Other Borrowed Funds

12 Months Ended

Dec. 31, 2023

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, 2023				December 31, 2023
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Funds purchased	$	515,747	5.17	%	$	847,676	4.83	%	$	1,711,580
Repurchase agreements	607,001		1.70	%	1,805,978		4.32	%	4,433,480
Other borrowings:
Federal Home Loan Bank advances	7,675,000		5.51	%	5,948,863		5.28	%	7,875,000
GNMA repurchase liability	11,660		4.13	%	11,224		4.04	%	12,414
Other	14,892		5.50	%	19,008		3.91	%	26,311
Total other borrowings	7,701,552				5,979,095		5.28	%
Subordinated debentures1	131,150		6.93	%	131,155		6.83	%	131,164
Total other borrowed funds	$	8,955,450			$	8,763,904	5.06	%

	As of				Year Ended
	December 31, 2022				December 31, 2022
	Balance		Rate		Average Balance		Rate		Maximum Outstanding At Any Month End
Funds purchased	$	99,843	0.05	%	$	266,344	1.12	%	$	444,069
Repurchase agreements	2,170,534		4.42	%	998,701		1.02	%	3,034,312
Other borrowings:
Federal Home Loan Bank advances	4,700,000		4.48	%	1,593,699		2.37	%	4,700,000
GNMA repurchase liability	10,608		4.06	%	6,692		4.38	%	11,011
Other	26,300		3.20	%	28,581		3.12	%	30,382
Total other borrowings	4,736,908				1,628,972		2.41	%
Subordinated debentures1	131,205		6.34	%	131,206		4.95	%	131,230
Total other borrowed funds	$	7,138,490			$	3,025,223	1.95	%

	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	%

1 Parent Company only.

Aggregate annual principal repayments at December 31, 2023 are as follows (in thousands):

2024	$	8,637,633
2025	178,225
2026	3,225
2027	1,775
2028	—
Thereafter	134,592
Total	$	8,955,450

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. 

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 $513 million to secure BOK Financial’s obligations to depositors of public funds. The unused credit available to BOK Financial at December 31, 2023 pursuant to the Federal Home Loan Bank’s collateral policies is $2.8 billion.

As a result of the acquisition of CoBiz Financial in 2018, 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 SOFR plus 0.26% tenor spread adjustment 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 SOFR plus 0.26% tenor spread adjustment 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 SOFR plus 0.26% tenor spread adjustment 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 SOFR plus 0.26% tenor spread adjustment 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, 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, 2023 and December 31, 2022.

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.