Other Borrowed Funds

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Other Borrowed Funds [Text Block]

Other Borrowed Funds

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

	As of				Year Ended
	December 31, 2021				December 31, 2021
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Funds purchased	$	199,513	0.05	%	$	543,183	0.46	%	$	542,465
Repurchase agreements	2,126,936		0.08	%	1,695,519		0.33	%	2,920,728
Other borrowings:
Federal Home Loan Bank advances	—		—	%	1,679,315		0.27	%	2,600,000
GNMA repurchase liability	7,420		4.36	%	11,956		4.06	%	23,856
Paycheck protection program liquidity facility	—		—	%	879,145		0.35	%	1,662,598
Other	29,333		3.23	%	29,445		4.18	%	31,875
Total other borrowings	36,753				2,599,861		0.38	%
Subordinated debentures1	131,226		3.95	%	224,058		4.70	%	276,049
Total other borrowed funds	$	2,494,428			$	5,062,621	0.56	%

	As of				Year Ended
	December 31, 2020				December 31, 2020
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Funds purchased	$	769,365	0.05	%	$	2,045,795	0.58	%	$	3,311,938
Repurchase agreements	893,021		0.09	%	1,589,746		0.24	%	3,230,097
Other borrowings:
Federal Home Loan Bank advances	200,000		0.29	%	3,393,989		1.00	%	7,500,000
GNMA repurchase liability	19,500		4.35	%	42,771		4.18	%	126,569
Federal Reserve Bank advances	—		—	%	42,464		0.26	%	—
Paycheck protection program liquidity facility	1,635,963		0.35	%	1,152,073		0.35	%	2,013,414
Other	27,507		5.24	%	28,156		5.12	%	49,376
Total other borrowings	1,882,970				4,659,453		0.88	%
Subordinated debentures1	276,005		4.72	%	275,965		5.05	%	276,005
Total other borrowed funds	$	3,821,361			$	8,570,959	0.82	%

	As of				Year Ended
	December 31, 2019				December 31, 2019
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Funds purchased	$	3,390,528	1.53	%	$	2,438,376	2.08	%	$	3,390,528
Repurchase agreements	427,822		0.50	%	399,785		0.57	%	427,822
Other borrowings:
Federal Home Loan Bank advances	4,500,000		1.79	%	7,122,466		2.44	%	8,000,000
GNMA repurchase liability	15,417		4.32	%	13,746		4.47	%	19,581
Other	11,638		5.09	%	11,144		5.30	%	34,676
Total other borrowings	4,527,055				7,147,356		2.45	%
Subordinated debentures1	275,923		5.15	%	276,075		5.47	%	275,923
Total other borrowed funds	$	8,621,328			$	10,261,592	2.37	%

1 Parent Company only.

Aggregate annual principal repayments at December 31, 2021 are as follows (in thousands):

2022	$	2,343,341
2023	3,378
2024	3,498
2025	3,622
2026	3,752
Thereafter	136,837
Total	$	2,494,428

Funds purchased are unsecured and generally mature within one day 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. 

Additional information relating to securities sold under agreements to repurchase and related liabilities at December 31, 2021 and 2020 is as follows (dollars in thousands):

	December 31, 2021
	Amortized		Fair		Repurchase
Security Sold/Maturity	Cost		Value		Liability1		Rate
U.S. government agency mortgage-backed securities:
Overnight1	$	907,154	$	902,507	$	884,936	0.08	%
Less than 30 days2	N/A		1,242,000		1,242,000		1.50	%
Total Agency Securities	$	907,154	$	2,144,507	$	2,126,936	1.58	%
	December 31, 2020
	Amortized		Fair		Repurchase
Security Sold/Maturity	Cost		Value		Liability1		Rate
U.S. government agency mortgage-backed securities:
Overnight1	$	893,069	$	910,885	$	893,021	0.09	%
Less than 30 days	—		—		—		—	%
Total Agency Securities	$	893,069	$	910,885	$	893,021	0.09	%

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.

2 Trading position.

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 $500 million to secure BOK Financial’s obligations to depositors of public funds. The unused credit available to BOK Financial at December 31, 2021 pursuant to the Federal Home Loan Bank’s collateral policies is $5.9 billion.

In 2016, BOK Financial issued $150 million of subordinated debt set to mature on June 30, 2056. This debt bore an interest rate of 5.375%, payable quarterly. On August 23, 2021, BOK Financial exercised its option to redeem the debt at the principal amount plus accrued interest and realized a $5.2 million loss on extinguishment of debt.

As a result of the acquisition of CoBiz Financial, we obtained $60 million of subordinated debt issued in June 2015 that will mature on June 25, 2030. This debt bears interest at the rate of 5.625% through June 2025 and thereafter, the notes will bear interest at an annual floating rate equal to three-month LIBOR plus 3.17%. The debt contains a call option that allows for repayment prior to contractual maturity. The call option is available on June 25, 2025 and quarterly thereafter at 100% of the principal amount.

Also through CoBiz Financial, we acquired junior subordinated debentures split across three issuance tranches. Junior subordinated debentures of $21 million will mature September 17, 2033 and bear an interest rate of three-month LIBOR plus 2.95% that resets quarterly. Junior subordinated debentures of $31 million will mature on July 23, 2034 and bear an interest rate of three-month LIBOR plus 2.60% that resets quarterly. Junior subordinated debentures of $20 million will mature on September 30, 2035 and bear an interest rate of three-month LIBOR plus 1.45% that resets quarterly. The junior subordinated debentures are subject to early redemption prior to maturity.

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 outstanding at December 31, 2021 and December 31, 2020.

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.