BOK Financial (BOKF) 8-K Results of Operations and Financial Condition

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BOK Financial Corporation reports quarterly earnings of $140 million, or $2.18 per share, in the third quarter.

Third quarter 2024 financial highlights1
Net Income	Net income was $140.0 million, or $2.18 per diluted share, compared to $163.7 million, or $2.54 per diluted share.
Net Interest Income & Margin	Net interest income totaled $308.1 million, an increase of $12.1 million. Net interest margin expanded to 2.68% compared to 2.56% in the prior quarter.
Fees & Commissions Revenue	Fees and commissions revenue was $202.5 million, an increase of $2.5 million. Higher transaction card revenue and other revenue was partially offset by lower brokerage and trading revenue.
Operating Expense	Operating expense increased $4.3 million to $341.0 million, primarily due to an increase in personnel expense with higher incentive compensation and regular compensation. Non-personnel expense decreased $11.4 million, largely due to our contribution to the BOKF Foundation in the prior quarter.
Loans	Period end loans were $24.0 billion, a decrease of $569 million. A decrease in commercial loan balances was partially offset by growth in commercial real estate loans. Average outstanding loan balances were $24.3 billion, an $80 million decrease.
Credit Quality	Nonperforming assets declined to $87 million, or 0.36% of outstanding loans and repossessed assets, at September 30, 2024, from $93 million, or 0.38%, at June 30, 2024. Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter.
Deposits	Period end deposits grew by $985 million to $37.2 billion, while average deposits increased $1.1 billion to $36.8 billion. Average interest-bearing deposits increased $1.2 billion, while average demand deposits decreased by $113 million. The loan to deposit ratio was 64% at September 30, 2024, compared to 68% at June 30, 2024.
Capital	Tangible common equity ratio was 9.22% compared to 8.38% at June 30, 2024. Tier 1 capital ratio was 12.74%, Common equity Tier 1 capital ratio was 12.73%, and total capital ratio was 13.91%.

1 Comparisons are to prior quarter unless otherwise noted.

p	$12.1 million		Zero bps		3%	p	$1.1 billion
NET INTEREST INCOME		NET CHARGE OFFS - ANNUALIZED		AVERAGE DEPOSIT GROWTH

CEO Commentary

“BOK Financial maintained our consistent earnings growth in the third quarter as we benefited from net interest income growth and exceptional asset quality. Our business model has proven resilient through many different types of business cycles given our revenue diversity and commitment to risk management. The economic growth of our eight-state footprint coupled with our high levels of tangible capital and liquidity should be the raw materials for future growth for BOK Financial. We’ve proven over a long history that we have strong risk management practices as it relates to credit, interest rate, liquidity and capital risk while also demonstrating a higher long-term earnings growth profile.”

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Net Interest Income

(In thousands)	Sep. 30, 2024			June 30, 2024			Change			% Change
Interest revenue	$	680,310		$	671,817		$	8,493		1.3	%
Interest expense	372,191			375,796			(3,605)			(1.0)	%
Net interest income	$	308,119		$	296,021		$	12,098		4.1	%
Net interest margin	2.68		%	2.56		%	0.12		%	N/A
Average earning assets	$	45,911,383		$	46,019,346		$	(107,963)		(0.2)	%
Average trading securities	5,802,448			5,922,891			(120,443)			(2.0)	%
Average investment securities	2,094,408			2,151,079			(56,671)			(2.6)	%
Average available for sale securities	12,939,422			12,755,865			183,557			1.4	%
Average loans balance	24,304,884			24,385,153			(80,269)			(0.3)	%
Average interest-bearing deposits	28,486,641			27,266,244			1,220,397			4.5	%
Funds purchased and repurchase agreements	1,016,688			1,838,323			(821,635)			(44.7)	%
Other borrowings	6,366,046			7,151,228			(785,182)			(11.0)	%

Net interest income was $308.1 million for the third quarter of 2024, compared to $296.0 million for the prior quarter. Net interest margin was 2.68%, compared to 2.56%, due to increased yields on our available for sale securities portfolio, combined with higher loan fees driven by payoffs and the funding shift from wholesale borrowings to interest-bearing deposits. For the third quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.02% compared to 2.94% in the prior quarter.

Average earning assets decreased $108 million. Average loan balances decreased $80 million, largely due to a decrease in commercial loans, partially offset by growth in commercial real estate loan balances. Average available for sale securities grew $184 million, while average trading securities decreased $120 million. Average interest-bearing deposits increased $1.2 billion, primarily from interest-bearing transaction accounts. Funds purchased and repurchase agreements decreased $822 million, while average other borrowings decreased $785 million.

The yield on average earning assets was 5.89%, up 9 basis points. The loan portfolio yield increased 6 basis points to 7.47%, while the yield on the available for sale securities portfolio increased 5 basis points to 3.76%. The yield on trading securities was up 30 basis points to 5.36% and the yield on interest-bearing cash and cash equivalents decreased 53 basis points to 5.33%.

Funding costs were 4.11%, down 4 basis points. The cost of interest-bearing deposits increased 3 basis points to 3.79%. The cost of funds purchased and repurchase agreements decreased 39 basis points to 3.89%. The benefit to net interest margin from assets funded by non-interest liabilities was 90 basis points, a decrease of 1 basis point.

2

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Other Operating Revenue

(In thousands)	Sep. 30, 2024		June 30, 2024		Change		% Change
Brokerage and trading revenue	$	50,391	$	53,017	$	(2,626)	(5.0)	%
Transaction card revenue	28,495		27,246		1,249		4.6	%
Fiduciary and asset management revenue	57,384		57,576		(192)		(0.3)	%
Deposit service charges and fees	30,450		29,572		878		3.0	%
Mortgage banking revenue	18,372		18,628		(256)		(1.4)	%
Other revenue	17,402		13,988		3,414		24.4	%
Total fees and commissions	202,494		200,027		2,467		1.2	%
Other gains, net	13,087		57,375		(44,288)		N/A
Gain (loss) on derivatives, net	8,991		(1,091)		10,082		N/A
Gain (loss) on fair value option securities, net	764		(94)		858		N/A
Change in fair value of mortgage servicing rights	(16,453)		3,453		(19,906)		N/A
Gain (loss) on available for sale securities, net	(691)		34		(725)		N/A
Total other operating revenue	$	208,192	$	259,704	$	(51,512)	(19.8)	%

Fees and commissions revenue totaled $202.5 million for the third quarter of 2024, an increase of $2.5 million over the prior quarter.

Other revenue increased $3.4 million to $17.4 million, largely due to an increase in letter of credit fees and fees earned on derivative counterparty margin.

Transaction card revenue grew $1.2 million to $28.5 million, primarily due to an increase in the volume of transactions processed during the third quarter of 2024.

Brokerage and trading revenue decreased $2.6 million to $50.4 million. Trading revenue decreased $4.1 million to $23.6 million. A decline in U.S agency residential mortgage-backed securities trading volumes, driven by market conditions in the third quarter of 2024, was partially offset by an increase in municipal trading revenue led by strong activity in this sector. Investment banking revenue and customer hedging revenue also grew slightly over the prior quarter.

Other gains, net, were $13.1 million for the third quarter of 2024, compared to $57.4 million in the second quarter of 2024. The prior quarter included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the exchange offer announced by Visa, Inc. During the third quarter of 2024, we sold the remaining 133,472 converted shares of Visa common stock and realized an additional pre-tax gain of $3.1 million. The current quarter also included a gain on merchant banking investments of $5.0 million and a gain on investments related to deferred compensation of $3.8 million.

3

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Operating Expenses

(In thousands)	Sep. 30, 2024		June 30, 2024		Change		% Change
Personnel	$	206,821	$	191,090	$	15,731	8.2	%
Business promotion	7,681		8,250		(569)		(6.9)	%
Charitable contributions to BOKF Foundation	—		13,610		(13,610)		N/A
Professional fees and services	13,405		13,331		74		0.6	%
Net occupancy and equipment	32,077		30,245		1,832		6.1	%
FDIC and other insurance	8,186		7,317		869		11.9	%
FDIC special assessment	(1,437)		1,190		(2,627)		N/A
Data processing and communications	47,554		46,131		1,423		3.1	%
Printing, postage and supplies	3,594		3,789		(195)		(5.1)	%
Amortization of intangible assets	2,856		2,898		(42)		(1.4)	%
Mortgage banking costs	9,059		8,532		527		6.2%
Other expense	11,229		10,307		922		8.9	%
Total operating expense	$	341,025	$	336,690	$	4,335	1.3	%

Total operating expense was $341.0 million for the third quarter of 2024, an increase of $4.3 million compared to the second quarter of 2024.

Personnel expense was $206.8 million, an increase of $15.7 million. Cash-based incentive compensation expense increased $7.8 million as the prior quarter received a benefit due to a shift in the timing of expense recognition as commercial incentive compensation plans moved to being primarily share-based rather than cash-based awards. Share-based compensation increased $3.5 million based on changes in assumptions of certain performance-based equity awards. Deferred compensation expense increased $1.8 million to $4.0 million; however, this was largely offset by an increase in the value of related investments included in Other gains, net. Regular compensation expense increased $2.7 million, driven by additional staffing and a reduction in the amount of compensation expense capitalized during the third quarter. This was due to decreased loan production levels and the implementation of a significant project in the prior quarter.

Non-personnel expense was $134.2 million, a decrease of $11.4 million. The prior quarter included a $13.6 million charitable donation to the BOKF Foundation. In the third quarter of 2024, the FDIC updated their estimate of the special assessment, resulting in a benefit of $1.4 million, compared to $1.2 million of expense in the prior quarter. Net occupancy and equipment expense increased $1.8 million and data processing and communications expense grew $1.4 million, primarily due to ongoing projects.

4

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Loans

(In thousands)	Sep. 30, 2024		June 30, 2024		Change		% Change
Commercial:
Healthcare	$	4,149,069	$	4,231,058	$	(81,989)	(1.9)%
Services	3,573,670		3,577,144		(3,474)		(0.1)%
Energy	3,126,635		3,451,485		(324,850)		(9.4)%
General business	4,028,548		4,363,722		(335,174)		(7.7)%
Total commercial	14,877,922		15,623,409		(745,487)		(4.8)%
Commercial Real Estate:
Multifamily	2,109,445		1,997,282		112,163		5.6%
Industrial	1,270,928		1,214,991		55,937		4.6%
Office	815,966		876,897		(60,931)		(6.9)%
Retail	521,874		547,706		(25,832)		(4.7)%
Residential construction and land development	105,048		88,252		16,796		19.0%
Other real estate loans	365,394		358,447		6,947		1.9%
Total commercial real estate	5,188,655		5,083,575		105,080		2.1%
Loans to individuals:
Residential mortgage	2,370,293		2,281,226		89,067		3.9%
Residential mortgages guaranteed by U.S. government agencies	127,747		131,825		(4,078)		(3.1)%
Personal	1,420,444		1,433,546		(13,102)		(0.9)%
Total loans to individuals	3,918,484		3,846,597		71,887		1.9%
Total loans	$	23,985,061	$	24,553,581	$	(568,520)	(2.3)%

Outstanding loans were $24.0 billion at September 30, 2024, a decrease of $569 million compared to June 30, 2024, largely due to a reduction in commercial loans, partially offset by an increase in commercial real estate loans and loans to individuals. Unfunded loan commitments increased $441 million compared to the second quarter of 2024.

Outstanding commercial loan balances, which includes healthcare, services, energy and general business loans, decreased $745 million compared to the prior quarter.

General business loans decreased $335 million to $4.0 billion, or 17% of total loans. General business loans include $2.6 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

Energy loan balances decreased $325 million to $3.1 billion, or 13% 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 $4.5 billion at September 30, 2024, a $95 million increase over June 30, 2024.

Healthcare sector loan balances decreased $82 million, totaling $4.1 billion, or 17% of total loans. Our healthcare sector loans primarily consist of $3.4 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 sector loan balances were unchanged at $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.

5

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

Commercial real estate loan balances increased $105 million to $5.2 billion and represent 22% of total loans. Loans secured by multifamily properties increased $112 million to $2.1 billion. Loans secured by industrial facilities increased $56 million to $1.3 billion, and construction and land development loans increased $17 million to $105 million. The increases in these portfolios were partially offset by a $61 million decrease in loans secured by office facilities and a $26 million decrease in loans secured by retail facilities. Unfunded commercial real estate loan commitments were $1.7 billion at September 30, 2024, a $131 million increase compared to June 30, 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 $72 million and represent 16% of total loans. Residential mortgage loans increased $85 million while personal loans decreased $13 million.

Period End & Average Deposits

(In thousands)	Sep. 30, 2024		June 30, 2024		Change		% Change
Period end deposits
Demand	$	8,260,244	$	8,840,178	$	(579,934)	(6.6)	%
Interest-bearing transaction	24,312,211		23,107,042		1,205,169		5.2	%
Savings	816,707		830,489		(13,782)		(1.7)	%
Time	3,837,956		3,463,935		374,021		10.8	%
Total deposits	$	37,227,118	$	36,241,644	$	985,474	2.7	%
Average deposits
Demand	$	8,273,656	$	8,386,979	$	(113,323)	(1.4)	%
Interest-bearing transaction	23,986,697		23,006,204		980,493		4.3	%
Savings	820,980		832,704		(11,724)		(1.4)	%
Time	3,678,964		3,427,336		251,628		7.3	%
Total average deposits	$	36,760,297	$	35,653,223	$	1,107,074	3.1	%

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 64% at September 30, 2024, compared to 68% at June 30, 2024, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $37.2 billion at September 30, 2024, a $985 million increase. Interest-bearing transaction account balances increased $1.2 billion while time deposits increased $374 million. Demand deposits decreased $580 million following elevated customer activity at the end of the previous quarter.

Average deposits were $36.8 billion at September 30, 2024, a $1.1 billion increase. Average interest-bearing transaction account balances increased $980 million and average time deposits increased $252 million. Average demand deposit account balances decreased $113 million.

Average Commercial Banking deposits increased $942 million to $17.1 billion, or 47% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 9% of our total deposits. Wealth Management deposits increased $287 million to $9.8 billion, or 27% of total deposits. Consumer Banking deposits increased $63 million to $8.1 billion, or 22% 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		Sep. 30, 2024			June 30, 2024
Common equity Tier 1	4.50	%	2.50	%	7.00	%	12.73		%	12.10		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	12.74		%	12.11		%
Total capital	8.00	%	2.50	%	10.50	%	13.91		%	13.25		%
Tier 1 Leverage	4.00	%	N/A		4.00	%	9.67		%	9.39		%
Tangible common equity ratio1							9.22		%	8.38		%
Adjusted common tangible equity ratio1							9.01		%	8.06		%
Common stock repurchased (shares)							—			412,176
Average price per share repurchased							$	—		$	90.38

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

The company's common equity Tier 1 capital ratio was 12.73% at September 30, 2024. In addition, the company's Tier 1 capital ratio was 12.74%, total capital ratio was 13.91%, and leverage ratio was 9.67% at September 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 September 30, 2024. At June 30, 2024, the company's common equity Tier 1 capital ratio was 12.10%, Tier 1 capital ratio was 12.11%, total capital ratio was 13.25%, and leverage ratio was 9.39%.

The company's tangible common equity ratio, a non-GAAP measure, was 9.22% at September 30, 2024, and 8.38% at June 30, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 9.01%.

No shares were repurchased during the third quarter of 2024. 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 $87 million, or 0.36% of outstanding loans and repossessed assets, at September 30, 2024, compared to $93 million, or 0.38%, at June 30, 2024. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $80 million, or 0.34% of outstanding loans and repossessed assets, at September 30, 2024, compared to $86 million, or 0.35%, at June 30, 2024.

Nonaccruing loans decreased $6.4 million compared to June 30, 2024. New nonaccruing loans identified in the third quarter totaled $26 million, offset by $29 million in payments received and $2.5 million in charge-offs. Nonaccruing healthcare loans decreased $4.9 million and nonaccruing services loans decreased $1.7 million, partially offset by a $1.1 million increase in nonaccruing residential mortgage loans.

Net recoveries were $54 thousand, or less than 0.01% of average loans on an annualized basis, in the third quarter. Net charge-offs were $6.9 million, or 0.11% of average loans on an annualized basis, in the second quarter of 2024.

The provision for credit losses of $2.0 million in the third quarter of 2024 reflects continued strong credit quality, net loan paydowns, and relatively minor changes in economic forecast scenario assumptions. The provision for credit losses was $8.0 million in the second quarter of 2024.

7

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

At September 30, 2024, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.39% of outstanding loans and 427% of nonaccruing loans. 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.

Securities & Derivatives

The fair value of the available for sale securities portfolio totaled $13.0 billion at September 30, 2024, a $222 million increase compared to June 30, 2024. At September 30, 2024, the available for sale securities portfolio consisted primarily of $8.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.4 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At September 30, 2024, the available for sale securities portfolio had a net unrealized loss of $307 million, compared to $649 million at June 30, 2024.

We hold an inventory of trading securities in support of sales to a variety of customers. At September 30, 2024, the trading securities portfolio totaled $5.1 billion, compared to $5.2 billion at June 30, 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 increased $122 thousand to $19.2 million at September 30, 2024.

Derivative contracts are carried at fair value. At September 30, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $415 million, compared to $339 million at June 30, 2024. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $393 million at September 30, 2024, and $327 million at June 30, 2024.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.5 million during the third quarter of 2024, including a $16.5 million decrease in the fair value of mortgage servicing rights, a $12.1 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $146 thousand of related net interest expense.

Third Quarter 2024 Segment Highlights

	Commercial Banking				Consumer Banking				Wealth Management
(In thousands)	Sep. 30, 2024		June 30, 2024		Sep. 30, 2024		June 30, 2024		Sep. 30, 2024		June 30, 2024
Net interest income and fee revenue	$	263,475	$	257,476	$	101,962	$	101,416	$	145,642	$	142,709
Net loans charged-off (recovered)	(1,329)		6,134		1,779		1,247		(159)		—
Personnel expense	48,152		45,964		24,616		24,016		66,524		63,669
Non-personnel expense	30,235		30,150		33,163		31,112		27,015		26,545
Net income	129,854		119,579		18,948		24,117		29,616		27,497
Average loans	20,340,512		20,403,837		2,057,870		1,975,106		2,151,196		2,199,747
Average deposits	17,131,237		16,189,003		8,136,312		8,073,782		9,837,888		9,551,307
Assets under management or administration	—		—		—		—		110,702,612		107,477,030

Commercial Banking contributed $129.9 million to net income in the third quarter of 2024, an increase of $10.3 million compared to the second quarter of 2024. Combined net interest income and fee revenue increased $6.0 million. Net interest income increased $3.9 million due to increased loan fees from early payoffs and increased non-use fees. Transaction card revenue increased $1.2 million driven by a rise in transaction volume processed during the third quarter. Net loans charged-off decreased $7.5 million to recoveries of $1.3 million in the third quarter of 2024. Personnel expense increased $2.2 million due to increased incentive compensation costs during the quarter while non-personnel expense was consistent with the prior quarter. Other gains, net, grew $2.6 million related to increased gains on merchant banking

8

BOK Financial Corporation quarterly earnings release Exhibit 99.1(a)

investments. Average loans were relatively consistent with the prior quarter at $20.3 billion. Average deposits increased $942 million, or 6%, to $17.1 billion.

Consumer Banking contributed $18.9 million to net income in the third quarter of 2024, a decrease of $5.2 million compared to the prior quarter. Combined net interest income and fee revenue was consistent with the prior quarter. Operating expense increased $2.7 million. The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $4.5 million, compared to $221 thousand for the second quarter of 2024. Average loans increased $83 million, or 4%, to $2.1 billion. Average deposits increased $63 million, or 1%, to $8.1 billion.

Wealth Management contributed $29.6 million to net income in the third quarter of 2024, an increase of $2.1 million over the second quarter of 2024. Combined net interest income and fee revenue increased $2.9 million, primarily due to an increase in letter of credit fees and fees earned on derivative counterparty margin. Operating expense increased $3.3 million, largely due to growth in incentive compensation expense. Corporate expense allocations decreased $3.0 million compared to the prior quarter. Average loans decreased $49 million, or 2%, to $2.2 billion. Average deposits increased $287 million, or 3%, to $9.8 billion. Assets under management or administration were $110.7 billion, an increase of $3.2 billion, or 3%.

Conference Call & Webcast

The company will hold a conference call at noon Central time on Tuesday, October 22, 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: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing playback ID: 6617678.

About BOK Financial Corporation

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $111 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 September 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)	Sep. 30, 2024		June 30, 2024
Assets
Cash and due from banks	$	928,997	$	897,811
Interest-bearing cash and cash equivalents	547,043		178,352
Trading securities	5,139,725		5,212,791
Investment securities, net of allowance	2,069,865		2,128,881
Available for sale securities	13,015,986		12,793,784
Fair value option securities	19,172		19,050
Restricted equity securities	389,335		475,209
Residential mortgage loans held for sale	95,494		107,465
Loans:
Commercial	14,877,922		15,623,409
Commercial real estate	5,188,655		5,083,575
Loans to individuals	3,918,484		3,846,597
Total loans	23,985,061		24,553,581
Allowance for loan losses	(284,456)		(287,826)
Loans, net of allowance	23,700,605		24,265,755
Premises and equipment, net	632,819		632,388
Receivables	299,686		334,019
Goodwill	1,044,749		1,044,749
Intangible assets, net	51,205		54,028
Mortgage servicing rights	315,920		333,246
Real estate and other repossessed assets, net	2,625		2,334
Derivative contracts, net	334,382		225,076
Cash surrender value of bank-owned life insurance	413,682		412,278
Receivable on unsettled securities sales	98,526		14,673
Other assets	982,169		1,271,568
Total assets	$	50,081,985	$	50,403,457
Liabilities
Deposits:
Demand	$	8,260,244	$	8,840,178
Interest-bearing transaction	24,312,211		23,107,042
Savings	816,707		830,489
Time	3,837,956		3,463,935
Total deposits	37,227,118		36,241,644
Funds purchased and repurchase agreements	743,903		813,758
Other borrowings	4,729,880		6,528,538
Subordinated debentures	131,188		131,156
Accrued interest, taxes and expense	340,290		305,839
Due on unsettled securities purchases	377,240		347,663
Derivative contracts, net	402,559		287,509
Other liabilities	514,609		515,380
Total liabilities	44,466,787		45,171,487
Shareholders' equity
Capital, surplus and retained earnings	5,947,732		5,834,632
Accumulated other comprehensive loss	(335,289)		(605,502)
Total shareholders’ equity	5,612,443		5,229,130
Non-controlling interests	2,755		2,840
Total equity	5,615,198		5,231,970
Total liabilities and equity	$	50,081,985	$	50,403,457

10

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

AVERAGE BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Assets
Interest-bearing cash and cash equivalents	$	531,811	$	533,760	$	567,680	$	605,839	$	598,734
Trading securities	5,802,448		5,922,891		5,371,209		5,448,403		5,444,587
Investment securities, net of allowance	2,094,408		2,151,079		2,210,040		2,264,194		2,331,595
Available for sale securities	12,939,422		12,755,865		12,537,981		12,063,398		11,925,800
Fair value option securities	19,095		19,170		20,080		20,086		41,741
Restricted equity securities	410,800		453,303		412,376		432,780		445,532
Residential mortgage loans held for sale	95,742		81,371		57,402		61,146		77,208
Loans:
Commercial	15,076,308		15,516,238		14,992,639		14,680,001		14,527,676
Commercial real estate	5,257,842		5,048,704		5,188,152		5,293,021		5,172,876
Loans to individuals	3,970,734		3,820,211		3,767,776		3,732,086		3,713,756
Total loans	24,304,884		24,385,153		23,948,567		23,705,108		23,414,308
Allowance for loan losses	(287,227)		(283,246)		(278,449)		(273,717)		(267,205)
Loans, net of allowance	24,017,657		24,101,907		23,670,118		23,431,391		23,147,103
Total earning assets	45,911,383		46,019,346		44,846,886		44,327,237		44,012,300
Cash and due from banks	884,053		871,171		861,319		883,858		799,291
Derivative contracts, net	294,276		273,052		326,564		372,789		412,707
Cash surrender value of bank-owned life insurance	412,945		410,679		409,230		407,665		408,295
Receivable on unsettled securities sales	216,158		171,344		307,389		276,856		268,344
Other assets	3,438,220		3,449,607		3,276,184		3,445,265		3,418,615
Total assets	$	51,157,035	$	51,195,199	$	50,027,572	$	49,713,670	$	49,319,552
Liabilities
Deposits:
Demand	$	8,273,656	$	8,386,979	$	8,631,416	$	9,378,886	$	10,157,821
Interest-bearing transaction	23,986,697		23,006,204		22,264,259		20,449,370		19,415,599
Savings	820,980		832,704		843,037		845,705		874,530
Time	3,678,964		3,427,336		3,287,179		3,002,252		2,839,947
Total deposits	36,760,297		35,653,223		35,025,891		33,676,213		33,287,897
Funds purchased and repurchase agreements	1,016,688		1,838,323		1,258,044		2,476,973		2,699,027
Other borrowings	6,366,046		7,151,228		6,844,633		7,120,963		6,968,309
Subordinated debentures	131,155		131,156		131,154		131,151		131,151
Derivative contracts, net	466,271		380,942		537,993		524,101		429,989
Due on unsettled securities purchases	348,585		351,199		499,936		363,358		435,927
Other liabilities	618,187		539,485		574,954		483,934		461,686
Total liabilities	45,707,229		46,045,556		44,872,605		44,776,693		44,413,986
Total equity	5,449,806		5,149,643		5,154,967		4,936,977		4,905,566
Total liabilities and equity	$	51,157,035	$	51,195,199	$	50,027,572	$	49,713,670	$	49,319,552

11

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

STATEMENTS OF EARNINGS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Interest revenue	$	680,310	$	617,044	$	1,997,339	$	1,704,140
Interest expense	372,191		316,148		1,099,627		728,635
Net interest income	308,119		300,896		897,712		975,505
Provision for credit losses	2,000		7,000		18,000		40,000
Net interest income after provision for credit losses	306,119		293,896		879,712		935,505
Other operating revenue:
Brokerage and trading revenue	50,391		62,312		162,587		179,714
Transaction card revenue	28,495		26,387		81,234		78,011
Fiduciary and asset management revenue	57,384		52,256		170,265		155,910
Deposit service charges and fees	30,450		27,676		88,707		80,744
Mortgage banking revenue	18,372		13,356		55,967		42,864
Other revenue	17,402		15,865		44,325		47,085
Total fees and commissions	202,494		197,852		603,085		584,328
Other gains, net	13,087		1,474		74,731		16,343
Gain (loss) on derivatives, net	8,991		(9,010)		(733)		(18,513)
Gain (loss) on fair value option securities, net	764		(203)		365		(5,323)
Change in fair value of mortgage servicing rights	(16,453)		8,039		(2,023)		11,241
Loss on available for sale securities, net	(691)		—		(45,828)		(3,010)
Total other operating revenue	208,192		198,152		629,597		585,066
Other operating expense:
Personnel	206,821		190,791		600,564		563,588
Business promotion	7,681		6,958		23,909		23,167
Charitable contributions to BOKF Foundation	—		23		13,610		1,165
Professional fees and services	13,405		13,224		38,746		39,049
Net occupancy and equipment	32,077		32,583		92,615		91,147
FDIC and other insurance	8,186		7,996		24,243		22,285
FDIC special assessment	(1,437)		—		6,207		—
Data processing and communications	47,554		45,672		139,249		135,781
Printing, postage and supplies	3,594		3,760		11,380		11,381
Amortization of intangible assets	2,856		3,474		8,757		10,339
Mortgage banking costs	9,059		8,357		23,946		22,439
Other expense	11,229		11,475		34,873		28,457
Total other operating expense	341,025		324,313		1,018,099		948,798
Net income before taxes	173,286		167,735		491,210		571,773
Federal and state income taxes	33,313		33,256		103,811		123,162
Net income	139,973		134,479		387,399		448,611
Net income (loss) attributable to non-controlling interests	(26)		(16)		(16)		440
Net income attributable to BOK Financial Corporation shareholders	$	139,999	$	134,495	$	387,415	$	448,171
Average shares outstanding:
Basic	63,489,581		65,548,307		63,830,188		65,955,294
Diluted	63,489,581		65,548,307		63,830,188		65,955,294
Net income per share:
Basic	$	2.18	$	2.04	$	6.01	$	6.74
Diluted	$	2.18	$	2.04	$	6.01	$	6.74

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)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Interest revenue	$	680,310	$	671,817	$	645,212	$	638,324	$	617,044
Interest expense	372,191		375,796		351,640		341,649		316,148
Net interest income	308,119		296,021		293,572		296,675		300,896
Provision for credit losses	2,000		8,000		8,000		6,000		7,000
Net interest income after provision for credit losses	306,119		288,021		285,572		290,675		293,896
Other operating revenue:
Brokerage and trading revenue	50,391		53,017		59,179		60,896		62,312
Transaction card revenue	28,495		27,246		25,493		28,847		26,387
Fiduciary and asset management revenue	57,384		57,576		55,305		51,408		52,256
Deposit service charges and fees	30,450		29,572		28,685		27,770		27,676
Mortgage banking revenue	18,372		18,628		18,967		12,834		13,356
Other revenue	17,402		13,988		12,935		15,035		15,865
Total fees and commissions	202,494		200,027		200,564		196,790		197,852
Other gains, net	13,087		57,375		4,269		40,452		1,474
Gain (loss) on derivatives, net	8,991		(1,091)		(8,633)		8,592		(9,010)
Gain (loss) on fair value option securities, net	764		(94)		(305)		1,031		(203)
Change in fair value of mortgage servicing rights	(16,453)		3,453		10,977		(14,356)		8,039
Gain (loss) on available for sale securities, net	(691)		34		(45,171)		(27,626)		—
Total other operating revenue	208,192		259,704		161,701		204,883		198,152
Other operating expense:
Personnel	206,821		191,090		202,653		203,022		190,791
Business promotion	7,681		8,250		7,978		8,629		6,958
Charitable contributions to BOKF Foundation	—		13,610		—		1,542		23
Professional fees and services	13,405		13,331		12,010		16,288		13,224
Net occupancy and equipment	32,077		30,245		30,293		30,355		32,583
FDIC and other insurance	8,186		7,317		8,740		8,495		7,996
FDIC special assessment	(1,437)		1,190		6,454		43,773		—
Data processing and communications	47,554		46,131		45,564		45,584		45,672
Printing, postage and supplies	3,594		3,789		3,997		3,844		3,760
Amortization of intangible assets	2,856		2,898		3,003		3,543		3,474
Mortgage banking costs	9,059		8,532		6,355		8,085		8,357
Other expense	11,229		10,307		13,337		10,923		11,475
Total other operating expense	341,025		336,690		340,384		384,083		324,313
Net income before taxes	173,286		211,035		106,889		111,475		167,735
Federal and state income taxes	33,313		47,303		23,195		28,953		33,256
Net income	139,973		163,732		83,694		82,522		134,479
Net income (loss) attributable to non-controlling interests	(26)		19		(9)		(53)		(16)
Net income attributable to BOK Financial Corporation shareholders	$	139,999	$	163,713	$	83,703	$	82,575	$	134,495
Average shares outstanding:
Basic	63,489,581		63,714,204		64,290,105		64,750,171		65,548,307
Diluted	63,489,581		63,714,204		64,290,105		64,750,171		65,548,307
Net income per share:
Basic	$	2.18	$	2.54	$	1.29	$	1.26	$	2.04
Diluted	$	2.18	$	2.54	$	1.29	$	1.26	$	2.04

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)	Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Capital:
Period end shareholders' equity	$	5,612,443		$	5,229,130		$	5,128,751		$	5,142,442		$	4,814,019
Risk weighted assets	$	38,365,133		$	39,405,794		$	38,952,555		$	38,820,979		$	38,791,023
Risk-based capital ratios:
Common equity Tier 1	12.73		%	12.10		%	11.99		%	12.06		%	12.06		%
Tier 1	12.74		%	12.11		%	12.00		%	12.07		%	12.07		%
Total capital	13.91		%	13.25		%	13.15		%	13.16		%	13.16		%
Leverage ratio	9.67		%	9.39		%	9.42		%	9.45		%	9.52		%
Tangible common equity ratio1	9.22		%	8.38		%	8.21		%	8.29		%	7.74		%
Adjusted tangible common equity ratio1	9.01		%	8.06		%	7.92		%	8.02		%	7.35		%
Common stock:
Book value per share	$	87.53		$	81.54		$	79.50		$	79.15		$	73.31
Tangible book value per share	$	70.44		$	64.41		$	62.42		$	62.15		$	56.40
Market value per share:
High	$	108.01		$	96.41		$	92.08		$	87.52		$	92.41
Low	$	86.43		$	85.02		$	77.86		$	62.42		$	77.61
Cash dividends paid	$	35,147		$	35,288		$	35,568		$	35,739		$	35,655
Dividend payout ratio	25.11		%	21.55		%	42.49		%	43.28		%	26.51		%
Shares outstanding, net	64,118,417			64,127,824			64,515,035			64,967,177			65,664,840
Stock buy-back program:
Shares repurchased	—			412,176			616,630			700,237			700,500
Amount	$	—		$	37,253		$	51,727		$	49,710		$	58,961
Average price paid per share2	$	—		$	90.38		$	83.89		$	70.99		$	84.17
Performance ratios (quarter annualized):
Return on average assets	1.09		%	1.29		%	0.67		%	0.66		%	1.08		%
Return on average equity	10.22		%	12.79		%	6.53		%	6.64		%	10.88		%
Return on average tangible common equity1	12.80		%	16.27		%	8.31		%	8.56		%	14.08		%
Net interest margin	2.68		%	2.56		%	2.61		%	2.64		%	2.69		%
Efficiency ratio1	65.11		%	59.83		%	67.13		%	71.62		%	64.01		%
Other data:
Tax equivalent interest	$	2,385		$	2,196		$	2,100		$	2,112		$	2,214
Net unrealized loss on available for sale securities	$	(307,360)		$	(649,236)		$	(643,259)		$	(616,624)		$	(1,034,520)

14

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Mortgage banking:
Mortgage production revenue	$	1,563		$	2,369		$	3,525		$	(2,535)		$	(1,887)
Mortgage loans funded for sale	$	224,749		$	240,038		$	139,176		$	139,255		$	173,727
Add: Current period end outstanding commitments	70,102			62,960			67,951			34,783			49,284
Less: Prior period end outstanding commitments	62,960			67,951			34,783			49,284			55,031
Total mortgage production volume	$	231,891		$	235,047		$	172,344		$	124,754		$	167,980
Mortgage loan refinances to mortgage loans funded for sale	11		%	7		%	10		%	10		%	9		%
Realized margin on funded mortgage loans	0.93		%	0.97		%	1.46		%	(0.98)		%	(0.94)		%
Production revenue as a percentage of production volume	0.67		%	1.01		%	2.05		%	(2.03)		%	(1.12)		%
Mortgage servicing revenue	$	16,809		$	16,259		$	15,442		$	15,369		$	15,243
Average outstanding principal balance of mortgage loans serviced for others	$	22,212,755		$	22,287,559		$	21,088,898		$	20,471,030		$	20,719,116
Average mortgage servicing revenue rates	0.30		%	0.29		%	0.29		%	0.30		%	0.29		%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	11,357		$	(3,484)		$	(9,357)		$	8,275		$	(8,980)
Gain (loss) on fair value option securities, net	764			(94)			(305)			1,031			(203)
Gain (loss) on economic hedge of mortgage servicing rights	12,121			(3,578)			(9,662)			9,306			(9,183)
Change in fair value of mortgage servicing rights	(16,453)			3,453			10,977			(14,356)			8,039
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue	(4,332)			(125)			1,315			(5,050)			(1,144)
Net interest expense on fair value option securities3	(146)			(96)			(155)			(101)			(112)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	(4,478)		$	(221)		$	1,160		$	(5,151)		$	(1,256)

1 See Reconciliation of Non-GAAP Measures following.

2 Excludes 1% excise tax on corporate stock repurchases.

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

15

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratio and share data)	Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,612,443		$	5,229,130		$	5,128,751		$	5,142,442		$	4,814,019
Less: Goodwill and intangible assets, net	1,095,954			1,098,777			1,101,643			1,104,728			1,110,553
Tangible common equity	4,516,489			4,130,353			4,027,108			4,037,714			3,703,466
Add: Unrealized loss on investment securities, net	(132,192)			(204,636)			(185,978)			(171,903)			(246,395)
Add: Tax effect on unrealized loss on investment securities, net	31,090			48,128			43,740			40,430			57,949
Adjusted tangible common equity	$	4,415,387		$	3,973,845		$	3,884,870		$	3,906,241		$	3,515,020
Total assets	$	50,081,985		$	50,403,457		$	50,160,380		$	49,824,830		$	48,931,397
Less: Goodwill and intangible assets, net	1,095,954			1,098,777			1,101,643			1,104,728			1,110,553
Tangible assets	$	48,986,031		$	49,304,680		$	49,058,737		$	48,720,102		$	47,820,844
Tangible common equity ratio	9.22		%	8.38		%	8.21		%	8.29		%	7.74		%
Adjusted tangible common equity ratio	9.01		%	8.06		%	7.92		%	8.02		%	7.35		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,446,998		$	5,146,785		$	5,152,061		$	4,933,917		$	4,902,119
Less: Average goodwill and intangible assets, net	1,097,317			1,100,139			1,103,090			1,107,949			1,112,217
Average tangible common equity	$	4,349,681		$	4,046,646		$	4,048,971		$	3,825,968		$	3,789,902
Net income	$	139,999		$	163,713		$	83,703		$	82,575		$	134,495
Return on average tangible common equity	12.80		%	16.27		%	8.31		%	8.56		%	14.08		%
Reconciliation of pre-provision net revenue:
Net income before taxes	$	173,286		$	211,035		$	106,889		$	111,475		$	167,735
Add: Provision for expected credit losses	2,000			8,000			8,000			6,000			7,000
Less: Net income (loss) attributable to non-controlling interests	(26)			19			(9)			(53)			(16)
Pre-provision net revenue	$	175,312		$	219,016		$	114,898		$	117,528		$	174,751
Calculation of efficiency ratio:
Total other operating expense	$	341,025		$	336,690		$	340,384		$	384,083		$	324,313
Less: Amortization of intangible assets	2,856			2,898			3,003			3,543			3,474
Numerator for efficiency ratio	$	338,169		$	333,792		$	337,381		$	380,540		$	320,839
Net interest income	$	308,119		$	296,021		$	293,572		$	296,675		$	300,896
Tax-equivalent adjustment	2,385			2,196			2,100			2,112			2,214
Tax-equivalent net interest income	310,504			298,217			295,672			298,787			303,110
Total other operating revenue	208,192			259,704			161,701			204,883			198,152
Less: Gain (loss) on available for sale securities, net	(691)			34			(45,171)			(27,626)			—
Denominator for efficiency ratio	$	519,387		$	557,887		$	502,544		$	531,296		$	501,262
Efficiency ratio	65.11		%	59.83		%	67.13		%	71.62		%	64.01		%

16

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratio and share data)	Sep. 30, 2024			June 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Information on net interest income and net interest margin excluding trading activities:
Net interest income	$	308,119		$	296,021		$	293,572		$	296,675		$	300,896
Less: Trading activities net interest income	3,751			(275)			(498)			(3,305)			(7,343)
Net interest income excluding trading activities	304,368			296,296			294,070			299,980			308,239
Tax-equivalent adjustment	2,385			2,196			2,100			2,112			2,214
Tax-equivalent net interest income excluding trading activities	$	306,753		$	298,492		$	296,170		$	302,092		$	310,453
Average interest-earning assets	$	45,911,383		$	46,019,346		$	44,846,886		$	44,327,237		$	44,012,300
Less: Average trading activities interest-earning assets	5,802,448			5,922,891			5,371,209			5,448,403			5,444,587
Average interest-earning assets excluding trading activities	$	40,108,935		$	40,096,455		$	39,475,677		$	38,878,834		$	38,567,713
Net interest margin on average interest-earning assets	2.68		%	2.56		%	2.61		%	2.64		%	2.69		%
Net interest margin on average trading activities interest-earning assets	0.29		%	(0.05)		%	(0.07)		%	(0.20)		%	(0.49)		%
Net interest margin on average interest-earning assets excluding trading activities	3.02		%	2.94		%	2.97		%	3.03		%	3.14		%

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.

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

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

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

17

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Commercial:
Healthcare	$	4,149,069	$	4,231,058	$	4,245,939	$	4,143,233	$	4,083,134
Services	3,573,670		3,577,144		3,529,421		3,576,223		3,566,361
Energy	3,126,635		3,451,485		3,443,719		3,437,101		3,490,602
General business	4,028,548		4,363,722		3,913,788		3,647,212		3,579,742
Total commercial	14,877,922		15,623,409		15,132,867		14,803,769		14,719,839
Commercial real estate:
Multifamily	2,109,445		1,997,282		1,960,839		1,872,760		1,734,688
Industrial	1,270,928		1,214,991		1,343,970		1,475,165		1,432,629
Office	815,966		876,897		901,105		909,442		981,876
Retail	521,874		547,706		543,735		592,632		608,073
Residential construction and land development	105,048		88,252		83,906		95,052		100,465
Other commercial real estate	365,394		358,447		403,122		392,596		383,569
Total commercial real estate	5,188,655		5,083,575		5,236,677		5,337,647		5,241,300
Loans to individuals:
Residential mortgage	2,370,293		2,281,226		2,192,584		2,160,640		2,090,992
Residential mortgages guaranteed by U.S. government agencies	127,747		131,825		139,456		149,807		161,092
Personal	1,420,444		1,433,546		1,470,976		1,453,105		1,510,795
Total loans to individuals	3,918,484		3,846,597		3,803,016		3,763,552		3,762,879
Total	$	23,985,061	$	24,553,581	$	24,172,560	$	23,904,968	$	23,724,018

18

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Texas:
Commercial	$	7,437,800	$	7,879,143	$	7,515,070	$	7,384,107	$	7,249,963
Commercial real estate	1,816,276		1,754,087		1,935,728		1,987,037		1,873,477
Loans to individuals	880,213		908,920		964,464		914,134		961,299
Total Texas	10,134,289		10,542,150		10,415,262		10,285,278		10,084,739
Oklahoma:
Commercial	3,440,385		3,619,136		3,478,146		3,275,907		3,384,627
Commercial real estate	557,025		556,971		605,419		606,515		601,087
Loans to individuals	2,367,725		2,273,240		2,176,268		2,147,782		2,100,974
Total Oklahoma	6,365,135		6,449,347		6,259,833		6,030,204		6,086,688
Colorado:
Commercial	2,175,540		2,220,887		2,244,416		2,273,179		2,219,460
Commercial real estate	835,478		806,522		766,100		769,329		710,552
Loans to individuals	216,938		217,990		221,291		228,257		227,569
Total Colorado	3,227,956		3,245,399		3,231,807		3,270,765		3,157,581
Arizona:
Commercial	1,064,380		1,104,875		1,149,394		1,143,682		1,173,491
Commercial real estate	1,115,928		1,045,837		1,007,972		1,003,331		1,014,151
Loans to individuals	218,340		208,419		218,664		248,873		260,282
Total Arizona	2,398,648		2,359,131		2,376,030		2,395,886		2,447,924
Kansas/Missouri:
Commercial	306,370		336,232		320,609		331,179		307,725
Commercial real estate	438,424		482,249		497,036		511,947		547,708
Loans to individuals	158,524		157,750		141,767		144,958		132,137
Total Kansas/Missouri	903,318		976,231		959,412		988,084		987,570
New Mexico:
Commercial	324,605		318,711		317,651		291,736		297,714
Commercial real estate	386,037		367,678		352,559		389,106		405,989
Loans to individuals	64,511		67,747		67,814		67,485		69,418
Total New Mexico	775,153		754,136		738,024		748,327		773,121
Arkansas:
Commercial	128,842		144,425		107,581		103,979		86,859
Commercial real estate	39,487		70,231		71,863		70,382		88,336
Loans to individuals	12,233		12,531		12,748		12,063		11,200
Total Arkansas	180,562		227,187		192,192		186,424		186,395
Total BOK Financial	$	23,985,061	$	24,553,581	$	24,172,560	$	23,904,968	$	23,724,018

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

19

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Oklahoma:
Demand	$	3,491,996	$	3,721,009	$	3,365,529	$	3,586,091	$	4,019,019
Interest-bearing:
Transaction	12,474,626		12,115,793		12,362,193		10,929,704		9,970,955
Savings	490,957		496,289		509,775		500,313		508,619
Time	2,462,463		2,157,778		2,136,583		1,984,336		2,019,749
Total interest-bearing	15,428,046		14,769,860		15,008,551		13,414,353		12,499,323
Total Oklahoma	18,920,042		18,490,869		18,374,080		17,000,444		16,518,342
Texas:
Demand	2,228,690		2,448,433		2,201,561		2,306,334		2,599,998
Interest-bearing:
Transaction	6,191,794		5,425,670		5,125,834		5,035,856		5,046,288
Savings	152,392		150,812		157,108		155,652		154,863
Time	648,796		626,724		605,526		492,753		436,218
Total interest-bearing	6,992,982		6,203,206		5,888,468		5,684,261		5,637,369
Total Texas	9,221,672		8,651,639		8,090,029		7,990,595		8,237,367
Colorado:
Demand	1,195,637		1,244,848		1,316,971		1,633,672		1,598,622
Interest-bearing:
Transaction	1,935,685		1,921,671		1,951,232		1,921,605		1,888,026
Savings	56,275		61,184		63,675		67,646		63,129
Time	279,887		261,237		237,656		201,393		185,030
Total interest-bearing	2,271,847		2,244,092		2,252,563		2,190,644		2,136,185
Total Colorado	3,467,484		3,488,940		3,569,534		3,824,316		3,734,807
New Mexico:
Demand	628,594		661,677		683,643		794,467		853,571
Interest-bearing:
Transaction	1,275,502		1,323,750		1,085,946		886,089		1,049,903
Savings	90,867		92,910		95,944		95,453		97,753
Time	336,830		314,133		298,556		258,195		217,535
Total interest-bearing	1,703,199		1,730,793		1,480,446		1,239,737		1,365,191
Total New Mexico	2,331,793		2,392,470		2,164,089		2,034,204		2,218,762
Arizona:
Demand	435,553		448,587		502,143		524,167		522,142
Interest-bearing:
Transaction	1,237,811		1,227,895		1,181,539		1,174,715		903,535
Savings	11,228		11,542		12,024		11,636		12,340
Time	59,508		56,102		46,962		41,884		36,689
Total interest-bearing	1,308,547		1,295,539		1,240,525		1,228,235		952,564
Total Arizona	1,744,100		1,744,126		1,742,668		1,752,402		1,474,706

20

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

(In thousands)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Kansas/Missouri:
Demand	255,950		291,045		316,041		326,496		351,236
Interest-bearing:
Transaction	1,134,544		1,040,114		985,706		966,166		981,091
Savings	11,896		14,998		13,095		13,821		14,331
Time	35,316		32,921		30,411		23,955		22,437
Total interest-bearing	1,181,756		1,088,033		1,029,212		1,003,942		1,017,859
Total Kansas/Missouri	1,437,706		1,379,078		1,345,253		1,330,438		1,369,095
Arkansas:
Demand	23,824		24,579		28,168		25,266		29,635
Interest-bearing:
Transaction	62,249		52,149		55,735		49,966		57,381
Savings	3,092		2,754		2,776		2,564		2,898
Time	15,156		15,040		11,215		9,506		9,559
Total interest-bearing	80,497		69,943		69,726		62,036		69,838
Total Arkansas	104,321		94,522		97,894		87,302		99,473
Total BOK Financial	$	37,227,118	$	36,241,644	$	35,383,547	$	34,019,701	$	33,652,552

21

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

NET INTEREST MARGIN TREND – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Tax-equivalent asset yields:
Interest-bearing cash and cash equivalents	5.33	%	5.86	%	4.96	%	5.30	%	5.43	%
Trading securities	5.36	%	5.06	%	5.12	%	5.05	%	4.76	%
Investment securities, net of allowance	1.41	%	1.41	%	1.42	%	1.42	%	1.43	%
Available for sale securities	3.76	%	3.71	%	3.48	%	3.27	%	3.11	%
Fair value option securities	3.69	%	3.68	%	3.59	%	3.57	%	4.61	%
Restricted equity securities	8.20	%	8.11	%	8.59	%	8.01	%	7.88	%
Residential mortgage loans held for sale	6.15	%	6.50	%	6.25	%	6.59	%	6.27	%
Loans	7.47	%	7.41	%	7.40	%	7.36	%	7.25	%
Allowance for loan losses
Loans, net of allowance	7.55	%	7.49	%	7.48	%	7.45	%	7.33	%
Total tax-equivalent yield on earning assets	5.89	%	5.80	%	5.73	%	5.64	%	5.49	%
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing transaction	3.78	%	3.76	%	3.68	%	3.44	%	3.18	%
Savings	0.60	%	0.58	%	0.57	%	0.53	%	0.47	%
Time	4.56	%	4.51	%	4.54	%	4.13	%	3.96	%
Total interest-bearing deposits	3.79	%	3.76	%	3.69	%	3.43	%	3.17	%
Funds purchased and repurchase agreements	3.89	%	4.28	%	4.05	%	4.79	%	4.81	%
Other borrowings	5.55	%	5.58	%	5.56	%	5.55	%	5.48	%
Subordinated debt	7.15	%	7.07	%	7.09	%	7.09	%	7.02	%
Total cost of interest-bearing liabilities	4.11	%	4.15	%	4.08	%	3.98	%	3.81	%
Tax-equivalent net interest spread	1.78	%	1.65	%	1.65	%	1.66	%	1.68	%
Effect of noninterest-bearing funding sources and other	0.90	%	0.91	%	0.96	%	0.98	%	1.01	%
Tax-equivalent net interest margin	2.68	%	2.56	%	2.61	%	2.64	%	2.69	%

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.

22

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

CREDIT QUALITY INDICATORS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended
(In thousands, except ratios)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy	$	28,986	$	28,668	$	14,991	$	17,843	$	19,559
Healthcare	15,927		20,845		49,307		81,529		41,836
Services	1,425		3,165		3,319		3,616		2,820
General business	5,334		5,756		7,003		7,143		6,483
Total commercial	51,672		58,434		74,620		110,131		70,698
Commercial real estate	12,364		12,883		22,087		7,320		7,418
Loans to individuals:
Permanent mortgage	13,688		12,627		13,449		18,056		30,954
Permanent mortgage guaranteed by U.S. government agencies	6,520		6,617		9,217		9,709		10,436
Personal	71		122		142		253		79
Total loans to individuals	20,279		19,366		22,808		28,018		41,469
Total nonaccruing loans	84,315		90,683		119,515		145,469		119,585
Real estate and other repossessed assets	2,625		2,334		2,860		2,875		3,753
Total nonperforming assets	$	86,940	$	93,017	$	122,375	$	148,344	$	123,338
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	80,420	$	86,400	$	113,158	$	138,635	$	112,902
Accruing loans 90 days past due1	$	597	$	2,962	$	—	$	170	$	64
Gross charge-offs	$	2,496	$	7,940	$	7,060	$	5,007	$	10,593
Recoveries	(2,550)		(995)		(1,600)		(911)		(4,062)
Net charge-offs (recoveries)	$	(54)	$	6,945	$	5,460	$	4,096	$	6,531
Provision for loan losses	$	(3,424)	$	13,148	$	9,960	$	9,105	$	15,931
Provision for credit losses from off-balance sheet unfunded loan commitments	5,430		(4,983)		(1,658)		(3,627)		(7,336)
Provision for expected credit losses from mortgage banking activities	47		(153)		(265)		530		(1,474)
Provision for credit losses related to held-to maturity (investment) securities portfolio	(53)		(12)		(37)		(8)		(121)
Total provision for credit losses	$	2,000	$	8,000	$	8,000	$	6,000	$	7,000

23

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

	Three Months Ended
(In thousands, except ratios)	Sep. 30, 2024		June 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Allowance for loan losses to period end loans	1.19	%	1.17	%	1.17	%	1.16	%	1.15	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans	1.39	%	1.34	%	1.36	%	1.36	%	1.37	%
Nonperforming assets to period end loans and repossessed assets	0.36	%	0.38	%	0.51	%	0.62	%	0.52	%
Net charge-offs (annualized) to average loans	—	%	0.11	%	0.09	%	0.07	%	0.11	%
Allowance for loan losses to nonaccruing loans1	365.65	%	342.38	%	255.33	%	204.13	%	249.31	%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	427.05	%	392.74	%	298.23	%	240.20	%	297.50	%

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

24

BOK Financial Corporation quarterly earnings release Exhibit 99.1(b)

SEGMENTS – UNAUDITED

BOK FINANCIAL CORPORATION

	Three Months Ended						3Q24 vs 2Q24				3Q24 vs 3Q23
(In thousands, except ratios)	Sep. 30, 2024		June 30, 2024		Sep. 30, 2023		Change		% Change		Change		% Change
Commercial Banking:
Net interest income	$	207,610	$	203,756	$	214,143	$	3,854	1.9	%	$	(6,533)	(3.1)	%
Fees and commissions revenue	55,865		53,720		57,858		2,145		4.0	%	(1,993)		(3.4)	%
Combined net interest income and fee revenue	263,475		257,476		272,001		5,999		2.3	%	(8,526)		(3.1)	%
Other operating expense	78,387		76,114		83,256		2,273		3.0	%	(4,869)		(5.8)	%
Corporate expense allocations	17,371		17,381		17,838		(10)		(0.1)	%	(467)		(2.6)	%
Net income	129,854		119,579		125,938		10,275		8.6	%	3,916		3.1	%
Average assets	30,657,285		30,305,613		28,867,129		351,672		1.2	%	1,790,156		6.2	%
Average loans	20,340,512		20,403,837		19,645,259		(63,325)		(0.3)	%	695,253		3.5	%
Average deposits	17,131,237		16,189,003		15,115,313		942,234		5.8	%	2,015,924		13.3	%
Consumer Banking:
Net interest income	$	65,263	$	65,164	$	66,378	$	99	0.2	%	$	(1,115)	(1.7)	%
Fees and commissions revenue	36,699		36,252		30,715		447		1.2	%	5,984		19.5	%
Combined net interest income and fee revenue	101,962		101,416		97,093		546		0.5	%	4,869		5.0	%
Other operating expense	57,779		55,128		54,497		2,651		4.8	%	3,282		6.0	%
Corporate expense allocations	13,298		13,392		11,920		(94)		(0.7)	%	1,378		11.6	%
Net income	18,948		24,117		22,651		(5,169)		(21.4)	%	(3,703)		(16.3)	%
Average assets	9,804,990		9,630,470		9,379,478		174,520		1.8	%	425,512		4.5	%
Average loans	2,057,870		1,975,106		1,812,606		82,764		4.2	%	245,264		13.5	%
Average deposits	8,136,312		8,073,782		7,936,186		62,530		0.8	%	200,126		2.5	%
Wealth Management:
Net interest income	$	33,185	$	29,501	$	22,667	$	3,684	12.5	%	$	10,518	46.4	%
Fees and commissions revenue	112,457		113,208		123,614		(751)		(0.7)	%	(11,157)		(9.0)	%
Combined net interest income and fee revenue	145,642		142,709		146,281		2,933		2.1	%	(639)		(0.4)	%
Other operating expense	93,539		90,214		89,108		3,325		3.7	%	4,431		5.0	%
Corporate expense allocations	13,458		16,484		14,562		(3,026)		(18.4)	%	(1,104)		(7.6)	%
Net income	29,616		27,497		32,519		2,119		7.7	%	(2,903)		(8.9)	%
Average assets	16,344,623		16,452,098		14,740,641		(107,475)		(0.7)	%	1,603,982		10.9	%
Average loans	2,151,196		2,199,747		2,219,829		(48,551)		(2.2)	%	(68,633)		(3.1)	%
Average deposits	9,837,888		9,551,307		7,886,962		286,581		3.0	%	1,950,926		24.7	%
Fiduciary assets	63,703,618		61,917,694		56,380,009		1,785,924		2.9	%	7,323,609		13.0	%
Assets under management or administration	110,702,612		107,477,030		99,004,179		3,225,582		3.0	%	11,698,433		11.8	%

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

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