BOK Financial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>BOK Financial Corp has submitted its annual 10-K filing for the fiscal year 2023.</b>

AI Summary

BOK FINANCIAL CORP (BOKF) filed a Annual Report (10-K) with the SEC on February 21, 2024. BOK Financial Corp filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is National Commercial Banks (SIC 6021). BOK Financial Corp is incorporated in Oklahoma. The company's business address is Bank of Oklahoma Tower, Tulsa, OK.

Why It Matters

For investors and stakeholders tracking BOK FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BOK Financial Corp's financial performance and operations for the fiscal year 2023, crucial for investors and analysts to assess the company's health and strategic direction. The detailed financial data within the 10-K allows stakeholders to evaluate trends in revenue, net income, and other key financial metrics compared to previous years, informing investment decisions.

Risk Assessment

Risk Level: — BOK FINANCIAL CORP shows moderate risk based on this filing. The company operates in the National Commercial Banks sector, which is subject to significant regulatory oversight and economic fluctuations that can impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand BOK Financial Corp's performance and outlook for the upcoming fiscal year.

Key Players & Entities

• BOK FINANCIAL CORP (company) — FILER
• BOK FINANCIAL CORP (company) — COMPANY CONFORMED NAME
• OK (company) — STATE OF INCORPORATION
• BANK OF OKLAHOMA TOWER (company) — BUSINESS ADDRESS
• TULSA (company) — CITY
• OK (company) — STATE
• 74172 (company) — ZIP
• 9185886000 (dollar_amount) — BUSINESS PHONE

FAQ

Industry Context

BOK Financial Corp operates within the National Commercial Banks industry, a sector characterized by its role in providing financial services, managing deposits, and offering loans to businesses and individuals.

Regulatory Implications

As a national commercial bank, BOK Financial Corp is subject to regulations from various financial authorities, including those related to capital requirements, consumer protection, and anti-money laundering.

What Investors Should Do

1. Analyze the revenue streams and growth trends reported in the 10-K.
2. Assess the company's financial health by examining its balance sheet, income statement, and cash flow statement.
3. Review the risk factors section to understand potential challenges and their impact on the company's operations.

Key Dates

• 2024-02-21T00:00:00.000Z: Filing Date — Submission of the 2023 Form 10-K

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.00006 — ich registered Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market Se
• $80.78 — , 2023 closing price of Common Stock of $80.78 per share). As of January 31, 2024, the
• $50 billion — y reported total consolidated assets of $50 billion. BOKF, NA is a wholly owned subsidiar
• $100 billion — cts and currently service approximately $100 billion of assets under management or administr
• $9.0 million — and the BOKF Foundation gave a combined $9.0 million to organizations making a difference in
• $1.0 billion — Since 2013, we have committed more than $1.0 billion in loan funding to support affordable h
• $391 million — support affordable housing projects and $391 million in affordable housing investments. In
• $4,547 — mployee volunteer hours with a total of $4,547 in contributions to employees' chosen n

Filing Documents

• bokf-20231231.htm (10-K) — 7355KB
• a20231231ex10413.htm (EX-10.4 13) — 74KB
• a20231231ex10414.htm (EX-10.4 14) — 72KB
• a20231231ex10716.htm (EX-10.7 16) — 66KB
• a20231231bokfex21.htm (EX-21) — 17KB
• a20231231bokfex23.htm (EX-23) — 8KB
• a20231231bokfex311.htm (EX-31.1) — 12KB
• a20231231bokfex312.htm (EX-31.2) — 12KB
• a20231231bokfex32.htm (EX-32) — 8KB
• a20231231bokfex97.htm (EX-97) — 57KB
• bokf-20231231_g1.jpg (GRAPHIC) — 137KB
• image.jpg (GRAPHIC) — 89KB
• 0000875357-24-000008.txt (&nbsp;) — 32078KB
• bokf-20231231.xsd (EX-101.SCH) — 110KB
• bokf-20231231_cal.xml (EX-101.CAL) — 159KB
• bokf-20231231_def.xml (EX-101.DEF) — 605KB
• bokf-20231231_lab.xml (EX-101.LAB) — 1571KB
• bokf-20231231_pre.xml (EX-101.PRE) — 989KB
• bokf-20231231_htm.xml (XML) — 7923KB

Risk Factors

Item 1A Risk Factors 13

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 21 Item 1C C ybersecurity 21

Properties

Item 2 Properties 22

Legal Proceedings

Item 3 Legal Proceedings 22

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 22 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 7A Quantitative and Qualitative Disclosures about Market Risk 76

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 81

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 156

Controls and Procedures

Item 9A Controls and Procedures 156

Other Information

Item 9B Other Information 156 Part III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 156

Executive Compensation

Item 11 Executive Compensation 157

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 157

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 157

Principal Account ant Fees and Services

Item 14 Principal Account ant Fees and Services 157 Part IV

Exhibits, Financial Statement Schedules

Item 15 Exhibits, Financial Statement Schedules 157

Signatures

Signatures 160 Exhibit 10.4.13 Amended and Restated Employment Agreement between BOK Financial and Marc C. Maun dated November 3, 2021 Exhibit 10.4.14 Employment Agreement between BOK Financial and Brad A. Vincent dated August 23, 2021 Exhibit 10.7.16 BOK Financial Corporation Omnibus Incentive Plan effective January 1, 2013 Exhibit 21 Subsidiaries of the Registrant Exhibit 23 Consent of Independent Registered Public Accounting Firm Exhibit 31.1 Chief Executive Officer Section 302 Certification Exhibit 31.2 Chief Financial Officer Section 302 Certification Exhibit 32 Section 906 Certifications Exhibit 97 BOK Financial Clawback Policy GLOSSARY OF DEFINED TERMS The following items may be used throughout this report, including the consolidated financial statements and related notes. Term Definition AFS Available For Sale AIRS Advanced Internet Recruitment Strategies AOCI Accumulated Other Comprehensive Income ASU Accounting Standards Update ATM Automated Teller Machine BCBS Basel Committee on Banking Supervision BHCA Bank Holding Company Act of 1956 Board Board of Directors of BOK Financial Corporation BOK Financial BOK Financial Corporation BOKF BOK Financial Corporation BOKF Insurance BOK Financial Insurance, Inc. BSA Bank Secrecy Act CECL Current Expected Credit Losses CET1 Common Equity Tier 1 Capital CFPB Consumer Financial Protection Bureau CFTC Commodity Futures Trading Commission CISO Chief Information Security Officer Company BOK Financial Corporation CoP Communities of Practice COSO Committee of Sponsoring Organizations CRA Community Reinvestment Act of 1977 CRE Commercial Real Estate DEI Diversity, Equity and Inclusion DIF Deposit Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act EFT Electronic Funds Transfer FASB Financial Accounting Standards Board FCA U.K Financial Conduct Authority FDIC Federal Deposit Insurance Corporation FDICIA Federal Deposit Insurance

BUSINESS

ITEM 1. BUSINESS General Developments relating to individual aspects of the business of BOK Financial are described below. Additional discussion of the Company's activities during the current year appears within Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations." Description of Business BOK Financial is a financial holding company incorporated in the state of Oklahoma in 1990 whose activities are governed by the BHCA, as amended by the Financial Services Modernization Act or Gramm-Leach-Bliley Act and the Dodd-Frank Act. BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. At December 31, 2023, the Company reported total consolidated assets of $50 billion. BOKF, NA is a wholly owned subsidiary bank of BOK Financial. BOKF, NA operates TransFund and Cavanal Hill Investment Management. BOKF, NA operates banking divisions across eight states: 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. Other wholly owned subsidiaries of BOK Financial include BOK Financial Securities, Inc., a broker/dealer that primarily engages in retail and institutional securities sales and municipal bond underwriting; and BOK Financial Private Wealth, Inc., an investment adviser to high net worth clients. During the fourth quarter of 2023, BOK Financial sold its wholly owned subsidiary BOKF Insurance, a broker providing insurance services. Other non-bank subsidiary operations do not have a significant effect on the Company's financial statements. Our overall strategic objective is to emphasize growth in long-term value by building on our leadership position in Oklahoma through expansion into other high-growth markets in contiguous states. We operate primarily in the metropolitan areas of Tulsa an

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