GlobeNewswire Inc | Jul 21, 2021 07:55AM EDT

July 21, 2021

TULSA, Okla., July 21, 2021 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASDAQ: BOKF) today reported net earnings applicable to common shareholders for the second quarter of 2021 of $166.4 million, or $2.40 per diluted common share.

CEO Commentary

Steven G. Bradshaw, president and chief executive officer, stated, "The organization eclipsed $160 million in net income for the first time on another stellar, broad-based contribution from our Wealth Management team and stable net interest revenues. Additionally, growth in our Healthcare portfolio and steady core C&I this quarter provides a solid foundation as we head into the back half of 2021. While growth in other areas of the loan portfolio remains somewhat constrained by near-term labor and supply chain disruptions, our customers' confidence about future growth is very high, which reaffirms our outlook for the remainder of this year."

Bradshaw continued, "While our top-line strength this quarter was impressive, equally strong was our discipline around operating costs and our excellent credit outcomes. We continue to hold the line on many expense saves gained through the pandemic, driving meaningful earnings leverage. Credit also continues to be a clear differentiator, as oil and natural gas prices rebounded to multi-year highs. Non-performing assets and potential problem loans were both down significantly, and credit costs continue to be at the low end of our historical range. Altogether, this quarter demonstrates just how effectively we can execute on both the top and bottom line and build shareholder value."

Second Quarter 2021 Financial Highlights

-- Net income was $166.4 million or $2.40 per diluted share for the second quarter of 2021 and $146.1 million or $2.10 per diluted share for the first quarter of 2021. -- Net interest revenue totaled $280.3 million, consistent with the prior quarter. Net interest margin was 2.60 percent compared to 2.62 percent in the first quarter of 2021. -- Fees and commissions revenue totaled $169.4 million, an increase of $7.3 million. Growth in much of our fee-based business, led by brokerage and trading and fiduciary and asset management revenues, was partially offset by lower mortgage banking revenue. -- Operating expense decreased $4.6 million to $291.2 million. The first quarter of 2021 included a $4.0 million charitable donation to the BOKF Foundation that did not recur in the second quarter. -- Period-end loans decreased $1.1 billion to $21.4 billion at June 30, 2021. Period-end Paycheck Protection Program ("PPP") loans decreased $727 million to $1.1 billion. Paydowns of energy and commercial real estate loans were partially offset by an increase in healthcare and personal loans. Average loans were $22.2 billion, a $590 million decrease compared to the first quarter of 2021. -- Forecasts for improving macroeconomic factors and credit quality metrics resulted in a $35.0 million negative provision for expected credit losses in the second quarter of 2021 and a $25.0 million negative provision in the prior quarter. The combined allowance for credit losses totaled $336 million or 1.66 percent of outstanding loans, excluding PPP loans, at June 30, 2021. The combined allowance for credit losses was $385 million or 1.86 percent of outstanding loans, excluding PPP loans, at March31, 2021. -- Average deposits increased $968 million to $37.5 billion while period-end deposits decreased $413 million to $37.4 billion. Average demand deposits grew by $877 million and average interest bearing deposits grew by $91 million. -- The company's common equity Tier 1 capital ratio was 11.95 percent at June 30, 2021. In addition, the company's Tier 1 capital ratio was 12.01 percent, total capital ratio was 13.61 percent, and leverage ratio was 8.58 percent at June 30, 2021. At March31, 2021, the company's common equity Tier 1 capital ratio was 12.14 percent, Tier 1 capital ratio was 12.21 percent, total capital ratio was 13.98 percent, and leverage ratio was 8.42 percent. -- The company repurchased 492,994 shares of common stock at an average price of $88.84 a share in the second quarter of 2021. -- The company intends to redeem the subordinated debt issued in June of 2016 at the interest rate of 5.375 percent using existing capital, saving approximately $8.0 million per year in interest payments. -- Commercial Banking contributed $72.6 million to net income in the second quarter of 2021, an increase of $3.0 million compared to the first quarter of 2021. Combined net interest revenue and fee revenue increased $14.4 million, largely due to an increase of $7.5 million in production revenue from repossessed oil and gas properties. This increase was supplemented by growth in customer hedging revenue, syndication fees and transaction card revenue. These increases were partially offset by a decrease in net gains on sales of repossessed assets. Operating expense increased $4.4 million, primarily due to an increase in operating expenses on repossessed assets. Average Commercial Banking loans decreased $541 million due to purposeful deleveraging by our customers. Average Commercial Banking deposits grew 6 percent to $17.0 billion in the first quarter. -- Consumer Banking contributed $1.7 million to net income in the second quarter of 2021, a decrease of $5.3 million compared to the prior quarter. Combined net interest revenue and fee revenue decreased $10.6 million. Net interest revenue increased $4.0 million, mainly due to favorable yields on deposits sold to our Funds Management unit. Fees and commissions revenue decreased $14.6 million, largely due to reduced mortgage production volume and margin compression. Operating expense decreased $3.2 million, primarily due to lower mortgage banking costs. Average Consumer Banking deposits grew by 5 percent to $8.5 billion. -- Wealth Management contributed $31.1 million to net income in the second quarter of 2021, an increase of $11.7 million compared to the first quarter. Combined net interest revenue and fee revenue increased $17.1 million. Brokerage and trading revenue and related net interest revenue increased $10.5 million to $62.2 million due to growth in agency residential mortgage trading volumes and higher margin market opportunities. Fiduciary and asset management revenue increased $3.7 million to $45 million, largely due to seasonal tax preparation fees combined with higher oil and gas asset management fees. Trust business line fees also grew as a result of higher client asset balances. Assets under management were $96.6 billion, an increase of $4.7 billion compared to the prior quarter.

Net Interest Revenue

Net interest revenue was $280.3 million for the second quarter of 2021, largely unchanged compared to the first quarter of 2021. Net interest margin was 2.60 percent compared to 2.62 percent in the prior quarter.

Average earning assets decreased $354 million compared to the first quarter of 2021. Average loan balances decreased $590 million, largely due to energy and commercial real estate paydowns. Available for sale securities decreased $190 million. Average trading securities grew by $467 million. Other borrowings increased $216 million while funds purchased and repurchase agreements decreased $1.0 billion.

The yield on average earning assets was 2.75 percent, a 3 basis point decrease from the prior quarter. The yield on the available for sale securities portfolio increased 1 basis point to 1.85 percent. The loan portfolio yield decreased 1 basis point to 3.54 percent.

Funding costs were 0.21 percent, down 3 basis points. The cost of interest-bearing deposits decreased 3 basis points to 0.14 percent. The cost of other borrowed funds decreased 2 basis points to 0.28 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 6 basis points for the second quarter of 2021, compared to 8 basis points for the prior quarter.

Operating Revenue

Fees and commissions revenue totaled $169.4 million for the second quarter of 2021, an increase of $7.3 million compared to the prior quarter. Brokerage and trading revenue increased $8.6 million to $29.4 million, including a $9.3 million increase in trading revenue. An increase in agency residential mortgage-backed securities trading volumes and higher margin market opportunities combined to grow trading revenue. Fiduciary and asset management revenue grew $3.5 million, primarily due to seasonal tax preparation fees. Trust business line fees also grew as a result of higher client asset balances. Transaction card revenue increased $2.5 million due to higher transaction volumes with the broader reopening of the U.S. economy. Deposit service charges increased $1.7 million, primarily related to commercial accounts where lower earnings credit rates caused by the low interest rate environment have resulted in higher service charges. Other revenue increased $6.9 million as a result of higher operating revenue from repossessed oil and gas properties.

Mortgage banking revenue decreased $15.9 million compared to the prior quarter due to lower mortgage loan production volume and gain on sale margin compression. Mortgage production volume decreased $206 million to $644 million as a result of industry-wide housing inventory constraints, changes to government-sponsored entity delivery limits on loans secured by second homes and investment properties, and overall market conditions. The realized margin on funded mortgage loans decreased 35 basis points to 2.75 percent while the gain on sale margin, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 143 basis points to 1.55 percent. Margins were compressed largely due to competitive pricing pressure and timing of settlements.

Other gains and losses, net increased $6.3 million over the prior quarter. Increases in gains on alternative investments were partially offset by a decrease in net gains on sales of repossessed assets.

Operating Expense

Total operating expense was $291.2 million for the second quarter of 2021, a decrease of $4.6 million compared to the prior quarter.

The first quarter of 2021 included a $4.0 million charitable donation to the BOKF Foundation that did not recur in the second quarter. Excluding this effect, non-personnel expense was largely unchanged. A decrease in mortgage banking costs related to lower prepayments and data processing and communications expense was offset by increased operating expenses on repossessed assets. Personnel expense decreased $1.0 million.

Loans, Deposits and Capital

Loans

Outstanding loans were $21.4 billion at June 30, 2021, a $1.1 billion decrease compared to March31, 2021, led by lower PPP loan balances. Additional paydowns of energy loans and commercial real estate loans were partially offset by an increase in healthcare loans.

Outstanding commercial loan balances decreased $185 million compared to March31, 2021, primarily due to lower energy loan balances. Although the primary source of repayment of our commercial loan portfolio is the on-going cash flow from operations of the customer's business, loans are generally governed by a borrowing base and secured by the customers assets.

Energy loan balances decreased $191 million to $3.0 billion or 14 percent of total loans. While commodity prices have continued to improve and stabilize, sourcing new loans sufficient to offset paydowns remains a challenge. 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 66 percent of committed production loans are secured by properties primarily producing oil. The remaining 34 percent is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $2.6 billion at June 30, 2021, consistent with March31, 2021.

Healthcare sector loan balances increased $91 million compared to the prior quarter, totaling $3.4 billion or 16 percent of total loans. Our healthcare sector loans primarily consist of $2.7 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 that serves to help diversify risks specific to a single facility.

General business loans decreased $52 million to $2.7 billion or 13 percent of total loans. General business loans include $1.4 billion of wholesale/retail loans and $1.3 billion of loans from other commercial industries.

Services loan balances decreased $32 million to $3.4 billion or 16 percent of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services and specialty trade contractors.

Commercial real estate loan balances decreased $256 million compared to March31, 2021 and represent 20 percent of total loans at June 30, 2021, largely due to refinancing in the long term, non-recourse markets. Multifamily residential loans, decreased $263 million to $965 million at June 30, 2021. Loans secured by office facilities decreased $21 million to $1.1 billion. Loans secured by other commercial real estate properties decreased $14 million to $471 million. Loans secured by industrial facilities increased $35 million to $825 million. Loans secured by retail facilities were largely unchanged compared to March31, 2021.

PPP loan balances decreased $727 million to $1.1 billion or 5 percent of total loans. The rate of paydowns of the first round of PPP loans has increased in the second quarter.

Loans to individuals increased $51 million and represent 17 percent of total loans at June 30, 2021. Personal loans were up $82 million while residential mortgage loans decreased $25 million.

Deposits

Period-end deposits totaled $37.4 billion at June 30, 2021, a $413 million decrease compared to March31, 2021. Demand deposit account balances grew by $277 million and interest-bearing transaction account balances decreased by $612 million. Average deposits were $37.5 billion at June 30, 2021, a $968 million increase compared to March31, 2021. Demand deposit account balances increased $877 million primarily from deposits attributed to the Commercial Banking segment.

Capital

The company's common equity Tier 1 capital ratio was 11.95 percent at June 30, 2021. In addition, the company's Tier 1 capital ratio was 12.01 percent, total capital ratio was 13.61 percent, and leverage ratio was 8.58 percent at June 30, 2021. We have elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period, which added 19 basis points to the company's common equity tier 1 capital ratio at June 30. At March31, 2021, the company's common equity Tier 1 capital ratio was 12.14 percent, Tier 1 capital ratio was 12.21 percent, total capital ratio was 13.98 percent, and leverage ratio was 8.42 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 9.09 percent at June 30, 2021 and 8.82 percent at March31, 2021. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.

The company repurchased 492,994 shares of common stock at an average price of $88.84 a share in the second quarter of 2021. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Our models incorporate base case, downside and upside macroeconomic variables such as real gross domestic product ("GDP") growth, civilian unemployment rate and West Texas Intermediate ("WTI") oil prices on a probability weighted basis.

We recorded a $35.0 million negative provision for credit losses in the second quarter of 2021, primarily due to changes in our reasonable and supportable forecasts of macroeconomic variables as a result of continued improvement in the economic outlook related to the anticipated impact of the on-going COVID-19 pandemic and improving credit quality metrics. Decreased allowance due to lower loan balances was offset by losses during the quarter.

Our base case reasonable and supportable forecast assumes that the COVID-19 pandemic continues to improve as virus immunity becomes increasingly more widespread and vaccines prove to be effective against new virus strains. Continued easing of restrictions and the release of pent-up consumer demand results in GDP growth above historical averages throughout 2021, but begins to moderate in 2022. We expect a 4.8 percent increase in GDP over the next twelve months. This scenario also assumes the expiration of expanded unemployment insurance benefits is a catalyst for hiring activity during the second half of 2021. Our forecasted civilian unemployment rate is 5.5 percent for the third quarter of 2021, improving to 4.7 percent by the second quarter of 2022. WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of June 2021, averaging $67.04 per barrel over the next twelve months.

The probability weighting of our base case reasonable and supportable forecast increased to 70 percent in the second quarter of 2021 compared to 60 percent in the first quarter of 2021 as the level of uncertainty in the current economic outlook continues to improve. Our downside case, probability weighted at 20 percent, assumes additional waves and hotspots emerge in areas of the country with lower vaccination rates stemming from the impact of new virus strains, such as the current Delta variant, as the U.S. enters the fall and winter months. This results in a relatively mild recession with conditions beginning to improve in the spring of 2022.

The allowance for loan losses totaled $312 million or 1.46 percent of outstanding loans and 183 percent of nonaccruing loans at June 30, 2021, excluding residential mortgage loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $336 million or 1.57 percent of outstanding loans and 197 percent of nonaccruing loans at June 30, 2021. Excluding PPP loans, the allowance for loan losses was 1.54 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 1.66 percent.

At March31, 2021, the allowance for loan losses was $352 million or 1.56 percent of outstanding loans and 170 percent of nonaccruing loans, excluding loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $385 million or 1.71 percent of outstanding loans and 186 percent of nonaccruing loans.

Nonperforming assets totaled $408 million or 1.90 percent of outstanding loans and repossessed assets at June 30, 2021, down from $442 million or 1.95 percent at March31, 2021. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $228 million or 1.14 percent of outstanding loans and repossessed assets at June 30, 2021, compared to $278 million or 1.37 percent at March31, 2021. The decrease in nonperforming assets was primarily related to a decrease in nonaccruing energy loans and sales of energy-related repossessed assets during the second quarter of 2021.

Nonaccruing loans were $180 million or 0.89 percent of outstanding loans, excluding PPP loans, at June 30, 2021. Nonaccruing commercial loans totaled $113 million or 0.90 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $26 million or 0.62 percent of outstanding commercial real estate loans. Nonaccruing loans to individuals totaled $41 million or 1.14 percent of outstanding loans to individuals.

Nonaccruing loans decreased $36 million compared to March31, 2021, primarily due to a decrease in nonaccruing energy loans. New nonaccruing loans identified in the second quarter totaled $13 million, offset by $31 million in payments received and $18 million in charge-offs.

Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $384 million at June 30, 2021, down from $422 million at March31. Potential problem energy, services and general business loans all decreased compared to the prior quarter.

Net charge-offs were $15.4 million or 0.30 percent of average loans on an annualized basis for the second quarter of 2021, excluding PPP loans. Net charge-offs were 0.32 percent of average loans over the last four quarters. Net charge-offs were $14.5 million or 0.28 percent of average loans on an annualized basis for the first quarter of 2021, excluding PPP loans. Gross charge-offs were $18.3 million for the second quarter compared to $16.9 million for the previous quarter. Recoveries totaled $2.9 million for the second quarter of 2021 and $2.4 million for the first quarter of 2021.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $13.3 billion at June 30, 2021, a $92 million decrease compared to March31, 2021. At June 30, 2021, the available for sale securities portfolio consisted primarily of $8.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $4.3 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At June 30, 2021, the available for sale securities portfolio had a net unrealized gain of $297 million compared to $290 million at March31, 2021.

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 $12 million to $60 million at June 30, 2021.

The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.4 million during the second quarter of 2021, including a $17.1 million increase in the fair value of securities and derivative contracts held as an economic hedge, $13.0 million decrease in the fair value of mortgage servicing rights, and $341 thousand of related net interest revenue.

Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, July21, 2021 to discuss the financial results with investors.The live audio webcast and presentation slides will be available on the companys website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671and referencing conference ID # 13721197.

About BOK Financial Corporation

BOK Financial Corporation is a $47 billion regional financial services company headquartered in Tulsa, Oklahoma with $97 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of June 30, 2021 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, the economy generally and the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and others, on our business, financial condition and results of operations. Words such as anticipates, believes, estimates, expects, forecasts, plans, projects, will, intends, variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, consumer or business responses to, and ability to treat or prevent further outbreak of the COVID-19 pandemic, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

BALANCE SHEETS -- UNAUDITEDBOK FINANCIAL CORPORATION(In thousands)

June 30, 2021 Mar. 31, 2021ASSETS Cash and due from banks $ 678,998 $ 723,983 Interest-bearing cash and cash equivalents 580,457 695,213 Trading securities 5,699,070 5,085,949 Investment securities, net of allowance 220,832 226,121 Available for sale securities 13,317,922 13,410,057 Fair value option securities 60,432 72,498 Restricted equity securities 134,885 139,614 Residential mortgage loans held for sale 200,842 284,447 Loans: Commercial 12,472,907 12,657,784 Commercial real estate 4,246,992 4,503,347 Paycheck protection program 1,121,583 1,848,550 Loans to individuals 3,574,967 3,524,166 Total loans 21,416,449 22,533,847 Allowance for loan losses (311,890 ) (352,402 ) Loans, net of allowance 21,104,559 22,181,445 Premises and equipment, net 556,400 555,455 Receivables 195,763 250,852 Goodwill 1,048,091 1,048,091 Intangible assets, net 105,694 110,585 Mortgage servicing rights 117,629 132,915 Real estate and other repossessed assets, 57,337 70,911 netDerivative contracts, net 1,701,443 1,289,156 Cash surrender value of bank-owned life 401,163 401,320 insuranceReceivable on unsettled securities sales 70,954 67,759 Other assets 901,904 696,142 TOTAL ASSETS $ 47,154,375 $ 47,442,513 LIABILITIES AND EQUITY Deposits: Demand $ 13,380,409 $ 13,103,170 Interest-bearing transaction 21,278,719 21,890,874 Savings 875,456 854,226 Time 1,905,349 2,004,356 Total deposits 37,439,933 37,852,626 Funds purchased and repurchase agreements 730,183 795,161 Other borrowings 1,546,231 1,708,517 Subordinated debentures 276,043 276,024 Accrued interest, taxes and expense 199,014 290,328 Due on unsettled securities purchases 576,536 106,835 Derivative contracts, net 612,261 719,556 Other liabilities 419,623 431,122 TOTAL LIABILITIES 41,799,824 42,180,169 Shareholders' equity: Capital, surplus and retained earnings 5,106,209 5,018,053 Accumulated other comprehensive gain 226,768 221,409 TOTAL SHAREHOLDERS' EQUITY 5,332,977 5,239,462 Non-controlling interests 21,574 22,882 TOTAL EQUITY 5,354,551 5,262,344 TOTAL LIABILITIES AND EQUITY $ 47,154,375 $ 47,442,513

AVERAGE BALANCE SHEETS -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands)

Three Months Ended June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020ASSETS Interest-bearingcash and cash $ 659,312 $ 711,047 $ 643,926 $ 553,070 $ 619,737 equivalentsTrading 7,430,217 6,963,617 6,888,189 1,834,160 1,871,647 securitiesInvestmentsecurities, net 221,401 237,313 251,863 258,965 268,947 of allowanceAvailable for 13,243,542 13,433,767 12,949,702 12,580,850 12,480,065 sale securitiesFair valueoption 64,864 104,662 122,329 387,784 786,757 securitiesRestrictedequity 208,692 189,921 280,428 144,415 273,922 securitiesResidentialmortgage loans 218,200 207,013 229,631 213,125 288,588 held for saleLoans: Commercial 12,402,925 12,908,461 13,113,449 13,772,217 14,502,652 Commercial real 4,395,848 4,547,945 4,788,393 4,754,269 4,543,511 estatePaycheckprotection 1,668,047 1,741,534 1,928,665 2,092,933 1,699,369 programLoans to 3,700,269 3,559,067 3,617,011 3,491,044 3,353,960 individualsTotal loans 22,167,089 22,757,007 23,447,518 24,110,463 24,099,492 Allowance for (345,269 ) (382,734 ) (414,225 ) (441,831 ) (367,583 )loan lossesLoans, net of 21,821,820 22,374,273 23,033,293 23,668,632 23,731,909 allowanceTotal earning 43,868,048 44,221,613 44,399,361 39,641,001 40,321,572 assetsCash and due 763,393 760,691 742,432 723,826 678,878 from banksDerivative 1,022,137 873,712 553,779 581,839 642,969 contracts, netCash surrendervalue of 401,760 399,830 397,354 394,680 391,951 bank-owned lifeinsuranceReceivable onunsettled 716,700 735,482 1,094,198 4,563,301 4,626,307 securities salesOther assets 3,424,884 3,319,305 3,200,040 3,027,108 3,095,354 TOTAL ASSETS $ 50,196,922 $ 50,310,633 $ 50,387,164 $ 48,931,755 $ 49,757,031 LIABILITIES AND EQUITYDeposits: Demand $ 13,189,954 $ 12,312,629 $ 12,136,071 $ 11,929,694 $ 11,489,322 Interest-bearing 21,491,145 21,433,406 20,718,390 19,752,106 18,040,170 transactionSavings 872,618 789,656 737,360 707,121 656,669 Time 1,936,510 1,986,425 1,930,808 2,251,012 2,464,793 Total deposits 37,490,227 36,522,116 35,522,629 34,639,933 32,650,954 Funds purchasedand repurchase 1,790,490 2,830,378 2,153,254 2,782,150 5,816,484 agreementsOther borrowings 3,608,369 3,392,346 5,193,656 3,382,688 3,527,303 Subordinated 276,034 276,015 275,998 275,980 275,949 debenturesDerivative 366,202 428,488 399,476 458,390 836,667 contracts, netDue on unsettledsecurities 701,495 915,410 957,642 1,516,880 887,973 purchasesOther 634,460 671,715 656,147 712,674 690,087 liabilitiesTOTAL 44,867,277 45,036,468 45,158,802 43,768,695 44,685,417 LIABILITIESTotal equity 5,329,645 5,274,165 5,228,362 5,163,060 5,071,614 TOTALLIABILITIES AND $ 50,196,922 $ 50,310,633 $ 50,387,164 $ 48,931,755 $ 49,757,031 EQUITY

STATEMENTS OF EARNINGS -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands, except per share data)

Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest revenue $ 295,893 $ 306,384 $ 594,132 $ 655,321 Interest expense 15,584 28,280 33,403 115,857 Net interest revenue 280,309 278,104 560,729 539,464 Provision for credit (35,000 ) 135,321 (60,000 ) 229,092 lossesNet interest revenueafter provision for 315,309 142,783 620,729 310,372 credit lossesOther operating revenue:Brokerage and trading 29,408 62,022 50,190 112,801 revenueTransaction card 24,923 22,940 47,353 44,821 revenueFiduciary and asset 44,832 41,257 86,154 85,715 management revenueDeposit service 25,861 22,046 50,070 48,176 charges and feesMortgage banking 21,219 53,936 58,332 91,103 revenueOther revenue 23,172 11,479 39,468 23,788 Total fees and 169,415 213,680 331,567 406,404 commissionsOther gains (losses), 16,449 7,347 26,570 (3,391 )netGain (loss) on 18,820 21,885 (8,830 ) 40,305 derivatives, netGain (loss) on fairvalue option (1,627 ) (14,459 ) (3,537 ) 53,934 securities, netChange in fair valueof mortgage servicing (13,041 ) (761 ) 20,833 (89,241 )rightsGain on available for 1,430 5,580 1,897 5,583 sale securities, netTotal other operating 191,446 233,272 368,500 413,594 revenueOther operating expense:Personnel 172,035 176,235 345,045 332,416 Business promotion 2,744 1,935 4,898 8,150 Charitablecontributions to BOKF ? 3,000 4,000 3,000 FoundationProfessional fees and 12,361 12,161 24,341 25,109 servicesNet occupancy and 26,633 30,675 53,295 56,736 equipmentInsurance 3,660 5,156 8,280 10,136 Data processing and 36,418 32,942 73,885 65,685 communicationsPrinting, postage and 4,285 3,502 7,725 7,774 suppliesAmortization of 4,578 5,190 9,385 10,284 intangible assetsMortgage banking 11,126 15,598 25,069 26,143 costsOther expense 17,312 9,572 31,013 19,160 Total other operating 291,152 295,966 586,936 564,593 expense Net income before 215,603 80,089 402,293 159,373 taxesFederal and state 48,496 15,803 90,878 33,103 income taxes Net income 167,107 64,286 311,415 126,270 Net income (loss)attributable to 686 (407 ) (1,066 ) (502 )non-controllinginterestsNet incomeattributable to BOK $ 166,421 $ 64,693 $ 312,481 $ 126,772 Financial Corporationshareholders Average shares outstanding:Basic 68,815,666 69,876,043 68,975,743 69,999,865 Diluted 68,817,442 69,877,467 68,978,798 70,003,817 Net income per share: Basic $ 2.40 $ 0.92 $ 4.50 $ 1.80 Diluted $ 2.40 $ 0.92 $ 4.50 $ 1.80

FINANCIAL HIGHLIGHTS -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands, except ratio and share data)

Three Months Ended June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020Capital: Period-endshareholders' $ 5,332,977 $ 5,239,462 $ 5,266,266 $ 5,218,787 $ 5,096,995 equityRisk weighted $ 33,824,860 $ 32,623,108 $ 32,492,277 $ 31,529,826 $ 32,180,602 assetsRisk-based capital ratios:Common equity 11.95 % 12.14 % 11.95 % 12.07 % 11.44 %tier 1Tier 1 12.01 % 12.21 % 11.95 % 12.07 % 11.44 %Total capital 13.61 % 13.98 % 13.82 % 14.05 % 13.43 %Leverage ratio 8.58 % 8.42 % 8.28 % 8.39 % 7.74 %Tangible common 9.09 % 8.82 % 9.02 % 9.02 % 8.79 %equity ratio^1 Common stock: Book value per $ 77.20 $ 75.33 $ 75.62 $ 74.23 $ 72.50 shareTangible book $ 60.50 $ 58.67 $ 58.94 $ 57.64 $ 55.83 value per shareMarket value per share:High $ 93.00 $ 98.95 $ 73.07 $ 62.86 $ 67.62 Low $ 83.59 $ 67.57 $ 50.09 $ 48.41 $ 37.80 Cash dividends $ 35,925 $ 36,038 $ 36,219 $ 35,799 $ 35,769 paidDividend payout 21.59 % 24.67 % 23.48 % 23.24 % 55.29 %ratioSharesoutstanding, 69,078,458 69,557,873 69,637,600 70,305,833 70,306,690 netStock buy-back program:Shares 492,994 260,000 665,100 ? ? repurchasedAmount $ 43,797 $ 20,071 $ 42,450 $ ? $ ? Average price $ 88.84 $ 77.20 $ 63.82 $ ? $ ? per share Performance ratios (quarter annualized):Return on 1.33 % 1.18 % 1.22 % 1.25 % 0.52 %average assetsReturn on 12.58 % 11.28 % 11.75 % 11.89 % 5.14 %average equityNet interest 2.60 % 2.62 % 2.72 % 2.81 % 2.83 %marginEfficiency 64.20 % 66.26 % 62.77 % 59.57 % 59.68 %ratio Reconciliation of non-GAAP measures:^1 Tangiblecommon equity ratio:Totalshareholders' $ 5,332,977 $ 5,239,462 $ 5,266,266 $ 5,218,787 $ 5,096,995 equityLess: Goodwilland intangible 1,153,785 1,158,676 1,161,527 1,166,615 1,171,686 assets, netTangible common $ 4,179,192 $ 4,080,786 $ 4,104,739 $ 4,052,172 $ 3,925,309 equity Total assets $ 47,154,375 $ 47,442,513 $ 46,671,088 $ 46,067,224 $ 45,819,874 Less: Goodwilland intangible 1,153,785 1,158,676 1,161,527 1,166,615 1,171,686 assets, netTangible assets $ 46,000,590 $ 46,283,837 $ 45,509,561 $ 44,900,609 $ 44,648,188 Tangible common 9.09 % 8.82 % 9.02 % 9.02 % 8.79 %equity ratio Three Months Ended June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, June 30, 2020 2020Pre-provision net revenue:Net income $ 215,603 $ 186,690 $ 199,847 $ 204,644 $ 80,089 before taxesProvision forexpected credit (35,000 ) (25,000 ) (6,500 ) ? 135,321 lossesNet income(loss)attributable to 686 (1,752 ) 485 58 (407 )non-controllinginterestsPre-provision $ 179,917 $ 163,442 $ 192,862 $ 204,586 $ 215,817 net revenue Other data: Tax equivalent $ 2,320 $ 2,301 $ 2,414 $ 2,457 $ 2,630 interestNet unrealizedgain on $ 297,267 $ 290,217 $ 440,814 $ 480,563 $ 487,334 available forsale securities Mortgage banking:Mortgageproduction $ 10,004 $ 25,287 $ 26,662 $ 38,431 $ 39,185 revenue Mortgage loans $ 754,893 $ 843,053 $ 998,435 $ 1,032,472 $ 1,184,249 funded for saleAdd: currentperiod-end 276,154 387,465 380,637 560,493 546,304 outstandingcommitmentsLess: priorperiod end 387,465 380,637 560,493 546,304 657,570 outstandingcommitmentsTotal mortgageproduction $ 643,582 $ 849,881 $ 818,579 $ 1,046,661 $ 1,072,983 volume Mortgage loanrefinances to 48 % 65 % 58 % 54 % 71 %mortgage loansfunded for saleRealized marginon funded 2.75 % 3.10 % 3.78 % 3.52 % 2.04 %mortgage loansGain on sale 1.55 % 2.98 % 3.26 % 3.67 % 3.65 %margin Mortgageservicing $ 11,215 $ 11,826 $ 12,636 $ 13,528 $ 14,751 revenueAverageoutstandingprincipalbalance of 15,065,173 15,723,231 16,518,208 17,434,215 19,319,872 mortgage loansserviced forothersAveragemortgage 0.30 % 0.31 % 0.30 % 0.31 % 0.31 %servicingrevenue rates Gain (loss) on mortgage servicing rights, net of economic hedge:Gain (loss) onmortgage hedge $ 18,764 $ (27,705 ) $ (385 ) $ 2,295 $ 21,815 derivativecontracts, netGain (loss) onfair value (1,627 ) (1,910 ) 68 (754 ) (14,459 )optionsecurities, netGain (loss) oneconomic hedgeof mortgage 17,137 (29,615 ) (317 ) 1,541 7,356 servicingrightsGain (loss) onchanges in fairvalue of (13,041 ) 33,874 6,276 3,441 (761 )mortgageservicingrightsGain on changesin fair valueof mortgageservicingrights,net of 4,096 4,259 5,959 4,982 6,595 economichedges,included inother operatingrevenueNet interestrevenue on fair 341 393 550 1,565 2,702 value optionsecurities^2Total economicbenefit ofchanges in thefair value of $ 4,437 $ 4,652 $ 6,509 $ 6,547 $ 9,297 mortgageservicingrights, net ofeconomic hedges

2Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

QUARTERLY EARNINGS TREND -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands, except ratio and per share data)

Three Months Ended June 30, Mar. 31, Dec. 31, Sept. 30, June 30, 2021 2021 2020 2020 2020 Interest $ 295,893 $ 298,239 $ 319,020 $ 294,659 $ 306,384 revenueInterest 15,584 17,819 21,790 22,909 28,280 expenseNet interest 280,309 280,420 297,230 271,750 278,104 revenueProvision for (35,000 ) (25,000 ) (6,500 ) ? 135,321 credit lossesNet interestrevenue after 315,309 305,420 303,730 271,750 142,783 provision forcredit lossesOther operating revenue:Brokerage and 29,408 20,782 39,506 69,526 62,022 trading revenueTransaction 24,923 22,430 21,896 23,465 22,940 card revenueFiduciary andasset 44,832 41,322 41,799 39,931 41,257 managementrevenueDeposit servicecharges and 25,861 24,209 24,343 24,286 22,046 feesMortgage 21,219 37,113 39,298 51,959 53,936 banking revenueOther revenue 23,172 16,296 14,209 13,698 11,479 Total fees and 169,415 162,152 181,051 222,865 213,680 commissionsOther gains, 16,449 10,121 7,394 2,044 7,347 netGain (loss) onderivatives, 18,820 (27,650 ) (339 ) 2,354 21,885 netGain (loss) onfair value (1,627 ) (1,910 ) 68 (754 ) (14,459 )optionsecurities, netChange in fairvalue ofmortgage (13,041 ) 33,874 6,276 3,441 (761 )servicingrightsGain (loss) onavailable for 1,430 467 4,339 (12 ) 5,580 salesecurities, netTotal otheroperating 191,446 177,054 198,789 229,938 233,272 revenueOther operating expense:Personnel 172,035 173,010 176,198 179,860 176,235 Business 2,744 2,154 3,728 2,633 1,935 promotionCharitablecontributions ? 4,000 6,000 ? 3,000 to BOKFFoundationProfessionalfees and 12,361 11,980 14,254 14,074 12,161 servicesNet occupancy 26,633 26,662 27,875 28,111 30,675 and equipmentInsurance 3,660 4,620 4,006 5,848 5,156 Data processingand 36,418 37,467 35,061 34,751 32,942 communicationsPrinting,postage and 4,285 3,440 3,805 3,482 3,502 suppliesAmortization ofintangible 4,578 4,807 5,088 5,071 5,190 assetsMortgage 11,126 13,943 14,765 15,803 15,598 banking costsOther expense 17,312 13,701 11,892 7,411 9,572 Total otheroperating 291,152 295,784 302,672 297,044 295,966 expenseNet income 215,603 186,690 199,847 204,644 80,089 before taxesFederal andstate income 48,496 42,382 45,138 50,552 15,803 taxesNet income 167,107 144,308 154,709 154,092 64,286 Net income(loss)attributable to 686 (1,752 ) 485 58 (407 )non-controllinginterestsNet incomeattributable toBOK Financial $ 166,421 $ 146,060 $ 154,224 $ 154,034 $ 64,693 Corporationshareholders Average shares outstanding:Basic 68,815,666 69,137,375 69,489,597 69,877,866 69,876,043 Diluted 68,817,442 69,141,710 69,493,050 69,879,290 69,877,467 Net income per share:Basic $ 2.40 $ 2.10 $ 2.21 $ 2.19 $ 0.92 Diluted $ 2.40 $ 2.10 $ 2.21 $ 2.19 $ 0.92

LOANS TREND -- UNAUDITEDBOK FINANCIAL CORPORATION(In thousands)

June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020Commercial: Services $ 3,389,756 $ 3,421,948 $ 3,508,583 $ 3,545,825 $ 3,779,881 Healthcare 3,381,261 3,290,758 3,305,990 3,325,790 3,289,343 Energy 3,011,331 3,202,488 3,469,194 3,717,101 3,974,174 General 2,690,559 2,742,590 2,793,768 2,976,990 3,115,112 businessTotal 12,472,907 12,657,784 13,077,535 13,565,706 14,158,510 commercial Commercial real estate:Office 1,073,346 1,094,060 1,085,257 1,099,563 973,995 Multifamily 964,824 1,227,915 1,328,045 1,387,461 1,407,107 Industrial 824,577 789,437 810,510 792,389 723,005 Retail 784,445 787,648 796,223 786,211 780,467 Residentialconstruction 128,939 119,079 119,394 121,258 136,911 and landdevelopmentOthercommercial 470,861 485,208 559,109 506,818 532,659 real estateTotalcommercial 4,246,992 4,503,347 4,698,538 4,693,700 4,554,144 real estate Paycheckprotection 1,121,583 1,848,550 1,682,310 2,097,325 2,081,428 program Loans to individuals:Residential 1,772,627 1,797,478 1,863,003 1,849,144 1,813,442 mortgageResidentialmortgagesguaranteed by 413,806 420,051 408,687 384,247 322,269 U.S.governmentagenciesPersonal 1,388,534 1,306,637 1,277,447 1,213,178 1,226,097 Total loansto 3,574,967 3,524,166 3,549,137 3,446,569 3,361,808 individuals Total $ 21,416,449 $ 22,533,847 $ 23,007,520 $ 23,803,300 $ 24,155,890

LOANS MANAGED BY PRINCIPAL MARKET AREA -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands)

June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 Texas: Commercial $ 5,690,901 $ 5,748,345 $ 5,926,534 $ 6,135,471 $ 6,359,206 Commercial 1,403,751 1,511,714 1,519,217 1,523,226 1,413,108 real estatePaycheckprotection 342,933 537,899 501,079 614,970 612,133 programLoans to 885,619 848,194 855,410 794,055 749,531 individualsTotal Texas 8,323,204 8,646,152 8,802,240 9,067,722 9,133,978 Oklahoma: Commercial 2,840,560 2,975,477 3,144,782 3,332,244 3,489,259 Commercial 552,673 597,840 597,733 608,448 596,419 real estatePaycheckprotection 242,880 468,002 413,108 487,247 442,518 programLoans to 2,063,419 2,043,705 2,052,784 2,034,576 1,966,032 individualsTotal 5,699,532 6,085,024 6,208,407 6,462,515 6,494,228 Oklahoma Colorado: Commercial 1,904,182 1,910,826 1,929,320 1,993,364 2,085,294 Commercial 656,521 777,786 879,648 893,626 940,622 real estatePaycheckprotection 299,712 436,540 377,111 494,910 488,279 programLoans to 262,796 264,759 264,295 257,832 265,359 individualsTotal 3,123,211 3,389,911 3,450,374 3,639,732 3,779,554 Colorado Arizona: Commercial 1,239,270 1,207,089 1,219,072 1,218,769 1,346,037 Commercial 705,497 667,766 726,111 702,291 698,818 real estatePaycheckprotection 104,946 208,481 211,725 272,114 318,961 programLoans to 178,481 179,031 177,948 166,203 177,155 individualsTotal 2,228,194 2,262,367 2,334,856 2,359,377 2,540,971 Arizona Kansas/ Missouri:Commercial 388,291 421,974 455,914 493,606 481,162 Commercial 406,055 395,590 366,821 352,663 314,926 real estatePaycheckprotection 41,954 60,741 56,011 80,230 76,724 programLoans to 103,092 104,954 105,995 96,598 102,577 individualsTotalKansas/ 939,392 983,259 984,741 1,023,097 975,389 Missouri New Mexico: Commercial 304,804 307,395 303,833 288,374 308,090 Commercial 437,996 448,298 473,204 473,697 458,230 real estatePaycheckprotection 86,716 124,059 109,881 133,244 128,058 programLoans to 68,177 70,491 75,665 79,890 83,470 individualsTotal New 897,693 950,243 962,583 975,205 977,848 Mexico Arkansas: Commercial 104,899 86,678 98,080 103,878 89,462 Commercial 84,499 104,353 135,804 139,749 132,021 real estatePaycheckprotection 2,442 12,828 13,395 14,610 14,755 programLoans to 13,383 13,032 17,040 17,415 17,684 individualsTotal 205,223 216,891 264,319 275,652 253,922 Arkansas TOTAL BOK $ 21,416,449 $ 22,533,847 $ 23,007,520 $ 23,803,300 $ 24,155,890 FINANCIAL

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

DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands)

June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020Oklahoma: Demand $ 4,985,542 $ 4,823,436 $ 4,329,205 $ 4,493,978 $ 4,378,786 Interest-bearing: Transaction 12,065,844 12,828,070 12,603,658 12,586,449 11,438,549 Savings 500,344 487,862 420,996 401,062 387,557 Time 1,139,980 1,197,517 1,134,453 1,081,176 1,330,619 Total 13,706,168 14,513,449 14,159,107 14,068,687 13,156,725 interest-bearingTotal Oklahoma 18,691,710 19,336,885 18,488,312 18,562,665 17,535,511 Texas: Demand 3,752,790 3,592,969 3,449,882 3,152,106 3,070,728 Interest-bearing: Transaction 4,335,113 4,257,234 3,800,427 3,482,555 3,358,030 Savings 160,805 154,406 139,173 136,787 128,892 Time 346,577 368,086 383,062 438,337 476,867 Total 4,842,495 4,779,726 4,322,662 4,057,679 3,963,789 interest-bearingTotal Texas 8,595,285 8,372,695 7,772,544 7,209,785 7,034,517 Colorado: Demand 1,991,343 2,115,354 2,168,404 2,057,603 2,096,075 Interest-bearing: Transaction 2,159,819 2,100,135 2,170,485 1,861,763 1,816,604 Savings 73,990 73,446 69,384 68,230 67,477 Time 193,787 204,973 208,778 226,780 254,845 Total 2,427,596 2,378,554 2,448,647 2,156,773 2,138,926 interest-bearingTotal Colorado 4,418,939 4,493,908 4,617,051 4,214,376 4,235,001 New Mexico: Demand 1,197,412 1,131,713 941,074 964,908 965,877 Interest-bearing: Transaction 723,757 736,923 733,007 713,418 752,565 Savings 105,837 103,591 91,646 85,463 80,242 Time 174,665 181,863 186,307 200,525 222,370 Total 1,004,259 1,022,377 1,010,960 999,406 1,055,177 interest-bearingTotal New Mexico 2,201,671 2,154,090 1,952,034 1,964,314 2,021,054 Arizona: Demand 943,511 915,439 905,201 928,671 985,757 Interest-bearing: Transaction 820,901 835,795 768,220 771,319 780,500 Savings 13,496 13,235 12,174 11,498 15,669 Time 30,012 30,997 32,721 36,929 42,318 Total 864,409 880,027 813,115 819,746 838,487 interest-bearingTotal Arizona 1,807,920 1,795,466 1,718,316 1,748,417 1,824,244 Kansas/Missouri: Demand 463,339 478,370 426,738 405,360 427,795 Interest-bearing: Transaction 978,160 991,510 960,237 616,797 526,635 Savings 17,539 18,686 16,286 15,520 15,033 Time 13,509 13,898 14,610 16,430 17,746 Total 1,009,208 1,024,094 991,133 648,747 559,414 interest-bearingTotal Kansas/ 1,472,547 1,502,464 1,417,871 1,054,107 987,209 Missouri Arkansas: Demand 46,472 45,889 45,834 44,712 67,147 Interest-bearing: Transaction 195,125 141,207 122,388 164,439 177,535 Savings 3,445 3,000 2,333 2,389 2,101 Time 6,819 7,022 7,197 7,796 7,995 Total 205,389 151,229 131,918 174,624 187,631 interest-bearingTotal Arkansas 251,861 197,118 177,752 219,336 254,778 TOTAL BOK FINANCIAL $ 37,439,933 $ 37,852,626 $ 36,143,880 $ 34,973,000 $ 33,892,314

NET INTEREST MARGIN TREND -- UNAUDITEDBOK FINANCIAL CORPORATION

Three Months Ended June Mar. Dec. Sept. June 30, 31, 31, 30, 2020 30, 2021 2021 2020 2020 TAX-EQUIVALENT ASSETS YIELDSInterest-bearing cash and 0.10 % 0.10 % 0.10 % 0.12 % 0.07 %cash equivalentsTrading securities 1.95 % 2.06 % 2.02 % 1.92 % 2.46 %Investment securities, net 5.01 % 4.88 % 4.88 % 4.85 % 4.77 %of allowanceAvailable for sale 1.85 % 1.84 % 1.98 % 2.11 % 2.29 %securitiesFair value option 2.60 % 1.95 % 2.27 % 1.92 % 2.00 %securitiesRestricted equity 3.36 % 2.86 % 3.25 % 2.53 % 2.75 %securitiesResidential mortgage loans 2.91 % 2.71 % 2.75 % 3.01 % 3.10 %held for saleLoans 3.54 % 3.55 % 3.68 % 3.60 % 3.63 %Allowance for loan losses Loans, net of allowance 3.60 % 3.62 % 3.75 % 3.67 % 3.69 %Total tax-equivalent yield 2.75 % 2.78 % 2.92 % 3.04 % 3.12 %on earning assets COST OF INTEREST-BEARING LIABILITIESInterest-bearing deposits: Interest-bearing 0.10 % 0.12 % 0.14 % 0.17 % 0.21 %transactionSavings 0.04 % 0.04 % 0.05 % 0.05 % 0.05 %Time 0.58 % 0.70 % 0.89 % 1.13 % 1.36 %Total interest-bearing 0.14 % 0.17 % 0.19 % 0.26 % 0.34 %depositsFunds purchased and 0.16 % 0.19 % 0.28 % 0.17 % 0.14 %repurchase agreementsOther borrowings 0.34 % 0.39 % 0.42 % 0.43 % 0.56 %Subordinated debt 4.87 % 4.92 % 4.87 % 4.89 % 5.16 %Total cost ofinterest-bearing 0.21 % 0.24 % 0.28 % 0.31 % 0.37 %liabilitiesTax-equivalent net 2.54 % 2.54 % 2.64 % 2.73 % 2.75 %interest revenue spreadEffect ofnoninterest-bearing 0.06 % 0.08 % 0.08 % 0.08 % 0.08 %funding sources and otherTax-equivalent net 2.60 % 2.62 % 2.72 % 2.81 % 2.83 %interest margin

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

CREDIT QUALITY INDICATORS -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands, except ratios)

Three Months Ended June 30, Mar. 31, Dec. 31, Sept. 30, June 30, 2021 2021 2020 2020 2020Nonperforming assets:Nonaccruing loans:Commercial: Energy $ 70,341 $ 101,800 $ 125,059 $ 126,816 $ 162,989 Services 29,913 28,033 25,598 25,817 21,032 Healthcare 527 3,187 3,645 3,645 3,645 General 11,823 14,053 12,857 13,675 14,333 businessTotal 112,604 147,073 167,159 169,953 201,999 commercial Commercial 26,123 27,243 27,246 12,952 13,956 real estate Loans to individuals:Permanent 31,473 32,884 32,228 31,599 33,098 mortgagePermanentmortgageguaranteed by 9,207 8,564 7,741 6,397 6,110 U.SgovernmentagenciesPersonal 229 255 319 252 233 Total loansto 40,909 41,703 40,288 38,248 39,441 individuals Totalnonaccruing $ 179,636 $ 216,019 $ 234,693 $ 221,153 $ 255,396 loansAccruingrenegotiatedloansguaranteed by 171,324 154,591 151,775 142,770 114,571 U.S.governmentagenciesReal estateand other 57,337 70,911 90,526 52,847 35,330 repossessedassetsTotalnonperforming $ 408,297 $ 441,521 $ 476,994 $ 416,770 $ 405,297 assetsTotalnonperformingassetsexcludingthose $ 227,766 $ 278,366 $ 317,478 $ 267,603 $ 284,616 guaranteed byU.S.governmentagencies Accruingloans 90 days $ 252 $ 395 $ 10,369 $ 7,684 $ 10,992 past due^1 Gross $ 18,304 $ 16,905 $ 18,251 $ 26,661 $ 15,570 charge-offsRecoveries (2,856 ) (2,437 ) (1,592 ) (4,232 ) (1,491 )Net $ 15,448 $ 14,468 $ 16,659 $ 22,429 $ 14,079 charge-offs Provision for $ (25,064 ) $ (21,770 ) $ (14,478 ) $ 6,609 $ 134,365 loan lossesProvision forcredit lossesfromoff-balance (8,590 ) (4,044 ) 8,952 (4,950 ) 4,405 sheetunfunded loancommitmentsProvision forexpectedcredit lossesfrom (1,222 ) 885 (923 ) (770 ) (3,575 )mortgagebankingactivitiesProvision forcredit lossesrelated toheld-to (124 ) (71 ) (51 ) (889 ) 126 maturity(investment)securitiesportfolioTotalprovision for $ (35,000 ) $ (25,000 ) $ (6,500 ) $ ? $ 135,321 credit losses Three Months Ended June 30, Mar. 31, Dec. 31, Sept. 30, June 30, 2021 2021 2020 2020 2020 Allowance forloan losses 1.46 % 1.56 % 1.69 % 1.76 % 1.80 %to period endloansAllowance forloan lossesto period end 1.54 % 1.70 % 1.82 % 1.93 % 1.97 %loansexcluding PPPloans^2Combinedallowance forloan lossesandaccrual foroff-balancesheet credit 1.57 % 1.71 % 1.85 % 1.88 % 1.94 %riskfromunfunded loancommitmentstoperiod endloansCombinedallowance forloan lossesandaccrual foroff-balancesheet creditrisk 1.66 % 1.86 % 2.00 % 2.06 % 2.12 %fromunfunded loancommitmentstoperiod endloansexcluding PPPloans^2Nonperformingassets toperiod endloans 1.90 % 1.95 % 2.07 % 1.75 % 1.68 %andrepossessedassetsNetcharge-offs(annualized) 0.28 % 0.25 % 0.28 % 0.37 % 0.23 %to averageloansNetcharge-offs(annualized)to average 0.30 % 0.28 % 0.31 % 0.41 % 0.25 %loansexcludingPPP loans^2Allowance forloan lossesto 183.00 % 169.87 % 171.24 % 195.47 % 174.74 %nonaccruingloans^1Combinedallowance forloan lossesandaccrual foroff-balancesheet credit 197.25 % 185.72 % 187.51 % 208.49 % 187.94 %riskfromunfunded loancommitmentstononaccruingloans^1

1Excludes residential mortgage loans guaranteed by agencies of the U.S. government.2Metric meaningful due to the unique characteristics and short-term nature of the PPP loans.

SEGMENTS -- UNAUDITEDBOK FINANCIAL CORPORATION(in thousands, except ratios)

Three Months Ended 2Q21 vs 1Q21 2Q21 vs 2Q20 June 30, 2021 Mar. 31, 2021 June 30, 2020 $ change % $ change % change changeCommercial BankingNet interest $ 130,901 $ 130,005 $ 145,109 $ 896 0.7 % $ (14,208 ) (9.8 )revenue %Fees andcommissions 63,368 49,847 46,515 13,521 27.1 % 16,853 36.2 %revenueCombined netinterest and 194,269 179,852 191,624 14,417 8.0 % 2,645 1.4 %fee revenueOtheroperating 71,351 66,979 62,933 4,372 6.5 % 8,418 13.4 %expenseCorporate )expense 12,512 12,734 5,437 (222 ) (1.7 % 7,075 130.1 %allocationsNet income 72,632 69,673 80,992 2,959 4.2 % (8,360 ) (10.3 ) % Average assets 28,160,594 28,047,052 27,575,652 113,542 0.4 % 584,942 2.1 %Average loans 16,981,888 17,522,520 19,262,827 (540,632 ) (3.1 ) (2,280,939 ) (11.8 ) % %Average 17,049,772 16,130,168 14,599,225 919,604 5.7 % 2,450,547 16.8 %deposits Consumer BankingNet interest $ 24,945 $ 20,974 $ 39,270 $ 3,971 18.9 % $ (14,325 ) (36.5 )revenue %Fees and ) )commissions 37,714 52,300 67,192 (14,586 ) (27.9 % (29,478 ) (43.9 %revenueCombined net ) )interest and 62,659 73,274 106,462 (10,615 ) (14.5 % (43,803 ) (41.1 %fee revenueOther ) )operating 52,453 55,622 58,249 (3,169 ) (5.7 % (5,796 ) (10.0 %expenseCorporateexpense 11,599 11,475 10,692 124 1.1 % 907 8.5 %allocationsNet income 1,698 6,948 32,501 (5,250 ) (75.6 ) (30,803 ) (94.8 ) % % Average assets 10,087,488 9,755,539 9,920,005 331,949 3.4 % 167,483 1.7 %Average loans 1,786,242 1,823,732 1,679,164 (37,490 ) (2.1 ) 107,078 6.4 % %Average 8,469,043 8,082,443 7,587,246 386,600 4.8 % 881,797 11.6 %deposits Wealth ManagementNet interest $ 52,293 $ 48,354 $ 26,880 $ 3,939 8.1 % $ 25,413 94.5 %revenueFees and )commissions 78,841 65,684 106,757 13,157 20.0 % (27,916 ) (26.1 %revenueCombined net )interest and 131,134 114,038 133,637 17,096 15.0 % (2,503 ) (1.9 %fee revenueOther )operating 79,429 78,565 80,567 864 1.1 % (1,138 ) (1.4 %expenseCorporateexpense 10,343 9,887 8,204 456 4.6 % 2,139 26.1 %allocationsNet income 31,061 19,382 33,394 11,679 60.3 % (2,333 ) (7.0 ) % Average assets 19,201,041 18,645,865 15,721,452 555,176 3.0 % 3,479,589 22.1 %Average loans 1,968,513 1,917,973 1,709,363 50,540 2.6 % 259,150 15.2 %Average 9,695,319 9,706,295 8,385,681 (10,976 ) (0.1 ) 1,309,638 15.6 %deposits %Fiduciary 58,654,788 56,227,268 46,748,292 2,427,520 4.3 % 11,906,496 25.5 %assetsAssets undermanagement or 96,632,748 91,956,188 79,452,502 4,676,560 5.1 % 17,180,246 21.6 %administration

Contact:

Cody McAlesterVice President, Investor Relations918-595-3030