BOK Financial sells $783M low-yield securities, takes $34M after-tax loss; participates in Visa exchange offer

BOK FINANCIAL CORP

Sold $783M of AFS debt securities (2.45% avg yield) for pre-tax loss of $45M; after-tax loss $34M in Q1 2024.
Net earnings charge of ~$34M ($0.53 per diluted share) from repositioning; proceeds reinvested at estimated 5.25% yield.
Holds 252,233 Visa Class B-1 shares (cost $0), convertible to 400,420 Visa common; up to 50% eligible for exchange.
Expects gain on Visa exchange to offset realized losses; timing of exchange offer is unknown.
No guidance changes; strategic repositioning aimed at improving portfolio yield.

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