Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Assets And Liabilities Measured On A Recurring Basis [Table Text Block]

The fair value of financial assets and liabilities that are measured on a recurring basis is as follows as of December 31, 2014 (in thousands):



	Total		Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:
Trading securities:
U.S. Government agency debentures	$	85,092	$	—	$	85,092	$	—
U.S. agency residential mortgage-backed securities	31,199		—		31,199		—
Municipal and other tax-exempt securities	38,951		—		38,951		—
Other trading securities	33,458		—		33,458		—
Total trading securities	188,700		—		188,700		—
Available for sale securities:
U.S. Treasury securities	1,005		1,005		—		—
Municipal and other tax-exempt securities	63,557		—		53,464		10,093
U.S. government agency residential mortgage-backed securities	6,646,884		—		6,646,884		—
Privately issued residential mortgage-backed securities	165,957		—		165,957		—
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,048,609		—		2,048,609		—
Other debt securities	9,212		—		5,062		4,150
Perpetual preferred stock	24,277		—		24,277		—
Equity securities and mutual funds	19,444		4,927		14,517		—
Total available for sale securities	8,978,945		5,932		8,958,770		14,243
Fair value option securities:
U.S. government agency residential mortgage-backed securities	311,597		—		311,597		—
Other securities	—		—		—		—
Total fair value option securities	311,597		—		311,597		—
Residential mortgage loans held for sale	304,182		—		292,326		11,856
Mortgage servicing rights, net¹	171,976		—		—		171,976
Derivative contracts, net of cash margin²	361,874		17,607		344,267		—
Other assets – private equity funds	25,627		—		—		25,627
Liabilities:
Derivative contracts, net of cash margin²	354,554		541		354,013		—


¹	A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.

See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset positions were valued based on quoted prices in active markets or identical instruments (Level 1) are exchange-traded energy derivative contracts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and agricultural derivative contracts, net of cash margin.

The fair value of financial assets and liabilities that are measured on a recurring basis is as follows as of December 31, 2013 (in thousands):



	Total		Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:
Trading securities:
U.S. Government agency debentures	$	34,120	$	—	$	34,120	$	—
U.S. government agency residential mortgage-backed securities	21,011		—		21,011		—
Municipal and other tax-exempt securities	27,350		—		27,350		—
Other trading securities	9,135		—		9,135		—
Total trading securities	91,616		—		91,616		—
Available for sale securities:
U.S. Treasury securities	1,042		1,042		—		—
Municipal and other tax-exempt securities	73,775		—		55,970		17,805
U.S. government agency residential mortgage-backed securities	7,716,010		—		7,716,010		—
Privately issued residential mortgage-backed securities	221,099		—		221,099		—
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,055,804		—		2,055,804		—
Other debt securities	35,241		—		30,529		4,712
Perpetual preferred stock	22,863		—		22,863		—
Equity securities and mutual funds	21,328		—		17,121		4,207
Total available for sale securities	10,147,162		1,042		10,119,396		26,724
Fair value option securities:
U.S. government agency residential mortgage-backed securities	157,431		—		157,431		—
Other securities	9,694		—		9,694		—
Total fair value option securities	167,125		—		167,125		—
Residential mortgage loans held for sale	200,546		—		200,546		—
Mortgage servicing rights, net¹	153,333		—		—		153,333
Derivative contracts, net of cash margin²	265,012		2,712		262,300		—
Other assets – private equity funds	27,341		—		—		27,341
Liabilities:
Derivative contracts, net of cash margin ²	247,185		—		247,185		—


¹	A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 7, Mortgage Banking Activities.


²	See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded energy derivative contracts, net of cash margin.

Fair Value Assets Measured On Recurring Basis Significant Unobservable Inputs [Table Text Block]

The following represents the changes related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):



	Available for Sale Securities									Residential mortgage loans held for sale			Other assets – private equity funds
	Municipal and other tax-exempt			Other debt securities			Equity securities and mutual funds			Residential mortgage loans held for sale			Other assets – private equity funds
Balance, December 31, 2012	$	40,702		$	5,399		$	2,161		$	—		$	28,169
Transfer to Level 3 from Level 2	—			—			—			—			—
Purchases and capital calls	—			—			—			—			1,415
Redemptions and distributions	(19,238		)	(500		)	—			—			(5,294		)
Gain (loss) recognized in earnings:
Gain (loss) on other assets, net	—			—			—			—			3,051
Gain on available for sale securities, net	1,216			—			—			—			—
Other-than-temporary impairment losses	(1,369		)	—			—			—			—
Other comprehensive income (loss):
Net change in unrealized gain (loss)	(3,506		)	(187		)	2,046			—			—
Balance, December 31, 2013	17,805			4,712			4,207			—			27,341
Transfer to Level 3 from Level 2	—			—			—			13,644			—
Purchases and capital calls	—			—			—			—			1,012
Redemptions and distributions	(7,487		)	(500		)	—			—			(7,473		)
Proceeds from sales	—			—			—			(1,176		)	—
Gain (loss) recognized in earnings:
Mortgage banking revenue	—			—			—			(612		)	—
Gain on other assets, net	—			—			—			—			4,747
Gain on available for sale securities, net	(235		)	—			—			—			—
Other-than-temporary impairment losses	—			—			—			—			—
Charitable contributions to BOKF Foundation	—			—			(2,420		)	—			—
Other comprehensive income (loss):
Net change in unrealized gain (loss)	10			(62		)	(1,787		)	—			—
Balance, December 31, 2014	$	10,093		$	4,150		$	—		$	11,856		$	25,627

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2014 follows (in thousands):



Quantitative Information about Level 3 Non-recurring Fair Value Measurements
	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)

Impaired loans	$	635	Appraised value, as adjusted	Broker quotes and management's knowledge of industry and collateral.	N/A
Real estate and other repossessed assets	3,691		Appraised value, as adjusted	Marketability adjustments off appraised value	65%

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2013 follows (in thousands):



Quantitative Information about Level 3 Non-recurring Fair Value Measurements
	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)

Impaired loans	$	4,622	Appraised value, as adjusted	Broker quotes and management's knowledge of industry and collateral.	N/A
Real estate and other repossessed assets	191		Listing value, less cost to sell	Marketability adjustments off appraised value	80%-85% (82%)¹


¹	Marketability adjustments includes consideration of estimated costs to sell which is approximately 15% of the fair value.

A summary of quantitative information about assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2014 follows (in thousands):

Quantitative Information about Level 3 Recurring Fair Value Measurements

Par

Value

Amortized

Cost/Unpaid Principal Balance

Fair

Value

Valuation Technique(s)

Unobservable Input

Range

(Weighted Average)

Available for sale securities

Municipal and other tax-exempt securities

10,870

10,805

10,093

Discounted cash flows

Interest rate spread

4.96%-5.26% (5.21%)

92.65%-94.32% (93.09%)

Other debt securities

4,400

4,150

Discounted cash flows

Interest rate spread

5.62% - 5.67% (5.66%)

⁴

92.65% - 92.95% (92.77%)

Residential mortgage loans held for sale

N/A

12,468

11,856

Quoted prices of loans sold in securitization transactions, with a liquidity discount applied

Liquidity discount applied to the market value of mortgage loans qualifying for sale to U.S. government agencies

95.09%

Other assets - private equity funds

N/A

25,627

Net asset value reported by underlying fund

N/A


¹	Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.


²	Interest rate yields used to value investment grade tax-exempt securities represent a spread of 488 to 516 basis points over average yields for comparable tax-exempt securities.


³	Represents fair value as a percentage of par value.


⁴	Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 1%.

A summary of quantitative information about Recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2013 follows (in thousands):

Quantitative Information about Level 3 Recurring Fair Value Measurements

Par

Value

Amortized

Cost⁶

Fair

Value

Valuation Technique(s)

Unobservable Input

Range

(Weighted Average)

Available for sale securities

Municipal and other tax-exempt securities

18,695

18,624

17,805

Discounted cash flows

Interest rate spread

4.97%-5.27% (5.16%)

95.02%-95.50% (95.24%)

Other debt securities

4,900

4,712

Discounted cash flows

Interest rate spread

5.67% (5.67%)

⁴

96.16% (96.16%)

Equity securities and other mutual funds

N/A

2,420

4,207

Publicly announced preliminary purchase price information from acquirer

Discount for settlement uncertainty

N/A

⁵

Other assets - private equity funds

N/A

27,341

Net asset value reported by underlying fund

N/A


¹	Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.


²	Interest rate yields used to value investment grade tax-exempt securities represent a spread of 467 to 518 basis points over average yields for comparable tax-exempt securities.


³	Represents fair value as a percentage of par value.


⁴	Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 1%.


⁵	Fair value of shares of a smaller privately-held financial institution were valued using preliminary announced purchase information by a publicly-traded acquirer.

Fair Value Assets Measured on Nonrecurring Basis [Table Text Block]

The following represents the carrying value of assets measured at fair value on a non-recurring basis and related losses recorded during the year. The carrying value represents only those assets with the balance sheet date for which the fair value was adjusted during the year:



	Carrying Value at December 31, 2014						Fair Value Adjustments for the Year Ended December 31, 2014 Recognized In:
	Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs		Gross charge-offs against allowance for loan losses		Net losses and expenses of repossessed assets, net
Impaired loans	$	—	$	8,198	$	635	$	4,044	$	—
Real estate and other repossessed assets	—		22,594		3,691		—		3,563



	Carrying Value at December 31, 2013						Fair Value Adjustments for the Year Ended December 31, 2013 Recognized In:
	Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs		Gross charge-offs against allowance for loan losses		Net losses and expenses of repossessed assets, net
Impaired loans	$	—	$	8,380	$	4,622	$	6,598	$	—
Real estate and other repossessed assets	—		20,733		191		—		5,489

Fair Value of Financial Instruments [Table Text Block]

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring (dollars in thousands):



	December 31, 2014
	Carrying Value			Range of Contractual Yields			Average Re-pricing (in years)	Discount Rate			Estimated Fair Value
Cash and due from banks	$	550,576									$	550,576
Interest-bearing cash and cash equivalents	1,925,266										1,925,266
Trading securities:
U.S. Government agency debentures	85,092										85,092
U.S. government agency residential mortgage-backed securities	31,199										31,199
Municipal and other tax-exempt securities	38,951										38,951
Other trading securities	33,458										33,458
Total trading securities	188,700										188,700
Investment securities:
Municipal and other tax-exempt securities	405,090										408,344
U.S. government agency residential mortgage-backed securities	35,750										37,463
Other debt securities	211,520										227,819
Total investment securities	652,360										673,626
Available for sale securities:
U.S. Treasury securities	1,005										1,005
Municipal and other tax-exempt securities	63,557										63,557
U.S. government agency residential mortgage-backed securities	6,646,884										6,646,884
Privately issued residential mortgage-backed securities	165,957										165,957
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,048,609										2,048,609
Other debt securities	9,212										9,212
Perpetual preferred stock	24,277										24,277
Equity securities and mutual funds	19,444										19,444
Total available for sale securities	8,978,945										8,978,945
Fair value option securities:
U.S. government agency residential mortgage-backed securities	311,597										311,597
Other securities	—										—
Total fair value option securities	311,597										311,597
Residential mortgage loans held for sale	304,182										304,182
Loans:
Commercial	9,095,670			0.17	% -	30.00%	0.65	0.51	% -	4.34%	8,948,870
Commercial real estate	2,728,150			0.38	% -	18.00%	0.84	1.09	% -	3.78%	2,704,454
Residential mortgage	1,949,512			1.20	% -	18.00%	2.50	0.64	% -	3.99%	1,985,870
Consumer	434,705			0.38	% -	21.00%	0.45	1.04	% -	3.98%	431,274
Total loans	14,208,037										14,070,468
Allowance for loan losses	(189,056		)								—
Loans, net of allowance	14,018,981										14,070,468
Mortgage servicing rights	171,976										171,976
Derivative instruments with positive fair value, net of cash margin	361,874										361,874
Other assets – private equity funds	25,627										25,627
Deposits with no stated maturity	18,532,143										18,532,143
Time deposits	2,608,716			0.02	% -	9.64%	1.92	0.76	% -	1.33%	2,612,576
Other borrowings	3,378,294			0.21	% -	1.52%	0.12	0.06	% -	2.64%	3,331,771
Subordinated debentures	347,983			0.92	% -	5.00%	1.67	2.14%			344,687
Derivative instruments with negative fair value, net of cash margin	354,554										354,554



	December 31, 2013
	Carrying Value			Range of Contractual Yields			Average Re-pricing (in years)	Discount Rate			Estimated Fair Value
Cash and due from banks	$	512,931									$	512,931
Interest-bearing cash and cash equivalents	574,282										574,282
Trading securities:
U.S. Government agency debentures	34,120										34,120
U.S. government agency residential mortgage-backed securities	21,011										21,011
Municipal and other tax-exempt securities	27,350										27,350
Other trading securities	9,135										9,135
Total trading securities	91,616										91,616
Investment securities:
Municipal and other tax-exempt	440,187										439,870
U.S. government agency residential mortgage-backed securities	50,182										51,864
Other debt securities	187,509										195,393
Total investment securities	677,878										687,127
Available for sale securities:
U.S. Treasury	1,042										1,042
Municipal and other tax-exempt	73,775										73,775
U.S. government agency residential mortgage-backed securities	7,716,010										7,716,010
Privately issued residential mortgage-backed securities	221,099										221,099
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,055,804										2,055,804
Other debt securities	35,241										35,241
Perpetual preferred stock	22,863										22,863
Equity securities and mutual funds	21,328										21,328
Total available for sale securities	10,147,162										10,147,162
Fair value option securities:
U.S. government agency residential mortgage-backed securities	157,431										157,431
Other securities	9,694										9,694
Total fair value option securities	167,125										167,125
Residential mortgage loans held for sale	200,546										200,546
Loans:
Commercial	7,943,221			0.04	% -	30.00%	0.49	0.48	% -	4.33%	7,835,325
Commercial real estate	2,415,353			0.38	% -	18.00%	0.78	1.21	% -	3.49%	2,394,443
Residential mortgage	2,052,026			0.38	% -	18.00%	2.63	0.59	% -	4.73%	2,068,690
Consumer	381,664			0.38	% -	21.00%	0.55	1.22	% -	3.75%	375,962
Total loans	12,792,264										12,674,420
Allowance for loan losses	(185,396		)								—
Loans, net of allowance	12,606,868										12,674,420
Mortgage servicing rights	153,333										153,333
Derivative instruments with positive fair value, net of cash margin	265,012										265,012
Other assets – private equity funds	27,341										27,341
Deposits with no stated maturity	17,573,334										17,573,334
Time deposits	2,695,993			0.01	% -	9.64%	2.12	0.75	% -	1.33%	2,697,290
Other borrowings	2,721,888			0.25	% -	4.78%	0.03	0.08	% -	2.64%	2,693,788
Subordinated debentures	347,802			0.95	% -	5.00%	2.63	2.22%			344,783
Derivative instruments with negative fair value, net of cash margin	247,185										247,185

Fair Value Inputs, Financial Instruments, Quantitative Information [Table Text Block]



	Range of Contractual Yields				Average Re-pricing (in years)	Discount Rate
	Minimum		Maximum		Average Re-pricing (in years)	Minimum		Maximum
December 31, 2014
Loans:
Commercial	0.17	%	30.00	%	0.65	0.51	%	4.34	%
Commercial real estate	0.38	%	18.00	%	0.84	1.09	%	3.78	%
Residential mortgage	1.20	%	18.00	%	2.50	0.64	%	3.99	%
Consumer	0.38	%	21.00	%	0.45	1.04	%	3.98	%

Time deposits	0.02	%	9.64	%	1.92	0.76	%	1.33	%
Other borrowings	0.21	%	1.52	%	0.12	0.06	%	2.64	%
Subordinated debentures	0.92	%	5.00	%	1.67	2.14	%	2.14	%

December 31, 2013
Loans:
Commercial	0.04	%	30.00	%	0.49	0.48	%	4.33	%
Commercial real estate	0.38	%	18.00	%	0.78	1.21	%	3.49	%
Residential mortgage	0.38	%	18.00	%	2.63	0.59	%	4.73	%
Consumer	0.38	%	21.00	%	0.55	1.22	%	3.75	%

Time deposits	0.01	%	9.64	%	2.12	0.75	%	1.33	%
Other borrowings	0.25	%	4.78	%	0.03	0.08	%	2.64	%
Subordinated debentures	0.95	%	5.00	%	2.63	2.22	%	2.22	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details