Company: BOKF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000875357-25-000045
Chunk: 36

Company: BOK FINANCIAL CORP
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 36
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 The subordinated debentures were subject to early redemption prior to maturity. All 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. No subordinated debt remained outstanding at June 30, 2025. As shown in Table 22 below, the redemption of the subordinated debt and junior subordinated debentures caused the total capital ratio to decrease as these qualified as tier 2 capital instruments.

Our equity capital at June 30, 2025, was $5.9 billion, a $119 million increase compared to March 31, 2025. Net income less cash dividends paid increased equity $103 million during the second quarter of 2025. Changes in interest rates resulted in a $73 million improvement in the accumulated other comprehensive loss compared to March 31, 2025. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase, and stock and cash dividends.

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On November 1, 2022, the board of directors authorized the Company to purchase up to five million common shares, subject to market conditions, securities law, and other regulatory compliance limitations. As of June 30, 2025, the Company had repurchased 4,130,318 shares under this authorization. The Company repurchased 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

On July 29, 2025, the board of directors approved a new share repurchase authorization of up to five million shares, which replaces the previous authorization from November 1, 2022 under which 869,682 shares remain. The new repurchase authorization does not have an expiration date, may be suspended at any time, does not include specific price targets, may be executed from time to time through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and other transactions or arrangements as officers may determine.

BOK Financial and BOKF, NA are subject to various capital requirements administered