Other Borrowings

Information relating to other borrowings is summarized as follows (dollars in thousands):



	As of				Year Ended
	December 31, 2016				December 31, 2016
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Parent company and other non-bank subsidiaries:
Trust preferred debt	$	7,217	3.28	%	$	611	3.27	%	$	7,217
Other	1,092		8.27	%	2,073		16.11	%	3,157
Total other borrowings	8,309				2,684		13.19	%
Subordinated debentures	144,640		5.60	%	74,428		5.59	%	$	145,393
Total parent company and other non-bank subsidiaries	152,949				77,112		5.86	%

BOKF, NA:
Funds purchased	57,929		0.38	%	78,222		0.24	%	567,103
Repurchase agreements	668,661		0.02	%	589,145		0.04	%	668,661
Other borrowings:
Federal Home Loan Bank advances	4,800,000		0.72	%	5,985,656		0.55	%	6,500,000
GNMA repurchase liability	22,471		4.26	%	15,637		4.74	%	22,471
Other	15,292		2.66	%	15,670		2.41	%	15,797
Total other borrowings	4,837,763				6,016,963		0.57	%
Subordinated debentures	—		—	%	140,414		1.35	%	226,434
Total BOKF, NA	5,564,353				6,824,744		0.54	%

Total other borrowed funds	$	5,717,302			$	6,901,856	0.60	%



	As of				Year Ended
	December 31, 2015				December 31, 2015
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Parent company and other non-bank subsidiaries:
Trust preferred debt	$	—	—	%	$	—	—	%	$	—
Other	—		—	%	—		—	%	—
Total other borrowings	—				—		—	%
Subordinated debentures	—		—	%	—		—	%	—
Total parent company and other non-bank subsidiaries	—				—		—	%

BOKF, NA:
Funds purchased	491,192		0.15	%	73,219		0.09	%	491,192
Repurchase agreements	722,444		0.02	%	623,921		0.04	%	1,008,144
Other borrowings:
Federal Home Loan Bank advances	4,800,000		0.48	%	4,921,739		0.28	%	5,000,000
GNMA repurchase liability	19,478		4.75	%	16,668		4.95	%	19,478
Other	18,402		2.70	%	18,768		2.35	%	26,058
Total other borrowings	4,837,880				4,957,175		0.33	%
Subordinated debentures	226,350		1.05	%	226,332		1.84	%	348,076
Total BOKF, NA	6,277,866				5,880,647		0.36	%

Total other borrowed funds	$	6,277,866			$	5,880,647	0.36	%



	As of				Year Ended
	December 31, 2014				December 31, 2014
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Parent company and other non-bank subsidiaries:
Trust preferred debt	$	—	—	%	$	—	—	%	$	—
Other	—		—	%	—		—	%	—
Total other borrowings	—				—		—	%
Subordinated debentures	—		—	%	—		—	%	—
Total parent company and other non-bank subsidiaries	—				—		—	%

BOKF, NA:
Funds purchased	57,031		0.05	%	494,220		0.07	%	1,548,676
Repurchase agreements	1,187,489		0.04	%	928,767		0.06	%	1,187,489
Other borrowings:
Federal Home Loan Bank advances	2,103,400		0.25	%	1,894,966		0.24	%	3,453,400
GNMA repurchase liability	14,298		5.05	%	17,343		5.20	%	24,980
Other	16,076		2.73	%	16,433		2.32	%	16,582
Total other borrowings	2,133,774				1,928,742		0.35	%
Subordinated debentures	347,983		2.35	%	347,892		2.50	%	347,983
Total BOKF, NA	3,726,277				3,699,621		0.43	%

Total other borrowed funds	$	3,726,277			$	3,699,621	0.43	%

Aggregate annual principal repayments at December 31, 2016 are as follows (in thousands):



	Parent Company and Other Non-bank Subsidiaries		BOKF, NA
2017	$	—	$	5,549,587
2018	—		711
2019	—		956
2020	—		961
2021	—		965
Thereafter	152,949		11,173
Total	$	152,949	$	5,564,353

Funds purchased are unsecured and generally mature within one to ninety days from the transaction date. Securities repurchase agreements are recorded as secured borrowings that generally mature within ninety days and are secured by certain available for sale securities. There was no outstanding accrued interest payable related to repurchase agreements at December 31, 2016 or December 31, 2015.

Additional information relating to securities sold under agreements to repurchase and related liabilities at December 31, 2016 and 2015 is as follows (dollars in thousands):



	December 31, 2016
	Amortized		Fair		Repurchase		Average
Security Sold/Maturity	Cost		Value		Liability¹		Rate

U.S. government agency mortgage-backed securities:
Overnight¹	$	655,529	$	655,851	$	668,661	0.02	%
Long-term	—		—		—		—	%
Total Agency Securities	$	655,529	$	655,851	$	668,661	0.02	%

	December 31, 2015
	Amortized		Fair		Repurchase		Average
Security Sold/Maturity	Cost		Value		Liability¹		Rate

U.S. government agency mortgage-backed securities:
Overnight¹	$	685,458	$	688,485	$	722,444	0.02	%
Long-term	—		—		—		—	%
Total Agency Securities	$	685,458	$	688,485	$	722,444	0.02	%


¹	BOK Financial maintains control over the securities underlying overnight repurchase agreements and generally transfers control over securities underlying longer-term dealer repurchase agreements to the respective counterparty.

Borrowings from the Federal Home Loan Banks are used for funding purposes. In accordance with policies of the Federal Home Loan Banks, BOK Financial has granted a blanket pledge of eligible assets (generally unencumbered U.S. Treasury and residential mortgage-backed securities, 1-4 family loans and multifamily loans) as collateral for these advances. The Federal Home Loan Banks have issued letters of credit totaling $242 million to secure BOK Financial’s obligations to depositors of public funds. The unused credit available to BOK Financial at December 31, 2016 pursuant to the Federal Home Loan Bank’s collateral policies is $1.3 billion.

In 2016, BOK Financial issued $150 million of subordinated debt that will mature on June 30, 2056. Interest on this debt bears an interest rate of 5.375%, payable quarterly. On June 30, 2021, BOK Financial will have the option to redeem the debt at the principal amount plus accrued interest, subject to regulatory approval.

In conjunction with the acquisition of MBT, BOK Financial assumed $7.2 million of variable rate subordinated trust preferred. This trust preferred debt is callable prior to maturity on September 17, 2033 and December 15, 2036, respectively, subject to regulatory approval. Interest is payable quarterly at three-month LIBOR plus 2.95% on $3.1 million and three-month LIBOR plus 1.82% on $4.1 million.

BOK Financial Securities, Inc. may borrow funds from Pershing, LLC ("Pershing"), a clearing broker/dealer and a wholly owned subsidiary of Bank of New York Mellon, for the purposes of financing securities purchases or to facilitate funding of investment banking activities, on terms to be negotiated at the time of the borrowing. BOK Financial Securities, Inc. had no borrowings from Pershing outstanding at December 31, 2016 or December 31, 2015.

In 2007, BOKF, NA issued $250 million of subordinated debt due May 15, 2017. Interest on this debt was based upon a fixed rate of 5.75% through May 14, 2012 and is based on a floating rate of three-month LIBOR plus 0.69% thereafter. The proceeds of this debt were used to fund the Worth National Bank and First United Bank acquisitions and to fund continued asset growth. The outstanding balance of this subordinated debt was $226 million at December 31, 2015. The remaining outstanding balance was called during 2016.

The Company has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable at rates contractually due to investors.