BOKF 8-K

Bok Financial Corp (BOKF)

8-K 2025-07-21 For: 2025-07-21

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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)


Second quarter 2025 financial highlights1
Net Income						Net income was $140.0 million, or $2.19 per diluted share, compared to $119.8 million, or $1.86 per diluted share.

Net Interest Income & Margin						Net interest income totaled $328.2 million, an increase of $11.9 million. Net interest margin expanded 2 basis points to 2.80% compared to 2.78% in the prior quarter.

Fees & Commissions Revenue						Fees and commissions revenue was $197.3 million, an increase of $13.2 million with broad-based growth across our fee income lines. Brokerage and trading revenue increased $7.1 million, fiduciary and asset management revenue grew $3.0 million, and transaction card revenue increased $2.5 million.

Operating Expense						Operating expense increased $7.0 million to $354.5 million, primarily due to higher operational losses combined with increased costs related to ongoing technology projects.

Loans						Period end loans were $24.3 billion, an increase of $602 million. Growth in commercial real estate loans and loans to individuals was slightly offset by a decrease in energy balances. Average outstanding loan balances were $24.2 billion, a $108 million increase.

Credit Quality						Nonperforming assets declined to $81 million, or 0.33% of outstanding loans and repossessed assets, at June 30, 2025, from $85 million, or 0.36%, at March 31, 2025. Net charge-offs for the second quarter remained historically low at $561 thousand, or less than 0.01% of average loans on an annualized basis.

Deposits						Period end deposits were relatively unchanged at $38.2 billion, while average deposits decreased $222 million to $38.1 billion. Average demand deposits decreased by $198 million and average interest-bearing deposits decreased $25 million. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025.

Capital						Tangible common equity ratio was 9.63% compared to 9.48% at March 31, 2025. Tier 1 capital ratio was 13.60%, common equity Tier 1 capital ratio was 13.59%, and total capital ratio was 14.48%. The company repurchased 663,298 shares of common stock at an average price paid of $93.99 per share in the second quarter of 2025.


(Dollars in thousands)	June 30, 2025			Mar. 31, 2025			Change			% Change
Interest revenue
Interest-bearing cash and cash equivalents	$	5,626		$	6,229		$	(603)		(9.7)	%
Trading securities	86,488			73,871			12,617			17.1	%
Investment securities	6,762			7,008			(246)			(3.5)	%
Available-for-sale securities	131,360			127,573			3,787			3.0	%
Fair value option securities	1,319			178			1,141			641.0	%
Restricted equity securities	7,545			6,541			1,004			15.3	%
Residential mortgage loans held for sale	1,346			975			371			38.1	%
Loans	404,555			398,737			5,818			1.5	%
Total interest revenue	$	645,001		$	621,112		$	23,889		3.8	%
Interest expense
Interest-bearing deposits:
Transaction	$	204,216		$	204,521		$	(305)		(0.1)	%
Savings	1,155			1,168			(13)			(1.1)	%
Time	33,072			35,383			(2,311)			(6.5)	%
Total interest-bearing deposits	238,443			241,072			(2,629)			(1.1)	%
Funds purchased and repurchase agreements	6,820			7,028			(208)			(3.0)	%
Other borrowings	67,410			52,135			15,275			29.3	%
Subordinated debentures	1,588			2,084			(496)			(23.8)	%
Total interest expense	$	314,261		$	302,319		$	11,942		4.0	%
Tax-equivalent net interest income	330,740			318,793			11,947			3.7	%
Less: Tax-equivalent adjustment	2,574			2,542			32			1.3	%
Net interest income	$	328,166		$	316,251		$	11,915		3.8	%

Net interest margin	2.80		%	2.78		%	0.02		%	N/A

Average earning assets	$	46,984,071		$	45,606,324		$	1,377,747		3.0	%
Average trading securities	6,876,788			5,881,997			994,791			16.9	%
Average investment securities	1,918,969			1,980,005			(61,036)			(3.1)	%
Average available-for-sale securities	13,218,569			12,962,830			255,739			2.0	%
Fair value option securities	88,323			17,603			70,720			401.7	%
Restricted equity securities	390,191			348,266			41,925			12.0	%
Average loans balance	24,176,549			24,068,227			108,322			0.5	%
Average interest-bearing deposits	30,178,178			30,203,009			(24,831)			(0.1)	%
Funds purchased and repurchase agreements	782,039			935,716			(153,677)			(16.4)	%
Other borrowings	6,019,948			4,626,402			1,393,546			30.1	%


(Dollars in thousands)	June 30, 2025		Mar. 31, 2025		Change		% Change
Brokerage and trading revenue	$	38,125	$	31,068	$	7,057	22.7	%
Transaction card revenue	29,561		27,092		2,469		9.1	%
Fiduciary and asset management revenue	63,964		60,972		2,992		4.9	%
Deposit service charges and fees	31,319		30,275		1,044		3.4	%
Mortgage banking revenue	18,993		19,815		(822)		(4.1)	%
Other revenue	15,368		14,894		474		3.2	%
Total fees and commissions	197,330		184,116		13,214		7.2	%
Other gains (losses), net	8,140		(725)		8,865		N/A
Gain on derivatives, net	5,535		9,565		(4,030)		N/A
Gain on fair value option securities, net	1,112		325		787		N/A
Change in fair value of mortgage servicing rights	(5,019)		(7,240)		2,221		N/A

Total other operating revenue	$	207,098	$	186,041	$	21,057	11.3	%


(Dollars in thousands)	June 30, 2025		Mar. 31, 2025		Change		% Change
Personnel	$	214,711	$	214,185	$	526	0.2	%
Business promotion	9,139		8,818		321		3.6	%

Professional fees and services	15,402		13,269		2,133		16.1	%
Net occupancy and equipment	32,657		32,992		(335)		(1.0)	%
FDIC and other insurance	6,439		6,587		(148)		(2.2)	%
FDIC special assessment	(523)		523		(1,046)		N/A
Data processing and communications	49,597		47,578		2,019		4.2	%
Printing, postage, and supplies	4,067		3,639		428		11.8	%
Amortization of intangible assets	2,656		2,652		4		0.2	%
Mortgage banking costs	6,711		7,689		(978)		(12.7)%
Other expense	13,647		9,597		4,050		42.2	%
Total operating expense	$	354,503	$	347,529	$	6,974	2.0	%



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)


	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		June 30, 2025			Mar. 31, 2025
Common equity Tier 1	4.50	%	2.50	%	7.00	%	13.59		%	13.31		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	13.60		%	13.31		%
Total capital	8.00	%	2.50	%	10.50	%	14.48		%	14.54		%
Tier 1 leverage	4.00	%	N/A		4.00	%	9.88		%	10.02		%
Tangible common equity ratio1							9.63		%	9.48		%
Adjusted common tangible equity ratio1							9.40		%	9.23		%

Common stock repurchased (shares)							663,298			10,000
Average price per share repurchased							$	93.99		$	98.45


	Commercial Banking				Consumer Banking				Wealth Management

(In thousands)	June 30, 2025		Mar. 31, 2025		June 30, 2025		Mar. 31, 2025		June 30, 2025		Mar. 31, 2025
Net interest income and fee revenue	$	234,226	$	233,415	$	94,903	$	94,047	$	148,494	$	140,838
Net loans charged-off (recovered)	29		148		1,018		1,517		(7)		(8)
Personnel expense	49,506		48,051		25,527		25,837		66,309		67,245
Non-personnel expense	29,613		28,183		29,949		31,399		26,972		27,021
Net income before taxes	141,575		139,983		24,746		22,122		40,749		32,726

Average loans	$	19,894,391	$	19,965,166	$	2,304,939	$	2,206,553	$	2,275,378	$	2,187,599
Average deposits	17,424,707		17,769,083		8,266,824		8,154,762		10,783,245		10,702,521
Assets under management or administration									$	117,870,970	$	113,956,563



BOK Financial Corporation Quarterly Earnings Release			Exhibit 99.1(b)


	Three Months Ended
(In thousands)	June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024
Assets
Interest-bearing cash and cash equivalents	$	506,330	$	564,014	$	546,955	$	531,811	$	533,760
Trading securities	6,876,788		5,881,997		5,636,949		5,802,448		5,922,891
Investment securities, net of allowance	1,918,969		1,980,005		2,037,072		2,094,408		2,151,079
Available-for-sale securities	13,218,569		12,962,830		12,969,630		12,939,422		12,755,865
Fair value option securities	88,323		17,603		18,384		19,095		19,170
Restricted equity securities	390,191		348,266		338,236		410,800		453,303
Residential mortgage loans held for sale	86,543		63,365		87,353		95,742		81,371
Loans:
Commercial	14,315,695		14,633,090		14,973,929		15,076,308		15,516,238
Commercial real estate	5,495,152		5,245,867		5,039,535		5,257,842		5,048,704
Loans to individuals	4,365,702		4,189,270		4,011,080		3,970,734		3,820,211
Total loans	24,176,549		24,068,227		24,024,544		24,304,884		24,385,153
Allowance for loan losses	(278,191)		(279,983)		(283,685)		(287,227)		(283,246)
Loans, net of allowance	23,898,358		23,788,244		23,740,859		24,017,657		24,101,907
Total earning assets	46,984,071		45,606,324		45,375,438		45,911,383		46,019,346
Cash and due from banks	915,487		995,598		910,894		884,053		871,171
Derivative contracts, net	374,125		328,478		360,352		294,276		273,052
Cash surrender value of bank-owned life insurance	419,602		417,797		414,760		412,945		410,679
Receivable on unsettled securities sales	228,563		184,960		284,793		216,158		171,344
Other assets	3,365,104		3,453,746		3,268,949		3,438,220		3,449,607
Total assets	$	52,286,952	$	50,986,903	$	50,615,186	$	51,157,035	$	51,195,199

Liabilities
Deposits:
Demand	$	7,958,538	$	8,156,069	$	8,378,558	$	8,273,656	$	8,386,979
Interest-bearing transaction	25,859,336		25,859,733		24,992,464		23,986,697		23,006,204
Savings	853,062		844,875		818,210		820,980		832,704
Time	3,465,780		3,498,401		3,629,882		3,678,964		3,427,336
Total deposits	38,136,716		38,359,078		37,819,114		36,760,297		35,653,223
Funds purchased and repurchase agreements	782,039		935,716		1,076,400		1,016,688		1,838,323
Other borrowings	6,019,948		4,626,402		4,489,870		6,366,046		7,151,228
Subordinated debentures	99,846		131,188		131,185		131,155		131,156
Derivative contracts, net	359,616		237,035		417,026		466,271		380,942
Due on unsettled securities purchases	503,490		425,050		472,334		348,585		351,199
Other liabilities	591,496		611,762		630,957		618,187		539,485
Total liabilities	46,493,151		45,326,231		45,036,886		45,707,229		46,045,556
Total equity	5,793,801		5,660,672		5,578,300		5,449,806		5,149,643
Total liabilities and equity	$	52,286,952	$	50,986,903	$	50,615,186	$	51,157,035	$	51,195,199


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except share and per share data)	2025		2024		2025		2024
Interest revenue	$	642,427	$	671,817	$	1,260,997	$	1,317,029
Interest expense	314,261		375,796		616,580		727,436
Net interest income	328,166		296,021		644,417		589,593
Provision for credit losses	—		8,000		—		16,000
Net interest income after provision for credit losses	328,166		288,021		644,417		573,593
Other operating revenue:
Brokerage and trading revenue	38,125		53,017		69,193		112,196
Transaction card revenue	29,561		27,246		56,653		52,739
Fiduciary and asset management revenue	63,964		57,576		124,936		112,881
Deposit service charges and fees	31,319		29,572		61,594		58,257
Mortgage banking revenue	18,993		18,628		38,808		37,595
Other revenue	15,368		13,988		30,262		26,923
Total fees and commissions	197,330		200,027		381,446		400,591
Other gains (losses), net	8,140		57,375		7,415		61,644
Gain (loss) on derivatives, net	5,535		(1,091)		15,100		(9,724)
Gain (loss) on fair value option securities, net	1,112		(94)		1,437		(399)
Change in fair value of mortgage servicing rights	(5,019)		3,453		(12,259)		14,430
Gain (loss) on available-for-sale securities, net	—		34		—		(45,137)



Total other operating revenue	207,098		259,704		393,139		421,405
Other operating expense:
Personnel	214,711		191,090		428,896		393,743
Business promotion	9,139		8,250		17,957		16,228
Charitable contributions to BOKF Foundation	—		13,610		—		13,610
Professional fees and services	15,402		13,331		28,671		25,341
Net occupancy and equipment	32,657		30,245		65,649		60,538
FDIC and other insurance	6,439		7,317		13,026		16,057
FDIC special assessment	(523)		1,190		—		7,644
Data processing and communications	49,597		46,131		97,175		91,695
Printing, postage, and supplies	4,067		3,789		7,706		7,786
Amortization of intangible assets	2,656		2,898		5,308		5,901
Mortgage banking costs	6,711		8,532		14,400		14,887
Other expense	13,647		10,307		23,244		23,644
Total other operating expense	354,503		336,690		702,032		677,074

Net income before taxes	180,761		211,035		335,524		317,924
Federal and state income taxes	40,691		47,303		75,683		70,498

Net income	140,070		163,732		259,841		247,426
Net income attributable to non-controlling interests	52		19		46		10
Net income attributable to BOK Financial Corporation shareholders	$	140,018	$	163,713	$	259,795	$	247,416

Average shares outstanding:
Basic	63,208,027		63,714,204		63,376,857		64,002,154
Diluted	63,208,027		63,714,204		63,376,857		64,002,154

Net income per share:
Basic	$	2.19	$	2.54	$	4.05	$	3.83
Diluted	$	2.19	$	2.54	$	4.05	$	3.83


	Three Months Ended

(In thousands, except ratio, share, and per share data)	June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024
Interest revenue	$	642,427	$	618,570	$	639,125	$	680,310	$	671,817
Interest expense	314,261		302,319		326,079		372,191		375,796
Net interest income	328,166		316,251		313,046		308,119		296,021
Provision for credit losses	—		—		—		2,000		8,000
Net interest income after provision for credit losses	328,166		316,251		313,046		306,119		288,021
Other operating revenue:
Brokerage and trading revenue	38,125		31,068		55,505		50,391		53,017
Transaction card revenue	29,561		27,092		27,631		28,495		27,246
Fiduciary and asset management revenue	63,964		60,972		60,595		57,384		57,576
Deposit service charges and fees	31,319		30,275		30,038		30,450		29,572
Mortgage banking revenue	18,993		19,815		18,140		18,372		18,628
Other revenue	15,368		14,894		15,029		17,402		13,988
Total fees and commissions	197,330		184,116		206,938		202,494		200,027
Other gains (losses), net	8,140		(725)		4,995		13,087		57,375
Gain (loss) on derivatives, net	5,535		9,565		(21,728)		8,991		(1,091)
Gain (loss) on fair value option securities, net	1,112		325		(621)		764		(94)
Change in fair value of mortgage servicing rights	(5,019)		(7,240)		20,460		(16,453)		3,453
Gain (loss) on available-for-sale securities, net	—		—		—		(691)		34




Total other operating revenue	207,098		186,041		210,044		208,192		259,704
Other operating expense:
Personnel	214,711		214,185		210,675		206,821		191,090
Business promotion	9,139		8,818		9,365		7,681		8,250
Charitable contributions to BOKF Foundation	—		—		—		—		13,610
Professional fees and services	15,402		13,269		15,175		13,405		13,331
Net occupancy and equipment	32,657		32,992		32,713		32,077		30,245
FDIC and other insurance	6,439		6,587		6,862		8,186		7,317
FDIC special assessment	(523)		523		(686)		(1,437)		1,190
Data processing and communications	49,597		47,578		48,024		47,554		46,131
Printing, postage, and supplies	4,067		3,639		3,699		3,594		3,789
Amortization of intangible assets	2,656		2,652		2,855		2,856		2,898
Mortgage banking costs	6,711		7,689		10,692		9,059		8,532
Other expense	13,647		9,597		8,282		11,229		10,307
Total other operating expense	354,503		347,529		347,656		341,025		336,690
Net income before taxes	180,761		154,763		175,434		173,286		211,035
Federal and state income taxes	40,691		34,992		39,280		33,313		47,303
Net income	140,070		119,771		136,154		139,973		163,732
Net income (loss) attributable to non-controlling interests	52		(6)		—		(26)		19
Net income attributable to BOK Financial Corporation shareholders	$	140,018	$	119,777	$	136,154	$	139,999	$	163,713

Average shares outstanding:
Basic	63,208,027		63,547,510		63,491,458		63,489,581		63,714,204
Diluted	63,208,027		63,547,510		63,491,458		63,489,581		63,714,204
Net income per share:
Basic	$	2.19	$	1.86	$	2.12	$	2.18	$	2.54
Diluted	$	2.19	$	1.86	$	2.12	$	2.18	$	2.54


	Three Months Ended

(In thousands, except ratio and share data)	June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			June 30, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity	$	5,890,888		$	5,771,813		$	5,548,353		$	5,612,443		$	5,229,130
Less: Goodwill and intangible assets, net	1,084,749			1,088,813			1,091,537			1,095,954			1,098,777
Tangible common equity	4,806,139			4,683,000			4,456,816			4,516,489			4,130,353
Add: Unrealized loss on investment securities, net	(146,939)			(165,676)			(199,519)			(132,192)			(204,636)
Add: Tax effect on unrealized loss on investment securities, net	34,722			39,149			46,925			31,090			48,128
Adjusted tangible common equity	$	4,693,922		$	4,556,473		$	4,304,222		$	4,415,387		$	3,973,845

Total assets	$	50,998,077		$	50,472,189		$	49,685,892		$	50,081,985		$	50,403,457
Less: Goodwill and intangible assets, net	1,084,749			1,088,813			1,091,537			1,095,954			1,098,777
Tangible assets	$	49,913,328		$	49,383,376		$	48,594,355		$	48,986,031		$	49,304,680

Tangible common equity ratio	9.63		%	9.48		%	9.17		%	9.22		%	8.38		%











Adjusted tangible common equity ratio	9.40		%	9.23		%	8.86		%	9.01		%	8.06		%

Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,791,275		$	5,658,082		$	5,575,583		$	5,446,998		$	5,146,785
Less: Average goodwill and intangible assets, net	1,086,991			1,090,116			1,094,466			1,097,317			1,100,139
Average tangible common equity	$	4,704,284		$	4,567,966		$	4,481,117		$	4,349,681		$	4,046,646

Net income attributable to BOK Financial Corporation shareholders	$	140,018		$	119,777		$	136,154		$	139,999		$	163,713

Return on average tangible common equity	11.94		%	10.63		%	12.09		%	12.80		%	16.27		%

Reconciliation of adjusted common equity Tier 1 ratio:
Common equity Tier 1 capital	$	5,114,797		$	5,065,362		$	4,992,810		$	4,884,551		$	4,769,037
Add: Accumulated other comprehensive loss	(289,010)			(362,343)			(503,040)			(335,289)			(605,502)
Add: Unrealized loss on investment securities, net	(146,939)			(165,676)			(199,519)			(132,192)			(204,636)
Add: Tax effect on unrealized loss on investment securities, net	34,722			39,149			46,925			31,090			48,128
Adjusted common equity Tier 1 capital	$	4,713,570		$	4,576,492		$	4,337,176		$	4,448,160		$	4,007,027

Risk-weighted assets	$	37,629,433		$	38,062,913		$	38,315,722		$	38,365,133		$	39,405,794

Adjusted common equity Tier 1 ratio	12.53		%	12.02		%	11.32		%	11.59		%	10.17		%

Reconciliation of pre-provision net revenue:
Net income before taxes	$	180,761		$	154,763		$	175,434		$	173,286		$	211,035
Add: Provision for expected credit losses	—			—			—			2,000			8,000
Less: Net income (loss) attributable to non-controlling interests	52			(6)			—			(26)			19
Pre-provision net revenue	$	180,709		$	154,769		$	175,434		$	175,312		$	219,016


	Year Ended
(In thousands, except ratios)	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						2Q25 vs 1Q25				2Q25 vs 2Q24

(Dollars in thousands, except ratios)	June 30, 2025		Mar. 31, 2025		June 30, 2024		Change		% Change		Change		% Change
Commercial Banking:
Net interest income	$	175,826	$	178,258	$	203,756	$	(2,432)	(1.4)	%	$	(27,930)	(13.7)	%
Fees and commissions revenue	58,400		55,157		53,720		3,243		5.9	%	4,680		8.7	%
Combined net interest income and fee revenue	234,226		233,415		257,476		811		0.3	%	(23,250)		(9.0)	%
Other operating expense	79,119		76,234		76,114		2,885		3.8	%	3,005		3.9	%
Corporate allocations	19,535		17,414		17,381		2,121		12.2	%	2,154		12.4	%
Net income before taxes	141,575		139,983		158,831		1,592		1.1	%	(17,256)		(10.9)	%

Average assets	$	21,318,236	$	21,400,745	$	21,960,479	$	(82,509)	(0.4)	%	$	(642,243)	(2.9)	%
Average loans	19,894,391		19,965,166		20,403,837		(70,775)		(0.4)	%	(509,446)		(2.5)	%
Average deposits	17,424,707		17,769,083		16,189,003		(344,376)		(1.9)	%	1,235,704		7.6	%

Consumer Banking:
Net interest income	$	58,114	$	57,252	$	65,164	$	862	1.5	%	$	(7,050)	(10.8)	%
Fees and commissions revenue	36,789		36,795		36,252		(6)		—	%	537		1.5	%
Combined net interest income and fee revenue	94,903		94,047		101,416		856		0.9	%	(6,513)		(6.4)	%
Other operating expense	55,476		57,236		55,128		(1,760)		(3.1)	%	348		0.6	%
Corporate allocations	15,039		15,435		13,392		(396)		(2.6)	%	1,647		12.3	%
Net income before taxes	24,746		22,122		31,534		2,624		11.9	%	(6,788)		(21.5)	%

Average assets	$	8,310,875	$	8,201,821	$	8,107,505	$	109,054	1.3	%	$	203,370	2.5	%
Average loans	2,304,939		2,206,553		1,975,106		98,386		4.5	%	329,833		16.7	%
Average deposits	8,266,824		8,154,762		8,073,782		112,062		1.4	%	193,042		2.4	%

Wealth Management:
Net interest income	$	44,844	$	44,502	$	29,501	$	342	0.8	%	$	15,343	52.0	%
Fees and commissions revenue	103,650		96,336		113,208		7,314		7.6	%	(9,558)		(8.4)	%
Combined net interest income and fee revenue	148,494		140,838		142,709		7,656		5.4	%	5,785		4.1	%
Other operating expense	93,281		94,266		90,214		(985)		(1.0)	%	3,067		3.4	%
Corporate allocations	14,471		13,854		16,484		617		4.5	%	(2,013)		(12.2)	%
Net income before taxes	40,749		32,726		36,011		8,023		24.5	%	4,738		13.2	%

Average assets	$	11,571,187	$	11,367,435	$	11,239,910	$	203,752	1.8	%	$	331,277	2.9	%
Average loans	2,275,378		2,187,599		2,199,747		87,779		4.0	%	75,631		3.4	%
Average deposits	10,783,245		10,702,521		9,551,307		80,724		0.8	%	1,231,938		12.9	%
Fiduciary assets	71,057,135		68,059,837		61,917,694		2,997,298		4.4	%	9,139,441		14.8	%
Assets under management or administration	117,870,970		113,956,563		107,477,030		3,914,407		3.4	%	10,393,940		9.7	%


(Dollars in thousands)	June 30, 2025		Mar. 31, 2025		Change		% Change
Commercial:
Healthcare	$	3,808,936	$	3,789,446	$	19,490	0.5%
Services	3,658,807		3,704,834		(46,027)		(1.2)%
Energy	2,734,713		2,860,330		(125,617)		(4.4)%
General business	4,181,726		4,048,821		132,905		3.3%
Total commercial	14,384,182		14,403,431		(19,249)		(0.1)%

Commercial Real Estate:
Multifamily	2,473,365		2,336,312		137,053		5.9%
Industrial	1,304,211		1,163,089		141,122		12.1%
Office	690,086		704,688		(14,602)		(2.1)%
Retail	592,043		497,579		94,464		19.0%
Residential construction and land development	105,701		105,190		511		0.5%
Other real estate loans	356,035		356,678		(643)		(0.2)%
Total commercial real estate	5,521,441		5,163,536		357,905		6.9%

Loans to individuals:
Residential mortgage	2,610,681		2,471,345		139,336		5.6%
Residential mortgages guaranteed by U.S. government agencies	148,453		133,453		15,000		11.2%
Personal	1,627,454		1,518,723		108,731		7.2%
Total loans to individuals	4,386,588		4,123,521		263,067		6.4%

Total loans	$	24,292,211	$	23,690,488	$	601,723	2.5%


(In thousands)	June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		June 30, 2024
Commercial:
Healthcare	$	3,808,936	$	3,789,446	$	3,967,533	$	4,149,069	$	4,231,058
Services	3,658,807		3,704,834		3,643,203		3,573,670		3,577,144
Energy	2,734,713		2,860,330		3,254,724		3,126,635		3,451,485
General business	4,181,726		4,048,821		4,164,676		4,028,548		4,363,722
Total commercial	14,384,182		14,403,431		15,030,136		14,877,922		15,623,409

Commercial real estate:
Multifamily	2,473,365		2,336,312		2,237,064		2,109,445		1,997,282
Industrial	1,304,211		1,163,089		1,127,867		1,270,928		1,214,991
Office	690,086		704,688		755,838		815,966		876,897
Retail	592,043		497,579		485,926		521,874		547,706
Residential construction and land development	105,701		105,190		109,120		105,048		88,252
Other commercial real estate	356,035		356,678		342,637		365,394		358,447
Total commercial real estate	5,521,441		5,163,536		5,058,452		5,188,655		5,083,575

Loans to individuals:
Residential mortgage	2,610,681		2,471,345		2,436,958		2,370,293		2,281,226
Residential mortgages guaranteed by U.S. government agencies	148,453		133,453		136,649		127,747		131,825
Personal	1,627,454		1,518,723		1,452,529		1,420,444		1,433,546
Total loans to individuals	4,386,588		4,123,521		4,026,136		3,918,484		3,846,597

Total	$	24,292,211	$	23,690,488	$	24,114,724	$	23,985,061	$	24,553,581