BOK FINANCIAL CORPBOKF

BOK FINANCIAL CORP Goodwill & Intangibles Disclosure

10-KFiled Feb 18, 20263 min read
Goodwill and Intangible Assets
The following table presents the original cost and accumulated amortization of intangible assets (in thousands):
 December 31,
 20252024
Core deposit premiums$103,200 $103,200 
Less: Accumulated amortization83,330 74,654 
Net core deposit premiums19,870 28,546 
Other identifiable intangible assets50,044 51,671 
Less: Accumulated amortization35,162 33,429 
Net other identifiable intangible assets14,882 18,242 
Total intangible assets, net$34,752 $46,788 
Expected amortization expense for intangible assets that will continue to be amortized (in thousands):
Core
Deposit
Premiums		Other
Identifiable
Intangible Assets		Total
2026$7,986 $1,521 $9,507 
20276,956 1,336 8,292 
20284,928 1,044 5,972 
2029— 1,010 1,010 
2030— 982 982 
Thereafter— 8,989 8,989 
Total
$19,870 $14,882 $34,752 

The carrying value of goodwill by operating segment is as follows (in thousands):
 Commercial BankingConsumer BankingWealth
Management		Funds Management and OtherTotal
Balance, December 31, 2023$910,589 $43,458 $90,702 $— $1,044,749 
Balance, December 31, 2024910,589 43,458 90,702 — 1,044,749 
Balance, December 31, 2025910,589 43,458 90,702 — 1,044,749 

In July 2025, the Company combined its reporting units to align with its three operating segments. No reallocation of goodwill was necessary, and the goodwill of the existing reporting units was combined in the new reporting units. The reporting unit level is consistent with the level at which the CODM assesses the performance of the Company and makes decisions concerning the allocation of resources.

Due to the change in composition of the Company's reporting units, management performed a quantitative assessment of goodwill for impairment immediately before and after the change as of July 1, 2025.

The quantitative analysis uses a blend of both income and market approaches to value the reporting units and compares the fair value of the reporting unit with its carrying value. Goodwill is considered impaired if the fair value of the reporting unit is less than the carrying value of the reporting unit, including goodwill.

The income approach, which is the primary valuation approach, consists of discounting projected long-term future cash flows, which are derived from internal forecasts and economic expectations for the respective reporting units. The significant inputs to the income approach include expected future cash flows, long-term target equity ratios, and the discount rate. The market approaches incorporate comparable public company information, valuation multiples, and consideration of a market control premium along with data related to comparable observed purchase transactions in the financial services industry for the reporting units.

The results of the interim quantitative goodwill impairment tests indicated that the fair values of the reporting units exceeded their respective carrying values by more than 10% both immediately prior to and immediately after the realignment. Therefore, there was no goodwill impairment.

The Company performed its annual impairment assessment of goodwill on October 1, 2025 by performing a qualitative assessment of goodwill at the reporting unit level based on factors including, but not limited to, general economic conditions, financial services industry considerations, regional economic conditions, general Company performance, and reporting unit performance. No impairment was indicated for any reporting unit.
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Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2021Feb 23, 2022
2020Feb 24, 2021
2019Feb 27, 2020
2018Mar 1, 2019
2017Feb 27, 2018
2016Feb 28, 2017
2015Feb 29, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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