BOK FINANCIAL CORPBOKF
BOK FINANCIAL CORP Debt Disclosure
Other Borrowed Funds
Information relating to other borrowings is summarized as follows (dollars in thousands):
| As of | Year Ended | |||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2025 | |||||||||||||||||||||||||||||||
| Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
| Funds purchased | $ | 970,293 | 3.54 | % | $ | 679,310 | 3.82 | % | $ | 1,162,990 | ||||||||||||||||||||||
| Repurchase agreements | 521,423 | 1.82 | % | 265,462 | 2.08 | % | 521,423 | |||||||||||||||||||||||||
| Other borrowings: | ||||||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 2,700,000 | 3.91 | % | 4,632,535 | 4.47 | % | 4,100,000 | |||||||||||||||||||||||||
| GNMA repurchase liability | 34,215 | 3.99 | % | 27,625 | 3.91 | % | 34,215 | |||||||||||||||||||||||||
| Other | 11,724 | 4.21 | % | 12,187 | 7.90 | % | 20,863 | |||||||||||||||||||||||||
| Total other borrowings | 2,745,939 | 4,672,347 | 4.48 | % | ||||||||||||||||||||||||||||
Subordinated debentures1 | 396,589 | 6.11 | % | 118,108 | 6.26 | % | 396,878 | |||||||||||||||||||||||||
| Total other borrowed funds | $ | 4,634,244 | $ | 5,735,227 | 4.33 | % | ||||||||||||||||||||||||||
1 BOKF, NA only as of December 31, 2025. Parent Company and BOKF, NA for average for the year ended December 31, 2025.
| As of | Year Ended | |||||||||||||||||||||||||||||||
| December 31, 2024 | December 31, 2024 | |||||||||||||||||||||||||||||||
| Balance | Rate | Average Balance | Rate | Maximum Outstanding At Any Month End | ||||||||||||||||||||||||||||
| Funds purchased | $ | 615,809 | 4.21 | % | $ | 613,294 | 4.66 | % | $ | 899,447 | ||||||||||||||||||||||
| Repurchase agreements | 677,047 | 1.45 | % | 682,699 | 3.49 | % | 1,627,169 | |||||||||||||||||||||||||
| Other borrowings: | ||||||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 3,000,000 | 4.58 | % | 6,181,011 | 5.45 | % | 6,700,000 | |||||||||||||||||||||||||
| GNMA repurchase liability | 17,628 | 3.83 | % | 13,914 | 4.17 | % | 17,628 | |||||||||||||||||||||||||
| Other | 12,495 | 4.78 | % | 13,729 | 6.04 | % | 14,800 | |||||||||||||||||||||||||
| Total other borrowings | 3,030,123 | 6,208,654 | 5.45 | % | ||||||||||||||||||||||||||||
Subordinated debentures2 | 131,200 | 6.43 | % | 131,163 | 7.03 | % | 131,200 | |||||||||||||||||||||||||
| Total other borrowed funds | $ | 4,454,179 | $ | 7,635,810 | 5.24 | % | ||||||||||||||||||||||||||
2 Parent Company only.
| 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 debentures2 | 131,150 | 6.93 | % | 131,155 | 6.83 | % | 131,164 | |||||||||||||||||||||||||
| Total other borrowed funds | $ | 8,955,450 | $ | 8,763,904 | 5.06 | % | ||||||||||||||||||||||||||
2 Parent Company only.
Aggregate annual principal repayments at December 31, 2025 are as follows (in thousands):
| 2026 | $ | 4,230,892 | ||||||
| 2027 | 2,248 | |||||||
| 2028 | 200 | |||||||
| 2029 | — | |||||||
| 2030 | — | |||||||
| Thereafter | 400,904 | |||||||
| Total | $ | 4,634,244 | ||||||
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 AFS 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 $859 million to secure BOK Financial’s obligations to depositors of public funds. The unused credit available to BOK Financial at December 31, 2025 pursuant to the Federal Home Loan Bank’s collateral policies is $5.1 billion.
As a result of the acquisition of CoBiz Financial in 2018, we obtained $60 million of subordinated debt issued in June 2015 that was set to mature on June 25, 2030. We also acquired $72 million of junior subordinated debentures with maturity dates from September 17, 2033 through September 30, 2035. The subordinated debentures were subject to early redemption prior to maturity. All acquired subordinated debt and junior subordinated debentures were redeemed during the second quarter of 2025. The redemption price was 100% of the principal amount, plus accrued interest up to the redemption date.
On November 6, 2025, BOKF, NA issued $400 million of subordinated debt set to mature on November 6, 2040 This debt bears an interest rate of 6.108% through November 5, 2035 and thereafter, the notes will bear an interest rate equal to the Five-Year U.S. Treasury rate plus 2.00%. Interest is payable semi-annually in arrears beginning on May 6, 2026. The debt contains an option to redeem the notes (i) in whole, but not in part, on any day in the period commencing on and including August 8, 2035 and ending on and including November 6, 2035, (ii) in whole or in part, at any time and from time to time, on or after May 10, 2040, or (iii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event.
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, 2025 and December 31, 2024.
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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2021 | Feb 23, 2022 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.