Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

On May 4, 2015, the Company acquired a majority voting interest in Heartland Food Products, LLC, a Kansas-based food product and restaurant equipment company. The cash purchase price for this acquisition was $18 million. The preliminary purchase price allocation included $14 million of identifiable intangible assets and $7.7 million of goodwill.

On February 28, 2014, the Company acquired GTRUST Financial Corporation ("GTRUST"), a Topeka-based independent trust and asset management company with approximately $631 million of assets under management or custody at the date of acquisition.

On April 30, 2014, the Company acquired MBM Advisors, a Houston-based independent, full service retirement and pension plan investment firm and an SEC registered investment adviser with approximately $1.3 billion of assets under management at the date of acquisition.

The purchase price for acquisitions in 2014 totaled approximately $27 million including $23 million paid in cash and $4 million of contingent consideration. The purchase price allocation included $14 million of identifiable intangible assets and $18 million of goodwill.

The pro-forma impact of these transactions was not material to the Company's consolidated financial statements.

On December 8, 2015, the Company announced the signing of a definitive purchase agreement with MBT Bancshares (“MBT”). MBT is headquartered in Kansas City, Mo. and is the parent company of Missouri Bank and Trust of Kansas City (“mobank”). mobank operates four banking branches in the Kansas City, Mo. area. At December 31, 2015, mobank has total assets of $655 million, total loans of $463 million, and total deposits of $611 million. Under terms of the definitive agreement, BOK Financial will pay $102.5 million in an all-cash deal for all outstanding shares of MBT stock, subject to certain conditions and potential adjustments. The transaction has been approved by the boards of directors of both companies and is expected to close in the third quarter of 2016, subject to customary closing conditions, including regulatory approval, and potential adjustments.

On January 5, 2016, the Company announced that it had entered into an asset purchase agreement with Weaver and Tidwell Financial Advisors LTD d/b/a Weaver Wealth Management, a registered investment advisor. The agreement includes hiring Weaver Wealth Management’s team and transitioning its wealth management clients to The Milestone Group, a wholly owned subsidiary of BOK Financial. Completion of the transaction is expected during the first quarter of 2016, upon regulatory approval. The acquisition will increase BOK Financial’s assets under management and administration by approximately $340 million in Texas.

On January 14, 2016, the Company signed an asset purchase agreement with E-Spectrum Advisors, a boutique energy investment banking firm based in Dallas that offers a broad range of oil and natural gas property sales and strategic advisory services.

The following table presents the original cost and accumulated amortization of intangible assets (in thousands):



	Dec. 31,
	2015		2014
Core deposit premiums	$	33,749	$	33,749
Less accumulated amortization	33,481		33,088
Net core deposit premiums	268		661

Other identifiable intangible assets	63,689		50,288
Less accumulated amortization	20,048		16,573
Net other identifiable intangible assets	43,641		33,715

Total intangible assets, net	$	43,909	$	34,376

Expected amortization expense for intangible assets that will continue to be amortized (in thousands):



	Core Deposit Premiums		Other Identifiable Intangible Assets		Total
2016	$	247	$	3,967	$	4,214
2017	21		3,735		3,756
2018	—		3,078		3,078
2019	—		2,816		2,816
2020	—		2,816		2,816
Thereafter	—		27,229		27,229
	$	268	$	43,641	$	43,909

The changes in the carrying value of goodwill by operating segment for the year ended December 31, 2015 are as follows (in thousands):



	Commercial		Consumer			Wealth Management		Total
Balance, December 31, 2013
Goodwill	$	268,942	$	39,251		$	51,794	$	359,987
Accumulated impairment losses	—		(228		)	—		(228		)
	268,942		39,023			51,794		359,759

Goodwill acquired during 2014	421		—			17,600		18,021

Balance, December 31, 2014
Goodwill	269,363		39,251			69,394		378,008
Accumulated impairment losses	—		(228		)	—		(228		)
	269,363		39,023			69,394		377,780

Goodwill acquired during 2015	7,681		—			—		7,681

Balance, December 31, 2015
Goodwill	277,044		39,251			69,394		385,689
Accumulated impairment losses	—		(228		)	—		(228		)
	$	277,044	$	39,023		$	69,394	$	385,461

The annual goodwill evaluations for 2015 and 2014 did not indicate impairment for any reporting unit. Economic conditions did not indicate that impairment existed for any identifiable intangible assets and therefore no impairment evaluation was performed.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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