BOKF 8-K
Bok Financial Corp (BOKF)
8-K
2026-01-16
For: 2026-01-16
View Original
Added on
April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
Commission File No. 001-37811
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | ||||||||||
| Bank of Oklahoma Tower | |||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(918 ) 588-6000
(Registrant’s telephone number, including area code)
N/A
__________________________________________
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 2.02. Results of Operations and Financial Condition.
On January 16, 2026, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three months and year ended December 31, 2025 (“Press Release”). The full text of the Press Release is attached as Exhibit 99.1(a) to this report and is incorporated herein by reference. On January 16, 2026, in connection with the issuance of the Press Release, BOK Financial released financial information related to the three months and year ended December 31, 2025 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99.1(b) to this report and is incorporated herein by reference.
ITEM 7.01. Regulation FD Disclosure.
On January 16, 2026, in connection with the issuance of the Press Release, BOK Financial released financial information related to the three months and year ended December 31, 2025 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99.2(a) to this report and is incorporated herein by reference.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOK FINANCIAL CORPORATION
By: /s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President
Chief Financial Officer
Date: January 16, 2026
BOK Financial Corporation reports annual earnings of $578 million, or a record $9.17 per share, and quarterly earnings of $177 million, or a record $2.89 per share, in the fourth quarter.
Fourth quarter 2025 financial highlights1 | ||||||||
Net Income | Net income was $177.3 million, or $2.89 per diluted share, compared to $140.9 million, or $2.22 per diluted share. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025.2 | |||||||
Net Interest Income & Margin | Net interest income totaled $345.3 million, an increase of $7.6 million. Net interest margin expanded 7 basis points to 2.98% compared to 2.91% in the prior quarter. | |||||||
Fees & Commissions Revenue | Fees and commissions revenue was $214.9 million, up $10.4 million, led by growth in trading revenue, fiduciary and asset management revenue, and transaction card revenue. | |||||||
Operating Expense | Operating expense decreased $8.7 million to $361.1 million. Excluding the FDIC special assessment benefit, operating expense was relatively unchanged. Personnel expense decreased $3.6 million, while non-personnel expense increased $3.2 million. | |||||||
Loans | Period end loans grew by $786 million, to $25.7 billion, primarily in the commercial loan portfolio. Average outstanding loan balances were $25.2 billion, a $416 million increase. | |||||||
Credit Quality | Nonperforming assets remained stable at $75 million, or 0.29% of outstanding loans and repossessed assets, at December 31, 2025. Net charge-offs for the fourth quarter were $1.4 million, or 0.02% of average loans on an annualized basis. | |||||||
| Deposits | Period end deposits grew by $935 million to $39.4 billion and average deposits increased $1.5 billion to $40.0 billion. Average interest-bearing deposits increased $1.4 billion and average demand deposits increased by $114 million. The loan to deposit ratio was 65% at December 31, 2025, unchanged from the prior quarter. | |||||||
| Capital | Tangible common equity ratio2 was 9.46% compared to 10.06% at September 30, 2025. Tier 1 capital ratio was 12.90%, common equity Tier 1 capital ratio was 12.89%, and total capital ratio was 14.77%. The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025. | |||||||
| p | $7.6 million | 3 bps | p | $786 million | $126.6 billion | ||||||||||||||||||||||||
| NET INTEREST INCOME | NET CHARGE-OFFS (TTM) | LOAN GROWTH | AUMA | ||||||||||||||||||||||||||
Full year 2025 financial highlights3 | |||||||||||||||||||||||||||||
Net income was $578.0 million, or $9.17 per diluted share, for 2025, compared to $523.6 million, or $8.14 per diluted share, for the prior year. Net interest income totaled $1.3 billion, an increase of $116.6 million. Net interest margin was 2.87% compared to 2.65%. Fees and commissions revenue was consistent with the prior year at $800.7 million and operating expense increased $67.1 million to $1.4 billion. Net charge-offs were $6.7 million, or 0.03% of average loans in 2025, compared to $12.9 million, or 0.05% of average loans in 2024. | |||||||||||||||||||||||||||||
CEO Commentary
Stacy Kymes, President and CEO, stated, “Our results this quarter represent a strong capstone to a year of outstanding performance and disciplined execution, highlighted by record earnings per share performance. Loan growth was exceptional this quarter with outstanding loans increasing 3.2% driven by robust growth in our core commercial and industrial lines as well as our specialty businesses. Net interest income has grown every quarter this year and our fee businesses continue to demonstrate the strength of our diversified business model, delivering not only record quarters, but record years for both our Fiduciary and Asset Management and Transaction Card businesses. We are a company well positioned for growth, anchored by a long history of disciplined risk management."
1 Comparisons are to the prior quarter unless otherwise noted.
2 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
3 Comparisons are to the prior year unless otherwise noted.
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Net Interest Income
| (Dollars in thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | ||||||||||||||||||||||
| Interest revenue | ||||||||||||||||||||||||||
| Interest-bearing cash and cash equivalents | $ | 5,302 | $ | 5,482 | $ | (180) | (3.3)% | % | ||||||||||||||||||
| Trading securities | 63,296 | 72,770 | (9,474) | (13.0)% | % | |||||||||||||||||||||
| Investment securities | 6,381 | 6,560 | (179) | (2.7)% | % | |||||||||||||||||||||
| Available-for-sale securities | 134,440 | 133,452 | 988 | 0.7 % | % | |||||||||||||||||||||
| Fair value option securities | 913 | 1,441 | (528) | (36.6)% | % | |||||||||||||||||||||
| Restricted equity securities | 4,522 | 6,605 | (2,083) | (31.5)% | % | |||||||||||||||||||||
| Residential mortgage loans held for sale | 1,349 | 1,405 | (56) | (4.0)% | % | |||||||||||||||||||||
| Loans | 412,170 | 419,303 | (7,133) | (1.7)% | % | |||||||||||||||||||||
| Total interest revenue | $ | 628,373 | $ | 647,018 | $ | (18,645) | (2.9)% | % | ||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||
| Transaction | $ | 199,008 | $ | 206,400 | $ | (7,392) | (3.6)% | % | ||||||||||||||||||
| Savings | 1,163 | 1,197 | (34) | (2.8)% | % | |||||||||||||||||||||
| Time | 34,252 | 34,236 | 16 | — % | % | |||||||||||||||||||||
| Total interest-bearing deposits | 234,423 | 241,833 | (7,410) | (3.1)% | % | |||||||||||||||||||||
| Funds purchased and repurchase agreements | 10,360 | 7,250 | 3,110 | 42.9 % | % | |||||||||||||||||||||
| Other borrowings | 32,032 | 57,724 | (25,692) | (44.5)% | % | |||||||||||||||||||||
| Subordinated debentures | 3,722 | — | 3,722 | N/A | ||||||||||||||||||||||
| Total interest expense | 280,537 | 306,807 | (26,270) | (8.6)% | % | |||||||||||||||||||||
| Tax-equivalent net interest income | 347,836 | 340,211 | 7,625 | 2.2 % | % | |||||||||||||||||||||
Less: Tax-equivalent adjustment | 2,555 | 2,565 | (10) | (0.4)% | % | |||||||||||||||||||||
| Net interest income | $ | 345,281 | $ | 337,646 | $ | 7,635 | 2.3 % | % | ||||||||||||||||||
| Net interest margin | 2.98 % | % | 2.91 % | % | 0.07 % | % | N/A | |||||||||||||||||||
| Average earning assets | $ | 46,590,610 | $ | 46,429,240 | $ | 161,370 | 0.3 % | % | ||||||||||||||||||
| Average trading securities | 5,295,598 | 5,603,200 | (307,602) | (5.5)% | % | |||||||||||||||||||||
| Average investment securities | 1,804,984 | 1,861,565 | (56,581) | (3.0)% | % | |||||||||||||||||||||
| Average available-for-sale securities | 13,564,939 | 13,386,515 | 178,424 | 1.3 % | % | |||||||||||||||||||||
| Average fair value option securities | 72,229 | 105,651 | (33,422) | (31.6)% | % | |||||||||||||||||||||
| Average restricted equity securities | 250,430 | 337,055 | (86,625) | (25.7)% | % | |||||||||||||||||||||
| Average loans balance | 25,242,551 | 24,826,139 | 416,412 | 1.7 % | % | |||||||||||||||||||||
| Average interest-bearing deposits | 31,978,527 | 30,586,399 | 1,392,128 | 4.6 % | % | |||||||||||||||||||||
| Average funds purchased and repurchase agreements | 1,185,566 | 873,800 | 311,766 | 35.7 % | % | |||||||||||||||||||||
| Average other borrowings | 3,008,388 | 5,048,301 | (2,039,913) | (40.4)% | % | |||||||||||||||||||||
| Average subordinated debentures | 241,482 | — | 241,482 | N/A | ||||||||||||||||||||||
Net interest income was $345.3 million for the fourth quarter of 2025, an increase of $7.6 million over the prior quarter. Net interest margin expanded to 2.98% from 2.91%. For the fourth quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, increased 6 basis points to 3.22% compared to 3.16% in the prior quarter.
Average earning assets increased $161 million. Average loan balances increased $416 million, primarily due to growth in the commercial loan portfolio. Average available-for-sale securities grew $178 million, while trading securities decreased $308 million and restricted equity securities decreased $87 million. Average interest-bearing deposits increased $1.4 billion, primarily from growth in interest-bearing transaction accounts. Average funds purchased and repurchase agreements increased $312 million, while average other borrowings decreased $2.0 billion. On November 6, 2025, $400 million of 6.108% fixed rate reset subordinated notes were issued.
1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
2
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
The yield on average earning assets was 5.36%, a 17 basis point decrease compared to the prior quarter. The yield on the available-for-sale securities portfolio increased 1 basis point to 3.94%, while the yield on trading securities decreased 42 basis points to 4.83%. The loan portfolio yield decreased 22 basis points to 6.48%. The yield on restricted equity securities decreased 62 basis points to 7.22%.
Funding costs were 3.06%, down 27 basis points. The cost of interest-bearing deposits decreased 23 basis points to 2.91%. The cost of funds purchased and repurchase agreements increased 18 basis points to 3.47%, while the cost of other borrowings decreased 32 basis points to 4.22%. The cost of subordinated debentures was 6.12%, entirely driven by the subordinated debt issuance in the fourth quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 68 basis points, a decrease of 3 basis points.
Other Operating Revenue
| (Dollars in thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | ||||||||||||||||||||||
| Brokerage and trading revenue | $ | 47,310 | $ | 43,239 | $ | 4,071 | 9.4 % | % | ||||||||||||||||||
| Transaction card revenue | 31,564 | 29,463 | 2,101 | 7.1 % | % | |||||||||||||||||||||
| Fiduciary and asset management revenue | 68,347 | 63,878 | 4,469 | 7.0 % | % | |||||||||||||||||||||
| Deposit service charges and fees | 32,039 | 31,896 | 143 | 0.4 % | % | |||||||||||||||||||||
| Mortgage banking revenue | 19,013 | 19,764 | (751) | (3.8)% | % | |||||||||||||||||||||
| Other revenue | 16,591 | 16,190 | 401 | 2.5 % | % | |||||||||||||||||||||
| Total fees and commissions | 214,864 | 204,430 | 10,434 | 5.1 % | % | |||||||||||||||||||||
| Other gains, net | 28,078 | 8,264 | 19,814 | N/A | ||||||||||||||||||||||
| Loss on derivatives, net | (2,366) | (453) | (1,913) | N/A | ||||||||||||||||||||||
Gain on fair value option securities, net | 551 | 630 | (79) | N/A | ||||||||||||||||||||||
| Change in fair value of mortgage servicing rights | 1,407 | (2,375) | 3,782 | N/A | ||||||||||||||||||||||
| Gain on available-for-sale securities, net | 1,748 | 213 | 1,535 | N/A | ||||||||||||||||||||||
| Total other operating revenue | $ | 244,282 | $ | 210,709 | $ | 33,573 | 15.9 % | % | ||||||||||||||||||
Fees and commissions revenue totaled $214.9 million for the fourth quarter of 2025, growing $10.4 million over the prior quarter.
Brokerage and trading revenue increased $4.1 million to $47.3 million. Trading fees and commissions revenue increased $5.4 million. Higher U.S. agency residential mortgage-backed securities trading activity was driven by a more favorable rate environment and an improved future economic outlook, including a steepening yield curve. Investment banking revenue decreased $1.9 million. Municipal underwriting activity resumed a more normal level following a strong third quarter, partially offset by growth in loan syndication fees.
Fiduciary and asset management revenue was up $4.5 million driven by growth in trust fees, primarily from higher transaction-related fees, improved market valuations, and continued growth in client relationships.
Transaction card revenue increased $2.1 million due to an increase in the volume of transactions processed during the period.
Other gains, net, were a net gain of $28.1 million compared to a net gain of $8.3 million in the prior quarter. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.
3
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Operating Expenses
| (Dollars in thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | ||||||||||||||||||||||
| Personnel | $ | 222,726 | $ | 226,347 | $ | (3,621) | (1.6)% | % | ||||||||||||||||||
| Business promotion | 11,516 | 9,960 | 1,556 | 15.6 % | % | |||||||||||||||||||||
| Professional fees and services | 18,371 | 15,137 | 3,234 | 21.4 % | % | |||||||||||||||||||||
| Net occupancy and equipment | 32,693 | 33,040 | (347) | (1.1)% | % | |||||||||||||||||||||
| FDIC and other insurance | 6,078 | 7,302 | (1,224) | (16.8)% | % | |||||||||||||||||||||
| FDIC special assessment | (9,479) | (1,209) | (8,270) | N/A | ||||||||||||||||||||||
| Data processing and communications | 51,299 | 50,062 | 1,237 | 2.5 % | % | |||||||||||||||||||||
| Printing, postage, and supplies | 4,077 | 4,036 | 41 | 1.0 % | % | |||||||||||||||||||||
| Amortization of intangible assets | 2,656 | 2,656 | — | — % | % | |||||||||||||||||||||
| Mortgage banking costs | 10,663 | 10,668 | (5) | — % | % | |||||||||||||||||||||
| Other expense | 10,454 | 11,771 | (1,317) | (11.2)% | % | |||||||||||||||||||||
| Total operating expense | $ | 361,054 | $ | 369,770 | $ | (8,716) | (2.4)% | % | ||||||||||||||||||
Total operating expense was $361.1 million for the fourth quarter of 2025, a decrease of $8.7 million compared to the prior quarter.
Personnel expense was $222.7 million, a decrease of $3.6 million. Employee benefits expense decreased $4.4 million related to lower employee healthcare costs, retirement plan costs, and payroll tax expense. Cash-based incentive compensation increased $3.6 million, primarily driven by strong loan origination activity. Deferred compensation expense was $2.4 million, a decrease of $3.4 million compared to the prior quarter. The impact of deferred compensation expense is offset by the change in the fair value of related investments included in Other gains (losses), net.
Non-personnel expense was $138.3 million, a decrease of $5.1 million. FDIC special assessment expense decreased $8.3 million, primarily due to the FDIC updating their estimate of the special assessment and other adjustments related to the special assessment. Other expense decreased by $1.3 million due to lower operational losses. Professional fees and services increased $3.2 million, primarily driven by additional projects in the quarter. Business promotion expense grew $1.6 million due to higher travel and advertising costs, while data processing and communications costs increased $1.2 million, driven by growth in the volume of transactions processed for our transaction card customers during the quarter.
4
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Loans
| (Dollars in thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | ||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||
| Healthcare | $ | 4,008,208 | $ | 3,878,543 | $ | 129,665 | 3.3% | |||||||||||||||||||
| Services | 3,911,917 | 3,710,643 | 201,274 | 5.4% | ||||||||||||||||||||||
| Energy | 2,882,242 | 2,681,512 | 200,730 | 7.5% | ||||||||||||||||||||||
| General business | 4,478,700 | 4,242,242 | 236,458 | 5.6% | ||||||||||||||||||||||
| Total commercial | 15,281,067 | 14,512,940 | 768,127 | 5.3% | ||||||||||||||||||||||
| Commercial Real Estate: | ||||||||||||||||||||||||||
| Multifamily | 2,432,330 | 2,500,323 | (67,993) | (2.7)% | ||||||||||||||||||||||
| Industrial | 1,368,436 | 1,396,795 | (28,359) | (2.0)% | ||||||||||||||||||||||
| Office | 814,139 | 811,601 | 2,538 | 0.3% | ||||||||||||||||||||||
| Retail | 573,451 | 593,835 | (20,384) | (3.4)% | ||||||||||||||||||||||
Residential construction and land development | 129,783 | 122,033 | 7,750 | 6.4% | ||||||||||||||||||||||
| Other real estate loans | 353,867 | 328,020 | 25,847 | 7.9% | ||||||||||||||||||||||
| Total commercial real estate | 5,672,006 | 5,752,607 | (80,601) | (1.4)% | ||||||||||||||||||||||
| Loans to individuals: | ||||||||||||||||||||||||||
Residential mortgage | 2,731,415 | 2,676,366 | 55,049 | 2.1% | ||||||||||||||||||||||
| Residential mortgages guaranteed by U.S. government agencies | 158,359 | 151,642 | 6,717 | 4.4% | ||||||||||||||||||||||
| Personal | 1,808,615 | 1,771,639 | 36,976 | 2.1% | ||||||||||||||||||||||
| Total loans to individuals | 4,698,389 | 4,599,647 | 98,742 | 2.1% | ||||||||||||||||||||||
| Total loans | $ | 25,651,462 | $ | 24,865,194 | $ | 786,268 | 3.2% | |||||||||||||||||||
Outstanding loans were $25.7 billion at December 31, 2025, an increase of $786 million over September 30, 2025, primarily due to growth in commercial loans. Unfunded loan commitments grew by $590 million over the third quarter of 2025.
Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, increased $768 million over the prior quarter.
General business loans increased $236 million to $4.5 billion, or 17% of total loans. General business loans include $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances were up $201 million over the prior quarter to $3.9 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including state and local municipal government entities, Native American tribal government and casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.
Energy loan balances grew by $201 million to $2.9 billion, or 11% of total loans, following elevated payoff activity in recent quarters due to industry consolidation. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 71% of committed production loans are secured by properties primarily producing oil. The remaining 29% are secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at December 31, 2025, a $44 million increase over September 30, 2025.
Healthcare sector loan balances increased $130 million and totaled $4.0 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.3 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.
5
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Commercial real estate loan balances decreased $81 million to $5.7 billion, representing 22% of total loans. Loans secured by multifamily properties decreased $68 million, loans secured by industrial facilities decreased $28 million, and loans secured by retail facilities decreased $20 million. Other real estate loans increased by $26 million. Unfunded commercial real estate loan commitments were $2.2 billion at December 31, 2025, a $65 million increase over September 30, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to individuals were up $99 million over the prior quarter to $4.7 billion and represent 18% of total loans. Residential mortgage loans increased $62 million and personal loans increased $37 million. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies or marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment, as well as unsecured loans.
Period End & Average Deposits
| (Dollars in thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | ||||||||||||||||||||||
| Period end deposits | ||||||||||||||||||||||||||
| Demand | $ | 8,081,930 | $ | 7,907,176 | $ | 174,754 | 2.2 % | % | ||||||||||||||||||
| Interest-bearing transaction | 26,850,070 | 25,983,228 | 866,842 | 3.3 % | % | |||||||||||||||||||||
| Savings | 863,923 | 846,736 | 17,187 | 2.0 % | % | |||||||||||||||||||||
| Time | 3,639,083 | 3,762,878 | (123,795) | (3.3)% | % | |||||||||||||||||||||
| Total deposits | $ | 39,435,006 | $ | 38,500,018 | $ | 934,988 | 2.4 % | % | ||||||||||||||||||
| Average deposits | ||||||||||||||||||||||||||
| Demand | $ | 8,009,082 | $ | 7,894,847 | $ | 114,235 | 1.4 % | % | ||||||||||||||||||
| Interest-bearing transaction | 27,396,541 | 26,076,475 | 1,320,066 | 5.1 % | % | |||||||||||||||||||||
| Savings | 852,390 | 867,939 | (15,549) | (1.8)% | % | |||||||||||||||||||||
| Time | 3,729,596 | 3,641,985 | 87,611 | 2.4 % | % | |||||||||||||||||||||
| Total average deposits | $ | 39,987,609 | $ | 38,481,246 | $ | 1,506,363 | 3.9 % | % | ||||||||||||||||||
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 65% at both December 31, 2025 and September 30, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $39.4 billion at December 31, 2025, a $935 million increase. Interest-bearing transaction accounts increased $867 million and demand deposits increased $175 million, while time deposits decreased $124 million.
Average deposits were $40.0 billion during the fourth quarter, a $1.5 billion increase. Average interest-bearing transaction accounts increased $1.3 billion, average demand deposit balances increased $114 million, and average time deposits increased $88 million.
Average Commercial Banking deposits increased $325 million to $18.5 billion, or 46% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Average Consumer Banking deposits increased $16 million to $8.3 billion, or 21% of total deposits. Average Wealth Management deposits decreased by $28 million to $10.7 billion, or 27% of total deposits. Average Funds Management and Other deposits increased $1.2 billion to $2.5 billion. This was primarily driven by opportunistically replacing wholesale borrowings with wholesale deposits.
6
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Capital
| Minimum Capital Requirement | Capital Conservation Buffer | Minimum Capital Requirement Including Capital Conservation Buffer | Dec. 31, 2025 | Sep. 30, 2025 | |||||||||||||||||||||||||
| Common equity Tier 1 | 4.50 % | % | 2.50 % | % | 7.00 % | % | 12.89 % | % | 13.60 % | % | |||||||||||||||||||
| Tier 1 capital | 6.00 % | % | 2.50 % | % | 8.50 % | % | 12.90 % | % | 13.61 % | % | |||||||||||||||||||
| Total capital | 8.00 % | % | 2.50 % | % | 10.50 % | % | 14.77 % | % | 14.48 % | % | |||||||||||||||||||
| Tier 1 leverage | 4.00 % | % | N/A | 4.00 % | % | 9.86 % | % | 10.19 % | % | ||||||||||||||||||||
Tangible common equity ratio1 | 9.46 % | % | 10.06 % | % | |||||||||||||||||||||||||
| Common stock repurchased (shares) | 2,617,414 | 365,547 | |||||||||||||||||||||||||||
| Average price per share repurchased | $ | 107.99 | $ | 111.00 | |||||||||||||||||||||||||
The company's common equity Tier 1 capital ratio was 12.89% at December 31, 2025. In addition, the company's Tier 1 capital ratio was 12.90%, total capital ratio was 14.77%, and leverage ratio was 9.86% at December 31, 2025. At September 30, 2025, the company's common equity Tier 1 capital ratio was 13.60%, Tier 1 capital ratio was 13.61%, total capital ratio was 14.48%, and leverage ratio was 10.19%.
The company's tangible common equity ratio1, a non-GAAP measure, was 9.46% at December 31, 2025, and 10.06% at September 30, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities.
On November 6, 2025, BOKF, NA, the wholly-owned banking subsidiary of BOK Financial Corporation, issued $400 million 6.108% fixed rate reset subordinated notes that will mature on November 6, 2040 and qualify for Tier II regulatory capital treatment.
The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025, and 365,547 shares of common stock at an average price paid of $111.00 per share in the third quarter of 2025. We view buybacks opportunistically, but within the context of maintaining our strong capital position.
Credit Quality
Nonperforming assets totaled $75 million, or 0.29% of outstanding loans and repossessed assets, at December 31, 2025, compared to $74 million, or 0.30%, at September 30, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $66 million, or 0.26% of outstanding loans and repossessed assets, at December 31, 2025, compared to $67 million, or 0.27%, at September 30, 2025.
Nonaccruing loans increased $2.0 million compared to September 30, 2025. New nonaccruing loans identified in the fourth quarter totaled $12.9 million, offset by $6.3 million in payments received, $2.4 million in charge-offs, and $2.1 million in loans that returned to accrual status. Nonaccruing general business loans increased $6.4 million while nonaccruing loans to individuals decreased $1.8 million and nonaccruing services loans decreased $1.5 million.
Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter. At December 31, 2025, net charge-offs for the trailing twelve months were $6.7 million, or 0.03% of average loans. Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter of 2025.
No provision for expected credit losses was necessary for the fourth quarter of 2025, primarily due to an improvement in economic forecast assumptions offset by the impact of loan growth during the quarter.
At December 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $327 million, or 1.28% of outstanding loans and 497% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At September 30, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $328 million, or 1.32% of outstanding loans and 505% of nonaccruing loans.
1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
7
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Securities & Derivatives
The fair value of the available-for-sale securities portfolio totaled $13.6 billion at December 31, 2025, a $126 million increase over September 30, 2025. At December 31, 2025, the available-for-sale securities portfolio consisted primarily of $9.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.1 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2025, the available-for-sale securities portfolio had a net unrealized loss of $133 million, compared to $204 million at September 30, 2025.
We hold an inventory of trading securities in support of sales to a variety of customers. At December 31, 2025, the trading securities portfolio totaled $5.4 billion, compared to $4.3 billion at September 30, 2025.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $2.6 million to $102 million at December 31, 2025.
Derivative contracts are carried at fair value. At December 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $428 million, compared to $317 million at September 30, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $399 million at December 31, 2025, and $294 million at September 30, 2025.
The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $579 thousand during the fourth quarter of 2025, including a $2.1 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $1.4 million increase in the fair value of mortgage servicing rights, and $114 thousand of related net interest income.
Fourth Quarter 2025 Segment Highlights
| Commercial Banking | Consumer Banking | Wealth Management | ||||||||||||||||||||||||||||||||||||
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | Dec. 31, 2025 | Sep. 30, 2025 | Dec. 31, 2025 | Sep. 30, 2025 | ||||||||||||||||||||||||||||||||
Net interest income and fee revenue | $ | 242,118 | $ | 236,734 | $ | 94,761 | $ | 96,522 | $ | 160,171 | $ | 155,142 | ||||||||||||||||||||||||||
| Net loans charged-off (recovered) | 929 | 2,609 | 944 | 1,413 | (7) | (3) | ||||||||||||||||||||||||||||||||
| Personnel expense | 53,592 | 51,638 | 25,181 | 25,681 | 74,028 | 73,032 | ||||||||||||||||||||||||||||||||
| Non-personnel expense | 32,577 | 29,601 | 39,587 | 38,361 | 28,697 | 29,939 | ||||||||||||||||||||||||||||||||
| Net income before taxes | 164,025 | 139,817 | 15,054 | 14,490 | 42,689 | 36,606 | ||||||||||||||||||||||||||||||||
| Average loans | $ | 20,529,256 | $ | 20,280,147 | $ | 2,516,158 | $ | 2,432,968 | $ | 2,393,802 | $ | 2,353,961 | ||||||||||||||||||||||||||
| Average deposits | 18,486,299 | 18,161,258 | 8,346,245 | 8,330,481 | 10,703,630 | 10,731,569 | ||||||||||||||||||||||||||||||||
| Assets under management or administration | $ | 126,614,658 | $ | 122,673,531 | ||||||||||||||||||||||||||||||||||
Commercial Banking contributed $164.0 million to net income before taxes in the fourth quarter of 2025, an increase of $24.2 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.4 million. Investment banking revenue increased $2.9 million driven by growth in loan syndication fees. Transaction card revenue increased $1.4 million due to an increase in the volume of transactions processed during the period, while net interest income grew $1.0 million. Net loans charged off decreased $1.7 million to $929 thousand in the fourth quarter of 2025. Other operating expenses increased $4.9 million, largely due to higher incentive compensation costs and additional technology projects in the quarter. Other gains (losses), net, grew $21.5 million, primarily due to the sale of a merchant banking investment. Average loans increased $249 million, or 1%, to $20.5 billion. Average deposits grew $325 million, or 2%, to $18.5 billion.
8
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Consumer Banking contributed $15.1 million to net income before taxes in the fourth quarter of 2025, relatively consistent with the prior quarter. Combined net interest income and fee revenue totaled $94.8 million, a decrease of $1.8 million, primarily due to a decrease in the spread on deposits. The net cost of the change in the fair value of mortgage servicing rights and the related economic hedges was $579 thousand, compared to a cost of $2.1 million in the prior quarter. Other operating expenses were consistent with the prior quarter and corporate expense allocations decreased $1.0 million. Average loans increased $83 million, or 3%, to $2.5 billion. Average deposits were consistent with prior quarter at $8.3 billion.
Wealth Management contributed $42.7 million to net income before taxes in the fourth quarter of 2025, an increase of $6.1 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.0 million, primarily due to higher fiduciary and asset management fees driven by transaction-related fees combined with increased market valuations and continued growth in client relationships. Trading fees increased $5.4 million, driven by higher U.S agency residential mortgage-backed securities trading activity during the quarter, offset by municipal underwriting revenue returning to more normalized levels following a strong third quarter. Other operating expenses were consistent with the prior quarter. Average loans increased $40 million, or 2%, to $2.4 billion. Average deposits were largely unchanged at $10.7 billion. Assets under management or administration were $126.6 billion, an increase of $3.9 billion, or 3%.
9
| BOK Financial Corporation quarterly earnings release | Exhibit 99.1(a) | ||||
Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, January 20, 2026, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.
About BOK Financial Corporation
BOK Financial Corporation is a $52 billion regional financial services company headquartered in Tulsa, Oklahoma with $127 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 2025 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” “may,” “could,” “should,” “would,” “potential,” “continue,” “seek,” “target,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. All statements other than statements of historical fact are forward-looking statements. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to: changes in government; changes in governmental economic policy, including tariffs; changes in commodity prices; interest rates and interest rate relationships; inflation; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulations; tax laws; prices, levies and assessments; the impact of technological advances; trends in customer behavior as well as their ability to repay loans; credit quality deterioration; cybersecurity incidents and data breaches; operational failures or interruptions; liquidity risks; capital adequacy requirements; litigation and regulatory enforcement actions; and other risks detailed in BOK Financial Corporation’s filings with the Securities and Exchange Commission. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
10
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 1,001,107 | $ | 880,721 | |||||||
| Interest-bearing cash and cash equivalents | 656,995 | 545,322 | |||||||||
| Trading securities | 5,392,745 | 4,255,732 | |||||||||
| Investment securities, net of allowance | 1,784,242 | 1,837,647 | |||||||||
| Available-for-sale securities | 13,606,625 | 13,481,030 | |||||||||
| Fair value option securities | 102,096 | 104,688 | |||||||||
| Restricted equity securities | 224,757 | 248,605 | |||||||||
| Residential mortgage loans held for sale | 94,630 | 100,060 | |||||||||
| Loans: | |||||||||||
| Commercial | 15,281,067 | 14,512,940 | |||||||||
| Commercial real estate | 5,672,006 | 5,752,607 | |||||||||
| Loans to individuals | 4,698,389 | 4,599,647 | |||||||||
| Total loans | 25,651,462 | 24,865,194 | |||||||||
| Allowance for loan losses | (275,860) | (277,692) | |||||||||
| Loans, net of allowance | 25,375,602 | 24,587,502 | |||||||||
| Premises and equipment, net | 638,936 | 636,256 | |||||||||
| Receivables | 292,978 | 288,140 | |||||||||
| Goodwill | 1,044,749 | 1,044,749 | |||||||||
| Intangible assets, net | 34,752 | 37,376 | |||||||||
| Mortgage servicing rights | 322,724 | 326,399 | |||||||||
| Real estate and other repossessed assets, net | 176 | 1,751 | |||||||||
| Derivative contracts, net | 300,775 | 299,215 | |||||||||
| Cash surrender value of bank-owned life insurance | 421,514 | 419,103 | |||||||||
| Receivable on unsettled securities sales | 62,034 | 64,515 | |||||||||
| Other assets | 880,064 | 1,034,576 | |||||||||
| Total assets | $ | 52,237,501 | $ | 50,193,387 | |||||||
| Liabilities | |||||||||||
| Deposits: | |||||||||||
| Demand | $ | 8,081,930 | $ | 7,907,176 | |||||||
| Interest-bearing transaction | 26,850,070 | 25,983,228 | |||||||||
| Savings | 863,923 | 846,736 | |||||||||
| Time | 3,639,083 | 3,762,878 | |||||||||
| Total deposits | 39,435,006 | 38,500,018 | |||||||||
| Funds purchased and repurchase agreements | 1,491,716 | 970,950 | |||||||||
| Other borrowings | 2,745,939 | 3,239,507 | |||||||||
| Subordinated debentures | 396,589 | — | |||||||||
| Accrued interest, taxes, and expense | 382,809 | 312,283 | |||||||||
| Due on unsettled securities purchases | 991,073 | 321,729 | |||||||||
| Derivative contracts, net | 397,573 | 306,796 | |||||||||
| Other liabilities | 476,116 | 517,179 | |||||||||
| Total liabilities | 46,316,821 | 44,168,462 | |||||||||
| Shareholders' equity | |||||||||||
| Capital, surplus and retained earnings | 6,084,816 | 6,249,199 | |||||||||
| Accumulated other comprehensive loss | (166,170) | (226,664) | |||||||||
| Total shareholders’ equity | 5,918,646 | 6,022,535 | |||||||||
| Non-controlling interests | 2,034 | 2,390 | |||||||||
| Total equity | 5,920,680 | 6,024,925 | |||||||||
| Total liabilities and equity | $ | 52,237,501 | $ | 50,193,387 | |||||||
11
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Interest-bearing cash and cash equivalents | $ | 546,045 | $ | 495,091 | $ | 506,330 | $ | 564,014 | $ | 546,955 | |||||||||||||||||||
| Trading securities | 5,295,598 | 5,603,200 | 6,876,788 | 5,881,997 | 5,636,949 | ||||||||||||||||||||||||
| Investment securities, net of allowance | 1,804,984 | 1,861,565 | 1,918,969 | 1,980,005 | 2,037,072 | ||||||||||||||||||||||||
| Available-for-sale securities | 13,564,939 | 13,386,515 | 13,218,569 | 12,962,830 | 12,969,630 | ||||||||||||||||||||||||
| Fair value option securities | 72,229 | 105,651 | 88,323 | 17,603 | 18,384 | ||||||||||||||||||||||||
| Restricted equity securities | 250,430 | 337,055 | 390,191 | 348,266 | 338,236 | ||||||||||||||||||||||||
| Residential mortgage loans held for sale | 91,414 | 91,422 | 86,543 | 63,365 | 87,353 | ||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||
| Commercial | 15,037,471 | 14,490,145 | 14,315,695 | 14,633,090 | 14,973,929 | ||||||||||||||||||||||||
| Commercial real estate | 5,581,588 | 5,743,572 | 5,495,152 | 5,245,867 | 5,039,535 | ||||||||||||||||||||||||
| Loans to individuals | 4,623,492 | 4,592,422 | 4,365,702 | 4,189,270 | 4,011,080 | ||||||||||||||||||||||||
| Total loans | 25,242,551 | 24,826,139 | 24,176,549 | 24,068,227 | 24,024,544 | ||||||||||||||||||||||||
| Allowance for loan losses | (277,580) | (277,398) | (278,191) | (279,983) | (283,685) | ||||||||||||||||||||||||
| Loans, net of allowance | 24,964,971 | 24,548,741 | 23,898,358 | 23,788,244 | 23,740,859 | ||||||||||||||||||||||||
| Total earning assets | 46,590,610 | 46,429,240 | 46,984,071 | 45,606,324 | 45,375,438 | ||||||||||||||||||||||||
| Cash and due from banks | 988,135 | 960,602 | 915,487 | 995,598 | 910,894 | ||||||||||||||||||||||||
| Derivative contracts, net | 268,675 | 317,732 | 374,125 | 328,478 | 360,352 | ||||||||||||||||||||||||
| Cash surrender value of bank-owned life insurance | 420,167 | 417,261 | 419,602 | 417,797 | 414,760 | ||||||||||||||||||||||||
| Receivable on unsettled securities sales | 227,678 | 162,035 | 228,563 | 184,960 | 284,793 | ||||||||||||||||||||||||
| Other assets | 3,357,081 | 3,405,206 | 3,365,104 | 3,453,746 | 3,268,949 | ||||||||||||||||||||||||
| Total assets | $ | 51,852,346 | $ | 51,692,076 | $ | 52,286,952 | $ | 50,986,903 | $ | 50,615,186 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Demand | $ | 8,009,082 | $ | 7,894,847 | $ | 7,958,538 | $ | 8,156,069 | $ | 8,378,558 | |||||||||||||||||||
| Interest-bearing transaction | 27,396,541 | 26,076,475 | 25,859,336 | 25,859,733 | 24,992,464 | ||||||||||||||||||||||||
| Savings | 852,390 | 867,939 | 853,062 | 844,875 | 818,210 | ||||||||||||||||||||||||
| Time | 3,729,596 | 3,641,985 | 3,465,780 | 3,498,401 | 3,629,882 | ||||||||||||||||||||||||
| Total deposits | 39,987,609 | 38,481,246 | 38,136,716 | 38,359,078 | 37,819,114 | ||||||||||||||||||||||||
| Funds purchased and repurchase agreements | 1,185,566 | 873,800 | 782,039 | 935,716 | 1,076,400 | ||||||||||||||||||||||||
| Other borrowings | 3,008,388 | 5,048,301 | 6,019,948 | 4,626,402 | 4,489,870 | ||||||||||||||||||||||||
| Subordinated debentures | 241,482 | — | 99,846 | 131,188 | 131,185 | ||||||||||||||||||||||||
| Derivative contracts, net | 317,206 | 332,893 | 359,616 | 237,035 | 417,026 | ||||||||||||||||||||||||
| Due on unsettled securities purchases | 452,673 | 329,361 | 503,490 | 425,050 | 472,334 | ||||||||||||||||||||||||
| Other liabilities | 697,979 | 663,323 | 591,496 | 611,762 | 630,957 | ||||||||||||||||||||||||
| Total liabilities | 45,890,903 | 45,728,924 | 46,493,151 | 45,326,231 | 45,036,886 | ||||||||||||||||||||||||
| Total equity | 5,961,443 | 5,963,152 | 5,793,801 | 5,660,672 | 5,578,300 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 51,852,346 | $ | 51,692,076 | $ | 52,286,952 | $ | 50,986,903 | $ | 50,615,186 | |||||||||||||||||||
12
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Interest revenue | $ | 625,818 | $ | 639,125 | $ | 2,531,268 | $ | 2,636,464 | |||||||||||||||
| Interest expense | 280,537 | 326,079 | 1,203,924 | 1,425,706 | |||||||||||||||||||
Net interest income | 345,281 | 313,046 | 1,327,344 | 1,210,758 | |||||||||||||||||||
| Provision for credit losses | — | — | 2,000 | 18,000 | |||||||||||||||||||
Net interest income after provision for credit losses | 345,281 | 313,046 | 1,325,344 | 1,192,758 | |||||||||||||||||||
| Other operating revenue: | |||||||||||||||||||||||
| Brokerage and trading revenue | 47,310 | 55,505 | 159,742 | 218,092 | |||||||||||||||||||
| Transaction card revenue | 31,564 | 27,631 | 117,680 | 108,865 | |||||||||||||||||||
| Fiduciary and asset management revenue | 68,347 | 60,595 | 257,161 | 230,860 | |||||||||||||||||||
| Deposit service charges and fees | 32,039 | 30,038 | 125,529 | 118,745 | |||||||||||||||||||
| Mortgage banking revenue | 19,013 | 18,140 | 77,585 | 74,107 | |||||||||||||||||||
| Other revenue | 16,591 | 15,029 | 63,043 | 59,354 | |||||||||||||||||||
| Total fees and commissions | 214,864 | 206,938 | 800,740 | 810,023 | |||||||||||||||||||
| Other gains, net | 28,078 | 4,995 | 43,757 | 79,726 | |||||||||||||||||||
| Gain (loss) on derivatives, net | (2,366) | (21,728) | 12,281 | (22,461) | |||||||||||||||||||
| Gain (loss) on fair value option securities, net | 551 | (621) | 2,618 | (256) | |||||||||||||||||||
| Change in fair value of mortgage servicing rights | 1,407 | 20,460 | (13,227) | 18,437 | |||||||||||||||||||
Gain (loss) on available-for-sale securities, net | 1,748 | — | 1,961 | (45,828) | |||||||||||||||||||
| Total other operating revenue | 244,282 | 210,044 | 848,130 | 839,641 | |||||||||||||||||||
| Other operating expense: | |||||||||||||||||||||||
| Personnel | 222,726 | 210,675 | 877,969 | 811,239 | |||||||||||||||||||
| Business promotion | 11,516 | 9,365 | 39,433 | 33,274 | |||||||||||||||||||
| Charitable contributions to BOKF Foundation | — | — | — | 13,610 | |||||||||||||||||||
| Professional fees and services | 18,371 | 15,175 | 62,179 | 53,921 | |||||||||||||||||||
| Net occupancy and equipment | 32,693 | 32,713 | 131,382 | 125,328 | |||||||||||||||||||
| FDIC and other insurance | 6,078 | 6,862 | 26,406 | 31,105 | |||||||||||||||||||
| FDIC special assessment | (9,479) | (686) | (10,688) | 5,521 | |||||||||||||||||||
| Data processing and communications | 51,299 | 48,024 | 198,536 | 187,273 | |||||||||||||||||||
| Printing, postage, and supplies | 4,077 | 3,699 | 15,819 | 15,079 | |||||||||||||||||||
| Amortization of intangible assets | 2,656 | 2,855 | 10,620 | 11,612 | |||||||||||||||||||
| Mortgage banking costs | 10,663 | 10,692 | 35,731 | 34,638 | |||||||||||||||||||
| Other expense | 10,454 | 8,282 | 45,469 | 43,155 | |||||||||||||||||||
| Total other operating expense | 361,054 | 347,656 | 1,432,856 | 1,365,755 | |||||||||||||||||||
| Net income before taxes | 228,509 | 175,434 | 740,618 | 666,644 | |||||||||||||||||||
| Federal and state income taxes | 51,243 | 39,280 | 162,640 | 143,091 | |||||||||||||||||||
| Net income | 177,266 | 136,154 | 577,978 | 523,553 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (35) | — | (12) | (16) | |||||||||||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 177,301 | $ | 136,154 | $ | 577,990 | $ | 523,569 | |||||||||||||||
| Average shares outstanding: | |||||||||||||||||||||||
| Basic and diluted | 60,916,929 | 63,491,458 | 62,622,386 | 63,745,088 | |||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic and diluted | $ | 2.89 | $ | 2.12 | $ | 9.17 | $ | 8.14 | |||||||||||||||
13
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratio, share, and per share data) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Interest revenue | $ | 625,818 | $ | 644,453 | $ | 642,427 | $ | 618,570 | $ | 639,125 | |||||||||||||||||||
| Interest expense | 280,537 | 306,807 | 314,261 | 302,319 | 326,079 | ||||||||||||||||||||||||
Net interest income | 345,281 | 337,646 | 328,166 | 316,251 | 313,046 | ||||||||||||||||||||||||
| Provision for credit losses | — | 2,000 | — | — | — | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 345,281 | 335,646 | 328,166 | 316,251 | 313,046 | ||||||||||||||||||||||||
| Other operating revenue: | |||||||||||||||||||||||||||||
| Brokerage and trading revenue | 47,310 | 43,239 | 38,125 | 31,068 | 55,505 | ||||||||||||||||||||||||
| Transaction card revenue | 31,564 | 29,463 | 29,561 | 27,092 | 27,631 | ||||||||||||||||||||||||
| Fiduciary and asset management revenue | 68,347 | 63,878 | 63,964 | 60,972 | 60,595 | ||||||||||||||||||||||||
| Deposit service charges and fees | 32,039 | 31,896 | 31,319 | 30,275 | 30,038 | ||||||||||||||||||||||||
| Mortgage banking revenue | 19,013 | 19,764 | 18,993 | 19,815 | 18,140 | ||||||||||||||||||||||||
| Other revenue | 16,591 | 16,190 | 15,368 | 14,894 | 15,029 | ||||||||||||||||||||||||
| Total fees and commissions | 214,864 | 204,430 | 197,330 | 184,116 | 206,938 | ||||||||||||||||||||||||
| Other gains (losses), net | 28,078 | 8,264 | 8,140 | (725) | 4,995 | ||||||||||||||||||||||||
| Gain (loss) on derivatives, net | (2,366) | (453) | 5,535 | 9,565 | (21,728) | ||||||||||||||||||||||||
| Gain (loss) on fair value option securities, net | 551 | 630 | 1,112 | 325 | (621) | ||||||||||||||||||||||||
| Change in fair value of mortgage servicing rights | 1,407 | (2,375) | (5,019) | (7,240) | 20,460 | ||||||||||||||||||||||||
| Gain on available-for-sale securities, net | 1,748 | 213 | — | — | — | ||||||||||||||||||||||||
| Total other operating revenue | 244,282 | 210,709 | 207,098 | 186,041 | 210,044 | ||||||||||||||||||||||||
| Other operating expense: | |||||||||||||||||||||||||||||
| Personnel | 222,726 | 226,347 | 214,711 | 214,185 | 210,675 | ||||||||||||||||||||||||
| Business promotion | 11,516 | 9,960 | 9,139 | 8,818 | 9,365 | ||||||||||||||||||||||||
| Professional fees and services | 18,371 | 15,137 | 15,402 | 13,269 | 15,175 | ||||||||||||||||||||||||
| Net occupancy and equipment | 32,693 | 33,040 | 32,657 | 32,992 | 32,713 | ||||||||||||||||||||||||
| FDIC and other insurance | 6,078 | 7,302 | 6,439 | 6,587 | 6,862 | ||||||||||||||||||||||||
| FDIC special assessment | (9,479) | (1,209) | (523) | 523 | (686) | ||||||||||||||||||||||||
| Data processing and communications | 51,299 | 50,062 | 49,597 | 47,578 | 48,024 | ||||||||||||||||||||||||
| Printing, postage, and supplies | 4,077 | 4,036 | 4,067 | 3,639 | 3,699 | ||||||||||||||||||||||||
| Amortization of intangible assets | 2,656 | 2,656 | 2,656 | 2,652 | 2,855 | ||||||||||||||||||||||||
| Mortgage banking costs | 10,663 | 10,668 | 6,711 | 7,689 | 10,692 | ||||||||||||||||||||||||
| Other expense | 10,454 | 11,771 | 13,647 | 9,597 | 8,282 | ||||||||||||||||||||||||
| Total other operating expense | 361,054 | 369,770 | 354,503 | 347,529 | 347,656 | ||||||||||||||||||||||||
| Net income before taxes | 228,509 | 176,585 | 180,761 | 154,763 | 175,434 | ||||||||||||||||||||||||
| Federal and state income taxes | 51,243 | 35,714 | 40,691 | 34,992 | 39,280 | ||||||||||||||||||||||||
| Net income | 177,266 | 140,871 | 140,070 | 119,771 | 136,154 | ||||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | (35) | (23) | 52 | (6) | — | ||||||||||||||||||||||||
| Net income attributable to BOK Financial Corporation shareholders | $ | 177,301 | $ | 140,894 | $ | 140,018 | $ | 119,777 | $ | 136,154 | |||||||||||||||||||
| Average shares outstanding: | |||||||||||||||||||||||||||||
| Basic and diluted | 60,916,929 | 62,840,270 | 63,208,027 | 63,547,510 | 63,491,458 | ||||||||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||
| Basic and diluted | $ | 2.89 | $ | 2.22 | $ | 2.19 | $ | 1.86 | $ | 2.12 | |||||||||||||||||||
14
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratio, share, and per share data) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Capital: | |||||||||||||||||||||||||||||
| Period end shareholders' equity | $ | 5,918,646 | $ | 6,022,535 | $ | 5,890,888 | $ | 5,771,813 | $ | 5,548,353 | |||||||||||||||||||
| Risk-weighted assets | $ | 38,966,948 | $ | 38,136,467 | $ | 37,630,803 | $ | 38,062,913 | $ | 38,315,722 | |||||||||||||||||||
| Risk-based capital ratios: | |||||||||||||||||||||||||||||
| Common equity Tier 1 | 12.89 % | % | 13.60 % | % | 13.59 % | % | 13.31 % | % | 13.03 % | % | |||||||||||||||||||
| Tier 1 | 12.90 % | % | 13.61 % | % | 13.60 % | % | 13.31 % | % | 13.04 % | % | |||||||||||||||||||
| Total capital | 14.77 % | % | 14.48 % | % | 14.48 % | % | 14.54 % | % | 14.21 % | % | |||||||||||||||||||
| Leverage ratio | 9.86 % | % | 10.19 % | % | 9.88 % | % | 10.02 % | % | 9.97 % | % | |||||||||||||||||||
Tangible common equity ratio1 | 9.46 % | % | 10.06 % | % | 9.63 % | % | 9.48 % | % | 9.17 % | % | |||||||||||||||||||
| Common stock: | |||||||||||||||||||||||||||||
| Book value per share | $ | 97.63 | $ | 95.22 | $ | 92.61 | $ | 89.82 | $ | 86.53 | |||||||||||||||||||
| Tangible book value per share | $ | 79.83 | $ | 78.11 | $ | 75.56 | $ | 72.87 | $ | 69.51 | |||||||||||||||||||
| Market value per share: | |||||||||||||||||||||||||||||
| High | $ | 122.16 | $ | 114.17 | $ | 104.15 | $ | 116.29 | $ | 121.58 | |||||||||||||||||||
| Low | $ | 102.72 | $ | 96.89 | $ | 85.08 | $ | 97.84 | $ | 99.93 | |||||||||||||||||||
| Cash dividends paid | $ | 38,042 | $ | 36,122 | $ | 36,256 | $ | 36,468 | $ | 36,421 | |||||||||||||||||||
| Dividend payout ratio | 21.46 % | % | 25.64 % | % | 25.89 % | % | 30.45 % | % | 26.75 % | % | |||||||||||||||||||
| Shares outstanding, net | 60,620,507 | 63,247,676 | 63,611,097 | 64,261,824 | 64,121,299 | ||||||||||||||||||||||||
| Stock buy-back program: | |||||||||||||||||||||||||||||
| Shares repurchased | 2,617,414 | 365,547 | 663,298 | 10,000 | — | ||||||||||||||||||||||||
| Amount | $ | 282,645 | $ | 40,575 | $ | 62,341 | $ | 985 | $ | — | |||||||||||||||||||
Average price paid per share2 | $ | 107.99 | $ | 111.00 | $ | 93.99 | $ | 98.45 | $ | — | |||||||||||||||||||
| Performance ratios (quarter annualized): | |||||||||||||||||||||||||||||
| Return on average assets | 1.36 % | % | 1.08 % | % | 1.07 % | % | 0.95 % | % | 1.07 % | % | |||||||||||||||||||
| Return on average equity | 11.80 % | % | 9.38 % | % | 9.70 % | % | 8.59 % | % | 9.71 % | % | |||||||||||||||||||
Return on average tangible common equity1 | 14.42 % | % | 11.46 % | % | 11.94 % | % | 10.63 % | % | 12.09 % | % | |||||||||||||||||||
| Net interest margin | 2.98 % | % | 2.91 % | % | 2.80 % | % | 2.78 % | % | 2.75 % | % | |||||||||||||||||||
Efficiency ratio1 | 60.71 % | % | 66.66 % | % | 65.42 % | % | 68.31 % | % | 65.61 % | % | |||||||||||||||||||
Adjusted efficiency ratio1 | 64.89 % | % | 66.88 % | % | 65.52 % | % | 68.21 % | % | 65.74 % | % | |||||||||||||||||||
| Other data: | |||||||||||||||||||||||||||||
| Tax-equivalent interest | $ | 2,555 | $ | 2,565 | $ | 2,574 | $ | 2,542 | $ | 2,466 | |||||||||||||||||||
| Net unrealized loss on available-for-sale securities | $ | (132,566) | $ | (203,682) | $ | (276,678) | $ | (363,507) | $ | (537,335) | |||||||||||||||||||
1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
2 Excludes 1% excise tax on corporate stock repurchases.
3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds. 15
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratio, share, and per share data) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Mortgage banking: | |||||||||||||||||||||||||||||
| Mortgage production revenue | $ | 1,963 | $ | 2,370 | $ | 1,707 | $ | 2,629 | $ | 1,282 | |||||||||||||||||||
| Mortgage loans funded for sale | $ | 230,376 | $ | 229,812 | $ | 219,154 | $ | 159,816 | $ | 208,300 | |||||||||||||||||||
Add: Current period end outstanding commitments | 49,048 | 67,842 | 64,508 | 60,429 | 36,590 | ||||||||||||||||||||||||
| Less: Prior period end outstanding commitments | 67,842 | 64,508 | 60,429 | 36,590 | 70,102 | ||||||||||||||||||||||||
| Total mortgage production volume | $ | 211,582 | $ | 233,146 | $ | 223,233 | $ | 183,655 | $ | 174,788 | |||||||||||||||||||
| Mortgage loan refinances to mortgage loans funded for sale | 27 % | % | 13 % | % | 16 % | % | 12 % | % | 19 % | % | |||||||||||||||||||
| Realized margin on funded mortgage loans | 1.10 % | % | 0.96 % | % | 0.66 % | % | 0.91 % | % | 0.87 % | % | |||||||||||||||||||
| Production revenue as a percentage of production volume | 0.93 % | % | 1.02 % | % | 0.76 % | % | 1.43 % | % | 0.73 % | % | |||||||||||||||||||
| Mortgage servicing revenue | $ | 17,050 | $ | 17,394 | $ | 17,286 | $ | 17,186 | $ | 16,858 | |||||||||||||||||||
| Average outstanding principal balance of mortgage loans serviced for others | $ | 21,882,238 | $ | 22,269,300 | $ | 22,687,658 | $ | 23,089,324 | $ | 22,214,392 | |||||||||||||||||||
| Average mortgage servicing revenue rates | 0.31 % | % | 0.31 % | % | 0.31 % | % | 0.30 % | % | 0.30 % | % | |||||||||||||||||||
| Gain (loss) on mortgage servicing rights, net of economic hedge: | |||||||||||||||||||||||||||||
| Gain (loss) on derivatives, net | $ | (2,651) | $ | (508) | $ | 5,230 | $ | 9,183 | $ | (21,917) | |||||||||||||||||||
| Gain (loss) on fair value option securities, net | 551 | 630 | 1,112 | 325 | (621) | ||||||||||||||||||||||||
| Gain (loss) on economic hedge of mortgage servicing rights | (2,100) | 122 | 6,342 | 9,508 | (22,538) | ||||||||||||||||||||||||
| Change in fair value of mortgage servicing rights | 1,407 | (2,375) | (5,019) | (7,240) | 20,460 | ||||||||||||||||||||||||
| Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue | (693) | (2,253) | 1,323 | 2,268 | (2,078) | ||||||||||||||||||||||||
Net interest income (expense) on fair value option securities3 | 114 | 169 | 229 | (71) | (79) | ||||||||||||||||||||||||
| Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges | $ | (579) | $ | (2,084) | $ | 1,552 | $ | 2,197 | $ | (2,157) | |||||||||||||||||||
1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
2 Excludes 1% excise tax on corporate stock repurchases.
3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds. 16
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratio and share data) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
Reconciliation of tangible common equity ratio: | |||||||||||||||||||||||||||||
| Total shareholders' equity | $ | 5,918,646 | $ | 6,022,535 | $ | 5,890,888 | $ | 5,771,813 | $ | 5,548,353 | |||||||||||||||||||
| Less: Goodwill and intangible assets, net | 1,079,501 | 1,082,125 | 1,084,749 | 1,088,813 | 1,091,537 | ||||||||||||||||||||||||
| Tangible common equity | $ | 4,839,145 | $ | 4,940,410 | $ | 4,806,139 | $ | 4,683,000 | $ | 4,456,816 | |||||||||||||||||||
| Total assets | $ | 52,237,501 | $ | 50,193,387 | $ | 50,998,077 | $ | 50,472,189 | $ | 49,685,892 | |||||||||||||||||||
| Less: Goodwill and intangible assets, net | 1,079,501 | 1,082,125 | 1,084,749 | 1,088,813 | 1,091,537 | ||||||||||||||||||||||||
| Tangible assets | $ | 51,158,000 | $ | 49,111,262 | $ | 49,913,328 | $ | 49,383,376 | $ | 48,594,355 | |||||||||||||||||||
| Tangible common equity ratio | 9.46 % | % | 10.06 % | % | 9.63 % | % | 9.48 % | % | 9.17 % | % | |||||||||||||||||||
| Reconciliation of return on average tangible common equity: | |||||||||||||||||||||||||||||
| Total average shareholders' equity | $ | 5,959,186 | $ | 5,960,711 | $ | 5,791,275 | $ | 5,658,082 | $ | 5,575,583 | |||||||||||||||||||
| Less: Average goodwill and intangible assets, net | 1,080,758 | 1,083,390 | 1,086,991 | 1,090,116 | 1,094,466 | ||||||||||||||||||||||||
| Average tangible common equity | $ | 4,878,428 | $ | 4,877,321 | $ | 4,704,284 | $ | 4,567,966 | $ | 4,481,117 | |||||||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 177,301 | $ | 140,894 | $ | 140,018 | $ | 119,777 | $ | 136,154 | |||||||||||||||||||
| Return on average tangible common equity | 14.42 % | % | 11.46 % | % | 11.94 % | % | 10.63 % | % | 12.09 % | % | |||||||||||||||||||
Calculation of efficiency ratio and adjusted efficiency ratio: | |||||||||||||||||||||||||||||
| Total other operating expense | $ | 361,054 | $ | 369,770 | $ | 354,503 | $ | 347,529 | $ | 347,656 | |||||||||||||||||||
| Less: Amortization of intangible assets | 2,656 | 2,656 | 2,656 | 2,652 | 2,855 | ||||||||||||||||||||||||
Numerator for efficiency ratio | $ | 358,398 | $ | 367,114 | $ | 351,847 | $ | 344,877 | $ | 344,801 | |||||||||||||||||||
| Less: FDIC special assessment expense (benefit) | (9,479) | (1,209) | (523) | 523 | (686) | ||||||||||||||||||||||||
| Numerator for adjusted efficiency ratio | $ | 367,877 | $ | 368,323 | $ | 352,370 | $ | 344,354 | $ | 345,487 | |||||||||||||||||||
Net interest income | $ | 345,281 | $ | 337,646 | $ | 328,166 | $ | 316,251 | $ | 313,046 | |||||||||||||||||||
Add: Tax-equivalent adjustment | 2,555 | 2,565 | 2,574 | 2,542 | 2,466 | ||||||||||||||||||||||||
Tax-equivalent net interest income | 347,836 | 340,211 | 330,740 | 318,793 | 315,512 | ||||||||||||||||||||||||
| Add: Total other operating revenue | 244,282 | 210,709 | 207,098 | 186,041 | 210,044 | ||||||||||||||||||||||||
| Less: Gain (loss) on available-for-sale securities, net | 1,748 | 213 | — | — | — | ||||||||||||||||||||||||
Denominator for efficiency ratio | $ | 590,370 | $ | 550,707 | $ | 537,838 | $ | 504,834 | $ | 525,556 | |||||||||||||||||||
| Less: Gain on sale of merchant banking investment | 23,475 | — | — | — | — | ||||||||||||||||||||||||
| Denominator for adjusted efficiency ratio | $ | 566,895 | $ | 550,707 | $ | 537,838 | $ | 504,834 | $ | 525,556 | |||||||||||||||||||
| Efficiency ratio | 60.71 % | % | 66.66 % | % | 65.42 % | % | 68.31 % | % | 65.61 % | % | |||||||||||||||||||
| Adjusted efficiency ratio | 64.89 % | % | 66.88 % | % | 65.52 % | % | 68.21 % | % | 65.74 % | % | |||||||||||||||||||
| Reconciliation of pre-provision net revenue: | |||||||||||||||||||||||||||||
| Net income before taxes | $ | 228,509 | $ | 176,585 | $ | 180,761 | $ | 154,763 | $ | 175,434 | |||||||||||||||||||
Add: Provision for expected credit losses | — | 2,000 | — | — | — | ||||||||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | (35) | (23) | 52 | (6) | — | ||||||||||||||||||||||||
| Pre-provision net revenue | $ | 228,544 | $ | 178,608 | $ | 180,709 | $ | 154,769 | $ | 175,434 | |||||||||||||||||||
17
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratio and share data) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
Information on net interest income and net interest margin excluding trading activities: | |||||||||||||||||||||||||||||
Net interest income | $ | 345,281 | $ | 337,646 | $ | 328,166 | $ | 316,251 | $ | 313,046 | |||||||||||||||||||
Less: Trading activities net interest income | 13,211 | 14,325 | 16,138 | 15,174 | 4,648 | ||||||||||||||||||||||||
Net interest income excluding trading activities | 332,070 | 323,321 | 312,028 | 301,077 | 308,398 | ||||||||||||||||||||||||
Add: Tax-equivalent adjustment | 2,555 | 2,565 | 2,574 | 2,542 | 2,466 | ||||||||||||||||||||||||
Tax-equivalent net interest income excluding trading activities | $ | 334,625 | $ | 325,886 | $ | 314,602 | $ | 303,619 | $ | 310,864 | |||||||||||||||||||
| Average interest-earning assets | $ | 46,590,610 | $ | 46,429,240 | $ | 46,984,071 | $ | 45,606,324 | $ | 45,375,438 | |||||||||||||||||||
| Less: Average trading activities interest-earning assets | 5,295,598 | 5,603,200 | 6,876,788 | 5,881,997 | 5,636,949 | ||||||||||||||||||||||||
| Average interest-earning assets excluding trading activities | $ | 41,295,012 | $ | 40,826,040 | $ | 40,107,283 | $ | 39,724,327 | $ | 39,738,489 | |||||||||||||||||||
| Net interest margin on average interest-earning assets | 2.98 % | % | 2.91 % | % | 2.80 % | % | 2.78 % | % | 2.75 % | % | |||||||||||||||||||
| Net interest margin on average trading activities interest-earning assets | 1.04 % | % | 1.07 % | % | 0.93 % | % | 0.98 % | % | 0.36 % | % | |||||||||||||||||||
| Net interest margin on average interest-earning assets excluding trading activities | 3.22 % | % | 3.16 % | % | 3.12 % | % | 3.05 % | % | 3.09 % | % | |||||||||||||||||||
| Three Months Ended | |||||
(In thousands, except share data) | Dec. 31, 2025 | ||||
| Reconciliation of adjusted net income and earnings per share: | |||||
Net income attributable to BOK Financial Corporation shareholders | $ | 177,301 | |||
Impact of FDIC special assessment benefit, net of tax | (7,239) | ||||
Gain on sale of merchant banking investment, net of tax | (17,928) | ||||
| Adjusted net income | $ | 152,134 | |||
| Earnings per share | $ | 2.89 | |||
Impact of FDIC special assessment benefit, net of tax | (0.12) | ||||
Gain on sale of merchant banking investment, net of tax | (0.29) | ||||
Adjusted earnings per share | $ | 2.48 | |||
| Year Ended | |||||
(In thousands, except ratios) | Dec. 31, 2025 | ||||
Calculation of efficiency ratio: | |||||
| Total other operating expense | $ | 1,432,856 | |||
| Less: Amortization of intangible assets | 10,620 | ||||
Numerator for efficiency ratio | $ | 1,422,236 | |||
Net interest income | $ | 1,327,344 | |||
Add: Tax-equivalent adjustment | 10,236 | ||||
Tax-equivalent net interest income | 1,337,580 | ||||
Add: Total other operating revenue | 848,130 | ||||
Less: Gain on available-for-sale securities, net | 1,961 | ||||
Denominator for efficiency ratio | $ | 2,183,749 | |||
| Efficiency ratio | 65.13 % | % | |||
18
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities, less intangible assets and equity that does not benefit common shareholders. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.
The efficiency ratio and adjusted efficiency ratio measure the company's ability to use its assets and manage its liabilities effectively in the current period.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.
We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items, and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.
19
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Healthcare | $ | 4,008,208 | $ | 3,878,543 | $ | 3,808,936 | $ | 3,789,446 | $ | 3,967,533 | |||||||||||||||||||
| Services | 3,911,917 | 3,710,643 | 3,658,807 | 3,704,834 | 3,643,203 | ||||||||||||||||||||||||
| Energy | 2,882,242 | 2,681,512 | 2,734,713 | 2,860,330 | 3,254,724 | ||||||||||||||||||||||||
| General business | 4,478,700 | 4,242,242 | 4,181,726 | 4,048,821 | 4,164,676 | ||||||||||||||||||||||||
| Total commercial | 15,281,067 | 14,512,940 | 14,384,182 | 14,403,431 | 15,030,136 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Multifamily | 2,432,330 | 2,500,323 | 2,473,365 | 2,336,312 | 2,237,064 | ||||||||||||||||||||||||
| Industrial | 1,368,436 | 1,396,795 | 1,304,211 | 1,163,089 | 1,127,867 | ||||||||||||||||||||||||
| Office | 814,139 | 811,601 | 690,086 | 704,688 | 755,838 | ||||||||||||||||||||||||
| Retail | 573,451 | 593,835 | 592,043 | 497,579 | 485,926 | ||||||||||||||||||||||||
| Residential construction and land development | 129,783 | 122,033 | 105,701 | 105,190 | 109,120 | ||||||||||||||||||||||||
| Other commercial real estate | 353,867 | 328,020 | 356,035 | 356,678 | 342,637 | ||||||||||||||||||||||||
| Total commercial real estate | 5,672,006 | 5,752,607 | 5,521,441 | 5,163,536 | 5,058,452 | ||||||||||||||||||||||||
| Loans to individuals: | |||||||||||||||||||||||||||||
| Residential mortgage | 2,731,415 | 2,676,366 | 2,610,681 | 2,471,345 | 2,436,958 | ||||||||||||||||||||||||
| Residential mortgages guaranteed by U.S. government agencies | 158,359 | 151,642 | 148,453 | 133,453 | 136,649 | ||||||||||||||||||||||||
| Personal | 1,808,615 | 1,771,639 | 1,627,454 | 1,518,723 | 1,452,529 | ||||||||||||||||||||||||
| Total loans to individuals | 4,698,389 | 4,599,647 | 4,386,588 | 4,123,521 | 4,026,136 | ||||||||||||||||||||||||
| Total | $ | 25,651,462 | $ | 24,865,194 | $ | 24,292,211 | $ | 23,690,488 | $ | 24,114,724 | |||||||||||||||||||
20
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||
| Commercial | $ | 7,383,319 | $ | 6,800,577 | $ | 6,893,246 | $ | 6,953,714 | $ | 7,411,416 | |||||||||||||||||||
| Commercial real estate | 2,057,016 | 2,107,335 | 1,997,598 | 1,864,345 | 1,731,281 | ||||||||||||||||||||||||
| Loans to individuals | 1,066,827 | 1,037,831 | 996,341 | 929,825 | 918,994 | ||||||||||||||||||||||||
| Total Texas | 10,507,162 | 9,945,743 | 9,887,185 | 9,747,884 | 10,061,691 | ||||||||||||||||||||||||
| Oklahoma: | |||||||||||||||||||||||||||||
| Commercial | 3,829,109 | 3,692,319 | 3,455,696 | 3,380,680 | 3,585,592 | ||||||||||||||||||||||||
| Commercial real estate | 589,709 | 574,126 | 512,075 | 521,992 | 513,101 | ||||||||||||||||||||||||
| Loans to individuals | 3,005,460 | 2,927,185 | 2,725,320 | 2,548,549 | 2,440,874 | ||||||||||||||||||||||||
| Total Oklahoma | 7,424,278 | 7,193,630 | 6,693,091 | 6,451,221 | 6,539,567 | ||||||||||||||||||||||||
| Colorado: | |||||||||||||||||||||||||||||
| Commercial | 2,127,979 | 2,132,770 | 2,185,658 | 2,246,388 | 2,188,324 | ||||||||||||||||||||||||
| Commercial real estate | 600,668 | 589,307 | 791,171 | 706,154 | 759,168 | ||||||||||||||||||||||||
| Loans to individuals | 200,378 | 208,323 | 217,088 | 210,531 | 213,768 | ||||||||||||||||||||||||
| Total Colorado | 2,929,025 | 2,930,400 | 3,193,917 | 3,163,073 | 3,161,260 | ||||||||||||||||||||||||
| Arizona: | |||||||||||||||||||||||||||||
| Commercial | 1,253,824 | 1,228,593 | 1,166,745 | 1,115,085 | 1,082,829 | ||||||||||||||||||||||||
| Commercial real estate | 1,332,658 | 1,348,838 | 1,165,927 | 1,084,967 | 1,098,174 | ||||||||||||||||||||||||
| Loans to individuals | 224,354 | 222,963 | 226,727 | 218,093 | 215,531 | ||||||||||||||||||||||||
| Total Arizona | 2,810,836 | 2,800,394 | 2,559,399 | 2,418,145 | 2,396,534 | ||||||||||||||||||||||||
| Kansas/Missouri: | |||||||||||||||||||||||||||||
| Commercial | 282,189 | 270,068 | 303,692 | 298,410 | 305,957 | ||||||||||||||||||||||||
| Commercial real estate | 571,331 | 618,052 | 556,390 | 533,335 | 515,511 | ||||||||||||||||||||||||
| Loans to individuals | 142,392 | 142,408 | 155,154 | 147,651 | 164,638 | ||||||||||||||||||||||||
| Total Kansas/Missouri | 995,912 | 1,030,528 | 1,015,236 | 979,396 | 986,106 | ||||||||||||||||||||||||
| New Mexico: | |||||||||||||||||||||||||||||
| Commercial | 311,636 | 282,479 | 282,918 | 324,321 | 325,246 | ||||||||||||||||||||||||
| Commercial real estate | 465,228 | 458,720 | 443,516 | 381,775 | 402,217 | ||||||||||||||||||||||||
| Loans to individuals | 49,589 | 51,056 | 55,714 | 57,926 | 60,703 | ||||||||||||||||||||||||
| Total New Mexico | 826,453 | 792,255 | 782,148 | 764,022 | 788,166 | ||||||||||||||||||||||||
| Arkansas: | |||||||||||||||||||||||||||||
| Commercial | 93,011 | 106,134 | 96,227 | 84,833 | 130,772 | ||||||||||||||||||||||||
| Commercial real estate | 55,396 | 56,229 | 54,764 | 70,968 | 39,000 | ||||||||||||||||||||||||
| Loans to individuals | 9,389 | 9,881 | 10,244 | 10,946 | 11,628 | ||||||||||||||||||||||||
| Total Arkansas | 157,796 | 172,244 | 161,235 | 166,747 | 181,400 | ||||||||||||||||||||||||
| Total BOK Financial | $ | 25,651,462 | $ | 24,865,194 | $ | 24,292,211 | $ | 23,690,488 | $ | 24,114,724 | |||||||||||||||||||
21
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Oklahoma: | |||||||||||||||||||||||||||||
| Demand | $ | 3,492,243 | $ | 3,520,203 | $ | 3,589,146 | $ | 3,629,708 | $ | 3,618,771 | |||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 13,732,961 | 13,352,070 | 13,537,068 | 13,891,707 | 13,352,732 | ||||||||||||||||||||||||
| Savings | 532,284 | 520,995 | 521,734 | 525,424 | 497,443 | ||||||||||||||||||||||||
| Time | 2,232,078 | 2,356,945 | 2,166,094 | 2,089,744 | 2,138,620 | ||||||||||||||||||||||||
| Total interest-bearing | 16,497,323 | 16,230,010 | 16,224,896 | 16,506,875 | 15,988,795 | ||||||||||||||||||||||||
| Total Oklahoma | 19,989,566 | 19,750,213 | 19,814,042 | 20,136,583 | 19,607,566 | ||||||||||||||||||||||||
| Texas: | |||||||||||||||||||||||||||||
| Demand | 2,177,256 | 2,194,177 | 2,082,652 | 2,187,903 | 2,216,393 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 6,691,395 | 6,427,135 | 6,203,081 | 5,925,285 | 6,205,605 | ||||||||||||||||||||||||
| Savings | 149,593 | 147,560 | 155,027 | 155,777 | 154,112 | ||||||||||||||||||||||||
| Time | 647,158 | 649,757 | 638,657 | 633,538 | 646,490 | ||||||||||||||||||||||||
| Total interest-bearing | 7,488,146 | 7,224,452 | 6,996,765 | 6,714,600 | 7,006,207 | ||||||||||||||||||||||||
| Total Texas | 9,665,402 | 9,418,629 | 9,079,417 | 8,902,503 | 9,222,600 | ||||||||||||||||||||||||
| Colorado: | |||||||||||||||||||||||||||||
| Demand | 1,152,203 | 929,383 | 1,040,223 | 1,082,304 | 1,159,076 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 2,137,579 | 2,204,899 | 1,989,284 | 1,988,258 | 2,089,475 | ||||||||||||||||||||||||
| Savings | 54,809 | 53,768 | 55,326 | 58,318 | 59,244 | ||||||||||||||||||||||||
| Time | 282,320 | 284,962 | 278,914 | 274,235 | 280,081 | ||||||||||||||||||||||||
| Total interest-bearing | 2,474,708 | 2,543,629 | 2,323,524 | 2,320,811 | 2,428,800 | ||||||||||||||||||||||||
| Total Colorado | 3,626,911 | 3,473,012 | 3,363,747 | 3,403,115 | 3,587,876 | ||||||||||||||||||||||||
| New Mexico: | |||||||||||||||||||||||||||||
| Demand | 580,400 | 591,330 | 609,205 | 631,950 | 659,234 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 1,405,940 | 1,376,694 | 1,416,741 | 1,283,998 | 1,305,044 | ||||||||||||||||||||||||
| Savings | 95,630 | 94,180 | 94,930 | 96,969 | 90,580 | ||||||||||||||||||||||||
| Time | 354,757 | 347,227 | 340,946 | 344,827 | 347,443 | ||||||||||||||||||||||||
| Total interest-bearing | 1,856,327 | 1,818,101 | 1,852,617 | 1,725,794 | 1,743,067 | ||||||||||||||||||||||||
| Total New Mexico | 2,436,727 | 2,409,431 | 2,461,822 | 2,357,744 | 2,402,301 | ||||||||||||||||||||||||
| Arizona: | |||||||||||||||||||||||||||||
| Demand | 365,007 | 368,432 | 385,442 | 451,085 | 418,587 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 1,450,416 | 1,406,300 | 1,467,509 | 1,312,979 | 1,277,494 | ||||||||||||||||||||||||
| Savings | 14,656 | 13,571 | 10,536 | 11,125 | 12,336 | ||||||||||||||||||||||||
| Time | 72,286 | 71,886 | 72,041 | 70,758 | 70,390 | ||||||||||||||||||||||||
| Total interest-bearing | 1,537,358 | 1,491,757 | 1,550,086 | 1,394,862 | 1,360,220 | ||||||||||||||||||||||||
| Total Arizona | 1,902,365 | 1,860,189 | 1,935,528 | 1,845,947 | 1,778,807 | ||||||||||||||||||||||||
22
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
| (In thousands) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Kansas/Missouri: | |||||||||||||||||||||||||||||
| Demand | 281,263 | 282,235 | 269,408 | 279,808 | 277,440 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 1,194,500 | 1,151,956 | 1,169,161 | 1,202,107 | 1,169,541 | ||||||||||||||||||||||||
| Savings | 14,256 | 14,251 | 13,719 | 14,504 | 12,158 | ||||||||||||||||||||||||
| Time | 37,820 | 37,563 | 35,768 | 36,307 | 37,210 | ||||||||||||||||||||||||
| Total interest-bearing | 1,246,576 | 1,203,770 | 1,218,648 | 1,252,918 | 1,218,909 | ||||||||||||||||||||||||
| Total Kansas/Missouri | 1,527,839 | 1,486,005 | 1,488,056 | 1,532,726 | 1,496,349 | ||||||||||||||||||||||||
| Arkansas: | |||||||||||||||||||||||||||||
| Demand | 33,558 | 21,416 | 22,685 | 25,738 | 22,396 | ||||||||||||||||||||||||
| Interest-bearing: | |||||||||||||||||||||||||||||
| Transaction | 237,279 | 64,174 | 61,079 | 57,696 | 55,215 | ||||||||||||||||||||||||
| Savings | 2,695 | 2,411 | 2,485 | 2,602 | 2,944 | ||||||||||||||||||||||||
| Time | 12,664 | 14,538 | 17,248 | 17,019 | 15,176 | ||||||||||||||||||||||||
| Total interest-bearing | 252,638 | 81,123 | 80,812 | 77,317 | 73,335 | ||||||||||||||||||||||||
| Total Arkansas | 286,196 | 102,539 | 103,497 | 103,055 | 95,731 | ||||||||||||||||||||||||
| Total BOK Financial | $ | 39,435,006 | $ | 38,500,018 | $ | 38,246,109 | $ | 38,281,673 | $ | 38,191,230 | |||||||||||||||||||
23
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | |||||||||||||||||||||||||
| Tax-equivalent asset yields | |||||||||||||||||||||||||||||
| Interest-bearing cash and cash equivalents | 3.85 % | % | 4.39 % | % | 4.46 % | % | 4.48 % | % | 4.60 % | % | |||||||||||||||||||
| Trading securities | 4.83 % | % | 5.25 % | % | 5.05 % | % | 5.07 % | % | 4.90 % | % | |||||||||||||||||||
| Investment securities, net of allowance | 1.41 % | % | 1.41 % | % | 1.41 % | % | 1.42 % | % | 1.42 % | % | |||||||||||||||||||
| Available-for-sale securities | 3.94 % | % | 3.93 % | % | 3.89 % | % | 3.82 % | % | 3.82 % | % | |||||||||||||||||||
| Fair value option securities | 4.83 % | % | 5.45 % | % | 5.90 % | % | 3.72 % | % | 3.70 % | % | |||||||||||||||||||
| Restricted equity securities | 7.22 % | % | 7.84 % | % | 7.73 % | % | 7.51 % | % | 7.60 % | % | |||||||||||||||||||
| Residential mortgage loans held for sale | 5.84 % | % | 6.08 % | % | 6.13 % | % | 6.03 % | % | 5.85 % | % | |||||||||||||||||||
| Loans | 6.48 % | % | 6.70 % | % | 6.71 % | % | 6.71 % | % | 7.01 % | % | |||||||||||||||||||
| Allowance for loan losses | |||||||||||||||||||||||||||||
| Loans, net of allowance | 6.55 % | % | 6.78 % | % | 6.79 % | % | 6.79 % | % | 7.10 % | % | |||||||||||||||||||
| Total tax-equivalent yield on earning assets | 5.36 % | % | 5.53 % | % | 5.47 % | % | 5.45 % | % | 5.59 % | % | |||||||||||||||||||
| Cost of interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||
Transaction | 2.88 % | % | 3.14 % | % | 3.17 % | % | 3.21 % | % | 3.42 % | % | |||||||||||||||||||
| Savings | 0.54 % | % | 0.55 % | % | 0.54 % | % | 0.56 % | % | 0.59 % | % | |||||||||||||||||||
| Time | 3.64 % | % | 3.73 % | % | 3.83 % | % | 4.10 % | % | 4.56 % | % | |||||||||||||||||||
| Total interest-bearing deposits | 2.91 % | % | 3.14 % | % | 3.17 % | % | 3.24 % | % | 3.48 % | % | |||||||||||||||||||
| Funds purchased and repurchase agreements | 3.47 % | % | 3.29 % | % | 3.50 % | % | 3.05 % | % | 3.78 % | % | |||||||||||||||||||
| Other borrowings | 4.22 % | % | 4.54 % | % | 4.49 % | % | 4.57 % | % | 4.95 % | % | |||||||||||||||||||
| Subordinated debt | 6.12 % | % | — % | % | 6.38 % | % | 6.44 % | % | 6.80 % | % | |||||||||||||||||||
| Total cost of interest-bearing liabilities | 3.06 % | % | 3.33 % | % | 3.40 % | % | 3.42 % | % | 3.69 % | % | |||||||||||||||||||
Tax-equivalent net interest spread | 2.30 % | % | 2.20 % | % | 2.07 % | % | 2.03 % | % | 1.90 % | % | |||||||||||||||||||
| Effect of noninterest-bearing funding sources and other | 0.68 % | % | 0.71 % | % | 0.73 % | % | 0.75 % | % | 0.85 % | % | |||||||||||||||||||
| Tax-equivalent net interest margin | 2.98 % | % | 2.91 % | % | 2.80 % | % | 2.78 % | % | 2.75 % | % | |||||||||||||||||||
Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
24
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratios) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Nonperforming assets: | |||||||||||||||||||||||||||||
| Nonaccruing loans: | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Healthcare | $ | 23,490 | $ | 24,507 | $ | 28,743 | $ | 29,253 | $ | 13,717 | |||||||||||||||||||
| Services | 6,135 | 7,647 | 11,329 | 13,662 | 767 | ||||||||||||||||||||||||
| Energy | — | 31 | 40 | 49 | 49 | ||||||||||||||||||||||||
| General business | 6,477 | 85 | 45 | 103 | 114 | ||||||||||||||||||||||||
| Total commercial | 36,102 | 32,270 | 40,157 | 43,067 | 14,647 | ||||||||||||||||||||||||
| Commercial real estate | 6,697 | 6,809 | 6,925 | 13,125 | 9,905 | ||||||||||||||||||||||||
| Loans to individuals: | |||||||||||||||||||||||||||||
| Permanent mortgage | 18,263 | 21,255 | 20,654 | 20,502 | 15,261 | ||||||||||||||||||||||||
| Permanent mortgage guaranteed by U.S. government agencies | 8,586 | 7,348 | 6,978 | 6,786 | 6,803 | ||||||||||||||||||||||||
| Personal | 4,712 | 4,712 | 4,613 | 40 | 109 | ||||||||||||||||||||||||
| Total loans to individuals | 31,561 | 33,315 | 32,245 | 27,328 | 22,173 | ||||||||||||||||||||||||
| Total nonaccruing loans | 74,360 | 72,394 | 79,327 | 83,520 | 46,725 | ||||||||||||||||||||||||
| Real estate and other repossessed assets | 176 | 1,751 | 1,729 | 1,769 | 2,254 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 74,536 | $ | 74,145 | $ | 81,056 | $ | 85,289 | $ | 48,979 | |||||||||||||||||||
| Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 65,950 | $ | 66,797 | $ | 74,078 | $ | 78,503 | $ | 42,176 | |||||||||||||||||||
Accruing loans 90 days past due1 | $ | — | $ | 1,135 | $ | 1,388 | $ | 3,258 | $ | — | |||||||||||||||||||
| Gross charge-offs | $ | 2,353 | $ | 4,348 | $ | 1,313 | $ | 2,291 | $ | 1,339 | |||||||||||||||||||
| Recoveries | (907) | (721) | (752) | (1,186) | (811) | ||||||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 1,446 | $ | 3,627 | $ | 561 | $ | 1,105 | $ | 528 | |||||||||||||||||||
| Provision for loan losses | $ | (386) | $ | 4,270 | $ | (984) | $ | (336) | $ | (3,893) | |||||||||||||||||||
| Provision for credit losses from off-balance sheet unfunded loan commitments | 487 | (2,208) | 904 | 448 | 3,874 | ||||||||||||||||||||||||
| Provision for expected credit losses from mortgage banking activities | (95) | (74) | 77 | (82) | 30 | ||||||||||||||||||||||||
| Provision for credit losses related to held-to-maturity (investment) securities portfolio | (6) | 12 | 3 | (30) | (11) | ||||||||||||||||||||||||
| Total provision for credit losses | $ | — | $ | 2,000 | $ | — | $ | — | $ | — | |||||||||||||||||||
1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
25
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
| Three Months Ended | |||||||||||||||||||||||||||||
| (In thousands, except ratios) | Dec. 31, 2025 | Sep. 30, 2025 | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||||||||||
| Allowance for loan losses to period end loans | 1.08 % | % | 1.12 % | % | 1.14 % | % | 1.18 % | % | 1.16 % | % | |||||||||||||||||||
| Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans | 1.28 % | % | 1.32 % | % | 1.36 % | % | 1.40 % | % | 1.38 % | % | |||||||||||||||||||
| Nonperforming assets to period end loans and repossessed assets | 0.29 % | % | 0.30 % | % | 0.33 % | % | 0.36 % | % | 0.20 % | % | |||||||||||||||||||
| Net charge-offs (annualized) to average loans | 0.02 % | % | 0.06 % | % | 0.01 % | % | 0.02 % | % | 0.01 % | % | |||||||||||||||||||
Allowance for loan losses to nonaccruing loans1 | 419.41 % | % | 426.92 % | % | 382.93 % | % | 363.06 % | % | 701.46 % | % | |||||||||||||||||||
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1 | 497.36 % | % | 504.99 % | % | 456.18 % | % | 430.95 % | % | 830.81 % | % | |||||||||||||||||||
1 Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
26
BOK Financial Corporation Quarterly Earnings Release | Exhibit 99.1(b) | ||||
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
| Three Months Ended | 4Q25 vs 3Q25 | Year Ended | 2025 vs 2024 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except ratios) | Dec. 31, 2025 | Sep. 30, 2025 | Change | % Change | Dec. 31, 2025 | Dec. 31, 2024 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
| Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 180,240 | $ | 179,197 | $ | 1,043 | 0.6 % | % | $ | 713,521 | $ | 815,096 | $ | (101,575) | (12.5)% | % | |||||||||||||||||||||||||||||||
| Fees and commissions revenue | 61,878 | 57,537 | 4,341 | 7.5 % | % | 232,972 | 216,790 | 16,182 | 7.5 % | % | |||||||||||||||||||||||||||||||||||||
| Combined net interest income and fee revenue | 242,118 | 236,734 | 5,384 | 2.3 % | % | 946,493 | 1,031,886 | (85,393) | (8.3)% | % | |||||||||||||||||||||||||||||||||||||
| Other operating expense | 86,169 | 81,239 | 4,930 | 6.1 % | % | 324,689 | 308,614 | 16,075 | 5.2 % | % | |||||||||||||||||||||||||||||||||||||
| Corporate allocations | 16,614 | 17,277 | (663) | (3.8)% | % | 70,106 | 68,970 | 1,136 | 1.6 % | % | |||||||||||||||||||||||||||||||||||||
| Net income before taxes | 164,025 | 139,817 | 24,208 | 17.3 % | % | 584,206 | 651,246 | (67,040) | (10.3)% | % | |||||||||||||||||||||||||||||||||||||
| Average assets | $ | 22,017,647 | $ | 21,722,491 | $ | 295,156 | 1.4 % | % | $ | 21,616,765 | $ | 21,751,103 | $ | (134,338) | (0.6)% | % | |||||||||||||||||||||||||||||||
| Average loans | 20,529,256 | 20,280,147 | 249,109 | 1.2 % | % | 20,169,095 | 20,201,849 | (32,754) | (0.2)% | % | |||||||||||||||||||||||||||||||||||||
| Average deposits | 18,486,299 | 18,161,258 | 325,041 | 1.8 % | % | 17,962,852 | 16,752,377 | 1,210,475 | 7.2 % | % | |||||||||||||||||||||||||||||||||||||
| Consumer Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 57,163 | $ | 58,451 | $ | (1,288) | (2.2)% | % | $ | 230,980 | $ | 260,047 | $ | (29,067) | (11.2)% | % | |||||||||||||||||||||||||||||||
| Fees and commissions revenue | 37,598 | 38,071 | (473) | (1.2)% | % | 149,253 | 145,118 | 4,135 | 2.8 % | % | |||||||||||||||||||||||||||||||||||||
| Combined net interest income and fee revenue | 94,761 | 96,522 | (1,761) | (1.8)% | % | 380,233 | 405,165 | (24,932) | (6.2)% | % | |||||||||||||||||||||||||||||||||||||
| Other operating expense | 64,768 | 64,042 | 726 | 1.1 % | % | 241,522 | 226,264 | 15,258 | 6.7 % | % | |||||||||||||||||||||||||||||||||||||
| Corporate allocations | 13,292 | 14,326 | (1,034) | (7.2)% | % | 58,092 | 55,737 | 2,355 | 4.2 % | % | |||||||||||||||||||||||||||||||||||||
| Net income before taxes | 15,054 | 14,490 | 564 | 3.9 % | % | 76,412 | 112,224 | (35,812) | (31.9)% | % | |||||||||||||||||||||||||||||||||||||
| Average assets | $ | 8,396,499 | $ | 8,372,125 | $ | 24,374 | 0.3 % | % | $ | 8,321,005 | $ | 8,112,293 | $ | 208,712 | 2.6 % | % | |||||||||||||||||||||||||||||||
| Average loans | 2,516,158 | 2,432,968 | 83,190 | 3.4 % | % | 2,366,189 | 2,023,837 | 342,352 | 16.9 % | % | |||||||||||||||||||||||||||||||||||||
| Average deposits | 8,346,245 | 8,330,481 | 15,764 | 0.2 % | % | 8,275,256 | 8,077,700 | 197,556 | 2.4 % | % | |||||||||||||||||||||||||||||||||||||
| Wealth Management: | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 44,061 | $ | 43,626 | $ | 435 | 1.0 % | % | $ | 177,033 | $ | 129,228 | $ | 47,805 | 37.0 % | % | |||||||||||||||||||||||||||||||
| Fees and commissions revenue | 116,110 | 111,516 | 4,594 | 4.1 % | % | 427,612 | 462,679 | (35,067) | (7.6)% | % | |||||||||||||||||||||||||||||||||||||
| Combined net interest income and fee revenue | 160,171 | 155,142 | 5,029 | 3.2 % | % | 604,645 | 591,907 | 12,738 | 2.2 % | % | |||||||||||||||||||||||||||||||||||||
| Other operating expense | 102,725 | 102,971 | (246) | (0.2)% | % | 393,243 | 378,237 | 15,006 | 4.0 % | % | |||||||||||||||||||||||||||||||||||||
| Corporate allocations | 14,764 | 15,568 | (804) | (5.2)% | % | 58,657 | 57,073 | 1,584 | 2.8 % | % | |||||||||||||||||||||||||||||||||||||
| Net income before taxes | 42,689 | 36,606 | 6,083 | 16.6 % | % | 152,770 | 156,781 | (4,011) | (2.6)% | % | |||||||||||||||||||||||||||||||||||||
| Average assets | $ | 11,276,162 | $ | 11,265,485 | $ | 10,677 | 0.1 % | % | $ | 11,369,530 | $ | 10,772,189 | $ | 597,341 | 5.5 % | % | |||||||||||||||||||||||||||||||
| Average loans | 2,393,802 | 2,353,961 | 39,841 | 1.7 % | % | 2,303,390 | 2,177,465 | 125,925 | 5.8 % | % | |||||||||||||||||||||||||||||||||||||
| Average deposits | 10,703,630 | 10,731,569 | (27,939) | (0.3)% | % | 10,730,248 | 9,654,008 | 1,076,240 | 11.1 % | % | |||||||||||||||||||||||||||||||||||||
| Fiduciary assets | 77,006,744 | 73,862,296 | 3,144,448 | 4.3 % | % | 77,006,744 | 67,979,134 | 9,027,610 | 13.3 % | % | |||||||||||||||||||||||||||||||||||||
| Assets under management or administration | 126,614,658 | 122,673,531 | 3,941,127 | 3.2 % | % | 126,614,658 | 114,615,237 | 11,999,421 | 10.5 % | % | |||||||||||||||||||||||||||||||||||||
Certain prior period amounts have been reclassified to conform to current period presentation.
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Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic January 20, 2026 Q4 Earnings Conference Call
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” "outlook," “projects,” “will,” “intends,” "may," "could,""should," "would," "potential," "continue","seek," "target," variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. All statements other than statements of historical fact are forward-looking statements. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in governmental economic policy, including tariffs; changes in commodity prices; interest rates and interest rate relationships; inflation; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulations; tax laws; prices, levies and assessments; the impact of technological advances; trends in customer behavior as well as their ability to repay loans; credit quality deterioration; cybersecurity incidents and data breaches; operational failures or interruptions; liquidity risks; capital adequacy requirements; litigation and regulatory enforcement actions; and other risks detailed in BOK Financial Corporation's filings with the Securities and Exchange Commission. For a discussion of risk factors that may cause actual results to differ from expectations, please refer to BOK Financial Corporation’s most recent annual and quarterly reports. BOK Financial Corporation and its affiliates undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measures: This presentation may refer to non-GAAP financial measures. Additional information on these financial measures is available in BOK Financial’s Form 8-K filings furnished pursuant to Item 2.02, which can be accessed at bokf.com. All data is presented as of December 31, 2025 unless otherwise noted. Legal Disclaimers 2
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Stacy Kymes Chief Executive Officer 3
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Q4 Financial Highlights * Non-GAAP measure Attributable to shareholders Per share (diluted) Net Income • Net Income was $177.3 million, or a record high $2.89 per diluted share. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025* • Net interest margin expanded 7 basis points to 2.98% and core net interest margin, excluding trading, grew 6 basis points to 3.22%* • Period end loans grew $786 million, or 3.2%, to $25.7 billion with strong growth throughout our Commercial portfolio • Asset quality remains excellent with non-performing assets, excluding loans guaranteed by U.S. government agencies, totaling $66 million, or 0.26% of outstanding loans and repossessed assets. Net charge-offs were $1.4 million during Q4 • Continued strong capital and liquidity position with TCE at 9.5% and a loan to deposit ratio of 65% 4 $136.2 $119.8 $140.0 $140.9 $177.3 $2.12 $1.86 $2.19 $2.22 $2.89 4Q24 1Q25 2Q25 3Q25 4Q25 ($Million, exc. EPS) Q4 2025 Q3 2025 Q4 2024 Net income $177.3 $140.9 $136.2 Diluted EPS 2.89 2.22 2.12 Net income before taxes $228.5 $176.6 $175.4 Provision for credit losses $0.0 $2.0 $0.0 Pre-provision net revenue* $228.5 $178.6 $175.4 Efficiency ratio* 60.7% 66.7% 65.6% Revenue Composition as of 12/31/2025 62% 8% 12% 6% 6% 3% 3% Net Interest Income Trading & Brokerage Fiduciary & Asset Management Transaction Card Deposit Service Charges Mortgage Banking Other Revenue
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Additional Details 5 ◦ Period end loan balances increased $786 million, led by strong growth in our Texas and Oklahoma markets with broad-based growth in our Commercial portfolio and loans to individuals. Average loan balances grew $416 million ◦ Average deposits grew $1.5 billion in Q4, largely attributed to interest-bearing transaction and demand deposit balances ◦ The loan-to-deposit ratio remained consistent at 65% at December 31 and continues to be well below the pre- pandemic level of 79% at Dec. 31, 2019 ◦ Assets under management or administration increased $3.9 billion to $126.6 billion, driven by higher market valuations and continued new business growth ($Billion) Q4 2025 Quarterly Sequential Quarterly YOY Period End Loans $25.7 3.2% 6.4% Average Loans $25.2 1.7% 5.1% Period End Deposits $39.4 2.4% 3.3% Average Deposits $40.0 3.9% 5.7% Fiduciary Assets $77.0 4.3% 13.3% Assets Under Management or Administration $126.6 3.2% 10.5%
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Loan Portfolio • Total commercial loans grew $768 million or 5.3% sequentially, led by our Texas market, which increased $583 million • Combined Services & General Business (Core C&I) balances increased $438 million or 5.5% linked quarter • Energy balances increased $201 million or 7.5% as the elevated payoff activity we've seen in this portfolio over the past few quarters has subsided and utilization rates have increased • Healthcare balances increased $130 million or 3.3% linked quarter, reflecting strong origination activity • Commercial Real Estate loan balances decreased $81 million or 1.4% linked quarter 6 ($Million) Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 Seq. Loan Growth YOY Loan Growth Energy $ 2,882.2 $ 2,681.5 $ 3,254.7 7.5% (11.4)% Services 3,911.9 3,710.6 3,643.2 5.4% 7.4% Healthcare 4,008.2 3,878.5 3,967.5 3.3% 1.0% General Business 4,478.7 4,242.2 4,164.7 5.6% 7.5% Total Commercial $ 15,281.1 $ 14,512.9 $ 15,030.1 5.3% 1.7% Multifamily $ 2,432.3 $ 2,500.3 $ 2,237.1 (2.7)% 8.7% Industrial 1,368.4 1,396.8 1,127.9 (2.0)% 21.3% Office 814.1 811.6 755.8 0.3% 7.7% Retail 573.5 593.8 485.9 (3.4)% 18.0% Residential Construction and Land Development 129.8 122.0 109.1 6.4% 18.9% Other Commercial Real Estate 353.9 328.0 342.6 7.9% 3.3% Total Commercial Real Estate $ 5,672.0 $ 5,752.6 $ 5,058.5 (1.4)% 12.1% Loans to individuals $ 4,698.4 $ 4,599.6 $ 4,026.1 2.1% 16.7% Total Loans $ 25,651.5 $ 24,865.2 $ 24,114.7 3.2% 6.4%
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Credit Quality Metrics • Credit quality continues to be excellent with non- performing assets, excluding loans guaranteed by U.S. government agencies, totaling $66 million or 0.26% of outstanding loans and repossessed assets • Trailing 12 months net charge-offs at 3 bp with net charge-offs of $1.4 million during Q4 • No provision for credit losses was necessary for the quarter as the impact of loan growth was balanced by an improvement in the economic forecast • Combined allowance for credit losses of $327 million or 1.28% at quarter end Net Charge-Offs to Average Loans NPA (ex Govt. Guaranteed) as % of Total Loans Annualized 7 0.01% 0.02% 0.01% 0.06% 0.02% 4Q24 1Q25 2Q25 3Q25 4Q25 0.00% 0.20% 0.40% 0.60% 19.1% 18.0% 12.0% 10.1% 10.3% 11.3% 12.1% 4Q18 4Q19 4Q24 1Q25 2Q25 3Q25 4Q25 —% 10.0% 20.0% 30.0% Committed Criticized Assets / Tier 1 Capital & Reserves 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 —% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75%
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Scott Grauer EVP, Wealth Management Executive 8
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Fee Income - Markets & Securities Trading Fees • Trading fee income increased $5.4 million driven by higher trading volumes for U.S. agency residential mortgage-backed securities Investment Banking Fees • Investment banking revenue, which includes investment banking fees and syndication fees, decreased $1.9 million with municipal underwriting activity returning to more normal levels following an exceptional third quarter, partially offset by growth in loan syndication fees 9 ($Million) Q4 2025 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Trading Fees $ 20.9 $ 5.4 35.1% (36.7)% Mortgage Banking 19.0 (0.8) (3.8)% 4.8% Customer Hedging Fees 6.7 1.0 16.7% (7.6)% Brokerage Fees 5.4 (0.5) (8.1)% 9.4% Syndication Fees 6.5 2.2 52.7% 29.0% Investment Banking Fees 7.8 (4.1) (34.4)% 48.7% Markets & Securities $ 66.3 $ 3.3 5.3% (9.9)% ($Million) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Trading Fees $ 20.9 $ 15.5 $ 14.4 $ 8.1 $ 33.1 Trading NII* 13.2 14.3 16.1 15.2 4.6 Total Trading Revenue $ 34.1 $ 29.8 $ 30.5 $ 23.3 $ 37.7 A A Total Trading Revenue A + B B * Non-GAAP measure
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Fee Income - Asset Management & Transactions • Fiduciary and asset management revenue was up $4.5 million driven by growth in trust fees, primarily from higher transaction-related fees, improved market valuations, and continued growth in client relationships • Assets under management or administration (“AUMA”) increased $3.9 billion during the quarter driven by increased market valuations and new business growth • Transaction card revenue increased $2.1 million due to an increase in the volume of transactions processed 10 ($Million) Q4 2025 Qtr. Seq. $ Change Qtr. Seq. % Change Qtr. YOY % Change Markets & Securities $ 66.3 $ 3.3 5.3% (9.9)% Fiduciary & Asset Management 68.3 4.5 7.0% 12.8% Transaction Card 31.6 2.1 7.1% 14.2% Deposit Service Charges & Fees 32.0 0.1 0.4% 6.7% Other Revenue 16.6 0.4 2.5% 10.4% Asset Management & Transactions 148.6 7.1 5.0% 11.4% Total Fees & Commissions $ 214.9 $ 10.4 5.1% 3.8% 2+1 1 2
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Marty Grunst EVP, Chief Financial Officer 11
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Yields, Rate & Margin Net Interest Income • Net interest income was up $7.6 million linked quarter, driven by the continued upward repricing of fixed-rate securities and loans, loan growth, and complemented by decreasing deposit costs. Core net interest income, excluding trading, increased $8.7 million* Net Interest Margin • 7 basis point NIM increase with core net interest margin, excluding trading,* increasing 6 basis points 12 ($Million) Q4 2025 Q3 2025 Q4 2024 Quarterly sequential Quarterly YOY Net Interest Income $345.3 $337.6 $313.0 2.3% 10.3% Net Interest Margin 2.98% 2.91% 2.75% 7 bps 23 bps Yield on Loans 6.48% 6.70% 7.01% (22) bp (53) bps Tax-equivalent Yield on Earning Assets 5.36% 5.53% 5.59% (17) bps (23) bps Cost of Interest-bearing Deposits 2.91% 3.14% 3.48% (23) bps (57) bps Rate on Interest- bearing Liabilities 3.06% 3.33% 3.69% (27) bps (63) bps Net Interest Income ($Million) $308.4 $301.1 $312.0 $323.3 $332.1 $4.6 $15.2 $16.1 $14.3 $13.2 NII excl. Trading * Trading NII 4Q24 1Q25 2Q25 3Q25 4Q25 $0 $100 $200 $300 $400 2.75% 2.78% 2.80% 2.91% 2.98% 3.09% 3.05% 3.12% 3.16% 3.22% Reported NIM NIM excl. Trading * 4Q24 1Q25 2Q25 3Q25 4Q25 2.50% 3.00% 3.50% 4.00% Net Interest Margin * Non-GAAP measure
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Expenses • Personnel expenses were down $3.6 million, primarily driven by seasonally lower employee benefit costs • Higher cash-based incentive compensation costs driven by increased loan origination were largely offset by decreased deferred compensation costs • Non-personnel expense decreased $5.1 million, led by a $9.5 million benefit, primarily related to the FDIC special assessment, partially offset by higher professional fees and data processing costs 13 ($Million) Q4 2025 Q3 2025 Q4 2024 % Incr. Seq. % Incr. YOY Total Personnel Expense $222.7 $226.3 $210.7 (1.6)% 5.7% Memo: Deferred compensation** 2.4 5.8 2.4 (58.3)% (0.5)% Total Personnel Expense (Excluding Deferred Compensation) $220.3 $220.5 $208.3 (0.09)% 5.86% Non-Personnel Expense $138.3 $143.4 $137.0 (3.6)% 1.0% Total Operating Expense $361.1 $369.8 $347.7 (2.4)% 3.9% Efficiency Ratio* 60.7% 66.7% 65.6% * Non-GAAP measure **Other gains and losses, net includes offsetting deferred compensation gains of $3.7 million in Q4 2025, $4.5 million in Q3 2025, and $2.5 million in Q4 2024.
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic 2026 Full Year Outlook 14 *Refer to Slide #2 regarding forward looking statements, expectations above assume no change to economic environment. **Non-GAAP measure. Business Driver 2025 Actuals FY '26 As of 01/20/26* Notes EOP Loans $25.7 billion Upper single-digit growth Continuing our recent broad based loan growth trends in our existing portfolio, and expansion of Mortgage Finance. EOP Inv Securities $15.4 billion Flat Net Interest Income $1.3 billion $1.44 to $1.48 billion Assumes two rate cuts later in the year and modestly steeper curve, consistent with market implied forwards. Fees & Commissions $801 million $800 to $825 million Assumes mid-single digit growth in fees, excluding trading. Steeper curve shifts trading revenue toward NII. Total Revenue $2.18 billion Mid single-digit growth rate Expenses $1.43 billion Low single-digit growth Efficiency Ratio** 65.1% 63% to 64% Migrating lower over the course of the year. Provision Expense $2 million $25 to $45 million Credit outlook is strong. Assumes upper single digit loan growth rate and a gradual migration toward more normal levels of credit performance.
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Question & Answer Session 15
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Stacy Kymes Chief Executive Officer 16
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Appendix 17
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Credit Resilience Disciplined Credit Concentration • CRE limit on total committed balances is 185% of tier one capital plus reserves • Office CRE outstandings only comprise 3% of total loans 18 100 year history in energy lending and a tested playbook • 71% oil / 29% gas-weighted borrowers • Robust stress testing process with 18 petroleum engineers and analysts on staff
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Securities and Interest Rate Risk Position Interest Rate Risk • Approximately 76% of the total loan portfolio is variable rate or fixed rate that reprice within a year • Approximately 84% of Commercial and Commercial Real Estate portfolios are variable rate or fixed rate that reprice within a year • Sensitivity to betas - The impact of decreasing our deposit beta by 10% in a down -100 interest rate scenario is (0.62)% on NII 19 Scenario* Δ NII % Δ NII $ Down 200 Ramp, year 1 1.99% $28.7 million Down 100 Ramp, year 1 0.86% $12.5 million Up 100 Ramp, year 1 (0.95)% $(13.7) million Up 200 Ramp, year 1 (2.15)% $(31.0) million Securities Portfolio • Short duration with limited extension, current portfolio duration is 3.0 years, extending to only 3.6 years if rates increase 200 bps • RMBS portfolio is all "AAA" rated with average credit enhancement of ~18% • Portfolio runoff for Q4 2025 was $645 million 94% 5% 1% Govt/GSE Guaranteed RMBS Muni BOKF Securities by Guarantee Type 12/31/2025
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Quarterly Financial Summary 20
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Quarterly Financial Summary cont. 21
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Notable Items • There was a disposition of a merchant banking investment during the quarter that resulted in a pre-tax gain of $23.5 million • Expense credit of $9.5 million associated with the updated FDIC special assessment and assessment rate 22 ($Million) Q4 2025 Gain on sale of Merchant Banking Investment $23.5 Recovery and reduction in FDIC Expense $9.5 Pre-Tax Impact $33.0 After-tax Impact $25.2 EPS Impact $0.41
Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic