BOK Financial (BOKF) 8-K Second quarter 2024 financial highlights1

BOK Financial Corporation reports quarterly earnings of $164 million, or $2.54 per share, in the second quarter.

Second quarter 2024 financial highlights1
Net Income	Net income was $163.7 million or $2.54 per diluted share compared to $83.7 million or $1.29 per diluted share. Excluding the gain on conversion of Visa shares, the additional FDIC special assessment expense and the contribution of Visa shares to the BOKF Foundation, net income would have been $131.1 million or $2.02 per share for the second quarter of 2024.2
Net Interest Income & Margin	Net interest income totaled $296.0 million, an increase of $2.4 million. Net interest margin was 2.56% compared to 2.61%.
Fees & Commissions Revenue	Fees and commissions revenue was $200.0 million, consistent with the prior quarter. Higher fiduciary and asset management revenue and transaction card revenue was offset by lower brokerage and trading revenue.
Operating Expense	Operating expense decreased $3.7 million to $336.7 million, primarily due to a reduction in personnel expense with lower incentive compensation, including deferred compensation plans, regular compensation, and employee benefits. Non-personnel expense increased $7.9 million, largely due to our contribution of Visa shares valued at $10.0 million to the BOKF Foundation.
Loans	Period end loans grew by $381 million to $24.6 billion at June 30, 2024, mostly driven by growth in commercial loans, partially offset by a reduction in commercial real estate loans. Average outstanding loan balances were $24.4 billion, a $437 million increase.
Credit Quality	Nonperforming assets totaled $93 million or 0.38% of outstanding loans and repossessed assets at June 30, 2024, compared to $122 million or 0.51% at March 31, 2024. Net charge-offs were $6.9 million or 0.11% of average loans on an annualized basis in the second quarter.
Deposits	Period end deposits increased $858 million to $36.2 billion while average deposits increased $627 million to $35.7 billion. Average interest-bearing deposits increased $872 million while average demand deposits declined by $244 million. The loan to deposit ratio was 68% at June 30, 2024, unchanged from the prior quarter.
Capital	Tangible common equity ratio was 8.38% compared to 8.21% at March 31, 2024. Tier 1 capital ratio was 12.11%, Common equity Tier 1 capital ratio was 12.10%, and total capital ratio was 13.25%.

1 Comparisons are to prior quarter unless otherwise noted.

2 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.

p	$2.4 million		11 bps		13.0%
NET INTEREST INCOME		NET CHARGE OFFS - ANNUALIZED		COMMERCIAL LOAN GROWTH - ANNUALIZED

CEO Commentary

“BOK Financial once again produced very strong quarterly results, led by our robust commercial and industrial loan growth — a result of our team’s sales efforts and a footprint in states with outstanding economic growth. We continue to grow thoughtfully, taking advantage of current market uncertainty and our robust capital and liquidity levels, while maintaining a disciplined credit culture. This credit culture is foundational to who we are and continues to yield exceptional performance. We also realized gains in our Visa B stock during the quarter, a positive outcome that highlights our patience and long-term approach to generating shareholder value. We have a sustainable business model with a leading mix of core fee businesses while also doing an exemplary job of risk management, evidenced by tangible capital, liquidity, and a commercial real estate concentration being meaningfully favorable to peers.”

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Net Interest Income

(In thousands)	June 30, 2024			Mar. 31, 2024			Change			% Change
Interest revenue	$	671,817		$	645,212		$	26,605		4.1	%
Interest expense	375,796			351,640			24,156			6.9	%
Net interest income	$	296,021		$	293,572		$	2,449		0.8	%
Net interest margin	2.56		%	2.61		%	(0.05)		%	N/A
Average earning assets	$	46,019,346		$	44,846,886		$	1,172,460		2.6	%
Average trading securities	5,922,891			5,371,209			551,682			10.3	%
Average investment securities	2,151,079			2,210,040			(58,961)			(2.7)	%
Average available for sale securities	12,755,865			12,537,981			217,884			1.7	%
Average loans balance	24,385,153			23,948,567			436,586			1.8	%
Average interest-bearing deposits	27,266,244			26,394,475			871,769			3.3	%
Funds purchased and repurchase agreements	1,838,323			1,258,044			580,279			46.1	%
Other borrowings	7,151,228			6,844,633			306,595			4.5	%

Net interest income was $296.0 million for the second quarter of 2024 compared to $293.6 million for the prior quarter. Net interest margin was 2.56% compared to 2.61%. The pace of demand deposit migration and deposit repricing has slowed compared to the previous quarter and was offset by improving yields on the available for sale securities portfolio. For the second quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 2.94% compared to 2.97% in the prior quarter.

Average earning assets increased $1.2 billion. Average loan balances increased $437 million, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loan balances. Average available for sale securities grew $218 million while average trading securities increased $552 million. Average interest-bearing deposits increased $872 million, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements grew $580 million while average other borrowings increased $307 million.

The yield on average earning assets was 5.80%, up 7 basis points. The yield on the available for sale securities portfolio increased 23 basis points to 3.71% while the loan portfolio yield increased 1 basis point to 7.41%. The yield on trading securities decreased 6 basis points to 5.06% and the yield on interest-bearing cash and cash equivalents increased 90 basis points to 5.86%.

Funding costs were 4.15%, up 7 basis points. The cost of interest-bearing deposits increased 7 basis points to 3.76%. The cost of funds purchased and repurchase agreements increased 23 basis points to 4.28%. The benefit to net interest margin from assets funded by non-interest liabilities was 91 basis points, a decrease of 5 basis points.

2

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Other Operating Revenue

(In thousands)	June 30, 2024		Mar. 31, 2024		Change		% Change
Brokerage and trading revenue	$	53,017	$	59,179	$	(6,162)	(10.4)	%
Transaction card revenue	27,246		25,493		1,753		6.9	%
Fiduciary and asset management revenue	57,576		55,305		2,271		4.1	%
Deposit service charges and fees	29,572		28,685		887		3.1	%
Mortgage banking revenue	18,628		18,967		(339)		(1.8)	%
Other revenue	13,988		12,935		1,053		8.1	%
Total fees and commissions	200,027		200,564		(537)		(0.3)	%
Other gains, net	57,375		4,269		53,106		N/A
Loss on derivatives, net	(1,091)		(8,633)		7,542		N/A
Loss on fair value option securities, net	(94)		(305)		211		N/A
Change in fair value of mortgage servicing rights	3,453		10,977		(7,524)		N/A
Gain (loss) on available for sale securities, net	34		(45,171)		45,205		N/A
Total other operating revenue	$	259,704	$	161,701	$	98,003	60.6	%

Fees and commissions revenue totaled $200.0 million for the second quarter of 2024, consistent with the prior quarter.

Brokerage and trading revenue decreased $6.2 million to $53.0 million. Trading revenue decreased $9.8 million to $27.7 million as margins compressed due to market conditions in the second quarter of 2024. Investment banking revenue grew $3.0 million from increased underwriting and syndication fees.

Fiduciary and asset management revenue increased $2.3 million to $57.6 million, led by higher seasonal tax preparation fee income. Transaction card revenue grew $1.8 million to $27.2 million, primarily due to an increase in the volume of transactions processed during the second quarter of 2024.

Other gains, net, increased $53.1 million to $57.4 million. The second quarter of 2024 included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the recently announced exchange offer by Visa, Inc. The gain offsets losses of $45.2 million on the repositioning of the available for sale securities portfolio realized in the first quarter of 2024. We donated 35,620 of the converted Visa shares valued at $10.0 million to the BOKF Foundation during the second quarter of 2024, allowing us to further invest in the communities we serve.

3

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Operating Expenses

(In thousands)	June 30, 2024		Mar. 31, 2024		Change		% Change
Personnel	$	191,090	$	202,653	$	(11,563)	(5.7)	%
Business promotion	8,250		7,978		272		3.4	%
Charitable contributions to BOKF Foundation	13,610		—		13,610		N/A
Professional fees and services	13,331		12,010		1,321		11.0	%
Net occupancy and equipment	30,245		30,293		(48)		(0.2)	%
FDIC and other insurance	7,317		8,740		(1,423)		(16.3)	%
FDIC special assessment	1,190		6,454		(5,264)		(81.6)	%
Data processing and communications	46,131		45,564		567		1.2	%
Printing, postage and supplies	3,789		3,997		(208)		(5.2)	%
Amortization of intangible assets	2,898		3,003		(105)		(3.5)	%
Mortgage banking costs	8,532		6,355		2,177		34.3%
Other expense	10,307		13,337		(3,030)		(22.7)	%
Total operating expense	$	336,690	$	340,384	$	(3,694)	(1.1)	%

Total operating expense was $336.7 million for the second quarter of 2024, a decrease of $3.7 million compared to the first quarter of 2024.

Personnel expense was $191.1 million, a decrease of $11.6 million. Incentive compensation expense decreased $7.7 million due to a decrease in deferred compensation expense and a shift in the timing of expense recognition as commercial incentive compensation plans move to being primarily share-based rather than cash-based awards. Employee benefits expense decreased $2.0 million due to a seasonal decrease in payroll taxes, partially offset by higher healthcare costs. Regular compensation decreased $1.9 million. A greater amount of compensation expense was capitalized during the second quarter due to an annual update of the standard costs for loan originations coupled with an increase in mortgage loan production volume.

Non-personnel expense was $145.6 million, an increase of $7.9 million. In addition to the $10 million share donation previously mentioned, we also made a $3.6 million contribution to the BOKF Foundation in the second quarter of 2024. Mortgage banking costs increased $2.2 million due to higher seasonal prepayments, and a rise in professional fees and services expense of $1.3 million was primarily due to project related expense. In the second quarter of 2024, we recognized $1.2 million of expense related to the FDIC special assessment estimate compared to $6.5 million of expense in the prior quarter. Other expense decreased $3.0 million, primarily due to lower operational losses.

4

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Loans

(In thousands)	June 30, 2024		Mar. 31, 2024		Change		% Change
Commercial:
Healthcare	$	4,231,058	$	4,245,939	$	(14,881)	(0.4)%
Services	3,577,144		3,529,421		47,723		1.4%
Energy	3,451,485		3,443,719		7,766		0.2%
General business	4,363,722		3,913,788		449,934		11.5%
Total commercial	15,623,409		15,132,867		490,542		3.2%
Commercial Real Estate:
Multifamily	1,997,282		1,960,839		36,443		1.9%
Industrial	1,214,991		1,343,970		(128,979)		(9.6)%
Office	876,897		901,105		(24,208)		(2.7)%
Retail	547,706		543,735		3,971		0.7%
Residential construction and land development	88,252		83,906		4,346		5.2%
Other real estate loans	358,447		403,122		(44,675)		(11.1)%
Total commercial real estate	5,083,575		5,236,677		(153,102)		(2.9)%
Loans to individuals:
Residential mortgage	2,281,226		2,192,584		88,642		4.0%
Residential mortgages guaranteed by U.S. government agencies	131,825		139,456		(7,631)		(5.5)%
Personal	1,433,546		1,470,976		(37,430)		(2.5)%
Total loans to individuals	3,846,597		3,803,016		43,581		1.1%
Total loans	$	24,553,581	$	24,172,560	$	381,021	1.6%

Outstanding loans were $24.6 billion at June 30, 2024, growing $381 million over March 31, 2024, largely due to growth in commercial loans, partially offset by a reduction in commercial real estate loans. Unfunded loan commitments decreased $319 million compared to the first quarter of 2024.

Outstanding commercial loan balances, which includes healthcare, services, energy and general business loans, increased $491 million over the prior quarter.

General business loans increased $450 million to $4.4 billion or 18% of total loans. General business loans include $2.7 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

Services sector loan balances increased $48 million to $3.6 billion or 15% 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.

Energy loan balances increased $7.8 million to $3.5 billion or 14% 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 70% of committed production loans are secured by properties primarily producing oil. The remaining 30% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at June 30, 2024, a $20 million increase over March 31, 2024.

Healthcare sector loan balances decreased $15 million, totaling $4.2 billion or 17% of total loans. Our healthcare sector loans primarily consist of $3.5 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.

5

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Commercial real estate loan balances decreased $153 million to $5.1 billion and represent 21% of total loans. Loans secured by industrial facilities decreased $129 million to $1.2 billion. Other real estate loans decreased $45 million to $358 million, and loans secured by office facilities decreased $24 million to $877 million. These decreases were partially offset by a $36 million increase in loans secured by multifamily properties. Unfunded commercial real estate loan commitments were $1.6 billion at June 30, 2024, an $88 million decrease compared to March 31, 2024. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to individuals increased $44 million and represent 16% of total loans. Residential mortgage loans increased $81 million while personal loans decreased $37 million.

Period End & Average Deposits

(In thousands)	June 30, 2024		Mar. 31, 2024		Change		% Change
Period end deposits
Demand	$	8,840,178	$	8,414,056	$	426,122	5.1	%
Interest-bearing transaction	23,107,042		22,748,185		358,857		1.6	%
Savings	830,489		854,397		(23,908)		(2.8)	%
Time	3,463,935		3,366,909		97,026		2.9	%
Total deposits	$	36,241,644	$	35,383,547	$	858,097	2.4	%
Average deposits
Demand	$	8,386,979	$	8,631,416	$	(244,437)	(2.8)	%
Interest-bearing transaction	23,006,204		22,264,259		741,945		3.3	%
Savings	832,704		843,037		(10,333)		(1.2)	%
Time	3,427,336		3,287,179		140,157		4.3	%
Total average deposits	$	35,653,223	$	35,025,891	$	627,332	1.8	%

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 68% at June 30, 2024, consistent with the prior quarter, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $36.2 billion at June 30, 2024, an $858 million increase. Demand deposits grew by $426 million due to elevated customer activity at quarter end. Interest-bearing transaction account balances increased $359 million while time deposits increased $97 million.

Average deposits were $35.7 billion at June 30, 2024, a $627 million increase. Average interest-bearing transaction account balances increased $742 million and average time deposits increased $140 million. Average demand deposit account balances decreased $244 million.

Average Commercial Banking deposits increased $459 million to $16.2 billion or 45% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Wealth Management deposits increased $313 million to $9.6 billion or 27% of total deposits. Consumer Banking deposits increased $173 million to $8.1 billion or 23% of total deposits.

6

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Capital

	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		June 30, 2024			Mar. 31, 2024
Common equity Tier 1	4.50	%	2.50	%	7.00	%	12.10		%	11.99		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	12.11		%	12.00		%
Total capital	8.00	%	2.50	%	10.50	%	13.25		%	13.15		%
Tier 1 Leverage	4.00	%	N/A		4.00	%	9.39		%	9.42		%
Tangible common equity ratio1							8.38		%	8.21		%
Adjusted common tangible equity ratio1							8.06		%	7.92		%
Common stock repurchased (shares)							412,176			616,630
Average price per share repurchased							$	90.38		$	83.89

1 See Explanation and Reconciliation of Non-GAAP Measures following.

The company's common equity Tier 1 capital ratio was 12.10% at June 30, 2024. In addition, the company's Tier 1 capital ratio was 12.11%, total capital ratio was 13.25%, and leverage ratio was 9.39% at June 30, 2024. At the beginning of 2020, we elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period. This election added 3 basis points to the company's common equity Tier 1 capital ratio at June 30, 2024. At March 31, 2024, the company's common equity Tier 1 capital ratio was 11.99%, Tier 1 capital ratio was 12.00%, total capital ratio was 13.15%, and leverage ratio was 9.42%.

The company's tangible common equity ratio, a non-GAAP measure, was 8.38% at June 30, 2024 and 8.21% at March 31, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 8.06%.

The company repurchased 412,176 shares of common stock at an average price paid of $90.38 a share in the second quarter of 2024. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

Nonperforming assets totaled $93 million or 0.38% of outstanding loans and repossessed assets at June 30, 2024, compared to $122 million or 0.51% at March 31, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $86 million or 0.35% of outstanding loans and repossessed assets at June 30, 2024, compared to $113 million or 0.47% at March 31, 2024.

Nonaccruing loans decreased $29 million compared to March 31, 2024. New nonaccruing loans identified in the second quarter totaled $24 million, offset by $42 million in payments received and $7.9 million of charge-offs. Nonaccruing healthcare loans decreased $28 million and nonaccruing commercial real estate loans decreased $9.2 million, partially offset by a $14 million increase in nonaccruing energy loans.

Net charge-offs were $6.9 million or 0.11% of average loans on an annualized basis in the second quarter. Charge-offs for the second quarter were primarily composed of a single healthcare loan. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter of 2024.

The provision for credit losses of $8.0 million in the second quarter of 2024 reflects continued loan growth and a stable economic forecast. The provision for credit losses was $8.0 million in the first quarter of 2024.

At June 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million or 1.34% of outstanding loans and 393% of nonaccruing loans. At March 31, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $329 million or 1.36% of outstanding loans and 298% of nonaccruing loans.

7

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Securities & Derivatives

The fair value of the available for sale securities portfolio totaled $12.8 billion at June 30, 2024, a $141 million increase compared to March 31, 2024. At June 30, 2024, the available for sale securities portfolio consisted primarily of $8.1 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.6 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At June 30, 2024, the available for sale securities portfolio had a net unrealized loss of $649 million compared to $643 million at March 31, 2024.

We hold an inventory of trading securities in support of sales to a variety of customers. At June 30, 2024, the trading securities portfolio totaled $5.2 billion compared to $5.4 billion at March 31, 2024.

The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $755 thousand to $19.1 million at June 30, 2024.

Derivative contracts are carried at fair value. At June 30, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $339 million compared to $463 million at March 31, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $327 million at June 30, 2024 and $460 million at March 31, 2024.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $221 thousand during the second quarter of 2024, including a $3.6 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $3.5 million increase in the fair value of mortgage servicing rights, and $96 thousand of related net interest expense.

Second Quarter 2024 Segment Highlights

	Commercial Banking				Consumer Banking				Wealth Management
(In thousands)	June 30, 2024		Mar. 31, 2024		June 30, 2024		Mar. 31, 2024		June 30, 2024		Mar. 31, 2024
Net interest income and fee revenue	$	257,455	$	254,625	$	101,416	$	100,342	$	142,709	$	147,102
Net loans charged-off	6,134		4,160		1,247		1,808		—		(15)
Personnel expense	45,964		45,319		24,016		25,236		63,669		63,549
Non-personnel expense	30,150		24,776		31,112		28,211		26,545		35,739
Net income	119,563		121,797		24,117		24,731		27,497		25,228
Average loans	20,403,837		20,067,170		1,975,106		1,913,586		2,199,747		2,198,803
Average deposits	16,189,003		15,730,241		8,073,782		7,901,167		9,551,307		9,237,965
Assets under management or administration	—		—		—		—		107,477,030		105,530,903

Commercial Banking contributed $119.6 million to net income in the second quarter of 2024, a decrease of $2.2 million compared to the first quarter of 2024. Combined net interest income and fee revenue increased $2.8 million. Net interest income was consistent with prior quarter and transaction card revenue increased $1.9 million driven by a rise in transaction volume processed during the second quarter of 2024. Net loans charged-off increased $2.0 million to $6.1 million in the second quarter of 2024. Non-personnel expense increased $5.4 million due to an increase in other expense. Personnel expense was consistent with the prior quarter. Average loans increased $337 million or 2% to $20.4 billion. Average deposits increased $459 million or 3% to $16.2 billion.

Consumer Banking contributed $24.1 million to net income in the second quarter of 2024, relatively unchanged compared to the prior quarter. Combined net interest income and fee revenue increased $1.1 million. Operating expense increased $1.7 million, primarily due to an increase in mortgage banking costs resulting from higher seasonal prepayments. Average loans increased $62 million or 3% to $2.0 billion. Average deposits increased $173 million or 2% to $8.1 billion.

8

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Wealth Management contributed $27.5 million to net income in the second quarter of 2024, an increase of $2.3 million over the first quarter of 2024. Combined net interest income and fee revenue decreased $4.4 million. Total revenue from institutional trading activities decreased $7.9 million, largely due to compressed margins driven by market conditions during the second quarter. Other revenue decreased $2.0 million. Investment banking revenue increased $2.7 million, primarily due to increased underwriting fees. Fiduciary and asset management revenue grew $2.3 million due to seasonal tax preparation fee income. Non-personnel expense decreased $9.2 million as the prior quarter included an increased level of operational losses. Personnel expense was consistent with the prior quarter. Average loans were mostly unchanged from the previous quarter. Average deposits increased $313 million or 3% to $9.6 billion. Assets under management or administration were $107.5 billion, an increase of $1.9 billion.

Conference Call & Webcast

The company will hold a conference call at noon Central time on Tuesday, July 23, 2024 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 5365153. A webcast replay will also be available shortly after conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing playback ID: 5365153.

About BOK Financial Corporation

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $107 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of June 30, 2024 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

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

9

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	June 30, 2024		Mar. 31, 2024
Assets
Cash and due from banks	$	897,811	$	801,677
Interest-bearing cash and cash equivalents	178,352		354,070
Trading securities	5,212,791		5,441,038
Investment securities, net of allowance	2,128,881		2,185,744
Available for sale securities	12,793,784		12,653,088
Fair value option securities	19,050		19,805
Restricted equity securities	475,209		382,549
Residential mortgage loans held for sale	107,465		75,449
Loans:
Commercial	15,623,409		15,132,867
Commercial real estate	5,083,575		5,236,677
Loans to individuals	3,846,597		3,803,016
Total loans	24,553,581		24,172,560
Allowance for loan losses	(287,826)		(281,623)
Loans, net of allowance	24,265,755		23,890,937
Premises and equipment, net	632,388		628,050
Receivables	334,019		308,736
Goodwill	1,044,749		1,044,749
Intangible assets, net	54,028		56,894
Mortgage servicing rights	333,246		319,330
Real estate and other repossessed assets, net	2,334		2,860
Derivative contracts, net	225,076		263,493
Cash surrender value of bank-owned life insurance	412,278		410,368
Receivable on unsettled securities sales	14,673		67,854
Other assets	1,271,568		1,253,689
Total assets	$	50,403,457	$	50,160,380
Liabilities
Deposits:
Demand	$	8,840,178	$	8,414,056
Interest-bearing transaction	23,107,042		22,748,185
Savings	830,489		854,397
Time	3,463,935		3,366,909
Total deposits	36,241,644		35,383,547
Funds purchased and repurchase agreements	813,758		1,261,517
Other borrowings	6,528,538		6,724,652
Subordinated debentures	131,156		131,154
Accrued interest, taxes and expense	305,839		318,622
Due on unsettled securities purchases	347,663		264,230
Derivative contracts, net	287,509		438,605
Other liabilities	515,380		506,418
Total liabilities	45,171,487		45,028,745
Shareholders' equity
Capital, surplus and retained earnings	5,834,632		5,738,879
Accumulated other comprehensive loss	(605,502)		(610,128)
Total shareholders’ equity	5,229,130		5,128,751
Non-controlling interests	2,840		2,884
Total equity	5,231,970		5,131,635
Total liabilities and equity	$	50,403,457	$	50,160,380

10

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

AVERAGE BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Assets
Interest-bearing cash and cash equivalents	$	533,760	$	567,680	$	605,839	$	598,734	$	708,475
Trading securities	5,922,891		5,371,209		5,448,403		5,444,587		4,274,803
Investment securities, net of allowance	2,151,079		2,210,040		2,264,194		2,331,595		2,408,122
Available for sale securities	12,755,865		12,537,981		12,063,398		11,925,800		12,033,597
Fair value option securities	19,170		20,080		20,086		41,741		245,469
Restricted equity securities	453,303		412,376		432,780		445,532		351,944
Residential mortgage loans held for sale	81,371		57,402		61,146		77,208		72,959
Loans:
Commercial	15,516,238		14,992,639		14,680,001		14,527,676		14,316,474
Commercial real estate	5,048,704		5,188,152		5,293,021		5,172,876		4,896,230
Loans to individuals	3,820,211		3,767,776		3,732,086		3,713,756		3,676,350
Total loans	24,385,153		23,948,567		23,705,108		23,414,308		22,889,054
Allowance for loan losses	(283,246)		(278,449)		(273,717)		(267,205)		(252,890)
Loans, net of allowance	24,101,907		23,670,118		23,431,391		23,147,103		22,636,164
Total earning assets	46,019,346		44,846,886		44,327,237		44,012,300		42,731,533
Cash and due from banks	871,171		861,319		883,858		799,291		875,280
Derivative contracts, net	273,052		326,564		372,789		412,707		410,793
Cash surrender value of bank-owned life insurance	410,679		409,230		407,665		408,295		409,313
Receivable on unsettled securities sales	171,344		307,389		276,856		268,344		163,903
Other assets	3,449,607		3,276,184		3,445,265		3,418,615		3,317,285
Total assets	$	51,195,199	$	50,027,572	$	49,713,670	$	49,319,552	$	47,908,107
Liabilities
Deposits:
Demand	$	8,386,979	$	8,631,416	$	9,378,886	$	10,157,821	$	10,998,201
Interest-bearing transaction	23,006,204		22,264,259		20,449,370		19,415,599		18,368,592
Savings	832,704		843,037		845,705		874,530		926,882
Time	3,427,336		3,287,179		3,002,252		2,839,947		2,076,037
Total deposits	35,653,223		35,025,891		33,676,213		33,287,897		32,369,712
Funds purchased and repurchase agreements	1,838,323		1,258,044		2,476,973		2,699,027		3,670,994
Other borrowings	7,151,228		6,844,633		7,120,963		6,968,309		5,275,291
Subordinated debentures	131,156		131,154		131,151		131,151		131,153
Derivative contracts, net	380,942		537,993		524,101		429,989		576,558
Due on unsettled securities purchases	351,199		499,936		363,358		435,927		436,353
Other liabilities	539,485		574,954		483,934		461,686		503,134
Total liabilities	46,045,556		44,872,605		44,776,693		44,413,986		42,963,195
Total equity	5,149,643		5,154,967		4,936,977		4,905,566		4,944,912
TOTAL LIABILITIES AND EQUITY	$	51,195,199	$	50,027,572	$	49,713,670	$	49,319,552	$	47,908,107

11

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

STATEMENTS OF EARNINGS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share data)	2024		2023		2024		2023
Interest revenue	$	671,817	$	570,367	$	1,317,029	$	1,087,096
Interest expense	375,796		248,106		727,436		412,487
Net interest income	296,021		322,261		589,593		674,609
Provision for credit losses	8,000		17,000		16,000		33,000
Net interest income after provision for credit losses	288,021		305,261		573,593		641,609
Other operating revenue:
Brokerage and trading revenue	53,017		65,006		112,196		117,402
Transaction card revenue	27,246		26,003		52,739		51,624
Fiduciary and asset management revenue	57,576		52,997		112,881		103,654
Deposit service charges and fees	29,572		27,100		58,257		53,068
Mortgage banking revenue	18,628		15,141		37,595		29,508
Other revenue	13,988		14,250		26,923		31,220
Total fees and commissions	200,027		200,497		400,591		386,476
Other gains, net	57,375		12,618		61,644		14,869
Loss on derivatives, net	(1,091)		(8,159)		(9,724)		(9,503)
Loss on fair value option securities, net	(94)		(2,158)		(399)		(5,120)
Change in fair value of mortgage servicing rights	3,453		9,261		14,430		3,202
Gain (loss) on available for sale securities, net	34		(3,010)		(45,137)		(3,010)
Total other operating revenue	259,704		209,049		421,405		386,914
Other operating expense:
Personnel	191,090		190,652		393,743		372,797
Business promotion	8,250		7,640		16,228		16,209
Charitable contributions to BOKF Foundation	13,610		1,142		13,610		1,142
Professional fees and services	13,331		12,777		25,341		25,825
Net occupancy and equipment	30,245		30,105		60,538		58,564
FDIC and other insurance	7,317		6,974		16,057		14,289
FDIC special assessment	1,190		—		7,644		—
Data processing and communications	46,131		45,307		91,695		90,109
Printing, postage and supplies	3,789		3,728		7,786		7,621
Amortization of intangible assets	2,898		3,474		5,901		6,865
Mortgage banking costs	8,532		8,300		14,887		14,082
Other expense	10,307		8,574		23,644		16,982
Total other operating expense	336,690		318,673		677,074		624,485
Net income before taxes	211,035		195,637		317,924		404,038
Federal and state income taxes	47,303		44,001		70,498		89,906
Net income	163,732		151,636		247,426		314,132
Net income attributable to non-controlling interests	19		328		10		456
Net income attributable to BOK Financial Corporation shareholders	$	163,713	$	151,308	$	247,416	$	313,676
Average shares outstanding:
Basic	63,714,204		65,994,132		64,002,154		66,162,048
Diluted	63,714,204		65,994,132		64,002,154		66,162,048
Net income per share:
Basic	$	2.54	$	2.27	$	3.83	$	4.70
Diluted	$	2.54	$	2.27	$	3.83	$	4.70

12

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

QUARTERLY EARNINGS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and per share data)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Interest revenue	$	671,817	$	645,212	$	638,324	$	617,044	$	570,367
Interest expense	375,796		351,640		341,649		316,148		248,106
Net interest income	296,021		293,572		296,675		300,896		322,261
Provision for credit losses	8,000		8,000		6,000		7,000		17,000
Net interest income after provision for credit losses	288,021		285,572		290,675		293,896		305,261
Other operating revenue:
Brokerage and trading revenue	53,017		59,179		60,896		62,312		65,006
Transaction card revenue	27,246		25,493		28,847		26,387		26,003
Fiduciary and asset management revenue	57,576		55,305		51,408		52,256		52,997
Deposit service charges and fees	29,572		28,685		27,770		27,676		27,100
Mortgage banking revenue	18,628		18,967		12,834		13,356		15,141
Other revenue	13,988		12,935		15,035		15,865		14,250
Total fees and commissions	200,027		200,564		196,790		197,852		200,497
Other gains, net	57,375		4,269		40,452		1,474		12,618
Gain (loss) on derivatives, net	(1,091)		(8,633)		8,592		(9,010)		(8,159)
Gain (loss) on fair value option securities, net	(94)		(305)		1,031		(203)		(2,158)
Change in fair value of mortgage servicing rights	3,453		10,977		(14,356)		8,039		9,261
Gain (loss) on available for sale securities, net	34		(45,171)		(27,626)		—		(3,010)
Total other operating revenue	259,704		161,701		204,883		198,152		209,049
Other operating expense:
Personnel	191,090		202,653		203,022		190,791		190,652
Business promotion	8,250		7,978		8,629		6,958		7,640
Charitable contributions to BOKF Foundation	13,610		—		1,542		23		1,142
Professional fees and services	13,331		12,010		16,288		13,224		12,777
Net occupancy and equipment	30,245		30,293		30,355		32,583		30,105
FDIC and other insurance	7,317		8,740		8,495		7,996		6,974
FDIC special assessment	1,190		6,454		43,773		—		—
Data processing and communications	46,131		45,564		45,584		45,672		45,307
Printing, postage and supplies	3,789		3,997		3,844		3,760		3,728
Amortization of intangible assets	2,898		3,003		3,543		3,474		3,474
Mortgage banking costs	8,532		6,355		8,085		8,357		8,300
Other expense	10,307		13,337		10,923		11,475		8,574
Total other operating expense	336,690		340,384		384,083		324,313		318,673
Net income before taxes	211,035		106,889		111,475		167,735		195,637
Federal and state income taxes	47,303		23,195		28,953		33,256		44,001
Net income	163,732		83,694		82,522		134,479		151,636
Net income (loss) attributable to non-controlling interests	19		(9)		(53)		(16)		328
Net income attributable to BOK Financial Corporation shareholders	$	163,713	$	83,703	$	82,575	$	134,495	$	151,308
Average shares outstanding:
Basic	63,714,204		64,290,105		64,750,171		65,548,307		65,994,132
Diluted	63,714,204		64,290,105		64,750,171		65,548,307		65,994,132
Net income per share:
Basic	$	2.54	$	1.29	$	1.26	$	2.04	$	2.27
Diluted	$	2.54	$	1.29	$	1.26	$	2.04	$	2.27

13

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

FINANCIAL HIGHLIGHTS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and share data)	June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023
Capital:
Period-end shareholders' equity	$	5,229,130		$	5,128,751		$	5,142,442		$	4,814,019		$	4,863,854
Risk weighted assets	$	39,405,792		$	38,952,555		$	38,820,979		$	38,791,023		$	38,228,481
Risk-based capital ratios:
Common equity Tier 1	12.10		%	11.99		%	12.06		%	12.06		%	12.12		%
Tier 1	12.11		%	12.00		%	12.07		%	12.07		%	12.13		%
Total capital	13.25		%	13.15		%	13.16		%	13.16		%	13.24		%
Leverage ratio	9.39		%	9.42		%	9.45		%	9.52		%	9.75		%
Tangible common equity ratio1	8.38		%	8.21		%	8.29		%	7.74		%	7.79		%
Adjusted tangible common equity ratio1	8.06		%	7.92		%	8.02		%	7.35		%	7.49		%
Common stock:
Book value per share	$	81.54		$	79.50		$	79.15		$	73.31		$	73.28
Tangible book value per share	$	64.41		$	62.42		$	62.15		$	56.40		$	56.50
Market value per share:
High	$	96.41		$	92.08		$	87.52		$	92.41		$	90.91
Low	$	85.02		$	77.86		$	62.42		$	77.61		$	74.40
Cash dividends paid	$	35,288		$	35,568		$	35,739		$	35,655		$	35,879
Dividend payout ratio	21.55		%	42.49		%	43.28		%	26.51		%	23.71		%
Shares outstanding, net	64,127,824			64,515,035			64,967,177			65,664,840			66,369,208
Stock buy-back program:
Shares repurchased	412,176			616,630			700,237			700,500			266,000
Amount	$	37,253		$	51,727		$	49,710		$	58,961		$	22,366
Average price paid per share2	$	90.38		$	83.89		$	70.99		$	84.17		$	84.08
Performance ratios (quarter annualized):
Return on average assets	1.29		%	0.67		%	0.66		%	1.08		%	1.27		%
Return on average equity	12.79		%	6.53		%	6.64		%	10.88		%	12.28		%
Return on average tangible common equity1	16.27		%	8.31		%	8.56		%	14.08		%	15.86		%
Net interest margin	2.56		%	2.61		%	2.64		%	2.69		%	3.00		%
Efficiency ratio1,3	59.83		%	67.13		%	71.62		%	64.01		%	58.75		%
Efficiency ratio excluding adjustments1	64.00		%	65.85		%	66.63		%	64.01		%	58.75		%
Other data:
Tax equivalent interest	$	2,196		$	2,100		$	2,112		$	2,214		$	2,200
Net unrealized loss on available for sale securities	$	(649,236)		$	(643,259)		$	(616,624)		$	(1,034,520)		$	(898,906)

14

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023
Mortgage banking:
Mortgage production revenue	$	2,369		$	3,525		$	(2,535)		$	(1,887)		$	(284)
Mortgage loans funded for sale	$	240,038		$	139,176		$	139,255		$	173,727		$	214,785
Add: Current period-end outstanding commitments	62,960			67,951			34,783			49,284			55,031
Less: Prior period end outstanding commitments	67,951			34,783			49,284			55,031			71,693
Total mortgage production volume	$	235,047		$	172,344		$	124,754		$	167,980		$	198,123
Mortgage loan refinances to mortgage loans funded for sale	7		%	10		%	10		%	9		%	8		%
Realized margin on funded mortgage loans	0.97		%	1.46		%	(0.98)		%	(0.94)		%	(0.14)		%
Production revenue as a percentage of production volume	1.01		%	2.05		%	(2.03)		%	(1.12)		%	(0.14)		%
Mortgage servicing revenue	$	16,259		$	15,442		$	15,369		$	15,243		$	15,425
Average outstanding principal balance of mortgage loans serviced for others	$	22,287,559		$	21,088,898		$	20,471,030		$	20,719,116		$	20,807,044
Average mortgage servicing revenue rates	0.29		%	0.29		%	0.30		%	0.29		%	0.30		%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	(3,484)		$	(9,357)		$	8,275		$	(8,980)		$	(8,099)
Gain (loss) on fair value option securities, net	(94)			(305)			1,031			(203)			(2,158)
Gain (loss) on economic hedge of mortgage servicing rights	(3,578)			(9,662)			9,306			(9,183)			(10,257)
Gain (loss) on changes in fair value of mortgage servicing rights	3,453			10,977			(14,356)			8,039			9,261
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	(125)			1,315			(5,050)			(1,144)			(996)
Net interest income (expense) on fair value option securities4	(96)			(155)			(101)			(112)			(232)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	(221)		$	1,160		$	(5,151)		$	(1,256)		$	(1,228)

1 See Reconciliation of Non-GAAP Measures following.

2 Excludes 1% excise tax on corporate stock repurchases.

3 Prior period ratios have been adjusted to be consistent with the current period presentation.

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

15

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and share data)	June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,229,130		$	5,128,751		$	5,142,442		$	4,814,019		$	4,863,854
Less: Goodwill and intangible assets, net	1,098,777			1,101,643			1,104,728			1,110,553			1,113,995
Tangible common equity	4,130,353			4,027,108			4,037,714			3,703,466			3,749,859
Add: Unrealized loss on investment securities, net	(204,636)			(185,978)			(171,903)			(246,395)			(189,152)
Add: Tax effect on unrealized loss on investment securities, net	48,128			43,740			40,430			57,949			44,486
Adjusted tangible common equity	$	3,973,845		$	3,884,870		$	3,906,241		$	3,515,020		$	3,605,193
Total assets	$	50,403,457		$	50,160,380		$	49,824,830		$	48,931,397		$	49,237,920
Less: Goodwill and intangible assets, net	1,098,777			1,101,643			1,104,728			1,110,553			1,113,995
Tangible assets	$	49,304,680		$	49,058,737		$	48,720,102		$	47,820,844		$	48,123,925
Tangible common equity ratio	8.38		%	8.21		%	8.29		%	7.74		%	7.79		%
Adjusted tangible common equity ratio	8.06		%	7.92		%	8.02		%	7.35		%	7.49		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,146,785		$	5,152,061		$	4,933,917		$	4,902,119		$	4,941,352
Less: Average goodwill and intangible assets, net	1,100,139			1,103,090			1,107,949			1,112,217			1,115,652
Average tangible common equity	$	4,046,646		$	4,048,971		$	3,825,968		$	3,789,902		$	3,825,700
Net income	$	163,713		$	83,703		$	82,575		$	134,495		$	151,308
Return on average tangible common equity	16.27		%	8.31		%	8.56		%	14.08		%	15.86		%
Calculation of efficiency ratio and efficiency ratio excluding adjustments:
Total other operating expense	$	336,690		$	340,384		$	384,083		$	324,313		$	318,673
Less: Amortization of intangible assets	2,898			3,003			3,543			3,474			3,474
Numerator for efficiency ratio	333,792			337,381			380,540			320,839			315,199
Less: FDIC special assessment	1,190			6,454			43,773			—			—
Less: Expenses related to sale of BOKF Insurance	—			—			3,436			—			—
Less: Related contribution of converted Visa shares to BOKF Foundation	10,000			—			—			—			—
Adjusted numerator for efficiency ratio	$	322,602		$	330,927		$	333,331		$	320,839		$	315,199
Net interest income	$	296,021		$	293,572		$	296,675		$	300,896		$	322,261
Tax-equivalent adjustment	2,196			2,100			2,112			2,214			2,200
Tax-equivalent net interest income	298,217			295,672			298,787			303,110			324,461
Total other operating revenue	259,704			161,701			204,883			198,152			209,049
Less: Gain (loss) on available for sale securities, net	34			(45,171)			(27,626)			—			(3,010)
Denominator for efficiency ratio	557,887			502,544			531,296			501,262			536,520
Less: Gain on sale of BOKF Insurance	—			—			31,007			—			—
Less: Gain on converted Visa shares	53,817			—			—			—			—
Adjusted denominator for efficiency ratio	$	504,070		$	502,544		$	500,289		$	501,262		$	536,520
Efficiency ratio	59.83		%	67.13		%	71.62		%	64.01		%	58.75		%
Efficiency ratio excluding adjustments	64.00		%	65.85		%	66.63		%	64.01		%	58.75		%

16

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			June 30, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income	$	296,021		$	293,572		$	296,675		$	300,896		$	322,261
Less: Trading activities net interest income	(275)			(498)			(3,305)			(7,343)			(3,461)
Net interest income excluding trading activities	296,296			294,070			299,980			308,239			325,722
Tax-equivalent adjustment	2,196			2,100			2,112			2,214			2,200
Tax-equivalent net interest income excluding trading activities	$	298,492		$	296,170		$	302,092		$	310,453		$	327,922
Average interest-earning assets	$	46,019,346		$	44,846,886		$	44,327,237		$	44,012,300		$	42,731,533
Less: Average trading activities interest-earning assets	5,922,891			5,371,209			5,448,403			5,444,587			4,274,803
Average interest-earning assets excluding trading activities	$	40,096,455		$	39,475,677		$	38,878,834		$	38,567,713		$	38,456,730
Net interest margin on average interest-earning assets	2.56		%	2.61		%	2.64		%	2.69		%	3.00		%
Net interest margin on average trading activities interest-earning assets	(0.05)		%	(0.07)		%	(0.20)		%	(0.49)		%	(0.34)		%
Net interest margin on average interest-earning assets excluding trading activities	2.94		%	2.97		%	3.03		%	3.14		%	3.36		%
Reconciliation of pre-provision net revenue:
Net income before taxes	$	211,035		$	106,889		$	111,475		$	167,735		$	195,637
Provision for expected credit losses	8,000			8,000			6,000			7,000			17,000
Net income (loss) attributable to non-controlling interests	19			(9)			(53)			(16)			328
Pre-provision net revenue	$	219,016		$	114,898		$	117,528		$	174,751		$	212,309
Reconciliation of adjusted net income and earnings per share:
Net income	$	163,713		$	83,703		$	82,575		$	134,495		$	151,308
Add: FDIC special assessment, net of tax	910			4,936			33,478			—			—
Less: Gain on converted Visa shares, net of tax	41,160			—			—			—			—
Add: Related contribution of Visa shares to BOKF Foundation, net of tax	7,648			—			—			—			—
Less: Loss on repositioning of available for sale securities portfolio, net of tax	—			(34,547)			(21,129)			—			(2,302)
Less: Gain on sale of BOKF Insurance, net of tax	—			—			23,715			—			—
Adjusted net income	$	131,111		$	123,186		$	113,467		$	134,495		$	153,610
Earnings per share	$	2.54		$	1.29		$	1.26		$	2.04		$	2.27
Add: FDIC special assessment, net of tax	0.01			0.08			0.52			—			—
Less: Gain on converted Visa shares, net of tax	0.65			—			—			—			—
Add: Related contribution of Visa shares to BOKF Foundation, net of tax	0.12			—			—			—			—
Less: Loss on repositioning of available for sale securities portfolio, net of tax	—			(0.54)			(0.33)			—			(0.03)
Less: Gain on sale of BOKF Insurance, net of tax	—			—			0.37			—			—
Adjusted earnings per share	$	2.02		$	1.91		$	1.74		$	2.04		$	2.30

17

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

Explanation of Non-GAAP Measures

The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.

The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.

Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.

Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.

18

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Commercial:
Healthcare	$	4,231,058	$	4,245,939	$	4,143,233	$	4,083,134	$	3,991,387
Services	3,577,144		3,529,421		3,576,223		3,566,361		3,585,169
Energy	3,451,485		3,443,719		3,437,101		3,490,602		3,508,752
General business	4,363,722		3,913,788		3,647,212		3,579,742		3,449,208
Total commercial	15,623,409		15,132,867		14,803,769		14,719,839		14,534,516
Commercial real estate:
Multifamily	1,997,282		1,960,839		1,872,760		1,734,688		1,502,971
Industrial	1,214,991		1,343,970		1,475,165		1,432,629		1,349,709
Office	876,897		901,105		909,442		981,876		1,005,660
Retail	547,706		543,735		592,632		608,073		617,886
Residential construction and land development	88,252		83,906		95,052		100,465		106,370
Other commercial real estate	358,447		403,122		392,596		383,569		388,205
Total commercial real estate	5,083,575		5,236,677		5,337,647		5,241,300		4,970,801
Loans to individuals:
Residential mortgage	2,281,226		2,192,584		2,160,640		2,090,992		1,993,690
Residential mortgages guaranteed by U.S. government agencies	131,825		139,456		149,807		161,092		186,170
Personal	1,433,546		1,470,976		1,453,105		1,510,795		1,552,482
Total loans to individuals	3,846,597		3,803,016		3,763,552		3,762,879		3,732,342
Total	$	24,553,581	$	24,172,560	$	23,904,968	$	23,724,018	$	23,237,659

19

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Texas:
Commercial	$	7,879,143	$	7,515,070	$	7,384,107	$	7,249,963	$	7,223,820
Commercial real estate	1,754,087		1,935,728		1,987,037		1,873,477		1,748,796
Loans to individuals	908,920		964,464		914,134		961,299		974,911
Total Texas	10,542,150		10,415,262		10,285,278		10,084,739		9,947,527
Oklahoma:
Commercial	3,619,136		3,478,146		3,275,907		3,384,627		3,251,547
Commercial real estate	556,971		605,419		606,515		601,087		573,559
Loans to individuals	2,273,240		2,176,268		2,147,782		2,100,974		2,079,311
Total Oklahoma	6,449,347		6,259,833		6,030,204		6,086,688		5,904,417
Colorado:
Commercial	2,220,887		2,244,416		2,273,179		2,219,460		2,179,473
Commercial real estate	806,522		766,100		769,329		710,552		683,973
Loans to individuals	217,990		221,291		228,257		227,569		223,200
Total Colorado	3,245,399		3,231,807		3,270,765		3,157,581		3,086,646
Arizona:
Commercial	1,104,875		1,149,394		1,143,682		1,173,491		1,177,778
Commercial real estate	1,045,837		1,007,972		1,003,331		1,014,151		926,750
Loans to individuals	208,419		218,664		248,873		260,282		242,102
Total Arizona	2,359,131		2,376,030		2,395,886		2,447,924		2,346,630
Kansas/Missouri:
Commercial	336,232		320,609		331,179		307,725		309,148
Commercial real estate	482,249		497,036		511,947		547,708		516,299
Loans to individuals	157,750		141,767		144,958		132,137		138,960
Total Kansas/Missouri	976,231		959,412		988,084		987,570		964,407
New Mexico:
Commercial	318,711		317,651		291,736		297,714		287,443
Commercial real estate	367,678		352,559		389,106		405,989		425,472
Loans to individuals	67,747		67,814		67,485		69,418		64,803
Total New Mexico	754,136		738,024		748,327		773,121		777,718
Arkansas:
Commercial	144,425		107,581		103,979		86,859		105,307
Commercial real estate	70,231		71,863		70,382		88,336		95,952
Loans to individuals	12,531		12,748		12,063		11,200		9,055
Total Arkansas	227,187		192,192		186,424		186,395		210,314
Total BOK Financial	$	24,553,581	$	24,172,560	$	23,904,968	$	23,724,018	$	23,237,659

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

20

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Oklahoma:
Demand	$	3,721,009	$	3,365,529	$	3,586,091	$	4,019,019	$	4,273,136
Interest-bearing:
Transaction	12,115,793		12,362,193		10,929,704		9,970,955		9,979,534
Savings	496,289		509,775		500,313		508,619		531,536
Time	2,157,778		2,136,583		1,984,336		2,019,749		1,945,916
Total interest-bearing	14,769,860		15,008,551		13,414,353		12,499,323		12,456,986
Total Oklahoma	18,490,869		18,374,080		17,000,444		16,518,342		16,730,122
Texas:
Demand	2,448,433		2,201,561		2,306,334		2,599,998		2,876,568
Interest-bearing:
Transaction	5,425,670		5,125,834		5,035,856		5,046,288		4,532,093
Savings	150,812		157,108		155,652		154,863		162,704
Time	626,724		605,526		492,753		436,218		377,424
Total interest-bearing	6,203,206		5,888,468		5,684,261		5,637,369		5,072,221
Total Texas	8,651,639		8,090,029		7,990,595		8,237,367		7,948,789
Colorado:
Demand	1,244,848		1,316,971		1,633,672		1,598,622		1,726,130
Interest-bearing:
Transaction	1,921,671		1,951,232		1,921,605		1,888,026		1,825,295
Savings	61,184		63,675		67,646		63,129		66,968
Time	261,237		237,656		201,393		185,030		148,840
Total interest-bearing	2,244,092		2,252,563		2,190,644		2,136,185		2,041,103
Total Colorado	3,488,940		3,569,534		3,824,316		3,734,807		3,767,233
New Mexico:
Demand	661,677		683,643		794,467		853,571		912,218
Interest-bearing:
Transaction	1,323,750		1,085,946		886,089		1,049,903		712,541
Savings	92,910		95,944		95,453		97,753		102,729
Time	314,133		298,556		258,195		217,535		179,548
Total interest-bearing	1,730,793		1,480,446		1,239,737		1,365,191		994,818
Total New Mexico	2,392,470		2,164,089		2,034,204		2,218,762		1,907,036
Arizona:
Demand	448,587		502,143		524,167		522,142		592,144
Interest-bearing:
Transaction	1,227,895		1,181,539		1,174,715		903,535		800,970
Savings	11,542		12,024		11,636		12,340		14,489
Time	56,102		46,962		41,884		36,689		31,248
Total interest-bearing	1,295,539		1,240,525		1,228,235		952,564		846,707
Total Arizona	1,744,126		1,742,668		1,752,402		1,474,706		1,438,851

21

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

(In thousands)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Kansas/Missouri:
Demand	291,045		316,041		326,496		351,236		363,534
Interest-bearing:
Transaction	1,040,114		985,706		966,166		981,091		1,014,247
Savings	14,998		13,095		13,821		14,331		16,316
Time	32,921		30,411		23,955		22,437		16,176
Total interest-bearing	1,088,033		1,029,212		1,003,942		1,017,859		1,046,739
Total Kansas/Missouri	1,379,078		1,345,253		1,330,438		1,369,095		1,410,273
Arkansas:
Demand	24,579		28,168		25,266		29,635		38,818
Interest-bearing:
Transaction	52,149		55,735		49,966		57,381		43,301
Savings	2,754		2,776		2,564		2,898		3,195
Time	15,040		11,215		9,506		9,559		7,225
Total interest-bearing	69,943		69,726		62,036		69,838		53,721
Total Arkansas	94,522		97,894		87,302		99,473		92,539
Total BOK Financial	$	36,241,644	$	35,383,547	$	34,019,701	$	33,652,552	$	33,294,843

22

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

NET INTEREST MARGIN TREND – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents	5.86	%	4.96	%	5.30	%	5.43	%	5.41	%
Trading securities	5.06	%	5.12	%	5.05	%	4.76	%	4.50	%
Investment securities, net of allowance	1.41	%	1.42	%	1.42	%	1.43	%	1.44	%
Available for sale securities	3.71	%	3.48	%	3.27	%	3.11	%	3.00	%
Fair value option securities	3.68	%	3.59	%	3.57	%	4.61	%	5.07	%
Restricted equity securities	8.11	%	8.59	%	8.01	%	7.88	%	7.31	%
Residential mortgage loans held for sale	6.50	%	6.25	%	6.59	%	6.27	%	5.85	%
Loans	7.41	%	7.40	%	7.36	%	7.25	%	7.03	%
Allowance for loan losses
Loans, net of allowance	7.49	%	7.48	%	7.45	%	7.33	%	7.10	%
Total tax-equivalent yield on earning assets	5.80	%	5.73	%	5.64	%	5.49	%	5.29	%
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction	3.76	%	3.68	%	3.44	%	3.18	%	2.60	%
Savings	0.58	%	0.57	%	0.53	%	0.47	%	0.21	%
Time	4.51	%	4.54	%	4.13	%	3.96	%	3.27	%
Total interest-bearing deposits	3.76	%	3.69	%	3.43	%	3.17	%	2.56	%
Funds purchased and repurchase agreements	4.28	%	4.05	%	4.79	%	4.81	%	4.58	%
Other borrowings	5.58	%	5.56	%	5.55	%	5.48	%	5.12	%
Subordinated debt	7.07	%	7.09	%	7.09	%	7.02	%	6.79	%
Total cost of interest-bearing liabilities	4.15	%	4.08	%	3.98	%	3.81	%	3.27	%
Tax-equivalent net interest spread	1.65	%	1.65	%	1.66	%	1.68	%	2.02	%
Effect of noninterest-bearing funding sources and other	0.91	%	0.96	%	0.98	%	1.01	%	0.98	%
Tax-equivalent net interest margin	2.56	%	2.61	%	2.64	%	2.69	%	3.00	%

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

23

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

CREDIT QUALITY INDICATORS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratios)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Healthcare	$	20,845	$	49,307	$	81,529	$	41,836	$	36,753
Energy	28,668		14,991		17,843		19,559		20,037
Services	3,165		3,319		3,616		2,820		4,541
General business	5,756		7,003		7,143		6,483		11,946
Total commercial	58,434		74,620		110,131		70,698		73,277
Commercial real estate	12,883		22,087		7,320		7,418		17,395
Loans to individuals:
Permanent mortgage	12,627		13,449		18,056		30,954		29,973
Permanent mortgage guaranteed by U.S. government agencies	6,617		9,217		9,709		10,436		11,473
Personal	122		142		253		79		133
Total loans to individuals	19,366		22,808		28,018		41,469		41,579
Total nonaccruing loans	90,683		119,515		145,469		119,585		132,251
Real estate and other repossessed assets	2,334		2,860		2,875		3,753		4,227
Total nonperforming assets	$	93,017	$	122,375	$	148,344	$	123,338	$	136,478
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	86,400	$	113,158	$	138,635	$	112,902	$	125,005
Accruing loans 90 days past due1	$	2,962	$	—	$	170	$	64	$	220
Gross charge-offs	$	7,940	$	7,060	$	5,007	$	10,593	$	8,049
Recoveries	(995)		(1,600)		(911)		(4,062)		(1,346)
Net charge-offs	$	6,945	$	5,460	$	4,096	$	6,531	$	6,703
Provision for loan losses	$	13,148	$	9,960	$	9,105	$	15,931	$	19,957
Provision for credit losses from off-balance sheet unfunded loan commitments	(4,983)		(1,658)		(3,627)		(7,336)		(3,003)
Provision for expected credit losses from mortgage banking activities	(153)		(265)		530		(1,474)		78
Provision for credit losses related to held-to maturity (investment) securities portfolio	(12)		(37)		(8)		(121)		(32)
Total provision for credit losses	$	8,000	$	8,000	$	6,000	$	7,000	$	17,000

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BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratios)	June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		June 30, 2023
Allowance for loan losses to period end loans	1.17	%	1.17	%	1.16	%	1.15	%	1.13	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.34	%	1.36	%	1.36	%	1.37	%	1.39	%
Nonperforming assets to period end loans and repossessed assets	0.38	%	0.51	%	0.62	%	0.52	%	0.59	%
Net charge-offs (annualized) to average loans	0.11	%	0.09	%	0.07	%	0.11	%	0.12	%
Allowance for loan losses to nonaccruing loans1	342.38	%	255.33	%	204.13	%	249.31	%	217.52	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	392.74	%	298.23	%	240.20	%	297.50	%	267.15	%

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

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BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

SEGMENTS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended						2Q24 vs 1Q24				2Q24 vs 2Q23
(In thousands, except ratios)	June 30, 2024		Mar. 31, 2024		June 30, 2023		Change		% Change		Change		% Change
Commercial Banking:
Net interest income	$	203,735	$	203,995	$	221,737	$	(260)	(0.1)	%	$	(18,002)	(8.1)	%
Fees and commissions revenue	53,720		50,630		59,704		3,090		6.1	%	(5,984)		(10.0)	%
Combined net interest income and fee revenue	257,455		254,625		281,441		2,830		1.1	%	(23,986)		(8.5)	%
Other operating expense	76,114		70,095		77,559		6,019		8.6	%	(1,445)		(1.9)	%
Corporate expense allocations	17,381		18,397		21,404		(1,016)		(5.5)	%	(4,023)		(18.8)	%
Net income	119,563		121,797		140,779		(2,234)		(1.8)	%	(21,216)		(15.1)	%
Average assets	30,305,613		29,806,817		28,170,869		498,796		1.7	%	2,134,744		7.6	%
Average loans	20,403,837		20,067,170		19,158,984		336,667		1.7	%	1,244,853		6.5	%
Average deposits	16,189,003		15,730,241		14,822,093		458,762		2.9	%	1,366,910		9.2	%
Consumer Banking:
Net interest income	$	65,164	$	64,135	$	68,088	$	1,029	1.6	%	$	(2,924)	(4.3)	%
Fees and commissions revenue	36,252		36,207		32,361		45		0.1	%	3,891		12.0	%
Combined net interest income and fee revenue	101,416		100,342		100,449		1,074		1.1	%	967		1.0	%
Other operating expense	55,128		53,447		52,340		1,681		3.1	%	2,788		5.3	%
Corporate expense allocations	13,392		14,172		12,318		(780)		(5.5)	%	1,074		8.7	%
Net income	24,117		24,731		25,684		(614)		(2.5)	%	(1,567)		(6.1)	%
Average assets	9,630,470		9,391,981		9,597,723		238,489		2.5	%	32,747		0.3	%
Average loans	1,975,106		1,913,586		1,762,568		61,520		3.2	%	212,538		12.1	%
Average deposits	8,073,782		7,901,167		7,986,674		172,615		2.2	%	87,108		1.1	%
Wealth Management:
Net interest income	$	29,501	$	28,398	$	33,841	$	1,103	3.9	%	$	(4,340)	(12.8)	%
Fees and commissions revenue	113,208		118,704		123,050		(5,496)		(4.6)	%	(9,842)		(8.0)	%
Combined net interest income and fee revenue	142,709		147,102		156,891		(4,393)		(3.0)	%	(14,182)		(9.0)	%
Other operating expense	90,214		99,288		84,587		(9,074)		(9.1)	%	5,627		6.7	%
Corporate expense allocations	16,484		14,779		12,784		1,705		11.5	%	3,700		28.9	%
Net income	27,497		25,228		45,502		2,269		9.0	%	(18,005)		(39.6)	%
Average assets	16,452,098		15,759,328		12,949,258		692,770		4.4	%	3,502,840		27.1	%
Average loans	2,199,747		2,198,803		2,230,906		944		—	%	(31,159)		(1.4)	%
Average deposits	9,551,307		9,237,965		7,544,143		313,342		3.4	%	2,007,164		26.6	%
Fiduciary assets	61,917,694		60,365,292		57,873,868		1,552,402		2.6	%	4,043,826		7.0	%
Assets under management or administration	107,477,030		105,530,903		103,618,940		1,946,127		1.8	%	3,858,090		3.7	%

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

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