Company: BOKF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000875357-25-000027
Chunk: 7

Company: BOK FINANCIAL CORP
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Customer hedging revenue totaled $8.4 million for the first quarter of 2025, an increase of $1.2 million, and was primarily attributed to our energy derivative customers. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services, and loan syndication fees, totaled $9.6 million, a decrease of $638 thousand compared to the prior quarter, largely related to the timing and volume of transactions.

Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions, and interchange fees from our corporate card program. Transaction card revenue totaled $27.1 million for the first quarter of 2025, a $539 thousand decrease, led by seasonally lower transaction volumes processed during the quarter.

Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or managed relationships. Fiduciary and asset management revenue was $61.0 million for the first quarter of 2025, consistent with the fourth quarter of 2024.

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A distribution of assets under management or administration and related fiduciary and asset management revenue follows:

Table 3 - Assets Under Management or Administration

(Dollars in thousands)

                                                                                          Margin 3                       Margin 3                       Margin 3  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Managed fiduciary assets:                                                                                                                                       
  Personal                                                    12,382,640      28,012          0.90       12,110,721          0.97       11,288,591          0.99  
  Institutional                                               24,090,880      12,786          0.21       23,940,121          0