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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________                 

Commission File No. 0-19341

BOK FINANCIAL CORP
(Exact name of registrant as specified in its charter) 
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)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes  ý  No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer  ý                                               Accelerated filer           ¨            Non-accelerated filer   ¨ (Do not check if a smaller reporting company)     Smaller reporting company
                                    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes    No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 69,557,873 shares of common stock ($.00006 par value) as of March 31, 2021.

BOK Financial Corporation
Form 10-Q
Quarter Ended March 31, 2021

Index
Part I.  Financial Information
Management’s Discussion and Analysis (Item 2)        
Market Risk (Item 3)                                                                                              
Controls and Procedures (Item 4)
Consolidated Financial Statements – Unaudited (Item 1)
Quarterly Financial Summary – Unaudited (Item 2)
Quarterly Earnings Trend – Unaudited
  
Part II.  Other Information
Item 1.  Legal Proceedings
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.  Exhibits
Signatures



Management’s Discussion and Analysis of Financial Condition and Results of Operations
Performance Summary

BOK Financial Corporation (“the Company”) reported net income of $146.1 million or $2.10 per diluted share for the first quarter of 2021. Net income was $62.1 million or $0.88 per diluted share for the first quarter of 2020 and $154.2 million or $2.21 per diluted share for the fourth quarter of 2020. Forecasts for improving macroeconomic factors as the pace of COVID-19 vaccinations accelerates and energy prices stabilize resulted in a negative provision for expected credit losses of $25.0 million and $6.5 million in the first quarter of 2021 and fourth quarter of 2020, respectively. A provision for expected credit losses of $93.8 million was recorded in the first quarter of 2020.

Pre-provision net revenue ("PPNR"), a non-GAAP measure, was $163.4 million for the first quarter of 2021, $173.2 million for the first quarter of 2020, and $192.9 million for the fourth quarter of 2020. The decrease in PPNR for the first quarter of 2021 compared to the previous periods was due to lower combined net interest revenue and fees and commission revenue. This was largely driven by a shift in average earning assets from loans to trading securities, narrowing net interest margin, and compressed margins on mortgage loans and mortgage-backed trading assets.

Highlights of the first quarter of 2021 included:

Net interest revenue totaled $280.4 million, an increase of $19.1 million over the first quarter of 2020. Average earning assets were $44.2 billion for the first quarter of 2021 compared to $38.4 billion for the first quarter of 2020, largely driven by growth in trading securities. Net interest margin was 2.62 percent for the first quarter of 2021 compared to 2.80 percent for the first quarter of 2020. The Federal Reserve reduced the federal funds rate to near zero in March 2020. Other short-term market interest rates followed, reducing the yield on floating-rate assets by more than the amount by which funding costs could be reduced, compressing the margin. Net interest revenue decreased $16.8 million compared to the fourth quarter of 2020. Net interest margin decreased 10 basis points.
Fees and commissions revenue totaled $162.2 million, a decrease of $30.6 million compared to the first quarter of 2020. Brokerage and trading revenue decreased $30.0 million, largely due to a shift from trading revenue to net interest revenue on trading securities. Fees and commissions revenue decreased $18.9 million compared to the fourth quarter of 2020, including a $15.4 million reduction in trading revenue due to lower volumes and margin compression.
Other operating expense totaled $282.6 million, an increase of $14.0 million over the first quarter of 2020. Personnel expense increased $16.8 million due to growth in incentive compensation expense and deferred compensation costs. Non-personnel expense decreased $2.8 million compared to the first quarter of 2020. A gain on the sale of repossessed oil and gas assets and lower business promotion costs were largely offset by an increase in charitable contributions, data processing and mortgage banking expenses. Operating expense decreased $18.0 million compared to the fourth quarter of 2020. Personnel expense decreased $3.2 million, primarily due to lower incentive compensation costs, partially offset by a seasonal increase in employee benefits expense. Non-personnel expense decreased $14.8 million compared to the fourth quarter of 2020, primarily due to the $14.1 million gain on the sale of repossessed oil and gas assets.
Period-end outstanding loan balances totaled $22.5 billion at March 31, 2021, a decrease of $474 million compared to December 31, 2020, largely due to paydowns of energy loans and commercial real estate loans. Loans originated as part of the Small Business Administration's Paycheck Protection Program ("PPP") increased $166 million to $1.8 billion. Average loan balances decreased $691 million to $22.8 billion compared to December 31, 2020.
The allowance for loan losses totaled $352 million or 1.70 percent of outstanding loans, excluding PPP loans, at March 31, 2021. The allowance for loan losses was $389 million or 1.82 percent of outstanding loans, excluding PPP loans, at December 31, 2020.
Nonperforming assets not guaranteed by U.S. government agencies decreased $39 million compared to December 31, 2020. Potential problem loans decreased $55 million while other loans especially mentioned decreased $90 million. Net charge-offs were $14.5 million or 0.28 percent of average loans on an annualized basis for the first quarter of 2021, excluding PPP loans. Net charge-offs were 0.31 percent of average loans, excluding PPP loans, over the last four quarters. Net charge-offs were $16.7 million or 0.31 percent of average loans on an annualized basis for the fourth quarter of 2020, excluding PPP loans.
- 1 -


Period-end deposits were $37.9 billion at March 31, 2021, a $1.7 billion increase compared to December 31, 2020, largely due to growth in commercial balances. Average deposits increased $1.0 billion, including a $715 million increase in interest-bearing transaction deposits. Clients across all of our business segments continued to maintain higher deposit balances during this period of economic uncertainty, supplemented by inflows from government stimulus.
The common equity Tier 1 capital ratio at March 31, 2021 was 12.14 percent. Other regulatory capital ratios were Tier 1 capital ratio, 12.21 percent, total capital ratio, 13.98 percent, and leverage ratio, 8.42 percent. At December 31, 2020, the common equity Tier 1 capital ratio was 11.95 percent, the Tier 1 capital ratio was 11.95 percent, total capital ratio was 13.82 percent, and leverage ratio was 8.28 percent.
The Company repurchased 260,000 shares of common stock at an average price of $77.20 per share in the first quarter of 2021 and 665,100 shares at an average price of $63.82 in the fourth quarter of 2020. We view share buybacks opportunistically but within the context of maintaining our strong capital position.
The Company paid a regular cash dividend of $36.0 million or $0.52 per common share during the first quarter of 2021. On May 4, 2021, the board of directors approved a quarterly cash dividend of $0.52 per common share payable on or about May 27, 2021 to shareholders of record as of May 17, 2021.

- 2 -


Results of Operations
Net Interest Revenue and Net Interest Margin

Net interest revenue is the interest earned on debt securities, loans and other interest-earning assets less interest paid for interest-bearing deposits and other borrowings. The net interest margin is calculated by dividing tax-equivalent net interest revenue by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest spread due to interest income earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest revenue totaled $282.7 million for the first quarter of 2021 and $264.1 million in the first quarter of 2020. Net interest revenue decreased $20.7 million due to changes in interest rates and increased $39.3 million from growth in earning assets, largely due to the increase in trading securities balances. Table 1 shows the effect on net interest revenue from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Net interest margin was 2.62 percent for the first quarter of 2021, compared to 2.80 percent for the first quarter of 2020. In response to the anticipated impact to the economy from the COVID-19 pandemic, the Federal Reserve reduced the federal funds rate to near zero in March, 2020. Other short-term market interest rates followed, reducing the yield on floating-rate assets by more than the amount by which funding costs could be reduced, compressing the margin. The tax-equivalent yield on earning assets was 2.78 percent, a decrease of 95 basis points compared to the first quarter of 2020. Loan yields decreased 95 basis points to 3.55 percent, largely due to the decrease in short-term interest rates partially offset by the addition of PPP loan fees. PPP loan fees of $11.2 million were recognized in the first quarter of 2021 and $34.2 million remains to be recognized in future periods. The available for sale securities portfolio yield decreased 64 basis points to 1.84 percent as principal cash flows received from maturities of the available for sale securities portfolio continue to be reinvested at lower rates. Cash flows received from these securities are currently being reinvested at 95-105 basis points. The yield on trading securities decreased 83 basis points to 2.06 percent.

Funding costs decreased 95 basis points compared to the first quarter of 2020. The cost of other borrowed funds decreased 117 basis points and the cost of interest-bearing deposits decreased 81 basis points. The benefit to net interest margin from earning assets funded by non-interest bearing liabilities was 8 basis points for the first quarter of 2021, a decrease of 18 basis points compared to the first quarter of 2020.
Average earning assets for the first quarter of 2021 increased $5.8 billion or 15 percent over the first quarter of 2020, largely due to an increase in our trading of U.S. government issued mortgage-backed securities, the expansion of the available for sale securities portfolio, and PPP loans. Average trading securities increased $5.3 billion.The average balance of available for sale securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, increased $1.8 billion. We purchase securities to supplement earnings and to manage interest rate risk. Average loans, net of allowance for loan losses, increased $682 million, largely due to the inflow of PPP loans, partially offset by purposeful deleveraging by our customers as borrowers continue to pay down during this time of economic uncertainty. Fair vale option securities that we hold as an economic hedge against changes in the fair value of mortgage servicing rights decreased $1.7 billion.

Average deposits increased $8.3 billion compared to the first quarter of 2020. Deposit growth is largely due to customers retaining elevated balances in the current economic environment, supplemented by the most recent government stimulus payments. Interest-bearing deposits increased $5.2 billion while demand deposit balances increased $3.1 billion.
Tax-equivalent net interest revenue decreased $16.9 million compared to the fourth quarter of 2020. Net interest margin was 2.62 percent compared to 2.72 percent in the fourth quarter of 2020. The decrease in net interest revenue was primarily driven by lower average outstanding loan balances. Reinvestment of cash flows from the available for sale securities portfolio to current interest rates and timing of PPP and other loan fees also contributed to a decrease in net interest revenue and net interest margin in the first quarter.
Average earning assets decreased $178 million compared to the fourth quarter of 2020. Average loan balances decreased $691 million, primarily from commercial and commercial real estate loan pay downs. Available for sale securities increased $484 million. Average interest-bearing deposits grew by $823 million, primarily due to higher interest-bearing transaction deposits in the wake of the most recent government stimulus program. Other borrowings decreased $1.8 billion while funds purchased and repurchase agreements increased $677 million.
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The yield on average earning assets was 2.78 percent, a 14 basis point decrease from the prior quarter. The yield on the available for sale securities portfolio decreased 14 basis points to 1.84 percent and the loan portfolio yield decreased 13 basis points to 3.55 percent.
Funding costs were 0.24 percent, down 4 basis points. The cost of interest-bearing deposits decreased 2 basis points to 0.17 percent. The cost of other borrowed funds was down 8 basis points to 0.30 percent. The benefit to net interest margin from assets funded by non-interest liabilities was 8 basis points for the first quarter of 2021, consistent with the prior quarter.
Our overall objective is to manage the Company’s balance sheet to be relatively neutral to changes in interest rates as is further described in the Market Risk section of this report. Approximately 76% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that would be asset sensitive, which means that assets generally reprice more quickly than liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market-rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk. 

The effectiveness of these strategies is reflected in the overall change in net interest revenue due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.

Table 1 -- Volume/Rate Analysis
(In thousands)
Three Months Ended
Mar. 31, 2021 / 2020
  
Change Due To1
ChangeVolumeYield/Rate
Tax-equivalent interest revenue:   
Interest-bearing cash and cash equivalents
$(2,219)$(33)$(2,186)
Trading securities24,114 32,760 (8,646)
Investment securities
(445)(505)60 
Available for sale securities
(11,048)8,149 (19,197)
Fair value option securities(11,212)(9,487)(1,725)
Restricted equity securities
(4,535)(3,470)(1,065)
Residential mortgage loans held for sale
257 577 (320)
Loans(46,024)7,204 (53,228)
Total tax-equivalent interest revenue(51,112)35,195 (86,307)
Interest expense:
Transaction deposits(29,534)6,360 (35,894)
Savings deposits(40)40 (80)
Time deposits(6,735)(818)(5,917)
Funds purchased and repurchase agreements(9,490)(1,661)(7,829)
Other borrowings(23,673)(8,040)(15,633)
Subordinated debentures(286)(13)(273)
Total interest expense(69,758)(4,132)(65,626)
Tax-equivalent net interest revenue18,646 39,327 (20,681)
Change in tax-equivalent adjustment(414)
Net interest revenue$19,060 
1    Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.
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Other Operating Revenue

Other operating revenue was $163.9 million for the first quarter of 2021, a decrease of $16.4 million compared to the first quarter of 2020, largely due to a shift of trading revenue to interest income from trading securities.

Other operating revenue decreased $32.9 million compared to the fourth quarter of 2020. Brokerage and trading revenue decreased $18.7 million. Margin compression and reduced residential mortgage-backed securities trading volumes have negatively affected our brokerage and trading revenue.

Table 2 – Other Operating Revenue 
(In thousands)
 Three Months Ended March 31,Increase (Decrease)% Increase (Decrease)Three Months Ended
 Dec. 31, 2020
Increase (Decrease)% Increase (Decrease)
 20212020
Brokerage and trading revenue
$20,782 $50,779 $(29,997)(59)%$39,506 $(18,724)(47)%
Transaction card revenue22,430 21,881 549 %21,896 534 %
Fiduciary and asset management revenue
41,322 44,458 (3,136)(7)%41,799 (477)(1)%
Deposit service charges and fees
24,209 26,130 (1,921)(7)%24,343 (134)(1)%
Mortgage banking revenue37,113 37,167 (54)— %39,298 (2,185)(6)%
Other revenue16,296 12,309 3,987 32 %14,209 2,087 15 %
Total fees and commissions revenue
162,152 192,724 (30,572)(16)%181,051 (18,899)(10)%
Other gains (losses), net(3,036)(10,741)7,705 N/A5,383 (8,419)N/A
Gain (loss) on derivatives, net(27,650)18,420 (46,070)N/A(339)(27,311)N/A
Gain (loss) on fair value option securities, net
(1,910)68,393 (70,303)N/A68 (1,978)N/A
Change in fair value of mortgage servicing rights
33,874 (88,480)122,354 N/A6,276 27,598 N/A
Gain (loss) on available for sale securities, net467 464 N/A4,339 (3,872)N/A
Total other operating revenue
$163,897 $180,319 $(16,422)(9)%$196,778 $(32,881)(17)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and commissions revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 37 percent of total revenue for the first quarter of 2021, excluding provision for credit losses and gains and losses on other assets, securities and derivatives and the change in the fair value of mortgage servicing rights. We believe that a variety of fee revenue sources provides an offset to changes in interest rates, values in the equity markets, commodity prices and consumer spending, all of which can be volatile. As an example of this strength, many of the economic factors such as rising interest rates resulting in growth in net interest revenue or fiduciary and asset management revenue may also decrease mortgage banking production volumes and related trading. We expect growth in other operating revenue to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, including the recent impact of the COVID-19 pandemic, regulatory constraints, increased competition and saturation in our existing markets could affect the rate of future increases.

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $30.0 million or 59 percent compared to the first quarter of 2020.

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Trading revenue includes net realized and unrealized gains and losses primarily related to sales of residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $3.7 million for the first quarter of 2021, a $30.7 million or 89 percent decrease compared to the first quarter of 2020, primarily due to a shift from fee revenue to net interest revenue on trading securities. See additional discussion in "Lines of Business" section of Management's Discussion and Analysis.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Derivative Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange and equity derivatives to our customers. Customer hedging revenue totaled $2.6 million for the first quarter of 2021, a $631 thousand or 20 percent decrease compared to the first quarter of 2020.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $6.8 million for the first quarter of 2021, an increase of $1.8 million or 35 percent compared to the first quarter of 2020, related to timing and volume of completed transactions.
Brokerage and trading revenue decreased $18.7 million compared to the previous quarter, including a $15.4 million decrease in trading revenue, largely due to margin compression and reduction of residential mortgage-backed securities trading volumes from record levels in the fourth quarter of 2020. Customer hedging revenue also decreased $2.1 million as energy customers decreased hedging activities. Investment banking revenue decreased $2.1 million mainly due to timing of loan syndication activity.

Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Approximately 90 percent of fiduciary and asset management revenue is primarily based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue decreased $3.1 million or 7 percent compared to the first quarter of 2020. The low rate environment has put pressure on our mutual fund revenue streams. We also had approximately $2.8 million in fee waivers during the first quarter of 2021 that did not exist in the first quarter of 2020. We have voluntarily waived certain administration fees on the Cavanal Hill money market funds in order to maintain positive yields on these funds in the current short-term interest rate environment. These decreases were partially offset by increased trust and managed account fees from higher client asset balances. A distribution of assets under management or administration and related fiduciary and asset management revenue follows:
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Table 3 -- Assets Under Management or Administration
(In thousands)
Three Months Ended
March 31, 2021March 31, 2020December 31, 2020
 Balance
Revenue1
Margin2
Balance
Revenue1
Margin2
Balance
Revenue1
Margin2
Managed fiduciary assets:
Personal$11,369,467 $23,608 0.83 %$8,796,030 $23,606 1.07 %$11,172,457 $25,349 0.91 %
Institutional15,144,797 6,818 0.18 %12,186,588 6,654 0.22 %15,364,387 7,200 0.19 %
Total managed fiduciary assets
26,514,264 30,426 0.46 %20,982,618 30,260 0.58 %26,536,844 32,549 0.49 %
Non-managed assets:
Fiduciary29,713,004 9,286 0.13 %22,705,419 12,379 0.22 %28,949,648 7,585 0.10 %
Non-fiduciary18,421,279 1,610 0.03 %16,541,786 1,819 0.04 %18,599,156 1,665 0.04 %
Safekeeping and brokerage assets under administration
17,307,641   %15,554,006 — — %17,506,599 — — %
Total non-managed assets
65,441,924 10,896 0.07 %54,801,211 14,198 0.10 %65,055,403 9,250 0.06 %
Total assets under management or administration
$91,956,188 $41,322 0.18 %$75,783,829 $44,458 0.23 %$91,592,247 $41,799 0.18 %
1    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
2    Annualized revenue divided by period-end balance.

A summary of changes in assets under management or administration for the three months ended March 31, 2021 and 2020 follows:

Table 4 -- Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended March 31,
20212020
Beginning balance$91,592,247 $82,740,961 
Net inflows (outflows)(1,328,296)(1,846,865)
Net change in fair value1,692,237 (5,110,267)
Ending balance$91,956,188 $75,783,829 

Mortgage Banking Revenue

Mortgage banking revenue was consistent with the first quarter of 2020. Mortgage loan production volumes decreased $198 million or 19 percent as average primary mortgage interest rates began to increase in the first quarter of 2021. The gain on sale margin was 2.98 percent in the first quarter of 2021, 92 basis points higher than first quarter of 2020.

Mortgage banking revenue decreased $2.2 million or 6 percent compared to the fourth quarter of 2020. While mortgage production volume remained consistent with prior quarter, mortgage interest rates began to increase and margins compressed. While still elevated, industry-wide capacity constraint is beginning to wane, which is putting pressure on margin.

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Table 5 – Mortgage Banking Revenue 
(In thousands)
 Three Months Ended March 31,Increase (Decrease)% Increase (Decrease)Three Months Ended
 Dec. 31, 2020
Increase (Decrease)% Increase (Decrease)
 20212020
Mortgage production revenue
$25,287 $21,570 $3,717 17 %$26,662 $(1,375)(5)%
Mortgage loans funded for sale$843,053 $548,956 $998,435 
Add: Current period end outstanding commitments
387,465 657,570 380,637 
Less: Prior period end outstanding commitments
380,637 158,460 560,493 
Total mortgage production volume
$849,881 $1,048,066 $(198,185)(19)%$818,579 $31,302 %
Mortgage loan refinances to mortgage loans funded for sale
65 %57 %800  bps58 %700  bps
Gains on sale margin2.98 %2.06 %92  bps3.26 %(28) bps
Primary mortgage interest rates:
Average
2.88 %3.51 %(63) bps2.76 %12  bps
Period end
3.17 %3.33 %(16) bps2.67 %50  bps
Mortgage servicing revenue
$11,826 $15,597 $(3,771)(24)%$12,636 $(810)(6)%
Average outstanding principal balance of mortgage loans serviced for others
15,723,231 20,416,546 (4,693,315)(23)%16,518,208 (794,977)(5)%
Average mortgage servicing revenue rates
0.31 %0.31 %—  bp0.30 % bp

Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Deposit Service Charges and Fees

Deposit service charges and fees decreased $1.9 million compared to the first quarter of 2020.The stimulus programs enacted as a result of the pandemic have led to customers retaining higher cash balances. This, combined with lower levels of spending during the pandemic, has resulted in decreased overdraft fees compared to the prior year. Deposit service charges were relatively consistent with the fourth quarter of 2020.

Net gains on other assets, securities and derivatives

Other net losses totaled $3.0 million in the first quarter of 2021 compared to other net losses of $10.7 million in the first quarter of 2020 and other net gains of $5.4 million in the fourth quarter of 2020. These fluctuations are primarily related to changes in the fair value of investments related to deferred compensation that are largely offset in deferred compensation expense. The first quarter of 2021 included a $3.6 million impairment of a merchant banking investment. The first quarter of 2020 included a $3.1 million impairment of an energy fund investment.

As discussed in the Market Risk section following, the fair value of our mortgage servicing rights ("MSRs") changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

Historically low mortgage rates in 2020 and early 2021 resulted in a favorable risk profile for our MSRs that supported hedge performance during that time period. A sharp increase in longer-term interest rates during the first quarter has returned the risk profile of our MSRs to a more balanced profile, as can be seen in Table 25 of the Market Risk section.
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Table 6 - Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months Ended
 Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Gain (loss) on mortgage hedge derivative contracts, net$(27,705)$(385)$18,371 
Gain (loss) on fair value option securities, net(1,910)68 68,393 
Gain (loss) on economic hedge of mortgage servicing rights, net(29,615)(317)86,764 
Gain (loss) on change in fair value of mortgage servicing rights33,874 6,276 (88,480)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue
4,259 5,959 (1,716)
Net interest revenue on fair value option securities1
393 550 4,268 
Total economic benefit of changes in the fair value of mortgage servicing rights, net of economic hedges$4,652 $6,509 $2,552 
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the first quarter of 2021 totaled $282.6 million, an increase of $14.0 million over the first quarter of 2020 and a decrease of $18.0 million compared to the fourth quarter of 2020.

Table 7 – Other Operating Expense
(In thousands)
Three Months Ended March 31,Increase (Decrease)%
Increase (Decrease)
Three Months Ended
 Dec. 31, 2020
Increase (Decrease)%
Increase (Decrease)
 20212020
Regular compensation
$97,211 $97,760 $(549)(1)%$96,552 $659 %
Incentive compensation:
Cash-based42,259 36,465 5,794 16 %51,351 (9,092)(18)%
Share-based4,570 2,832 1,738 61 %2,344 2,226 (95)%
Deferred compensation2,263 (5,673)7,936 N/A5,692 (3,429)N/A
Total incentive compensation49,092 33,624 15,468 46 %59,387 (10,295)(17)%
Employee benefits26,707 24,797 1,910 %20,259 6,448 32 %
Total personnel expense173,010 156,181 16,829 11 %176,198 (3,188)(2)%
Business promotion2,154 6,215 (4,061)(65)%3,728 (1,574)(42)%
Charitable contributions to BOKF Foundation
4,000 — 4,000 N/A6,000 (2,000)N/A
Professional fees and services
11,980 12,948 (968)(7)%14,254 (2,274)(16)%
Net occupancy and equipment26,662 26,061 601 %27,875 (1,213)(4)%
Insurance4,620 4,980 (360)(7)%4,006 614 15 %
Data processing and communications
37,467 32,743 4,724 14 %35,061 2,406 %
Printing, postage and supplies3,440 4,272 (832)(19)%3,805 (365)(10)%
Net losses and operating expenses of repossessed assets
(6,588)1,531 (8,119)(530)%1,168 (7,756)(664)%
Amortization of intangible assets4,807 5,094 (287)(6)%5,088 (281)(6)%
Mortgage banking costs13,943 10,545 3,398 32 %14,765 (822)(6)%
Other expense7,132 8,054 (922)(11)%8,713 (1,581)(18)%
Total other operating expense$282,627 $268,624 $14,003 %$300,661 $(18,034)(6)%
Average number of employees (full-time equivalent)
4,902 5,075 (173)(3)%4,915 (13)— %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel expense

Personnel expense increased $16.8 million compared to the first quarter of 2020. Incentive compensation increased $15.5 million. Cash based incentive compensation expense increased $5.8 million, largely attributed to incentives on lending and trading activity. Deferred compensation expense increased $7.9 million; however, this is largely offset by an increase in the value of related investments included in Other gains (losses), net. Employee benefits increased $1.9 million primarily due to increased healthcare costs. Regular compensation was relatively consistent with the first quarter of 2020 as the impact of annual standard merit increases was dampened by a decrease in the number of employees.
Personnel expense decreased $3.2 million compared to the fourth quarter of 2020. Cash based incentive compensation expense decreased $9.1 million, primarily in relation to decreased trading activity. Deferred compensation, which is largely offset by a decrease in the value of related investments included in Other gains (losses), net, decreased $3.4 million. Employee benefits increased $6.4 million as a seasonal increase in payroll taxes and retirement plan expenses was partially offset by a decrease in employee healthcare costs.
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Non-personnel operating expense

Non-personnel operating expense decreased $2.8 million compared to the first quarter of 2020. Net losses and expenses on repossessed assets decreased $8.1 million due to a $14.1 million gain on the sale of an equity interest received as part of the workout of a defaulted energy loan, partially offset by additional operating expenses and a write-down of a repossessed oil and gas property. Business promotion expense decreased $4.1 million primarily related to decreased travel and entertainment expense due to the pandemic. These decreases were partially offset by an increase of $4.7 million in data processing and communications expense, primarily due to technology project costs, and a $3.4 million increase in mortgage banking costs due to an increase in prepayments.
Non-personnel expense decreased $14.8 million compared to the fourth quarter of 2020. Net losses and expenses of repossessed assets decreased $7.8 million due to a gain on sale of repossessed oil and gas assets, partially offset by additional expenses and a write-down on repossessed oil and gas properties. Smaller reductions in expenses in professional fees and services, business promotion, and occupancy and equipment were partially offset by an increase in data processing and communications expense as we continue to invest in technology. We also made a charitable contribution of $4.0 million in the first quarter of 2021 and a contribution of $6.0 million in the prior quarter to the BOKF Foundation.
Income Taxes

The effective tax rate was 22.7 percent for the first quarter of 2021, 21.8 percent for the first quarter of 2020 and 22.6 percent for the fourth quarter of 2020. Income tax expense for the first quarter of 2021 decreased $2.8 million compared to the fourth quarter of 2020, primarily due to the decrease in net income before tax for the first quarter of 2021.
Lines of Business

We operate three principal lines of business: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking includes lending, treasury and cash management services and customer risk management products for small businesses, middle market and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network and all mortgage banking activities. Wealth Management provides fiduciary services, private banking services, insurance and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.

In addition to our lines of business, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each line of business borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies and certain executive compensation costs that are not attributed to the lines of business.

We allocate resources and evaluate the performance of our lines of business using the net direct contribution, which includes the allocation of funds, actual net credit losses and capital costs. In addition, we measure the performance of our business lines after allocation of certain indirect expenses and taxes based on statutory rates.

The cost of funds borrowed from the Funds Management unit by the operating lines of business is updated annually at the beginning of the year and transfer priced at rates that approximate market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on the applicable LIBOR or interest rate swap rates, adjusted for prepayment and liquidity risk. This method of transfer-pricing funds that supports assets of the operating lines of business tends to insulate them from interest rate risk.

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The value of funds provided by the operating lines of business to the Funds Management unit is also updated annually at the beginning of the year and is based on rates that approximate wholesale market rates for funds with similar repricing and cash flow characteristics. Market rates are generally based on LIBOR or interest rate swap rates. The funds credit formula applied to deposit products with indeterminate maturities is established based on their repricing characteristics reflected in a combination of the short-term LIBOR rate and a moving average of an intermediate-term swap rate, with an appropriate spread applied to both. Shorter duration products are weighted towards the short-term LIBOR rate and longer duration products are weighted towards the intermediate-term swap rates. The expected duration ranges from 30 days for certain rate-sensitive deposits to five years.

Economic capital is assigned to the business units by a capital allocation model that reflects management’s assessment of risk. This model assigns capital based upon credit, operating, interest rate and other market risk inherent in our business lines and recognizes the diversification benefits among the units. The level of assigned economic capital is a combination of the risk taken by each business line, based on its actual exposures and calibrated to its own loss history where possible. Average invested capital includes economic capital and amounts we have invested in the lines of business.

As shown in Table 8, net income attributable to our lines of business decreased $25.3 million compared to the first quarter of 2020. Net interest revenue decreased by $14.9 million compared to the prior year, primarily driven by lower average outstanding loan balances and lower yields on deposits sold to the Funds Management unit. Net charge-offs decreased $3.0 million compared to the first quarter of 2020. Other operating revenue decreased by $26.2 million primarily due to a shift from trading revenue from our agency residential mortgage trading activities to net interest revenue. Operating expense increased $8.5 million compared to the first quarter of 2020, primarily in Commercial Banking.

Net interest revenue decreased $21.9 million compared to the fourth quarter of 2020, primarily due to lower loan balances and lower earnings from deposits sold to the Funds Management unit. Other operating revenue decreased $21.0 million primarily related to a reversion of our agency mortgage trading volumes from elevated levels experienced in the fourth quarter of 2020 and narrowing margins. Other operating expense decreased $10.4 million.

Net income attributable to our Funds Management unit was impacted by the negative provision for credit losses in the first quarter of 2021, compared to a provision for credit losses in excess of charge-offs in the first quarter of 2020.

Table 8 -- Net Income by Line of Business
(In thousands)
 Three Months Ended March 31,Increase (Decrease)% Increase (Decrease)Three Months Ended
 Dec. 31, 2020
Increase (Decrease)% Increase (Decrease)
 20212020
Commercial Banking
$69,673 $74,975 $(5,302)(7)%$74,941 $(5,268)(7)%
Consumer Banking6,849 23,701 (16,852)(71)%14,768 (7,919)(54)%
Wealth Management19,382 22,573 (3,191)(14)%28,435 (9,053)(32)%
Subtotal95,904 121,249 (25,345)(21)%118,144 (22,240)(19)%
Funds Management and other50,156 (59,170)109,326 N/A36,080 14,076 N/A
Total$146,060 $62,079 $83,981 135 %$154,224 $(8,164)(5)%
Certain percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

- 12 -


Commercial Banking

Commercial Banking contributed $69.7 million to consolidated net income in the first quarter of 2021, a decrease of $5.3 million or 7 percent compared to the first quarter of 2020.

Table 9 -- Commercial Banking
(Dollars in thousands)
 Three Months Ended March 31,Increase (Decrease)% Increase (Decrease)Three Months Ended
 Dec. 31, 2020
Increase (Decrease)% Increase (Decrease)
 20212020
Net interest revenue from external sources
$155,799 $201,902 $(46,103)(23)%$165,468 $(9,669)(6)%
Net interest expense from internal sources
(25,794)(50,495)24,701 (49)%(23,442)(2,352)10 %
Total net interest revenue
130,005 151,407 (21,402)(14)%