BOKF 8-K

Bok Financial Corp (BOKF)

8-K 2025-10-20 For: 2025-10-20

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Added on April 11, 2026

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Oklahoma		73-1373454
(State or other jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

Bank of Oklahoma Tower
Boston Avenue at Second Street
Tulsa,	Oklahoma	74192
(Address of Principal Executive Offices)		(Zip Code)


Third quarter 2025 financial highlights1
Net Income						Net income was $140.9 million, or $2.22 per diluted share, compared to $140.0 million, or $2.19 per diluted share.

Net Interest Income & Margin						Net interest income totaled $337.6 million, an increase of $9.5 million. Net interest margin expanded 11 basis points to 2.91% compared to 2.80% in the prior quarter.

Fees & Commissions Revenue						Fees and commissions revenue was $204.4 million, an increase of $7.1 million, led by growth in investment banking revenue driven by increased municipal underwriting activity.

Operating Expense						Operating expense increased $15.3 million to $369.8 million, primarily due to higher personnel expense, including increased incentive compensation and regular compensation. Non-personnel expense was up $3.6 million, largely led by higher mortgage banking costs.

Loans						Period end loans were $24.9 billion, growing by $573 million, driven by broad-based growth across the loan portfolio. Average outstanding loan balances were $24.8 billion, a $650 million increase.

Credit Quality						Nonperforming assets declined to $74 million, or 0.30% of outstanding loans and repossessed assets, at September 30, 2025, from $81 million, or 0.33%, at June 30, 2025. Net charge-offs for the third quarter were $3.6 million, or 0.06% of average loans on an annualized basis.

Deposits						Period end deposits grew by $254 million to $38.5 billion and average deposits increased $345 million to $38.5 billion. Average interest-bearing deposits increased $408 million, while average demand deposits decreased by $64 million. The loan to deposit ratio was 65% at September 30, 2025, compared to 64% at June 30, 2025.

Capital						Tangible common equity ratio was 10.06% compared to 9.63% at June 30, 2025. Tier 1 capital ratio was 13.61%, common equity Tier 1 capital ratio was 13.60%, and total capital ratio was 14.48%. The company repurchased 365,547 shares of common stock at an average price paid of $111.00 per share in the third quarter of 2025.


(Dollars in thousands)	Sep. 30, 2025			June 30, 2025			Change			% Change
Interest revenue
Interest-bearing cash and cash equivalents	$	5,482		$	5,626		$	(144)		(2.6)	%
Trading securities	72,770			86,488			(13,718)			(15.9)	%
Investment securities	6,560			6,762			(202)			(3.0)	%
Available-for-sale securities	133,452			131,360			2,092			1.6	%
Fair value option securities	1,441			1,319			122			9.2	%
Restricted equity securities	6,605			7,545			(940)			(12.5)	%
Residential mortgage loans held for sale	1,405			1,346			59			4.4	%
Loans	419,303			404,555			14,748			3.6	%
Total interest revenue	$	647,018		$	645,001		$	2,017		0.3	%
Interest expense
Interest-bearing deposits:
Transaction	$	206,400		$	204,216		$	2,184		1.1	%
Savings	1,197			1,155			42			3.6	%
Time	34,236			33,072			1,164			3.5	%
Total interest-bearing deposits	241,833			238,443			3,390			1.4	%
Funds purchased and repurchase agreements	7,250			6,820			430			6.3	%
Other borrowings	57,724			67,410			(9,686)			(14.4)	%
Subordinated debentures	—			1,588			(1,588)			(100.0)	%
Total interest expense	$	306,807		$	314,261		$	(7,454)		(2.4)	%
Tax-equivalent net interest income	340,211			330,740			9,471			2.9	%
Less: Tax-equivalent adjustment	2,565			2,574			(9)			(0.3)	%
Net interest income	$	337,646		$	328,166		$	9,480		2.9	%

Net interest margin	2.91		%	2.80		%	0.11		%	N/A

Average earning assets	$	46,429,240		$	46,984,071		$	(554,831)		(1.2)	%
Average trading securities	5,603,200			6,876,788			(1,273,588)			(18.5)	%
Average investment securities	1,861,565			1,918,969			(57,404)			(3.0)	%
Average available-for-sale securities	13,386,515			13,218,569			167,946			1.3	%
Fair value option securities	105,651			88,323			17,328			19.6	%
Restricted equity securities	337,055			390,191			(53,136)			(13.6)	%
Average loans balance	24,826,139			24,176,549			649,590			2.7	%
Average interest-bearing deposits	30,586,399			30,178,178			408,221			1.4	%
Funds purchased and repurchase agreements	873,800			782,039			91,761			11.7	%
Other borrowings	5,048,301			6,019,948			(971,647)			(16.1)	%


(Dollars in thousands)	Sep. 30, 2025		June 30, 2025		Change		% Change
Brokerage and trading revenue	$	43,239	$	38,125	$	5,114	13.4	%
Transaction card revenue	29,463		29,561		(98)		(0.3)	%
Fiduciary and asset management revenue	63,878		63,964		(86)		(0.1)	%
Deposit service charges and fees	31,896		31,319		577		1.8	%
Mortgage banking revenue	19,764		18,993		771		4.1	%
Other revenue	16,190		15,368		822		5.3	%
Total fees and commissions	204,430		197,330		7,100		3.6	%
Other gains, net	8,264		8,140		124		N/A
Gain (loss) on derivatives, net	(453)		5,535		(5,988)		N/A
Gain on fair value option securities, net	630		1,112		(482)		N/A
Change in fair value of mortgage servicing rights	(2,375)		(5,019)		2,644		N/A
Gain on available for sale securities, net	213		—		213		N/A
Total other operating revenue	$	210,709	$	207,098	$	3,611	1.7	%


(Dollars in thousands)	Sep. 30, 2025		June 30, 2025		Change		% Change
Personnel	$	226,347	$	214,711	$	11,636	5.4	%
Business promotion	9,960		9,139		821		9.0	%

Professional fees and services	15,137		15,402		(265)		(1.7)	%
Net occupancy and equipment	33,040		32,657		383		1.2	%
FDIC and other insurance	7,302		6,439		863		13.4	%
FDIC special assessment	(1,209)		(523)		(686)		N/A
Data processing and communications	50,062		49,597		465		0.9	%
Printing, postage, and supplies	4,036		4,067		(31)		(0.8)	%
Amortization of intangible assets	2,656		2,656		—		—	%
Mortgage banking costs	10,668		6,711		3,957		59.0%
Other expense	11,771		13,647		(1,876)		(13.7)	%
Total operating expense	$	369,770	$	354,503	$	15,267	4.3	%



BOK Financial Corporation quarterly earnings release			Exhibit 99.1(a)


	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Sep. 30, 2025			June 30, 2025
Common equity Tier 1	4.50	%	2.50	%	7.00	%	13.60		%	13.59		%
Tier 1 capital	6.00	%	2.50	%	8.50	%	13.61		%	13.60		%
Total capital	8.00	%	2.50	%	10.50	%	14.48		%	14.48		%
Tier 1 leverage	4.00	%	N/A		4.00	%	10.19		%	9.88		%
Tangible common equity ratio1							10.06		%	9.63		%


Common stock repurchased (shares)							365,547			663,298
Average price per share repurchased							$	111.00		$	93.99


	Commercial Banking				Consumer Banking				Wealth Management

(In thousands)	Sep. 30, 2025		June 30, 2025		Sep. 30, 2025		June 30, 2025		Sep. 30, 2025		June 30, 2025
Net interest income and fee revenue	$	236,734	$	234,226	$	96,522	$	94,903	$	155,142	$	148,494
Net loans charged-off (recovered)	2,609		29		1,413		1,018		(3)		(7)
Personnel expense	51,638		49,774		25,681		25,527		73,032		66,309
Non-personnel expense	29,601		29,931		38,361		29,949		29,939		26,972
Net income before taxes	139,817		141,364		14,490		24,746		36,606		40,749

Average loans	$	20,280,147	$	19,894,391	$	2,432,968	$	2,304,939	$	2,353,961	$	2,275,378
Average deposits	18,161,258		17,424,707		8,330,481		8,266,824		10,731,569		10,783,245
Assets under management or administration									$	122,673,531	$	117,870,970



BOK Financial Corporation Quarterly Earnings Release			Exhibit 99.1(b)


	Three Months Ended
(In thousands)	Sep. 30, 2025		June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Assets
Interest-bearing cash and cash equivalents	$	495,091	$	506,330	$	564,014	$	546,955	$	531,811
Trading securities	5,603,200		6,876,788		5,881,997		5,636,949		5,802,448
Investment securities, net of allowance	1,861,565		1,918,969		1,980,005		2,037,072		2,094,408
Available-for-sale securities	13,386,515		13,218,569		12,962,830		12,969,630		12,939,422
Fair value option securities	105,651		88,323		17,603		18,384		19,095
Restricted equity securities	337,055		390,191		348,266		338,236		410,800
Residential mortgage loans held for sale	91,422		86,543		63,365		87,353		95,742
Loans:
Commercial	14,490,145		14,315,695		14,633,090		14,973,929		15,076,308
Commercial real estate	5,743,572		5,495,152		5,245,867		5,039,535		5,257,842
Loans to individuals	4,592,422		4,365,702		4,189,270		4,011,080		3,970,734
Total loans	24,826,139		24,176,549		24,068,227		24,024,544		24,304,884
Allowance for loan losses	(277,398)		(278,191)		(279,983)		(283,685)		(287,227)
Loans, net of allowance	24,548,741		23,898,358		23,788,244		23,740,859		24,017,657
Total earning assets	46,429,240		46,984,071		45,606,324		45,375,438		45,911,383
Cash and due from banks	960,602		915,487		995,598		910,894		884,053
Derivative contracts, net	317,732		374,125		328,478		360,352		294,276
Cash surrender value of bank-owned life insurance	417,261		419,602		417,797		414,760		412,945
Receivable on unsettled securities sales	162,035		228,563		184,960		284,793		216,158
Other assets	3,405,206		3,365,104		3,453,746		3,268,949		3,438,220
Total assets	$	51,692,076	$	52,286,952	$	50,986,903	$	50,615,186	$	51,157,035

Liabilities
Deposits:
Demand	$	7,894,847	$	7,958,538	$	8,156,069	$	8,378,558	$	8,273,656
Interest-bearing transaction	26,076,475		25,859,336		25,859,733		24,992,464		23,986,697
Savings	867,939		853,062		844,875		818,210		820,980
Time	3,641,985		3,465,780		3,498,401		3,629,882		3,678,964
Total deposits	38,481,246		38,136,716		38,359,078		37,819,114		36,760,297
Funds purchased and repurchase agreements	873,800		782,039		935,716		1,076,400		1,016,688
Other borrowings	5,048,301		6,019,948		4,626,402		4,489,870		6,366,046
Subordinated debentures	—		99,846		131,188		131,185		131,155
Derivative contracts, net	332,893		359,616		237,035		417,026		466,271
Due on unsettled securities purchases	329,361		503,490		425,050		472,334		348,585
Other liabilities	663,323		591,496		611,762		630,957		618,187
Total liabilities	45,728,924		46,493,151		45,326,231		45,036,886		45,707,229
Total equity	5,963,152		5,793,801		5,660,672		5,578,300		5,449,806
Total liabilities and equity	$	51,692,076	$	52,286,952	$	50,986,903	$	50,615,186	$	51,157,035


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except share and per share data)	2025		2024		2025		2024
Interest revenue	$	644,453	$	680,310	$	1,905,450	$	1,997,339
Interest expense	306,807		372,191		923,387		1,099,627
Net interest income	337,646		308,119		982,063		897,712
Provision for credit losses	2,000		2,000		2,000		18,000
Net interest income after provision for credit losses	335,646		306,119		980,063		879,712
Other operating revenue:
Brokerage and trading revenue	43,239		50,391		112,432		162,587
Transaction card revenue	29,463		28,495		86,116		81,234
Fiduciary and asset management revenue	63,878		57,384		188,814		170,265
Deposit service charges and fees	31,896		30,450		93,490		88,707
Mortgage banking revenue	19,764		18,372		58,572		55,967
Other revenue	16,190		17,402		46,452		44,325
Total fees and commissions	204,430		202,494		585,876		603,085
Other gains, net	8,264		13,087		15,679		74,731
Gain (loss) on derivatives, net	(453)		8,991		14,647		(733)
Gain on fair value option securities, net	630		764		2,067		365
Change in fair value of mortgage servicing rights	(2,375)		(16,453)		(14,634)		(2,023)
Gain (loss) on available-for-sale securities, net	213		(691)		213		(45,828)



Total other operating revenue	210,709		208,192		603,848		629,597
Other operating expense:
Personnel	226,347		206,821		655,243		600,564
Business promotion	9,960		7,681		27,917		23,909
Charitable contributions to BOKF Foundation	—		—		—		13,610
Professional fees and services	15,137		13,405		43,808		38,746
Net occupancy and equipment	33,040		32,077		98,689		92,615
FDIC and other insurance	7,302		8,186		20,328		24,243
FDIC special assessment	(1,209)		(1,437)		(1,209)		6,207
Data processing and communications	50,062		47,554		147,237		139,249
Printing, postage, and supplies	4,036		3,594		11,742		11,380
Amortization of intangible assets	2,656		2,856		7,964		8,757
Mortgage banking costs	10,668		9,059		25,068		23,946
Other expense	11,771		11,229		35,015		34,873
Total other operating expense	369,770		341,025		1,071,802		1,018,099

Net income before taxes	176,585		173,286		512,109		491,210
Federal and state income taxes	35,714		33,313		111,397		103,811

Net income	140,871		139,973		400,712		387,399
Net income (loss) attributable to non-controlling interests	(23)		(26)		23		(16)
Net income attributable to BOK Financial Corporation shareholders	$	140,894	$	139,999	$	400,689	$	387,415

Average shares outstanding:
Basic	62,840,270		63,489,581		63,196,043		63,830,188
Diluted	62,840,270		63,489,581		63,196,043		63,830,188

Net income per share:
Basic	$	2.22	$	2.18	$	6.27	$	6.01
Diluted	$	2.22	$	2.18	$	6.27	$	6.01


	Three Months Ended

(In thousands, except ratio, share, and per share data)	Sep. 30, 2025		June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Interest revenue	$	644,453	$	642,427	$	618,570	$	639,125	$	680,310
Interest expense	306,807		314,261		302,319		326,079		372,191
Net interest income	337,646		328,166		316,251		313,046		308,119
Provision for credit losses	2,000		—		—		—		2,000
Net interest income after provision for credit losses	335,646		328,166		316,251		313,046		306,119
Other operating revenue:
Brokerage and trading revenue	43,239		38,125		31,068		55,505		50,391
Transaction card revenue	29,463		29,561		27,092		27,631		28,495
Fiduciary and asset management revenue	63,878		63,964		60,972		60,595		57,384
Deposit service charges and fees	31,896		31,319		30,275		30,038		30,450
Mortgage banking revenue	19,764		18,993		19,815		18,140		18,372
Other revenue	16,190		15,368		14,894		15,029		17,402
Total fees and commissions	204,430		197,330		184,116		206,938		202,494
Other gains (losses), net	8,264		8,140		(725)		4,995		13,087
Gain (loss) on derivatives, net	(453)		5,535		9,565		(21,728)		8,991
Gain (loss) on fair value option securities, net	630		1,112		325		(621)		764
Change in fair value of mortgage servicing rights	(2,375)		(5,019)		(7,240)		20,460		(16,453)
Gain (loss) on available-for-sale securities, net	213		—		—		—		(691)




Total other operating revenue	210,709		207,098		186,041		210,044		208,192
Other operating expense:
Personnel	226,347		214,711		214,185		210,675		206,821
Business promotion	9,960		9,139		8,818		9,365		7,681

Professional fees and services	15,137		15,402		13,269		15,175		13,405
Net occupancy and equipment	33,040		32,657		32,992		32,713		32,077
FDIC and other insurance	7,302		6,439		6,587		6,862		8,186
FDIC special assessment	(1,209)		(523)		523		(686)		(1,437)
Data processing and communications	50,062		49,597		47,578		48,024		47,554
Printing, postage, and supplies	4,036		4,067		3,639		3,699		3,594
Amortization of intangible assets	2,656		2,656		2,652		2,855		2,856
Mortgage banking costs	10,668		6,711		7,689		10,692		9,059
Other expense	11,771		13,647		9,597		8,282		11,229
Total other operating expense	369,770		354,503		347,529		347,656		341,025
Net income before taxes	176,585		180,761		154,763		175,434		173,286
Federal and state income taxes	35,714		40,691		34,992		39,280		33,313
Net income	140,871		140,070		119,771		136,154		139,973
Net income (loss) attributable to non-controlling interests	(23)		52		(6)		—		(26)
Net income attributable to BOK Financial Corporation shareholders	$	140,894	$	140,018	$	119,777	$	136,154	$	139,999

Average shares outstanding:
Basic	62,840,270		63,208,027		63,547,510		63,491,458		63,489,581
Diluted	62,840,270		63,208,027		63,547,510		63,491,458		63,489,581
Net income per share:
Basic	$	2.22	$	2.19	$	1.86	$	2.12	$	2.18
Diluted	$	2.22	$	2.19	$	1.86	$	2.12	$	2.18


	Three Months Ended

(In thousands, except ratio and share data)	Sep. 30, 2025			June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
Reconciliation of tangible common equity ratio:
Total shareholders' equity	$	6,022,535		$	5,890,888		$	5,771,813		$	5,548,353		$	5,612,443
Less: Goodwill and intangible assets, net	1,082,125			1,084,749			1,088,813			1,091,537			1,095,954
Tangible common equity	$	4,940,410		$	4,806,139		$	4,683,000		$	4,456,816		$	4,516,489




Total assets	$	50,193,387		$	50,998,077		$	50,472,189		$	49,685,892		$	50,081,985
Less: Goodwill and intangible assets, net	1,082,125			1,084,749			1,088,813			1,091,537			1,095,954
Tangible assets	$	49,111,262		$	49,913,328		$	49,383,376		$	48,594,355		$	48,986,031

Tangible common equity ratio	10.06		%	9.63		%	9.48		%	9.17		%	9.22		%













Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	5,960,711		$	5,791,275		$	5,658,082		$	5,575,583		$	5,446,998
Less: Average goodwill and intangible assets, net	1,083,390			1,086,991			1,090,116			1,094,466			1,097,317
Average tangible common equity	$	4,877,321		$	4,704,284		$	4,567,966		$	4,481,117		$	4,349,681

Net income attributable to BOK Financial Corporation shareholders	$	140,894		$	140,018		$	119,777		$	136,154		$	139,999

Return on average tangible common equity	11.46		%	11.94		%	10.63		%	12.09		%	12.80		%












Calculation of efficiency ratio:
Total other operating expense	$	369,770		$	354,503		$	347,529		$	347,656		$	341,025
Less: Amortization of intangible assets	2,656			2,656			2,652			2,855			2,856
Numerator for efficiency ratio	$	367,114		$	351,847		$	344,877		$	344,801		$	338,169





Net interest income	$	337,646		$	328,166		$	316,251		$	313,046		$	308,119
Add: Tax-equivalent adjustment	2,565			2,574			2,542			2,466			2,385
Tax-equivalent net interest income	340,211			330,740			318,793			315,512			310,504
Add: Total other operating revenue	210,709			207,098			186,041			210,044			208,192
Less: Gain (loss) on available-for-sale securities, net	213			—			—			—			(691)
Denominator for efficiency ratio	$	550,707		$	537,838		$	504,834		$	525,556		$	519,387




Efficiency ratio	66.66		%	65.42		%	68.31		%	65.61		%	65.11		%


	Three Months Ended

(In thousands, except ratios)	Sep. 30, 2025		June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Nonperforming assets:
Nonaccruing loans:
Commercial:
Healthcare	$	24,507	$	28,743	$	29,253	$	13,717	$	15,927
Services	7,647		11,329		13,662		767		1,425
Energy	31		40		49		49		28,986
General business	85		45		103		114		5,334
Total commercial	32,270		40,157		43,067		14,647		51,672

Commercial real estate	6,809		6,925		13,125		9,905		12,364

Loans to individuals:
Permanent mortgage	21,255		20,654		20,502		15,261		13,688
Permanent mortgage guaranteed by U.S. government agencies	7,348		6,978		6,786		6,803		6,520
Personal	4,712		4,613		40		109		71
Total loans to individuals	33,315		32,245		27,328		22,173		20,279

Total nonaccruing loans	72,394		79,327		83,520		46,725		84,315

Real estate and other repossessed assets	1,751		1,729		1,769		2,254		2,625
Total nonperforming assets	$	74,145	$	81,056	$	85,289	$	48,979	$	86,940

Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	66,797	$	74,078	$	78,503	$	42,176	$	80,420

Accruing loans 90 days past due1	$	1,135	$	1,388	$	3,258	$	—	$	597

Gross charge-offs	$	4,348	$	1,313	$	2,291	$	1,339	$	2,496
Recoveries	(721)		(752)		(1,186)		(811)		(2,550)
Net charge-offs (recoveries)	$	3,627	$	561	$	1,105	$	528	$	(54)

Provision for loan losses	$	4,270	$	(984)	$	(336)	$	(3,893)	$	(3,424)
Provision for credit losses from off-balance sheet unfunded loan commitments	(2,208)		904		448		3,874		5,430
Provision for expected credit losses from mortgage banking activities	(74)		77		(82)		30		47
Provision for credit losses related to held-to-maturity (investment) securities portfolio	12		3		(30)		(11)		(53)
Total provision for credit losses	$	2,000	$	—	$	—	$	—	$	2,000


	Three Months Ended						3Q25 vs 2Q25				3Q25 vs 3Q24

(Dollars in thousands, except ratios)	Sep. 30, 2025		June 30, 2025		Sep. 30, 2024		Change		% Change		Change		% Change
Commercial Banking:
Net interest income	$	179,197	$	175,826	$	207,610	$	3,371	1.9	%	$	(28,413)	(13.7)	%
Fees and commissions revenue	57,537		58,400		55,865		(863)		(1.5)	%	1,672		3.0	%
Combined net interest income and fee revenue	236,734		234,226		263,475		2,508		1.1	%	(26,741)		(10.1)	%
Other operating expense	81,239		79,705		79,230		1,534		1.9	%	2,009		2.5	%
Corporate allocations	17,277		19,160		17,010		(1,883)		(9.8)	%	267		1.6	%
Net income before taxes	139,817		141,364		172,181		(1,547)		(1.1)	%	(32,364)		(18.8)	%

Average assets	$	21,722,491	$	21,318,236	$	21,881,574	$	404,255	1.9	%	$	(159,083)	(0.7)	%
Average loans	20,280,147		19,894,391		20,340,512		385,756		1.9	%	(60,365)		(0.3)	%
Average deposits	18,161,258		17,424,707		17,131,237		736,551		4.2	%	1,030,021		6.0	%

Consumer Banking:
Net interest income	$	58,451	$	58,114	$	65,263	$	337	0.6	%	$	(6,812)	(10.4)	%
Fees and commissions revenue	38,071		36,789		36,699		1,282		3.5	%	1,372		3.7	%
Combined net interest income and fee revenue	96,522		94,903		101,962		1,619		1.7	%	(5,440)		(5.3)	%
Other operating expense	64,042		55,476		57,779		8,566		15.4	%	6,263		10.8	%
Corporate allocations	14,326		15,039		13,298		(713)		(4.7)	%	1,028		7.7	%
Net income before taxes	14,490		24,746		24,774		(10,256)		(41.4)	%	(10,284)		(41.5)	%

Average assets	$	8,372,125	$	8,310,875	$	8,172,256	$	61,250	0.7	%	$	199,869	2.4	%
Average loans	2,432,968		2,304,939		2,057,870		128,029		5.6	%	375,098		18.2	%
Average deposits	8,330,481		8,266,824		8,136,312		63,657		0.8	%	194,169		2.4	%

Wealth Management:
Net interest income	$	43,626	$	44,844	$	33,185	$	(1,218)	(2.7)	%	$	10,441	31.5	%
Fees and commissions revenue	111,516		103,650		112,457		7,866		7.6	%	(941)		(0.8)	%
Combined net interest income and fee revenue	155,142		148,494		145,642		6,648		4.5	%	9,500		6.5	%
Other operating expense	102,971		93,281		93,539		9,690		10.4	%	9,432		10.1	%
Corporate allocations	15,568		14,471		13,458		1,097		7.6	%	2,110		15.7	%
Net income before taxes	36,606		40,749		38,804		(4,143)		(10.2)	%	(2,198)		(5.7)	%

Average assets	$	11,265,485	$	11,571,187	$	10,566,503	$	(305,702)	(2.6)	%	$	698,982	6.6	%
Average loans	2,353,961		2,275,378		2,151,196		78,583		3.5	%	202,765		9.4	%
Average deposits	10,731,569		10,783,245		9,837,888		(51,676)		(0.5)	%	893,681		9.1	%
Fiduciary assets	73,862,296		71,057,135		63,703,618		2,805,161		3.9	%	10,158,678		15.9	%
Assets under management or administration	122,673,531		117,870,970		110,702,612		4,802,561		4.1	%	11,970,919		10.8	%


(Dollars in thousands)	Sep. 30, 2025		June 30, 2025		Change		% Change
Commercial:
Healthcare	$	3,878,543	$	3,808,936	$	69,607	1.8%
Services	3,710,643		3,658,807		51,836		1.4%
Energy	2,681,512		2,734,713		(53,201)		(1.9)%
General business	4,242,242		4,181,726		60,516		1.4%
Total commercial	14,512,940		14,384,182		128,758		0.9%

Commercial Real Estate:
Multifamily	2,500,323		2,473,365		26,958		1.1%
Industrial	1,396,795		1,304,211		92,584		7.1%
Office	811,601		690,086		121,515		17.6%
Retail	593,835		592,043		1,792		0.3%
Residential construction and land development	122,033		105,701		16,332		15.5%
Other real estate loans	328,020		356,035		(28,015)		(7.9)%
Total commercial real estate	5,752,607		5,521,441		231,166		4.2%

Loans to individuals:
Residential mortgage	2,676,366		2,610,681		65,685		2.5%
Residential mortgages guaranteed by U.S. government agencies	151,642		148,453		3,189		2.1%
Personal	1,771,639		1,627,454		144,185		8.9%
Total loans to individuals	4,599,647		4,386,588		213,059		4.9%

Total loans	$	24,865,194	$	24,292,211	$	572,983	2.4%


(In thousands)	Sep. 30, 2025		June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Commercial:
Healthcare	$	3,878,543	$	3,808,936	$	3,789,446	$	3,967,533	$	4,149,069
Services	3,710,643		3,658,807		3,704,834		3,643,203		3,573,670
Energy	2,681,512		2,734,713		2,860,330		3,254,724		3,126,635
General business	4,242,242		4,181,726		4,048,821		4,164,676		4,028,548
Total commercial	14,512,940		14,384,182		14,403,431		15,030,136		14,877,922

Commercial real estate:
Multifamily	2,500,323		2,473,365		2,336,312		2,237,064		2,109,445
Industrial	1,396,795		1,304,211		1,163,089		1,127,867		1,270,928
Office	811,601		690,086		704,688		755,838		815,966
Retail	593,835		592,043		497,579		485,926		521,874
Residential construction and land development	122,033		105,701		105,190		109,120		105,048
Other commercial real estate	328,020		356,035		356,678		342,637		365,394
Total commercial real estate	5,752,607		5,521,441		5,163,536		5,058,452		5,188,655

Loans to individuals:
Residential mortgage	2,676,366		2,610,681		2,471,345		2,436,958		2,370,293
Residential mortgages guaranteed by U.S. government agencies	151,642		148,453		133,453		136,649		127,747
Personal	1,771,639		1,627,454		1,518,723		1,452,529		1,420,444
Total loans to individuals	4,599,647		4,386,588		4,123,521		4,026,136		3,918,484

Total	$	24,865,194	$	24,292,211	$	23,690,488	$	24,114,724	$	23,985,061