BOKF 8-K

Bok Financial Corp (BOKF)

8-K 2025-04-21 For: 2025-04-21

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Added on April 11, 2026

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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)


First quarter 2025 financial highlights1
Net Income						Net income was $119.8 million, or $1.86 per diluted share, compared to $136.2 million, or $2.12 per diluted share.

Net Interest Income & Margin						Net interest income totaled $316.3 million, an increase of $3.2 million. Net interest margin expanded 3 basis points to 2.78% compared to 2.75% in the prior quarter.

Fees & Commissions Revenue						Fees and commissions revenue was $184.1 million, a decrease of $22.8 million. Brokerage and trading revenue decreased $24.4 million due to lower trading volumes and trading margin compression, driven by market volatility during the first quarter.

Operating Expense						Operating expense was $347.5 million, consistent with the prior quarter. Personnel expense increased $3.5 million due to seasonally higher employee benefits and regular compensation expenses, partially offset by a reduction in incentive compensation. Non-personnel expense decreased $3.6 million, led by reduced mortgage banking costs and professional fees and services expense.

Loans						Period end loans were $23.7 billion, a decrease of $424 million. A decrease in commercial loans, primarily driven by energy balances, was partially offset by growth in commercial real estate loans and loans to individuals. Average outstanding loan balances were $24.1 billion, a $44 million increase.

Credit Quality						Nonperforming assets totaled $85 million, or 0.36% of outstanding loans and repossessed assets, at March 31, 2025, compared to $49 million, or 0.20%, at December 31, 2024. Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter.

Deposits						Period end deposits grew by $90 million to $38.3 billion, while average deposits increased $540 million to $38.4 billion. Average interest-bearing deposits increased $762 million, while average demand deposits decreased by $222 million. The loan to deposit ratio was 62% at March 31, 2025, compared to 63% at December 31, 2024.

Capital						Tangible common equity ratio was 9.48% compared to 9.17% at December 31, 2024. Tier 1 capital ratio was 13.31%, Common equity Tier 1 capital ratio was 13.31%, and total capital ratio was 14.54%.


(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Change			% Change
Interest revenue
Interest-bearing cash and cash equivalents	$	6,229		$	6,322		$	(93)		(1.5)	%
Trading securities	73,871			68,817			5,054			7.3	%
Investment securities	7,008			7,256			(248)			(3.4)	%
Available-for-sale securities	127,573			127,803			(230)			(0.2)	%
Fair value option securities	178			183			(5)			(2.7)	%
Restricted equity securities	6,541			6,427			114			1.8	%
Residential mortgage loans held for sale	975			1,296			(321)			(24.8)	%
Loans	398,737			423,487			(24,750)			(5.8)	%
Total interest revenue	$	621,112		$	641,591		$	(20,479)		(3.2)	%
Interest expense
Interest-bearing deposits:
Transaction	$	204,521		$	214,868		$	(10,347)		(4.8)	%
Savings	1,168			1,213			(45)			(3.7)	%
Time	35,383			41,643			(6,260)			(15.0)	%
Total interest-bearing deposits	241,072			257,724			(16,652)			(6.5)	%
Funds purchased and repurchase agreements	7,028			10,231			(3,203)			(31.3)	%
Other borrowings	52,135			55,883			(3,748)			(6.7)	%
Subordinated debentures	2,084			2,241			(157)			(7.0)	%
Total interest expense	$	302,319		$	326,079		$	(23,760)		(7.3)	%
Tax-equivalent net interest income	318,793			315,512			3,281			1.0	%
Less: Tax-equivalent adjustment	2,542			2,466			76			3.1	%
Net interest income	$	316,251		$	313,046		$	3,205		1.0	%

Net interest margin	2.78		%	2.75		%	0.03		%	N/A

Average earning assets	$	45,606,324		$	45,375,438		$	230,886		0.5	%
Average trading securities	5,881,997			5,636,949			245,048			4.3	%
Average investment securities	1,980,005			2,037,072			(57,067)			(2.8)	%
Average available-for-sale securities	12,962,830			12,969,630			(6,800)			(0.1)	%

Average loans balance	24,068,227			24,024,544			43,683			0.2	%
Average interest-bearing deposits	30,203,009			29,440,556			762,453			2.6	%
Funds purchased and repurchase agreements	935,716			1,076,400			(140,684)			(13.1)	%
Other borrowings	4,626,402			4,489,870			136,532			3.0	%


(Dollars in thousands)	Mar. 31, 2025		Dec. 31, 2024		Change		% Change
Brokerage and trading revenue	$	31,068	$	55,505	$	(24,437)	(44.0)	%
Transaction card revenue	27,092		27,631		(539)		(2.0)	%
Fiduciary and asset management revenue	60,972		60,595		377		0.6	%
Deposit service charges and fees	30,275		30,038		237		0.8	%
Mortgage banking revenue	19,815		18,140		1,675		9.2	%
Other revenue	14,894		15,029		(135)		(0.9)	%
Total fees and commissions	184,116		206,938		(22,822)		(11.0)	%
Other gains (losses), net	(725)		4,995		(5,720)		N/A
Gain (loss) on derivatives, net	9,565		(21,728)		31,293		N/A
Gain (loss) on fair value option securities, net	325		(621)		946		N/A
Change in fair value of mortgage servicing rights	(7,240)		20,460		(27,700)		N/A

Total other operating revenue	$	186,041	$	210,044	$	(24,003)	(11.4)	%


(Dollars in thousands)	Mar. 31, 2025		Dec. 31, 2024		Change		% Change
Personnel	$	214,185	$	210,675	$	3,510	1.7	%
Business promotion	8,818		9,365		(547)		(5.8)	%

Professional fees and services	13,269		15,175		(1,906)		(12.6)	%
Net occupancy and equipment	32,992		32,713		279		0.9	%
FDIC and other insurance	6,587		6,862		(275)		(4.0)	%
FDIC special assessment	523		(686)		1,209		N/A
Data processing and communications	47,578		48,024		(446)		(0.9)	%
Printing, postage, and supplies	3,639		3,699		(60)		(1.6)	%
Amortization of intangible assets	2,652		2,855		(203)		(7.1)	%
Mortgage banking costs	7,689		10,692		(3,003)		(28.1)%
Other expense	9,597		8,282		1,315		15.9	%
Total operating expense	$	347,529	$	347,656	$	(127)	—	%



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)


	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Mar. 31, 2025			Dec. 31, 2024
Common equity Tier 1	4.50	%	2.50	%	7.00	%	13.31		%	13.03		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	13.31		%	13.04		%
Total capital	8.00	%	2.50	%	10.50	%	14.54		%	14.21		%
Tier 1 leverage	4.00	%	N/A		4.00	%	10.02		%	9.97		%
Tangible common equity ratio1							9.48		%	9.17		%
Adjusted common tangible equity ratio1							9.23		%	8.86		%

Common stock repurchased (shares)							10,000			—
Average price per share repurchased							$	98.45		$	—


	Commercial Banking				Consumer Banking				Wealth Management

(In thousands)	Mar. 31, 2025		Dec. 31, 2024		Mar. 31, 2025		Dec. 31, 2024		Mar. 31, 2025		Dec. 31, 2024
Net interest income and fee revenue	$	233,415	$	256,310	$	94,047	$	101,445	$	140,838	$	156,454
Net loans charged-off (recovered)	148		(115)		1,517		993		(8)		(10)
Personnel expense	48,051		49,592		25,837		24,799		67,245		69,944
Non-personnel expense	28,183		31,242		31,399		35,111		27,021		25,252
Net income before taxes	139,983		160,393		22,122		23,580		32,726		48,915

Average loans	$	19,965,166	$	19,996,608	$	2,206,553	$	2,147,058	$	2,187,599	$	2,160,588
Average deposits	17,769,083		17,941,793		8,154,762		8,197,577		10,702,521		9,983,232
Assets under management or administration									113,956,563		114,615,237



BOK Financial Corporation Quarterly Earnings Release			Exhibit 99.1(b)


	Three Months Ended
(In thousands)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024
Assets
Interest-bearing cash and cash equivalents	$	564,014	$	546,955	$	531,811	$	533,760	$	567,680
Trading securities	5,881,997		5,636,949		5,802,448		5,922,891		5,371,209
Investment securities, net of allowance	1,980,005		2,037,072		2,094,408		2,151,079		2,210,040
Available-for-sale securities	12,962,830		12,969,630		12,939,422		12,755,865		12,537,981
Fair value option securities	17,603		18,384		19,095		19,170		20,080
Restricted equity securities	348,266		338,236		410,800		453,303		412,376
Residential mortgage loans held for sale	63,365		87,353		95,742		81,371		57,402
Loans:
Commercial	14,633,090		14,973,929		15,076,308		15,516,238		14,992,639
Commercial real estate	5,245,867		5,039,535		5,257,842		5,048,704		5,188,152
Loans to individuals	4,189,270		4,011,080		3,970,734		3,820,211		3,767,776
Total loans	24,068,227		24,024,544		24,304,884		24,385,153		23,948,567
Allowance for loan losses	(279,983)		(283,685)		(287,227)		(283,246)		(278,449)
Loans, net of allowance	23,788,244		23,740,859		24,017,657		24,101,907		23,670,118
Total earning assets	45,606,324		45,375,438		45,911,383		46,019,346		44,846,886
Cash and due from banks	995,598		910,894		884,053		871,171		861,319
Derivative contracts, net	328,478		360,352		294,276		273,052		326,564
Cash surrender value of bank-owned life insurance	417,797		414,760		412,945		410,679		409,230
Receivable on unsettled securities sales	184,960		284,793		216,158		171,344		307,389
Other assets	3,453,746		3,268,949		3,438,220		3,449,607		3,276,184
Total assets	$	50,986,903	$	50,615,186	$	51,157,035	$	51,195,199	$	50,027,572

Liabilities
Deposits:
Demand	$	8,156,069	$	8,378,558	$	8,273,656	$	8,386,979	$	8,631,416
Interest-bearing transaction	25,859,733		24,992,464		23,986,697		23,006,204		22,264,259
Savings	844,875		818,210		820,980		832,704		843,037
Time	3,498,401		3,629,882		3,678,964		3,427,336		3,287,179
Total deposits	38,359,078		37,819,114		36,760,297		35,653,223		35,025,891
Funds purchased and repurchase agreements	935,716		1,076,400		1,016,688		1,838,323		1,258,044
Other borrowings	4,626,402		4,489,870		6,366,046		7,151,228		6,844,633
Subordinated debentures	131,188		131,185		131,155		131,156		131,154
Derivative contracts, net	237,035		417,026		466,271		380,942		537,993
Due on unsettled securities purchases	425,050		472,334		348,585		351,199		499,936
Other liabilities	611,762		630,957		618,187		539,485		574,954
Total liabilities	45,326,231		45,036,886		45,707,229		46,045,556		44,872,605
Total equity	5,660,672		5,578,300		5,449,806		5,149,643		5,154,967
Total liabilities and equity	$	50,986,903	$	50,615,186	$	51,157,035	$	51,195,199	$	50,027,572


	Three Months Ended
	March 31,
(In thousands, except share and per share data)	2025		2024
Interest revenue	$	618,570	$	645,212
Interest expense	302,319		351,640
Net interest income	316,251		293,572
Provision for credit losses	—		8,000
Net interest income after provision for credit losses	316,251		285,572
Other operating revenue:
Brokerage and trading revenue	31,068		59,179
Transaction card revenue	27,092		25,493
Fiduciary and asset management revenue	60,972		55,305
Deposit service charges and fees	30,275		28,685
Mortgage banking revenue	19,815		18,967
Other revenue	14,894		12,935
Total fees and commissions	184,116		200,564
Other gains (losses), net	(725)		4,269
Gain (loss) on derivatives, net	9,565		(8,633)
Gain (loss) on fair value option securities, net	325		(305)
Change in fair value of mortgage servicing rights	(7,240)		10,977
Loss on available-for-sale securities, net	—		(45,171)



Total other operating revenue	186,041		161,701
Other operating expense:
Personnel	214,185		202,653
Business promotion	8,818		7,978

Professional fees and services	13,269		12,010
Net occupancy and equipment	32,992		30,293
FDIC and other insurance	6,587		8,740
FDIC special assessment	523		6,454
Data processing and communications	47,578		45,564
Printing, postage, and supplies	3,639		3,997
Amortization of intangible assets	2,652		3,003
Mortgage banking costs	7,689		6,355
Other expense	9,597		13,337
Total other operating expense	347,529		340,384

Net income before taxes	154,763		106,889
Federal and state income taxes	34,992		23,195

Net income	119,771		83,694
Net income (loss) attributable to non-controlling interests	(6)		(9)
Net income attributable to BOK Financial Corporation shareholders	$	119,777	$	83,703

Average shares outstanding:
Basic	63,547,510		64,290,105
Diluted	63,547,510		64,290,105

Net income per share:
Basic	$	1.86	$	1.29
Diluted	$	1.86	$	1.29


	Three Months Ended

(In thousands, except ratio, share, and per share data)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024
Interest revenue	$	618,570	$	639,125	$	680,310	$	671,817	$	645,212
Interest expense	302,319		326,079		372,191		375,796		351,640
Net interest income	316,251		313,046		308,119		296,021		293,572
Provision for credit losses	—		—		2,000		8,000		8,000
Net interest income after provision for credit losses	316,251		313,046		306,119		288,021		285,572
Other operating revenue:
Brokerage and trading revenue	31,068		55,505		50,391		53,017		59,179
Transaction card revenue	27,092		27,631		28,495		27,246		25,493
Fiduciary and asset management revenue	60,972		60,595		57,384		57,576		55,305
Deposit service charges and fees	30,275		30,038		30,450		29,572		28,685
Mortgage banking revenue	19,815		18,140		18,372		18,628		18,967
Other revenue	14,894		15,029		17,402		13,988		12,935
Total fees and commissions	184,116		206,938		202,494		200,027		200,564
Other gains (losses), net	(725)		4,995		13,087		57,375		4,269
Gain (loss) on derivatives, net	9,565		(21,728)		8,991		(1,091)		(8,633)
Gain (loss) on fair value option securities, net	325		(621)		764		(94)		(305)
Change in fair value of mortgage servicing rights	(7,240)		20,460		(16,453)		3,453		10,977
Gain (loss) on available-for-sale securities, net	—		—		(691)		34		(45,171)




Total other operating revenue	186,041		210,044		208,192		259,704		161,701
Other operating expense:
Personnel	214,185		210,675		206,821		191,090		202,653
Business promotion	8,818		9,365		7,681		8,250		7,978
Charitable contributions to BOKF Foundation	—		—		—		13,610		—
Professional fees and services	13,269		15,175		13,405		13,331		12,010
Net occupancy and equipment	32,992		32,713		32,077		30,245		30,293
FDIC and other insurance	6,587		6,862		8,186		7,317		8,740
FDIC special assessment	523		(686)		(1,437)		1,190		6,454
Data processing and communications	47,578		48,024		47,554		46,131		45,564
Printing, postage, and supplies	3,639		3,699		3,594		3,789		3,997
Amortization of intangible assets	2,652		2,855		2,856		2,898		3,003
Mortgage banking costs	7,689		10,692		9,059		8,532		6,355
Other expense	9,597		8,282		11,229		10,307		13,337
Total other operating expense	347,529		347,656		341,025		336,690		340,384
Net income before taxes	154,763		175,434		173,286		211,035		106,889
Federal and state income taxes	34,992		39,280		33,313		47,303		23,195
Net income	119,771		136,154		139,973		163,732		83,694
Net income (loss) attributable to non-controlling interests	(6)		—		(26)		19		(9)
Net income attributable to BOK Financial Corporation shareholders	$	119,777	$	136,154	$	139,999	$	163,713	$	83,703

Average shares outstanding:
Basic	63,547,510		63,491,458		63,489,581		63,714,204		64,290,105
Diluted	63,547,510		63,491,458		63,489,581		63,714,204		64,290,105
Net income per share:
Basic	$	1.86	$	2.12	$	2.18	$	2.54	$	1.29
Diluted	$	1.86	$	2.12	$	2.18	$	2.54	$	1.29


	Three Months Ended

(In thousands, except ratio and share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			June 30, 2024			Mar. 31, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,771,813		$	5,548,353		$	5,612,443		$	5,229,130		$	5,128,751
Less: Goodwill and intangible assets, net	1,088,813			1,091,537			1,095,954			1,098,777			1,101,643
Tangible common equity	4,683,000			4,456,816			4,516,489			4,130,353			4,027,108
Add: Unrealized loss on investment securities, net	(165,676)			(199,519)			(132,192)			(204,636)			(185,978)
Add: Tax effect on unrealized loss on investment securities, net	39,149			46,925			31,090			48,128			43,740
Adjusted tangible common equity	$	4,556,473		$	4,304,222		$	4,415,387		$	3,973,845		$	3,884,870

Total assets	$	50,472,189		$	49,685,892		$	50,081,985		$	50,403,457		$	50,160,380
Less: Goodwill and intangible assets, net	1,088,813			1,091,537			1,095,954			1,098,777			1,101,643
Tangible assets	$	49,383,376		$	48,594,355		$	48,986,031		$	49,304,680		$	49,058,737

Tangible common equity ratio	9.48		%	9.17		%	9.22		%	8.38		%	8.21		%











Adjusted tangible common equity ratio	9.23		%	8.86		%	9.01		%	8.06		%	7.92		%

Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,658,082		$	5,575,583		$	5,446,998		$	5,146,785		$	5,152,061
Less: Average goodwill and intangible assets, net	1,090,116			1,094,466			1,097,317			1,100,139			1,103,090
Average tangible common equity	$	4,567,966		$	4,481,117		$	4,349,681		$	4,046,646		$	4,048,971

Net income attributable to BOK Financial Corporation shareholders	$	119,777		$	136,154		$	139,999		$	163,713		$	83,703

Return on average tangible common equity	10.63		%	12.09		%	12.80		%	16.27		%	8.31		%

Reconciliation of common equity Tier 1 ratio including all securities portfolio losses:
Common equity Tier 1 capital	$	5,067,926		$	4,995,415		$	4,884,551		$	4,769,037		$	4,670,858
Add: Accumulated other comprehensive loss	(362,343)			(503,040)			(335,289)			(605,502)			(610,128)
Add: Unrealized loss on investment securities, net	(165,676)			(199,519)			(132,192)			(204,636)			(185,978)
Add: Tax effect on unrealized loss on investment securities, net	39,149			46,925			31,090			48,128			43,740
Adjusted Tier 1 capital	$	4,579,056		$	4,339,781		$	4,448,160		$	4,007,027		$	3,918,492

Risk weighted assets	$	38,062,913		$	38,316,481		$	38,365,133		$	39,405,831		$	38,952,555

Common equity Tier 1 ratio including AOCI & loss on investment securities	12.03		%	11.33		%	11.59		%	10.17		%	10.06		%

Reconciliation of pre-provision net revenue:
Net income before taxes	$	154,763		$	175,434		$	173,286		$	211,035		$	106,889
Add: Provision for expected credit losses	—			—			2,000			8,000			8,000
Less: Net income (loss) attributable to non-controlling interests	(6)			—			(26)			19			(9)
Pre-provision net revenue	$	154,769		$	175,434		$	175,312		$	219,016		$	114,898


	Year Ended
	December 31, 2024
Calculation of efficiency ratio and efficiency ratio excluding discrete items:
Total other operating expense	$	1,365,755
Less: Amortization of intangible assets	11,612
Numerator for efficiency ratio	$	1,354,143
Less: FDIC special assessment	5,521

Less: Contribution of converted Visa shares to BOKF Foundation	10,000
Adjusted numerator for efficiency ratio	$	1,338,622

Net interest income	$	1,210,758
Add: Tax-equivalent adjustment	9,147
Tax-equivalent net interest income	1,219,905
Total other operating revenue	839,641
Less: Gain (loss) on available-for-sale securities, net	(45,828)
Denominator for efficiency ratio	$	2,105,374

Less: Gain on converted Visa shares	56,877
Adjusted denominator for efficiency ratio	$	2,048,497

Efficiency ratio	64.32		%
Efficiency ratio excluding discrete items	65.35		%


	Three Months Ended

(In thousands, except ratios)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy	$	49	$	49	$	28,986	$	28,668	$	14,991
Healthcare	29,253		13,717		15,927		20,845		49,307
Services	13,662		767		1,425		3,165		3,319
General business	103		114		5,334		5,756		7,003
Total commercial	43,067		14,647		51,672		58,434		74,620

Commercial real estate	13,125		9,905		12,364		12,883		22,087

Loans to individuals:
Permanent mortgage	20,502		15,261		13,688		12,627		13,449
Permanent mortgage guaranteed by U.S. government agencies	6,786		6,803		6,520		6,617		9,217
Personal	40		109		71		122		142
Total loans to individuals	27,328		22,173		20,279		19,366		22,808

Total nonaccruing loans	83,520		46,725		84,315		90,683		119,515

Real estate and other repossessed assets	1,769		2,254		2,625		2,334		2,860
Total nonperforming assets	$	85,289	$	48,979	$	86,940	$	93,017	$	122,375

Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	78,503	$	42,176	$	80,420	$	86,400	$	113,158

Accruing loans 90 days past due1	$	3,258	$	—	$	597	$	2,962	$	—

Gross charge-offs	$	2,291	$	1,339	$	2,496	$	7,940	$	7,060
Recoveries	(1,186)		(811)		(2,550)		(995)		(1,600)
Net charge-offs (recoveries)	$	1,105	$	528	$	(54)	$	6,945	$	5,460

Provision for loan losses	$	(336)	$	(3,893)	$	(3,424)	$	13,148	$	9,960
Provision for credit losses from off-balance sheet unfunded loan commitments	448		3,874		5,430		(4,983)		(1,658)
Provision for expected credit losses from mortgage banking activities	(82)		30		47		(153)		(265)
Provision for credit losses related to held-to-maturity (investment) securities portfolio	(30)		(11)		(53)		(12)		(37)
Total provision for credit losses	$	—	$	—	$	2,000	$	8,000	$	8,000


(Dollars in thousands)	Mar. 31, 2025		Dec. 31, 2024		Change		% Change
Commercial:
Healthcare	$	3,789,446	$	3,967,533	$	(178,087)	(4.5)%
Services	3,704,834		3,643,203		61,631		1.7%
Energy	2,860,330		3,254,724		(394,394)		(12.1)%
General business	4,048,821		4,164,676		(115,855)		(2.8)%
Total commercial	14,403,431		15,030,136		(626,705)		(4.2)%

Commercial Real Estate:
Multifamily	2,336,312		2,237,064		99,248		4.4%
Industrial	1,163,089		1,127,867		35,222		3.1%
Office	704,688		755,838		(51,150)		(6.8)%
Retail	497,579		485,926		11,653		2.4%
Residential construction and land development	105,190		109,120		(3,930)		(3.6)%
Other real estate loans	356,678		342,637		14,041		4.1%
Total commercial real estate	5,163,536		5,058,452		105,084		2.1%

Loans to individuals:
Residential mortgage	2,471,345		2,436,958		34,387		1.4%
Residential mortgages guaranteed by U.S. government agencies	133,453		136,649		(3,196)		(2.3)%
Personal	1,518,723		1,452,529		66,194		4.6%
Total loans to individuals	4,123,521		4,026,136		97,385		2.4%

Total loans	$	23,690,488	$	24,114,724	$	(424,236)	(1.8)%


(In thousands)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024		Mar. 31, 2024
Commercial:
Healthcare	$	3,789,446	$	3,967,533	$	4,149,069	$	4,231,058	$	4,245,939
Services	3,704,834		3,643,203		3,573,670		3,577,144		3,529,421
Energy	2,860,330		3,254,724		3,126,635		3,451,485		3,443,719
General business	4,048,821		4,164,676		4,028,548		4,363,722		3,913,788
Total commercial	14,403,431		15,030,136		14,877,922		15,623,409		15,132,867

Commercial real estate:
Multifamily	2,336,312		2,237,064		2,109,445		1,997,282		1,960,839
Industrial	1,163,089		1,127,867		1,270,928		1,214,991		1,343,970
Office	704,688		755,838		815,966		876,897		901,105
Retail	497,579		485,926		521,874		547,706		543,735
Residential construction and land development	105,190		109,120		105,048		88,252		83,906
Other commercial real estate	356,678		342,637		365,394		358,447		403,122
Total commercial real estate	5,163,536		5,058,452		5,188,655		5,083,575		5,236,677

Loans to individuals:
Residential mortgage	2,471,345		2,436,958		2,370,293		2,281,226		2,192,584
Residential mortgages guaranteed by U.S. government agencies	133,453		136,649		127,747		131,825		139,456
Personal	1,518,723		1,452,529		1,420,444		1,433,546		1,470,976
Total loans to individuals	4,123,521		4,026,136		3,918,484		3,846,597		3,803,016

Total	$	23,690,488	$	24,114,724	$	23,985,061	$	24,553,581	$	24,172,560


	Three Months Ended						1Q25 vs 4Q24				1Q25 vs 1Q24

(Dollars in thousands, except ratios)	Mar. 31, 2025		Dec. 31, 2024		Mar. 31, 2024		Change		% Change		Change		% Change
Commercial Banking:
Net interest income	$	178,258	$	199,735	$	203,995	$	(21,477)	(10.8)	%	$	(25,737)	(12.6)	%
Fees and commissions revenue	55,157		56,575		50,630		(1,418)		(2.5)	%	4,527		8.9	%
Combined net interest income and fee revenue	233,415		256,310		254,625		(22,895)		(8.9)	%	(21,210)		(8.3)	%
Other operating expense	76,234		80,834		70,095		(4,600)		(5.7)	%	6,139		8.8	%
Corporate allocations	17,414		16,848		18,397		566		3.4	%	(983)		(5.3)	%
Net income before taxes	139,983		160,393		161,516		(20,410)		(12.7)	%	(21,533)		(13.3)	%

Average assets	$	21,400,745	$	21,510,871	$	21,652,694	$	(110,126)	(0.5)	%	$	(251,949)	(1.2)	%
Average loans	19,965,166		19,996,608		20,067,170		(31,442)		(0.2)	%	(102,004)		(0.5)	%
Average deposits	17,769,083		17,941,793		15,730,241		(172,710)		(1.0)	%	2,038,842		13.0	%

Consumer Banking:
Net interest income	$	57,252	$	65,485	$	64,135	$	(8,233)	(12.6)	%	$	(6,883)	(10.7)	%
Fees and commissions revenue	36,795		35,960		36,207		835		2.3	%	588		1.6	%
Combined net interest income and fee revenue	94,047		101,445		100,342		(7,398)		(7.3)	%	(6,295)		(6.3)	%
Other operating expense	57,236		59,910		53,447		(2,674)		(4.5)	%	3,789		7.1	%
Corporate allocations	15,435		14,874		14,172		561		3.8	%	1,263		8.9	%
Net income before taxes	22,122		23,580		32,336		(1,458)		(6.2)	%	(10,214)		(31.6)	%

Average assets	$	8,201,821	$	8,238,609	$	7,928,757	$	(36,788)	(0.4)	%	$	273,064	3.4	%
Average loans	2,206,553		2,147,058		1,913,586		59,495		2.8	%	292,967		15.3	%
Average deposits	8,154,762		8,197,577		7,901,167		(42,815)		(0.5)	%	253,595		3.2	%

Wealth Management:
Net interest income	$	44,502	$	38,144	$	28,398	$	6,358	16.7	%	$	16,104	56.7	%
Fees and commissions revenue	96,336		118,310		118,704		(21,974)		(18.6)	%	(22,368)		(18.8)	%
Combined net interest income and fee revenue	140,838		156,454		147,102		(15,616)		(10.0)	%	(6,264)		(4.3)	%
Other operating expense	94,266		95,196		99,288		(930)		(1.0)	%	(5,022)		(5.1)	%
Corporate allocations	13,854		12,353		14,779		1,501		12.2	%	(925)		(6.3)	%
Net income before taxes	32,726		48,915		33,050		(16,189)		(33.1)	%	(324)		(1.0)	%

Average assets	$	11,367,435	$	10,775,744	$	10,508,821	$	591,691	5.5	%	$	858,614	8.2	%
Average loans	2,187,599		2,160,588		2,198,803		27,011		1.3	%	(11,204)		(0.5)	%
Average deposits	10,702,521		9,983,232		9,237,965		719,289		7.2	%	1,464,556		15.9	%
Fiduciary assets	68,059,837		67,979,134		60,365,292		80,703		0.1	%	7,694,545		12.7	%
Assets under management or administration	113,956,563		114,615,237		105,530,903		(658,674)		(0.6)	%	8,425,660		8.0	%