,741 |  |  | — |  |  | 2,225 |  |  | 909 |  |  | 1,877,245 |  |  | 39,500 |  |  | 2,192,620 |
Personal |  | 912,187 |  |  | 47 |  |  | 33 |  |  | 76 |  |  | 91,165 |  |  | 226 |  |  | 1,003,734 |
Total |  | $ | 19,242,855 |  |  | $ | 195,739 |  |  | $ | 168,910 |  |  | $ | 112,790 |  |  | $ | 1,998,899 |  |  | $ | 39,787 |  |  | $ | 21,758,980 |

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The following table summarizes the Company’s loan portfolio at December 31, 2018 by the risk grade categories (in thousands):

|  | Internally Risk Graded |  | Non-Graded |  |
|  | Performing |  |  |  |  |  |  |  |
|  | Pass |  | Other Loans Especially Mentioned |  | Accruing Substandard |  | Nonaccrual |  | Performing |  | Nonaccrual |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 3,414,039 |  |  | $ | 42,176 |  |  | $ | 86,624 |  |  | $ | 47,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,590,333 |
Services |  | 3,167,203 |  |  | 49,761 |  |  | 32,661 |  |  | 8,567 |  |  | — |  |  | — |  |  | 3,258,192 |
Wholesale/retail |  | 1,593,902 |  |  | 18,809 |  |  | 7,131 |  |  | 1,316 |  |  | — |  |  | — |  |  | 1,621,158 |
Manufacturing |  | 668,438 |  |  | 30,934 |  |  | 22,230 |  |  | 8,919 |  |  | — |  |  | — |  |  | 730,521 |
Healthcare |  | 2,730,121 |  |  | 14,920 |  |  | 37,698 |  |  | 16,538 |  |  | — |  |  | — |  |  | 2,799,277 |
Public finance |  | 804,550 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 804,550 |
Other commercial and industrial |  | 756,815 |  |  | 1,266 |  |  | 7,588 |  |  | 16,954 |  |  | 49,371 |  |  | 53 |  |  | 832,047 |
Total commercial |  | 13,135,068 |  |  | 157,866 |  |  | 193,932 |  |  | 99,788 |  |  | 49,371 |  |  | 53 |  |  | 13,636,078 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development |  | 148,234 |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | — |  |  | 148,584 |
Retail |  | 885,588 |  |  | 11,926 |  |  | 1,289 |  |  | 20,279 |  |  | — |  |  | — |  |  | 919,082 |
Office |  | 1,059,334 |  |  | 10,532 |  |  | 3,054 |  |  | — |  |  | — |  |  | — |  |  | 1,072,920 |
Multifamily |  | 1,287,471 |  |  | 281 |  |  | 12 |  |  | 301 |  |  | — |  |  | — |  |  | 1,288,065 |
Industrial |  | 776,898 |  |  | — |  |  | 1,208 |  |  | — |  |  | — |  |  | — |  |  | 778,106 |
Other commercial real estate |  | 555,301 |  |  | 1,188 |  |  | 876 |  |  | 691 |  |  | — |  |  | — |  |  | 558,056 |
Total commercial real estate |  | 4,712,826 |  |  | 23,927 |  |  | 6,439 |  |  | 21,621 |  |  | — |  |  | — |  |  | 4,764,813 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 269,678 |  |  | 52 |  |  | 9,730 |  |  | 1,991 |  |  | 819,199 |  |  | 21,960 |  |  | 1,122,610 |
Permanent mortgages guaranteed by U.S. government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | 183,734 |  |  | 7,132 |  |  | 190,866 |
Home equity |  | 223,298 |  |  | — |  |  | 296 |  |  | — |  |  | 682,491 |  |  | 10,472 |  |  | 916,557 |
Total residential mortgage |  | 492,976 |  |  | 52 |  |  | 10,026 |  |  | 1,991 |  |  | 1,685,424 |  |  | 39,564 |  |  | 2,230,033 |
Personal |  | 944,256 |  |  | 115 |  |  | 4,443 |  |  | 76 |  |  | 76,762 |  |  | 154 |  |  | 1,025,806 |
Total |  | $ | 19,285,126 |  |  | $ | 181,960 |  |  | $ | 214,840 |  |  | $ | 123,476 |  |  | $ | 1,811,557 |  |  | $ | 39,771 |  |  | $ | 21,656,730 |

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Impaired Loans
Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. This generally includes all nonaccruing loans, all loans modified in a TDR and all loans repurchased from GNMA pools.
A summary of impaired loans at March 31, 2019 follows (in thousands):

| As of |  | For the
| March 31, 2019 |  | Three Months Ended
|  |  | Recorded Investment |  |  |  | March 31, 2019
| Unpaid Principal Balance |  | Total |  | With No Allowance |  | With Allowance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |
Energy | $ | 72,615 |  |  | $ | 35,332 |  |  | $ | 31,332 |  |  | $ | 4,000 |  |  | $ | 675 |  |  | $ | 45,627 |  |  | $ | — |
Services | 13,744 |  |  | 9,555 |  |  | 9,529 |  |  | 26 |  |  | 26 |  |  | 7,378 |  |  | — |
Wholesale/retail | 1,642 |  |  | 1,425 |  |  | 1,142 |  |  | 283 |  |  | 101 |  |  | 1,047 |  |  | — |
Manufacturing 1 | 9,697 |  |  | 9,548 |  |  | 9,307 |  |  | 241 |  |  | 241 |  |  | 8,851 |  |  | — |
Healthcare | 30,189 |  |  | 18,768 |  |  | 15,270 |  |  | 3,498 |  |  | 2,500 |  |  | 14,926 |  |  | — |
Public finance | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial | 25,899 |  |  | 15,730 |  |  | 15,730 |  |  | — |  |  | — |  |  | 16,215 |  |  | — |
Total commercial | 153,786 |  |  | 90,358 |  |  | 82,310 |  |  | 8,048 |  |  | 3,543 |  |  | 94,044 |  |  | — |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development | 1,306 |  |  | 350 |  |  | 350 |  |  | — |  |  | — |  |  | 350 |  |  | — |
Retail | 20,491 |  |  | 20,159 |  |  | 20,159 |  |  | — |  |  | — |  |  | 20,219 |  |  | — |
Office | 855 |  |  | 855 |  |  | 855 |  |  | — |  |  | — |  |  | 427 |  |  | — |
Multifamily | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 151 |  |  | — |
Industrial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial real estate | 305 |  |  | 144 |  |  | 144 |  |  | — |  |  | — |  |  | 418 |  |  | — |
Total commercial real estate | 22,957 |  |  | 21,508 |  |  | 21,508 |  |  | — |  |  | — |  |  | 21,565 |  |  | — |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage | 27,658 |  |  | 22,937 |  |  | 22,937 |  |  | — |  |  | — |  |  | 23,444 |  |  | 298 |
Permanent mortgage guaranteed by U.S. government agencies 2 | 198,882 |  |  | 193,308 |  |  | 193,308 |  |  | — |  |  | — |  |  | 196,407 |  |  | 1,905 |
Home equity | 12,279 |  |  | 10,526 |  |  | 10,526 |  |  | — |  |  | — |  |  | 10,499 |  |  | — |
Total residential mortgage | 238,819 |  |  | 226,771 |  |  | 226,771 |  |  | — |  |  | — |  |  | 230,350 |  |  | 2,203 |
Personal | 358 |  |  | 302 |  |  | 302 |  |  | — |  |  | — |  |  | 266 |  |  | — |
Total | $ | 415,920 |  |  | $ | 338,939 |  |  | $ | 330,891 |  |  | $ | 8,048 |  |  | $ | 3,543 |  |  | $ | 346,225 |  |  | $ | 2,203 |

1 | Impaired manufacturing sector loans included $4.7 million of loans from an affiliated entity, with no allowance as the fair value of the collateral exceeded the outstanding principal balance at March 31, 2019.

2 All permanent mortgage loans guaranteed by U.S. government agencies are considered impaired as we do not expect full collection of contractual principal and interest. At March 31, 2019, the majority were accruing based on the guarantee by U.S. government agencies.
Generally, no interest income is recognized on impaired loans until all principal balances, including amounts charged-off, are recovered.
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A summary of impaired loans at December 31, 2018 follows (in thousands):

|  |  |  | Recorded Investment
|  | Unpaid Principal Balance |  | Total |  | With No Allowance |  | With Allowance |  | Related Allowance
Commercial: |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 79,675 |  |  | $ | 47,494 |  |  | $ | 18,639 |  |  | $ | 28,855 |  |  | $ | 5,362 |
Services |  | 13,437 |  |  | 8,567 |  |  | 8,489 |  |  | 78 |  |  | 74 |
Wholesale/retail |  | 1,722 |  |  | 1,316 |  |  | 1,015 |  |  | 301 |  |  | 101 |
Manufacturing |  | 10,055 |  |  | 8,919 |  |  | 8,673 |  |  | 246 |  |  | 246 |
Healthcare |  | 24,319 |  |  | 16,538 |  |  | 10,563 |  |  | 5,975 |  |  | 2,949 |
Public finance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial and industrial |  | 26,955 |  |  | 17,007 |  |  | 17,007 |  |  | — |  |  | — |
Total commercial |  | 156,163 |  |  | 99,841 |  |  | 64,386 |  |  | 35,455 |  |  | 8,732 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development |  | 1,306 |  |  | 350 |  |  | 350 |  |  | — |  |  | — |
Retail |  | 27,680 |  |  | 20,279 |  |  | 20,279 |  |  | — |  |  | — |
Office |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Multifamily |  | 301 |  |  | 301 |  |  | 301 |  |  | — |  |  | — |
Industrial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial real estate |  | 851 |  |  | 691 |  |  | 691 |  |  | — |  |  | — |
Total commercial real estate |  | 30,138 |  |  | 21,621 |  |  | 21,621 |  |  | — |  |  | — |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 28,716 |  |  | 23,951 |  |  | 23,951 |  |  | — |  |  | — |
Permanent mortgage guaranteed by U.S. government agencies 1 |  | 196,296 |  |  | 190,866 |  |  | 190,866 |  |  | — |  |  | — |
Home equity |  | 12,196 |  |  | 10,472 |  |  | 10,472 |  |  | — |  |  | — |
Total residential mortgage |  | 237,208 |  |  | 225,289 |  |  | 225,289 |  |  | — |  |  | — |
Personal |  | 278 |  |  | 230 |  |  | 230 |  |  | — |  |  | — |
Total |  | $ | 423,787 |  |  | $ | 346,981 |  |  | $ | 311,526 |  |  | $ | 35,455 |  |  | $ | 8,732 |

1 | All permanent mortgage loans guaranteed by U.S. government agencies are considered impaired as we do not expect full collection of contractual principal and interest. At December 31, 2018, the majority were accruing based on the guarantee by U.S. government agencies.

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Troubled Debt Restructurings
At March 31, 2019 the Company had $159 million in troubled debt restructurings (TDRs), of which $92 million were accruing residential mortgage loans guaranteed by U.S. government agencies. Approximately $81 million of TDRs were performing in accordance with the modified terms.
At December 31, 2018, the Company had $166 million in TDRs, of which $86 million were accruing residential mortgage loans guaranteed by U.S. government agencies. Approximately $71 million of TDRs were performing in accordance with the modified terms.
TDRs generally consist of interest rate concessions, payment stream concessions or a combination of concessions to distressed borrowers. During the three months ended March 31, 2019, $18 million of loans were restructured. During the three months ended March 31, 2018, $37 million of loans were restructured.
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Nonaccrual & Past Due Loans
Past due status for all loan classes is based on the actual number of days since the last payment was due according to the contractual terms of the loans.
A summary of loans currently performing, loans past due and accruing and nonaccrual loans as of March 31, 2019 is as follows (in thousands):

|  |  |  | Past Due |  |  |  |
|  | Current |  | 30 to 59 Days |  | 60 to 89 Days |  | 90 Days or More |  | Nonaccrual |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 3,669,767 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,332 |  |  | $ | 3,705,099 |
Services |  | 3,257,230 |  |  | 20,214 |  |  | 442 |  |  | 122 |  |  | 9,555 |  |  | 3,287,563 |
Wholesale/retail |  | 1,704,415 |  |  | 833 |  |  | 227 |  |  | — |  |  | 1,425 |  |  | 1,706,900 |
Manufacturing |  | 732,644 |  |  | 182 |  |  | — |  |  | — |  |  | 9,548 |  |  | 742,374 |
Healthcare |  | 2,888,579 |  |  | 7,837 |  |  | 701 |  |  | — |  |  | 18,768 |  |  | 2,915,885 |
Public finance |  | 803,083 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 803,083 |
Other commercial and industrial |  | 782,507 |  |  | 2,695 |  |  | — |  |  | 139 |  |  | 15,730 |  |  | 801,071 |
Total commercial |  | 13,838,225 |  |  | 31,761 |  |  | 1,370 |  |  | 261 |  |  | 90,358 |  |  | 13,961,975 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development |  | 143,184 |  |  | 6,152 |  |  | — |  |  | — |  |  | 350 |  |  | 149,686 |
Retail |  | 870,526 |  |  | — |  |  | — |  |  | — |  |  | 20,159 |  |  | 890,685 |
Office |  | 1,032,239 |  |  | — |  |  | 64 |  |  | — |  |  | 855 |  |  | 1,033,158 |
Multifamily |  | 1,209,726 |  |  | 283 |  |  | — |  |  | 349 |  |  | — |  |  | 1,210,358 |
Industrial |  | 767,757 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 767,757 |
Other commercial real estate |  | 547,563 |  |  | 1,187 |  |  | 113 |  |  | — |  |  | 144 |  |  | 549,007 |
Total commercial real estate |  | 4,570,995 |  |  | 7,622 |  |  | 177 |  |  | 349 |  |  | 21,508 |  |  | 4,600,651 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 1,070,150 |  |  | 5,394 |  |  | — |  |  | — |  |  | 22,937 |  |  | 1,098,481 |
Permanent mortgages guaranteed by U.S. government agencies |  | 47,639 |  |  | 38,748 |  |  | — |  |  | 99,975 |  |  | 6,946 |  |  | 193,308 |
Home equity |  | 886,019 |  |  | 4,118 |  |  | 168 |  |  | — |  |  | 10,526 |  |  | 900,831 |
Total residential mortgage |  | 2,003,808 |  |  | 48,260 |  |  | 168 |  |  | 99,975 |  |  | 40,409 |  |  | 2,192,620 |
Personal |  | 1,003,069 |  |  | 347 |  |  | 16 |  |  | — |  |  | 302 |  |  | 1,003,734 |
Total |  | $ | 21,416,097 |  |  | $ | 87,990 |  |  | $ | 1,731 |  |  | $ | 100,585 |  |  | $ | 152,577 |  |  | $ | 21,758,980 |

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A summary of loans currently performing, loans past due and accruing and nonaccrual loans as of December 31, 2018 is as follows (in thousands):

|  |  |  | Past Due |  |  |  |
|  | Current |  | 30 to 59 Days |  | 60 to 89 Days |  | 90 Days or More |  | Nonaccrual |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 3,542,839 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 47,494 |  |  | $ | 3,590,333 |
Services |  | 3,237,578 |  |  | 6,009 |  |  | 6,038 |  |  | — |  |  | 8,567 |  |  | 3,258,192 |
Wholesale/retail |  | 1,619,290 |  |  | 515 |  |  | 37 |  |  | — |  |  | 1,316 |  |  | 1,621,158 |
Manufacturing |  | 721,204 |  |  | 392 |  |  | 6 |  |  | — |  |  | 8,919 |  |  | 730,521 |
Healthcare |  | 2,781,944 |  |  | 241 |  |  | — |  |  | 554 |  |  | 16,538 |  |  | 2,799,277 |
Public finance |  | 804,550 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 804,550 |
Other commercial and industrial |  | 814,489 |  |  | 518 |  |  | 25 |  |  | 8 |  |  | 17,007 |  |  | 832,047 |
Total commercial |  | 13,521,894 |  |  | 7,675 |  |  | 6,106 |  |  | 562 |  |  | 99,841 |  |  | 13,636,078 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction and land development |  | 147,705 |  |  | 249 |  |  | 280 |  |  | — |  |  | 350 |  |  | 148,584 |
Retail |  | 884,424 |  |  | 14,379 |  |  | — |  |  | — |  |  | 20,279 |  |  | 919,082 |
Office |  | 1,072,920 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,072,920 |
Multifamily |  | 1,287,483 |  |  | 281 |  |  | — |  |  | — |  |  | 301 |  |  | 1,288,065 |
Industrial |  | 776,898 |  |  | 1,208 |  |  | — |  |  | — |  |  | — |  |  | 778,106 |
Other commercial real estate |  | 556,239 |  |  | 412 |  |  | — |  |  | 714 |  |  | 691 |  |  | 558,056 |
Total commercial real estate |  | 4,725,669 |  |  | 16,529 |  |  | 280 |  |  | 714 |  |  | 21,621 |  |  | 4,764,813 |
Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent mortgage |  | 1,095,097 |  |  | 3,196 |  |  | 366 |  |  | — |  |  | 23,951 |  |  | 1,122,610 |
Permanent mortgages guaranteed by U.S. government agencies |  | 37,459 |  |  | 24,369 |  |  | 16,345 |  |  | 105,561 |  |  | 7,132 |  |  | 190,866 |
Home equity |  | 904,572 |  |  | 1,102 |  |  | 352 |  |  | 59 |  |  | 10,472 |  |  | 916,557 |
Total residential mortgage |  | 2,037,128 |  |  | 28,667 |  |  | 17,063 |  |  | 105,620 |  |  | 41,555 |  |  | 2,230,033 |
Personal |  | 1,024,298 |  |  | 479 |  |  | 796 |  |  | 3 |  |  | 230 |  |  | 1,025,806 |
Total |  | $ | 21,308,989 |  |  | $ | 53,350 |  |  | $ | 24,245 |  |  | $ | 106,899 |  |  | $ | 163,247 |  |  | $ | 21,656,730 |

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(5) Leasing
Effective January 1, 2019, premises and equipment included right-of-use assets for leased office space and facilities. Leases are at market rates at inception and may contain escalations based on consumer price index or similar benchmarks and options to renew at then market rates. Renewal options, variable lease payments and residual value guarantees are included in the measurement of right-of-use assets when certain conditions are met. Lease component cash flows are discounted at the applicable FHLB advance rate.
Right-of-use assets initially recognized in the first quarter of 2019 were $137 million.
The following represents a summary of operating lease activities (dollars in thousands):

|  | March 31, 2019
Operating lease cost recognized as occupancy and equipment expense |  | $ | 6,419 |
Operating cash flows from operating leases |  | 5,914 |
Weighted-average remaining lease term |  | 10.1 years |
Weighted-average discount rate operating leases |  | 3.50 | %

At March 31, 2019, un-discounted operating lease liabilities are scheduled to mature as follows: $30.2 million in 2019, $28.4 million in 2020, $25.1 million in 2021, $17.7 million in 2022, $15.3 million in 2023 and $97.6 million thereafter. Operating expense and short term lease costs total $2.4 million for the three months ended March 31, 2019.
The Company may lease owned properties or sublease unoccupied leased facilities. Income on these leases is immaterial.
(6) Mortgage Banking Activities
Residential Mortgage Loan Production
The Company originates, markets and services conventional and government-sponsored residential mortgage loans. Generally, conforming fixed rate residential mortgage loans are held for sale in the secondary market and non-conforming and adjustable-rate residential mortgage loans are retained for investment. Residential mortgage loans originated for sale by the Company are carried at fair value based on sales commitments and market quotes. Changes in the fair value of mortgage loans held for sale are included in Other operating revenue – Mortgage banking revenue. Residential mortgage loans held for sale also includes the fair value of residential mortgage loan commitments and forward sales commitments, which are considered derivative contracts that have not been designated as hedging instruments for accounting purposes. The volume of mortgage loans originated for sale and secondary market prices are the primary drivers of originating and marketing revenue.
Residential mortgage loan commitments are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a residential mortgage loan to when the closed loan is sold to an investor. Residential mortgage loan commitments are subject to both credit and interest rate risk. Credit risk is managed through underwriting policies and procedures, including collateral requirements, which are generally accepted by the secondary loan markets. Exposure to interest rate fluctuations is partially managed through forward sales of residential mortgage-backed securities and forward sales contracts. These latter contracts set the price for loans that will be delivered in the next 60 to 90 days.
The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments and forward contract sales and their related fair values included in Mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
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|  | March 31, 2019 |  | December 31, 2018
|  | Unpaid Principal Balance/ Notional |  | Fair Value |  | Unpaid Principal Balance/ Notional |  | Fair Value
Residential mortgage loans held for sale |  | $ | 153,818 |  |  | $ | 155,679 |  |  | $ | 145,057 |  |  | $ | 146,971 |
Residential mortgage loan commitments |  | 263,434 |  |  | 8,091 |  |  | 160,848 |  |  | 5,378 |
Forward sales contracts |  | 376,411 |  |  | (3,613 | ) |  | 274,000 |  |  | (3,128 | )
|  |  |  |  | $ | 160,157 |  |  |  |  |  | $ | 149,221 |

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of March 31, 2019 or December 31, 2018. No credit losses were recognized on residential mortgage loans held for sale for the three month period ended March 31, 2019 and 2018.
Mortgage banking revenue was as follows (in thousands):

|  | Three Months Ended March 31,
|  | 2019 |  | 2018
Production revenue: |  |  |  |
Net realized gains on sale of mortgage loans |  | $ | 5,693 |  |  | $ | 8,918 |
Net change in unrealized gain on mortgage loans held for sale |  | (53 | ) |  | (1,369 | )
Net change in the fair value of mortgage loan commitments |  | 2,713 |  |  | 2,074 |
Net change in the fair value of forward sales contracts |  | (485 | ) |  | (171 | )
Total production revenue |  | 7,868 |  |  | 9,452 |
Servicing revenue |  | 15,966 |  |  | 16,573 |
Total mortgage banking revenue |  | $ | 23,834 |  |  | $ | 26,025 |

Production revenue includes gain (loss) on residential mortgage loans held for sale and changes in the fair value of derivative contracts not designated as hedging instruments for accounting purposes related to residential mortgage loan commitments and forward sales contracts. Servicing revenue includes servicing fee income and late charges on loans serviced for others.
Residential Mortgage Servicing
Mortgage servicing rights may be originated or purchased. Both originated and purchased mortgage servicing rights are initially recognized at fair value. The Company has elected to carry all mortgage servicing rights at fair value. Changes in the fair value are recognized in earnings as they occur. The unpaid principal balance of loans serviced for others is the primary driver of servicing revenue.
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The following represents a summary of mortgage servicing rights (dollars in thousands):

|  | March 31, 2019 |  | December 31, 2018
Number of residential mortgage loans serviced for others |  | 131,636,000 |  |  | 132,463,000 |
Outstanding principal balance of residential mortgage loans serviced for others |  | $ | 21,544,295 |  |  | $ | 21,658,335 |
Weighted average interest rate |  | 4.00 | % |  | 3.99 | %
Remaining term (in months) |  | 292 |  |  | 293 |

The following represents activity in capitalized mortgage servicing rights (in thousands):

|  | Three Months Ended March 31,
|  | 2019 |  | 2018
Beginning Balance |  | $ | 259,254 |  |  | $ | 252,867 |
Additions, net |  | 6,188 |  |  | 8,900 |
Change in fair value due to principal payments |  | (6,583 | ) |  | (7,995 | )
Change in fair value due to market assumption changes |  | (20,666 | ) |  | 21,206 |
Ending Balance |  | $ | 238,193 |  |  | $ | 274,978 |

Changes in the fair value of mortgage servicing rights due to market assumption changes are included in Other operating revenue in the Consolidated Statements of Earnings. Changes in fair value due to principal payments are included in Mortgage banking costs.
Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:

|  | March 31, 2019 |  | December 31, 2018
Discount rate – risk-free rate plus a market premium |  | 9.83% |  | 9.90%
Prepayment rate - based upon loan interest rate, original term and loan type |  | 8.14% - 16.02% |  | 8.05% - 15.74%
Loan servicing costs – annually per loan based upon loan type: |  |  |  |
Performing loans |  | $68 - $94 |  | $67 - $93
Delinquent loans |  | $150 - $500 |  | $150 - $500
Loans in foreclosure |  | $1,000 - $4,000 |  | $1,000 - $4,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life |  | 2.29% |  | 2.57%
Primary/secondary mortgage rate spread |  | 105 bps |  | 105 bps

Changes in primary residential mortgage interest rates directly affect the prepayment speeds used in valuing our mortgage servicing rights. A separate third party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. The prepayment model is updated periodically for changes in market conditions and adjusted to better correlate with actual performance of BOK Financial’s servicing portfolio.
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(7) Commitments and Contingent Liabilities
Litigation Contingencies
On June 24, 2015, BOKF, NA received a complaint alleging that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures by waiving financial covenants, granting forbearances and accepting without disclosure to the bondholders, debt service payments from sources other than pledged revenues. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the Securities and Exchange Commission ("SEC"). On December 28, 2015, in an action brought by the SEC, the United States District Court for the District of New Jersey entered a judgment against the principals involved in issuing the bonds, precluding the principals from denying the alleged violations of the federal securities laws and requiring the principals to pay all outstanding principal, accrued interest, and other amounts required under the bond documents (now estimated to be approximately $40 million, less the value of the facilities securing repayment of the bonds), subject to oversight by a court appointed monitor. The obligation of the principal to pay all principal and interest on the bonds is non-dischargeable in bankruptcy. On September 7, 2016, BOKF, NA agreed, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and requiring BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty.
On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action on behalf of all holders of the bonds alleging BOKF, NA participated in the fraudulent sale of securities by the principals. On September 14, 2016, BOKF, NA was sued in the District Court of Tulsa County, Oklahoma by 19 bondholders alleging BOKF, NA participated in the fraudulent sale of securities by the principals. Two separate small groups of bondholders have filed arbitration complaints with the Financial Institutions Regulatory Association respecting the bonds and other bonds for which BOKF, NA served as indenture trustee. Management has been advised by counsel that BOKF, NA has valid defenses to the claims. The time by which the principal must perform the Court ordered payment plan currently expires on June 20, 2019. BOKF, NA expects the Court ordered payment plan to be continued from time to time until the principals complete the payment of the bonds, though there is no assurance that it will be. No loss is probable at this time and no provision for loss has been made. If the payment plan does not result in payment of the bonds, a loss could become probable. A reasonable estimate cannot be made at this time though the amount could be material to the Company.
On March 5, 2018, BOKF, NA was sued in the Fulton, Georgia County District Court by the administratrix of a deceased resident who had sued for and obtained a judgment for wrongful death against one of the operators of a nursing home financed by one of the bonds which are the subject of the litigation discussed above. The judgment is alleged to total approximately $8 million in principal and interest at this time. Plaintiff alleges that BOKF, in its capacity as indenture trustee for the bonds, colluded with the borrower and others to defraud creditors of the nursing home by misleading the public about the solvency of the nursing home. Plaintiff alleges that this conduct has prevented her from collecting on her judgment. BOKF, NA is advised by counsel that BOKF, NA has valid defenses to the plaintiffs’ claims and no loss is probable.
On March 14, 2017, BOKF, NA was sued in the United States District Court for the Northern District of Oklahoma by bondholders in a second putative class action representing a different set of municipal securities. The bondholders in this second action allege two individuals purchased facilities from the principals who are the subject of the SEC New Jersey proceedings by means of the fraudulent sale of $60 million of municipal securities for which BOKF, NA also served as indenture trustee. The bondholders allege BOKF, NA failed to disclose that the seller of the purchased facilities had engaged in the conduct complained of in the New Jersey action. BOKF, NA properly performed all duties as indenture trustee of this second set of municipal securities, timely commenced proceedings against the issuer of the securities when default occurred, is cooperating with the SEC in actions against the two principals, is not a target of the SEC proceedings, and has been advised by counsel that BOKF, NA has valid defenses to the claims of these bondholders. Management is advised by counsel that a loss is not probable and that the loss, if any, cannot be reasonably estimated.
On March 7, 2017, a plaintiff filed a putative class action in the United States District Court for the Northern District of Texas alleging an extended overdraft fee charged by BOKF, NA is interest and exceeds permitted rates. This action makes the same allegations as a putative class action that was dismissed by the United States District Court for the Northern District of Oklahoma on October 19, 2015. On August 22, 2018, a plaintiff filed a second putative class action in the United States District Court for New Mexico making the same allegations as the Texas action. On September 18, 2018, the District Court dismissed the Texas action. Management is advised by counsel that a loss is not probable in the New Mexico action or the Texas action and that the loss, if any, cannot be reasonably estimated.
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On July 6, 2018, a plaintiff served a petition in a putative class action in the Oklahoma District Court for Tulsa County Oklahoma alleging BOKF NA breached its Demand Deposit Agreements by charging overdraft and not sufficient funds fees to deposit accounts on the day of the transaction triggering the fee and by the bank's debit hold process causing overdraft fees. Management is advised by counsel that a loss is not probable and that the loss, if any, cannot be reasonably estimated.
In the ordinary course of business, BOK Financial and its subsidiaries are subject to legal actions and complaints. Management believes, based upon the opinion of counsel, that the actions and liability or loss, if any, resulting from the final outcomes of the proceedings, will not have a material effect on the Company’s financial condition, results of operations or cash flows.
Alternative Investment Commitments
The Company sponsors two private equity funds and invests in several tax credit entities and other funds as permitted by banking regulations. Consolidation of these investments is based on the variable interest model.
At March 31, 2019, the Company has $232 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. This investment balance also includes $67 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

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(8) Shareholders' Equity
On April 30, 2019, the Company declared a quarterly cash dividend of $0.50 per common share payable on or about May 28, 2019 to shareholders of record as of May 13, 2019.
Dividends declared were $0.50 per share during the three months ended March 31, 2019 and $0.45 per share during the three months ended March 31, 2018.
Accumulated Other Comprehensive Income (Loss)
AOCI includes unrealized gains and losses on available for sale ("AFS") securities and non-credit related unrealized losses on AFS securities for which an other-than-temporary impairment has been recorded in earnings. Unrealized losses on employee benefit plans will be reclassified into income as pension plan costs are recognized over the remaining service period of plan participants. Gains and losses in AOCI are net of deferred income taxes.
A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):

|  | Unrealized Gain (Loss) on |  |
|  | Available for Sale Securities |  | Employee Benefit Plans |  | Total
Balance, December 31, 2017 |  | $ | (35,385 | ) |  | $ | (789 | ) |  | $ | (36,174 | )
Transition adjustment for net unrealized gains on equity securities |  | (2,709 | ) |  | — |  |  | (2,709 | )
Net change in unrealized gain (loss) |  | (97,406 | ) |  | — |  |  | (97,406 | )
Reclassification adjustments included in earnings: |  |  |  |  |  |
Loss on available for sale securities, net |  | 290 |  |  | — |  |  | 290 |
Other comprehensive income (loss), before income taxes |  | (97,116 | ) |  | — |  |  | (97,116 | )
Federal and state income taxes 1 |  | (24,808 | ) |  | — |  |  | (24,808 | )
Other comprehensive income (loss), net of income taxes |  | (72,308 | ) |  | — |  |  | (72,308 | )
Balance, March 31, 2018 |  | $ | (110,402 | ) |  | $ | (789 | ) |  | $ | (111,191 | )
Balance, December 31, 2018 |  | $ | (70,999 | ) |  | $ | (1,586 | ) |  | $ | (72,585 | )
Net change in unrealized gain (loss) |  | 92,739 |  |  | — |  |  | 92,739 |
Reclassification adjustments included in earnings: |  |  |  |  |  |
Gain on available for sale securities, net |  | (76 | ) |  | — |  |  | (76 | )
Other comprehensive income (loss), before income taxes |  | 92,663 |  |  | — |  |  | 92,663 |
Federal and state income taxes 1 |  | 23,609 |  |  | — |  |  | 23,609 |
Other comprehensive income (loss), net of income taxes |  | 69,054 |  |  | — |  |  | 69,054 |
Balance, March 31, 2019 |  | $ | (1,945 | ) |  | $ | (1,586 | ) |  | $ | (3,531 | )

1 | Calculated using a 25 percent blended federal and state statutory tax rate.

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(9) Earnings Per Share

(In thousands, except share and per share amounts) |  | Three Months Ended March 31,
|  | 2019 |  | 2018
Numerator: |  |  |  |
Net income attributable to BOK Financial Corp. shareholders |  | $ | 110,612 |  |  | $ | 105,562 |
Less: Earnings allocated to participating securities |  | 828 |  |  | 1,022 |
Numerator for basic earnings per share – income available to common shareholders |  | 109,784 |  |  | 104,540 |
Effect of reallocating undistributed earnings of participating securities |  | — |  |  | — |
Numerator for diluted earnings per share – income available to common shareholders |  | $ | 109,784 |  |  | $ | 104,540 |
Denominator: |  |  |  |  |  |
Weighted average shares outstanding |  | $ | 71,926,041 |  |  | $ | 65,479,482 |
Less: Participating securities included in weighted average shares outstanding |  | 538,971 |  |  | 632,148 |
Denominator for basic earnings per common share |  | 71,387,070 |  |  | 64,847,334 |
Dilutive effect of employee stock compensation plans 1 |  | 17,318 |  |  | 40,699 |
Denominator for diluted earnings per common share |  | $ | 71,404,388 |  |  | $ | 64,888,033 |
Basic earnings per share |  | $ | 1.54 |  |  | $ | 1.61 |
Diluted earnings per share |  | $ | 1.54 |  |  | $ | 1.61 |
1 Excludes employee stock options with exercise prices greater than current market price. |  | — |  |  | — |

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(10) Reportable Segments
Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2019 is as follows (in thousands):

|  | Commercial |  | Consumer |  | Wealth Management |  | Funds Management and Other 1 |  | BOK Financial Consolidated
Net interest revenue from external sources |  | $ | 204,209 |  |  | $ | 21,595 |  |  | $ | 21,486 |  |  | $ | 30,812 |  |  | $ | 278,102 |
Net interest revenue (expense) from internal sources |  | (52,562 | ) |  | 29,507 |  |  | 6,770 |  |  | 16,285 |  |  | — |
Net interest revenue |  | 151,647 |  |  | 51,102 |  |  | 28,256 |  |  | 47,097 |  |  | 278,102 |
Provision for credit losses |  | 11,245 |  |  | 1,085 |  |  | (119 | ) |  | (4,211 | ) |  | 8,000 |
Net interest revenue after provision for credit losses |  | 140,402 |  |  | 50,017 |  |  | 28,375 |  |  | 51,308 |  |  | 270,102 |
Other operating revenue |  | 37,612 |  |  | 42,748 |  |  | 73,414 |  |  | 3,496 |  |  | 157,270 |
Other operating expense |  | 50,177 |  |  | 53,506 |  |  | 61,507 |  |  | 121,967 |  |  | 287,157 |
Net direct contribution |  | 127,837 |  |  | 39,259 |  |  | 40,282 |  |  | (67,163 | ) |  | 140,215 |
Gain (loss) on financial instruments, net |  | 18 |  |  | 14,097 |  |  | — |  |  | (14,115 | ) |  | — |
Change in fair value of mortgage servicing rights |  | — |  |  | (20,666 | ) |  | — |  |  | 20,666 |  |  | — |
Gain (loss) on repossessed assets, net |  | (346 | ) |  | 103 |  |  | — |  |  | 243 |  |  | — |
Corporate expense allocations |  | 10,148 |  |  | 11,883 |  |  | 8,360 |  |  | (30,391 | ) |  | — |
Net income before taxes |  | 117,361 |  |  | 20,910 |  |  | 31,922 |  |  | (29,978 | ) |  | 140,215 |
Federal and state income taxes |  | 31,218 |  |  | 5,326 |  |  | 8,203 |  |  | (14,797 | ) |  | 29,950 |
Net income |  | 86,143 |  |  | 15,584 |  |  | 23,719 |  |  | (15,181 | ) |  | 110,265 |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | (347 | ) |  | (347 | )
Net income attributable to BOK Financial Corp. shareholders |  | $ | 86,143 |  |  | $ | 15,584 |  |  | $ | 23,719 |  |  | $ | (14,834 | ) |  | $ | 110,612 |
Average assets |  | $ | 19,330,249 |  |  | $ | 8,371,683 |  |  | $ | 9,312,154 |  |  | $ | 2,658,595 |  |  | $ | 39,672,681 |

1 CoBiz operations are included in Funds Management and Other for the first quarter of 2019.

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2018 is as follows (in thousands):

|  | Commercial |  | Consumer |  | Wealth Management |  | Funds Management and Other |  | BOK Financial Consolidated
Net interest revenue from external sources |  | $ | 160,414 |  |  | $ | 21,753 |  |  | $ | 15,407 |  |  | $ | 22,162 |  |  | $ | 219,736 |
Net interest revenue (expense) from internal sources |  | (28,343 | ) |  | 15,224 |  |  | 9,932 |  |  | 3,187 |  |  | — |
Net interest revenue |  | 132,071 |  |  | 36,977 |  |  | 25,339 |  |  | 25,349 |  |  | 219,736 |
Provision for credit losses |  | 627 |  |  | 1,300 |  |  | (48 | ) |  | (6,879 | ) |  | (5,000 | )
Net interest revenue after provision for credit losses |  | 131,444 |  |  | 35,677 |  |  | 25,387 |  |  | 32,228 |  |  | 224,736 |
Other operating revenue |  | 39,676 |  |  | 44,947 |  |  | 74,766 |  |  | (3,400 | ) |  | 155,989 |
Other operating expense |  | 48,370 |  |  | 54,695 |  |  | 64,942 |  |  | 76,423 |  |  | 244,430 |
Net direct contribution |  | 122,750 |  |  | 25,929 |  |  | 35,211 |  |  | (47,595 | ) |  | 136,295 |
Gain (loss) on financial instruments, net |  | 7 |  |  | (23,262 | ) |  | — |  |  | 23,255 |  |  | — |
Change in fair value of mortgage servicing rights |  | — |  |  | 21,206 |  |  | — |  |  | (21,206 | ) |  | — |
Gain (loss) on repossessed assets, net |  | (4,166 | ) |  | (108 | ) |  | — |  |  | 4,274 |  |  | — |
Corporate expense allocations |  | 10,603 |  |  | 11,188 |  |  | 8,815 |  |  | (30,606 | ) |  | — |
Net income before taxes |  | 107,988 |  |  | 12,577 |  |  | 26,396 |  |  | (10,666 | ) |  | 136,295 |
Federal and state income taxes |  | 28,741 |  |  | 3,203 |  |  | 6,787 |  |  | (7,783 | ) |  | 30,948 |
Net income |  | 79,247 |  |  | 9,374 |  |  | 19,609 |  |  | (2,883 | ) |  | 105,347 |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | (215 | ) |  | (215 | )
Net income (loss) attributable to BOK Financial Corp. shareholders |  | $ | 79,247 |  |  | $ | 9,374 |  |  | $ | 19,609 |  |  | $ | (2,668 | ) |  | $ | 105,562 |
Average assets |  | $ | 17,793,820 |  |  | $ | 8,468,101 |  |  | $ | 8,095,794 |  |  | $ | (632,763 | ) |  | $ | 33,724,952 |

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(11) Fees and Commissions Revenue
Fees and commissions revenue is generated through the sales of products, consisting primarily of financial instruments, and the performance of services for customers under contractual obligations. Revenue from providing services for customers is recognized at the time services are provided in an amount that reflects the consideration we expect to be entitled to for those services. Revenue is recognized based on the application of five steps:

• | Identify the contract with a customer

• | Identify the performance obligations in the contract

• | Determine the transaction price

• | Allocate the transaction price to the performance obligations in the contract

• | Recognize revenue when (or as) the Company satisfies a performance obligation

For contracts with multiple performance obligations, individual performance obligations are accounted for separately if the customer can benefit from the good or service on its own or with other resources readily available to the customer and the promise to transfer goods and services to the customer is separately identifiable in the contract. The transaction price is allocated to the performance obligations based on relative standalone selling prices.
Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for products or services of others.
Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications. Insurance brokerage revenues represents fees and commissions earned on placement of insurance products with carriers for property and casualty and health coverage.
Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer’s transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes the Bank. Electronic funds transfer fees are recognized as electronic transactions processed on behalf of its members.
Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.
Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charge and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.
Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2019.

| Commercial |  | Consumer |  | Wealth Management |  | Funds Management & Other 3 |  | Consolidated |  | Out of Scope 1 |  | In Scope 2
Trading revenue | $ | — |  |  | $ | — |  |  | $ | 12,920 |  |  | $ | — |  |  | $ | 12,920 |  |  | $ | 12,920 |  |  | $ | — |
Customer hedging revenue | 1,575 |  |  | — |  |  | 5,728 |  |  | (626 | ) |  | 6,677 |  |  | 6,677 |  |  | — |
Retail brokerage revenue | — |  |  | — |  |  | 4,074 |  |  | (52 | ) |  | 4,022 |  |  | — |  |  | 4,022 |
Insurance brokerage revenue | — |  |  | — |  |  | 379 |  |  | 3,729 |  |  | 4,108 |  |  | — |  |  | 4,108 |
Investment banking revenue | 1,389 |  |  | — |  |  | 2,501 |  |  | — |  |  | 3,890 |  |  | 1,229 |  |  | 2,661 |
Brokerage and trading revenue | 2,964 |  |  | — |  |  | 25,602 |  |  | 3,051 |  |  | 31,617 |  |  | 20,826 |  |  | 10,791 |
TransFund EFT network revenue | 17,654 |  |  | 958 |  |  | (17 | ) |  | 1 |  |  | 18,596 |  |  | — |  |  | 18,596 |
Merchant services revenue | 1,925 |  |  | 14 |  |  | — |  |  | 123 |  |  | 2,062 |  |  | — |  |  | 2,062 |
Corporate card revenue | 80 |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | 80 |
Transaction card revenue | 19,659 |  |  | 972 |  |  | (17 | ) |  | 124 |  |  | 20,738 |  |  | — |  |  | 20,738 |
Personal trust revenue | — |  |  | — |  |  | 19,574 |  |  | — |  |  | 19,574 |  |  | — |  |  | 19,574 |
Corporate trust revenue | — |  |  | — |  |  | 6,201 |  |  | — |  |  | 6,201 |  |  | — |  |  | 6,201 |
Institutional trust & retirement plan services revenue | — |  |  | — |  |  | 11,107 |  |  | — |  |  | 11,107 |  |  | — |  |  | 11,107 |
Investment management services and other | — |  |  | — |  |  | 4,801 |  |  | 1,675 |  |  | 6,476 |  |  | — |  |  | 6,476 |
Fiduciary and asset management revenue | — |  |  | — |  |  | 41,683 |  |  | 1,675 |  |  | 43,358 |  |  | — |  |  | 43,358 |
Commercial account service charge revenue | 10,062 |  |  | 387 |  |  | 527 |  |  | 1,807 |  |  | 12,783 |  |  | — |  |  | 12,783 |
Overdraft fee revenue | 74 |  |  | 8,395 |  |  | 27 |  |  | (236 | ) |  | 8,260 |  |  | — |  |  | 8,260 |
Check card revenue | — |  |  | 4,992 |  |  | — |  |  | 164 |  |  | 5,156 |  |  | — |  |  | 5,156 |
Automated service charge and other deposit fee revenue | 158 |  |  | 1,665 |  |  | 177 |  |  | 44 |  |  | 2,044 |  |  | — |  |  | 2,044 |
Deposit service charges and fees | 10,294 |  |  | 15,439 |  |  | 731 |  |  | 1,779 |  |  | 28,243 |  |  | — |  |  | 28,243 |
Mortgage production revenue | — |  |  | 7,868 |  |  | — |  |  | — |  |  | 7,868 |  |  | 7,868 |  |  | — |
Mortgage servicing revenue | — |  |  | 16,445 |  |  | — |  |  | (479 | ) |  | 15,966 |  |  | 15,966 |  |  | — |
Mortgage banking revenue | — |  |  | 24,313 |  |  | — |  |  | (479 | ) |  | 23,834 |  |  | 23,834 |  |  | — |
Other revenue | 5,129 |  |  | 2,097 |  |  | 5,257 |  |  | 279 |  |  | 12,762 |  |  | 8,720 |  |  | 4,042 |
Total fees and commissions revenue | $ | 38,046 |  |  | $ | 42,821 |  |  | $ | 73,256 |  |  | $ | 6,429 |  |  | $ | 160,552 |  |  | $ | 53,380 |  |  | $ | 107,172 |

1 | Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2 | In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

3 | CoBiz operations are included in Funds Management and Other for the first quarter of 2019.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2018.

| Commercial |  | Consumer |  | Wealth Management |  | Funds Management & Other |  | Consolidated |  | Out of Scope 1 |  | In Scope 2
Trading revenue | $ | — |  |  | $ | — |  |  | $ | 10,394 |  |  | $ | — |  |  | $ | 10,394 |  |  | $ | 10,394 |  |  | $ | — |
Customer hedging revenue | 2,022 |  |  | — |  |  | 6,965 |  |  | 1,920 |  |  | 10,907 |  |  | 10,907 |  |  | — |
Retail brokerage revenue | — |  |  | — |  |  | 4,697 |  |  | (98 | ) |  | 4,599 |  |  | — |  |  | 4,599 |
Insurance brokerage revenue | — |  |  | — |  |  | 155 |  |  | — |  |  | 155 |  |  | — |  |  | 155 |
Investment banking revenue | 1,061 |  |  | — |  |  | 3,532 |  |  | — |  |  | 4,593 |  |  | 1,061 |  |  | 3,532 |
Brokerage and trading revenue | 3,083 |  |  | — |  |  | 25,743 |  |  | 1,822 |  |  | 30,648 |  |  | 22,362 |  |  | 8,286 |
TransFund EFT network revenue | 18,202 |  |  | 987 |  |  | (19 | ) |  | 1 |  |  | 19,171 |  |  | — |  |  | 19,171 |
Merchant services revenue | 1,804 |  |  | 15 |  |  | — |  |  | — |  |  | 1,819 |  |  | — |  |  | 1,819 |
Corporate card revenue | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transaction card revenue | 20,006 |  |  | 1,002 |  |  | (19 | ) |  | 1 |  |  | 20,990 |  |  | — |  |  | 20,990 |
Personal trust revenue | — |  |  | — |  |  | 20,100 |  |  | — |  |  | 20,100 |  |  | — |  |  | 20,100 |
Corporate trust revenue | — |  |  | — |  |  | 5,641 |  |  | — |  |  | 5,641 |  |  | — |  |  | 5,641 |
Institutional trust & retirement plan services revenue | — |  |  | — |  |  | 11,450 |  |  | — |  |  | 11,450 |  |  | — |  |  | 11,450 |
Investment management services and other | — |  |  | — |  |  | 4,689 |  |  | (48 | ) |  | 4,641 |  |  | — |  |  | 4,641 |
Fiduciary and asset management revenue | — |  |  | — |  |  | 41,880 |  |  | (48 | ) |  | 41,832 |  |  | — |  |  | 41,832 |
Commercial account service charge revenue | 10,944 |  |  | 359 |  |  | 605 |  |  | — |  |  | 11,908 |  |  | — |  |  | 11,908 |
Overdraft fee revenue | 90 |  |  | 8,484 |  |  | 34 |  |  | 4 |  |  | 8,612 |  |  | — |  |  | 8,612 |
Check card revenue | — |  |  | 4,918 |  |  | — |  |  | — |  |  | 4,918 |  |  | — |  |  | 4,918 |
Automated service charge and other deposit fee revenue | 37 |  |  | 1,659 |  |  | 26 |  |  | 1 |  |  | 1,723 |  |  | — |  |  | 1,723 |
Deposit service charges and fees | 11,071 |  |  | 15,420 |  |  | 665 |  |  | 5 |  |  | 27,161 |  |  | — |  |  | 27,161 |
Mortgage production revenue | — |  |  | 9,452 |  |  | — |  |  | — |  |  | 9,452 |  |  | 9,452 |  |  | — |
Mortgage servicing revenue | — |  |  | 17,027 |  |  | — |  |  | (454 | ) |  | 16,573 |  |  | 16,573 |  |  | — |
Mortgage banking revenue | — |  |  | 26,479 |  |  | — |  |  | (454 | ) |  | 26,025 |  |  | 26,025 |  |  | — |
Other revenue | 5,857 |  |  | 2,062 |  |  | 6,538 |  |  | (1,499 | ) |  | 12,958 |  |  | 8,984 |  |  | 3,974 |
Total fees and commissions revenue | $ | 40,017 |  |  | $ | 44,963 |  |  | $ | 74,807 |  |  | $ | (173 | ) |  | $ | 159,614 |  |  | $ | 57,371 |  |  | $ | 102,243 |

1 | Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2 | In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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(12) Federal and State Income Taxes
The Tax Cuts and Jobs Act (the "Tax Reform Act") enacted on December 22, 2017, reduced the federal corporate income tax rate from 35% to 21% beginning January 1, 2018. We completed our accounting during 2018 for uncertainties that resulted from the Tax Reform Act. Adjustments to provisional amounts related to the Tax Reform Act were recognized during 2018.
The reconciliation of income attributable to continuing operations at the U.S. federal statutory tax rate to income tax expense are as follows (in thousands):

| Three Months Ended March 31,
| 2019 |  | 2018
Amount: |  |  |
Federal statutory tax | $ | 29,445 |  |  | $ | 28,622 |
Tax exempt revenue | (2,757 | ) |  | (1,812 | )
Effect of state income taxes, net of federal benefit | 3,851 |  |  | 3,657 |
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments | (1,608 | ) |  | (1,458 | )
Share-based compensation | (529 | ) |  | (1,620 | )
Implementation of Tax Reform Act | — |  |  | 1,895 |
Other, net | 1,548 |  |  | 1,664 |
Total income tax expense | $ | 29,950 |  |  | $ | 30,948 |

| Three Months Ended March 31,
| 2019 |  | 2018
Percent of pretax income: |  |  |
Federal statutory tax | 21.0 | % |  | 21.0 | %
Tax exempt revenue | (2.0 | ) |  | (1.3 | )
Effect of state income taxes, net of federal benefit | 2.7 |  |  | 2.7 |
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments | (1.1 | ) |  | (1.1 | )
Share-based compensation | (0.4 | ) |  | (1.2 | )
Implementation of Tax Reform Act | — |  |  | 1.4 |
Other, net | 1.2 |  |  | 1.2 |
Total | 21.4 | % |  | 22.7 | %

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(13) Fair Value Measurements
Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Company’s financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.
For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows:
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.
Significant Other Observable Inputs (Level 2) - Fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and is based on one or more of the following:

• | Quoted prices for similar, but not identical, assets or liabilities in active markets;

• | Quoted prices for identical or similar assets or liabilities in inactive markets;

• | Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates;

• | Other inputs derived from or corroborated by observable market inputs.

Significant Unobservable Inputs (Level 3) - Fair value is based upon model-based valuation techniques for which at least one significant assumption is not observable in the market.
Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three months ended March 31, 2019 and 2018, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three months ended March 31, 2019 and 2018 are included in the summary of changes in recurring fair values measured using unobservable inputs.
The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at March 31, 2019 or December 31, 2018.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
The fair value of financial assets and liabilities measured on a recurring basis was as follows as of March 31, 2019 (in thousands):

|  | Total |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |  |
U.S. government agency debentures |  | $ | 51,576 |  |  | $ | — |  |  | $ | 51,576 |  |  | $ | — |
U.S. government agency residential mortgage-backed securities |  | 1,952,742 |  |  | — |  |  | 1,952,742 |  |  | — |
Municipal and other tax-exempt securities |  | 50,637 |  |  | — |  |  | 50,637 |  |  | — |
Asset-backed securities |  | 40,890 |  |  | — |  |  | 40,890 |  |  | — |
Other trading securities |  | 44,481 |  |  | — |  |  | 44,481 |  |  | — |
Total trading securities |  | 2,140,326 |  |  | — |  |  | 2,140,326 |  |  | — |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 1,878 |  |  | 1,878 |  |  | — |  |  | — |
Municipal and other tax-exempt securities |  | 2,447 |  |  | — |  |  | 2,447 |  |  | — |
Residential agency mortgage-backed securities |  | 6,040,086 |  |  | — |  |  | 6,040,086 |  |  | — |
Residential non-agency mortgage-backed securities |  | 47,958 |  |  | — |  |  | 47,958 |  |  | — |
Commercial agency mortgage-backed securities |  | 2,932,357 |  |  | — |  |  | 2,932,357 |  |  | — |
Other debt securities |  | 472 |  |  | — |  |  | — |  |  | 472 |
Total available for sale securities |  | 9,025,198 |  |  | 1,878 |  |  | 9,022,848 |  |  | 472 |
Fair value option securities – U.S. government agency residential mortgage-backed securities |  | 707,994 |  |  | — |  |  | 707,994 |  |  | — |
Residential mortgage loans held for sale |  | 160,157 |  |  | — |  |  | 144,381 |  |  | 15,776 |
Mortgage servicing rights 1 |  | 238,193 |  |  | — |  |  | — |  |  | 238,193 |
Derivative contracts, net of cash collateral 2 |  | 359,223 |  |  | 4,720 |  |  | 354,503 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative contracts, net of cash collateral 2 |  | 299,698 |  |  | — |  |  | 299,698 |  |  | — |

1 | A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 6, Mortgage Banking Activities.

2 | See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate and agricultural derivative contacts, net of cash margin. Derivative contacts in liability positions that were valued using quoted prices in active markets for identical instruments are exchange-traded interest rate and energy derivative contracts, fully offset by cash margin.

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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2018 (in thousands):

|  | Total |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |  |
U.S. government agency debentures |  | $ | 63,765 |  |  | $ | — |  |  | $ | 63,765 |  |  | $ | — |
U.S. government agency residential mortgage-backed securities |  | 1,791,584 |  |  | — |  |  | 1,791,584 |  |  | — |
Municipal and other tax-exempt securities |  | 34,507 |  |  | — |  |  | 34,507 |  |  | — |
Asset-backed securities |  | 42,656 |  |  | — |  |  | 42,656 |  |  | — |
Other trading securities |  | 24,411 |  |  | — |  |  | 24,411 |  |  | — |
Total trading securities |  | 1,956,923 |  |  | — |  |  | 1,956,923 |  |  | — |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 493 |  |  | 493 |  |  | — |  |  | — |
Municipal and other tax-exempt securities |  | 2,864 |  |  | — |  |  | 2,864 |  |  | — |
Residential agency mortgage-backed securities |  | 5,804,708 |  |  | — |  |  | 5,804,708 |  |  | — |
Residential non-agency mortgage-backed securities |  | 59,736 |  |  | — |  |  | 59,736 |  |  | — |
Commercial agency mortgage-backed securities |  | 2,953,889 |  |  | — |  |  | 2,953,889 |  |  | — |
Other debt securities |  | 35,430 |  |  | — |  |  | 34,958 |  |  | 472 |
Total available for sale securities |  | 8,857,120 |  |  | 493 |  |  | 8,856,155 |  |  | 472 |
Fair value option securities – U.S. government agency residential mortgage-backed securities |  | 283,235 |  |  | — |  |  | 283,235 |  |  | — |
Residential mortgage loans held for sale |  | 149,221 |  |  | — |  |  | 134,014 |  |  | 15,207 |
Mortgage servicing rights 1 |  | 259,254 |  |  | — |  |  | — |  |  | 259,254 |
Derivative contracts, net of cash collateral 2 |  | 320,929 |  |  | 44,074 |  |  | 276,855 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative contracts, net of cash collateral 2 |  | 362,306 |  |  | — |  |  | 362,306 |  |  | — |

1 | A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 6, Mortgage Banking Activities.

2 | See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate, energy and agricultural derivative contacts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate contracts, fully offset by cash margin.

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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:
Securities
The fair values of trading, available for sale and fair value option securities are based on quoted prices for identical instruments in active markets, when available. If quoted prices for identical instruments are not available, fair values are based on significant other observable inputs such as quoted prices of comparable instruments or interest rates and credit spreads, yield curves, volatilities, prepayment speeds and loss severities.
The fair value of certain available for sale municipal and other debt securities may be based on significant unobservable inputs. These significant unobservable inputs include limited observed trades, projected cash flows, current credit rating of the issuers and, when applicable, the insurers of the debt and observed trades of similar debt. Discount rates are primarily based on references to interest rate spreads on comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar securities. A summary of significant inputs used to value these securities follows. A management committee composed of senior members from the Company's Capital Markets, Risk Management and Finance departments assesses the appropriateness of these inputs quarterly.
Derivatives
All derivative instruments are carried on the balance sheet at fair value. Fair values for exchange-traded contracts are based on quoted prices. Fair values for over-the-counter interest rate, commodity and foreign exchange contracts are based on valuations provided either by third-party dealers in the contracts, quotes provided by independent pricing services, or a third-party provided pricing model that uses significant other observable market inputs.
Credit risk is considered in determining the fair value of derivative instruments. Management determines fair value adjustments based on various risk factors including but not limited to current fair value, probability of default and loss given default.
We also consider our own credit risk in determining the fair value of derivative contracts. Changes in our credit rating would affect the fair value of our derivative liabilities. In the event of a credit downgrade, the fair value of our derivative liabilities would increase.
Residential Mortgage Loans Held for Sale
Residential mortgage loans held for sale are carried on the balance sheet at fair value. The fair values of residential mortgage loans held for sale are based upon quoted market prices of such loans sold in securitization transactions, including related unfunded loan commitments and forward sales contracts. The fair value of mortgage loans that were unable to be sold to U.S. government agencies were determined using quoted prices of loans that are sold in securitization transactions with a liquidity discount applied.
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The following represents the changes for the three months ended March 31, 2019 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):

|  | Available for Sale Securities |  |
|  | Municipal and other tax-exempt securities |  | Other debt securities |  | Residential mortgage loans held for sale
Balance, December 31, 2018 |  | $ | — |  |  | $ | 472 |  |  | $ | 15,207 |
Transfer to Level 3 from Level 2 1 |  | — |  |  | — |  |  | 982 |
Purchases |  | — |  |  | — |  |  | — |
Proceeds from sales |  | — |  |  | — |  |  | (381 | )
Redemptions and distributions |  | — |  |  | — |  |  | — |
Gain (loss) recognized in earnings: |  |  |  |  |  |
Mortgage banking revenue |  | — |  |  | — |  |  | (32 | )
Other comprehensive income (loss): |  |  |  |  |  |
Net change in unrealized gain (loss) |  | — |  |  | — |  |  | — |
Balance, March 31, 2019 |  | $ | — |  |  | $ | 472 |  |  | $ | 15,776 |

1 | Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.

The following represents the changes for the three months ended March 31, 2018 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):

|  | Available for Sale Securities |  |
|  | Municipal and other tax-exempt securities |  | Other debt securities |  | Residential mortgage loans held for sale
Balance, December 31, 2017 |  | $ | 4,802 |  |  | $ | 472 |  |  | $ | 12,299 |
Transfer to Level 3 from Level 2 1 |  | — |  |  | — |  |  | 2,156 |
Purchases |  | — |  |  | — |  |  | — |
Proceeds from sales |  | — |  |  | — |  |  | (324 | )
Redemptions and distributions |  | (3,045 | ) |  | — |  |  | — |
Gain (loss) recognized in earnings: |  |  |  |  |  |
Mortgage banking revenue |  | — |  |  | — |  |  | (260 | )
Other comprehensive income (loss): |  |  |  |  |  |
Net change in unrealized gain (loss) |  | 134 |  |  | — |  |  | — |
Balance, March 31, 2018 |  | $ | 1,891 |  |  | $ | 472 |  |  | $ | 13,871 |

1 | Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.

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A summary of quantitative information about assets measured at fair value on a recurring basis using Significant Unobservable Inputs (Level 3) as of March 31, 2019 follows (in thousands):

|  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) |
Available for sale securities – Other debt securities |  | 472 |  |  | Discounted cash flows | 1 | Interest rate spread |  | 6.83%-6.83% (6.83%) | 3
94.39%-94.39% (94.39%) | 2
Residential mortgage loans held for sale |  | 15,766 |  |  | Quoted prices of loans sold in securitization transactions, with a liquidity discount applied |  | Liquidity discount applied to the market value of mortgage loans qualifying for sale to U.S. government agencies. |  | 92.40% |

1 | Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.

2 | Represents fair value as a percentage of par value.

3 | Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 3 percent.

A summary of quantitative information about assets measured at fair value on a recurring basis using Significant Unobservable Inputs (Level 3) as of December 31, 2018 follows (in thousands):

|  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) |
Available for sale securities – Other debt securities |  | 472 |  |  | Discounted cash flows | 1 | Interest rate spread |  | 7.88%-7.88% (7.88%) | 3
94.44%-94.44% (94.44%) | 2
Residential mortgage loans held for sale |  | 15,207 |  |  | Quoted prices of loans sold in securitization transactions, with a liquidity discount applied |  | Liquidity discount applied to the market value of mortgage loans qualifying for sale to U.S. government agencies. |  | 92.38% |

1 | Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume

2 | Represents fair value as a percentage of par value.

3 | Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 3 percent.

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Fair Value of Assets and Liabilities Measured on a Non-Recurring Basis
Assets measured at fair value on a non-recurring basis include collateral for certain impaired loans and real property and other assets acquired to satisfy loans, which are based primarily on comparisons to completed sales of similar assets.
The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2019 for which the fair value was adjusted during the three months ended March 31, 2019:

|  |  |  |  |  |  | Fair Value Adjustments for the
| Carrying Value at March 31, 2019 |  | Three Months Ended March 31, 2019 Recognized in:
| Quoted Prices in Active Markets for Identical Instruments |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Gross charge-offs against allowance for loan losses |  | Net losses and expenses of repossessed assets, net
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 9,712 |  |  | $ | 9,581 |  |  | $ | — |
Real estate and other repossessed assets | — |  |  | 2,688 |  |  | 144 |  |  | — |  |  | 434 |

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2018 for which the fair value was adjusted during the three months ended March 31, 2018:

|  |  |  |  |  |  | Fair Value Adjustments for the
| Carrying Value at March 31, 2018 |  | Three Months Ended March 31, 2018 Recognized in:
| Quoted Prices in Active Markets for Identical Instruments |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  | Gross charge-offs against allowance for loan losses |  | Net losses and expenses of repossessed assets, net
Impaired loans | $ | — |  |  | $ | 32 |  |  | $ | 410 |  |  | $ | 497 |  |  | $ | — |
Real estate and other repossessed assets | — |  |  | 863 |  |  | 7,094 |  |  | — |  |  | 5,192 |

The fair value of collateral-dependent impaired loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent impaired loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.
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A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2019 follows (in thousands):

|  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average)
Impaired loans |  | $ | 9,712 |  |  | Discounted cash flows |  | Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs |  | 14% - 74% (31%)1
Real estate and other repossessed assets |  | 144 |  |  | Appraised value, as adjusted |  | Marketability adjustments off appraised value 2 |  | 75% - 85% (79%)

1 | Represents fair value as a percentage of the unpaid principal balance.

2 | Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2018 follows (in thousands):

|  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average)
Impaired loans |  | $ | 17,401 |  |  | Discounted cash flows |  | Management knowledge of industry and non-real estate collateral including but not limited to recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs |  | 35% - 80% (50%)1
Real estate and other repossessed assets |  | 6,366 |  |  | Discounted cash flows |  | Recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs |  | N/A

1 | Represents fair value as a percentage of the unpaid principal balance.

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Fair Value of Financial Instruments
The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of March 31, 2019 (dollars in thousands):

|  | Carrying Value |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and due from banks |  | $ | 718,297 |  |  | $ | 718,297 |  |  | $ | 718,297 |  |  | $ | — |  |  | $ | — |
Interest-bearing cash and cash equivalents |  | 564,404 |  |  | 564,404 |  |  | 564,404 |  |  | — |  |  | — |
Trading securities: |  |  |  |  |  |  |  |  |  |
U.S. government agency debentures |  | 51,576 |  |  | 51,576 |  |  | — |  |  | 51,576 |  |  | — |
U.S. government agency residential mortgage-backed securities |  | 1,952,742 |  |  | 1,952,742 |  |  | — |  |  | 1,952,742 |  |  | — |
Municipal and other tax-exempt securities |  | 50,637 |  |  | 50,637 |  |  | — |  |  | 50,637 |  |  | — |
Asset-backed securities |  | 40,890 |  |  | 40,890 |  |  | — |  |  | 40,890 |  |  | — |
Other trading securities |  | 44,481 |  |  | 44,481 |  |  | — |  |  | 44,481 |  |  | — |
Total trading securities |  | 2,140,326 |  |  | 2,140,326 |  |  | — |  |  | 2,140,326 |  |  | — |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal and other tax-exempt securities |  | 126,544 |  |  | 129,072 |  |  | — |  |  | 129,072 |  |  | — |
U.S. government agency residential mortgage-backed securities |  | 12,106 |  |  | 12,388 |  |  | — |  |  | 12,388 |  |  | — |
Other debt securities |  | 192,816 |  |  | 207,028 |  |  | — |  |  | 8,209 |  |  | 198,819 |
Total investment securities |  | 331,466 |  |  | 348,488 |  |  | — |  |  | 149,669 |  |  | 198,819 |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 1,878 |  |  | 1,878 |  |  | 1,878 |  |  | — |  |  | — |
Municipal and other tax-exempt securities |  | 2,447 |  |  | 2,447 |  |  | — |  |  | 2,447 |  |  | — |
Residential agency mortgage-backed securities |  | 6,040,086 |  |  | 6,040,086 |  |  | — |  |  | 6,040,086 |  |  | — |
Residential non-agency mortgage-backed securities |  | 47,958 |  |  | 47,958 |  |  | — |  |  | 47,958 |  |  | — |
Commercial agency mortgage-backed securities |  | 2,932,357 |  |  | 2,932,357 |  |  | — |  |  | 2,932,357 |  |  | — |
Other debt securities |  | 472 |  |  | 472 |  |  | — |  |  | — |  |  | 472 |
Total available for sale securities |  | 9,025,198 |  |  | 9,025,198 |  |  | 1,878 |  |  | 9,022,848 |  |  | 472 |
Fair value option securities – U.S. government agency residential mortgage-backed securities |  | 707,994 |  |  | 707,994 |  |  | — |  |  | 707,994 |  |  | — |
Residential mortgage loans held for sale |  | 160,157 |  |  | 160,157 |  |  | — |  |  | 144,381 |  |  | 15,776 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 13,961,975 |  |  | 13,886,769 |  |  | — |  |  | — |  |  | 13,886,769 |
Commercial real estate |  | 4,600,651 |  |  | 4,589,189 |  |  | — |  |  | — |  |  | 4,589,189 |
Residential mortgage |  | 2,192,620 |  |  | 2,196,914 |  |  | — |  |  | — |  |  | 2,196,914 |
Personal |  | 1,003,734 |  |  | 1,001,193 |  |  | — |  |  | — |  |  | 1,001,193 |
Total loans |  | 21,758,980 |  |  | 21,674,065 |  |  | — |  |  | — |  |  | 21,674,065 |
Allowance for loan losses |  | (205,340 | ) |  | — |  |  | — |  |  | — |  |  | — |
Loans, net of allowance |  | 21,553,640 |  |  | 21,674,065 |  |  | — |  |  | — |  |  | 21,674,065 |
Mortgage servicing rights |  | 238,193 |  |  | 238,193 |  |  | — |  |  | — |  |  | 238,193 |
Derivative instruments with positive fair value, net of cash collateral |  | 359,223 |  |  | 359,223 |  |  | 4,720 |  |  | 354,503 |  |  | — |
Deposits with no stated maturity |  | 23,133,413 |  |  | 23,133,413 |  |  | — |  |  | — |  |  | 23,133,413 |
Time deposits |  | 2,198,389 |  |  | 2,181,872 |  |  | — |  |  | — |  |  | 2,181,872 |
Other borrowed funds |  | 8,780,766 |  |  | 8,750,845 |  |  | — |  |  | — |  |  | 8,750,845 |
Subordinated debentures |  | 275,880 |  |  | 273,656 |  |  | — |  |  | 273,656 |  |  | — |
Derivative instruments with negative fair value, net of cash collateral |  | 299,698 |  |  | 299,698 |  |  | — |  |  | 299,698 |  |  | — |

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of December 31, 2018 (dollars in thousands):

|  | Carrying Value |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and due from banks |  | $ | 741,749 |  |  | $ | 741,749 |  |  | $ | 741,749 |  |  | $ | — |  |  | $ | — |
Interest-bearing cash and cash equivalents |  | 401,675 |  |  | 401,675 |  |  | 401,675 |  |  | — |  |  | — |
Trading securities: |  |  |  |  |  |  |  |  |  |
U.S. government agency debentures |  | 63,765 |  |  | 63,765 |  |  | — |  |  | 63,765 |  |  | — |
U.S. government agency residential mortgage-backed securities |  | 1,791,584 |  |  | 1,791,584 |  |  | — |  |  | 1,791,584 |  |  | — |
Municipal and other tax-exempt securities |  | 34,507 |  |  | 34,507 |  |  | — |  |  | 34,507 |  |  | — |
Asset-backed securities |  | 42,656 |  |  | 42,656 |  |  | — |  |  | 42,656 |  |  | — |
Other trading securities |  | 24,411 |  |  | 24,411 |  |  | — |  |  | 24,411 |  |  | — |
Total trading securities |  | 1,956,923 |  |  | 1,956,923 |  |  | — |  |  | 1,956,923 |  |  | — |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal and other tax-exempt securities |  | 137,296 |  |  | 138,562 |  |  | — |  |  | 138,562 |  |  | — |
U.S. government agency residential mortgage-backed securities |  | 12,612 |  |  | 12,770 |  |  | — |  |  | 12,770 |  |  | — |
Other debt securities |  | 205,279 |  |  | 215,966 |  |  | — |  |  | 7,905 |  |  | 208,061 |
Total investment securities |  | 355,187 |  |  | 367,298 |  |  | — |  |  | 159,237 |  |  | 208,061 |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 493 |  |  | 493 |  |  | 493 |  |  | — |  |  | — |
Municipal and other tax-exempt securities |  | 2,864 |  |  | 2,864 |  |  | — |  |  | 2,864 |  |  | — |
Residential agency mortgage-backed securities |  | 5,804,708 |  |  | 5,804,708 |  |  | — |  |  | 5,804,708 |  |  | — |
Residential non-agency mortgage-backed securities |  | 59,736 |  |  | 59,736 |  |  | — |  |  | 59,736 |  |  | — |
Commercial agency mortgage-backed securities |  | 2,953,889 |  |  | 2,953,889 |  |  | — |  |  | 2,953,889 |  |  | — |
Other debt securities |  | 35,430 |  |  | 35,430 |  |  | — |  |  | 34,958 |  |  | 472 |
Total available for sale securities |  | 8,857,120 |  |  | 8,857,120 |  |  | 493 |  |  | 8,856,155 |  |  | 472 |
Fair value option securities – U.S. government agency residential mortgage-backed securities |  | 283,235 |  |  | 283,235 |  |  | — |  |  | 283,235 |  |  | — |
Residential mortgage loans held for sale |  | 149,221 |  |  | 149,221 |  |  | — |  |  | 134,014 |  |  | 15,207 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 13,636,078 |  |  | 13,526,162 |  |  | — |  |  | — |  |  | 13,526,162 |
Commercial real estate |  | 4,764,813 |  |  | 4,713,747 |  |  | — |  |  | — |  |  | 4,713,747 |
Residential mortgage |  | 2,230,033 |  |  | 2,213,951 |  |  | — |  |  | — |  |  | 2,213,951 |
Personal |  | 1,025,806 |  |  | 1,024,368 |  |  | — |  |  | — |  |  | 1,024,368 |
Total loans |  | 21,656,730 |  |  | 21,478,228 |  |  | — |  |  | — |  |  | 21,478,228 |
Allowance for loan losses |  | (207,457 | ) |  | — |  |  | — |  |  | — |  |  | — |
Loans, net of allowance |  | 21,449,273 |  |  | 21,478,228 |  |  | — |  |  | — |  |  | 21,478,228 |
Mortgage servicing rights |  | 259,254 |  |  | 259,254 |  |  | — |  |  | — |  |  | 259,254 |
Derivative instruments with positive fair value, net of cash collateral |  | 320,929 |  |  | 320,929 |  |  | 44,074 |  |  | 276,855 |  |  | — |
Deposits with no stated maturity |  | 23,150,383 |  |  | 23,150,383 |  |  | — |  |  | — |  |  | 23,150,383 |
Time deposits |  | 2,113,380 |  |  | 2,073,538 |  |  | — |  |  | — |  |  | 2,073,538 |
Other borrowed funds |  | 7,142,801 |  |  | 7,071,953 |  |  | — |  |  | — |  |  | 7,071,953 |
Subordinated debentures |  | 275,913 |  |  | 261,977 |  |  | — |  |  | 261,977 |  |  | — |
Derivative instruments with negative fair value, net of cash collateral |  | 362,306 |  |  | 362,306 |  |  | — |  |  | 362,306 |  |  | — |

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.
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Fair Value Election
The Company has elected to carry all residential mortgage-backed securities guaranteed by U.S. government agencies held as economic hedges against changes in the fair value of mortgage servicing rights and all residential mortgage loans originated for sale at fair value. Changes in the fair value of these financial instruments are recognized in earnings.
(14) Subsequent Events
The Company evaluated events from the date of the consolidated financial statements on March 31, 2019 through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.
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Quarterly Financial Summary – Unaudited Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands, Except Per Share Data) |  | Three Months Ended
|  | March 31, 2019 |  | December 31, 2018
|  | Average Balance |  | Revenue/ Expense |  | Yield/ Rate |  | Average Balance |  | Revenue/ Expense |  | Yield/ Rate
Assets |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing cash and cash equivalents |  | $ | 537,903 |  |  | $ | 3,397 |  |  | 2.56 | % |  | $ | 563,132 |  |  | $ | 3,170 |  |  | 2.23 | %
Trading securities |  | 1,968,399 |  |  | 18,790 |  |  | 3.88 | % |  | 1,929,601 |  |  | 19,636 |  |  | 4.10 | %
Investment securities |  | 343,282 |  |  | 4,481 |  |  | 5.22 | % |  | 364,737 |  |  | 3,887 |  |  | 4.26 | %
Available for sale securities |  | 8,883,054 |  |  | 56,881 |  |  | 2.57 | % |  | 8,704,963 |  |  | 55,085 |  |  | 2.51 | %
Fair value option securities |  | 594,349 |  |  | 5,237 |  |  | 3.62 | % |  | 277,575 |  |  | 2,578 |  |  | 3.56 | %
Restricted equity securities |  | 395,432 |  |  | 6,345 |  |  | 6.42 | % |  | 362,729 |  |  | 5,798 |  |  | 6.39 | %
Residential mortgage loans held for sale |  | 145,040 |  |  | 1,663 |  |  | 4.58 | % |  | 179,553 |  |  | 1,795 |  |  | 4.00 | %
Loans |  | 21,766,065 |  |  | 282,428 |  |  | 5.26 | % |  | 21,579,331 |  |  | 276,711 |  |  | 5.09 | %
Allowance for loan losses |  | (206,092 | ) |  |  |  |  |  | (209,613 | ) |  |  |  |
Loans, net of allowance |  | 21,559,973 |  |  | 282,428 |  |  | 5.31 | % |  | 21,369,718 |  |  | 276,711 |  |  | 5.14 | %
Total earning assets |  | 34,427,432 |  |  | 379,222 |  |  | 4.46 | % |  | 33,752,008 |  |  | 368,660 |  |  | 4.33 | %
Receivable on unsettled securities sales |  | 1,224,700 |  |  |  |  |  |  | 799,548 |  |  |  |  |
Cash and other assets |  | 4,020,549 |  |  |  |  |  |  | 3,834,187 |  |  |  |  |
Total assets |  | $ | 39,672,681 |  |  |  |  |  |  | $ | 38,385,743 |  |  |  |  |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction |  | $ | 11,931,539 |  |  | $ | 27,704 |  |  | 0.94 | % |  | $ | 11,773,651 |  |  | $ | 23,343 |  |  | 0.79 | %
Savings |  | 541,575 |  |  | 160 |  |  | 0.12 | % |  | 526,275 |  |  | 148 |  |  | 0.11 | %
Time |  | 2,153,277 |  |  | 9,553 |  |  | 1.80 | % |  | 2,146,786 |  |  | 8,309 |  |  | 1.54 | %
Total interest-bearing deposits |  | 14,626,391 |  |  | 37,417 |  |  | 1.04 | % |  | 14,446,712 |  |  | 31,800 |  |  | 0.87 | %
Funds purchased and repurchase agreements |  | 2,033,036 |  |  | 10,356 |  |  | 2.07 | % |  | 1,205,568 |  |  | 4,135 |  |  | 1.36 | %
Other borrowings |  | 7,040,279 |  |  | 46,454 |  |  | 2.68 | % |  | 6,361,141 |  |  | 40,220 |  |  | 2.51 | %
Subordinated debentures |  | 275,882 |  |  | 3,745 |  |  | 5.51 | % |  | 276,378 |  |  | 3,752 |  |  | 5.38 | %
Total interest-bearing liabilities |  | 23,975,588 |  |  | 97,972 |  |  | 1.66 | % |  | 22,289,799 |  |  | 79,907 |  |  | 1.42 | %
Non-interest bearing demand deposits |  | 9,988,088 |  |  |  |  |  |  | 10,648,683 |  |  |  |  |
Due on unsettled securities purchases |  | 453,937 |  |  |  |  |  |  | 493,887 |  |  |  |  |
Other liabilities |  | 775,574 |  |  |  |  |  |  | 610,286 |  |  |  |  |
Total equity |  | 4,479,494 |  |  |  |  |  |  | 4,343,088 |  |  |  |  |
Total liabilities and equity |  | $ | 39,672,681 |  |  |  |  |  |  | $ | 38,385,743 |  |  |  |  |
Tax-equivalent Net Interest Revenue |  |  |  | $ | 281,250 |  |  | 2.80 | % |  |  |  | $ | 288,753 |  |  | 2.91 | %
Tax-equivalent Net Interest Revenue to Earning Assets |  |  |  |  |  | 3.30 | % |  |  |  |  |  | 3.40 | %
Less tax-equivalent adjustment |  |  |  | 3,148 |  |  |  |  |  |  | 3,067 |  |  |
Net Interest Revenue |  |  |  | 278,102 |  |  |  |  |  |  | 285,686 |  |  |
Provision for credit losses |  |  |  | 8,000 |  |  |  |  |  |  | 9,000 |  |  |
Other operating revenue |  |  |  | 157,270 |  |  |  |  |  |  | 136,455 |  |  |
Other operating expense |  |  |  | 287,157 |  |  |  |  |  |  | 284,643 |  |  |
Income before taxes |  |  |  | 140,215 |  |  |  |  |  |  | 128,498 |  |  |
Federal and state income taxes |  |  |  | 29,950 |  |  |  |  |  |  | 20,121 |  |  |
Net income |  |  |  | 110,265 |  |  |  |  |  |  | 108,377 |  |  |
Net income (loss) attributable to non-controlling interests |  |  |  | (347 | ) |  |  |  |  |  | (79 | ) |  |
Net income attributable to BOK Financial Corp. shareholders |  |  |  | $ | 110,612 |  |  |  |  |  |  | $ | 108,456 |  |  |
Earnings Per Average Common Share Equivalent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | 1.54 |  |  |  |  |  |  |  |  | $ | 1.50 |  |  |  |
Diluted |  |  |  |  | $ | 1.54 |  |  |  |  |  |  |  |  | $ | 1.50 |  |  |  |

Yield calculations are shown on a tax equivalent at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield / rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 94 -

Three Months Ended
September 30, 2018 |  | June 30, 2018 |  | March 31, 2018
Average Balance |  | Revenue /Expense |  | Yield / Rate |  | Average Balance |  | Revenue / Expense |  | Yield / Rate |  | Average Balance |  | Revenue / Expense |  | Yield / Rate
$ | 688,872 |  |  | $ | 3,441 |  |  | 1.98 | % |  | $ | 1,673,387 |  |  | $ | 7,740 |  |  | 1.86 | % |  | $ | 2,059,517 |  |  | $ | 7,982 |  |  | 1.57 | %
1,762,794 |  |  | 17,419 |  |  | 3.98 | % |  | 1,482,302 |  |  | 13,084 |  |  | 3.63 | % |  | 933,404 |  |  | 7,809 |  |  | 3.40 | %
379,566 |  |  | 3,856 |  |  | 4.06 | % |  | 399,088 |  |  | 3,941 |  |  | 3.95 | % |  | 441,207 |  |  | 4,164 |  |  | 3.78 | %
8,129,214 |  |  | 48,916 |  |  | 2.37 | % |  | 8,163,142 |  |  | 47,463 |  |  | 2.30 | % |  | 8,236,938 |  |  | 46,008 |  |  | 2.23 | %
469,398 |  |  | 3,881 |  |  | 3.25 | % |  | 487,192 |  |  | 3,927 |  |  | 3.16 | % |  | 626,251 |  |  | 4,819 |  |  | 2.95 | %
328,842 |  |  | 5,232 |  |  | 6.36 | % |  | 348,546 |  |  | 5,408 |  |  | 6.21 | % |  | 349,176 |  |  | 5,117 |  |  | 5.86 | %
207,488 |  |  | 2,151 |  |  | 4.27 | % |  | 218,600 |  |  | 2,333 |  |  | 4.28 | % |  | 199,380 |  |  | 1,844 |  |  | 3.71 | %
18,203,785 |  |  | 220,245 |  |  | 4.80 | % |  | 17,751,242 |  |  | 212,266 |  |  | 4.80 | % |  | 17,261,481 |  |  | 189,674 |  |  | 4.45 | %
(214,160 | ) |  |  |  |  |  | (222,856 | ) |  |  |  |  |  | (228,996 | ) |  |  |  |
17,989,625 |  |  | 220,245 |  |  | 4.86 | % |  | 17,528,386 |  |  | 212,266 |  |  | 4.86 | % |  | 17,032,485 |  |  | 189,674 |  |  | 4.51 | %
29,955,799 |  |  | 305,141 |  |  | 4.04 | % |  | 30,301,191 |  |  | 296,162 |  |  | 3.91 | % |  | 29,878,358 |  |  | 267,417 |  |  | 3.61 | %
768,785 |  |  |  |  |  |  | 618,240 |  |  |  |  |  |  | 998,803 |  |  |  |  |
2,971,233 |  |  |  |  |  |  | 2,986,604 |  |  |  |  |  |  | 2,847,791 |  |  |  |  |
$ | 33,695,817 |  |  |  |  |  |  | $ | 33,906,035 |  |  |  |  |  |  | $ | 33,724,952 |  |  |  |  |
$ | 10,010,031 |  |  | $ | 17,029 |  |  | 0.67 | % |  | $ | 10,189,354 |  |  | $ | 13,993 |  |  | 0.55 | % |  | $ | 10,344,469 |  |  | $ | 11,494 |  |  | 0.45 | %
503,821 |  |  | 108 |  |  | 0.09 | % |  | 503,671 |  |  | 95 |  |  | 0.08 | % |  | 480,110 |  |  | 88 |  |  | 0.07 | %
2,097,441 |  |  | 7,398 |  |  | 1.40 | % |  | 2,138,880 |  |  | 6,875 |  |  | 1.29 | % |  | 2,151,044 |  |  | 6,637 |  |  | 1.25 | %
12,611,293 |  |  | 24,535 |  |  | 0.77 | % |  | 12,831,905 |  |  | 20,963 |  |  | 0.66 | % |  | 12,975,623 |  |  | 18,219 |  |  | 0.57 | %
1,193,583 |  |  | 3,768 |  |  | 1.25 | % |  | 593,250 |  |  | 782 |  |  | 0.53 | % |  | 532,412 |  |  | 522 |  |  | 0.40 | %
5,765,440 |  |  | 32,036 |  |  | 2.20 | % |  | 6,497,020 |  |  | 31,825 |  |  | 1.96 | % |  | 6,326,967 |  |  | 24,927 |  |  | 1.60 | %
144,702 |  |  | 2,025 |  |  | 5.55 | % |  | 144,692 |  |  | 2,047 |  |  | 5.67 | % |  | 144,682 |  |  | 2,003 |  |  | 5.61 | %
19,715,018 |  |  | 62,364 |  |  | 1.25 | % |  | 20,066,867 |  |  | 55,617 |  |  | 1.11 | % |  | 19,979,684 |  |  | 45,671 |  |  | 0.93 | %
9,325,002 |  |  |  |  |  |  | 9,223,327 |  |  |  |  |  |  | 9,151,272 |  |  |  |  |
544,263 |  |  |  |  |  |  | 527,804 |  |  |  |  |  |  | 558,898 |  |  |  |  |
496,634 |  |  |  |  |  |  | 575,865 |  |  |  |  |  |  | 556,524 |  |  |  |  |
3,614,900 |  |  |  |  |  |  | 3,512,172 |  |  |  |  |  |  | 3,478,574 |  |  |  |  |
$ | 33,695,817 |  |  |  |  |  |  | $ | 33,906,035 |  |  |  |  |  |  | $ | 33,724,952 |  |  |  |  |
|  | $ | 242,777 |  |  | 2.79 | % |  |  |  | $ | 240,545 |  |  | 2.80 | % |  |  |  | $ | 221,746 |  |  | 2.68 | %
|  |  |  | 3.21 | % |  |  |  |  |  | 3.17 | % |  |  |  |  |  | 2.99 | %
|  | 1,894 |  |  |  |  |  |  | 1,983 |  |  |  |  |  |  | 2,010 |  |  |
|  | 240,883 |  |  |  |  |  |  | 238,562 |  |  |  |  |  |  | 219,736 |  |  |
|  | 4,000 |  |  |  |  |  |  | — |  |  |  |  |  |  | (5,000 | ) |  |
|  | 167,941 |  |  |  |  |  |  | 156,399 |  |  |  |  |  |  | 155,989 |  |  |
|  | 252,617 |  |  |  |  |  |  | 246,476 |  |  |  |  |  |  | 244,430 |  |  |
|  | 152,207 |  |  |  |  |  |  | 148,485 |  |  |  |  |  |  | 136,295 |  |  |
|  | 34,662 |  |  |  |  |  |  | 33,330 |  |  |  |  |  |  | 30,948 |  |  |
|  | 117,545 |  |  |  |  |  |  | 115,155 |  |  |  |  |  |  | 105,347 |  |  |
|  | 289 |  |  |  |  |  |  | 783 |  |  |  |  |  |  | (215 | ) |  |
|  | $ | 117,256 |  |  |  |  |  |  | $ | 114,372 |  |  |  |  |  |  | $ | 105,562 |  |  |
|  |  | $ | 1.79 |  |  |  |  |  |  |  |  | $ | 1.75 |  |  |  |  |  |  |  |  | $ | 1.61 |  |  |  |
|  |  | $ | 1.79 |  |  |  |  |  |  |  |  | $ | 1.75 |  |  |  |  |  |  |  |  | $ | 1.61 |  |  |  |

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Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)

|  | Three Months Ended
|  | Mar. 31, 2019 |  | Dec. 31, 2018 |  | Sept. 30, 2018 |  | June 30, 2018 |  | Mar. 31, 2018
Interest revenue |  | $ | 376,074 |  |  | $ | 365,592 |  |  | $ | 303,247 |  |  | $ | 294,180 |  |  | $ | 265,407 |
Interest expense |  | 97,972 |  |  | 79,906 |  |  | 62,364 |  |  | 55,618 |  |  | 45,671 |
Net interest revenue |  | 278,102 |  |  | 285,686 |  |  | 240,883 |  |  | 238,562 |  |  | 219,736 |
Provision for credit losses |  | 8,000 |  |  | 9,000 |  |  | 4,000 |  |  | — |  |  | (5,000 | )
Net interest revenue after provision for credit losses |  | 270,102 |  |  | 276,686 |  |  | 236,883 |  |  | 238,562 |  |  | 224,736 |
Other operating revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brokerage and trading revenue |  | 31,617 |  |  | 28,101 |  |  | 23,086 |  |  | 26,488 |  |  | 30,648 |
Transaction card revenue |  | 20,738 |  |  | 20,664 |  |  | 21,396 |  |  | 20,975 |  |  | 20,990 |
Fiduciary and asset management revenue |  | 43,358 |  |  | 43,665 |  |  | 57,514 |  |  | 41,692 |  |  | 41,832 |
Deposit service charges and fees |  | 28,243 |  |  | 29,393 |  |  | 27,765 |  |  | 27,834 |  |  | 27,161 |
Mortgage banking revenue |  | 23,834 |  |  | 21,880 |  |  | 23,536 |  |  | 26,346 |  |  | 26,025 |
Other revenue |  | 12,762 |  |  | 16,404 |  |  | 12,900 |  |  | 13,923 |  |  | 12,958 |
Total fees and commissions |  | 160,552 |  |  | 160,107 |  |  | 166,197 |  |  | 157,258 |  |  | 159,614 |
Other gains (losses), net |  | 2,976 |  |  | (8,305 | ) |  | 2,754 |  |  | 4,578 |  |  | (1,292 | )
Gain (loss) on derivatives, net |  | 4,667 |  |  | 11,167 |  |  | (2,847 | ) |  | (3,057 | ) |  | (5,685 | )
Gain (loss) on fair value option securities, net |  | 9,665 |  |  | (282 | ) |  | (4,385 | ) |  | (3,341 | ) |  | (17,564 | )
Change in fair value of mortgage servicing rights |  | (20,666 | ) |  | (24,233 | ) |  | 5,972 |  |  | 1,723 |  |  | 21,206 |
Gain (loss) on available for sale securities, net |  | 76 |  |  | (1,999 | ) |  | 250 |  |  | (762 | ) |  | (290 | )
Total other operating revenue |  | 157,270 |  |  | 136,455 |  |  | 167,941 |  |  | 156,399 |  |  | 155,989 |
Other operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  | 169,228 |  |  | 160,706 |  |  | 143,531 |  |  | 138,947 |  |  | 139,947 |
Business promotion |  | 7,874 |  |  | 9,207 |  |  | 7,620 |  |  | 7,686 |  |  | 6,010 |
Charitable contributions to BOKF Foundation |  | — |  |  | 2,846 |  |  | — |  |  | — |  |  | — |
Professional fees and services |  | 16,139 |  |  | 20,712 |  |  | 13,209 |  |  | 14,978 |  |  | 10,200 |
Net occupancy and equipment |  | 29,521 |  |  | 27,780 |  |  | 23,394 |  |  | 22,761 |  |  | 24,046 |
Insurance |  | 4,839 |  |  | 4,248 |  |  | 6,232 |  |  | 6,245 |  |  | 6,593 |
Data processing and communications |  | 31,449 |  |  | 27,575 |  |  | 31,665 |  |  | 27,739 |  |  | 27,817 |
Printing, postage and supplies |  | 4,885 |  |  | 5,232 |  |  | 3,837 |  |  | 4,011 |  |  | 4,089 |
Net losses (gains) and operating expenses of repossessed assets |  | 1,996 |  |  | 2,581 |  |  | 4,044 |  |  | 2,722 |  |  | 7,705 |
Amortization of intangible assets |  | 5,191 |  |  | 5,331 |  |  | 1,603 |  |  | 1,386 |  |  | 1,300 |
Mortgage banking costs |  | 9,906 |  |  | 11,518 |  |  | 11,741 |  |  | 12,890 |  |  | 10,149 |
Other expense |  | 6,129 |  |  | 6,907 |  |  | 5,741 |  |  | 7,111 |  |  | 6,574 |
Total other operating expense |  | 287,157 |  |  | 284,643 |  |  | 252,617 |  |  | 246,476 |  |  | 244,430 |
Net income before taxes |  | 140,215 |  |  | 128,498 |  |  | 152,207 |  |  | 148,485 |  |  | 136,295 |
Federal and state income taxes |  | 29,950 |  |  | 20,121 |  |  | 34,662 |  |  | 33,330 |  |  | 30,948 |
Net income |  | 110,265 |  |  | 108,377 |  |  | 117,545 |  |  | 115,155 |  |  | 105,347 |
Net income (loss) attributable to non-controlling interests |  | (347 | ) |  | (79 | ) |  | 289 |  |  | 783 |  |  | (215 | )
Net income attributable to BOK Financial Corporation shareholders |  | $ | 110,612 |  |  | $ | 108,456 |  |  | $ | 117,256 |  |  | $ | 114,372 |  |  | $ | 105,562 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $1.54 |  | $1.50 |  | $1.79 |  | $1.75 |  | $1.61
Diluted |  | $1.54 |  | $1.50 |  | $1.79 |  | $1.75 |  | $1.61
Average shares used in computation: |  |  |  |  |  |  |  |  |  |
Basic |  | 71,387,070 |  |  | 71,808,029 |  |  | 64,901,095 |  |  | 64,901,975 |  |  | 64,847,334 |
Diluted |  | 71,404,388 |  |  | 71,833,334 |  |  | 64,934,351 |  |  | 64,937,226 |  |  | 64,888,033 |

- 96 -

PART II. Other Information
Item 1. Legal Proceedings
See discussion of legal proceedings at Note 7 to the Consolidated Financial Statements.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company’s common stock during the three months ended March 31, 2019.

Period |  | Total Number of Shares Purchased 2 |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1 |  | Maximum Number of Shares that May Yet Be Purchased Under the Plans
January 1 to January 31, 2019 |  | 18,117 |  |  | $ | 79.33 |  |  | — |  |  | 1,424,917 |
February 1 to February 28, 2019 |  | 555,609 |  |  | $ | 87.54 |  |  | 555,609 |  |  | 869,308 |
March 1 to March 31, 2019 |  | 150,000 |  |  | $ | 79.58 |  |  | 150,000 |  |  | 719,308 |
Total |  | 723,726 |  |  |  |  |  | 705,609 |  |  |  |

1 | On October 1, 2015, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock. As of March 31, 2019, the Company had repurchased 4,280,692 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations and other factors.

2 | The Company routinely repurchases mature shares from employees to cover the exercise price and taxes in connection with employee equity compensation.

Item 6. Exhibits

31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32 | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements. The XBRL instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Items 1A, 3, 4 and 5 are not applicable and have been omitted.
- 97 -

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BOK FINANCIAL CORPORATION
(Registrant)
Date: May 1, 2019

/s/ Steven E. Nell
Steven E. Nell
Executive Vice President and
Chief Financial Officer

/s/ John C. Morrow
John C. Morrow
Senior Vice President and
Chief Accounting Officer

- 98 -