GlobeNewswire Inc | Jan 19, 2022 07:55AM EST

January 19, 2022

TULSA, Okla., Jan. 19, 2022 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASD: BOKF) -

CEO Commentary

Stacy Kymes, president and chief executive officer, stated, Our record earnings in 2021 are a testament to our diversified business model focused on revenue growth from long-term commitments and investments. It also reflects extraordinary dedication from our employees serving our clients in all areas of our business in a very difficult environment. While there were facets to our financial performance in 2021 that are non-recurring, the business activities that created those opportunistic gains are core to our franchise. Our diversified Wealth Management business achieved significant milestones this year, assets under management grew just over 14 percent, to over $100 billion, period end loan balances surpassed $2.1 billion, growing $250 million or 13 percent, while trust fees grew $11 million or 6 percent.

Kymes continued, Although our Commercial Lending segment experienced net payoffs this past year, the fourth quarter has been a bright spot as weve realized annualized growth above 10 percent in our Commercial and Industrial category. Also encouraging is that outstanding C&I loan commitments increased, with the resulting C&I utilization levels actually decreasing linked quarter. This further underscores the capacity we have for future loan growth. Although Commercial Real Estate payoffs continued in the fourth quarter, we expect these balances to grow in 2022 after the first quarter.

Kymes added, As I look forward, I am excited about BOK Financial's prospects for 2022. We believe we have turned the corner on loan growth, our overall asset quality is better than pre-pandemic, we have strong fundamental growth in assets under management in our Wealth Management business, and we are well positioned for a rising rate environment. Based on our history during the last rising rate cycle, we believe that we can deliver net interest revenue growth that will perform exceptionally well in the regional bank space.

2021 Financial Highlights

-- Net income was $618.1 million or $8.95 per diluted share for the year ended December 31, 2021, and $435.0 million or $6.19 per diluted share for the year ended December 31, 2020. Improving economic conditions related to the COVID-19 pandemic and massive government stimulus drove a $100.0 million reversal in 2021 of the $222.6 million provision for credit losses recorded in 2020. -- Net interest revenue totaled $1.1 billion, consistent with the prior year. Net interest margin was 2.60 percent compared to 2.83 percent for 2020. The full impact of the reduction of the federal funds rate by the Federal Reserve in 2020 was realized in 2021. The following reduction in other short-term market interest rates reduced the yield on floating-rate assets by more than the amount by which funding costs could be reduced, compressing the margin. -- Fees and commissions revenue totaled $668.3 million, a decrease of $142.0 million. Brokerage and trading revenues decreased $108.8 million, largely due to a shift from fee revenue to net interest revenue. Mortgage banking revenue decreased $76.5 million due to a decrease in mortgage production volume combined with a reduction in production revenue as a percentage of production volume. Other revenue increased $18.3 million, largely due to higher revenue on repossessed oil and gas properties, which was largely offset by related operating expenses. -- Other gains and losses, net increased $57.7 million to $63.7 million due to sales of an alternative investment and repossessed assets. -- Operating expense increased $13.4 million to $1.2 billion. Personnel expense increased $6.9 million while non-personnel expense increased $6.5 million, including an increase of $10.8 million of operating expenses on repossessed assets. -- Period-end loans decreased $2.8 billion to $20.2 billion at December 31, 2021. Period-end Paycheck Protection Program ("PPP") loans decreased $1.4 billion to $276.3 million while commercial real estate loans decreased $867 million and commercial loans decreased $571 million. Average loans were $21.5 billion, a $1.9 billion decrease compared to the prior year. -- The combined allowance for credit losses totaled $289 million or 1.45 percent of outstanding loans, excluding PPP loans, at December 31, 2021. The combined allowance for credit losses was $426 million or 2.00 percent of outstanding loans, excluding PPP loans, at December 31, 2020. -- Average deposits increased $5.2 billion to $37.9 billion and period-end deposits increased $5.1 billion to $41.2 billion as customers maintained higher deposit balances during this time of economic uncertainty. Average interest bearing deposits increased by $2.9 billion and average demand deposits grew by $2.3 billion. -- Commercial Banking contributed $328.5 million to net income in 2021, an increase of $22.5 million compared to 2020. The sale of an alternative investment in the third quarter resulted in a $31.1 million pre-tax gain, net of non-controlling interest. Combined net interest revenue and fee revenue decreased $12.8 million, largely due to a reduction in outstanding loan balances and lower yields on deposits sold to our Funds Management unit. Production revenue from oil and gas properties increased $17.1 million, which was partially offset by an increase in related operating expenses. Revenue growth was supplemented by increases in syndication fees, transaction card revenue, and deposit service charges and fees. Personnel expense increased $9.1 million, primarily due to incentive compensation costs. Net loan charge-offs decreased $38.3 million. Average Commercial Banking loans decreased $1.9 billion due to purposeful deleveraging by our customers. Average Commercial Banking deposits grew 23 percent to $17.7 billion in 2021. -- Consumer Banking contributed $27.6 million to net income in 2021, a decrease of $70.3 million compared to 2020. Combined net interest revenue and fee revenue decreased $115.7 million. Net interest revenue decreased $43.5 million, mainly due to lower yields on deposits sold to our Funds Management unit. Fees and commissions revenue decreased $72.2 million, largely due to reduced mortgage production volume and margin compression. Operating expense decreased $20.8 million, due to lower mortgage banking costs and incentive compensation expense. Average Consumer Banking deposits increased 11 percent to $8.4 billion in 2021. -- Wealth Management contributed $113.6 million to net income in 2021, a decrease of $2.1 million compared to record earnings in 2020. Total wealth management revenue decreased $3.7 million. Revenue primarily from agency residential mortgage-backed securities trading activity decreased $10.8 million due to narrowing margins and a reduction in trading volumes. Fiduciary and asset management revenue increased $10.8 million. Growth in trust fees and managed account fees as a result of growth in assets under management and administration was partially offset by lower mutual fund fees and increased waivers. Operating expense decreased $5.3 million, primarily due to incentive compensation costs related to reduced trading activity. Average Wealth Management loans grew by 13 percent to $2.0 billion. Average Wealth Management deposits increased 9 percent to $9.4 billion in 2021, led by growth in interest-bearing transaction deposits.

Fourth Quarter 2021 Financial Highlights

-- Net income was $117.3 million or $1.71 per diluted share for the fourth quarter of 2021 and $188.3 million or $2.74 per diluted share for the third quarter of 2021. -- Net interest revenue totaled $277.1 million, a decrease of $3.2 million. Net interest margin was 2.52 percent compared to 2.66 percent in the third quarter of 2021. -- Operating revenue totaled $157.4 million, a decrease of $72.4 million. Brokerage and trading revenues decreased $33.1 million. Uncertainty in the markets led to reduced transaction activity and tighter margins compared to the elevated volumes in the third quarter. Lower mortgage loan production volume and lower margins also reduced mortgage banking revenue by $5.0 million. The prior quarter also included a $31.1 million pre-tax gain on the sale of an alternative investment. -- Operating expense increased $8.2 million to $299.5 million. The fourth quarter of 2021 included a $5.0 million charitable donation to the BOKF Foundation. Increases in business promotion costs, professional fees, and other expenses were partially offset by lower personnel expense. -- Period-end loans decreased $142 million to $20.2 billion at December 31, 2021. Period-end PPP loans decreased $260 million to $276 million. Excluding PPP loans, period-end loans grew $117 million with growth in commercial loans partially offset by paydowns in commercial real estate loans. Average loans were $20.2 billion, a $606 million decrease compared to the third quarter of 2021. -- Continued strength in commodity prices coupled with an outlook for moderate growth in gross domestic product and the labor markets, improving credit quality metrics and lower loan balances resulted in a $17.0 million negative provision for expected credit losses in the fourth quarter of 2021. A $23.0 million negative provision for expected credit losses was recorded in the prior quarter. The combined allowance for credit losses totaled $289 million or 1.45 percent of outstanding loans, excluding PPP loans, at December 31, 2021. The combined allowance for credit losses was $306 million or 1.54 percent of outstanding loans, excluding PPP loans, at September30, 2021. -- Average deposits increased $2.0 billion to $39.8 billion and period-end deposits increased $2.7 billion to $41.2 billion, largely due to growth in commercial balances. Average demand deposits grew by $1.1 billion and average interest bearing deposits increased by $820 million. -- The company's common equity Tier 1 capital ratio was 12.23 percent at December 31, 2021. In addition, the company's Tier 1 capital ratio was 12.24 percent, total capital ratio was 13.28 percent, and leverage ratio was 8.55 percent at December 31, 2021. At September30, 2021, the company's common equity Tier 1 capital ratio was 12.26 percent, Tier 1 capital ratio was 12.29 percent, total capital ratio was 13.38 percent, and leverage ratio was 8.77 percent. -- The company repurchased 128,522 shares of common stock at an average price of $104.46 a share in the fourth quarter of 2021. -- Commercial Banking contributed $83.5 million to net income in the fourth quarter of 2021, a decrease of $19.2 million compared to the third quarter of 2021 as the prior quarter included a pre-tax gain of $31.1 million from the sale of an alternative investment. Combined net interest revenue and fee revenue increased $7.6 million, largely driven by increased deposit balances and improved spreads, and was partially offset by an increase in personnel expense. Average Commercial Banking loans decreased $254 million due to purposeful deleveraging by our customers. Average Commercial Banking deposits grew 9 percent to $19.5 billion in the fourth quarter of 2021. -- Consumer Banking contributed $6.8 million to net income in the fourth quarter of 2021, a decrease of $5.6 million compared to the prior quarter. Combined net interest revenue and fee revenue decreased $2.3 million. Net interest revenue increased $3.2 million, mainly due to increased deposit balances and improved spreads. Fees and commissions revenue decreased $5.5 million due to normal seasonality in mortgage loan production volume and margin compression. Operating expense increased $2.6 million, due to increases in professional fees and other expenses. Average Consumer Banking deposits increased 2 percent to $8.7 billion in the fourth quarter of 2021. -- Wealth Management contributed $21.7 million to net income in the fourth quarter of 2021, a decrease of $19.7 million compared to the prior quarter. Our diverse set of investment-focused businesses including fixed income trading, private wealth, institutional wealth, financial risk management, and multiple fiduciary businesses combined to provide total net interest and fee revenues of $114.5 million, a decrease of $38.7 million compared to the third quarter of 2021. Revenue, primarily from trading activity, decreased $39.1 million to $38.2 million. Uncertainty around tapering by the Federal Reserve combined with year-end balance sheet management and concerns over yield curve steepening, resulted in decreased transaction activity and tighter margins. Operating expense decreased $12.5 million, primarily due to incentive compensation costs related to reduced trading activity. Average Wealth Management deposits were consistent with the prior quarter. Assets under management were $104.9 billion, an increase of $6.1 billion compared to the prior quarter.

Net Interest Revenue

Net interest revenue was $277.1 million for the fourth quarter of 2021 compared to $280.2 million for the third quarter of 2021. Net interest margin was 2.52 percent compared to 2.66 percent in the prior quarter. PPP loan fees of $7.7 million were recognized in the fourth quarter of 2021 compared to $12.7 million in the previous quarter. PPP loan fees remaining to be recognized were $7.5 million.

Average earning assets increased $1.2 billion compared to the third quarter of 2021. Average loan balances decreased $606 million, largely due to paydowns of PPP and commercial real estate loans, partially offset by growth in commercial loans. Average trading securities increased by $1.6 billion. Average interest bearing cash and cash equivalents grew by $526 million. Available for sale securities decreased $198 million. Other borrowings decreased $1.7 billion while funds purchased and repurchase agreements increased $1.4 billion.

The yield on average earning assets was 2.62 percent, a 16 basis point decrease from the prior quarter. The yield on trading securities was down 35 basis points to 1.69 percent, largely due to a decrease in the weighted average coupon rate. The yield on the available for sale securities portfolio decreased 8 basis points to 1.72 percent. The loan portfolio yield increased 2 basis points to 3.70 percent. Excluding PPP loan fees, the loan portfolio yield increased 11 basis points, primarily due to the timing of loan fees.

Funding costs were 0.15 percent, down 4 basis points. The cost of interest-bearing deposits decreased 1 basis point to 0.12 percent. The cost of other borrowed funds decreased 11 basis points to 0.19 percent. The cost of subordinated debentures decreased 61 basis points due to the redemption of $150 million in the third quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 5 basis points for the fourth quarter of 2021, compared to 7 basis points for the prior quarter.

Operating Revenue

Fees and commissions revenue totaled $146.3 million for the fourth quarter of 2021, a $44.1 million decrease compared to the third quarter of 2021. Brokerage and trading revenue decreased $33.1 million to $14.9 million. Uncertainty around tapering by the Federal Reserve combined with year-end balance sheet management and concerns over yield curve steepening, resulted in decreased transaction activity and tighter margins for trading activities in the market. These factors combined to decrease trading revenue by $37.3 million. Customer hedging revenue increased $2.2 million, primarily attributed to energy customers. Investment banking revenue increased $2.6 million, largely due to the timing and increase of syndication activity.

Mortgage banking revenue decreased $5.0 million compared to the prior quarter due to lower production volume combined with narrowing margins. Mortgage production volume decreased $114 million to $501 million due to normal seasonal decline and continued inventory constraints. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, decreased 50 basis points to 2.00 percent.

Other revenue decreased $7.3 million as a result of lower operating revenue from repossessed oil and gas assets due to the sale of a property, which was largely offset by a reduction of expenses on the same properties.

Other gains and losses, net decreased $25.0 million compared to the prior quarter. The third quarter of 2021 included a $31.1 million gain on the sale of an alternative investment, which was partially offset by a $5.2 million loss on the extinguishment of subordinated debentures and a $3.9 million loss on the sale of a repossessed oil and gas asset.

Operating Expense

Total operating expense was $299.5 million for the fourth quarter of 2021, an increase of $8.2 million compared to the third quarter of 2021.

Personnel expense decreased $1.4 million. Cash based incentive compensation decreased $8.8 million due to reduced trading volumes, and was partially offset by an increase of $5.9 million in share based incentive compensation resulting from changes in vesting assumptions. Employee benefits expense increased $1.1 million due to an increase in employee healthcare costs, partially offset by a seasonal decrease in retirement costs and payroll taxes.

Non-personnel expense increased $9.6 million over the third quarter of 2021. The fourth quarter of 2021 included a $5.0 million charitable donation to the BOKF Foundation as we continue to focus on the communities we serve and the extreme need created by the pandemic. Smaller increases in business promotion costs, professional fees and services expense, and other expense supplemented the overall rise in non-personnel expense.

Loans, Deposits and Capital

Loans

Outstanding loans were $20.2 billion at December 31, 2021, a $142 million decrease compared to September30, 2021. A reduction in PPP and commercial real estate loan balances was partially offset by growth in commercial and personal loan balances.

Outstanding commercial loan balances increased $331 million compared to September30, 2021, with growth in all categories led by energy. Although the primary source of repayment of our commercial loan portfolio is the ongoing 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 increased $193 million to $3.0 billion or 15 percent of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 67 percent of committed production loans are secured by properties primarily producing oil. The remaining 33 percent is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $3.0 billion at December 31, 2021, an increase of $248 million over September30, 2021.

Healthcare sector loan balances increased $67 million compared to the prior quarter, totaling $3.4 billion or 17 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, which serves to help diversify risks specific to a single facility.

Services loan balances increased $44 million to $3.4 billion or 17 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 $286 million compared to September30, 2021 and represent 19 percent of total loans at December 31, 2021, largely due to refinancing in the long term, non-recourse markets. Loans secured by industrial facilities decreased $124 million to $766 million. Multifamily residential loans decreased $89 million to $786 million at December 31, 2021. Loans secured by retail facilities decreased $86 million to $680 million.

PPP loan balances decreased $260 million to $276 million or 1 percent of total loans.

Loans to individuals increased $72 million and represent 18 percent of total loans at December 31, 2021. Personal loans increased $120 million while residential mortgage loans decreased $48 million, largely due to the re-sale of loans previously sold into GNMA mortgage pools that the Company repurchased when certain defined delinquency criteria were met. Many loans repurchased during the pandemic have since been cured and meet the re-sale qualifications.

Deposits

Period-end deposits totaled $41.2 billion at December 31, 2021, a $2.7 billion increase compared to September30, 2021. Interest-bearing transaction account balances increased by $1.5 billion and demand deposit account balances grew by $1.3 billion. Average deposits were $39.8 billion at December 31, 2021, a $2.0 billion increase compared to September30, 2021. Demand deposit account balances increased $1.1 billion primarily from deposits attributed to the Commercial Banking segment while interest-bearing deposits increased $820 million.

Capital

The company's common equity Tier 1 capital ratio was 12.23 percent at December 31, 2021. In addition, the company's Tier 1 capital ratio was 12.24 percent, total capital ratio was 13.28 percent, and leverage ratio was 8.55 percent at December 31, 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 December 31. At September30, 2021, the company's common equity Tier 1 capital ratio was 12.26 percent, Tier 1 capital ratio was 12.29 percent, total capital ratio was 13.38 percent, and leverage ratio was 8.77 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 8.83 percent at December 31, 2021 and 9.28 percent at September30, 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 128,522 shares of common stock at an average price of $104.46 a share in the fourth 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 $17.0 million negative provision for credit losses in the fourth quarter of 2021. Changes in our reasonable and supportable forecasts of macroeconomic variables, primarily due to continued strength in commodity prices and an outlook for moderate growth in GDP and labor markets resulted in a $12.6 million decrease in the allowance for credit losses related to lending activities. Changes in loan portfolio characteristics, primarily from net recoveries and changes in specific impairment, improving credit quality metrics and lower loan balances resulted in a $4.7 million decrease in the allowance for credit losses related to lending activities.

Our base case reasonable and supportable forecast assumes that the COVID-19 cases will increase due to the Omicron and Delta variants during the winter months in the U.S., though global virus immunity continues to be more widespread and vaccines prove to be effective against severe virus outcomes. Elevated consumer consumption and the need for inventory restocking is expected to result in GDP growth consistent with pre-pandemic levels. We expect a 2.9 percent increase in GDP over the next twelve months. We expect labor force participants will continue to re-enter the job market to help meet record job openings. This increase in employment helps maintain household income above its pre-pandemic trend and prevents a sharp drop-off in spending. Our forecasted civilian unemployment rate is 4.0 percent for the first quarter of 2022, improving to 3.7 percent by the fourth quarter of 2022. Our base case also assumes the Federal Reserve completes the tapering of their bond purchases in March 2022 and one federal funds rate increase in 2022 with the target range ending the year at 0.25 percent to 0.50 percent. WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of December 2021, averaging $68.75 per barrel over the next twelve months.

Our downside case assumes new COVID-19 variants continue to emerge and spread rapidly in areas of the country with lower vaccination rates as the U.S. enters the winter months. This results in a relatively mild recession with conditions beginning to improve in the summer of 2022.

The allowance for loan losses totaled $256 million or 1.27 percent of outstanding loans and 213 percent of nonaccruing loans at December 31, 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 $289 million or 1.43 percent of outstanding loans and 241 percent of nonaccruing loans at December 31, 2021. Excluding PPP loans, the allowance for loan losses was 1.29 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 1.45 percent.

At September30, 2021, the allowance for loan losses was $277 million or 1.36 percent of outstanding loans and 208 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 $306 million or 1.50 percent of outstanding loans and 230 percent of nonaccruing loans.

Nonperforming assets totaled $369 million or 1.83 percent of outstanding loans and repossessed assets at December 31, 2021, compared to $349 million or 1.71 percent at September30, 2021. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $145 million or 0.74 percent of outstanding loans and repossessed assets at December 31, 2021, compared to $162 million or 0.83 percent at September30, 2021.

Nonaccruing loans were $134 million or 0.67 percent of outstanding loans, excluding PPP loans, at December 31, 2021. Nonaccruing commercial loans totaled $74 million or 0.59 percent of outstanding commercial loans. Nonaccruing commercial real estate loans totaled $14 million or 0.37 percent of outstanding commercial real estate loans. Nonaccruing loans to individuals totaled $46 million or 1.27 percent of outstanding loans to individuals.

Nonaccruing loans decreased $7.9 million compared to September30, 2021. A decrease in nonaccruing energy, services, and commercial real estate loans, was partially offset by an increase in nonaccruing healthcare sector loans. New nonaccruing loans identified in the fourth quarter totaled $28 million, offset by $32 million in payments received and $6.6 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 $222 million at December 31, 2021, down significantly from $333 million at September30, primarily due to a decrease in potential problem energy loans. Potential problem healthcare, services and general business loans also decreased compared to the prior quarter.

Net recoveries for the fourth quarter of 2021 were $714 thousand or 0.01 percent of average loans on an annualized basis for the fourth quarter of 2021, excluding PPP loans. Net charge-offs were 0.18 percent of average loans over the last four quarters. Net charge-offs were $7.8 million or 0.16 percent of average loans on an annualized basis for the third quarter of 2021, excluding PPP loans. Gross charge-offs were $6.6 million for the fourth quarter compared to $9.6 million for the previous quarter. Recoveries totaled $7.3 million for the fourth quarter of 2021 and $1.8 million for the third quarter of 2021.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $13.2 billion at December 31, 2021, a $184 million decrease compared to September30, 2021. At December 31, 2021, the available for sale securities portfolio consisted primarily of $8.0 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $4.6 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2021, the available for sale securities portfolio had a net unrealized gain of $93 million compared to $221 million at September30, 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 $7.2 million to $44 million at December 31, 2021.

The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.7 million during the fourth quarter of 2021, including a $7.9 million increase in the fair value of mortgage servicing rights, a $3.4 million decrease in the fair value of securities and derivative contracts held as an economic hedge, and $259 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, January19, 2022 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.comor by dialing 1-844-512-2921and referencing conference ID # 13725961.

About BOK Financial Corporation

BOK Financial Corporation is a $49 billion regional financial services company headquartered in Tulsa, Oklahoma with $105 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's holdings include TransFund, Cavanal Hill Investment Management, Inc. and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 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)

Dec. 31, 2021 Sept. 30, 2021ASSETS Cash and due from banks $ 712,067 $ 729,285 Interest-bearing cash and cash equivalents 2,125,343 1,162,477 Trading securities 9,136,813 5,554,040 Investment securities, net of allowance 210,444 215,592 Available for sale securities 13,157,817 13,342,113 Fair value option securities 43,770 51,019 Restricted equity securities 83,113 77,542 Residential mortgage loans held for sale 192,295 176,813 Loans: Commercial 12,506,465 12,175,140 Commercial real estate 3,831,325 4,116,892 Paycheck protection program 276,341 536,052 Loans to individuals 3,591,549 3,519,852 Total loans 20,205,680 20,347,936 Allowance for loan losses (256,421 ) (276,680 )Loans, net of allowance 19,949,259 20,071,256 Premises and equipment, net 574,148 558,126 Receivables 223,021 171,505 Goodwill 1,044,749 1,044,749 Intangible assets, net 91,778 96,186 Mortgage servicing rights 163,198 133,308 Real estate and other repossessed assets, 24,589 28,770 netDerivative contracts, net 1,097,297 1,901,136 Cash surrender value of bank-owned life 405,607 403,369 insuranceReceivable on unsettled securities sales 56,172 215,755 Other assets 957,951 990,368 TOTAL ASSETS $ 50,249,431 $ 46,923,409 LIABILITIES AND EQUITY Deposits: Demand $ 15,344,423 $ 14,090,229 Interest-bearing transaction 23,268,573 21,753,110 Savings 924,735 900,497 Time 1,704,328 1,780,715 Total deposits 41,242,059 38,524,551 Funds purchased and repurchase agreements 2,326,449 843,273 Other borrowings 36,753 37,426 Subordinated debentures 131,226 131,220 Accrued interest, taxes and expense 273,041 220,266 Due on unsettled securities purchases 160,686 614,598 Derivative contracts, net 275,625 739,641 Other liabilities 435,221 415,986 TOTAL LIABILITIES 44,881,060 41,526,961 Shareholders' equity: Capital, surplus and retained earnings 5,291,361 5,219,801 Accumulated other comprehensive gain 72,371 169,172 TOTAL SHAREHOLDERS' EQUITY 5,363,732 5,388,973 Non-controlling interests 4,639 7,475 TOTAL EQUITY 5,368,371 5,396,448 TOTAL LIABILITIES AND EQUITY $ 50,249,431 $ 46,923,409

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

Three Months Ended Dec. 31, 2021 Sept. 30, 2021 June 30, 2021 Mar. 31, 2021 Dec. 31, 2020ASSETS Interest-bearingcash and cash $ 1,208,552 $ 682,788 $ 659,312 $ 711,047 $ 643,926 equivalentsTrading 9,260,778 7,617,236 7,430,217 6,963,617 6,888,189 securitiesInvestmentsecurities, net 213,188 218,117 221,401 237,313 251,863 of allowanceAvailable for 13,247,607 13,446,095 13,243,542 13,433,767 12,949,702 sale securitiesFair valueoption 46,458 56,307 64,864 104,662 122,329 securitiesRestrictedequity 137,874 245,485 208,692 189,921 280,428 securitiesResidentialmortgage loans 163,433 167,620 218,200 207,013 229,631 held for saleLoans: Commercial 12,401,935 12,231,230 12,402,925 12,908,461 13,113,449 Commercial real 3,838,336 4,218,190 4,395,848 4,547,945 4,788,393 estatePaycheckprotection 404,261 792,728 1,668,047 1,741,534 1,928,665 programLoans to 3,598,121 3,606,460 3,700,269 3,559,067 3,617,011 individualsTotal loans 20,242,653 20,848,608 22,167,089 22,757,007 23,447,518 Allowance for (271,794 ) (306,125 ) (345,269 ) (382,734 ) (414,225 )loan lossesLoans, net of 19,970,859 20,542,483 21,821,820 22,374,273 23,033,293 allowanceTotal earning 44,248,749 42,976,131 43,868,048 44,221,613 44,399,361 assetsCash and due 783,670 766,688 763,393 760,691 742,432 from banksDerivative 1,465,506 1,501,736 1,022,137 873,712 553,779 contracts, netCash surrendervalue of 404,149 401,926 401,760 399,830 397,354 bank-owned lifeinsuranceReceivable onunsettled 585,901 632,539 716,700 735,482 1,094,198 securities salesOther assets 3,116,081 3,220,129 3,424,884 3,319,305 3,200,040 TOTAL ASSETS $ 50,604,056 $ 49,499,149 $ 50,196,922 $ 50,310,633 $ 50,387,164 LIABILITIES AND EQUITYDeposits: Demand $ 14,818,841 $ 13,670,656 $ 13,189,954 $ 12,312,629 $ 12,136,071 Interest-bearing 22,326,401 21,435,736 21,491,145 21,433,406 20,718,390 transactionSavings 909,131 888,011 872,618 789,656 737,360 Time 1,747,715 1,839,983 1,936,510 1,986,425 1,930,808 Total deposits 39,802,088 37,834,386 37,490,227 36,522,116 35,522,629 Funds purchasedand repurchase 2,880,230 1,448,800 1,790,490 2,830,378 2,153,254 agreementsOther borrowings 880,837 2,546,083 3,608,369 3,392,346 5,193,656 Subordinated 131,224 214,654 276,034 276,015 275,998 debenturesDerivative 320,757 434,334 366,202 428,488 399,476 contracts, netDue on unsettledsecurities 629,642 957,538 701,495 915,410 957,642 purchasesOther 578,091 619,913 634,460 671,715 656,147 liabilitiesTOTAL 45,222,869 44,055,708 44,867,277 45,036,468 45,158,802 LIABILITIESTotal equity 5,381,187 5,443,441 5,329,645 5,274,165 5,228,362 TOTALLIABILITIES AND $ 50,604,056 $ 49,499,149 $ 50,196,922 $ 50,310,633 $ 50,387,164 EQUITY

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

Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Interest $ 292,334 $ 319,020 $ 1,179,929 $ 1,269,000 revenueInterest 15,257 21,790 61,896 160,556 expenseNet interest 277,077 297,230 1,118,033 1,108,444 revenueProvision for (17,000 ) (6,500 ) (100,000 ) 222,592 credit lossesNet interestrevenue after 294,077 303,730 1,218,033 885,852 provision forcredit lossesOther operating revenue:Brokerage and 14,869 39,506 112,989 221,833 trading revenueTransaction 24,998 21,896 96,983 90,182 card revenueFiduciary andasset 46,872 41,799 178,274 167,445 managementrevenueDeposit servicecharges and 26,718 24,343 104,217 96,805 feesMortgage 21,278 39,298 105,896 182,360 banking revenueOther revenue 11,586 14,209 69,950 51,695 Total fees and 146,321 181,051 668,309 810,320 commissionsOther gains, 6,081 7,394 63,742 6,046 netGain (loss) onderivatives, (4,788 ) (339 ) (19,378 ) 42,320 netGain (loss) onfair value 1,418 68 (2,239 ) 53,248 optionsecurities, netChange in fairvalue ofmortgage 7,859 6,276 41,637 (79,524 )servicingrightsGain onavailable for 552 4,339 3,704 9,910 salesecurities, netTotal otheroperating 157,443 198,789 755,775 842,320 revenueOther operating expense:Personnel 174,474 176,198 695,382 688,474 Business 6,452 3,728 16,289 14,511 promotionCharitablecontributions 5,000 6,000 9,000 9,000 to BOKFFoundationProfessionalfees and 14,129 14,254 50,906 53,437 servicesNet occupancy 26,897 27,875 108,587 112,722 and equipmentInsurance 3,889 4,006 15,881 19,990 Data processingand 39,358 35,061 151,614 135,497 communicationsPrinting,postage and 2,935 3,805 14,218 15,061 suppliesAmortization ofintangible 4,438 5,088 18,311 20,443 assetsMortgage 8,667 14,765 42,698 56,711 banking costsOther expense 13,256 11,892 54,822 38,462 Total otheroperating 299,495 302,672 1,177,708 1,164,308 expense Net income 152,025 199,847 796,100 563,864 before taxesFederal andstate income 34,836 45,138 179,775 128,793 taxes Net income 117,189 154,709 616,325 435,071 Net income(loss)attributable to (129 ) 485 (1,796 ) 41 non-controllinginterestsNet incomeattributable toBOK Financial $ 117,318 $ 154,224 $ 618,121 $ 435,030 Corporationshareholders Average shares outstanding:Basic 68,069,160 69,489,597 68,591,920 69,840,977 Diluted 68,070,910 69,493,050 68,594,322 69,844,172 Net income per share:Basic $ 1.71 $ 2.21 $ 8.95 $ 6.19 Diluted $ 1.71 $ 2.21 $ 8.95 $ 6.19

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

Three Months Ended Dec. 31, 2021 Sept. 30, 2021 June 30, 2021 Mar. 31, 2021 Dec. 31, 2020Capital: Period-endshareholders' $ 5,363,732 $ 5,388,973 $ 5,332,977 $ 5,239,462 $ 5,266,266 equityRisk weighted $ 34,606,309 $ 33,916,456 $ 33,824,860 $ 32,623,108 $ 32,492,277 assetsRisk-basedcapital ratios:Common equity 12.23 % 12.26 % 11.95 % 12.14 % 11.95 %tier 1Tier 1 12.24 % 12.29 % 12.01 % 12.21 % 11.95 %Total capital 13.28 % 13.38 % 13.61 % 13.98 % 13.82 %Leverage 8.55 % 8.77 % 8.58 % 8.42 % 8.28 %ratioTangiblecommon equity 8.83 % 9.28 % 9.09 % 8.82 % 9.02 %ratio^1 Common stock: Book value $ 78.34 $ 78.56 $ 77.20 $ 75.33 $ 75.62 per shareTangible bookvalue per $ 61.74 $ 61.93 $ 60.50 $ 58.67 $ 58.94 shareMarket value per share:High $ 110.21 $ 92.97 $ 93.00 $ 98.95 $ 73.07 Low $ 89.01 $ 77.20 $ 83.59 $ 67.57 $ 50.09 Cashdividends $ 36,256 $ 35,725 $ 35,925 $ 36,038 $ 36,219 paidDividend 30.90 % 18.97 % 21.59 % 24.67 % 23.48 %payout ratioSharesoutstanding, 68,467,772 68,596,764 69,078,458 69,557,873 69,637,600 netStockbuy-back program:Shares 128,522 478,141 492,994 260,000 665,100 repurchasedAmount $ 13,426 $ 40,644 $ 43,797 $ 20,071 $ 42,450 Average price $ 104.46 $ 85.00 $ 88.84 $ 77.20 $ 63.82 per share Performance ratios (quarter annualized):Return onaverage 0.92 % 1.51 % 1.33 % 1.18 % 1.22 %assetsReturn onaverage 8.66 % 13.78 % 12.58 % 11.28 % 11.75 %equityNet interest 2.52 % 2.66 % 2.60 % 2.62 % 2.72 %marginEfficiency 70.14 % 61.23 % 64.20 % 66.26 % 62.77 %ratio Reconciliation of non-GAAP measures:^1 Tangiblecommon equity ratio:Totalshareholders' $ 5,363,732 $ 5,388,973 $ 5,332,977 $ 5,239,462 $ 5,266,266 equityLess:Goodwill and 1,136,527 1,140,935 1,153,785 1,158,676 1,161,527 intangibleassets, netTangible $ 4,227,205 $ 4,248,038 $ 4,179,192 $ 4,080,786 $ 4,104,739 common equity Total assets $ 49,007,431 $ 46,923,409 $ 47,154,375 $ 47,442,513 $ 46,671,088 Less:Goodwill and 1,136,527 1,140,935 1,153,785 1,158,676 1,161,527 intangibleassets, netTangible $ 47,870,904 $ 45,782,474 $ 46,000,590 $ 46,283,837 $ 45,509,561 assets Tangiblecommon equity 8.83 % 9.28 % 9.09 % 8.82 % 9.02 %ratio

Pre-provision net revenue:Net income $ 152,025 $ 241,782 $ 215,603 $ 186,690 $ 199,847 before taxesProvision forexpected credit (17,000 ) (23,000 ) (35,000 ) (25,000 ) (6,500 )lossesNet income(loss)attributable to (129 ) (601 ) 686 (1,752 ) 485 non-controllinginterestsPre-provision $ 135,154 $ 219,383 $ 179,917 $ 163,442 $ 192,862 net revenue Other data: Tax equivalent $ 2,104 $ 2,217 $ 2,320 $ 2,301 $ 2,414 interestNet unrealizedgain on $ 93,381 $ 221,487 $ 297,267 $ 290,217 $ 440,814 available forsale securities Mortgage banking:Mortgageproduction $ 10,018 $ 15,403 $ 10,004 $ 25,287 $ 26,662 revenue Mortgage loans $ 568,507 $ 652,336 $ 754,893 $ 843,053 $ 998,435 funded for saleAdd: currentperiod-end 171,412 239,066 276,154 387,465 380,637 outstandingcommitmentsLess: priorperiod end 239,066 276,154 387,465 380,637 560,493 outstandingcommitmentsTotal mortgageproduction $ 500,853 $ 615,248 $ 643,582 $ 849,881 $ 818,579 volume Mortgage loanrefinances to 51 % 48 % 48 % 65 % 58 %mortgage loansfunded for saleRealized marginon funded 1.76 % 2.48 % 2.75 % 3.10 % 3.78 %mortgage loansProductionrevenue as apercentage of 2.00 % 2.50 % 1.55 % 2.98 % 3.26 %productionvolume Mortgageservicing $ 11,260 $ 10,883 $ 11,215 $ 11,826 $ 12,636 revenueAverageoutstandingprincipalbalance of 15,930,480 14,899,306 15,065,173 15,723,231 16,518,208 mortgage loansserviced forothersAveragemortgage 0.28 % 0.29 % 0.30 % 0.31 % 0.30 %servicingrevenue rates Gain (loss) on mortgage servicing rights, net of economic hedge:Gain (loss) onmortgage hedge $ (4,862 ) $ (5,829 ) $ 18,764 $ (27,705 ) $ (385 )derivativecontracts, netGain (loss) onfair value 1,418 (120 ) (1,627 ) (1,910 ) 68 optionsecurities, netGain (loss) oneconomic hedgeof mortgage (3,444 ) (5,949 ) 17,137 (29,615 ) (317 )servicingrightsGain (loss) onchanges in fairvalue of 7,859 12,945 (13,041 ) 33,874 6,276 mortgageservicingrightsGain on changesin fair valueof mortgageservicingrights, net of 4,415 6,996 4,096 4,259 5,959 economichedges,included inother operatingrevenueNet interestrevenue on fair 259 286 341 393 550 value optionsecurities^2Total economicbenefit ofchanges in thefair value of $ 4,674 $ 7,282 $ 4,437 $ 4,652 $ 6,509 mortgageservicingrights, net ofeconomic hedges

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

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

Three Months Ended Dec. 31, 2021 Sept. 30, 2021 June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Interest $ 292,334 $ 293,463 $ 295,893 $ 298,239 $ 319,020 revenueInterest 15,257 13,236 15,584 17,819 21,790 expenseNet interest 277,077 280,227 280,309 280,420 297,230 revenueProvision for (17,000 ) (23,000 ) (35,000 ) (25,000 ) (6,500 )credit lossesNet interestrevenue after 294,077 303,227 315,309 305,420 303,730 provision forcredit lossesOther operating revenue:Brokerage and 14,869 47,930 29,408 20,782 39,506 trading revenueTransaction 24,998 24,632 24,923 22,430 21,896 card revenueFiduciary andasset 46,872 45,248 44,832 41,322 41,799 managementrevenueDeposit servicecharges and 26,718 27,429 25,861 24,209 24,343 feesMortgage 21,278 26,286 21,219 37,113 39,298 banking revenueOther revenue 11,586 18,896 23,172 16,296 14,209 Total fees and 146,321 190,421 169,415 162,152 181,051 commissionsOther gains, 6,081 31,091 16,449 10,121 7,394 netGain (loss) onderivatives, (4,788 ) (5,760 ) 18,820 (27,650 ) (339 )netGain (loss) onfair value 1,418 (120 ) (1,627 ) (1,910 ) 68 optionsecurities, netChange in fairvalue ofmortgage 7,859 12,945 (13,041 ) 33,874 6,276 servicingrightsGain onavailable for 552 1,255 1,430 467 4,339 salesecurities, netTotal otheroperating 157,443 229,832 191,446 177,054 198,789 revenueOther operating expense:Personnel 174,474 175,863 172,035 173,010 176,198 Business 6,452 4,939 2,744 2,154 3,728 promotionCharitablecontributions 5,000 ? ? 4,000 6,000 to BOKFFoundationProfessionalfees and 14,129 12,436 12,361 11,980 14,254 servicesNet occupancy 26,897 28,395 26,633 26,662 27,875 and equipmentInsurance 3,889 3,712 3,660 4,620 4,006 Data processingand 39,358 38,371 36,418 37,467 35,061 communicationsPrinting,postage and 2,935 3,558 4,285 3,440 3,805 suppliesAmortization ofintangible 4,438 4,488 4,578 4,807 5,088 assetsMortgage 8,667 8,962 11,126 13,943 14,765 banking costsOther expense 13,256 10,553 17,312 13,701 11,892 Total otheroperating 299,495 291,277 291,152 295,784 302,672 expenseNet income 152,025 241,782 215,603 186,690 199,847 before taxesFederal andstate income 34,836 54,061 48,496 42,382 45,138 taxesNet income 117,189 187,721 167,107 144,308 154,709 Net income(loss)attributable to (129 ) (601 ) 686 (1,752 ) 485 non-controllinginterestsNet incomeattributable toBOK Financial $ 117,318 $ 188,322 $ 166,421 $ 146,060 $ 154,224 Corporationshareholders Average shares outstanding:Basic 68,069,160 68,359,125 68,815,666 69,137,375 69,489,597 Diluted 68,070,910 68,360,871 68,817,442 69,141,710 69,493,050 Net income per share:Basic $ 1.71 $ 2.74 $ 2.40 $ 2.10 $ 2.21 Diluted $ 1.71 $ 2.74 $ 2.40 $ 2.10 $ 2.21

LOANS TREND -- UNAUDITEDBOK FINANCIAL CORPORATION(In thousands)

Dec. 31, 2021 Sept. 30, June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 2021Commercial: Healthcare $ 3,414,940 $ 3,347,641 $ 3,381,261 $ 3,290,758 $ 3,305,990Services 3,367,193 3,323,422 3,389,756 3,421,948 3,508,583Energy 3,006,884 2,814,059 3,011,331 3,202,488 3,469,194General 2,717,448 2,690,018 2,690,559 2,742,590 2,793,768businessTotal 12,506,465 12,175,140 12,472,907 12,657,784 13,077,535commercial Commercial real estate:Office 1,040,963 1,030,755 1,073,346 1,094,060 1,085,257Industrial 766,125 890,316 824,577 789,437 810,510Multifamily 786,404 875,586 964,824 1,227,915 1,328,045Retail 679,917 766,402 784,445 787,648 796,223Residentialconstruction 120,016 118,416 128,939 119,079 119,394and landdevelopmentOthercommercial 437,900 435,417 470,861 485,208 559,109real estateTotalcommercial 3,831,325 4,116,892 4,246,992 4,503,347 4,698,538real estate Paycheckprotection 276,341 536,052 1,121,583 1,848,550 1,682,310program Loans to individuals:Residential 1,722,170 1,747,243 1,772,627 1,797,478 1,863,003mortgageResidentialmortgagesguaranteed 354,173 376,986 413,806 420,051 408,687by U.S.governmentagenciesPersonal 1,515,206 1,395,623 1,388,534 1,306,637 1,277,447Total loansto 3,591,549 3,519,852 3,574,967 3,524,166 3,549,137individuals Total $ 20,205,680 $ 20,347,936 $ 21,416,449 $ 22,533,847 $ 23,007,520

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

Dec. 31, 2021 Sept. 30, June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 2021 Texas: Commercial $ 6,068,700 $ 5,815,562 $ 5,690,901 $ 5,748,345 $ 5,926,534Commercial 1,253,439 1,383,871 1,403,751 1,511,714 1,519,217real estatePaycheckprotection 81,654 115,623 342,933 537,899 501,079programLoans to 942,982 901,121 885,619 848,194 855,410individualsTotal Texas 8,346,775 8,216,177 8,323,204 8,646,152 8,802,240 Oklahoma: Commercial 2,633,014 2,590,887 2,840,560 2,975,477 3,144,782Commercial 546,021 552,184 552,673 597,840 597,733real estatePaycheckprotection 69,817 192,474 242,880 468,002 413,108programLoans to 2,024,404 2,014,099 2,063,419 2,043,705 2,052,784individualsTotal 5,273,256 5,349,644 5,699,532 6,085,024 6,208,407Oklahoma Colorado: Commercial 1,936,149 1,874,613 1,904,182 1,910,826 1,929,320Commercial 470,937 526,653 656,521 777,786 879,648real estatePaycheckprotection 82,781 140,470 299,712 436,540 377,111programLoans to 256,533 249,298 262,796 264,759 264,295individualsTotal 2,746,400 2,791,034 3,123,211 3,389,911 3,450,374Colorado Arizona: Commercial 1,130,798 1,194,801 1,239,270 1,207,089 1,219,072Commercial 674,309 734,174 705,497 667,766 726,111real estatePaycheckprotection 21,594 42,815 104,946 208,481 211,725programLoans to 186,528 182,506 178,481 179,031 177,948individualsTotal 2,013,229 2,154,296 2,228,194 2,262,367 2,334,856Arizona Kansas/ Missouri:Commercial 338,697 336,414 388,291 421,974 455,914Commercial 382,761 408,001 406,055 395,590 366,821real estatePaycheckprotection 4,718 6,920 41,954 60,741 56,011programLoans to 110,889 100,920 103,092 104,954 105,995individualsTotalKansas/ 837,065 852,255 939,392 983,259 984,741Missouri New Mexico: Commercial 306,964 287,695 304,804 307,395 303,833Commercial 442,128 437,302 437,996 448,298 473,204real estatePaycheckprotection 13,510 31,444 86,716 124,059 109,881programLoans to 63,930 66,651 68,177 70,491 75,665individualsTotal New 826,532 823,092 897,693 950,243 962,583Mexico Arkansas: Commercial 92,143 75,168 104,899 86,678 98,080Commercial 61,730 74,707 84,499 104,353 135,804real estatePaycheckprotection 2,267 6,306 2,442 12,828 13,395programLoans to 6,283 5,257 13,383 13,032 17,040individualsTotal 162,423 161,438 205,223 216,891 264,319Arkansas TOTAL BOK $ 20,205,680 $ 20,347,936 $ 21,416,449 $ 22,533,847 $ 23,007,520FINANCIAL

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

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

Dec. 31, 2021 Sept. 30, June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 2021Oklahoma: Demand $ 5,433,405 $ 5,080,162 $ 4,985,542 $ 4,823,436 $ 4,329,205Interest-bearing: Transaction 12,689,367 11,692,679 12,065,844 12,828,070 12,603,658Savings 521,439 510,906 500,344 487,862 420,996Time 978,822 1,039,866 1,139,980 1,197,517 1,134,453Total 14,189,628 13,243,451 13,706,168 14,513,449 14,159,107interest-bearingTotal Oklahoma 19,623,033 18,323,613 18,691,710 19,336,885 18,488,312 Texas: Demand 4,552,983 3,987,503 3,752,790 3,592,969 3,449,882Interest-bearing: Transaction 5,345,461 4,985,465 4,335,113 4,257,234 3,800,427Savings 178,458 165,043 160,805 154,406 139,173Time 337,559 337,389 346,577 368,086 383,062Total 5,861,478 5,487,897 4,842,495 4,779,726 4,322,662interest-bearingTotal Texas 10,414,461 9,475,400 8,595,285 8,372,695 7,772,544 Colorado: Demand 2,526,855 2,158,596 1,991,343 2,115,354 2,168,404Interest-bearing: Transaction 2,334,371 2,337,354 2,159,819 2,100,135 2,170,485Savings 78,636 79,873 73,990 73,446 69,384Time 174,351 184,002 193,787 204,973 208,778Total 2,587,358 2,601,229 2,427,596 2,378,554 2,448,647interest-bearingTotal Colorado 5,114,213 4,759,825 4,418,939 4,493,908 4,617,051 New Mexico: Demand 1,196,057 1,222,895 1,197,412 1,131,713 941,074Interest-bearing: Transaction 858,394 837,630 723,757 736,923 733,007Savings 107,963 107,615 105,837 103,591 91,646Time 163,871 168,879 174,665 181,863 186,307Total 1,130,228 1,114,124 1,004,259 1,022,377 1,010,960interest-bearingTotal New Mexico 2,326,285 2,337,019 2,201,671 2,154,090 1,952,034 Arizona: Demand 934,282 1,110,884 943,511 915,439 905,201Interest-bearing: Transaction 834,491 784,614 820,901 835,795 768,220Savings 16,182 16,468 13,496 13,235 12,174Time 31,274 30,862 30,012 30,997 32,721Total 881,947 831,944 864,409 880,027 813,115interest-bearingTotal Arizona 1,816,229 1,942,828 1,807,920 1,795,466 1,718,316 Kansas/Missouri: Demand 658,342 488,595 463,339 478,370 426,738Interest-bearing: Transaction 1,086,946 965,757 978,160 991,510 960,237Savings 18,844 17,303 17,539 18,686 16,286Time 12,255 13,040 13,509 13,898 14,610Total 1,118,045 996,100 1,009,208 1,024,094 991,133interest-bearingTotal Kansas/ 1,776,387 1,484,695 1,472,547 1,502,464 1,417,871Missouri Arkansas: Demand 42,499 41,594 46,472 45,889 45,834Interest-bearing: Transaction 119,543 149,611 195,125 141,207 122,388Savings 3,213 3,289 3,445 3,000 2,333Time 6,196 6,677 6,819 7,022 7,197Total 128,952 159,577 205,389 151,229 131,918interest-bearingTotal Arkansas 171,451 201,171 251,861 197,118 177,752 TOTAL BOK FINANCIAL $ 41,242,059 $ 38,524,551 $ 37,439,933 $ 37,852,626 $ 36,143,880

NET INTEREST MARGIN TREND -- UNAUDITEDBOK FINANCIAL CORPORATION

Three Months Ended Dec. Sept. June Mar. Dec. 31, 30, 2021 30, 31, 31, 2021 2021 2021 2020 TAX-EQUIVALENT ASSETS YIELDSInterest-bearing cash and 0.16 % 0.14 % 0.10 % 0.10 % 0.10 %cash equivalentsTrading securities 1.69 % 2.04 % 1.95 % 2.06 % 2.02 %Investment securities, net 4.99 % 5.02 % 5.01 % 4.88 % 4.88 %of allowanceAvailable for sale 1.72 % 1.80 % 1.85 % 1.84 % 1.98 %securitiesFair value option 2.71 % 2.62 % 2.60 % 1.95 % 2.27 %securitiesRestricted equity 2.98 % 2.55 % 3.36 % 2.86 % 3.25 %securitiesResidential mortgage loans 3.06 % 3.06 % 2.91 % 2.71 % 2.75 %held for saleLoans 3.70 % 3.68 % 3.54 % 3.55 % 3.68 %Allowance for loan losses Loans, net of allowance 3.75 % 3.73 % 3.60 % 3.62 % 3.75 %Total tax-equivalent yield 2.62 % 2.78 % 2.75 % 2.78 % 2.92 %on earning assets COST OF INTEREST-BEARING LIABILITIESInterest-bearing deposits: Interest-bearing 0.09 % 0.09 % 0.10 % 0.12 % 0.14 %transactionSavings 0.04 % 0.04 % 0.04 % 0.04 % 0.05 %Time 0.53 % 0.55 % 0.58 % 0.70 % 0.89 %Total interest-bearing 0.12 % 0.13 % 0.14 % 0.17 % 0.19 %depositsFunds purchased and 0.10 % 0.20 % 0.16 % 0.19 % 0.28 %repurchaseagreementsOther borrowings 0.49 % 0.37 % 0.34 % 0.39 % 0.42 %Subordinated debt 4.02 % 4.63 % 4.87 % 4.92 % 4.87 %Total cost ofinterest-bearing 0.15 % 0.19 % 0.21 % 0.24 % 0.28 %liabilitiesTax-equivalent net 2.47 % 2.59 % 2.54 % 2.54 % 2.64 %interest revenue spreadEffect ofnoninterest-bearing 0.05 % 0.07 % 0.06 % 0.08 % 0.08 %funding sources and otherTax-equivalent net 2.52 % 2.66 % 2.60 % 2.62 % 2.72 %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 Dec. 31, 2021 Sept. 30, June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 2021Nonperforming assets:Nonaccruing loans:Commercial: Energy $ 31,091 $ 45,500 $ 70,341 $ 101,800 $ 125,059 Services 17,170 25,714 29,913 28,033 25,598 Healthcare 15,762 509 527 3,187 3,645 General 10,081 8,951 11,823 14,053 12,857 businessTotal 74,104 80,674 112,604 147,073 167,159 commercial Commercial 14,262 21,223 26,123 27,243 27,246 real estate Loans to individuals:Permanent 31,574 30,674 31,473 32,884 32,228 mortgagePermanentmortgageguaranteed by 13,861 9,188 9,207 8,564 7,741 U.S.governmentagenciesPersonal 258 188 229 255 319 Total loansto 45,693 40,050 40,909 41,703 40,288 individuals Totalnonaccruing $ 134,059 $ 141,947 $ 179,636 $ 216,019 $ 234,693 loansAccruingrenegotiatedloansguaranteed by 210,618 178,554 171,324 154,591 151,775 U.S.governmentagenciesReal estateand other 24,589 28,770 57,337 70,911 90,526 repossessedassetsTotalnonperforming $ 369,266 $ 349,271 $ 408,297 $ 441,521 $ 476,994 assetsTotalnonperformingassetsexcludingthose $ 144,787 $ 161,529 $ 227,766 $ 278,366 $ 317,478 guaranteed byU.S.governmentagencies Accruingloans 90 days $ 313 $ 223 $ 252 $ 395 $ 10,369 past due^1 Gross $ 6,558 $ 9,584 $ 18,304 $ 16,905 $ 18,251 charge-offsRecoveries (7,272 ) (1,769 ) (2,856 ) (2,437 ) (1,592 )Netcharge-offs $ (714 ) $ 7,815 $ 15,448 $ 14,468 $ 16,659 (recoveries) Provision for $ (20,973 ) $ (27,395 ) $ (25,064 ) $ (21,770 ) $ (14,478 )loan lossesProvision forcredit lossesfromoff-balance 3,738 4,952 (8,590 ) (4,044 ) 8,952 sheetunfunded loancommitmentsProvision forexpectedcredit losses 150 (534 ) (1,222 ) 885 (923 )from mortgagebankingactivitiesProvision forcredit lossesrelated toheld-to 85 (23 ) (124 ) (71 ) (51 )maturity(investment)securitiesportfolioTotalprovision for $ (17,000 ) $ (23,000 ) $ (35,000 ) $ (25,000 ) $ (6,500 )credit losses Allowance forloan losses 1.27 % 1.36 % 1.46 % 1.56 % 1.69 %to period endloansAllowance forloan lossesto period end 1.29 % 1.40 % 1.54 % 1.70 % 1.82 %loansexcluding PPPloans^2Combinedallowance forloan lossesand accrualforoff-balance 1.43 % 1.50 % 1.57 % 1.71 % 1.85 %sheet creditrisk fromunfunded loancommitmentsto period endloansCombinedallowance forloan lossesand accrualforoff-balancesheet credit 1.45 % 1.54 % 1.66 % 1.86 % 2.00 %risk fromunfunded loancommitmentsto period endloansexcluding PPPloans^2Nonperformingassets toperiod end 1.83 % 1.71 % 1.90 % 1.95 % 2.07 %loans andrepossessedassetsNetcharge-offs(annualized) (0.01 ) % 0.15 % 0.28 % 0.25 % 0.28 %to averageloansNetcharge-offs(annualized)to average (0.01 ) % 0.16 % 0.30 % 0.28 % 0.31 %loansexcluding PPPloans^2Allowance forloan lossesto 213.33 % 208.41 % 183.00 % 169.87 % 171.24 %nonaccruingloans^1Combinedallowance forloan lossesand accrualforoff-balancesheet credit 240.77 % 230.43 % 197.25 % 185.72 % 187.51 %risk fromunfunded 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 4Q21 vs 3Q21 Year Ended 2021 vs 2020 Dec. 31, 2021 Sept. 30, $ change % change Dec. 31, 2021 Dec. 31, 2020 $ change % change 2021Commercial BankingNet interest $ 140,723 $ 134,104 $ 6,619 4.9 % $ 535,735 $ 588,488 $ (52,753 ) (9.0 ) %revenueFees andcommissions 57,414 56,452 962 1.7 % 227,081 187,119 39,962 21.4 %revenueCombined netinterest and 198,137 190,556 7,581 4.0 % 762,816 775,607 (12,791 ) (1.6 ) %fee revenueOtheroperating 74,459 68,301 6,158 9.0 % 281,089 258,903 22,186 8.6 %expenseCorporateexpense 12,926 11,769 1,157 9.8 % 49,941 24,862 25,079 100.9 %allocationsNet income 83,514 102,694 (19,180 ) (18.7 ) % 328,516 306,005 22,511 7.4 % Average assets 29,451,007 28,474,132 976,875 3.4 % 28,536,881 26,994,075 1,542,806 5.7 %Average loans 16,334,695 16,588,875 (254,180 ) (1.5 ) % 16,853,006 18,711,372 (1,858,366 ) (9.9 ) %Average 19,537,285 17,881,673 1,655,612 9.3 % 17,659,695 14,319,729 3,339,966 23.3 %deposits Consumer BankingNet interest $ 30,385 $ 27,222 $ 3,163 11.6 % $ 103,527 $ 147,004 $ (43,477 ) (29.6 ) %revenueFees andcommissions 38,944 44,405 (5,461 ) (12.3 ) % 173,364 245,554 (72,190 ) (29.4 ) %revenueCombined netinterest and 69,329 71,627 (2,298 ) (3.2 ) % 276,891 392,558 (115,667 ) (29.5 ) %fee revenueOtheroperating 52,036 49,483 2,553 5.2 % 209,596 230,402 (20,806 ) (9.0 ) %expenseCorporateexpense 11,420 11,516 (96 ) (0.8 ) % 46,010 42,155 3,855 9.1 %allocationsNet income 6,810 12,432 (5,622 ) (45.2 ) % 27,643 97,974 (70,331 ) (71.8 ) % Average assets 10,186,797 10,083,593 103,204 1.0 % 10,029,687 9,842,114 187,573 1.9 %Average loans 1,705,222 1,763,705 (58,483 ) (3.3 ) % 1,769,384 1,764,682 4,702 0.3 %Average 8,682,437 8,516,942 165,495 1.9 % 8,439,577 7,599,937 839,640 11.0 %deposits Wealth ManagementNet interest $ 58,229 $ 55,196 $ 3,033 5.5 % $ 214,072 $ 117,290 $ 96,782 82.5 %revenueFees andcommissions 56,275 97,966 (41,691 ) (42.6 ) % 298,765 399,229 (100,464 ) (25.2 ) %revenueCombined netinterest and 114,504 153,162 (38,658 ) (25.2 ) % 512,837 516,519 (3,682 ) (0.7 ) %fee revenueOtheroperating 74,947 87,417 (12,470 ) (14.3 ) % 320,357 325,627 (5,270 ) (1.6 ) %expenseCorporateexpense 9,971 10,101 (130 ) (1.3 ) % 40,301 35,331 4,970 14.1 %allocationsNet income 21,700 41,406 (19,706 ) (47.6 ) % 113,550 115,614 (2,064 ) (1.8 ) % Average assets 19,526,382 19,109,704 416,678 2.2 % 19,123,130 15,695,646 3,427,484 21.8 %Average loans 2,065,261 1,971,380 93,881 4.8 % 1,981,159 1,758,226 222,933 12.7 %Average 9,194,019 9,120,446 73,573 0.8 % 9,426,771 8,676,047 750,724 8.7 %depositsFiduciary 64,536,833 60,497,576 4,039,257 6.7 % 64,536,833 55,486,492 9,050,341 16.3 %assetsAssets undermanagement or 104,917,721 98,842,789 6,074,932 6.1 % 104,917,721 91,592,247 13,325,474 14.5 %administration

Contact:

Sue HermannSenior Vice President, Corporate Communications, BOK Financial303-312-3488