EX-99.1 2 a20250331bokfex99.htm EX-99.1
BOK Financial Corporation reports quarterly earnings of $120 million, or $1.86 per share, in the first quarter.

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

1 Comparisons are to prior quarter unless otherwise noted.

p | $3.2 million |  |  |  |  |  | 2 bps |  |  |  |  |  |  | 9.48% | p | 31 bps
NET INTEREST INCOME |  |  |  | NET CHARGE-OFFS (ANNUALIZED) |  |  |  | TANGIBLE COMMON EQUITY

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

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Net Interest Income

(Dollars in thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Change |  | % Change
Interest revenue |  |  |  |  |  |  |  |
Interest-bearing cash and cash equivalents |  | $ | 6,229 |  |  | $ | 6,322 |  |  | $ | (93) |  |  | (1.5) | %
Trading securities |  | 73,871 |  |  | 68,817 |  |  | 5,054 |  |  | 7.3 | %
Investment securities |  | 7,008 |  |  | 7,256 |  |  | (248) |  |  | (3.4) | %
Available-for-sale securities |  | 127,573 |  |  | 127,803 |  |  | (230) |  |  | (0.2) | %
Fair value option securities |  | 178 |  |  | 183 |  |  | (5) |  |  | (2.7) | %
Restricted equity securities |  | 6,541 |  |  | 6,427 |  |  | 114 |  |  | 1.8 | %
Residential mortgage loans held for sale |  | 975 |  |  | 1,296 |  |  | (321) |  |  | (24.8) | %
Loans |  | 398,737 |  |  | 423,487 |  |  | (24,750) |  |  | (5.8) | %
Total interest revenue |  | $ | 621,112 |  |  | $ | 641,591 |  |  | $ | (20,479) |  |  | (3.2) | %
Interest expense |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |
Transaction |  | $ | 204,521 |  |  | $ | 214,868 |  |  | $ | (10,347) |  |  | (4.8) | %
Savings |  | 1,168 |  |  | 1,213 |  |  | (45) |  |  | (3.7) | %
Time |  | 35,383 |  |  | 41,643 |  |  | (6,260) |  |  | (15.0) | %
Total interest-bearing deposits |  | 241,072 |  |  | 257,724 |  |  | (16,652) |  |  | (6.5) | %
Funds purchased and repurchase agreements |  | 7,028 |  |  | 10,231 |  |  | (3,203) |  |  | (31.3) | %
Other borrowings |  | 52,135 |  |  | 55,883 |  |  | (3,748) |  |  | (6.7) | %
Subordinated debentures |  | 2,084 |  |  | 2,241 |  |  | (157) |  |  | (7.0) | %
Total interest expense |  | $ | 302,319 |  |  | $ | 326,079 |  |  | $ | (23,760) |  |  | (7.3) | %
Tax-equivalent net interest income |  | 318,793 |  |  | 315,512 |  |  | 3,281 |  |  | 1.0 | %
Less: Tax-equivalent adjustment |  | 2,542 |  |  | 2,466 |  |  | 76 |  |  | 3.1 | %
Net interest income |  | $ | 316,251 |  |  | $ | 313,046 |  |  | $ | 3,205 |  |  | 1.0 | %
Net interest margin |  | 2.78 | % |  | 2.75 | % |  | 0.03 | % |  | N/A
Average earning assets |  | $ | 45,606,324 |  |  | $ | 45,375,438 |  |  | $ | 230,886 |  |  | 0.5 | %
Average trading securities |  | 5,881,997 |  |  | 5,636,949 |  |  | 245,048 |  |  | 4.3 | %
Average investment securities |  | 1,980,005 |  |  | 2,037,072 |  |  | (57,067) |  |  | (2.8) | %
Average available-for-sale securities |  | 12,962,830 |  |  | 12,969,630 |  |  | (6,800) |  |  | (0.1) | %
Average loans balance |  | 24,068,227 |  |  | 24,024,544 |  |  | 43,683 |  |  | 0.2 | %
Average interest-bearing deposits |  | 30,203,009 |  |  | 29,440,556 |  |  | 762,453 |  |  | 2.6 | %
Funds purchased and repurchase agreements |  | 935,716 |  |  | 1,076,400 |  |  | (140,684) |  |  | (13.1) | %
Other borrowings |  | 4,626,402 |  |  | 4,489,870 |  |  | 136,532 |  |  | 3.0 | %

Net interest income was $316.3 million for the first quarter of 2025, an increase of $3.2 million over the prior quarter. Net interest margin expanded to 2.78% from 2.75%, primarily attributable to liabilities re-pricing lower more quickly than assets during the quarter. For the first quarter of 2025, our core net interest margin excluding trading activities, a non-GAAP measure, decreased 4 basis points to 3.05% compared to 3.09% in the prior quarter.
Average earning assets increased $231 million. Average trading securities increased $245 million. Average loan balances increased $44 million, largely due to growth in portfolio balances for commercial real estate loans and loans to individuals, largely offset by a decrease in commercial loans. Average interest-bearing deposits increased $762 million, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements decreased $141 million, while average other borrowings increased $137 million.
The yield on average earning assets was 5.45%, a 14 basis point decrease from the prior quarter. The loan portfolio yield decreased 30 basis points to 6.71% as the majority of our portfolio is floating rate and realized a full quarter impact of the fed funds rate cuts in the latter half of 2024. The yield on trading securities was up 17 basis points to 5.07%.
2

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

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

(Dollars in thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Change |  | % Change
Brokerage and trading revenue |  | $ | 31,068 |  |  | $ | 55,505 |  |  | $ | (24,437) |  |  | (44.0) | %
Transaction card revenue |  | 27,092 |  |  | 27,631 |  |  | (539) |  |  | (2.0) | %
Fiduciary and asset management revenue |  | 60,972 |  |  | 60,595 |  |  | 377 |  |  | 0.6 | %
Deposit service charges and fees |  | 30,275 |  |  | 30,038 |  |  | 237 |  |  | 0.8 | %
Mortgage banking revenue |  | 19,815 |  |  | 18,140 |  |  | 1,675 |  |  | 9.2 | %
Other revenue |  | 14,894 |  |  | 15,029 |  |  | (135) |  |  | (0.9) | %
Total fees and commissions |  | 184,116 |  |  | 206,938 |  |  | (22,822) |  |  | (11.0) | %
Other gains (losses), net |  | (725) |  |  | 4,995 |  |  | (5,720) |  |  | N/A
Gain (loss) on derivatives, net |  | 9,565 |  |  | (21,728) |  |  | 31,293 |  |  | N/A
Gain (loss) on fair value option securities, net |  | 325 |  |  | (621) |  |  | 946 |  |  | N/A
Change in fair value of mortgage servicing rights |  | (7,240) |  |  | 20,460 |  |  | (27,700) |  |  | N/A
Total other operating revenue |  | $ | 186,041 |  |  | $ | 210,044 |  |  | $ | (24,003) |  |  | (11.4) | %

Fees and commissions revenue totaled $184.1 million for the first quarter of 2025, a decrease of $22.8 million compared to the prior quarter.
Brokerage and trading revenue decreased $24.4 million to $31.1 million, primarily driven by lower trading volumes and compressed spreads for U.S. agency mortgage-backed securities, as demand slowed due to market volatility from major geopolitical risks. We also experienced seasonally weaker municipal pipelines during the quarter.
Mortgage banking revenue increased $1.7 million led by higher production as client demand begins to grow and inventory constraints start to ease. Mortgage production volume increased $8.9 million, and realized margin on funded mortgage loans improved 4 bps.
Other gains (losses), net, were a net loss of $725 thousand for the first quarter of 2025, compared to a net gain of $5.0 million in the prior quarter. Unrealized gain on merchant banking investments was $678 thousand and loss on investments related to deferred compensation was $1.1 million for the first quarter of 2025, compared to a gain on merchant banking investments of $2.2 million and a gain of $2.5 million on investments related to deferred compensation in the prior quarter.
3

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Operating Expenses

(Dollars in thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Change |  | % Change
Personnel |  | $ | 214,185 |  |  | $ | 210,675 |  |  | $ | 3,510 |  |  | 1.7 | %
Business promotion |  | 8,818 |  |  | 9,365 |  |  | (547) |  |  | (5.8) | %
Professional fees and services |  | 13,269 |  |  | 15,175 |  |  | (1,906) |  |  | (12.6) | %
Net occupancy and equipment |  | 32,992 |  |  | 32,713 |  |  | 279 |  |  | 0.9 | %
FDIC and other insurance |  | 6,587 |  |  | 6,862 |  |  | (275) |  |  | (4.0) | %
FDIC special assessment |  | 523 |  |  | (686) |  |  | 1,209 |  |  | N/A
Data processing and communications |  | 47,578 |  |  | 48,024 |  |  | (446) |  |  | (0.9) | %
Printing, postage, and supplies |  | 3,639 |  |  | 3,699 |  |  | (60) |  |  | (1.6) | %
Amortization of intangible assets |  | 2,652 |  |  | 2,855 |  |  | (203) |  |  | (7.1) | %
Mortgage banking costs |  | 7,689 |  |  | 10,692 |  |  | (3,003) |  |  | (28.1)%
Other expense |  | 9,597 |  |  | 8,282 |  |  | 1,315 |  |  | 15.9 | %
Total operating expense |  | $ | 347,529 |  |  | $ | 347,656 |  |  | $ | (127) |  |  | — | %

Total operating expense was $347.5 million for the first quarter of 2025, consistent with the prior quarter.
Personnel expense was $214.2 million, an increase of $3.5 million. Employee benefits expense increased $7.7 million, primarily due to a seasonal increase in payroll taxes. Regular compensation costs grew $3.2 million due to standard annual merit increases effective for most employees in March. Cash-based incentive compensation expense decreased $4.6 million, primarily driven by reduced trading activity. Deferred compensation expense decreased $3.2 million; however, this was largely offset by a decrease in the value of related investments included in Other gains (losses), net.
Non-personnel expense was $133.3 million, a decrease of $3.6 million. Lower prepayments led to a $3.0 million decrease in mortgage banking costs. Professional fees and services expense decreased $1.9 million, largely related to lower technology project costs. Other expense increased by $1.3 million due to higher operational losses.
4

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Loans

(Dollars in thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Change |  | % Change
Commercial: |  |  |  |  |  |  |  |
Healthcare |  | $ | 3,789,446 |  | $ | 3,967,533 |  | $ | (178,087) |  | (4.5)%
Services |  | 3,704,834 |  | 3,643,203 |  | 61,631 |  | 1.7%
Energy |  | 2,860,330 |  | 3,254,724 |  | (394,394) |  | (12.1)%
General business |  | 4,048,821 |  | 4,164,676 |  | (115,855) |  | (2.8)%
Total commercial |  | 14,403,431 |  | 15,030,136 |  | (626,705) |  | (4.2)%
Commercial Real Estate: |  |  |  |  |  |  |  |
Multifamily |  | 2,336,312 |  | 2,237,064 |  | 99,248 |  | 4.4%
Industrial |  | 1,163,089 |  | 1,127,867 |  | 35,222 |  | 3.1%
Office |  | 704,688 |  | 755,838 |  | (51,150) |  | (6.8)%
Retail |  | 497,579 |  | 485,926 |  | 11,653 |  | 2.4%
Residential construction and land development |  | 105,190 |  | 109,120 |  | (3,930) |  | (3.6)%
Other real estate loans |  | 356,678 |  | 342,637 |  | 14,041 |  | 4.1%
Total commercial real estate |  | 5,163,536 |  | 5,058,452 |  | 105,084 |  | 2.1%
Loans to individuals: |  |  |  |  |  |  |  |
Residential mortgage |  | 2,471,345 |  | 2,436,958 |  | 34,387 |  | 1.4%
Residential mortgages guaranteed by U.S. government agencies |  | 133,453 |  | 136,649 |  | (3,196) |  | (2.3)%
Personal |  | 1,518,723 |  | 1,452,529 |  | 66,194 |  | 4.6%
Total loans to individuals |  | 4,123,521 |  | 4,026,136 |  | 97,385 |  | 2.4%
Total loans |  | $ | 23,690,488 |  | $ | 24,114,724 |  | $ | (424,236) |  | (1.8)%

Outstanding loans were $23.7 billion at March 31, 2025, a decrease of $424 million compared to December 31, 2024, largely due to a decrease in commercial loans, partially offset by growth in commercial real estate loans and loans to individuals. Unfunded loan commitments decreased $189 million compared to the fourth quarter of 2024.
Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, decreased $627 million compared to the prior quarter.
Energy loan balances decreased $394 million to $2.9 billion, or 12% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 72% of committed production loans are secured by properties primarily producing oil. The remaining 28% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at March 31, 2025, a $16 million increase over December 31, 2024.
Healthcare sector loan balances decreased $178 million and totaled $3.8 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.1 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.
General business loans decreased $116 million to $4.0 billion, or 17% of total loans. General business loans include $2.4 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances increased $62 million to $3.7 billion, or 16% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.
5

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Commercial real estate loan balances increased $105 million to $5.2 billion, representing 22% of total loans. Loans secured by multifamily properties increased $99 million to $2.3 billion and loans secured by industrial facilities increased $35 million to $1.2 billion. The increases in these portfolios were partially offset by a $51 million decrease in loans secured by office facilities. Unfunded commercial real estate loan commitments were $1.9 billion at March 31, 2025, a $45 million decrease compared to December 31, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to individuals increased $97 million to $4.1 billion and represent 17% of total loans. Personal loans increased $66 million, while residential mortgage loans increased $31 million.
Period End & Average Deposits

(Dollars in thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Change |  | % Change
Period end deposits |  |  |  |  |  |  |  |
Demand |  | $ | 8,288,496 |  |  | $ | 8,371,897 |  |  | $ | (83,401) |  |  | (1.0) | %
Interest-bearing transaction |  | 25,662,030 |  |  | 25,455,106 |  |  | 206,924 |  |  | 0.8 | %
Savings |  | 864,719 |  |  | 828,817 |  |  | 35,902 |  |  | 4.3 | %
Time |  | 3,466,428 |  |  | 3,535,410 |  |  | (68,982) |  |  | (2.0) | %
Total deposits |  | $ | 38,281,673 |  |  | $ | 38,191,230 |  |  | $ | 90,443 |  |  | 0.2 | %
Average deposits |  |  |  |  |  |  |  |
Demand |  | $ | 8,156,069 |  |  | $ | 8,378,558 |  |  | $ | (222,489) |  |  | (2.7) | %
Interest-bearing transaction |  | 25,859,733 |  |  | 24,992,464 |  |  | 867,269 |  |  | 3.5 | %
Savings |  | 844,875 |  |  | 818,210 |  |  | 26,665 |  |  | 3.3 | %
Time |  | 3,498,401 |  |  | 3,629,882 |  |  | (131,481) |  |  | (3.6) | %
Total average deposits |  | $ | 38,359,078 |  |  | $ | 37,819,114 |  |  | $ | 539,964 |  |  | 1.4 | %

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 62% at March 31, 2025, compared to 63% at December 31, 2024, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $38.3 billion at March 31, 2025, a $90 million increase. Interest-bearing transaction account balances increased $207 million, while demand deposits decreased $83 million. Time deposits decreased $69 million.
Average deposits were $38.4 billion at March 31, 2025, a $540 million increase. Average interest-bearing transaction account balances increased $867 million. Average demand deposit account balances decreased $222 million and average time deposits decreased $131 million.
Average Commercial Banking deposits decreased $173 million to $17.8 billion, or 46% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 9% of our total deposits. Consumer Banking deposits decreased $43 million to $8.2 billion, or 21% of total deposits. Average Wealth Management deposits increased by $719 million to $10.7 billion, or 28% of total deposits.
6

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Capital

| Minimum Capital Requirement |  | Capital Conservation Buffer |  | Minimum Capital Requirement Including Capital Conservation Buffer |  | Mar. 31, 2025 |  | Dec. 31, 2024
Common equity Tier 1 | 4.50 | % |  | 2.50 | % |  | 7.00 | % |  | 13.31 | % |  | 13.03 | %
Tier 1 capital | 6.00 | % |  | 2.50 | % |  | 8.50 | % |  | 13.31 | % |  | 13.04 | %
Total capital | 8.00 | % |  | 2.50 | % |  | 10.50 | % |  | 14.54 | % |  | 14.21 | %
Tier 1 leverage | 4.00 | % |  | N/A |  | 4.00 | % |  | 10.02 | % |  | 9.97 | %
Tangible common equity ratio 1 |  |  |  |  |  |  | 9.48 | % |  | 9.17 | %
Adjusted common tangible equity ratio 1 |  |  |  |  |  |  | 9.23 | % |  | 8.86 | %
Common stock repurchased (shares) |  |  |  |  |  |  | 10,000 |  |  | — |
Average price per share repurchased |  |  |  |  |  |  | $ | 98.45 |  |  | $ | — |

1 See Explanation and Reconciliation of Non-GAAP Measures following.
The company's common equity Tier 1 capital ratio was 13.31% at March 31, 2025. In addition, the company's Tier 1 capital ratio was 13.31%, total capital ratio was 14.54%, and leverage ratio was 10.02% at March 31, 2025. At December 31, 2024, the company's common equity Tier 1 capital ratio was 13.03%, Tier 1 capital ratio was 13.04%, total capital ratio was 14.21%, and leverage ratio was 9.97%.
The company's tangible common equity ratio, a non-GAAP measure, was 9.48% at March 31, 2025, and 9.17% at December 31, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 9.23%.
Credit Quality
Nonperforming assets totaled $85 million, or 0.36% of outstanding loans and repossessed assets, at March 31, 2025, compared to $49 million, or 0.20%, at December 31, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $79 million, or 0.33% of outstanding loans and repossessed assets, at March 31, 2025, compared to $42 million, or 0.18%, at December 31, 2024.
Nonaccruing loans increased $37 million compared to December 31, 2024. New nonaccruing loans identified in the first quarter totaled $39 million, partially offset by $2.0 million in payments received and $2.3 million in charge-offs. Nonaccruing healthcare loans increased $16 million and nonaccruing services loans increased $13 million.
Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter. Net charge-offs were $528 thousand, or 0.01% of average loans on an annualized basis, in the fourth quarter of 2024.
Consistent with the prior quarter, no provision for expected credit losses was necessary for the first quarter of 2025. A worse economic outlook compared to the prior quarter was offset by decreased loan balances and further improvements in portfolio credit quality during the quarter.
At March 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $331 million, or 1.40% of outstanding loans and 431% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At December 31, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.38% of outstanding loans and 831% of nonaccruing loans.
7

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

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

|  | Commercial Banking |  | Consumer Banking |  | Wealth Management
(In thousands) |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Mar. 31, 2025 |  | Dec. 31, 2024
Net interest income and fee revenue |  | $ | 233,415 |  |  | $ | 256,310 |  | $ | 94,047 |  |  | $ | 101,445 |  | $ | 140,838 |  |  | $ | 156,454
Net loans charged-off (recovered) |  | 148 |  |  | (115) |  | 1,517 |  |  | 993 |  | (8) |  |  | (10)
Personnel expense |  | 48,051 |  |  | 49,592 |  | 25,837 |  |  | 24,799 |  | 67,245 |  |  | 69,944
Non-personnel expense |  | 28,183 |  |  | 31,242 |  | 31,399 |  |  | 35,111 |  | 27,021 |  |  | 25,252
Net income before taxes |  | 139,983 |  |  | 160,393 |  | 22,122 |  |  | 23,580 |  | 32,726 |  |  | 48,915
Average loans |  | $ | 19,965,166 |  |  | $ | 19,996,608 |  | $ | 2,206,553 |  |  | $ | 2,147,058 |  | $ | 2,187,599 |  |  | $ | 2,160,588
Average deposits |  | 17,769,083 |  |  | 17,941,793 |  | 8,154,762 |  |  | 8,197,577 |  | 10,702,521 |  |  | 9,983,232
Assets under management or administration |  |  |  |  |  |  |  |  |  | 113,956,563 |  |  | 114,615,237

Commercial Banking contributed $140.0 million to net income before taxes in the first quarter of 2025, a decrease of $20.4 million compared to the fourth quarter of 2024. Combined net interest income and fee revenue decreased $22.9 million, primarily due to reduced loan spreads as the majority of our portfolio is floating rate and realized a full quarter impact of the fed funds rate cuts in the latter half of 2024, along with lower loan balances. Personnel expense decreased $1.5 million due to lower incentive compensation costs during the quarter, and non-personnel expense decreased $3.1 million, primarily due to reduced costs related to ongoing projects. Other gains (losses), net, declined $1.5 million related to reduced gains on merchant banking investments. Average loans were largely unchanged from the previous quarter. Average deposits declined $173 million, or 1%, to $17.8 billion.
8

BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a)

Consumer Banking contributed $22.1 million to net income before taxes in the first quarter of 2025, a decrease of $1.5 million compared to the prior quarter. Combined net interest income and fee revenue decreased $7.4 million, largely due to a reduction in the spread on deposits, partially offset by an increase in mortgage banking revenue from higher production volumes. Other operating expenses decreased $2.7 million, primarily due to lower mortgage costs. The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.2 million, compared to a net cost of $2.2 million in the prior quarter. Average loans increased $59 million, or 3%, to $2.2 billion. Average deposits were largely unchanged from the previous quarter.
Wealth Management contributed $32.7 million to net income before taxes in the first quarter of 2025, a decrease of $16.2 million compared to the fourth quarter of 2024. Combined net interest income and fee revenue decreased $15.6 million. Total revenue from trading activities decreased $14.4 million, primarily driven by lower U.S. agency residential mortgage-backed securities trading volumes and tightened spread as client demand was muted given the current market conditions. During the first quarter of 2025, trading-related fee revenue began to shift to net interest income due to the steepening of the yield curve. Other operating expense was relatively consistent with the prior quarter as lower sales-based incentive compensation expense driven by decreased trading activity was largely offset by increased data processing and communications expense. Average loans increased $27 million, or 1%, to $2.2 billion. Average deposits increased $719 million, or 7%, to $10.7 billion. Assets under management or administration were $114.0 billion, a decrease of $659 million, or 1%.
Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, April 22, 2025, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.
About BOK Financial Corporation
BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $114 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of March 31, 2025 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in governmental economic policy, including tariffs, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
9

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION

(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  |
Assets |  |  |  |  |
Cash and due from banks | $ | 990,358 |  |  | $ | 1,043,969 |  |  |
Interest-bearing cash and cash equivalents | 426,337 |  |  | 390,732 |  |  |
Trading securities | 5,851,752 |  |  | 4,899,090 |  |  |
Investment securities, net of allowance | 1,953,513 |  |  | 2,017,225 |  |  |
Available-for-sale securities | 13,102,877 |  |  | 12,851,600 |  |  |
Fair value option securities | 17,550 |  |  | 17,876 |  |  |
Restricted equity securities | 315,192 |  |  | 406,178 |  |  |
Residential mortgage loans held for sale | 79,664 |  |  | 77,561 |  |  |
Loans: |  |  |  |  |
Commercial | 14,403,431 |  |  | 15,030,136 |  |  |
Commercial real estate | 5,163,536 |  |  | 5,058,452 |  |  |
Loans to individuals | 4,123,521 |  |  | 4,026,136 |  |  |
Total loans | 23,690,488 |  |  | 24,114,724 |  |  |
Allowance for loan losses | (278,594) |  |  | (280,035) |  |  |
Loans, net of allowance | 23,411,894 |  |  | 23,834,689 |  |  |
Premises and equipment, net | 636,096 |  |  | 634,485 |  |  |
Receivables | 261,696 |  |  | 281,091 |  |  |
Goodwill | 1,044,749 |  |  | 1,044,749 |  |  |
Intangible assets, net | 44,064 |  |  | 46,788 |  |  |
Mortgage servicing rights | 342,111 |  |  | 338,145 |  |  |
Real estate and other repossessed assets, net | 1,769 |  |  | 2,254 |  |  |
Derivative contracts, net | 405,202 |  |  | 242,809 |  |  |
Cash surrender value of bank-owned life insurance | 419,150 |  |  | 416,741 |  |  |
Receivable on unsettled securities sales | 54,662 |  |  | 4,825 |  |  |
Other assets | 1,113,553 |  |  | 1,135,085 |  |  |
Total assets | $ | 50,472,189 |  |  | $ | 49,685,892 |  |  |
Liabilities |  |  |  |  |
Deposits: |  |  |  |  |
Demand | $ | 8,288,496 |  |  | $ | 8,371,897 |  |  |
Interest-bearing transaction | 25,662,030 |  |  | 25,455,106 |  |  |
Savings | 864,719 |  |  | 828,817 |  |  |
Time | 3,466,428 |  |  | 3,535,410 |  |  |
Total deposits | 38,281,673 |  |  | 38,191,230 |  |  |
Funds purchased and repurchase agreements | 851,875 |  |  | 1,292,856 |  |  |
Other borrowings | 3,151,178 |  |  | 3,030,123 |  |  |
Subordinated debentures | 131,186 |  |  | 131,200 |  |  |
Accrued interest, taxes, and expense | 291,174 |  |  | 352,345 |  |  |
Due on unsettled securities purchases | 1,335,251 |  |  | 405,494 |  |  |
Derivative contracts, net | 180,001 |  |  | 237,582 |  |  |
Other liabilities | 475,473 |  |  | 494,105 |  |  |
Total liabilities | 44,697,811 |  |  | 44,134,935 |  |  |
Shareholders' equity |  |  |  |  |
Capital, surplus and retained earnings | 6,134,156 |  |  | 6,051,393 |  |  |
Accumulated other comprehensive loss | (362,343) |  |  | (503,040) |  |  |
Total shareholders’ equity | 5,771,813 |  |  | 5,548,353 |  |  |
Non-controlling interests | 2,565 |  |  | 2,604 |  |  |
Total equity | 5,774,378 |  |  | 5,550,957 |  |  |
Total liabilities and equity | $ | 50,472,189 |  |  | $ | 49,685,892 |  |  |

10

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Assets |  |  |  |  |  |  |  |  |
Interest-bearing cash and cash equivalents | $ | 564,014 |  |  | $ | 546,955 |  |  | $ | 531,811 |  |  | $ | 533,760 |  |  | $ | 567,680 |
Trading securities | 5,881,997 |  |  | 5,636,949 |  |  | 5,802,448 |  |  | 5,922,891 |  |  | 5,371,209 |
Investment securities, net of allowance | 1,980,005 |  |  | 2,037,072 |  |  | 2,094,408 |  |  | 2,151,079 |  |  | 2,210,040 |
Available-for-sale securities | 12,962,830 |  |  | 12,969,630 |  |  | 12,939,422 |  |  | 12,755,865 |  |  | 12,537,981 |
Fair value option securities | 17,603 |  |  | 18,384 |  |  | 19,095 |  |  | 19,170 |  |  | 20,080 |
Restricted equity securities | 348,266 |  |  | 338,236 |  |  | 410,800 |  |  | 453,303 |  |  | 412,376 |
Residential mortgage loans held for sale | 63,365 |  |  | 87,353 |  |  | 95,742 |  |  | 81,371 |  |  | 57,402 |
Loans: |  |  |  |  |  |  |  |  |
Commercial | 14,633,090 |  |  | 14,973,929 |  |  | 15,076,308 |  |  | 15,516,238 |  |  | 14,992,639 |
Commercial real estate | 5,245,867 |  |  | 5,039,535 |  |  | 5,257,842 |  |  | 5,048,704 |  |  | 5,188,152 |
Loans to individuals | 4,189,270 |  |  | 4,011,080 |  |  | 3,970,734 |  |  | 3,820,211 |  |  | 3,767,776 |
Total loans | 24,068,227 |  |  | 24,024,544 |  |  | 24,304,884 |  |  | 24,385,153 |  |  | 23,948,567 |
Allowance for loan losses | (279,983) |  |  | (283,685) |  |  | (287,227) |  |  | (283,246) |  |  | (278,449) |
Loans, net of allowance | 23,788,244 |  |  | 23,740,859 |  |  | 24,017,657 |  |  | 24,101,907 |  |  | 23,670,118 |
Total earning assets | 45,606,324 |  |  | 45,375,438 |  |  | 45,911,383 |  |  | 46,019,346 |  |  | 44,846,886 |
Cash and due from banks | 995,598 |  |  | 910,894 |  |  | 884,053 |  |  | 871,171 |  |  | 861,319 |
Derivative contracts, net | 328,478 |  |  | 360,352 |  |  | 294,276 |  |  | 273,052 |  |  | 326,564 |
Cash surrender value of bank-owned life insurance | 417,797 |  |  | 414,760 |  |  | 412,945 |  |  | 410,679 |  |  | 409,230 |
Receivable on unsettled securities sales | 184,960 |  |  | 284,793 |  |  | 216,158 |  |  | 171,344 |  |  | 307,389 |
Other assets | 3,453,746 |  |  | 3,268,949 |  |  | 3,438,220 |  |  | 3,449,607 |  |  | 3,276,184 |
Total assets | $ | 50,986,903 |  |  | $ | 50,615,186 |  |  | $ | 51,157,035 |  |  | $ | 51,195,199 |  |  | $ | 50,027,572 |
Liabilities |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand | $ | 8,156,069 |  |  | $ | 8,378,558 |  |  | $ | 8,273,656 |  |  | $ | 8,386,979 |  |  | $ | 8,631,416 |
Interest-bearing transaction | 25,859,733 |  |  | 24,992,464 |  |  | 23,986,697 |  |  | 23,006,204 |  |  | 22,264,259 |
Savings | 844,875 |  |  | 818,210 |  |  | 820,980 |  |  | 832,704 |  |  | 843,037 |
Time | 3,498,401 |  |  | 3,629,882 |  |  | 3,678,964 |  |  | 3,427,336 |  |  | 3,287,179 |
Total deposits | 38,359,078 |  |  | 37,819,114 |  |  | 36,760,297 |  |  | 35,653,223 |  |  | 35,025,891 |
Funds purchased and repurchase agreements | 935,716 |  |  | 1,076,400 |  |  | 1,016,688 |  |  | 1,838,323 |  |  | 1,258,044 |
Other borrowings | 4,626,402 |  |  | 4,489,870 |  |  | 6,366,046 |  |  | 7,151,228 |  |  | 6,844,633 |
Subordinated debentures | 131,188 |  |  | 131,185 |  |  | 131,155 |  |  | 131,156 |  |  | 131,154 |
Derivative contracts, net | 237,035 |  |  | 417,026 |  |  | 466,271 |  |  | 380,942 |  |  | 537,993 |
Due on unsettled securities purchases | 425,050 |  |  | 472,334 |  |  | 348,585 |  |  | 351,199 |  |  | 499,936 |
Other liabilities | 611,762 |  |  | 630,957 |  |  | 618,187 |  |  | 539,485 |  |  | 574,954 |
Total liabilities | 45,326,231 |  |  | 45,036,886 |  |  | 45,707,229 |  |  | 46,045,556 |  |  | 44,872,605 |
Total equity | 5,660,672 |  |  | 5,578,300 |  |  | 5,449,806 |  |  | 5,149,643 |  |  | 5,154,967 |
Total liabilities and equity | $ | 50,986,903 |  |  | $ | 50,615,186 |  |  | $ | 51,157,035 |  |  | $ | 51,195,199 |  |  | $ | 50,027,572 |

11

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended |  |
| March 31, |  |
(In thousands, except share and per share data) | 2025 |  | 2024 |  |  |  |
Interest revenue | $ | 618,570 |  |  | $ | 645,212 |  |  |  |  |
Interest expense | 302,319 |  |  | 351,640 |  |  |  |  |
Net interest income | 316,251 |  |  | 293,572 |  |  |  |  |
Provision for credit losses | — |  |  | 8,000 |  |  |  |  |
Net interest income after provision for credit losses | 316,251 |  |  | 285,572 |  |  |  |  |
Other operating revenue: |  |  |  |  |  |  |
Brokerage and trading revenue | 31,068 |  |  | 59,179 |  |  |  |  |
Transaction card revenue | 27,092 |  |  | 25,493 |  |  |  |  |
Fiduciary and asset management revenue | 60,972 |  |  | 55,305 |  |  |  |  |
Deposit service charges and fees | 30,275 |  |  | 28,685 |  |  |  |  |
Mortgage banking revenue | 19,815 |  |  | 18,967 |  |  |  |  |
Other revenue | 14,894 |  |  | 12,935 |  |  |  |  |
Total fees and commissions | 184,116 |  |  | 200,564 |  |  |  |  |
Other gains (losses), net | (725) |  |  | 4,269 |  |  |  |  |
Gain (loss) on derivatives, net | 9,565 |  |  | (8,633) |  |  |  |  |
Gain (loss) on fair value option securities, net | 325 |  |  | (305) |  |  |  |  |
Change in fair value of mortgage servicing rights | (7,240) |  |  | 10,977 |  |  |  |  |
Loss on available-for-sale securities, net | — |  |  | (45,171) |  |  |  |  |
Total other operating revenue | 186,041 |  |  | 161,701 |  |  |  |  |
Other operating expense: |  |  |  |  |  |  |
Personnel | 214,185 |  |  | 202,653 |  |  |  |  |
Business promotion | 8,818 |  |  | 7,978 |  |  |  |  |
Professional fees and services | 13,269 |  |  | 12,010 |  |  |  |  |
Net occupancy and equipment | 32,992 |  |  | 30,293 |  |  |  |  |
FDIC and other insurance | 6,587 |  |  | 8,740 |  |  |  |  |
FDIC special assessment | 523 |  |  | 6,454 |  |  |  |  |
Data processing and communications | 47,578 |  |  | 45,564 |  |  |  |  |
Printing, postage, and supplies | 3,639 |  |  | 3,997 |  |  |  |  |
Amortization of intangible assets | 2,652 |  |  | 3,003 |  |  |  |  |
Mortgage banking costs | 7,689 |  |  | 6,355 |  |  |  |  |
Other expense | 9,597 |  |  | 13,337 |  |  |  |  |
Total other operating expense | 347,529 |  |  | 340,384 |  |  |  |  |
Net income before taxes | 154,763 |  |  | 106,889 |  |  |  |  |
Federal and state income taxes | 34,992 |  |  | 23,195 |  |  |  |  |
Net income | 119,771 |  |  | 83,694 |  |  |  |  |
Net income (loss) attributable to non-controlling interests | (6) |  |  | (9) |  |  |  |  |
Net income attributable to BOK Financial Corporation shareholders | $ | 119,777 |  |  | $ | 83,703 |  |  |  |  |
Average shares outstanding: |  |  |  |  |  |  |
Basic | 63,547,510 |  |  | 64,290,105 |  |  |  |  |
Diluted | 63,547,510 |  |  | 64,290,105 |  |  |  |  |
Net income per share: |  |  |  |  |  |  |
Basic | $ | 1.86 |  |  | $ | 1.29 |  |  |  |  |
Diluted | $ | 1.86 |  |  | $ | 1.29 |  |  |  |  |

12

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
(In thousands, except ratio, share, and per share data) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Interest revenue | $ | 618,570 |  |  | $ | 639,125 |  |  | $ | 680,310 |  |  | $ | 671,817 |  |  | $ | 645,212 |
Interest expense | 302,319 |  |  | 326,079 |  |  | 372,191 |  |  | 375,796 |  |  | 351,640 |
Net interest income | 316,251 |  |  | 313,046 |  |  | 308,119 |  |  | 296,021 |  |  | 293,572 |
Provision for credit losses | — |  |  | — |  |  | 2,000 |  |  | 8,000 |  |  | 8,000 |
Net interest income after provision for credit losses | 316,251 |  |  | 313,046 |  |  | 306,119 |  |  | 288,021 |  |  | 285,572 |
Other operating revenue: |  |  |  |  |  |  |  |  |
Brokerage and trading revenue | 31,068 |  |  | 55,505 |  |  | 50,391 |  |  | 53,017 |  |  | 59,179 |
Transaction card revenue | 27,092 |  |  | 27,631 |  |  | 28,495 |  |  | 27,246 |  |  | 25,493 |
Fiduciary and asset management revenue | 60,972 |  |  | 60,595 |  |  | 57,384 |  |  | 57,576 |  |  | 55,305 |
Deposit service charges and fees | 30,275 |  |  | 30,038 |  |  | 30,450 |  |  | 29,572 |  |  | 28,685 |
Mortgage banking revenue | 19,815 |  |  | 18,140 |  |  | 18,372 |  |  | 18,628 |  |  | 18,967 |
Other revenue | 14,894 |  |  | 15,029 |  |  | 17,402 |  |  | 13,988 |  |  | 12,935 |
Total fees and commissions | 184,116 |  |  | 206,938 |  |  | 202,494 |  |  | 200,027 |  |  | 200,564 |
Other gains (losses), net | (725) |  |  | 4,995 |  |  | 13,087 |  |  | 57,375 |  |  | 4,269 |
Gain (loss) on derivatives, net | 9,565 |  |  | (21,728) |  |  | 8,991 |  |  | (1,091) |  |  | (8,633) |
Gain (loss) on fair value option securities, net | 325 |  |  | (621) |  |  | 764 |  |  | (94) |  |  | (305) |
Change in fair value of mortgage servicing rights | (7,240) |  |  | 20,460 |  |  | (16,453) |  |  | 3,453 |  |  | 10,977 |
Gain (loss) on available-for-sale securities, net | — |  |  | — |  |  | (691) |  |  | 34 |  |  | (45,171) |
Total other operating revenue | 186,041 |  |  | 210,044 |  |  | 208,192 |  |  | 259,704 |  |  | 161,701 |
Other operating expense: |  |  |  |  |  |  |  |  |
Personnel | 214,185 |  |  | 210,675 |  |  | 206,821 |  |  | 191,090 |  |  | 202,653 |
Business promotion | 8,818 |  |  | 9,365 |  |  | 7,681 |  |  | 8,250 |  |  | 7,978 |
Charitable contributions to BOKF Foundation | — |  |  | — |  |  | — |  |  | 13,610 |  |  | — |
Professional fees and services | 13,269 |  |  | 15,175 |  |  | 13,405 |  |  | 13,331 |  |  | 12,010 |
Net occupancy and equipment | 32,992 |  |  | 32,713 |  |  | 32,077 |  |  | 30,245 |  |  | 30,293 |
FDIC and other insurance | 6,587 |  |  | 6,862 |  |  | 8,186 |  |  | 7,317 |  |  | 8,740 |
FDIC special assessment | 523 |  |  | (686) |  |  | (1,437) |  |  | 1,190 |  |  | 6,454 |
Data processing and communications | 47,578 |  |  | 48,024 |  |  | 47,554 |  |  | 46,131 |  |  | 45,564 |
Printing, postage, and supplies | 3,639 |  |  | 3,699 |  |  | 3,594 |  |  | 3,789 |  |  | 3,997 |
Amortization of intangible assets | 2,652 |  |  | 2,855 |  |  | 2,856 |  |  | 2,898 |  |  | 3,003 |
Mortgage banking costs | 7,689 |  |  | 10,692 |  |  | 9,059 |  |  | 8,532 |  |  | 6,355 |
Other expense | 9,597 |  |  | 8,282 |  |  | 11,229 |  |  | 10,307 |  |  | 13,337 |
Total other operating expense | 347,529 |  |  | 347,656 |  |  | 341,025 |  |  | 336,690 |  |  | 340,384 |
Net income before taxes | 154,763 |  |  | 175,434 |  |  | 173,286 |  |  | 211,035 |  |  | 106,889 |
Federal and state income taxes | 34,992 |  |  | 39,280 |  |  | 33,313 |  |  | 47,303 |  |  | 23,195 |
Net income | 119,771 |  |  | 136,154 |  |  | 139,973 |  |  | 163,732 |  |  | 83,694 |
Net income (loss) attributable to non-controlling interests | (6) |  |  | — |  |  | (26) |  |  | 19 |  |  | (9) |
Net income attributable to BOK Financial Corporation shareholders | $ | 119,777 |  |  | $ | 136,154 |  |  | $ | 139,999 |  |  | $ | 163,713 |  |  | $ | 83,703 |
Average shares outstanding: |  |  |  |  |  |  |  |  |
Basic | 63,547,510 |  |  | 63,491,458 |  |  | 63,489,581 |  |  | 63,714,204 |  |  | 64,290,105 |
Diluted | 63,547,510 |  |  | 63,491,458 |  |  | 63,489,581 |  |  | 63,714,204 |  |  | 64,290,105 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 1.86 |  |  | $ | 2.12 |  |  | $ | 2.18 |  |  | $ | 2.54 |  |  | $ | 1.29 |
Diluted | $ | 1.86 |  |  | $ | 2.12 |  |  | $ | 2.18 |  |  | $ | 2.54 |  |  | $ | 1.29 |

13

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
(In thousands, except ratio, share, and per share data) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Capital: |  |  |  |  |  |  |  |  |
Period end shareholders' equity | $ | 5,771,813 |  |  | $ | 5,548,353 |  |  | $ | 5,612,443 |  |  | $ | 5,229,130 |  |  | $ | 5,128,751 |
Risk weighted assets | $ | 38,062,913 |  |  | $ | 38,315,722 |  |  | $ | 38,365,133 |  |  | $ | 39,405,794 |  |  | $ | 38,952,556 |
Risk-based capital ratios: |  |  |  |  |  |  |  |  |
Common equity Tier 1 | 13.31 | % |  | 13.03 | % |  | 12.73 | % |  | 12.10 | % |  | 11.99 | %
Tier 1 | 13.31 | % |  | 13.04 | % |  | 12.74 | % |  | 12.11 | % |  | 12.00 | %
Total capital | 14.54 | % |  | 14.21 | % |  | 13.91 | % |  | 13.25 | % |  | 13.15 | %
Leverage ratio | 10.02 | % |  | 9.97 | % |  | 9.67 | % |  | 9.39 | % |  | 9.42 | %
Tangible common equity ratio 1 | 9.48 | % |  | 9.17 | % |  | 9.22 | % |  | 8.38 | % |  | 8.21 | %
Adjusted tangible common equity ratio 1 | 9.23 | % |  | 8.86 | % |  | 9.01 | % |  | 8.06 | % |  | 7.92 | %
Common stock: |  |  |  |  |  |  |  |  |
Book value per share | $ | 89.82 |  |  | $ | 86.53 |  |  | $ | 87.53 |  |  | $ | 81.54 |  |  | $ | 79.50 |
Tangible book value per share | $ | 72.87 |  |  | $ | 69.51 |  |  | $ | 70.44 |  |  | $ | 64.41 |  |  | $ | 62.42 |
Market value per share: |  |  |  |  |  |  |  |  |
High | $ | 116.29 |  |  | $ | 121.58 |  |  | $ | 108.01 |  |  | $ | 96.41 |  |  | $ | 92.08 |
Low | $ | 97.84 |  |  | $ | 99.93 |  |  | $ | 86.43 |  |  | $ | 85.02 |  |  | $ | 77.86 |
Cash dividends paid | $ | 36,468 |  |  | $ | 36,421 |  |  | $ | 35,147 |  |  | $ | 35,288 |  |  | $ | 35,568 |
Dividend payout ratio | 30.45 | % |  | 26.75 | % |  | 25.11 | % |  | 21.55 | % |  | 42.49 | %
Shares outstanding, net | 64,261,824 |  |  | 64,121,299 |  |  | 64,118,417 |  |  | 64,127,824 |  |  | 64,515,035 |
Stock buy-back program: |  |  |  |  |  |  |  |  |
Shares repurchased | 10,000 |  |  | — |  |  | — |  |  | 412,176 |  |  | 616,630 |
Amount | $ | 985 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,253 |  |  | $ | 51,727 |
Average price paid per share 2 | $ | 98.45 |  |  | $ | — |  |  | $ | — |  |  | $ | 90.38 |  |  | $ | 83.89 |
Performance ratios (quarter annualized): |  |  |  |  |  |  |  |  |
Return on average assets | 0.95 | % |  | 1.07 | % |  | 1.09 | % |  | 1.29 | % |  | 0.67 | %
Return on average equity | 8.59 | % |  | 9.71 | % |  | 10.22 | % |  | 12.79 | % |  | 6.53 | %
Return on average tangible common equity 1 | 10.63 | % |  | 12.09 | % |  | 12.80 | % |  | 16.27 | % |  | 8.31 | %
Net interest margin | 2.78 | % |  | 2.75 | % |  | 2.68 | % |  | 2.56 | % |  | 2.61 | %
Efficiency ratio 1 | 68.31 | % |  | 65.61 | % |  | 65.11 | % |  | 59.83 | % |  | 67.13 | %
Other data: |  |  |  |  |  |  |  |  |
Tax-equivalent interest | $ | 2,542 |  |  | $ | 2,466 |  |  | $ | 2,385 |  |  | $ | 2,196 |  |  | $ | 2,100 |
Net unrealized loss on available-for-sale securities | $ | (363,507) |  |  | $ | (537,335) |  |  | $ | (307,360) |  |  | $ | (649,236) |  |  | $ | (643,259) |

14

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

| Three Months Ended
(In thousands, except ratio, share, and per share data) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Mortgage banking: |  |  |  |  |  |  |  |  |
Mortgage production revenue | $ | 2,629 |  |  | $ | 1,282 |  |  | $ | 1,563 |  |  | $ | 2,369 |  |  | $ | 3,525 |
Mortgage loans funded for sale | $ | 159,816 |  |  | $ | 208,300 |  |  | $ | 224,749 |  |  | $ | 240,038 |  |  | $ | 139,176 |
Add: Current period end outstanding commitments | 60,429 |  |  | 36,590 |  |  | 70,102 |  |  | 62,960 |  |  | 67,951 |
Less: Prior period end outstanding commitments | 36,590 |  |  | 70,102 |  |  | 62,960 |  |  | 67,951 |  |  | 34,783 |
Total mortgage production volume | $ | 183,655 |  |  | $ | 174,788 |  |  | $ | 231,891 |  |  | $ | 235,047 |  |  | $ | 172,344 |
Mortgage loan refinances to mortgage loans funded for sale | 12 | % |  | 19 | % |  | 11 | % |  | 7 | % |  | 10 | %
Realized margin on funded mortgage loans | 0.91 | % |  | 0.87 | % |  | 0.93 | % |  | 0.97 | % |  | 1.46 | %
Production revenue as a percentage of production volume | 1.43 | % |  | 0.73 | % |  | 0.67 | % |  | 1.01 | % |  | 2.05 | %
Mortgage servicing revenue | $ | 17,186 |  |  | $ | 16,858 |  |  | $ | 16,809 |  |  | $ | 16,259 |  |  | $ | 15,442 |
Average outstanding principal balance of mortgage loans serviced for others | $ | 23,089,324 |  |  | $ | 22,214,392 |  |  | $ | 22,203,787 |  |  | $ | 22,287,559 |  |  | $ | 21,088,898 |
Average mortgage servicing revenue rates | 0.30 | % |  | 0.30 | % |  | 0.30 | % |  | 0.29 | % |  | 0.29 | %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net | $ | 9,183 |  |  | $ | (21,917) |  |  | $ | 11,357 |  |  | $ | (3,484) |  |  | $ | (9,357) |
Gain (loss) on fair value option securities, net | 325 |  |  | (621) |  |  | 764 |  |  | (94) |  |  | (305) |
Gain (loss) on economic hedge of mortgage servicing rights | 9,508 |  |  | (22,538) |  |  | 12,121 |  |  | (3,578) |  |  | (9,662) |
Change in fair value of mortgage servicing rights | (7,240) |  |  | 20,460 |  |  | (16,453) |  |  | 3,453 |  |  | 10,977 |
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue | 2,268 |  |  | (2,078) |  |  | (4,332) |  |  | (125) |  |  | 1,315 |
Net interest expense on fair value option securities 3 | (71) |  |  | (79) |  |  | (146) |  |  | (96) |  |  | (155) |
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | 2,197 |  |  | $ | (2,157) |  |  | $ | (4,478) |  |  | $ | (221) |  |  | $ | 1,160 |

1 See Reconciliation of Non-GAAP Measures following.
2 Excludes 1% excise tax on corporate stock repurchases.
3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds.
15

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
(In thousands, except ratio and share data) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity | $ | 5,771,813 |  |  | $ | 5,548,353 |  |  | $ | 5,612,443 |  |  | $ | 5,229,130 |  |  | $ | 5,128,751 |
Less: Goodwill and intangible assets, net | 1,088,813 |  |  | 1,091,537 |  |  | 1,095,954 |  |  | 1,098,777 |  |  | 1,101,643 |
Tangible common equity | 4,683,000 |  |  | 4,456,816 |  |  | 4,516,489 |  |  | 4,130,353 |  |  | 4,027,108 |
Add: Unrealized loss on investment securities, net | (165,676) |  |  | (199,519) |  |  | (132,192) |  |  | (204,636) |  |  | (185,978) |
Add: Tax effect on unrealized loss on investment securities, net | 39,149 |  |  | 46,925 |  |  | 31,090 |  |  | 48,128 |  |  | 43,740 |
Adjusted tangible common equity | $ | 4,556,473 |  |  | $ | 4,304,222 |  |  | $ | 4,415,387 |  |  | $ | 3,973,845 |  |  | $ | 3,884,870 |
Total assets | $ | 50,472,189 |  |  | $ | 49,685,892 |  |  | $ | 50,081,985 |  |  | $ | 50,403,457 |  |  | $ | 50,160,380 |
Less: Goodwill and intangible assets, net | 1,088,813 |  |  | 1,091,537 |  |  | 1,095,954 |  |  | 1,098,777 |  |  | 1,101,643 |
Tangible assets | $ | 49,383,376 |  |  | $ | 48,594,355 |  |  | $ | 48,986,031 |  |  | $ | 49,304,680 |  |  | $ | 49,058,737 |
Tangible common equity ratio | 9.48 | % |  | 9.17 | % |  | 9.22 | % |  | 8.38 | % |  | 8.21 | %
Adjusted tangible common equity ratio | 9.23 | % |  | 8.86 | % |  | 9.01 | % |  | 8.06 | % |  | 7.92 | %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity | $ | 5,658,082 |  |  | $ | 5,575,583 |  |  | $ | 5,446,998 |  |  | $ | 5,146,785 |  |  | $ | 5,152,061 |
Less: Average goodwill and intangible assets, net | 1,090,116 |  |  | 1,094,466 |  |  | 1,097,317 |  |  | 1,100,139 |  |  | 1,103,090 |
Average tangible common equity | $ | 4,567,966 |  |  | $ | 4,481,117 |  |  | $ | 4,349,681 |  |  | $ | 4,046,646 |  |  | $ | 4,048,971 |
Net income attributable to BOK Financial Corporation shareholders | $ | 119,777 |  |  | $ | 136,154 |  |  | $ | 139,999 |  |  | $ | 163,713 |  |  | $ | 83,703 |
Return on average tangible common equity | 10.63 | % |  | 12.09 | % |  | 12.80 | % |  | 16.27 | % |  | 8.31 | %
Reconciliation of common equity Tier 1 ratio including all securities portfolio losses:
Common equity Tier 1 capital | $ | 5,067,926 |  |  | $ | 4,995,415 |  |  | $ | 4,884,551 |  |  | $ | 4,769,037 |  |  | $ | 4,670,858 |
Add: Accumulated other comprehensive loss | (362,343) |  |  | (503,040) |  |  | (335,289) |  |  | (605,502) |  |  | (610,128) |
Add: Unrealized loss on investment securities, net | (165,676) |  |  | (199,519) |  |  | (132,192) |  |  | (204,636) |  |  | (185,978) |
Add: Tax effect on unrealized loss on investment securities, net | 39,149 |  |  | 46,925 |  |  | 31,090 |  |  | 48,128 |  |  | 43,740 |
Adjusted Tier 1 capital | $ | 4,579,056 |  |  | $ | 4,339,781 |  |  | $ | 4,448,160 |  |  | $ | 4,007,027 |  |  | $ | 3,918,492 |
Risk weighted assets | $ | 38,062,913 |  |  | $ | 38,316,481 |  |  | $ | 38,365,133 |  |  | $ | 39,405,831 |  |  | $ | 38,952,555 |
Common equity Tier 1 ratio including AOCI & loss on investment securities | 12.03 | % |  | 11.33 | % |  | 11.59 | % |  | 10.17 | % |  | 10.06 | %
Reconciliation of pre-provision net revenue:
Net income before taxes | $ | 154,763 |  |  | $ | 175,434 |  |  | $ | 173,286 |  |  | $ | 211,035 |  |  | $ | 106,889 |
Add: Provision for expected credit losses | — |  |  | — |  |  | 2,000 |  |  | 8,000 |  |  | 8,000 |
Less: Net income (loss) attributable to non-controlling interests | (6) |  |  | — |  |  | (26) |  |  | 19 |  |  | (9) |
Pre-provision net revenue | $ | 154,769 |  |  | $ | 175,434 |  |  | $ | 175,312 |  |  | $ | 219,016 |  |  | $ | 114,898 |

16

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

| Three Months Ended
(In thousands, except ratio and share data) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Calculation of efficiency ratio:
Total other operating expense | $ | 347,529 |  |  | $ | 347,656 |  |  | $ | 341,025 |  |  | $ | 336,690 |  |  | $ | 340,384 |
Less: Amortization of intangible assets | 2,652 |  |  | 2,855 |  |  | 2,856 |  |  | 2,898 |  |  | 3,003 |
Numerator for efficiency ratio | $ | 344,877 |  |  | $ | 344,801 |  |  | $ | 338,169 |  |  | $ | 333,792 |  |  | $ | 337,381 |
Net interest income | $ | 316,251 |  |  | $ | 313,046 |  |  | $ | 308,119 |  |  | $ | 296,021 |  |  | $ | 293,572 |
Add: Tax-equivalent adjustment | 2,542 |  |  | 2,466 |  |  | 2,385 |  |  | 2,196 |  |  | 2,100 |
Tax-equivalent net interest income | 318,793 |  |  | 315,512 |  |  | 310,504 |  |  | 298,217 |  |  | 295,672 |
Total other operating revenue | 186,041 |  |  | 210,044 |  |  | 208,192 |  |  | 259,704 |  |  | 161,701 |
Less: Gain (loss) on available-for-sale securities, net | — |  |  | — |  |  | (691) |  |  | 34 |  |  | (45,171) |
Denominator for efficiency ratio | $ | 504,834 |  |  | $ | 525,556 |  |  | $ | 519,387 |  |  | $ | 557,887 |  |  | $ | 502,544 |
Efficiency ratio | 68.31 | % |  | 65.61 | % |  | 65.11 | % |  | 59.83 | % |  | 67.13 | %
Information on net interest income and net interest margin excluding trading activities:
Net interest income | $ | 316,251 |  |  | $ | 313,046 |  |  | $ | 308,119 |  |  | $ | 296,021 |  |  | $ | 293,572 |
Less: Trading activities net interest income | 15,174 |  |  | 4,648 |  |  | 3,751 |  |  | (275) |  |  | (498) |
Net interest income excluding trading activities | 301,077 |  |  | 308,398 |  |  | 304,368 |  |  | 296,296 |  |  | 294,070 |
Add: Tax-equivalent adjustment | 2,542 |  |  | 2,466 |  |  | 2,385 |  |  | 2,196 |  |  | 2,100 |
Tax-equivalent net interest income excluding trading activities | $ | 303,619 |  |  | $ | 310,864 |  |  | $ | 306,753 |  |  | $ | 298,492 |  |  | $ | 296,170 |
Average interest-earning assets | $ | 45,606,324 |  |  | $ | 45,375,438 |  |  | $ | 45,911,383 |  |  | $ | 46,019,346 |  |  | $ | 44,846,886 |
Less: Average trading activities interest-earning assets | 5,881,997 |  |  | 5,636,949 |  |  | 5,802,448 |  |  | 5,922,891 |  |  | 5,371,209 |
Average interest-earning assets excluding trading activities | $ | 39,724,327 |  |  | $ | 39,738,489 |  |  | $ | 40,108,935 |  |  | $ | 40,096,455 |  |  | $ | 39,475,677 |
Net interest margin on average interest-earning assets | 2.78 | % |  | 2.75 | % |  | 2.68 | % |  | 2.56 | % |  | 2.61 | %
Net interest margin on average trading activities interest-earning assets | 0.98 | % |  | 0.36 | % |  | 0.29 | % |  | (0.05) | % |  | (0.07) | %
Net interest margin on average interest-earning assets excluding trading activities | 3.05 | % |  | 3.09 | % |  | 3.02 | % |  | 2.94 | % |  | 2.97 | %

17

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

| Year Ended
| December 31, 2024
Calculation of efficiency ratio and efficiency ratio excluding discrete items:
Total other operating expense | $ | 1,365,755 |
Less: Amortization of intangible assets | 11,612 |
Numerator for efficiency ratio | $ | 1,354,143 |
Less: FDIC special assessment | 5,521 |
Less: Contribution of converted Visa shares to BOKF Foundation | 10,000 |
Adjusted numerator for efficiency ratio | $ | 1,338,622 |
Net interest income | $ | 1,210,758 |
Add: Tax-equivalent adjustment | 9,147 |
Tax-equivalent net interest income | 1,219,905 |
Total other operating revenue | 839,641 |
Less: Gain (loss) on available-for-sale securities, net | (45,828) |
Denominator for efficiency ratio | $ | 2,105,374 |
Less: Gain on converted Visa shares | 56,877 |
Adjusted denominator for efficiency ratio | $ | 2,048,497 |
Efficiency ratio | 64.32 | %
Efficiency ratio excluding discrete items | 65.35 | %

Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.
The adjusted Tier 1 common equity ratio includes accumulated other comprehensive loss and unrealized gains and losses on the investment portfolio. This measure is a valuable indicator of a financial institution’s capital strength and retains the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders’ equity.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.
Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.
18

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION

(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Commercial: |  |  |  |  |  |  |  |  |
Healthcare | $ | 3,789,446 |  |  | $ | 3,967,533 |  |  | $ | 4,149,069 |  |  | $ | 4,231,058 |  |  | $ | 4,245,939 |
Services | 3,704,834 |  |  | 3,643,203 |  |  | 3,573,670 |  |  | 3,577,144 |  |  | 3,529,421 |
Energy | 2,860,330 |  |  | 3,254,724 |  |  | 3,126,635 |  |  | 3,451,485 |  |  | 3,443,719 |
General business | 4,048,821 |  |  | 4,164,676 |  |  | 4,028,548 |  |  | 4,363,722 |  |  | 3,913,788 |
Total commercial | 14,403,431 |  |  | 15,030,136 |  |  | 14,877,922 |  |  | 15,623,409 |  |  | 15,132,867 |
Commercial real estate: |  |  |  |  |  |  |  |  |
Multifamily | 2,336,312 |  |  | 2,237,064 |  |  | 2,109,445 |  |  | 1,997,282 |  |  | 1,960,839 |
Industrial | 1,163,089 |  |  | 1,127,867 |  |  | 1,270,928 |  |  | 1,214,991 |  |  | 1,343,970 |
Office | 704,688 |  |  | 755,838 |  |  | 815,966 |  |  | 876,897 |  |  | 901,105 |
Retail | 497,579 |  |  | 485,926 |  |  | 521,874 |  |  | 547,706 |  |  | 543,735 |
Residential construction and land development | 105,190 |  |  | 109,120 |  |  | 105,048 |  |  | 88,252 |  |  | 83,906 |
Other commercial real estate | 356,678 |  |  | 342,637 |  |  | 365,394 |  |  | 358,447 |  |  | 403,122 |
Total commercial real estate | 5,163,536 |  |  | 5,058,452 |  |  | 5,188,655 |  |  | 5,083,575 |  |  | 5,236,677 |
Loans to individuals: |  |  |  |  |  |  |  |  |
Residential mortgage | 2,471,345 |  |  | 2,436,958 |  |  | 2,370,293 |  |  | 2,281,226 |  |  | 2,192,584 |
Residential mortgages guaranteed by U.S. government agencies | 133,453 |  |  | 136,649 |  |  | 127,747 |  |  | 131,825 |  |  | 139,456 |
Personal | 1,518,723 |  |  | 1,452,529 |  |  | 1,420,444 |  |  | 1,433,546 |  |  | 1,470,976 |
Total loans to individuals | 4,123,521 |  |  | 4,026,136 |  |  | 3,918,484 |  |  | 3,846,597 |  |  | 3,803,016 |
Total | $ | 23,690,488 |  |  | $ | 24,114,724 |  |  | $ | 23,985,061 |  |  | $ | 24,553,581 |  |  | $ | 24,172,560 |

19

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION

(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Texas: |  |  |  |  |  |  |  |  |
Commercial | $ | 6,953,714 |  |  | $ | 7,411,416 |  |  | $ | 7,437,800 |  |  | $ | 7,879,143 |  |  | $ | 7,515,070 |
Commercial real estate | 1,864,345 |  |  | 1,731,281 |  |  | 1,816,276 |  |  | 1,754,087 |  |  | 1,935,728 |
Loans to individuals | 929,825 |  |  | 918,994 |  |  | 880,213 |  |  | 908,920 |  |  | 964,464 |
Total Texas | 9,747,884 |  |  | 10,061,691 |  |  | 10,134,289 |  |  | 10,542,150 |  |  | 10,415,262 |
Oklahoma: |  |  |  |  |  |  |  |  |
Commercial | 3,380,680 |  |  | 3,585,592 |  |  | 3,440,385 |  |  | 3,619,136 |  |  | 3,478,146 |
Commercial real estate | 521,992 |  |  | 513,101 |  |  | 557,025 |  |  | 556,971 |  |  | 605,419 |
Loans to individuals | 2,548,549 |  |  | 2,440,874 |  |  | 2,367,725 |  |  | 2,273,240 |  |  | 2,176,268 |
Total Oklahoma | 6,451,221 |  |  | 6,539,567 |  |  | 6,365,135 |  |  | 6,449,347 |  |  | 6,259,833 |
Colorado: |  |  |  |  |  |  |  |  |
Commercial | 2,246,388 |  |  | 2,188,324 |  |  | 2,175,540 |  |  | 2,220,887 |  |  | 2,244,416 |
Commercial real estate | 706,154 |  |  | 759,168 |  |  | 835,478 |  |  | 806,522 |  |  | 766,100 |
Loans to individuals | 210,531 |  |  | 213,768 |  |  | 216,938 |  |  | 217,990 |  |  | 221,291 |
Total Colorado | 3,163,073 |  |  | 3,161,260 |  |  | 3,227,956 |  |  | 3,245,399 |  |  | 3,231,807 |
Arizona: |  |  |  |  |  |  |  |  |
Commercial | 1,115,085 |  |  | 1,082,829 |  |  | 1,064,380 |  |  | 1,104,875 |  |  | 1,149,394 |
Commercial real estate | 1,084,967 |  |  | 1,098,174 |  |  | 1,115,928 |  |  | 1,045,837 |  |  | 1,007,972 |
Loans to individuals | 218,093 |  |  | 215,531 |  |  | 218,340 |  |  | 208,419 |  |  | 218,664 |
Total Arizona | 2,418,145 |  |  | 2,396,534 |  |  | 2,398,648 |  |  | 2,359,131 |  |  | 2,376,030 |
Kansas/Missouri: |  |  |  |  |  |  |  |  |
Commercial | 298,410 |  |  | 305,957 |  |  | 306,370 |  |  | 336,232 |  |  | 320,609 |
Commercial real estate | 533,335 |  |  | 515,511 |  |  | 438,424 |  |  | 482,249 |  |  | 497,036 |
Loans to individuals | 147,651 |  |  | 164,638 |  |  | 158,524 |  |  | 157,750 |  |  | 141,767 |
Total Kansas/Missouri | 979,396 |  |  | 986,106 |  |  | 903,318 |  |  | 976,231 |  |  | 959,412 |
New Mexico: |  |  |  |  |  |  |  |  |
Commercial | 324,321 |  |  | 325,246 |  |  | 324,605 |  |  | 318,711 |  |  | 317,651 |
Commercial real estate | 381,775 |  |  | 402,217 |  |  | 386,037 |  |  | 367,678 |  |  | 352,559 |
Loans to individuals | 57,926 |  |  | 60,703 |  |  | 64,511 |  |  | 67,747 |  |  | 67,814 |
Total New Mexico | 764,022 |  |  | 788,166 |  |  | 775,153 |  |  | 754,136 |  |  | 738,024 |
Arkansas: |  |  |  |  |  |  |  |  |
Commercial | 84,833 |  |  | 130,772 |  |  | 128,842 |  |  | 144,425 |  |  | 107,581 |
Commercial real estate | 70,968 |  |  | 39,000 |  |  | 39,487 |  |  | 70,231 |  |  | 71,863 |
Loans to individuals | 10,946 |  |  | 11,628 |  |  | 12,233 |  |  | 12,531 |  |  | 12,748 |
Total Arkansas | 166,747 |  |  | 181,400 |  |  | 180,562 |  |  | 227,187 |  |  | 192,192 |
Total BOK Financial | $ | 23,690,488 |  |  | $ | 24,114,724 |  |  | $ | 23,985,061 |  |  | $ | 24,553,581 |  |  | $ | 24,172,560 |

Loans attributed to a principal market may not always represent the location of the borrower or the collateral.
20

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION

(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Oklahoma: |  |  |  |  |  |  |  |  |
Demand | $ | 3,629,708 |  |  | $ | 3,618,771 |  |  | $ | 3,491,996 |  |  | $ | 3,721,009 |  |  | $ | 3,365,529 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 13,891,707 |  |  | 13,352,732 |  |  | 12,474,626 |  |  | 12,115,793 |  |  | 12,362,193 |
Savings | 525,424 |  |  | 497,443 |  |  | 490,957 |  |  | 496,289 |  |  | 509,775 |
Time | 2,089,744 |  |  | 2,138,620 |  |  | 2,462,463 |  |  | 2,157,778 |  |  | 2,136,583 |
Total interest-bearing | 16,506,875 |  |  | 15,988,795 |  |  | 15,428,046 |  |  | 14,769,860 |  |  | 15,008,551 |
Total Oklahoma | 20,136,583 |  |  | 19,607,566 |  |  | 18,920,042 |  |  | 18,490,869 |  |  | 18,374,080 |
Texas: |  |  |  |  |  |  |  |  |
Demand | 2,187,903 |  |  | 2,216,393 |  |  | 2,228,690 |  |  | 2,448,433 |  |  | 2,201,561 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 5,925,285 |  |  | 6,205,605 |  |  | 6,191,794 |  |  | 5,425,670 |  |  | 5,125,834 |
Savings | 155,777 |  |  | 154,112 |  |  | 152,392 |  |  | 150,812 |  |  | 157,108 |
Time | 633,538 |  |  | 646,490 |  |  | 648,796 |  |  | 626,724 |  |  | 605,526 |
Total interest-bearing | 6,714,600 |  |  | 7,006,207 |  |  | 6,992,982 |  |  | 6,203,206 |  |  | 5,888,468 |
Total Texas | 8,902,503 |  |  | 9,222,600 |  |  | 9,221,672 |  |  | 8,651,639 |  |  | 8,090,029 |
Colorado: |  |  |  |  |  |  |  |  |
Demand | 1,082,304 |  |  | 1,159,076 |  |  | 1,195,637 |  |  | 1,244,848 |  |  | 1,316,971 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 1,988,258 |  |  | 2,089,475 |  |  | 1,935,685 |  |  | 1,921,671 |  |  | 1,951,232 |
Savings | 58,318 |  |  | 59,244 |  |  | 56,275 |  |  | 61,184 |  |  | 63,675 |
Time | 274,235 |  |  | 280,081 |  |  | 279,887 |  |  | 261,237 |  |  | 237,656 |
Total interest-bearing | 2,320,811 |  |  | 2,428,800 |  |  | 2,271,847 |  |  | 2,244,092 |  |  | 2,252,563 |
Total Colorado | 3,403,115 |  |  | 3,587,876 |  |  | 3,467,484 |  |  | 3,488,940 |  |  | 3,569,534 |
New Mexico: |  |  |  |  |  |  |  |  |
Demand | 631,950 |  |  | 659,234 |  |  | 628,594 |  |  | 661,677 |  |  | 683,643 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 1,283,998 |  |  | 1,305,044 |  |  | 1,275,502 |  |  | 1,323,750 |  |  | 1,085,946 |
Savings | 96,969 |  |  | 90,580 |  |  | 90,867 |  |  | 92,910 |  |  | 95,944 |
Time | 344,827 |  |  | 347,443 |  |  | 336,830 |  |  | 314,133 |  |  | 298,556 |
Total interest-bearing | 1,725,794 |  |  | 1,743,067 |  |  | 1,703,199 |  |  | 1,730,793 |  |  | 1,480,446 |
Total New Mexico | 2,357,744 |  |  | 2,402,301 |  |  | 2,331,793 |  |  | 2,392,470 |  |  | 2,164,089 |
Arizona: |  |  |  |  |  |  |  |  |
Demand | 451,085 |  |  | 418,587 |  |  | 435,553 |  |  | 448,587 |  |  | 502,143 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 1,312,979 |  |  | 1,277,494 |  |  | 1,237,811 |  |  | 1,227,895 |  |  | 1,181,539 |
Savings | 11,125 |  |  | 12,336 |  |  | 11,228 |  |  | 11,542 |  |  | 12,024 |
Time | 70,758 |  |  | 70,390 |  |  | 59,508 |  |  | 56,102 |  |  | 46,962 |
Total interest-bearing | 1,394,862 |  |  | 1,360,220 |  |  | 1,308,547 |  |  | 1,295,539 |  |  | 1,240,525 |
Total Arizona | 1,845,947 |  |  | 1,778,807 |  |  | 1,744,100 |  |  | 1,744,126 |  |  | 1,742,668 |

21

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

(In thousands) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Kansas/Missouri: |  |  |  |  |  |  |  |  |
Demand | 279,808 |  |  | 277,440 |  |  | 255,950 |  |  | 291,045 |  |  | 316,041 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 1,202,107 |  |  | 1,169,541 |  |  | 1,134,544 |  |  | 1,040,114 |  |  | 985,706 |
Savings | 14,504 |  |  | 12,158 |  |  | 11,896 |  |  | 14,998 |  |  | 13,095 |
Time | 36,307 |  |  | 37,210 |  |  | 35,316 |  |  | 32,921 |  |  | 30,411 |
Total interest-bearing | 1,252,918 |  |  | 1,218,909 |  |  | 1,181,756 |  |  | 1,088,033 |  |  | 1,029,212 |
Total Kansas/Missouri | 1,532,726 |  |  | 1,496,349 |  |  | 1,437,706 |  |  | 1,379,078 |  |  | 1,345,253 |
Arkansas: |  |  |  |  |  |  |  |  |
Demand | 25,738 |  |  | 22,396 |  |  | 23,824 |  |  | 24,579 |  |  | 28,168 |
Interest-bearing: |  |  |  |  |  |  |  |  |
Transaction | 57,696 |  |  | 55,215 |  |  | 62,249 |  |  | 52,149 |  |  | 55,735 |
Savings | 2,602 |  |  | 2,944 |  |  | 3,092 |  |  | 2,754 |  |  | 2,776 |
Time | 17,019 |  |  | 15,176 |  |  | 15,156 |  |  | 15,040 |  |  | 11,215 |
Total interest-bearing | 77,317 |  |  | 73,335 |  |  | 80,497 |  |  | 69,943 |  |  | 69,726 |
Total Arkansas | 103,055 |  |  | 95,731 |  |  | 104,321 |  |  | 94,522 |  |  | 97,894 |
Total BOK Financial | $ | 38,281,673 |  |  | $ | 38,191,230 |  |  | $ | 37,227,118 |  |  | $ | 36,241,644 |  |  | $ | 35,383,547 |

22

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
| Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Tax-equivalent asset yields
Interest-bearing cash and cash equivalents | 4.48 | % |  | 4.60 | % |  | 5.33 | % |  | 5.86 | % |  | 4.96 | %
Trading securities | 5.07 | % |  | 4.90 | % |  | 5.36 | % |  | 5.06 | % |  | 5.12 | %
Investment securities, net of allowance | 1.42 | % |  | 1.42 | % |  | 1.41 | % |  | 1.41 | % |  | 1.42 | %
Available-for-sale securities | 3.82 | % |  | 3.82 | % |  | 3.76 | % |  | 3.71 | % |  | 3.48 | %
Fair value option securities | 3.72 | % |  | 3.70 | % |  | 3.69 | % |  | 3.68 | % |  | 3.59 | %
Restricted equity securities | 7.51 | % |  | 7.60 | % |  | 8.20 | % |  | 8.11 | % |  | 8.59 | %
Residential mortgage loans held for sale | 6.03 | % |  | 5.85 | % |  | 6.15 | % |  | 6.50 | % |  | 6.25 | %
Loans | 6.71 | % |  | 7.01 | % |  | 7.47 | % |  | 7.41 | % |  | 7.40 | %
Allowance for loan losses |  |  |  |  |  |  |  |  |
Loans, net of allowance | 6.79 | % |  | 7.10 | % |  | 7.55 | % |  | 7.49 | % |  | 7.48 | %
Total tax-equivalent yield on earning assets | 5.45 | % |  | 5.59 | % |  | 5.89 | % |  | 5.80 | % |  | 5.73 | %
Cost of interest-bearing liabilities:
Interest-bearing deposits: |  |  |  |  |  |  |  |  |
Interest-bearing transaction | 3.21 | % |  | 3.42 | % |  | 3.78 | % |  | 3.76 | % |  | 3.68 | %
Savings | 0.56 | % |  | 0.59 | % |  | 0.60 | % |  | 0.58 | % |  | 0.57 | %
Time | 4.10 | % |  | 4.56 | % |  | 4.56 | % |  | 4.51 | % |  | 4.54 | %
Total interest-bearing deposits | 3.24 | % |  | 3.48 | % |  | 3.79 | % |  | 3.76 | % |  | 3.69 | %
Funds purchased and repurchase agreements | 3.05 | % |  | 3.78 | % |  | 3.89 | % |  | 4.28 | % |  | 4.05 | %
Other borrowings | 4.57 | % |  | 4.95 | % |  | 5.55 | % |  | 5.58 | % |  | 5.56 | %
Subordinated debt | 6.44 | % |  | 6.80 | % |  | 7.15 | % |  | 7.07 | % |  | 7.09 | %
Total cost of interest-bearing liabilities | 3.42 | % |  | 3.69 | % |  | 4.11 | % |  | 4.15 | % |  | 4.08 | %
Tax-equivalent net interest spread | 2.03 | % |  | 1.90 | % |  | 1.78 | % |  | 1.65 | % |  | 1.65 | %
Effect of noninterest-bearing funding sources and other | 0.75 | % |  | 0.85 | % |  | 0.90 | % |  | 0.91 | % |  | 0.96 | %
Tax-equivalent net interest margin | 2.78 | % |  | 2.75 | % |  | 2.68 | % |  | 2.56 | % |  | 2.61 | %

Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
23

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended
(In thousands, except ratios) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Nonperforming assets: |  |  |  |  |  |  |  |  |
Nonaccruing loans: |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |
Energy | $ | 49 |  |  | $ | 49 |  |  | $ | 28,986 |  |  | $ | 28,668 |  |  | $ | 14,991 |
Healthcare | 29,253 |  |  | 13,717 |  |  | 15,927 |  |  | 20,845 |  |  | 49,307 |
Services | 13,662 |  |  | 767 |  |  | 1,425 |  |  | 3,165 |  |  | 3,319 |
General business | 103 |  |  | 114 |  |  | 5,334 |  |  | 5,756 |  |  | 7,003 |
Total commercial | 43,067 |  |  | 14,647 |  |  | 51,672 |  |  | 58,434 |  |  | 74,620 |
Commercial real estate | 13,125 |  |  | 9,905 |  |  | 12,364 |  |  | 12,883 |  |  | 22,087 |
Loans to individuals: |  |  |  |  |  |  |  |  |
Permanent mortgage | 20,502 |  |  | 15,261 |  |  | 13,688 |  |  | 12,627 |  |  | 13,449 |
Permanent mortgage guaranteed by U.S. government agencies | 6,786 |  |  | 6,803 |  |  | 6,520 |  |  | 6,617 |  |  | 9,217 |
Personal | 40 |  |  | 109 |  |  | 71 |  |  | 122 |  |  | 142 |
Total loans to individuals | 27,328 |  |  | 22,173 |  |  | 20,279 |  |  | 19,366 |  |  | 22,808 |
Total nonaccruing loans | 83,520 |  |  | 46,725 |  |  | 84,315 |  |  | 90,683 |  |  | 119,515 |
Real estate and other repossessed assets | 1,769 |  |  | 2,254 |  |  | 2,625 |  |  | 2,334 |  |  | 2,860 |
Total nonperforming assets | $ | 85,289 |  |  | $ | 48,979 |  |  | $ | 86,940 |  |  | $ | 93,017 |  |  | $ | 122,375 |
Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 78,503 |  |  | $ | 42,176 |  |  | $ | 80,420 |  |  | $ | 86,400 |  |  | $ | 113,158 |
Accruing loans 90 days past due 1 | $ | 3,258 |  |  | $ | — |  |  | $ | 597 |  |  | $ | 2,962 |  |  | $ | — |
Gross charge-offs | $ | 2,291 |  |  | $ | 1,339 |  |  | $ | 2,496 |  |  | $ | 7,940 |  |  | $ | 7,060 |
Recoveries | (1,186) |  |  | (811) |  |  | (2,550) |  |  | (995) |  |  | (1,600) |
Net charge-offs (recoveries) | $ | 1,105 |  |  | $ | 528 |  |  | $ | (54) |  |  | $ | 6,945 |  |  | $ | 5,460 |
Provision for loan losses | $ | (336) |  |  | $ | (3,893) |  |  | $ | (3,424) |  |  | $ | 13,148 |  |  | $ | 9,960 |
Provision for credit losses from off-balance sheet unfunded loan commitments | 448 |  |  | 3,874 |  |  | 5,430 |  |  | (4,983) |  |  | (1,658) |
Provision for expected credit losses from mortgage banking activities | (82) |  |  | 30 |  |  | 47 |  |  | (153) |  |  | (265) |
Provision for credit losses related to held-to-maturity (investment) securities portfolio | (30) |  |  | (11) |  |  | (53) |  |  | (12) |  |  | (37) |
Total provision for credit losses | $ | — |  |  | $ | — |  |  | $ | 2,000 |  |  | $ | 8,000 |  |  | $ | 8,000 |

24

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

| Three Months Ended
(In thousands, except ratios) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Sep. 30, 2024 |  | June 30, 2024 |  | Mar. 31, 2024
Allowance for loan losses to period end loans | 1.18 | % |  | 1.16 | % |  | 1.19 | % |  | 1.17 | % |  | 1.17 | %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans | 1.40 | % |  | 1.38 | % |  | 1.39 | % |  | 1.34 | % |  | 1.36 | %
Nonperforming assets to period end loans and repossessed assets | 0.36 | % |  | 0.20 | % |  | 0.36 | % |  | 0.38 | % |  | 0.51 | %
Net charge-offs (annualized) to average loans | 0.02 | % |  | 0.01 | % |  | — | % |  | 0.11 | % |  | 0.09 | %
Allowance for loan losses to nonaccruing loans 1 | 363.06 | % |  | 701.46 | % |  | 365.65 | % |  | 342.38 | % |  | 255.33 | %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans 1 | 430.95 | % |  | 830.81 | % |  | 427.05 | % |  | 392.74 | % |  | 298.23 | %

1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
25

BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b)

SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION

| Three Months Ended |  | 1Q25 vs 4Q24 |  | 1Q25 vs 1Q24 |  |  |  |
(Dollars in thousands, except ratios) | Mar. 31, 2025 |  | Dec. 31, 2024 |  | Mar. 31, 2024 |  | Change |  | % Change |  | Change |  | % Change |  |  |  |  |  |  |  |
Commercial Banking: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 178,258 |  |  | $ | 199,735 |  |  | $ | 203,995 |  |  | $ | (21,477) |  |  | (10.8) | % |  | $ | (25,737) |  |  | (12.6) | % |  |  |  |  |  |  |  |
Fees and commissions revenue | 55,157 |  |  | 56,575 |  |  | 50,630 |  |  | (1,418) |  |  | (2.5) | % |  | 4,527 |  |  | 8.9 | % |  |  |  |  |  |  |  |
Combined net interest income and fee revenue | 233,415 |  |  | 256,310 |  |  | 254,625 |  |  | (22,895) |  |  | (8.9) | % |  | (21,210) |  |  | (8.3) | % |  |  |  |  |  |  |  |
Other operating expense | 76,234 |  |  | 80,834 |  |  | 70,095 |  |  | (4,600) |  |  | (5.7) | % |  | 6,139 |  |  | 8.8 | % |  |  |  |  |  |  |  |
Corporate allocations | 17,414 |  |  | 16,848 |  |  | 18,397 |  |  | 566 |  |  | 3.4 | % |  | (983) |  |  | (5.3) | % |  |  |  |  |  |  |  |
Net income before taxes | 139,983 |  |  | 160,393 |  |  | 161,516 |  |  | (20,410) |  |  | (12.7) | % |  | (21,533) |  |  | (13.3) | % |  |  |  |  |  |  |  |
Average assets | $ | 21,400,745 |  |  | $ | 21,510,871 |  |  | $ | 21,652,694 |  |  | $ | (110,126) |  |  | (0.5) | % |  | $ | (251,949) |  |  | (1.2) | % |  |  |  |  |  |  |  |
Average loans | 19,965,166 |  |  | 19,996,608 |  |  | 20,067,170 |  |  | (31,442) |  |  | (0.2) | % |  | (102,004) |  |  | (0.5) | % |  |  |  |  |  |  |  |
Average deposits | 17,769,083 |  |  | 17,941,793 |  |  | 15,730,241 |  |  | (172,710) |  |  | (1.0) | % |  | 2,038,842 |  |  | 13.0 | % |  |  |  |  |  |  |  |
Consumer Banking: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 57,252 |  |  | $ | 65,485 |  |  | $ | 64,135 |  |  | $ | (8,233) |  |  | (12.6) | % |  | $ | (6,883) |  |  | (10.7) | % |  |  |  |  |  |  |  |
Fees and commissions revenue | 36,795 |  |  | 35,960 |  |  | 36,207 |  |  | 835 |  |  | 2.3 | % |  | 588 |  |  | 1.6 | % |  |  |  |  |  |  |  |
Combined net interest income and fee revenue | 94,047 |  |  | 101,445 |  |  | 100,342 |  |  | (7,398) |  |  | (7.3) | % |  | (6,295) |  |  | (6.3) | % |  |  |  |  |  |  |  |
Other operating expense | 57,236 |  |  | 59,910 |  |  | 53,447 |  |  | (2,674) |  |  | (4.5) | % |  | 3,789 |  |  | 7.1 | % |  |  |  |  |  |  |  |
Corporate allocations | 15,435 |  |  | 14,874 |  |  | 14,172 |  |  | 561 |  |  | 3.8 | % |  | 1,263 |  |  | 8.9 | % |  |  |  |  |  |  |  |
Net income before taxes | 22,122 |  |  | 23,580 |  |  | 32,336 |  |  | (1,458) |  |  | (6.2) | % |  | (10,214) |  |  | (31.6) | % |  |  |  |  |  |  |  |
Average assets | $ | 8,201,821 |  |  | $ | 8,238,609 |  |  | $ | 7,928,757 |  |  | $ | (36,788) |  |  | (0.4) | % |  | $ | 273,064 |  |  | 3.4 | % |  |  |  |  |  |  |  |
Average loans | 2,206,553 |  |  | 2,147,058 |  |  | 1,913,586 |  |  | 59,495 |  |  | 2.8 | % |  | 292,967 |  |  | 15.3 | % |  |  |  |  |  |  |  |
Average deposits | 8,154,762 |  |  | 8,197,577 |  |  | 7,901,167 |  |  | (42,815) |  |  | (0.5) | % |  | 253,595 |  |  | 3.2 | % |  |  |  |  |  |  |  |
Wealth Management: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 44,502 |  |  | $ | 38,144 |  |  | $ | 28,398 |  |  | $ | 6,358 |  |  | 16.7 | % |  | $ | 16,104 |  |  | 56.7 | % |  |  |  |  |  |  |  |
Fees and commissions revenue | 96,336 |  |  | 118,310 |  |  | 118,704 |  |  | (21,974) |  |  | (18.6) | % |  | (22,368) |  |  | (18.8) | % |  |  |  |  |  |  |  |
Combined net interest income and fee revenue | 140,838 |  |  | 156,454 |  |  | 147,102 |  |  | (15,616) |  |  | (10.0) | % |  | (6,264) |  |  | (4.3) | % |  |  |  |  |  |  |  |
Other operating expense | 94,266 |  |  | 95,196 |  |  | 99,288 |  |  | (930) |  |  | (1.0) | % |  | (5,022) |  |  | (5.1) | % |  |  |  |  |  |  |  |
Corporate allocations | 13,854 |  |  | 12,353 |  |  | 14,779 |  |  | 1,501 |  |  | 12.2 | % |  | (925) |  |  | (6.3) | % |  |  |  |  |  |  |  |
Net income before taxes | 32,726 |  |  | 48,915 |  |  | 33,050 |  |  | (16,189) |  |  | (33.1) | % |  | (324) |  |  | (1.0) | % |  |  |  |  |  |  |  |
Average assets | $ | 11,367,435 |  |  | $ | 10,775,744 |  |  | $ | 10,508,821 |  |  | $ | 591,691 |  |  | 5.5 | % |  | $ | 858,614 |  |  | 8.2 | % |  |  |  |  |  |  |  |
Average loans | 2,187,599 |  |  | 2,160,588 |  |  | 2,198,803 |  |  | 27,011 |  |  | 1.3 | % |  | (11,204) |  |  | (0.5) | % |  |  |  |  |  |  |  |
Average deposits | 10,702,521 |  |  | 9,983,232 |  |  | 9,237,965 |  |  | 719,289 |  |  | 7.2 | % |  | 1,464,556 |  |  | 15.9 | % |  |  |  |  |  |  |  |
Fiduciary assets | 68,059,837 |  |  | 67,979,134 |  |  | 60,365,292 |  |  | 80,703 |  |  | 0.1 | % |  | 7,694,545 |  |  | 12.7 | % |  |  |  |  |  |  |  |
Assets under management or administration | 113,956,563 |  |  | 114,615,237 |  |  | 105,530,903 |  |  | (658,674) |  |  | (0.6) | % |  | 8,425,660 |  |  | 8.0 | % |  |  |  |  |  |  |  |

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