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Section 1: 8-K (8-K)

bokf-20201021
0000875357false00008753572020-10-212020-10-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
October 21, 2020

Commission File No. 0-19341

BOK FINANCIAL CORP ET AL
(Exact name of registrant as specified in its charter)
Oklahoma 73-1373454
(State or other jurisdiction
of Incorporation or Organization)
 (IRS Employer
Identification No.)
  
Bank of Oklahoma Tower  
Boston Avenue at Second Street  
Tulsa,Oklahoma 74192
(Address of Principal Executive Offices) (Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

N/A
___________________________________________
(Former name or former address, if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨





INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On October 21, 2020, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three and nine months ended September 30, 2020 (“Press Release”). The full text of the Press Release is attached as Exhibit 99(a) to this report and is incorporated herein by reference. On October 21, 2020, in connection with the issuance of the Press Release, BOK Financial released financial information related to the three and nine months ended September 30, 2020 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99(b) to this report and is incorporated herein by reference.


ITEM 9.01. Financial Statements and Exhibits.

(a)Exhibits

99    Text of Press Release, dated October 21, 2020, titled "BOK Financial Corporation Reports Record Quarterly Earnings of $154 million or $2.19 Per Share in the Third Quarter" and Financial Information for the Three and Nine Months Ended September 30, 2020.
     101        Interactive Data Files.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


                        BOK FINANCIAL CORPORATION




                        By: /s/ Steven E. Nell            
                         Steven E. Nell
                         Executive Vice President
                         Chief Financial Officer
Date: October 21, 2020


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Section 2: EX-99 (EX-99)

Document

Exhibit 99(a)
405636713_image1.jpg
                                                    NASD: BOKF
BOK Financial Corporation Reports Record Quarterly Earnings of $154 million or $2.19 Per Share in the Third Quarter
CEO Commentary
"Building off prior quarters, our large percentage of fee-based revenues provided a differentiated earnings outcome compared to many similar-sized financial institutions," said Steven G. Bradshaw, president and chief executive officer. "Both our Wealth Management and Mortgage businesses delivered impressively in a time of compressed net interest margin and unsure credit outcomes across the industry."

Bradshaw continued, "Beyond the financial success we've had this quarter, I'm incredibly proud of the impact we've made in our communities. We have increased our charitable investments from the BOKF Foundation and our employees also stepped up their collective volunteer hours to help address needs across our communities. Our top ranking in the 2020 American Banker reputation survey is a testament to the level of leadership and engagement our employees provide in our banking communities. We have earned the reputation as an organization known for unwavering integrity, and that is demonstrated in everything that we do. Whether it's the role we play in our communities or the financial results for our shareholders - it's more about actions than words at BOK Financial."
Third Quarter 2020 Financial Highlights
Net income was $154.0 million or $2.19 per diluted share for the third quarter of 2020 and $64.7 million or $0.92 per diluted share for the second quarter of 2020. Pre-provision net revenue was $204.6 million for the third quarter of 2020 compared to $215.0 million for the prior quarter. No provision for expected credit losses was necessary in the third quarter, while the second quarter of 2020 included a pre-tax provision for expected credit losses of $135.3 million. Our forecasts of economic conditions have improved since the previous quarter.
Net interest revenue totaled $271.8 million, a decrease of $6.4 million. Discount accretion on acquired loans totaled $13.3 million in the third quarter of 2020 and $3.3 million in the prior quarter. Net interest margin was 2.81 percent compared to 2.83 percent in the second quarter of 2020. Excluding discount accretion, net interest margin was 2.67 percent compared to 2.80 percent in the prior quarter.
Fees and commissions revenue totaled $222.9 million, an increase of $9.2 million. Brokerage and trading revenue increased $7.5 million, largely due to an increase trading revenue and customer hedging revenue.
Operating expense was $301.3 million, an increase of $5.9 million. Personnel expense increased $3.6 million. Incentive compensation increased $5.6 million, largely related to vesting assumptions regarding the Company's earnings per share growth relative to a defined peer group. Non-personnel expense increased $2.3 million compared to the second quarter of 2020. Increases in net losses and expenses on two repossessed properties, professional fees and data processing and communications expense were partially offset by decreases in occupancy and equipment expense and other expenses. In addition, the second quarter of 2020 included a $3.0 million charitable contribution to the BOKF Foundation.
Changes in the fair value of mortgage servicing rights and related economic hedges added $6.5 million during the third quarter of 2020 and $9.3 million in the prior quarter.
Period-end loans decreased $353 million to $23.8 billion at September 30, 2020, primarily due to continued paydowns of commercial loans. Average loans were relatively consistent with the second quarter at $24.1 billion.
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The allowance for loan losses totaled $420 million or 1.76 percent of outstanding loans at September 30, 2020. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $448 million or 1.88 percent of outstanding loans at September 30, 2020. Excluding Paycheck Protection Program (PPP) loans, the allowance for loan losses was 1.93 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 2.06 percent. Excluding PPP loans, the allowance for loan losses was $436 million or 1.97 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $469 million or 2.12 percent of outstanding loans at June 30, 2020.
Average deposits increased $2.0 billion to $34.6 billion and period-end deposits increased $1.1 billion to $35.0 billion, largely due to growth in commercial and wealth management balances. Continued deposit growth was due primarily to customers retaining higher balances in the current economic environment.
The company's common equity Tier 1 capital ratio was 12.07 percent at September 30, 2020. In addition, the company's Tier 1 capital ratio was 12.07 percent, total capital ratio was 14.05 percent, and leverage ratio was 8.39 percent at September 30, 2020. At June 30, 2020, the company's common equity Tier 1 capital ratio was 11.44 percent, Tier 1 capital ratio was 11.44 percent, total capital ratio was 13.43 percent, and leverage ratio was 7.74 percent.
Third Quarter 2020 Business Segment Highlights
Commercial Banking contributed $75.1 million to net income, a decrease of $5.9 million compared to the second quarter. Net interest revenue increased $4.8 million, including higher discount accretion. Net loans charged off increased $8.8 million. Fees and commissions revenue increased $3.6 million led by increased customer hedging and loan syndication activity. Operating expense increased $3.9 million, largely due to increases in incentive compensation and deposit insurance expense. Net losses and expenses on repossessed assets also increased $4.5 million due to impairment of a set of oil and gas properties and a retail commercial real estate property. Average Commercial Banking loans decreased $585 million due to repayment of defensive draws taken earlier in the year and purposeful deleveraging by our customers. Commercial deposits grew more than 5 percent to $14.6 billion in the third quarter.
Consumer Banking contributed $26.3 million to net income, a decrease of $5.6 million compared to the second quarter. Net interest revenue decreased $6.1 million, largely due to lower yields on deposits sold to our Funds Management unit and compressed loan spreads. Fees and commissions revenue was largely unchanged compared to the prior quarter. While mortgage production revenue decreased slightly compared to the prior quarter, it was another strong quarter for our mortgage banking business. Low mortgage interest rates continue to result in high volumes and increased margins. Deposit service charges increased in the current quarter as many "stay at home" orders have been lifted and consumer activity starts to return to more normal levels. Changes in the fair value of mortgage servicing rights and related economic hedges provided $6.5 million during the third quarter of 2020 and $9.3 million in the prior quarter.
Wealth Management contributed $31.2 million to net income, a decrease of $2.2 million compared to the second quarter. This segment produced another record quarter for total revenue. While net interest revenue decreased $3.9 million due to lower yields on deposits sold to our Funds Management unit, fees and commissions grew by $4.9 million. Increases in trading revenue of $3.0 million and other revenue of $2.3 million were partially offset by a decrease in fiduciary and asset management revenue. We continue to maintain an increased trading pipeline to provide greater liquidity to the housing market during this time of low interest rates. Deposit growth remains strong with total average deposits growing $704 million or 8 percent compared to the previous quarter. Assets under management or administration totaled $82.4 billion, up $3.0 billion since June 30.
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Net Interest Revenue
Net interest revenue was $271.8 million for the third quarter of 2020, a $6.4 million decrease compared to the second quarter of 2020. Net purchase accounting discount accretion on acquired loans totaled $13.3 million in the third quarter of 2020 and $3.3 million in the second quarter of 2020. Increased accretion was primarily due to early payoffs of acquired loans.
Average earning assets decreased $681 million compared to the second quarter of 2020. Fair value option securities, held as an economic hedge of the changes in fair value of our mortgage servicing rights, decreased $399 million and restricted equity securities decreased $130 million. Residential mortgage loans held for sale decreased $75 million while interest-bearing cash and cash equivalents decreased $67 million. Average loan balances remained largely unchanged. Available for sale securities increased $101 million. Average interest-bearing deposits grew by $1.5 billion, primarily due to interest-bearing transaction deposits. Funds purchased and repurchase agreements decreased $3.0 billion and other borrowings decreased $145 million.
Net interest margin was 2.81 percent compared to 2.83 percent in the second quarter of 2020. Excluding discount accretion on acquired loans, net interest margin was 2.67 percent compared to 2.80 percent in the prior quarter. Recent interest rate cuts continue to compress the net interest margin. While the company has been proactive in reducing deposit costs and implementing LIBOR floors in loan agreements to support the margin, funds received from available for sale securities continue to be reinvested at lower rates.
The yield on average earning assets was 3.04 percent, an 8 basis point decrease from the prior quarter. The yield on the available for sale securities portfolio decreased 18 basis points to 2.11 percent and the loan portfolio yield decreased 3 basis points to 3.60 percent. Excluding loan discount accretion, the yield on average earning assets was 2.91 percent, down 18 basis points and the loan portfolio yield was 3.38 percent, down 20 basis points from the previous quarter. The yield on fair value option securities decreased 8 basis points to 1.92 percent.
Funding costs were 0.31 percent, down 6 basis points. The cost of interest-bearing deposits decreased 8 basis points to 0.26 percent. The cost of other borrowed funds was down 1 basis point to 0.31 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 8 basis points for the third quarter of 2020, consistent with the prior quarter.
Fees and Commissions Revenue
Fees and commissions revenue totaled $222.9 million for the third quarter of 2020, an increase of $9.2 million over the second quarter of 2020, led by continued growth in brokerage and trading revenue.
Brokerage and trading revenue increased $7.5 million to $69.5 million. Trading revenue increased $3.0 million. The low mortgage interest rate environment continues to drive our U.S. agency mortgage-backed securities trading activity. Customer hedging revenue increased $2.4 million as energy customers increased hedging activities in the volatile environment. Investment banking revenue also grew by $1.8 million largely due to loan syndication activity.
Deposit service charges increased $2.2 million compared to the first quarter. As "stay at home" orders have been lifted and customer activity returns to normal, we have seen service charges return to a more normal level as well. Other revenue increased $2.2 million.
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Mortgage banking revenue decreased $2.0 million to $52.0 million, primarily due to a reduction of mortgage servicing revenue. During the second quarter of 2020, we completed a sale of mortgage servicing rights on $1.6 billion of unpaid principal balance, primarily related to loans guaranteed by the Veteran's Administration. Mortgage production revenue remained very strong at $38.4 million, decreasing only slightly from the previous quarter.
Fiduciary and asset management revenue decreased $1.3 million compared to the second quarter of 2020, largely due to a decrease from seasonal tax preparation fees earned in the second quarter.
Operating Expense
Total operating expense was $301.3 million for the third quarter of 2020, an increase of $5.9 million compared to the second quarter of 2020.
Personnel expense increased $3.6 million. Stock based incentive compensation increased $5.9 million due to changes related to vesting assumptions regarding the Company's earnings per share growth relative to a defined peer group. Cash based incentive compensation increased $3.1 million, primarily due to increased securities trading activity. Deferred compensation, which is largely offset by a decrease in the value of related investments included in Other gains (losses), decreased $3.5 million. Regular compensation decreased $2.6 million, primarily related to unfilled positions due to attrition.
Non-personnel expense increased $2.3 million over the second quarter of 2020. Net losses and expenses on repossessed assets increased $4.5 million, largely due to write-downs on a set of oil and gas properties and a retail commercial real estate property. Professional fees and services expense increased $1.9 million due mainly to higher legal fees. Data processing and communications expense increased $1.8 million due to continued investment in technology.
Occupancy and equipment expense decreased $2.6 million, primarily related to impairment charges incurred in the second quarter and other expense decreased $1.8 million. We also made a charitable contribution of $3.0 million to the BOKF Foundation in the second quarter.
Income Taxes

The effective tax rate was 24.7 percent for the third quarter of 2020, an increase from 19.7 percent for the second quarter of 2020. An increase in forecasted pre-tax income for 2020 and the completion of 2019 tax returns drove the increase in effective tax rate for the quarter. The effective tax rate excluding these items was 21.7 percent. 
Loans, Deposits and Capital
Loans
Outstanding loans were $23.8 billion at September 30, 2020, a $353 million decrease compared to June 30, 2020, primarily due to commercial loan payoffs.
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Outstanding core commercial loan balances decreased $593 million or 4 percent compared to June 30, 2020, primarily due to continued pay downs. Although the primary source of repayment of our commercial loan portfolio is the on-going cash flow from operations of the customer's business, loans are generally governed by a borrowing base and secured by the customer’s assets.
Energy loan balances decreased $257 million to $3.7 billion or 16 percent of total loans. The current commodity price environment is continuing to dampen demand for new loans and borrowers are paying down debt to reduce leverage. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 67 percent of committed production loans are secured by properties primarily producing oil. The remaining 33 percent is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $2.3 billion at September 30, 2020, a $214 million decrease compared to June 30, 2020, and a $660 million decrease compared to December 31, 2019, largely as a result of the semi-annual borrowing base redetermination process in the second quarter.
Healthcare sector loan balances increased $36 million to $3.3 billion or 14 percent of total loans, primarily due to growth in loans to senior housing and care facilities. Our healthcare sector loans primarily consist of $2.5 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 that serves to help diversify risks specific to a single facility. The remaining balance is composed of hospitals and other medical service providers impacted by a deferral of elective procedures. The CARES Act does include multiple revenue enhancement measures for both hospitals and skilled nursing facilities as they manage through the risks of the virus.
General business loans decreased $138 million to $3.0 billion or 13 percent of total loans. General business loans include $1.7 billion of wholesale/retail loans and $748 million of loans from other commercial industries. Broad pay downs across our core commercial and industrial loan book contracted the portfolio.
Services loan balances decreased $234 million to $3.5 billion or 15 percent of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, educational services, consumer services and commercial services.
Although not a significant portion of our commercial portfolio, our services and general business loans also include areas we consider to be more exposed to the economic slowdown as a result of the social distancing measures in place to combat the COVID-19 pandemic such as entertainment and recreation, retail, hotels, churches, airline travel, and higher education that are dependent on large social gatherings to remain profitable. This represents less than 7 percent of our total portfolio. Some of these borrowers have participated in the PPP, which has provided some measure of relief. We will continue to monitor these areas closely in the coming months.
Commercial real estate loan balances were up $140 million over June 30, 2020 and represent 20 percent of total loans at September 30, 2020. Loans secured by office buildings increased $126 million to $1.1 billion. Loans secured by industrial facilities increased $69 million. Loans secured by other commercial real estate properties decreased $26 million to $507 million. Multifamily residential loans, our largest exposure in commercial real estate, decreased $20 million to $1.4 billion at September 30, 2020. Loans secured by retail facilities were $786 million at September 30, 2020, largely unchanged from the prior quarter. Loans secured by retail facilities and office buildings may be impacted by measures being taken to hinder the spread of the virus as well as changes in consumer behavior.
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Loans to individuals increased $85 million, primarily due to an increase in residential mortgage loans guaranteed by U.S. government agencies. The Company may repurchase loans previously sold into GNMA mortgage pools when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet. Loans to individuals represent 14 percent of total loans at September 30, 2020.
Deposits
Period-end deposits totaled $35.0 billion at September 30, 2020, a $1.1 billion increase over June 30, 2020. Continued deposit growth was due primarily to customers retaining higher balances in the current economic environment. Interest-bearing transaction account balances grew by $1.3 billion. Average deposits were $34.6 billion at September 30, 2020, a $2.0 billion increase compared to June 30, 2020. Interest-bearing transaction deposits increased $1.7 billion.
Capital
The company's common equity Tier 1 capital ratio was 12.07 percent at September 30, 2020. In addition, the company's Tier 1 capital ratio was 12.07 percent, total capital ratio was 14.05 percent, and leverage ratio was 8.39 percent at September 30, 2020. We have elected to delay the regulatory capital impact of the transition of the allowance for credit losses from the incurred loss methodology to CECL for two years, followed by a three-year transition period, which added 29 basis points to the company's common equity tier 1 capital ratio at September 30. At June 30, 2020, the company's common equity Tier 1 capital ratio was 11.44 percent, Tier 1 capital ratio was 11.44 percent, total capital ratio was 13.43 percent, and leverage ratio was 7.74 percent.
The company's tangible common equity ratio, a non-GAAP measure, was 9.02 percent at September 30, 2020 and 8.79 percent at June 30, 2020. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available for sale securities. The company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.
Credit Quality
The Company adopted FASB Accounting Standard Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Assets Measured at Amortized Cost ("CECL") on January 1, 2020. CECL requires recognition of expected credit losses on assets carried at amortized cost over their expected lives. Our CECL models measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside and upside macroeconomic variables such as real gross domestic product ("GDP") growth, civilian unemployment rate and West Texas Intermediate ("WTI") oil prices on a probability weighted basis.
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No provision for credit losses was necessary for the third quarter of 2020. A $1.7 million provision related to lending activities was offset by a decrease in the accrual for expected credit losses from mortgage banking activities and allowance for credit losses from investment securities. Changes in our reasonable and supportable forecasts of macroeconomic variables, primarily due to an improved economic outlook related to the anticipated impact of the on-going COVID-19 pandemic, and other assumptions, resulted in a $12.8 million decrease in the provision for credit losses from lending activities. Changes in the loan portfolio characteristics, including specific impairment and losses, loan balances and risk grading resulted in a $14.5 million increase in the provision for credit losses from lending activities.

Our base case reasonable and supportable forecast assumes that the COVID-19 pandemic maintains its current trajectory with localized and state-level hotspots. This scenario assumes approval of a vaccine prior to the end of 2020, with a large share of the U.S. population vaccinated by the end of the third quarter of 2021. After a strong increase in GDP in the third quarter, we expect GDP growth to moderate to rates consistent with historical averages and recovering to pre-COVID levels by the end of 2021. We expect a 4 percent increase in GDP over the next twelve months. Our forecasted civilian unemployment rate is 8.0 percent for the fourth quarter of 2020, improving to 6.9 percent by the third quarter of 2021. WTI oil prices are projected to generally follow the NYMEX forward curve that existed at the end of September 2020, averaging $41.65 per barrel over the next twelve months.

The allowance for loan losses totaled $420 million or 1.76 percent of outstanding loans and 195 percent of non-accruing loans at September 30, 2020, excluding residential mortgage loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $448 million or 1.88 percent of outstanding loans and 208 percent of non-accruing loans at September 30, 2020. The combined allowance for credit losses attributed to energy was 4.30 percent of outstanding energy loans at September 30. Excluding PPP loans, the allowance for loan losses was 1.93 percent of outstanding loans and the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was 2.06 percent.

At June 30, 2020, the allowance for loan losses was $436 million or 1.80 percent of outstanding loans and 175 percent of non-accruing loans, excluding loans guaranteed by U.S. government agencies. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $469 million or 1.94 percent of outstanding loans and 188 percent of non-accruing loans.
Non-performing assets totaled $417 million or 1.75 percent of outstanding loans and repossessed assets at September 30, 2020, compared to $405 million or 1.68 percent at June 30, 2020. Non-performing assets that are not guaranteed by U.S. government agencies totaled $268 million or 1.25 percent of outstanding loans and repossessed assets at September 30, 2020, down from $285 million or 1.31 percent at June 30, 2020.
Non-accruing loans were $221 million or 1.02 percent of outstanding loans, excluding PPP loans, at September 30, 2020. Non-accruing commercial loans totaled $170 million or 1.25 percent of outstanding commercial loans. Non-accruing commercial real estate loans totaled $13 million or 0.28 percent of outstanding commercial real estate loans. Non-accruing loans to individuals totaled $38 million or 1.11 percent of outstanding loans to individuals.
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Non-accruing loans decreased $34 million compared to June 30, 2020, primarily due to a $36 million decrease in non-accruing energy loans. New non-accruing loans identified in the third quarter totaled $45 million, offset by $30 million in payments received, $27 million in charge-offs and $23 million of foreclosures.
Potential problem loans, which are defined as performing loans that, based on known information, cause management concern as to the borrowers' ability to continue to perform, totaled $623 million at September 30, compared to $626 million at June 30. A decrease in potential problem energy loans was partially offset by an increase in general business loans and commercial real estate loans.
Net charge-offs were $22.4 million or 0.41 percent of average loans on an annualized basis for the third quarter of 2020, excluding PPP loans. Net charge-offs were 0.30 percent of average loans over the last four quarters. Net charge-offs were $14.1 million or 0.25 percent of average loans on an annualized basis for the second quarter of 2020, excluding PPP loans. Gross charge-offs were $26.7 million for the third quarter compared to $15.6 million for the previous quarter. Recoveries totaled $4.2 million for the third quarter of 2020 and $1.5 million for the second quarter of 2020.
Loans in deferral status have dropped to just over 1 percent of total loans from a peak of more than 7 percent. More than 80 percent of the loans that were deferred have now moved back to payment status. Of the loans that remain in deferral, approximately half are in the Commercial Real Estate portfolio.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled $12.8 billion at September 30, 2020, a $341 million increase compared to June 30, 2020. At September 30, 2020, the available for sale securities portfolio consisted primarily of $9.4 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.3 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At September 30, 2020, the available for sale securities portfolio had a net unrealized gain of $481 million compared to $487 million at June 30, 2020.
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 $588 million to $135 million at September 30, 2020.
The net economic benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $6.5 million during the third quarter of 2020, including a $3.4 million increase in the fair value of mortgage servicing rights, $1.5 million increase in the fair value of securities and derivative contracts held as an economic hedge, and $1.6 million of related net interest revenue.

Conference Call and Webcast
The company will hold a conference call at 9 a.m. Central time on October 21, 2020 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-201-689-8471. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-6671 and referencing conference ID # 13711391.
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About BOK Financial Corporation
BOK Financial Corporation is a $46 billion regional financial services company headquartered in Tulsa, Oklahoma with $82 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc. and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of September 30, 2020 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

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

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                                                Exhibit 99(b)

BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Sept. 30, 2020June 30, 2020
ASSETS
Cash and due from banks$658,612 $762,453 
Interest-bearing cash and cash equivalents347,759 485,319 
Trading securities2,245,480 1,196,105 
Investment securities, net of allowance256,001 267,988 
Available for sale securities12,817,269 12,475,919 
Fair value option securities134,756 722,657 
Restricted equity securities111,656 125,683 
Residential mortgage loans held for sale295,290 319,357 
Loans:
Commercial13,565,706 14,158,510 
Commercial real estate4,693,700 4,554,144 
Paycheck protection program2,097,325 2,081,428 
Loans to individuals3,446,569 3,361,808 
Total loans23,803,300 24,155,890 
Allowance for loan losses(419,777)(435,597)
Loans, net of allowance23,383,523 23,720,293 
Premises and equipment, net542,625 550,230 
Receivables245,514 226,934 
Goodwill1,048,091 1,048,091 
Intangible assets, net118,524 123,595 
Mortgage servicing rights97,644 97,971 
Real estate and other repossessed assets, net52,847 35,330 
Derivative contracts, net593,568 651,553 
Cash surrender value of bank-owned life insurance396,497 393,741 
Receivable on unsettled securities sales1,934,495 1,863,719 
Other assets787,073 752,936 
TOTAL ASSETS$46,067,224 $45,819,874 
LIABILITIES AND EQUITY
Deposits:
Demand$12,047,338 $11,992,165 
Interest-bearing transaction20,196,740 18,850,418 
Savings720,949 696,971 
Time2,007,973 2,352,760 
Total deposits34,973,000 33,892,314 
Funds purchased and repurchase agreements973,652 1,357,602 
Other borrowings2,771,429 3,173,563 
Subordinated debentures275,986 275,973 
Accrued interest, taxes and expense335,914 365,634 
Due on unsettled securities purchases641,817 599,510 
Derivative contracts, net446,328 610,020 
Other liabilities422,989 440,835 
TOTAL LIABILITIES40,841,115 40,715,451 
Shareholders' equity:
Capital, surplus and retained earnings4,853,617 4,726,679 
Accumulated other comprehensive gain
365,170 370,316 
TOTAL SHAREHOLDERS' EQUITY5,218,787 5,096,995 
Non-controlling interests7,322 7,428 
TOTAL EQUITY5,226,109 5,104,423 
TOTAL LIABILITIES AND EQUITY$46,067,224 $45,819,874 

10


AVERAGE BALANCE SHEETS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
Three Months Ended
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
ASSETS
Interest-bearing cash and cash equivalents$553,070 $619,737 $721,659 $573,203 $500,823 
Trading securities1,834,160 1,871,647 1,690,104 1,672,426 1,696,568 
Investment securities, net of allowance258,965 268,947 282,265 298,567 308,090 
Available for sale securities12,580,850 12,480,065 11,664,521 11,333,524 10,747,439 
Fair value option securities387,784 786,757 1,793,480 1,521,528 1,553,879 
Restricted equity securities144,415 273,922 429,133 479,687 476,781 
Residential mortgage loans held for sale213,125 288,588 129,708 203,535 203,319 
Loans:
Commercial13,772,217 14,502,652 14,452,851 14,344,534 14,507,185 
Commercial real estate4,754,269 4,543,511 4,346,886 4,532,649 4,652,534 
Paycheck protection program2,092,933 1,699,369 — — — 
Loans to individuals3,491,044 3,353,960 3,143,286 3,358,817 3,253,199 
Total loans24,110,463 24,099,492 21,943,023 22,236,000 22,412,918 
Allowance for loan losses(441,831)(367,583)(250,338)(205,417)(201,714)
Loans, net of allowance23,668,632 23,731,909 21,692,685 22,030,583 22,211,204 
Total earning assets39,641,001 40,321,572 38,403,555 38,113,053 37,698,103 
Cash and due from banks723,826 678,878 669,369 690,806 717,338 
Derivative contracts, net
581,839 642,969 376,621 311,542 331,834 
Cash surrender value of bank-owned life insurance
394,680 391,951 390,009 388,012 385,190 
Receivable on unsettled securities sales4,563,301 4,626,307 3,046,111 1,973,604 1,742,794 
Other assets3,027,108 3,095,354 2,834,953 2,736,337 2,705,089 
TOTAL ASSETS$48,931,755 $49,757,031 $45,720,618 $44,213,354 $43,580,348 
LIABILITIES AND EQUITY
Deposits:
Demand$11,929,694 $11,489,322 $9,232,859 $9,612,533 $9,759,710 
Interest-bearing transaction19,752,106 18,040,170 16,159,654 14,685,385 13,131,542 
Savings707,121 656,669 563,821 554,605 557,122 
Time2,251,012 2,464,793 2,239,234 2,247,717 2,251,800 
Total deposits34,639,933 32,650,954 28,195,568 27,100,240 25,700,174 
Funds purchased and repurchase agreements
2,782,150 5,816,484 3,815,941 4,120,610 3,106,163 
Other borrowings3,382,688 3,527,303 6,542,325 6,247,194 8,125,023 
Subordinated debentures275,980 275,949 275,932 275,916 275,900 
Derivative contracts, net458,390 836,667 379,342 276,078 300,051 
Due on unsettled securities purchases1,516,880 887,973 960,780 784,174 745,893 
Other liabilities712,674 690,087 642,764 561,654 547,144 
TOTAL LIABILITIES43,768,695 44,685,417 40,812,652 39,365,866 38,800,348 
Total equity5,163,060 5,071,614 4,907,966 4,847,488 4,780,000 
TOTAL LIABILITIES AND EQUITY$48,931,755 $49,757,031 $45,720,618 $44,213,354 $43,580,348 

11



STATEMENTS OF EARNINGS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Interest revenue$294,659 $395,207 $949,980 $1,162,101 
Interest expense22,909 116,111 138,766 319,471 
Net interest revenue271,750 279,096 811,214 842,630 
Provision for credit losses— 12,000 229,092 25,000 
Net interest revenue after provision for credit losses
271,750 267,096 582,122 817,630 
Other operating revenue:
Brokerage and trading revenue69,526 43,840 182,327 115,983 
Transaction card revenue23,465 22,015 68,286 64,668 
Fiduciary and asset management revenue39,931 43,621 125,646 132,004 
Deposit service charges and fees24,286 28,837 72,462 85,154 
Mortgage banking revenue51,959 30,180 143,062 82,145 
Other revenue13,698 17,626 37,486 42,825 
Total fees and commissions222,865 186,119 629,269 522,779 
Other gains, net6,265 4,544 2,292 11,000 
Gain on derivatives, net2,354 3,778 42,659 19,595 
Gain (loss) on fair value option securities, net(754)4,597 53,180 24,115 
Change in fair value of mortgage servicing rights3,441 (12,593)(85,800)(62,814)
Gain (loss) on available for sale securities, net(12)5,571 1,110 
Total other operating revenue234,159 186,450 647,171 515,785 
Other operating expense:
Personnel179,860 162,573 512,276 492,143 
Business promotion2,633 8,859 10,783 26,875 
Charitable contributions to BOKF Foundation— — 3,000 1,000 
Professional fees and services14,074 12,312 39,183 41,453 
Net occupancy and equipment28,111 27,558 84,847 83,959 
Insurance5,848 4,220 15,984 15,513 
Data processing and communications34,751 31,915 100,436 93,099 
Printing, postage and supplies3,482 3,825 11,256 12,817 
Net losses and operating expenses of repossessed assets6,244 1,728 9,541 4,304 
Amortization of intangible assets5,071 5,064 15,355 15,393 
Mortgage banking costs15,803 14,975 41,946 36,426 
Other expense5,388 6,263 20,669 20,604 
Total other operating expense301,265 279,292 865,276 843,586 
Net income before taxes204,644 174,254 364,017 489,829 
Federal and state income taxes50,552 32,396 83,655 99,926 
Net income154,092 141,858 280,362 389,903 
Net income (loss) attributable to non-controlling interests58 (373)(444)(503)
Net income attributable to BOK Financial Corporation shareholders
$154,034 $142,231 $280,806 $390,406 
Average shares outstanding:
Basic69,877,866 70,596,307 69,958,944 70,953,544 
Diluted69,879,290 70,609,924 69,962,053 70,968,845 
Net income per share:
Basic$2.19 $2.00 $3.99 $5.47 
Diluted$2.19 $2.00 $3.99 $5.47 


12



FINANCIAL HIGHLIGHTS -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and share data)
Three Months Ended
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
Capital:
Period-end shareholders' equity$5,218,787 $5,096,995 $5,026,248 $4,855,795 $4,829,016 
Risk weighted assets$31,529,826 $32,180,602 $32,973,242 $31,673,425 $32,159,139 
Risk-based capital ratios:
Common equity tier 112.07 %11.44 %10.98 %11.39 %11.06 %
Tier 112.07 %11.44 %10.98 %11.39 %11.06 %
Total capital14.05 %13.43 %12.65 %12.94 %12.56 %
Leverage ratio8.39 %7.74 %8.15 %8.40 %8.41 %
Tangible common equity ratio1
9.02 %8.79 %8.39 %8.98 %8.72 %
Common stock:
Book value per share$74.23 $72.50 $71.49 $68.80 $68.15 
Tangible book value per share57.64 55.83 54.85 52.17 51.60 
Market value per share:
High$62.86 $67.62 $87.40 $88.28 $84.35 
Low$48.41 $37.80 $34.57 $71.85 $72.96 
Cash dividends paid$35,799 $35,769 $35,949 $36,011 $35,472 
Dividend payout ratio23.24 %55.29 %57.91 %32.63 %24.94 %
Shares outstanding, net70,305,833 70,306,690 70,308,532 70,579,598 70,858,010 
Stock buy-back program:
Shares repurchased— — 442,000 280,000 336,713 
Amount$— $— $33,380 $22,844 $25,937 
Average price per share$— $— $75.52 $81.59 $77.03 
Performance ratios (quarter annualized):
Return on average assets1.25 %0.52 %0.55 %0.99 %1.29 %
Return on average equity11.89 %5.14 %5.10 %9.05 %11.83 %
Net interest margin2.81 %2.83 %2.80 %2.88 %3.01 %
Efficiency ratio60.41 %59.57 %58.62 %63.65 %59.31 %
Reconciliation of non-GAAP measures:
1 Tangible common equity ratio:
Total shareholders' equity$5,218,787 $5,096,995 $5,026,248 $4,855,795 $4,829,016 
Less: Goodwill and intangible assets, net
1,166,615 1,171,686 1,169,898 1,173,362 1,172,411 
Tangible common equity$4,052,172 $3,925,309 $3,856,350 $3,682,433 $3,656,605 
Total assets$46,067,224 $45,819,874 $47,119,162 $42,172,021 $43,127,205 
Less: Goodwill and intangible assets, net
1,166,615 1,171,686 1,169,898 1,173,362 1,172,411 
Tangible assets$44,900,609 $44,648,188 $45,949,264 $40,998,659 $41,954,794 
Tangible common equity ratio9.02 %8.79 %8.39 %8.98 %8.72 %
13


Three Months Ended
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
Pre-provision net revenue:
Net income before taxes$204,644 $80,089 $79,284 $141,039 $174,254 
Provision for expected credit losses— 135,321 93,771 19,000 12,000 
Net income (loss) attributable to non-controlling interests58 (407)(95)430 (373)
Pre-provision net revenue$204,586 $215,817 $173,150 $159,609 $186,627 
Other data:
Tax equivalent interest$2,457 $2,630 $2,715 $2,726 $2,936 
Net unrealized gain (loss) on available for sale securities
$480,563 $487,334 $435,989 $138,149 $178,060 
Mortgage banking:
Mortgage production revenue$38,431 $39,185 $21,570 $9,169 $13,814 
Mortgage loans funded for sale$1,032,472 $1,184,249 $548,956 $855,643 $877,280 
Add: current period-end outstanding commitments
560,493 546,304 657,570 158,460 379,377 
Less: prior period end outstanding commitments
546,304 657,570 158,460 379,377 344,087 
Total mortgage production volume
$1,046,661 $1,072,983 $1,048,066 $634,726 $912,570 
Mortgage loan refinances to mortgage loans funded for sale
54 %71 %57 %57 %56 %
Gain on sale margin3.67 %3.65 %2.06 %1.44 %1.51 %
Mortgage servicing revenue$13,528 $14,751 $15,597 $16,227 $16,366 
Average outstanding principal balance of mortgage loans serviced for others
17,434,215 19,319,872 20,416,546 20,856,446 21,172,874 
Average mortgage servicing revenue rates0.31 %0.31 %0.31 %0.31 %0.31 %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net
$2,295 $21,815 $18,371 $(4,714)$3,742 
Gain (loss) on fair value option securities, net
(754)(14,459)68,393 (8,328)4,597 
Gain (loss) on economic hedge of mortgage servicing rights
1,541 7,356 86,764 (13,042)8,339 
Gain (loss) on changes in fair value of mortgage servicing rights
3,441 (761)(88,480)9,297 (12,593)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue
4,982 6,595 (1,716)(3,745)(4,254)
Net interest revenue on fair value option securities2
1,565 2,702 4,268 1,544 1,245 
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges
$6,547 $9,297 $2,552 $(2,201)$(3,009)
2     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.


14



QUARTERLY EARNINGS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands, except ratio and per share data)
Three Months Ended
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
Interest revenue$294,659 $306,384 $348,937 $369,857 $395,207 
Interest expense22,909 28,280 87,577 99,608 116,111 
Net interest revenue271,750 278,104 261,360 270,249 279,096 
Provision for credit losses— 135,321 93,771 19,000 12,000 
Net interest revenue after provision for credit losses
271,750 142,783 167,589 251,249 267,096 
Other operating revenue:
Brokerage and trading revenue69,526 62,022 50,779 43,843 43,840 
Transaction card revenue23,465 22,940 21,881 22,548 22,015 
Fiduciary and asset management revenue39,931 41,257 44,458 45,021 43,621 
Deposit service charges and fees24,286 22,046 26,130 27,331 28,837 
Mortgage banking revenue51,959 53,936 37,167 25,396 30,180 
Other revenue13,698 11,479 12,309 15,283 17,626 
Total fees and commissions222,865 213,680 192,724 179,422 186,119 
Other gains (losses), net6,265 6,768 (10,741)(1,649)4,544 
Gain (loss) on derivatives, net2,354 21,885 18,420 (4,644)3,778 
Gain (loss) on fair value option securities, net
(754)(14,459)68,393 (8,328)4,597 
Change in fair value of mortgage servicing rights
3,441 (761)(88,480)9,297 (12,593)
Gain (loss) on available for sale securities, net(12)5,580 4,487 
Total other operating revenue234,159 232,693 180,319 178,585 186,450 
Other operating expense:
Personnel179,860 176,235 156,181 168,422 162,573 
Business promotion2,633 1,935 6,215 8,787 8,859 
Charitable contributions to BOKF Foundation
— 3,000 — 2,000 — 
Professional fees and services14,074 12,161 12,948 13,408 12,312 
Net occupancy and equipment28,111 30,675 26,061 26,316 27,558 
Insurance5,848 5,156 4,980 5,393 4,220 
Data processing and communications
34,751 32,942 32,743 31,884 31,915 
Printing, postage and supplies3,482 3,502 4,272 3,700 3,825 
Net losses and operating expenses of repossessed assets
6,244 1,766 1,531 2,403 1,728 
Amortization of intangible assets
5,071 5,190 5,094 5,225 5,064 
Mortgage banking costs15,803 15,598 10,545 14,259 14,975 
Other expense5,388 7,227 8,054 6,998 6,263 
Total other operating expense301,265 295,387 268,624 288,795 279,292 
Net income before taxes204,644 80,089 79,284 141,039 174,254 
Federal and state income taxes50,552 15,803 17,300 30,257 32,396 
Net income154,092 64,286 61,984 110,782 141,858 
Net income (loss) attributable to non-controlling interests
58 (407)(95)430 (373)
Net income attributable to BOK Financial Corporation shareholders
$154,034 $64,693 $62,079 $110,352 $142,231 
Average shares outstanding:
Basic69,877,866 69,876,043 70,123,685 70,295,899 70,596,307 
Diluted69,879,290 69,877,467 70,130,166 70,309,644 70,609,924 
Net income per share:
Basic$2.19 $0.92 $0.88 $1.56 $2.00 
Diluted$2.19 $0.92 $0.88 $1.56 $2.00 
15



LOANS TREND -- UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
Commercial:     
Energy$3,717,101 $3,974,174 $4,111,676 $3,973,377 $4,114,269 
Services3,545,825 3,779,881 3,955,748 3,832,031 4,011,089 
Healthcare3,325,790 3,289,343 3,165,096 3,033,916 3,032,968 
General business2,976,990 3,115,112 3,563,455 3,192,326 3,266,299 
Total commercial13,565,706 14,158,510 14,795,975 14,031,650 14,424,625 
Commercial real estate:
Multifamily1,387,461 1,407,107 1,282,457 1,265,562 1,324,839 
Office1,099,563 973,995 962,004 928,379 1,014,275 
Retail786,211 780,467 774,198 775,521 799,169 
Industrial792,389 723,005 728,026 856,117 873,536 
Residential construction and land development
121,258 136,911 138,958 150,879 135,361 
Other commercial real estate506,818 532,659 564,442 457,325 478,877 
Total commercial real estate4,693,700 4,554,144 4,450,085 4,433,783 4,626,057 
Paycheck protection program2,097,325 2,081,428 — — — 
Loans to individuals:     
Residential mortgage1,849,144 1,813,442 1,844,555 1,886,378 1,925,539 
Residential mortgages guaranteed by U.S. government agencies384,247 322,269 197,889 197,794 191,764 
Personal1,213,178 1,226,097 1,175,466 1,201,382 1,117,382 
Total loans to individuals3,446,569 3,361,808 3,217,910 3,285,554 3,234,685 
Total$23,803,300 $24,155,890 $22,463,970 $21,750,987 $22,285,367 
16


LOANS MANAGED BY PRINCIPAL MARKET AREA -- UNAUDITED
BOK FINANCIAL CORPORATION
(in thousands)
Sept. 30, 2020June 30, 2020Mar. 31, 2020Dec. 31, 2019Sept. 30, 2019
Texas:
Commercial$5,545,158 $5,771,691 $6,350,690 $6,174,894 $6,220,227 
Commercial real estate1,499,630 1,389,547 1,296,266 1,259,117 1,292,116 
Paycheck protection program614,970 612,133 — — — 
Loans to individuals792,994 748,474 756,634 727,175 749,361 
Total Texas8,452,752 8,521,845 8,403,590 8,161,186 8,261,704 
Oklahoma:
Commercial4,901,666 5,086,934 3,886,086 3,454,825 3,690,100 
Commercial real estate647,228 636,021 593,473 631,026 679,786 
Paycheck protection program487,247 442,518 — — — 
Loans to individuals2,036,452 1,967,665 1,788,518 1,854,864 1,753,698 
Total Oklahoma8,072,593 8,133,138 6,268,077 5,940,715 6,123,584 
Colorado:
Commercial1,501,821 1,600,382 2,181,309 2,169,598 2,247,798 
Commercial real estate890,746 937,742 955,608 927,826 975,066 
Paycheck protection program494,910 488,279 — — — 
Loans to individuals257,345 264,872 268,674 276,939 303,605 
Total Colorado3,144,822 3,291,275