Company: BOKF
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000875357-25-000013
Chunk: 67

Company: BOK FINANCIAL CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 67
---
 $50,082 $93,644 $23,904,968 $48,371 

(5) Premises and Equipment and Leases 

Premises and equipment at December 31, 2024 and 2023 are summarized as follows (in thousands): December 31, 20242023Land$68,816 $69,121 Buildings and improvements540,832 525,941 Software and related integration270,991 219,646 Furniture and equipment245,796 211,082 Construction in progress45,422 68,412 Premises and equipment1,171,857 1,094,202 Less: Accumulated depreciation537,372 471,979 Premises and equipment, net of accumulated depreciation$634,485 $622,223 Depreciation expense of premises and equipment was $68.5 million, $68.7 million, and $68.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.Premises and equipment, net includes right-of-use assets for leased office space and facilities. Leases are at market rates at inception and may contain escalations based on consumer price index or similar benchmarks and options to renew at then market rates. Right-of-use assets of $213 million at December 31, 2024, and $221 million at December 31, 2023, are included in Premises and equipment, net, and the related right-of-use liabilities are included in Other liabilities in the Consolidated Balance Sheets. 

118

At December 31, 2024, undiscounted operating lease liabilities are scheduled to mature as follows (in thousands):2025$36,324 202633,508 202730,813 202829,390 202928,360 Thereafter172,090 Total undiscounted lease payments330,485 Less: Interest81,821 Lease liabilities$248,664 Operating cash flows from operating leases were $28.6 million, $26.8 million, and $23.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. The following table presents lease expense included in Net occupancy and equipment in the Consolidated Statements of Earnings for the years indicated (in thousands).Year Ended December 31,202420232022Operating lease expense$26,800