BOK Financial Corp Files 8-K

TL;DR

BOK Financial filed an 8-K on 3/26/24, updating corporate info and financial statements.

AI Summary

BOK Financial Corporation filed an 8-K on March 26, 2024, to report other events and financial statements. The filing details the company's principal executive offices located at Bank of Oklahoma Tower, Tulsa, Oklahoma, and its principal business as national commercial banking.

Why It Matters

This 8-K filing provides an update on BOK Financial Corp's corporate information and financial reporting, which is crucial for investors to stay informed about the company's status.

Risk Assessment

Risk Level: low — This filing is a routine corporate disclosure and does not appear to contain any significant new risks or material adverse information.

Key Players & Entities

• BOK FINANCIAL CORP (company) — Registrant
• 0000875357-24-000017 (filing_id) — Accession Number
• March 26, 2024 (date) — Date of Report
• Tulsa, Oklahoma (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.00006 — ich registered Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market In
• $783 million — ties portfolio by selling approximately $783 million of lower-yielding debt securities with
• $45 million — of 2.45%, generating a pre-tax loss of $45 million and after-tax loss of $34 million, and
• $34 m — ss of $45 million and after-tax loss of $34 million, and reinvesting in higher yieldi
• $0.53 — rnings of approximately $34 million, or $0.53 per diluted share. The Company also e
• $0 — es of Visa carried at our cost basis of $0, equivalent to 400,420 shares of Visa c

Filing Documents

• bokf-20240326.htm (8-K) — 27KB
• 0000875357-24-000017.txt ( ) — 150KB
• bokf-20240326.xsd (EX-101.SCH) — 2KB
• bokf-20240326_lab.xml (EX-101.LAB) — 22KB
• bokf-20240326_pre.xml (EX-101.PRE) — 12KB
• bokf-20240326_htm.xml (XML) — 3KB

01. Other Events

ITEM 8.01. Other Events. In March 2024, BOK Financial Corporation (the "Company" or "BOK Financial") repositioned its available-for-sale ("AFS") securities portfolio by selling approximately $783 million of lower-yielding debt securities with an average book yield of 2.45%, generating a pre-tax loss of $45 million and after-tax loss of $34 million, and reinvesting in higher yielding securities at an estimated book yield of 5.25%. As a result of the repositioning, in the first quarter of 2024, the Company will recognize a net charge to earnings of approximately $34 million, or $0.53 per diluted share. The Company also expects to participate in the recently announced share exchange offer (the "Exchange Offer") by Visa Inc. ("Visa"). The Exchange Offer provides us the option to monetize up to 50% of our Class B-1 (formerly Class B) shares. At March 26, 2024, the Company holds 252,233 non-transferable Class B-1 shares of Visa carried at our cost basis of $0, equivalent to 400,420 shares of Visa common stock if they were converted today. We expect the gain on the conversion of the Visa Exchange Offer will offset the realized losses on repositioning the AFS portfolio. At this time, the timing of the Exchange Offer is unknown. The information furnished under this Item 8.01 shall not be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Forward-Looking Statements

Forward-Looking Statements This 8-K contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry, the economy generally 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. 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 commodity prices, interest rates and interest rate relationships, the price of Visa Class A common stock, 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 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. Annualized, pro forma, projected and estimated numbers are used for ill

01. Financial Statements and Exhibits

ITEM 9.01. Financial Statements and Exhibits. (a) Exhibits 104 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/ Martin E. Grunst Martin E. Grunst Executive Vice President Chief Financial Officer Date: March 26, 2024

View Full Filing

View this 8-K filing on SEC EDGAR