Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 (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	$	61,295	$	—	$	61,295	$	—
U.S. agency residential mortgage-backed securities	10,989		—		10,989		—
Municipal and other tax-exempt securities	31,901		—		31,901		—
Other trading securities	18,219		—		18,219		—
Total trading securities	122,404		—		122,404		—
Available for sale securities:
U.S. Treasury securities	995		995		—		—
Municipal and other tax-exempt securities	56,817		—		47,207		9,610
U.S. government agency residential mortgage-backed securities	5,898,351		—		5,898,351		—
Privately issued residential mortgage-backed securities	139,118		—		139,118		—
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,905,796		—		2,905,796		—
Other debt securities	4,151		—		—		4,151
Perpetual preferred stock	19,672		—		19,672		—
Equity securities and mutual funds	17,833		3,265		14,568		—
Total available for sale securities	9,042,733		4,260		9,024,712		13,761
Fair value option securities – U.S. government agency residential mortgage-backed securities	444,217		—		444,217		—
Residential mortgage loans held for sale	308,439		—		300,565		7,874
Mortgage servicing rights, net¹	218,605		—		—		218,605
Derivative contracts, net of cash margin²	586,270		38,530		547,740		—
Other assets – private equity funds	22,472		—		—		22,472
Liabilities:
Derivative contracts, net of cash margin²	581,701		—		581,701		—


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 a net asset position that 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 a net liability position that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and agricultural derivative contracts fully offset by cash margin.

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. 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		—
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		—
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 margin ²	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 a net asset position that were valued based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded energy derivative contracts, net of cash margin. Derivative contracts in a net liability position that were valued using quoted prices in active markets for identical instruments based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and agricultural 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, 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 assets, net	—			—			—			—			4,747
Gain on available for sale securities, net	(235		)	—			—			—			—
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
Transfer to Level 3 from Level 2	—			—			—			2,193			—
Purchases and capital calls	—			—			—			—			1,027
Redemptions and distributions	—			—			—			—			(6,955		)
Proceeds from sales	—			—			—			(6,283		)	—
Gain (loss) recognized in earnings:
Mortgage banking revenue	—			—			—			108			—
Gain on assets, net	—			—			—			—			2,773
Gain on available for sale securities, net	—			—			—			—			—
Charitable contributions to BOKF Foundation	—			—			—			—			—
Other comprehensive income (loss):
Net change in unrealized gain (loss)	(483		)	1			—			—			—
Balance, December 31, 2015	$	9,610		$	4,151		$	—		$	7,874		$	22,472

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

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, 2015 follows (in thousands):

Quantitative Information about Level 3 Recurring Fair Value Measurements

Par

Value

Amortized

Cost/Unpaid Principal Balance

Fair

Value

Valuation Technique(s)

Significant Unobservable Input

Range

(Weighted Average)

Available for sale securities:

Municipal and other tax-exempt securities

10,370

10,311

9,610

Discounted cash flows

Interest rate spread

5.47%-5.77% (5.73%)

92.34%-92.93% (92.67%)

Other debt securities

4,400

4,151

Discounted cash flows

Interest rate spread

5.80% - 5.92% (5.90%)

⁴

94.33% - 94.34% (94.34%)

Residential mortgage loans held for sale

N/A

8,395

7,874

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

93.79%

Other assets - private equity funds

N/A

22,742

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 499 to 541 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, 2014 follows (in thousands):

Quantitative Information about Level 3 Recurring Fair Value Measurements

Par

Value

Amortized

Cost⁶

Fair

Value

Valuation Technique(s)

Significant 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 Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2015 follows (in thousands):



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

Impaired loans	$	20,805	Appraised value, as adjusted	Broker quotes and management's knowledge of industry and collateral.	N/A
Real estate and other repossessed assets	245		Appraised value, as adjusted	Marketability adjustments off appraised value¹	66%-81% (74%)


¹	Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

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)	Significant 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%

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, 2015						Fair Value Adjustments for the Year Ended December 31, 2015 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	$	—	$	252	$	20,805	$	4,042	$	—
Real estate and other repossessed assets	—		13,611		245		—		1,820



	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

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, 2015
	Carrying Value			Range of Contractual Yields			Average Re-pricing (in years)	Discount Rate			Estimated Fair Value
Cash and due from banks	$	573,699									$	573,699
Interest-bearing cash and cash equivalents	2,069,900										2,069,900
Trading securities:
U.S. Government agency debentures	61,295										61,295
U.S. government agency residential mortgage-backed securities	10,989										10,989
Municipal and other tax-exempt securities	31,901										31,901
Other trading securities	18,219										18,219
Total trading securities	122,404										122,404
Investment securities:
Municipal and other tax-exempt securities	365,258										368,910
U.S. government agency residential mortgage-backed securities	26,833										27,874
Other debt securities	205,745										232,375
Total investment securities	597,836										629,159
Available for sale securities:
U.S. Treasury securities	995										995
Municipal and other tax-exempt securities	56,817										56,817
U.S. government agency residential mortgage-backed securities	5,898,351										5,898,351
Privately issued residential mortgage-backed securities	139,118										139,118
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,905,796										2,905,796
Other debt securities	4,151										4,151
Perpetual preferred stock	19,672										19,672
Equity securities and mutual funds	17,833										17,833
Total available for sale securities	9,042,733										9,042,733
Fair value option securities – U.S. government agency residential mortgage-backed securities	444,217										444,217
Residential mortgage loans held for sale	308,439										308,439
Loans:
Commercial	10,252,531			0.25	% -	30.00%	0.62	0.52	% -	4.34%	10,053,952
Commercial real estate	3,259,033			0.38	% -	18.00%	0.73	0.95	% -	3.93%	3,233,476
Residential mortgage	1,876,893			1.67	% -	18.00%	2.42	0.86	% -	4.25%	1,902,976
Personal	552,697			0.38	% -	21.00%	0.37	1.19	% -	4.11%	549,068
Total loans	15,941,154										15,739,472
Allowance for loan losses	(225,524		)								—
Loans, net of allowance	15,715,630										15,739,472
Mortgage servicing rights	218,605										218,605
Derivative instruments with positive fair value, net of cash margin	586,270										586,270
Other assets – private equity funds	22,472										22,472
Deposits with no stated maturity	18,682,094										18,682,094
Time deposits	2,406,064			0.02	% -	5.50%	1.78	1.11	% -	1.57%	2,394,562
Other borrowings	6,051,515			0.25	% -	3.40%	0.00	0.20	% -	2.89%	5,600,932
Subordinated debentures	226,350			1.05%			1.37	2.12%			223,758
Derivative instruments with negative fair value, net of cash margin	581,701										581,701



	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	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	1,005										1,005
Municipal and other tax-exempt	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
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
Personal	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

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, 2015
Loans:
Commercial	0.25	%	30.00	%	0.62	0.52	%	4.34	%
Commercial real estate	0.38	%	18.00	%	0.73	0.95	%	3.93	%
Residential mortgage	1.67	%	18.00	%	2.42	0.86	%	4.25	%
Consumer	0.38	%	21.00	%	0.37	1.19	%	4.11	%

Time deposits	0.02	%	5.50	%	1.78	1.11	%	1.57	%
Other borrowings	0.25	%	3.40	%	0.00	0.20	%	2.89	%
Subordinated debentures	1.05	%	1.05	%	1.37	2.12	%	2.12	%

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	%