10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________

Commission File No. 001-37811

BOK FINANCIAL CORP

(Exact name of registrant as specified in its charter)

Oklahoma		73-1373454
(State or other jurisdiction<br>of Incorporation or Organization)		(IRS Employer<br>Identification No.)
Bank of Oklahoma Tower
Boston Avenue at Second Street
Tulsa,	Oklahoma	74172
(Address of Principal Executive Offices)		(Zip Code)

(918) 588-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.00006 per share	BOKF	Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes  ý  No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ý       Accelerated filer       ¨

Non-accelerated filer   ¨    Smaller reporting company ☐

Emerging growth company ☐

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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐  No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 60,759,992 shares of common stock ($.00006 par value) as of March 31, 2026.

BOK Financial Corporation

Form 10-Q

Quarter Ended March 31, 2026

Index

Glossary of Defined Terms	1
Part I.  Financial Information
Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 2)	2
Market Risk (Item 3)	37
Controls and Procedures (Item 4)	41
Consolidated Financial Statements – Unaudited (Item 1)	42
Quarterly Financial Summary – Unaudited (Item 2)	87
Quarterly Earnings Trends – Unaudited	90
Part II.  Other Information
Item 1.  Legal Proceedings	91
Item 1A. Risk Factors	91
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds	91
Item 5. Other Information	91
Item 6.  Exhibits	92
Signatures	93

GLOSSARY OF DEFINED TERMS

The following items may be used throughout this report, including the consolidated financial statements and related notes.

Term	Definition
AFS	Available-For-Sale
AI	Artificial Intelligence
AOCI	Accumulated Other Comprehensive Income
ASC	Accounting Standards Codification
ASR	Accelerated Share Repurchase
ASU	Accounting Standards Update
ATM	Automated Teller Machine
Board	Board of Directors of BOK Financial Corporation
BOK Financial	BOK Financial Corporation
BOKF	BOK Financial Corporation
CECL	Current Expected Credit Losses
CODM	Chief Operating Decision Maker
Company	BOK Financial Corporation
EFT	Electronic Funds Transfer
EPS	Earnings Per Share
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank
FTE	Full Time Equivalent
GAAP	Generally Accepted Accounting Principles in the United States of America
GDP	Gross Domestic Product
GNMA	Government National Mortgage Association
MMBtu	Million British Thermal Units
MPF	Mortgage Partnership Finance
MSR	Mortgage Servicing Rights
Nasdaq	National Association of Securities Dealers Automated Quotations
PPNR	Pre-Provision Net Revenue
RMHFS	Residential Mortgages Held for Sale
SEC	Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
SVaR	Stressed Value at Risk
VA	U.S. Department of Veterans Affairs
VaR	Value at Risk
WTI	West Texas Intermediate

- 1 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Performance Summary

BOK Financial reported net income of $155.8 million, or $2.58 per diluted share, for the first quarter of 2026 compared to $177.3 million, or $2.89 per diluted share, for the fourth quarter of 2025. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit1, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025. PPNR1, a non-GAAP measure, was $199.7 million for the first quarter of 2026, compared to $228.5 million in the fourth quarter of 2025.

Highlights of the first quarter of 2026 compared to the fourth quarter of 2025 included:

•Net interest income totaled $342.6 million, a decrease of $2.7 million compared to the prior quarter. Net interest margin was 2.90% for the first quarter of 2026, compared to 2.98% for the prior quarter. For the first quarter of 2026, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.15% compared to 3.22% in the prior quarter.

•Fees and commissions revenue totaled $209.8 million, a decrease of $5.1 million, primarily due to lower investment banking revenue driven by seasonality and volume of transactions.

•Other operating expense totaled $354.2 million, a decrease of $6.9 million compared to the prior quarter. Excluding the FDIC special assessment benefit from fourth quarter of 2025, operating expense decreased $16.4 million. Personnel expense decreased $11.6 million and non-personnel expense decreased $4.8 million, reflecting our continued focus on managing our core cost structure.

•Period end outstanding loan balances totaled $26.2 billion at March 31, 2026, growing by $536 million over December 31, 2025, with broad-based growth across the loan portfolio, led by general business, energy, and multifamily commercial real estate loans. Average loan balances increased $683 million to $25.9 billion.

•No provision for expected credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter. Net charge-offs in the first quarter were $1.9 million, or 0.03% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $323 million, or 1.23% of outstanding loans at March 31, 2026. The combined allowance for credit losses was $327 million, or 1.28% of outstanding loans at December 31, 2025.

•Nonperforming assets not guaranteed by U.S. government agencies were $52 million, a $14 million decrease compared to December 31, 2025. Accruing substandard loans decreased by $5.5 million while other loans especially mentioned decreased by $31 million compared to December 31, 2025.

•Period end deposits decreased by $758 million to $38.7 billion at March 31, 2026. Average deposits decreased $1.0 billion, including a $692 million decrease in average interest-bearing deposits and a $315 million reduction in demand deposit balances. The loan to deposit ratio was 68% at March 31, 2026, compared to 65% at December 31, 2025.

•Assets under management or administration totaled $123.6 billion at March 31, 2026, decreasing $3.0 billion compared to December 31, 2025, primarily driven by changes in the equity markets.

•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.29% at March 31, 2026, and 9.46% at December 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities.

•The common equity Tier 1 capital ratio at March 31, 2026, was 12.61%. Other regulatory capital ratios include the Tier 1 capital ratio at 12.61%, total capital ratio at 14.39%, and leverage ratio at 9.85%. At December 31, 2025, the common equity Tier 1 capital ratio was 12.90%, the Tier 1 capital ratio was 12.90%, the total capital ratio was 14.77%, and the leverage ratio was 9.86%.

1    See "Explanation and Reconciliation of Non-GAAP Measures" section following.

- 2 -

•No shares of common stock were repurchased during the first quarter of 2026. The company repurchased 2,617,414 shares of common stock at an average price of $107.99 per share in the fourth quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

•The Company paid a regular cash dividend of $38.1 million, or $0.63 per common share, during the first quarter of 2026. On May 5, 2026, the Board approved a quarterly cash dividend of $0.63 per common share payable on or about May 27, 2026, to shareholders of record as of May 13, 2026.

Highlights of the three months ended March 31, 2026, compared to the three months ended March 31, 2025 included:

•Net income for the three months ended March 31, 2026 totaled $155.8 million, or $2.58 per diluted share, compared to $119.8 million, or $1.86 per diluted share, for the three months ended March 31, 2025.

•Net interest income totaled $342.6 million for the three months ended March 31, 2026, and $316.3 million for the three months ended March 31, 2025. Net interest income increased $16.5 million from changes in interest rates and increased $9.9 million from changes in earning assets. Net interest margin was 2.90% compared to 2.78%. The AFS securities portfolio yield increased 11 basis points, while the yield on trading securities decreased 43 basis points. Funding costs decreased 50 basis points. The cost of interest-bearing deposits was down 53 basis points. Average earning assets increased $2.2 billion to $47.8 billion, largely driven by higher average balances for loans and AFS securities, partially offset by a decrease in average trading securities. Total interest-bearing deposits increased $1.1 billion, partially offset by a decrease of $462 million in demand deposit balances. Other borrowed funds increased $711 million and average subordinated debentures increased $265 million.

•Fees and commissions revenue totaled $209.8 million for the three months ended March 31, 2026, a $25.7 million increase over the three months ended March 31, 2025. Brokerage and trading revenue increased $12.5 million, largely due to higher trading volumes and improved trading margins on U.S. agency residential mortgage-backed securities. Fiduciary and asset management revenue increased $5.5 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue increased $4.9 million due to disciplined pricing strategies, targeted customer acquisition efforts, and an increase in the volume of transactions processed during the period. Deposit service charges increased $1.9 million due to growth in commercial service charges.

•Total operating expense was $354 million for the three months ended March 31, 2026, an increase of $6.6 million over the three months ended March 31, 2025. Personnel expense decreased $3.0 million. Employee benefits expense decreased $5.3 million due to a combination of lower retirement plan costs and employee healthcare costs. Regular compensation increased $1.9 million, largely related to annual merit increases given to most employees in March. Non-personnel expense increased $9.6 million. Data processing and communications expense was up $4.2 million, largely driven by costs associated with ongoing projects. Mortgage banking costs grew $4.1 million due to increased prepayments.

- 3 -

Results of Operations

Net Interest Income and Net Interest Margin

Net interest income is the interest earned on debt securities, loans, and other interest-earning assets less interest paid for interest-bearing deposits and other borrowings. The net interest margin is calculated by dividing tax-equivalent net interest income by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest spread due to interest revenue earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest income totaled $345.2 million for the first quarter of 2026, compared to $347.8 million in the prior quarter. Net interest income increased $464 thousand from changes in interest rates and decreased $3.1 million from changes in earning assets. Table 1 shows the effect on net interest income from changes in average balances and interest rates for various types of earning assets and interest-bearing liabilities.

Average earning assets increased $1.2 billion over the fourth quarter of 2025. Average loan balances increased $683 million, primarily from broad-based growth across the loan portfolio. The average balance of trading securities increased $322 million and average restricted equity securities increased $111 million.

Total average deposits decreased $1.0 billion compared to the fourth quarter of 2025, including a $692 million decrease in interest-bearing deposits and a $315 million decrease in demand deposits. Average funds purchased and repurchase agreements decreased $261 million, while average other borrowings increased $2.3 billion. Average subordinated debentures increased $155 million, driven by the full quarter impact of the subordinated debt issued in the fourth quarter.

Net interest margin was 2.90% compared to 2.98% in the fourth quarter of 2025. For the first quarter of 2026, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.15% compared to 3.22% in the prior quarter. The tax-equivalent yield on average earning assets was 5.23%, a decrease of 13 basis points. The loan portfolio yield decreased 23 basis points to 6.25%. The yield on trading securities decreased 19 basis points to 4.64%, while the yield on restricted equity securities increased 17 basis points to 7.39%.

Funding costs were 2.92%, a 14 basis point decrease compared to the prior quarter. The cost of interest-bearing deposits decreased 20 basis points to 2.71%. The cost of funds purchased and repurchase agreements decreased 57 basis points to 2.90%, while the cost of other borrowings decreased 32 basis points to 3.90%. The benefit to net interest margin from assets funded by non-interest liabilities was 59 basis points, a decrease of 9 basis points.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as described in the Market Risk section of this report. Approximately 84% of our commercial and commercial real estate loan portfolios are either variable rate loans or fixed rate loans that will reprice within one year. These loans are funded primarily by deposit accounts that are either non-interest bearing, or that reprice more slowly than the loans. The result is a balance sheet that is asset sensitive, meaning that assets generally reprice more quickly than the liabilities. One of the strategies that we use to manage toward a relative rate-neutral position is to purchase fixed-rate residential mortgage-backed securities issued primarily by U.S. government agencies and fund them with market rate-sensitive liabilities. The liability-sensitive nature of this strategy provides an offset to the asset-sensitive characteristics of our loan portfolio. We also may use derivative instruments to manage our interest rate risk.

The effectiveness of these strategies is reflected in the overall change in net interest income due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.

1    See "Explanation and Reconciliation of Non-GAAP Measures" section following.

- 4 -

Table 1 – Volume/Rate Analysis

(In thousands)

	Three Months Ended<br><br>Mar. 31, 2026 / Dec. 31, 2025						Three Months Ended <br>Mar. 31, 2026 / 2025
			Change Due To1						Change Due To1
	Change		Volume		Yield/Rate		Change		Volume		Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents	$	(169)	$	234	$	(403)	$	(1,096)	$	139	$	(1,235)
Trading securities	1,292		3,830		(2,538)		(9,283)		(3,193)		(6,090)
Investment securities, net of allowance	(232)		(193)		(39)		(859)		(808)		(51)
Available-for-sale securities	(477)		59		(536)		6,390		2,679		3,711
Fair value option securities	476		473		3		1,211		1,019		192
Restricted equity securities	2,159		2,049		110		140		202		(62)
Residential mortgage loans held for sale	(293)		(203)		(90)		81		188		(107)
Loans	(12,594)		6,318		(18,912)		839		29,434		(28,595)
Total tax-equivalent interest revenue	(9,838)		12,567		(22,405)		(2,577)		29,660		(32,237)
Interest expense:
Transaction deposits	(23,206)		(6,956)		(16,250)		(28,719)		6,212		(34,931)
Savings deposits	(1)		16		(17)		(6)		40		(46)
Time deposits	(2,018)		(631)		(1,387)		(3,149)		1,908		(5,057)
Funds purchased and repurchase agreements	(3,760)		(2,165)		(1,595)		(428)		(84)		(344)
Other borrowings	19,450		23,090		(3,640)		(653)		7,567		(8,220)
Subordinated debentures	2,369		2,349		20		4,007		4,159		(152)
Total interest expense	(7,166)		15,703		(22,869)		(28,948)		19,802		(48,750)
Tax-equivalent net interest income	(2,672)		(3,136)		464		26,371		9,858		16,513
Change in tax-equivalent adjustment	55						68
Net interest income	$	(2,727)					$	26,303

1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.

- 5 -

Other Operating Revenue

Other operating revenue was $211.3 million for the first quarter of 2026, a decrease of $33.0 million compared to the fourth quarter of 2025. The prior quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.

Table 2 – Other Operating Revenue

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Brokerage and trading revenue	$	43,606	$	47,310	$	(3,704)	(8)	%	$	31,068	$	12,538	40	%
Transaction card revenue	31,965		31,564		401		1	%	27,092		4,873		18	%
Fiduciary and asset management revenue	66,481		68,347		(1,866)		(3)	%	60,972		5,509		9	%
Deposit service charges and fees	32,218		32,039		179		1	%	30,275		1,943		6	%
Mortgage banking revenue	20,963		19,013		1,950		10	%	19,815		1,148		6	%
Other revenue	14,544		16,591		(2,047)		(12)	%	14,894		(350)		(2)	%
Total fees and commissions	209,777		214,864		(5,087)		(2)	%	184,116		25,661		14	%
Other gains (losses), net	(216)		28,078		(28,294)		N/A		(725)		509		N/A
Gain (loss) on derivatives, net	(4,374)		(2,366)		(2,008)		N/A		9,565		(13,939)		N/A
Gain (loss) on fair value option securities, net	(2,074)		551		(2,625)		N/A		325		(2,399)		N/A
Change in fair value of mortgage servicing rights	8,155		1,407		6,748		N/A		(7,240)		15,395		N/A
Gain (loss) on available-for-sale securities, net	—		1,748		(1,748)		N/A		—		—		N/A
Total other operating revenue	$	211,268	$	244,282	$	(33,014)	(14)	%	$	186,041	$	25,227	14	%

Percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 38% of combined net interest income before provision for expected credit losses and fees and commissions revenue for the first quarter of 2026. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices, and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest income or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition, and saturation in our existing markets could affect the rate of future increases.

- 6 -

Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage, and investment banking, decreased $3.7 million compared to the fourth quarter of 2025.

Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue decreased $1.6 million to $19.3 million, primarily due to a shift from fee revenue to net interest income on trading securities. Interest rate levels and curve steepness can result in a shift between trading revenue and net interest income from trading securities. See further discussion on a total revenue basis in the Wealth Management discussion in Management's Discussion and Analysis - Reportable Segments following.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Customer hedging revenue totaled $7.8 million for the first quarter of 2026, an increase of $1.1 million over the prior quarter, as our energy customers increased hedging activity in response to the rapid rise in crude oil prices during the quarter. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking revenue, which includes fees earned upon completion of underwriting, financial advisory services, and loan syndication fees, totaled $10.2 million, a decrease of $4.1 million compared to the prior quarter, driven by lower syndication fees and municipal underwriting activity, primarily due to seasonality and volume of transactions.

Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions, and interchange fees from our corporate card program. Transaction card revenue totaled $32.0 million for the first quarter of 2026, consistent with the prior quarter.

Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or non-managed relationships. Fiduciary and asset management revenue was $66.5 million for the first quarter of 2026, a decrease of $1.9 million as the prior quarter included transaction-related fees that did not recur in the current quarter.

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

Table 3 – Assets Under Management or Administration

(Dollars in thousands)

	Three Months Ended
	March 31, 2026						December 31, 2025						March 31, 2025
	Balance1		Revenue2		Margin3		Balance1		Revenue2		Margin3		Balance1		Revenue2		Margin3
Managed fiduciary assets:
Personal	$	13,582,541	$	30,340	0.89	%	$	13,688,630	$	31,092	0.91	%	$	12,382,640	$	28,012	0.90	%
Institutional	25,905,901		13,628		0.21	%	26,024,749		13,833		0.21	%	24,090,880		12,786		0.21	%
Total managed fiduciary assets	39,488,442		43,968		0.45	%	39,713,379		44,925		0.45	%	36,473,520		40,798		0.45	%
Non-managed assets:
Fiduciary	34,861,659		19,771		0.23	%	37,293,365		21,230		0.23	%	31,586,317		17,652		0.22	%
Non-fiduciary	21,827,721		2,742		0.05	%	22,538,905		2,192		0.04	%	20,170,128		2,522		0.05	%
Safekeeping and brokerage assets under administration	27,408,893		—		—	%	27,069,009		—		—	%	25,726,598		—		—	%
Total non-managed assets	84,098,273		22,513		0.11	%	86,901,279		23,422		0.11	%	77,483,043		20,174		0.10	%
Total assets under management or administration	$	123,586,715	$	66,481	0.22	%	$	126,614,658	$	68,347	0.22	%	$	113,956,563	$	60,972	0.21	%

1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $22 billion, $23 billion, and $20 billion of such assets are excluded from assets under management or administration at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.

3    Annualized revenue divided by period end asset balance.

A summary of changes in assets under management or administration for the three months ended March 31, 2026, and 2025 follows:

Table 4 – Changes in Assets Under Management or Administration

(In thousands)

	Three Months Ended March 31,
	2026		2025
Beginning balance	$	126,614,658	$	114,615,237
Net inflows (outflows)	(1,243,439)		491,790
Net change in fair value	(1,784,504)		(1,150,464)
Ending balance	$	123,586,715	$	113,956,563

Assets under management or administration as of March 31, 2026, consist of 42% fixed income, 35% equities, 15% cash, and 8% alternative investments.

Deposit Service Charges

Deposit service charges and fees totaled $32.2 million for the first quarter of 2026, consistent with the prior quarter.

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Mortgage Banking Revenue

Mortgage banking revenue increased $2.0 million over the fourth quarter of 2025 due to an increase in mortgage production volumes and higher refinancing activity. Mortgage production volume increased $53.9 million to $265 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, was 1.48% for the first quarter of 2026, compared to 0.93% for the fourth quarter of 2025.

Table 5 – Mortgage Banking Revenue

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Mortgage production revenue	$	3,926	$	1,963	$	1,963	100	%	$	2,629	$	1,297	49	%
Mortgage loans funded for sale	$	230,858	$	230,376					$	159,816
Add: Current period end outstanding commitments	83,674		49,048						60,429
Less: Prior period end outstanding commitments	49,048		67,842						36,590
Total mortgage production volume	$	265,484	$	211,582	$	53,902	25	%	$	183,655	$	81,829	45	%
Mortgage loan refinances to mortgage loans funded for sale	30	%	27	%	300	bps	12	%	1,800	bps
---	---	---	---	---	---	---	---	---	---	---
Realized margin on funded mortgage loans	1.22	%	1.10	%	12	bps	0.91	%	31	bps
Production revenue as a percentage of production volume	1.48	%	0.93	%	55	bps	1.43	%	5	bps
Primary mortgage interest rates1:
Average	6.11	%	6.23	%	(12)	bps	6.83	%	(72)	bps
Period end	6.38	%	6.18	%	20	bps	6.65	%	(27)	bps
Mortgage servicing revenue	$	17,037	$	17,050	$	(13)	—	%	$	17,186	$	(149)	(1)	%
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Average outstanding principal balance of mortgage loans serviced for others	$	22,109,450	$	21,882,238	$	227,212	1	%	$	23,089,324	$	(979,874)	(4)	%
Average mortgage servicing revenue fee rates	0.31	%	0.31	%	—	bp	0.30	%	1	bp
---	---	---	---	---	---	---	---	---	---	---

1    Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Net Gains and Losses on Other Assets, Securities, and Derivatives

Other gains (losses), net, were a net loss of $216 thousand for the first quarter of 2026, compared to a net gain of $28.1 million in the prior quarter. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment. The current quarter included a net loss on investments related to deferred compensation of $1.8 million compared to a net gain of $3.7 million in the prior quarter.

As discussed in the Market Risk section following, the fair value of our MSRs changes in response to changes in primary mortgage loan rates and other assumptions. We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

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Table 6 – Gain (Loss) on Mortgage Servicing Rights, Net of Economic Hedge

(In thousands)

	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Gain (loss) on derivatives, net	$	(4,211)	$	(2,651)	$	9,183
Gain (loss) on fair value option securities, net	(2,074)		551		325
Gain (loss) on economic hedge of mortgage servicing rights, net	(6,285)		(2,100)		9,508
Change in fair value of mortgage servicing rights	8,155		1,407		(7,240)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue	1,870		(693)		2,268
Net interest income (expense) on fair value option securities1	86		114		(71)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges	$	1,956	$	(579)	$	2,197

1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

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Other Operating Expense

Other operating expense for the first quarter of 2026 totaled $354.2 million, a decrease of $6.9 million compared to the fourth quarter of 2025. Our efficiency ratio1 was 63.21% for the first quarter of 2026, compared to 60.71% in the prior quarter.

Table 7 – Other Operating Expense

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		%<br>Increase (Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		%<br>Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Regular compensation	$	122,193	$	124,671	$	(2,478)	(2)	%	$	120,323	$	1,870	2	%
Incentive compensation:
Cash-based	52,694		59,683		(6,989)		(12)	%	52,179		515		1	%
Share-based	5,286		6,667		(1,381)		(21)	%	6,266		(980)		(16)	%
Deferred compensation	182		2,430		(2,248)		N/A		(746)		928		N/A
Total incentive compensation	58,162		68,780		(10,618)		(15)	%	57,699		463		1	%
Employee benefits	30,819		29,275		1,544		5	%	36,163		(5,344)		(15)	%
Total personnel expense	211,174		222,726		(11,552)		(5)	%	214,185		(3,011)		(1)	%
Business promotion	9,226		11,516		(2,290)		(20)	%	8,818		408		5	%
Professional fees and services	14,295		18,371		(4,076)		(22)	%	13,269		1,026		8	%
Net occupancy and equipment	33,182		32,693		489		1	%	32,992		190		1	%
FDIC and other insurance	5,685		6,078		(393)		(6)	%	6,587		(902)		(14)	%
FDIC special assessment	—		(9,479)		9,479		N/A		523		(523)		N/A
Data processing and communications	51,768		51,299		469		1	%	47,578		4,190		9	%
Printing, postage, and supplies	3,679		4,077		(398)		(10)	%	3,639		40		1	%
Amortization of intangible assets	2,443		2,656		(213)		(8)	%	2,652		(209)		(8)	%
Mortgage banking costs	11,757		10,663		1,094		10	%	7,689		4,068		53	%
Other expense	10,957		10,454		503		5	%	9,597		1,360		14	%
Total other operating expense	$	354,166	$	361,054	$	(6,888)	(2)	%	$	347,529	$	6,637	2	%
Average number of employees (FTE)	4,969		5,101		(132)		(3)	%	5,030		(61)		(1)	%

Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense

Personnel expense was $211.2 million, a decrease of $11.6 million compared to the fourth quarter of 2025. Cash-based incentive compensation decreased $7.0 million. The fourth quarter of 2025 included higher incentive compensation expenses, primarily driven by strong results in both commercial and wealth production volumes. Regular compensation costs decreased $2.5 million, reflecting the normalization of quarterly compensation expense as the majority of transitional personnel costs from talent base alignment were recognized in the prior quarter. Deferred compensation expense was $182 thousand for the first quarter of 2026, a decrease of $2.2 million. Employee benefits expense increased $1.5 million due to a seasonal increase in payroll taxes, partially offset by lower employee healthcare costs.

Non-personnel Operating Expense

Non-personnel expense was $143.0 million, an increase of $4.7 million. Excluding the impact of the FDIC special assessment adjustment in the prior quarter, non-personnel expense decreased $4.8 million. Professional fees and services decreased $4.1 million, primarily driven by lower project costs. Business promotion expense decreased $2.3 million due to lower travel and advertising costs. Mortgage banking costs increased $1.1 million due to increased payoff activity.

1    See "Explanation and Reconciliation of Non-GAAP Measures" section following.

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Income Taxes

The effective tax rate was 22.01% for the first quarter of 2026, 22.42% for the fourth quarter of 2025, and 22.61% for the first quarter of 2025. The effective rate for the first quarter of 2026 decreased compared to the fourth quarter of 2025 primarily due to the increase in excess tax benefits from vested share-based compensation.

Reportable Segments

We operate three principal segments: Commercial Banking, Consumer Banking, and Wealth Management. Commercial Banking includes lending, treasury and cash management services, and customer risk management products for small businesses, middle market, and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through our consumer branch network, and all mortgage loan origination and servicing activities. Wealth Management engages in brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of U.S. government agency mortgage-backed securities and related derivative contracts. Wealth Management also provides fiduciary services, private banking services, and investment advisory services in all markets. Additionally, Wealth Management underwrites state and municipal securities.

In addition to our reportable segments, we have a Funds Management unit. The primary purpose of this unit is to manage our overall liquidity needs and interest rate risk. Each segment borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and Other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies, and certain executive compensation costs that are not attributed to the segments. The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the applicable segment if the accruals are settled.

We allocate resources and evaluate the performance of our reportable segments using net income before taxes, which includes the allocation of cost of funds, capital costs, and certain indirect allocations. Credit costs are attributed to the segments based on net loans charged off or recovered. The difference between credit costs attributed to the segments and the consolidated provision for credit losses is attributed to Funds Management.

Net interest income in our segments reflects our internal funds transfer pricing methodology. The funds transfer pricing methodology is the process by which the Company allocates interest income and expense to the segments and transfers the primary interest rate risk and liquidity risk to the Funds Management unit. The funds transfer pricing methodology considers the interest rate and liquidity risk characteristics of assets and liabilities. Periodically, the methodology and assumptions utilized in transfer pricing are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.

Non-personnel expense includes other segment items comprised of business promotion, charitable contributions to BOKF Foundation, professional fees and services, net occupancy and equipment, FDIC and other insurance, data processing and communications, printing, postage, and supplies, amortization of intangible assets, mortgage banking costs, and other miscellaneous expenses. Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

Economic capital is assigned to the segments by a capital allocation model that reflects management's assessment of risk. This model assigns capital based upon credit, operating, interest rate, and other market risk inherent in our segments and recognizes the diversification benefits among the segments. The level of assigned economic capital is a combination of the risk taken by each segment based on its actual exposures and calibrated to its own loss history where possible. Average invested capital includes economic capital and amounts we have invested in the segment.

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As shown in Table 8, net income before taxes attributable to our segments was $191.5 million in the first quarter of 2026 compared to $219.9 million in the fourth quarter of 2025. Net interest income decreased $9.7 million due to lower deposit spreads and a shift away from demand deposits, partially offset by increased loan volumes. Other operating revenue decreased $27.2 million, primarily resulting from the sale of a merchant banking investment in the fourth quarter of 2025. Other operating expense decreased $11.7 million. Personnel expense decreased $8.0 million. The decrease was primarily driven by lower incentive compensation expenses following strong prior quarter results in both commercial and wealth production volumes. In addition, regular compensation expense normalized this quarter, as the majority of transitional personnel costs from talent base alignment were recognized in the prior quarter. Non-personnel expense decreased $3.7 million. Corporate expense allocations increased $2.6 million.

Table 8 – Net Income Before Taxes by Segment

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		% Increase (Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Commercial Banking	$	134,787	$	162,142	$	(27,355)	(17)	%	$	138,096	$	(3,309)	(2)	%
Consumer Banking	19,168		15,054		4,114		27	%	22,122		(2,954)		(13)	%
Wealth Management	37,541		42,689		(5,148)		(12)	%	32,726		4,815		15	%
Segment total	191,496		219,885		(28,389)		(13)	%	192,944		(1,448)		(1)	%
Funds Management and other	8,160		8,624		(464)		N/A		(38,181)		46,341		N/A
BOK Financial Corporation	$	199,656	$	228,509	$	(28,853)	(13)	%	$	154,763	$	44,893	29	%

Certain percentage increases (decreases) are not meaningful for comparison purposes.

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Commercial Banking

Commercial Banking contributed $134.8 million to consolidated net income before taxes in the first quarter of 2026, compared to $162.1 million in the fourth quarter of 2025.

Table 9 – Commercial Banking

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		%<br>Increase<br>(Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Net interest income from external sources	$	241,317	$	243,469	$	(2,152)	(1)	%	$	231,423	$	9,894	4	%
Net interest income (expense) from internal sources	(67,844)		(62,519)		(5,325)		(9)	%	(53,165)		(14,679)		(28)	%
Net interest income	173,473		180,950		(7,477)		(4)	%	178,258		(4,785)		(3)	%
Net loans charged off	400		929		(529)		(57)	%	148		252		170	%
Net interest income after net loans charged off	173,073		180,021		(6,948)		(4)	%	178,110		(5,037)		(3)	%
Other operating revenue	60,068		87,497		(27,429)		(31)	%	55,521		4,547		8	%
Personnel expense	51,267		54,978		(3,711)		(7)	%	49,574		1,693		3	%
Non-personnel expense	31,041		33,209		(2,168)		(7)	%	28,906		2,135		7	%
Total other operating expense	82,308		88,187		(5,879)		(7)	%	78,480		3,828		5	%
Corporate allocations	16,046		17,189		(1,143)		(7)	%	17,055		(1,009)		(6)	%
Net income before taxes	$	134,787	$	162,142	$	(27,355)	(17)	%	$	138,096	$	(3,309)	(2)	%
Average assets	$	22,679,465	$	22,139,520	$	539,945	2	%	$	21,400,745	$	1,278,720	6	%
Average loans	21,232,965		20,650,624		582,341		3	%	19,965,166		1,267,799		6	%
Average deposits	18,306,337		18,492,793		(186,456)		(1)	%	17,769,083		537,254		3	%
Average invested capital	2,235,635		2,205,435		30,200		1	%	2,147,530		88,105		4	%

Net interest income decreased $7.5 million, or 4%, primarily due to lower deposit spreads and demand deposit balances, partially offset by increased loan volumes. Other operating revenue decreased $27.4 million compared to the prior quarter, as the fourth quarter of 2025 included a $23.5 million pre-tax gain on the sale of a merchant banking investment. Investment banking revenue decreased $2.2 million due to lower loan syndication fees.

Other operating expense decreased $5.9 million, or 7%, compared to the fourth quarter of 2025. Personnel expense decreased $3.7 million, or 7%, primarily related to lower incentive compensation expense following strong results in the prior quarter. Project related costs were down this quarter contributing to a decrease of $2.2 million in non-personnel expense. Corporate allocations decreased $1.1 million to $16.0 million.

Average outstanding loan balances attributed to Commercial Banking increased $582 million, or 3%, over the fourth quarter of 2025, to $21.2 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition and Results of Operations following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment.

Average deposits attributed to Commercial Banking decreased $186 million, or 1%, compared to the fourth quarter of 2025, to $18.3 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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Consumer Banking

Consumer Banking contributed $19.2 million to consolidated net income before taxes for the first quarter of 2026, compared to $15.1 million in the fourth quarter of 2025.

Table 10 – Consumer Banking

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		%<br>Increase<br>(Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Net interest income from external sources	$	17,788	$	16,806	$	982	6	%	$	8,740	$	9,048	104	%
Net interest income (expense) from internal sources	38,201		40,357		(2,156)		(5)	%	48,512		(10,311)		(21)	%
Net interest income	55,989		57,163		(1,174)		(2)	%	57,252		(1,263)		(2)	%
Net loans charged off	1,508		944		564		60	%	1,517		(9)		(1)	%
Net interest income after net loans charged off	54,481		56,219		(1,738)		(3)	%	55,735		(1,254)		(2)	%
Other operating revenue	42,866		36,895		5,971		16	%	39,058		3,808		10	%
Personnel expense	25,466		25,181		285		1	%	25,837		(371)		(1)	%
Non-personnel expense	38,027		39,587		(1,560)		(4)	%	31,399		6,628		21	%
Total other operating expense	63,493		64,768		(1,275)		(2)	%	57,236		6,257		11	%
Corporate allocations	14,686		13,292		1,394		10	%	15,435		(749)		(5)	%
Net income before taxes	$	19,168	$	15,054	$	4,114	27	%	$	22,122	$	(2,954)	(13)	%
Average assets	$	8,452,393	$	8,396,499	$	55,894	1	%	$	8,201,821	$	250,572	3	%
Average loans	2,584,226		2,516,158		68,068		3	%	2,206,553		377,673		17	%
Average deposits	8,389,039		8,346,245		42,794		1	%	8,154,762		234,277		3	%
Average invested capital	338,736		334,561		4,175		1	%	322,204		16,532		5	%

Net interest income from Consumer Banking decreased $1.2 million, or 2%, compared to the fourth quarter of 2025. Other operating revenue increased $6.0 million, or 16%. Mortgage banking revenue grew $2.0 million, driven by stronger mortgage production performance. Other revenue increased $1.9 million due to higher card-network incentives. The net benefit from the changes in the fair value of mortgage servicing rights and related economic hedges was $2.0 million, compared to a net cost of $579 thousand for the fourth quarter of 2025.

Other operating expenses decreased $1.3 million, or 2%, during the quarter. Non-personnel expense decreased $1.6 million, or 4%, primarily due to lower business promotion expenses and professional fees. Mortgage banking costs increased $1.1 million from higher payoff activity. Personnel expense was consistent with the prior quarter.

Average loans increased $68 million, or 3%, over the prior quarter, to $2.6 billion. Average deposits attributed to the Consumer Banking segment were largely unchanged from the previous quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Wealth Management

Wealth Management contributed $37.5 million to consolidated net income before taxes in the first quarter of 2026, a decrease of $5.1 million compared to the fourth quarter of 2025.

Table 11 – Wealth Management

(Dollars in thousands)

	Three Months Ended				Increase (Decrease)		%<br>Increase<br>(Decrease)		Three Months Ended <br>Mar. 31, 2025		Increase (Decrease)		% Increase (Decrease)
	Mar. 31, 2026		Dec. 31, 2025
Net interest income from external sources	$	19,867	$	13,929	$	5,938	43	%	$	13,942	$	5,925	42	%
Net interest income (expense) from internal sources	23,107		30,132		(7,025)		(23)	%	30,560		(7,453)		(24)	%
Net interest income	42,974		44,061		(1,087)		(2)	%	44,502		(1,528)		(3)	%
Net loans recovered	496		(7)		503		7,186	%	(8)		504		6,300	%
Net interest income after net loans recovered	42,478		44,068		(1,590)		(4)	%	44,510		(2,032)		(5)	%
Other operating revenue	110,387		116,110		(5,723)		(5)	%	96,336		14,051		15	%
Personnel expense	69,413		74,028		(4,615)		(6)	%	67,245		2,168		3	%
Non-personnel expense	28,756		28,697		59		—	%	27,021		1,735		6	%
Total other operating expense	98,169		102,725		(4,556)		(4)	%	94,266		3,903		4	%
Corporate allocations	17,155		14,764		2,391		16	%	13,854		3,301		24	%
Net income before taxes	$	37,541	$	42,689	$	(5,148)	(12)	%	$	32,726	$	4,815	15	%
Average assets	$	11,370,683	$	11,276,162	$	94,521	1	%	$	11,367,435	$	3,248	—	%
Average loans	2,430,864		2,393,802		37,062		2	%	2,187,599		243,265		11	%
Average deposits	10,782,785		10,703,630		79,155		1	%	10,702,521		80,264		1	%
Average invested capital	345,639		340,560		5,079		1	%	330,846		14,793		4	%

Combined net interest income and fee revenue decreased $6.8 million, or 4%, compared to the fourth quarter of 2025. Fiduciary and asset management revenue decreased $1.9 million as the prior quarter included transaction-related fees that did not recur. Trading fees and commissions revenue decreased $1.6 million from a shift in fee revenue to net interest income on trading securities, which was partially offset by reduced margins on deposits. Other revenue decreased $3.4 million, while customer hedging revenue grew $1.9 million over the prior quarter, as our energy customers increased hedging activity in response to the rapid rise in crude oil prices during the quarter.

Other operating expense decreased $4.6 million during the quarter. Personnel expense decreased $4.6 million, reflecting lower incentive and regular compensation costs. Non-personnel expense was consistent with the prior quarter. Corporate expense allocations increased $2.4 million.

Average outstanding loans attributed to the Wealth Management segment increased $37 million, or 2%, over the prior quarter, to $2.4 billion. Average Wealth Management deposits were consistent with the prior quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Financial Condition

Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity, and comply with regulatory requirements. Securities are classified as trading, investment (held-to-maturity), or available-for-sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of March 31, 2026 and December 31, 2025.

We hold an inventory of trading securities in support of sales to a variety of customers, including banks, corporations, insurance companies, money managers, and others. At March 31, 2026, the trading securities portfolio totaled $5.7 billion, compared to $5.4 billion at December 31, 2025. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved value-at-risk limits through the use of derivative contracts, short sales, and other techniques.

At March 31, 2026, the carrying value of investment securities was $1.7 billion, including a $191 thousand allowance for expected credit losses, compared to a carrying value of $1.8 billion at December 31, 2025, which included a $202 thousand allowance for expected credit losses. The fair value of investment securities was $1.6 billion at March 31, 2026, a $76 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

AFS securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of AFS securities totaled $13.8 billion at March 31, 2026, a $17 million increase compared to December 31, 2025. At March 31, 2026, the AFS securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and AFS securities was 3.4 years as of March 31, 2026, compared to 3.3 years as of December 31, 2025. Management estimates the combined portfolio's duration extends to 4.1 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.1 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.0 years, extending to 3.6 years in an upward shock of 200 basis points and contracting to 2.1 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the AFS securities portfolio on our tangible equity ratio under various shock scenarios.

Certain residential mortgage-backed securities and commercial mortgage-backed securities issued by U.S. government agencies and included in Fair value option securities on the Consolidated Balance Sheets have been segregated and designated as economic hedges of changes in the fair value of our MSR. We have elected to carry these securities at fair value with changes in fair value recognized in current period income. These securities are held with the intent that gains or losses will offset changes in the fair value of MSR and related derivative contracts. Fair value option securities totaled $178 million, a $76 million increase compared to December 31, 2025.

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Loans

The aggregate loan portfolio before allowance for loan losses totaled $26.2 billion at March 31, 2026, an increase of $536 million over December 31, 2025, with broad-based growth across the loan portfolio led by general business, energy, and multifamily commercial real estate loans.

Table 12 – Loans

(In thousands)

	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Commercial:
Healthcare	$	3,955,763	$	4,008,208	$	3,878,543	$	3,808,936	$	3,789,446
Services	3,901,933		3,911,917		3,710,643		3,658,807		3,704,834
Energy	3,005,693		2,882,242		2,681,512		2,734,713		2,860,330
Mortgage finance	228,242		177,765		84,271		—		—
General business	4,481,452		4,300,935		4,157,971		4,181,726		4,048,821
Total commercial	15,573,083		15,281,067		14,512,940		14,384,182		14,403,431
Commercial real estate:
Multifamily	2,553,709		2,432,330		2,500,323		2,473,365		2,336,312
Industrial	1,418,626		1,368,436		1,396,795		1,304,211		1,163,089
Office	821,569		814,139		811,601		690,086		704,688
Retail	613,976		573,451		593,835		592,043		497,579
Residential construction and land development	109,480		129,783		122,033		105,701		105,190
Other commercial real estate	367,319		353,867		328,020		356,035		356,678
Total commercial real estate	5,884,679		5,672,006		5,752,607		5,521,441		5,163,536
Loans to individuals:
Residential mortgage	2,784,134		2,731,415		2,676,366		2,610,681		2,471,345
Residential mortgage guaranteed by U.S. government agencies	160,254		158,359		151,642		148,453		133,453
Personal	1,785,243		1,808,615		1,771,639		1,627,454		1,518,723
Total loans to individuals	4,729,631		4,698,389		4,599,647		4,386,588		4,123,521
Total	$	26,187,393	$	25,651,462	$	24,865,194	$	24,292,211	$	23,690,488

Commercial

Commercial loans represent loans for working capital, facilities acquisition or expansion, purchases of equipment, and other needs of commercial customers primarily located within our geographical footprint. Commercial loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer's industry, and the market. Commercial loans are generally secured by the customer's assets, including real property, inventory, accounts receivable, operating equipment, interests in mineral rights, and other property and may also include personal guarantees of the owners and related parties. The primary source of repayment of commercial loans is the ongoing cash flow from operations of the customer's business. In addition, revolving lines of credit are generally governed by a borrowing base. Inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with commercial lending policies.

Commercial loans totaled $15.6 billion, or 59% of the loan portfolio, at March 31, 2026, a $292 million increase over December 31, 2025, primarily due to an increase in general business, energy loans, and mortgage finance, partially offset by a decrease in healthcare loan balances.

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Approximately 70% of loans in this portfolio segment are located within our geographic footprint based on collateral location. Loans for which the collateral location is less relevant, such as unsecured loans and reserve-based energy loans, are categorized by the borrower's primary operating location. The largest concentration of loans in this segment outside of our footprint is California, totaling 5% of the portfolio segment.

Healthcare sector loans totaled $4.0 billion, or 15% of total loans, a decrease of $52 million compared to December 31, 2025. Healthcare sector loans consist primarily of $3.2 billion of loans for the development and operation 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.

The services sector of the loan portfolio totaled $3.9 billion, or 15% of total loans, largely unchanged compared to the prior quarter. Services sector 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. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

Supporting the energy industry with loans to producers and other energy-related entities has been a hallmark of the Company since its founding and represents a large portion of our commercial loan portfolio. In addition, energy production and related industries have a significant impact on the economy in our primary markets. Loans collateralized by oil and gas properties are subject to a semi-annual engineering review by our internal staff of petroleum engineers. This review is used as the basis for developing the expected cash flows supporting the loan amount. The projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Loans are evaluated to demonstrate with reasonable certainty that crude oil, natural gas, and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current pricing levels and with existing conventional equipment and operating methods and costs. As part of our evaluation of credit quality, we analyze rigorous stress tests over a range of commodity prices and take proactive steps to mitigate risk when appropriate.

Outstanding energy loan balances totaled $3.0 billion, or 11% of total loans at March 31, 2026, a $123 million increase over December 31, 2025.

Approximately $2.3 billion of energy loans were to oil and gas producers, a $142 million increase over December 31, 2025. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 72% of committed production loans are secured by properties primarily producing oil, and the remaining 28% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $455 million at March 31, 2026, a $12 million increase over December 31, 2025. Loans to borrowers that provide services to the energy industry totaled $157 million at March 31, 2026, a $31 million decrease compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $46 million, relatively unchanged compared to December 31, 2025.

Unfunded energy loan commitments were $4.5 billion at March 31, 2026, a $52 million increase over December 31, 2025.

General business loans totaled $4.5 billion, or 17% of total loans, an increase of $181 million over the prior quarter. General business loans consist of $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

The Company launched the residential mortgage finance line of business in the third quarter of 2025, growing loans by $50 million during the first quarter to $228 million, or 1% of total loans.

Loans to non-depository financial institutions included in mortgage finance, services, and general business loans totaled $817 million, or 3% of total loans at March 31, 2026. The majority of these loans are in the two highest credit quality subcategories, subscription lines and residential mortgage finance portfolio lines.

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We participate in shared national credits when appropriate to obtain or maintain business relationships with local customers. Shared national credits are defined by banking regulators as credits of $100 million or more and with three or more non-affiliated banks as participants. At March 31, 2026, the outstanding principal balance of these loans totaled $6.2 billion, including $2.1 billion of general business loans, $1.9 billion of energy loans, and $1.2 billion of services sector loans. Based on dollars committed, approximately 79% of shared national credits are to borrowers with local market relationships, and we serve as the agent lender in approximately 22% of our shared national credits. We hold shared national credits to the same standard of analysis and perform the same level of review as internally originated credits. Our lending policies generally avoid loans in which we do not have the opportunity to maintain or achieve other business relationships with the customer.

Commercial Real Estate

Commercial real estate represents loans for the construction of buildings or other improvements to real estate and property held by borrowers for investment purposes generally within our geographical footprint. We require collateral values in excess of the loan amounts, demonstrated cash flows in excess of expected debt service requirements, equity investment in the project, and a portion of the project already sold, leased, or permanent financing already secured. The expected cash flows from all significant new or renewed income producing property commitments are stress tested to reflect the risks in varying interest rates, vacancy rates, and rental rates. As with commercial loans, inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with applicable lending policies.

Outstanding commercial real estate loan balances totaled $5.9 billion, or 22% of total loans at March 31, 2026, an increase of $213 million over December 31, 2025. Loans secured by multifamily residential properties increased by $121 million to $2.6 billion. Loans secured by industrial facilities increased by $50 million to $1.4 billion and loans secured by retail facilities increased by $41 million, while residential construction and land development loans decreased by $20 million.

Approximately 66% of loans in this portfolio segment are in our geographic footprint based on collateral location. The largest concentration of loans in this portfolio segment outside our footprint is Utah, totaling 8% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $2.1 billion at March 31, 2026, a decrease of $66 million compared to December 31, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to Individuals

Loans to individuals include residential mortgage and personal loans. Residential mortgage loans provide funds for our customers to purchase or refinance their primary residence or to borrow against the equity in their home. These loans are secured by a first or second mortgage on the customer's primary residence. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and 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. These loans are made in accordance with underwriting policies we believe to be conservative and are fully documented. Loans may be individually underwritten or credit scored based on size and other criteria. Credit scoring is assessed based on significant credit characteristics including credit history and residential and employment stability.

In general, we sell the majority of our conforming fixed-rate mortgage loan originations in the secondary market and retain the majority of our non-conforming and adjustable-rate mortgage loans. Our mortgage loan portfolio does not include payment option adjustable-rate mortgage loans or adjustable-rate mortgage loans with initial rates that are below market. Home equity loans are primarily first-lien and fully amortizing.

Residential mortgage loans guaranteed by U.S. government agencies have limited credit exposure because of the underlying agency guarantee. This amount includes residential mortgage loans previously sold into GNMA mortgage pools that the Company may repurchase when certain defined delinquency criteria are met. Because of this repurchase right, the Company is deemed to have regained effective control over these loans and must include them on the Consolidated Balance Sheet.

Loans to individuals totaled $4.7 billion, or 18% of the loan portfolio, an increase of $31 million over December 31, 2025. Approximately 90% of the loans in this portfolio segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower's primary location.

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The Company secondarily evaluates loan portfolio performance based on the primary geographical market managing the loan. Loans attributed to a geographical market may not represent the location of the borrower or the collateral. All permanent mortgage loans serviced by our mortgage banking unit and held for investment by the Company are centrally managed by the Oklahoma market.

Table 13 – Loans Managed by Primary Geographical Market

(In thousands)

	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Texas:
Commercial	$	7,489,036	$	7,383,319	$	6,800,577	$	6,893,246	$	6,953,714
Commercial real estate	2,149,123		2,057,016		2,107,335		1,997,598		1,864,345
Loans to individuals	1,077,386		1,066,827		1,037,831		996,341		929,825
Total Texas	10,715,545		10,507,162		9,945,743		9,887,185		9,747,884
Oklahoma:
Commercial	3,907,911		3,829,109		3,692,319		3,455,696		3,380,680
Commercial real estate	612,981		589,709		574,126		512,075		521,992
Loans to individuals	3,065,886		3,005,460		2,927,185		2,725,320		2,548,549
Total Oklahoma	7,586,778		7,424,278		7,193,630		6,693,091		6,451,221
Colorado:
Commercial	2,125,660		2,127,979		2,132,770		2,185,658		2,246,388
Commercial real estate	596,517		600,668		589,307		791,171		706,154
Loans to individuals	191,721		200,378		208,323		217,088		210,531
Total Colorado	2,913,898		2,929,025		2,930,400		3,193,917		3,163,073
Arizona:
Commercial	1,378,256		1,253,824		1,228,593		1,166,745		1,115,085
Commercial real estate	1,448,141		1,332,658		1,348,838		1,165,927		1,084,967
Loans to individuals	220,116		224,354		222,963		226,727		218,093
Total Arizona	3,046,513		2,810,836		2,800,394		2,559,399		2,418,145
Kansas/Missouri:
Commercial	291,075		282,189		270,068		303,692		298,410
Commercial real estate	537,709		571,331		618,052		556,390		533,335
Loans to individuals	117,617		142,392		142,408		155,154		147,651
Total Kansas/Missouri	946,401		995,912		1,030,528		1,015,236		979,396
New Mexico:
Commercial	308,712		311,636		282,479		282,918		324,321
Commercial real estate	484,623		465,228		458,720		443,516		381,775
Loans to individuals	48,099		49,589		51,056		55,714		57,926
Total New Mexico	841,434		826,453		792,255		782,148		764,022
Arkansas:
Commercial	72,433		93,011		106,134		96,227		84,833
Commercial real estate	55,585		55,396		56,229		54,764		70,968
Loans to individuals	8,806		9,389		9,881		10,244		10,946
Total Arkansas	136,824		157,796		172,244		161,235		166,747
Total BOK Financial loans	$	26,187,393	$	25,651,462	$	24,865,194	$	24,292,211	$	23,690,488

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Off-Balance Sheet Commitments

We enter into certain off-balance sheet arrangements in the normal course of business as shown in Table 14. Loan commitments may be unconditional obligations to provide financing or conditional obligations that depend on the borrower's financial condition, collateral value, or other factors. Standby letters of credit are unconditional commitments to guarantee the performance of our customer to a third party. Since some of these commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

We have off-balance sheet credit risk related to certain residential mortgage loans primarily originated under community development loan programs that were sold to a U.S. government agency with full recourse prior to 2007. We are obligated to repurchase these loans for the life of these loans in the event of foreclosure for the unpaid principal and interest at the time of foreclosure. The majority of our conforming fixed-rate loan originations are sold in the secondary market, and we only retain repurchase obligations under standard underwriting representations and warranties.

As part of our mortgage banking activities, we also have off-balance sheet credit risk related to certain residential mortgage loans sold into residential mortgage-backed securities, including retained exposure to losses in excess of amounts guaranteed by the VA and contractual credit enhancement obligations associated with the Company's participation in the FHLB MPF program.

Table 14 – Off-Balance Sheet Credit Commitments

(In thousands)

	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Loan commitments	$	16,175,429	$	15,856,740	$	15,266,953	$	14,736,539	$	14,546,324
Standby letters of credit	616,908		606,697		643,166		702,008		697,793
Unpaid principal balance of residential mortgage loans sold with recourse	28,460		29,403		30,372		31,560		32,544
Unpaid principal balance of residential mortgage loans sold into mortgage-backed securities guaranteed by VA	844,848		855,182		869,589		890,377		902,670
Unpaid principal balance of residential mortgage loans sold to the FHLB through the MPF program	749,875		—		—		—		—

Customer Risk Management Programs

We offer programs that permit our customers to hedge various risks, including fluctuations in energy prices, interest rates, foreign exchange rates, and other commodities with derivative contracts. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company. Offsetting contracts are executed between the Company and selected counterparties or exchanges to minimize market risk to us from changes in commodity prices, interest rates, or foreign exchange rates. The counterparty contracts are identical to the customer contracts except for a fixed pricing spread or a fee paid to us as compensation for administrative costs, credit risk, and profit.

The customer risk management programs create credit risk for potential amounts due to the Company from our customers and from the counterparties. Customer credit risk is monitored through existing credit policies and procedures. The effects of changes in commodity prices, interest rates, or foreign exchange rates are evaluated across a range of possible scenarios to determine the maximum exposure we are willing to have individually to any customer. Customers may also be required to provide cash margin or other collateral in conjunction with our credit agreements to further limit our credit risk.

Counterparty credit risk is evaluated through existing policies and procedures. This evaluation considers the total relationship between BOK Financial and each of the counterparties. Individual limits are established by management, approved by Credit Administration, and reviewed by the Asset/Liability Committee. Margin collateral is required if the exposure between the Company and any counterparty exceeds established limits. Based on declines in the counterparties' credit ratings, these limits may be reduced and additional margin collateral may be required.

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A deterioration of the credit standing of one or more of the customers or counterparties to these contracts may result in BOK Financial recognizing a loss as the fair value of the affected contracts may no longer move in tandem with the offsetting contracts. This occurs if the credit standing of the customer or counterparty deteriorates such that either the fair value of underlying collateral no longer supports the contract or the customer or the counterparty's ability to provide margin collateral becomes impaired. Credit losses on customer derivatives reduce Brokerage and trading revenue in the Consolidated Statements of Earnings.

Derivative contracts are carried at fair value. At March 31, 2026, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $748 million compared to $428 million at December 31, 2025. At March 31, 2026, the net fair value of our derivative contracts included $648 million for energy contracts, $63 million for foreign exchange contracts, and $37 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $734 million at March 31, 2026, and $399 million at December 31, 2025.

At March 31, 2026, total derivative assets were reduced by $95 million of cash collateral received from counterparties, and total derivative liabilities were reduced by $513 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement. Derivative contracts executed with customers may be secured by non-cash collateral in conjunction with a credit agreement with that customer, such as proven producing oil and gas properties. Access to this collateral in an event of default is reasonably assured.

A table showing the notional and fair value of derivative assets and liabilities on both a gross and net basis is presented in Note 3 to the Consolidated Financial Statements.

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at March 31, 2026, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts

(In thousands)

Customers	$	484,320
Exchanges and clearing organizations	129,438
Banks and other financial institutions	39,731
Fair value of customer risk management program asset derivative contracts, net	$	653,489

At March 31, 2026, our largest derivative exposure was to an exchange for $649 million of cash margin placed with the exchange, net of $406 million energy derivative positions in a net liability position.

Our customer risk management program also introduces liquidity and capital risk. We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits which may incur additional funding costs. Also, changes in commodity prices affect the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets. These risks are modeled as part of the management of these programs. Based on current prices, a 20% parallel decrease in market prices to an equivalent of $81.10 per barrel of prompt-month (prices for delivery in the nearest contract month) oil and $2.31 per MMBtu of prompt-month natural gas would decrease the fair value of derivative assets by $427 million. A 20% parallel increase in prices to an equivalent of $121.66 per barrel of prompt-month oil and $3.46 per MMBtu of prompt-month natural gas would increase the fair value of derivative assets by $762 million as asset values rise faster than margin paid. Liquidity requirements of this program are not affected by changes in our credit rating.

The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of March 31, 2026, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer risk management program.

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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience

(Dollars in thousands)

	Three Months Ended
	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			June 30, 2025			Mar. 31, 2025
Allowance for loan losses:
Beginning balance	$	275,860		$	277,692		$	277,049		$	278,594		$	280,035
Loans charged off	(3,176)			(2,353)			(4,348)			(1,313)			(2,291)
Recoveries of loans previously charged off	1,303			907			721			752			1,186
Net loans charged off	(1,873)			(1,446)			(3,627)			(561)			(1,105)
Provision for credit losses	3,732			(386)			4,270			(984)			(336)
Ending balance	$	277,719		$	275,860		$	277,692		$	277,049		$	278,594
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance	$	51,271		$	50,784		$	52,992		$	52,088		$	51,640
Provision for credit losses	(5,934)			487			(2,208)			904			448
Ending balance	$	45,337		$	51,271		$	50,784		$	52,992		$	52,088
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance	$	2,934		$	3,030		$	3,111		$	3,060		$	3,148
Net loans charged off	—			(1)			(7)			(26)			(6)
Provision for credit losses	2,213			(95)			(74)			77			(82)
Ending balance	$	5,147		$	2,934		$	3,030		$	3,111		$	3,060
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance	$	202		$	208		$	196		$	193		$	223
Provision for credit losses	(11)			(6)			12			3			(30)
Ending balance	$	191		$	202		$	208		$	196		$	193
Total provision for credit losses	$	—		$	—		$	2,000		$	—		$	—
Average loans by portfolio segment:
Commercial	$	15,430,740		$	15,037,471		$	14,490,145		$	14,315,695		$	14,633,090
Commercial real estate	5,779,715			5,581,588			5,743,572			5,495,152			5,245,867
Loans to individuals	4,715,130			4,623,492			4,592,422			4,365,702			4,189,270
Net charge-offs (annualized) to average loans	0.03		%	0.02		%	0.06		%	0.01		%	0.02		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial	0.02		%	0.02		%	0.08		%	—		%	0.02		%
Commercial real estate	—		%	—		%	(0.01)		%	0.01		%	(0.01)		%
Loans to individuals	0.10		%	0.06		%	0.05		%	0.05		%	0.05		%
Recoveries to gross charge-offs	41.03		%	38.55		%	16.58		%	57.27		%	51.77		%
Provision for loan losses (annualized) to average loans	0.06		%	(0.01)		%	0.07		%	(0.02)		%	(0.01)		%
Allowance for loan losses to loans outstanding at period end	1.06		%	1.08		%	1.12		%	1.14		%	1.18		%
Accrual for unfunded loan commitments to loan commitments	0.28		%	0.32		%	0.33		%	0.36		%	0.36		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end	1.23		%	1.28		%	1.32		%	1.36		%	1.40		%

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Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments

Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside, and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates, and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.

Non-pass grade loans, which include loans especially mentioned, accruing substandard, and nonaccruing loans, totaled $529 million at March 31, 2026, a decrease of $51 million compared to December 31, 2025. Non-pass grade loans were composed primarily of $165 million, or 4%, of commercial healthcare loans; $122 million, or 3%, of commercial general business loans; $117 million, or 3%, of commercial services loans; and $82 million, or 1%, of commercial real estate loans. Nonaccruing loans decreased $14 million during the quarter, loans especially mentioned decreased $31 million, and accruing substandard loans decreased $5.5 million compared to the prior quarter. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.

No provision for credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter. The allowance for loan losses totaled $278 million, or 1.06% of outstanding loans, at March 31, 2026. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 532% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $323 million, or 1.23% of outstanding loans and 618% of nonaccruing loans, at March 31, 2026.

The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $168 million in quantitative reserve, while a 100% upside case would result in $15 million less quantitative reserve at March 31, 2026. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.

No provision for credit losses was necessary for the fourth quarter of 2025. The allowance for loan losses was $276 million, or 1.08% of outstanding loans, at December 31, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 419% of nonaccruing loans. 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.

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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2026 follows:

	Base	Downside	Upside
Scenario probability weighting	50%	35%	15%
Economic outlook	Geopolitical conflicts remain isolated.<br><br><br><br>Inflation measures move higher during the second quarter of 2026 due to temporary energy-related pressures, but improve as oil prices slowly decrease beginning in the third quarter of 2026. Core inflation remains elevated, reaching 2.7% by the first quarter of 2027.<br><br><br><br>There are no rate cuts over the next four quarters, leaving the federal funds target range unchanged at 3.50% to 3.75% at the end of the first quarter of 2027.<br><br><br><br>Higher energy prices negatively offset the One Big Beautiful Bill fiscal stimulus, and the labor market remains in its current low hire/low fire state.	Geopolitical conflicts remain isolated.<br><br><br><br>Inflation reaccelerates and reduces real wages. This results in a significant decrease in consumer spending, which is compounded by a restrictive credit environment and declines in private sector investment. This pushes the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate.<br><br><br><br>The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are seven rate cuts over the next four quarters bringing the target range to 1.75% to 2.00% by the end of the first quarter of 2027.<br><br><br><br>Significant demand destruction for domestic oil, combined with record levels of production, lead to a sharp decline in oil prices beginning in the third quarter of 2026.	Geopolitical conflicts remain isolated.<br><br><br><br>Inflation measures that moved higher during the first quarter of 2026 due to temporary energy-related pressures improve as oil prices quickly normalize through the first quarter of 2027. The impact of tariffs and restrictive immigration policies is minor. Core inflation improves and reaches 2.3% by the first quarter of 2027.<br><br><br><br>There is one rate cut over the next four quarters, bringing the target range to 3.25% to 3.50% by the end of the first quarter of 2027.<br><br><br><br>Benefits from the One Big Beautiful Bill and AI investments help lift consumer spending levels and labor force productivity, resulting in above-trend GDP growth.
Macro-economic factors	–GDP is forecasted to grow by 1.9% over the next 12 months.<br><br>–Civilian unemployment rate of 4.5% in the second quarter of 2026 increases to 4.6% in the first quarter of 2027.<br><br>–WTI oil prices are projected to average $76.53 per barrel over the next 12 months, with a peak of $85.20 in the second quarter of 2026 and falling 18% over the following three quarters.	–GDP is forecasted to contract 2.0% over the next 12 months.<br><br>–Civilian unemployment rate of 5.3% in the second quarter of 2026 increases to 6.9% in the first quarter of 2027.<br><br>–WTI oil prices are projected to average $58.33 per barrel over the next 12 months, with a peak of $97.70 in the second quarter of 2026 and falling 59% over the following three quarters.	–GDP is forecasted to grow by 2.4% over the next 12 months.<br><br>–Civilian unemployment rate of 4.4% in the second quarter of 2026, falling to 4.1% by the first quarter of 2027.<br><br>–WTI oil prices are projected to average $71.00 per barrel over the next 12 months, with a peak of $84.67 in the second quarter of 2026 and falling 27% over the following three quarters.

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Net Loans Charged Off

Net charge-offs were $1.9 million, or 0.03% of average loans on an annualized basis, in the first quarter primarily due to a commercial services loan and a loan to an individual. At March 31, 2026, net charge-offs for the trailing twelve months were $7.5 million, or 0.03% of average loans. Net charge-offs of loans to individuals include deposit account overdraft losses. Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter of 2025. At December 31, 2025, net charge-offs for the trailing twelve months were $6.7 million, or 0.03% of average loans.

Accrual for Off-Balance Sheet Credit Risk Associated with Mortgage Banking Activities

The accrual for off-balance sheet credit risk associated with mortgage banking activities includes consideration of credit risk related to certain residential mortgage loans sold into mortgage-backed securities in excess of amounts guaranteed by the VA, mortgage loans originated under community development loan programs that were sold to a U.S. government agency with full recourse and sold to the FHLB through the MPF program.

We use publicly available long-term national data to estimate total loss given default for our off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA. This result is combined with probability of default output from our mortgage servicing rights model to estimate total expected loss. Then, we estimate the VA's guarantee percentage to determine our portion of the credit risk. This same publicly available national mortgage credit performance data is also used to estimate retained credit risk from contractual credit enhancement obligations on loans sold through the MPF program. Qualitative adjustments may be used, if necessary.

Allowance for Credit Losses Related to Investment (Held-to-Maturity) Securities

The expected credit losses principles apply to all financial assets measured at cost, including our investment (held-to-maturity) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets are based on the probability of default and loss given default assumptions that align with similarly graded loans. Qualitative adjustments may be used, if necessary.

- 27 -

Nonperforming Assets

As more fully described in Note 4 to the Consolidated Financial Statements, loans are generally classified as nonaccruing when it becomes probable that we will not collect the full contractual principal and interest. Real estate and other repossessed assets are assets acquired in partial or total forgiveness of loans. The assets are carried at the lower of cost as determined by fair value at the date of foreclosure or current fair value, less estimated selling costs. A summary of nonperforming assets follows in Table 17.

Table 17 – Nonperforming Assets

(Dollars in thousands)

	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			June 30, 2025			Mar. 31, 2025
Nonaccruing loans:
Commercial:
Healthcare	$	21,138		$	23,490		$	24,507		$	28,743		$	29,253
Services	1,260			6,135			7,647			11,329			13,662
Energy	—			—			31			40			49
General business	2,868			6,477			85			45			103
Total commercial	25,266			36,102			32,270			40,157			43,067
Commercial real estate	6,601			6,697			6,809			6,925			13,125
Loans to individuals:
Residential mortgage	20,175			18,263			21,255			20,654			20,502
Residential mortgage guaranteed by U.S. government agencies	7,768			8,586			7,348			6,978			6,786
Personal	194			4,712			4,712			4,613			40
Total loans to individuals	28,137			31,561			33,315			32,245			27,328
Total nonaccruing loans	60,004			74,360			72,394			79,327			83,520
Real estate and other repossessed assets	15			176			1,751			1,729			1,769
Total nonperforming assets	$	60,019		$	74,536		$	74,145		$	81,056		$	85,289
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	52,251		$	65,950		$	66,797		$	74,078		$	78,503
Allowance for loan losses to nonaccruing loans1	531.66		%	419.41		%	426.92		%	382.93		%	363.06		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1	618.45		%	497.36		%	504.99		%	456.18		%	430.95		%
Nonperforming assets to outstanding loans and repossessed assets	0.23		%	0.29		%	0.30		%	0.33		%	0.36		%
Nonperforming assets to outstanding loans and repossessed assets1	0.20		%	0.26		%	0.27		%	0.31		%	0.33		%
Nonaccruing loans to outstanding loans	0.23		%	0.29		%	0.29		%	0.33		%	0.35		%
Nonaccruing commercial loans to outstanding commercial loans	0.16		%	0.24		%	0.22		%	0.28		%	0.30		%
Nonaccruing commercial real estate loans to outstanding commercial real estate loans	0.11		%	0.12		%	0.12		%	0.13		%	0.25		%
Nonaccruing loans to individuals to outstanding loans to individuals1	0.45		%	0.51		%	0.58		%	0.60		%	0.51		%
Accruing loans 90 days or more past due1	$	2,411		$	—		$	1,135		$	1,388		$	3,258

1     Excludes residential mortgages guaranteed by U.S. government agencies.

Nonaccruing loans decreased $14 million compared to December 31, 2025. New nonaccruing loans identified in the first quarter totaled $8.1 million, offset by $5.8 million in payments received, $4.7 million in foreclosures of other real estate owned, $4.4 million in loans that returned to accrual status, and $3.2 million in charge-offs. Nonaccruing services loans decreased $4.9 million, nonaccruing general business loans decreased $3.6 million, nonaccruing loans to individuals decreased $3.4 million, and nonaccruing healthcare loans decreased $2.4 million. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

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A rollforward of nonperforming assets for the three months ended March 31, 2026, follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets

(In thousands)

	Three Months Ended
	March 31, 2026
	Nonaccruing Loans								Real Estate and Other Repossessed Assets		Total Nonperforming Assets
	Commercial		Commercial Real Estate		Loan to Individuals		Total
Balance, December 31, 2025	$	36,102	$	6,697	$	31,561	$	74,360	$	176	$	74,536
Additions	1,721		—		6,404		8,125		—		8,125
Payments	(3,692)		(96)		(2,007)		(5,795)		—		(5,795)
Charge-offs	(1,435)		—		(1,741)		(3,176)		—		(3,176)
Net gains (losses) and write-downs	—		—		—		—		417		417
Foreclosure of nonaccruing loans	—		—		(4,694)		(4,694)		4,694		—
Foreclosure of loans guaranteed by U.S. government agencies	—		—		(663)		(663)		—		(663)
Proceeds from sales	—		—		—		—		(5,272)		(5,272)
Return to accrual status	(3,678)		—		(723)		(4,401)		—		(4,401)
Other, net	(3,752)		—		—		(3,752)		—		(3,752)
Balance, March 31, 2026	$	25,266	$	6,601	$	28,137	$	60,004	$	15	$	60,019

We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met.

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $15 thousand at March 31, 2026, a decrease of $161 thousand compared to December 31, 2025. Real estate and other repossessed assets were composed primarily of a single family residential property.

Liquidity and Capital

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the first quarter of 2026, approximately 73% of our funding was provided by deposit accounts, 12% from borrowed funds, 11% from equity, and less than 1% from long-term subordinated debt. The loan to deposit ratio was 68% at March 31, 2026, compared to 65% at December 31, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Subsidiary Bank

Deposits and borrowed funds are the primary sources of liquidity for BOKF, NA, the wholly owned subsidiary bank of BOK Financial. We compete for retail and commercial deposits by offering a broad range of products and services and focusing on customer convenience. Retail deposit growth is supported through personal and small business checking, online bill paying services, mobile banking services, an extensive network of branch locations and ATMs, and our ExpressBank call center. Commercial deposit growth is supported by offering treasury management and lockbox services. We also acquire brokered deposits when the cost of funds is advantageous to other funding sources.

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Table 19 – Average Deposits by Segment

(In thousands)

	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Commercial Banking	$	18,306,337	$	18,492,793	$	18,161,486	$	17,424,707	$	17,769,083
Consumer Banking	8,389,039		8,346,245		8,330,481		8,266,824		8,154,762
Wealth Management	10,782,785		10,703,630		10,731,569		10,783,245		10,702,521
Subtotal	37,478,161		37,542,668		37,223,536		36,474,776		36,626,366
Funds Management and Other	1,502,098		2,444,941		1,257,710		1,661,940		1,732,712
BOK Financial Corporation	$	38,980,259	$	39,987,609	$	38,481,246	$	38,136,716	$	38,359,078

Average deposits for the first quarter of 2026 totaled $39.0 billion, a $1.0 billion decrease compared to the fourth quarter of 2025. Average interest-bearing transaction accounts decreased $689 million and average demand deposit balances decreased $315 million compared to the prior quarter. Average time deposit balances decreased $29 million, partially offset by a $25 million increase in average savings account balances.

Average Commercial Banking deposits decreased $186 million compared to the fourth quarter of 2025, attributable to a $190 million decrease in demand deposit balances and a $17 million decrease in time deposit balances. These decreases were partially offset by a $21 million increase in interest-bearing transaction balances. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our Commercial deposit portfolio is our energy customers representing 8% of our total deposits.

Average Consumer Banking deposit balances increased $43 million over the prior quarter. Time deposit balances increased $59 million and savings accounts increased $25 million. Interest-bearing transaction accounts decreased $30 million and demand deposit balances decreased $11 million.

Average Wealth Management deposits increased $79 million compared to the fourth quarter of 2025. Interest-bearing transaction account balances increased $243 million, partially offset by a $104 million decrease in demand deposit balances and a $60 million decrease in time deposit balances.

Average brokered deposits were 6% of total average deposits during the first quarter of 2026. Excluding the reciprocal component, brokered deposits represented 1% of average deposits. Reciprocal deposit balances in excess of the $5 billion general threshold, defined by the FDIC, are included as brokered deposits. Average interest-bearing transaction accounts for the first quarter included $2.1 billion of brokered deposits, decreasing $780 million compared to the fourth quarter of 2025, as funds opportunistically placed into wholesale deposits in the prior quarter were replaced with wholesale borrowings during the first quarter. Average time deposits for the first quarter of 2026 included $23 million of brokered deposits, an $11 million decrease compared to the fourth quarter of 2025. Period end brokered time deposits decreased $29 million to $5.4 million and brokered interest-bearing transaction accounts decreased $83 million to $1.8 billion at March 31, 2026.

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The distribution of our period end deposit account balances among principal markets follows in Table 20.

Table 20 – Period End Deposits by Principal Market Area

(In thousands)

	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Oklahoma:
Demand	$	3,463,094	$	3,492,243	$	3,520,203	$	3,589,146	$	3,629,708
Interest-bearing:
Transaction	13,629,679		13,732,961		13,352,070		13,537,068		13,891,707
Savings	561,079		532,284		520,995		521,734		525,424
Time	2,245,523		2,232,078		2,356,945		2,166,094		2,089,744
Total interest-bearing	16,436,281		16,497,323		16,230,010		16,224,896		16,506,875
Total Oklahoma	19,899,375		19,989,566		19,750,213		19,814,042		20,136,583
Texas:
Demand	2,071,766		2,177,256		2,194,177		2,082,652		2,187,903
Interest-bearing:
Transaction	6,447,755		6,691,395		6,427,135		6,203,081		5,925,285
Savings	153,501		149,593		147,560		155,027		155,777
Time	676,876		647,158		649,757		638,657		633,538
Total interest-bearing	7,278,132		7,488,146		7,224,452		6,996,765		6,714,600
Total Texas	9,349,898		9,665,402		9,418,629		9,079,417		8,902,503
Colorado:
Demand	881,440		1,152,203		929,383		1,040,223		1,082,304
Interest-bearing:
Transaction	2,072,825		2,137,579		2,204,899		1,989,284		1,988,258
Savings	58,605		54,809		53,768		55,326		58,318
Time	299,196		282,320		284,962		278,914		274,235
Total interest-bearing	2,430,626		2,474,708		2,543,629		2,323,524		2,320,811
Total Colorado	3,312,066		3,626,911		3,473,012		3,363,747		3,403,115
New Mexico:
Demand	580,900		580,400		591,330		609,205		631,950
Interest-bearing:
Transaction	1,447,506		1,405,940		1,376,694		1,416,741		1,283,998
Savings	99,848		95,630		94,180		94,930		96,969
Time	374,661		354,757		347,227		340,946		344,827
Total interest-bearing	1,922,015		1,856,327		1,818,101		1,852,617		1,725,794
Total New Mexico	2,502,915		2,436,727		2,409,431		2,461,822		2,357,744
Arizona:
Demand	398,102		365,007		368,432		385,442		451,085
Interest-bearing:
Transaction	1,439,796		1,450,416		1,406,300		1,467,509		1,312,979
Savings	11,593		14,656		13,571		10,536		11,125
Time	73,912		72,286		71,886		72,041		70,758
Total interest-bearing	1,525,301		1,537,358		1,491,757		1,550,086		1,394,862
Total Arizona	1,923,403		1,902,365		1,860,189		1,935,528		1,845,947

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	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		June 30, 2025		Mar. 31, 2025
Kansas/Missouri:
Demand	271,399		281,263		282,235		269,408		279,808
Interest-bearing:
Transaction	1,203,155		1,194,500		1,151,956		1,169,161		1,202,107
Savings	16,222		14,256		14,251		13,719		14,504
Time	38,542		37,820		37,563		35,768		36,307
Total interest-bearing	1,257,919		1,246,576		1,203,770		1,218,648		1,252,918
Total Kansas/Missouri	1,529,318		1,527,839		1,486,005		1,488,056		1,532,726
Arkansas:
Demand	27,628		33,558		21,416		22,685		25,738
Interest-bearing:
Transaction	111,487		237,279		64,174		61,079		57,696
Savings	2,859		2,695		2,411		2,485		2,602
Time	18,099		12,664		14,538		17,248		17,019
Total interest-bearing	132,445		252,638		81,123		80,812		77,317
Total Arkansas	160,073		286,196		102,539		103,497		103,055
Total BOK Financial deposits	$	38,677,048	$	39,435,006	$	38,500,018	$	38,246,109	$	38,281,673

Estimated uninsured deposits totaled $20.1 billion, or 52% of our total deposits, at March 31, 2026. In addition to insured deposits, we also hold $4.4 billion of collateralized deposits. Municipalities, Native American tribal governments, and certain trust-related deposits are all required to be collateralized. Excluding the impact of collateralized deposits and deposits related to consolidated subsidiaries, our uninsured and uncollateralized deposit level is $15.0 billion, or 39% of total deposits, at March 31, 2026.

In addition to deposits, liquidity for the subsidiary bank is provided primarily by federal funds purchased, securities repurchase agreements, and Federal Home Loan Bank borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $250 million at March 31, 2026. Securities repurchase agreements generally mature within 90 days and are secured by certain AFS and trading securities. Federal Home Loan Bank borrowings are generally short term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily, and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $5.3 billion during the quarter, compared to $3.0 billion in the fourth quarter of 2025.

At March 31, 2026, management estimates a total potential secured borrowing capacity of approximately $25.1 billion. This includes current available secured capacity of $21.0 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.1 billion of other sources that could be converted into additional secured capacity.

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A summary of other borrowings for BOK Financial on a consolidated basis follows in Table 21.

Table 21 – Borrowed Funds

(Dollars in thousands)

			Three Months Ended<br>March 31, 2026								Three Months Ended<br>December 31, 2025
	Mar. 31, 2026		Average<br>Balance<br>During the<br>Quarter		Rate		Maximum<br>Outstanding<br>At Any Month<br>End During<br>the Quarter		Dec. 31, 2025		Average<br>Balance<br>During the<br>Quarter		Rate		Maximum<br>Outstanding<br>At Any Month<br>End During<br>the Quarter
Funds purchased	$	495,792	$	658,684	3.39	%	$	703,162	$	970,293	$	989,464	3.77	%	$	1,162,990
Repurchase agreements	219,677		265,544		1.66	%	351,377		521,423		196,102		1.95	%	521,423
Other borrowings:
FHLB advances	5,700,000		5,301,280		3.89	%	5,700,000		2,700,000		2,967,392		4.20	%	2,700,000
GNMA repurchase liability	33,485		35,994		3.93	%	37,529		34,215		28,786		3.90	%	34,215
Other	20,019		11,787		6.47	%	20,019		11,724		12,210		5.46	%	12,495
Total other borrowings	5,753,504		5,349,061		3.90	%			2,745,939		3,008,388		4.22	%
Subordinated debentures1	396,625		396,606		6.14	%	396,625		396,589		241,482		6.12	%	396,878
Total other borrowed funds	$	6,865,598	$	6,669,895	3.90	%			$	4,634,244	$	4,435,436	4.12	%

1    BOKF, NA only as of December 31, 2025 and March 31, 2026. Parent Company and BOKF, NA for average of the three months ended December 31, 2025.

BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.

Parent Company

At March 31, 2026, cash and interest-bearing cash and cash equivalents held by the parent company totaled $151 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the subsidiary bank are limited by various banking regulations to net profits, as defined, for the year plus retained profits for the two preceding years. Dividends are further restricted by minimum capital requirements. At March 31, 2026, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $384 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances, or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at March 31, 2026, was $6.0 billion, a $54 million increase compared to December 31, 2025. Net income less cash dividends paid increased equity $118 million during the first quarter of 2026. Changes in interest rates resulted in a $59 million increase in the accumulated other comprehensive loss compared to December 31, 2025. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase, and stock and cash dividends.

On July 29, 2025, the Board authorized the Company to purchase up to five million common shares of Company stock, subject to market conditions, securities law, and other regulatory compliance limitations. Under this authority, shares may be repurchased on the open market, including plans complying with rules 10b5-1 and 10b-18, which includes plans using accelerated share repurchases. As of March 31, 2026, the Company had repurchased 2,982,961 shares under this authorization. No shares of common stock were repurchased in the first quarter of 2026. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

- 33 -

The Company entered into ASR transactions totaling $250 million in November 2025. Upon execution, the Company received an initial delivery of 2,100,840 shares, which were recorded as treasury stock. The remaining portion of the ASR was accounted for as a forward contract classified in equity. The forward contract will be settled in accordance with the agreement and any additional shares or cash received or delivered at final settlement will be recorded as an adjustment to treasury stock or capital surplus. The reduction in outstanding shares was reflected in weighted‑average shares outstanding for basic and diluted EPS at the time of initial delivery.

BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements, including a capital conservation buffer, can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations including restrictions on capital distributions from dividends and share repurchases and executive bonus payments. These capital requirements include quantitative measures of assets, liabilities, and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.

A summary of minimum capital requirements, including a capital conservation buffer, follows in Table 22. A bank which falls below these levels, including the capital conservation buffer, would be subject to regulatory restrictions on capital distributions (including, but not limited to, dividends and share repurchases) and executive bonus payments.

Capital and other performance ratios for BOK Financial on a consolidated basis are presented in Table 22.

Table 22 – Capital and Performance Ratios

	Minimum Capital Requirement		Capital Conservation Buffer		Minimum Capital Requirement Including Capital Conservation Buffer		Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Capital:
Common equity Tier 1	4.50	%	2.50	%	7.00	%	12.61	%	12.90	%	13.31	%
Tier 1 capital	6.00	%	2.50	%	8.50	%	12.61	%	12.90	%	13.31	%
Total capital	8.00	%	2.50	%	10.50	%	14.39	%	14.77	%	14.54	%
Tier 1 leverage	4.00	%	N/A		4.00	%	9.85	%	9.86	%	10.02	%
							Three Months Ended
							Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Average total equity to average assets							11.34	%	11.50	%	11.10	%
Tangible common equity ratio1							9.29	%	9.46	%	9.48	%
Performance Ratios:
Return on average equity							10.49	%	11.80	%	8.59	%
Return on average tangible common equity1							12.78	%	14.42	%	10.63	%

1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.

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Explanation and Reconciliation of Non-GAAP Measures

Table 23 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.

Table 23 – Non-GAAP Measures

(Dollars in thousands)

	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			June 30, 2025			Mar. 31, 2025
Reconciliation of tangible common equity ratio:
Total shareholders' equity	$	5,973,175		$	5,918,646		$	6,022,535		$	5,890,888		$	5,771,813
Less: Goodwill and intangible assets, net	1,077,052			1,079,501			1,082,125			1,084,749			1,088,813
Tangible common equity	$	4,896,123		$	4,839,145		$	4,940,410		$	4,806,139		$	4,683,000
Total assets	$	53,760,405		$	52,237,501		$	50,193,387		$	50,998,077		$	50,472,189
Less: Goodwill and intangible assets, net	1,077,052			1,079,501			1,082,125			1,084,749			1,088,813
Tangible assets	$	52,683,353		$	51,158,000		$	49,111,262		$	49,913,328		$	49,383,376
Tangible common equity ratio	9.29		%	9.46		%	10.06		%	9.63		%	9.48		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity	$	6,022,247		$	5,959,186		$	5,960,711		$	5,791,275		$	5,658,082
Less: Average goodwill and intangible assets, net	1,078,240			1,080,758			1,083,390			1,086,991			1,090,116
Average tangible common equity	$	4,944,007		$	4,878,428		$	4,877,321		$	4,704,284		$	4,567,966
Net income attributable to BOK Financial Corporation shareholders	$	155,766		$	177,301		$	140,894		$	140,018		$	119,777
Return on average tangible common equity	12.78		%	14.42		%	11.46		%	11.94		%	10.63		%
Calculation of efficiency ratio:
Total other operating expense	$	354,166		$	361,054		$	369,770		$	354,503		$	347,529
Less: Amortization of intangible assets	2,443			2,656			2,656			2,656			2,652
Numerator for efficiency ratio	$	351,723		$	358,398		$	367,114		$	351,847		$	344,877
Net interest income	$	342,554		$	345,281		$	337,646		$	328,166		$	316,251
Add: Tax-equivalent adjustment	2,610			2,555			2,565			2,574			2,542
Tax-equivalent net interest income	345,164			347,836			340,211			330,740			318,793
Add: Total other operating revenue	211,268			244,282			210,709			207,098			186,041
Less: Gain on available-for-sale securities, net	—			1,748			213			—			—
Denominator for efficiency ratio	$	556,432		$	590,370		$	550,707		$	537,838		$	504,834
Efficiency ratio	63.21		%	60.71		%	66.66		%	65.42		%	68.31		%
Reconciliation of pre-provision net revenue:
Net income before taxes	$	199,656		$	228,509		$	176,585		$	180,761		$	154,763
Add: Provision for credit losses	—			—			2,000			—			—
Less: Net income (loss) attributable to non-controlling interests	(46)			(35)			(23)			52			(6)
Pre-provision net revenue	$	199,702		$	228,544		$	178,608		$	180,709		$	154,769

- 35 -

	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			June 30, 2025			Mar. 31, 2025
Information on net interest income and net interest margin excluding trading activities:
Net interest income	$	342,554		$	345,281		$	337,646		$	328,166		$	316,251
Less: Trading activities net interest income	15,366			13,211			14,325			16,138			15,174
Net interest income excluding trading activities	327,188			332,070			323,321			312,028			301,077
Add: Tax-equivalent adjustment	2,610			2,555			2,565			2,574			2,542
Tax-equivalent net interest income excluding trading activities	$	329,798		$	334,625		$	325,886		$	314,602		$	303,619
Average interest-earning assets	$	47,772,044		$	46,590,610		$	46,429,240		$	46,984,071		$	45,606,324
Less: Average trading activities interest-earning assets	5,617,531			5,295,598			5,603,200			6,876,788			5,881,997
Average interest-earning assets excluding trading activities	$	42,154,513		$	41,295,012		$	40,826,040		$	40,107,283		$	39,724,327
Net interest margin on average interest-earning assets	2.90		%	2.98		%	2.91		%	2.80		%	2.78		%
Net interest margin on average trading activities interest-earning assets	1.05		%	1.04		%	1.07		%	0.93		%	0.98		%
Net interest margin on average interest-earning assets excluding trading activities	3.15		%	3.22		%	3.16		%	3.12		%	3.05		%			Three Months Ended
---	---	---
(In thousands, except per 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

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 AFS securities, less intangible assets and equity that do 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 measures 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.

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Market Risk

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange rates, commodity prices, or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading. Market risk excludes changes in fair value due to the credit of the individual issuers of financial instruments.

BOK Financial is subject to market risk primarily through the effect of changes in interest rates on both its assets held for purposes other than trading and trading assets. The effects of other changes, such as foreign exchange rates, commodity prices, or equity prices do not pose significant market risk to BOK Financial. BOK Financial has no material investments in assets that are affected by changes in foreign exchange rates or equity prices. Energy and other commodity product derivative contracts, which are affected by changes in commodity prices, are matched against offsetting contracts as previously discussed.

The Asset/Liability Committee is responsible for managing market risk in accordance with policy limits established by the Board of Directors. The Committee monitors projected variations in net interest income, net income, and economic value of equity due to specified changes in interest rates. These limits also set maximum levels for short-term borrowings, short-term assets, public funds, and brokered deposits and establish minimum levels for unpledged assets, among other things. Further, the Board has approved market risk limits for fixed income trading, mortgage pipeline, and mortgage servicing assets inclusive of economic hedge benefits. Exposure is measured daily and compliance is reviewed monthly. Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure. These plans are subject to escalation to and approval by the Board.

The simulations used to manage market risk are based on numerous assumptions regarding the effects of changes in interest rates on the timing and extent of repricing characteristics, future cash flows, and customer behavior. These assumptions are inherently uncertain and, as a result, models cannot precisely estimate or precisely predict the impact of higher or lower interest rates. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes, market conditions, and management strategies, among other factors.

Interest Rate Risk – Other than Trading

As previously noted in the Net Interest Income section of this report, management has implemented strategies to manage the Company's balance sheet exposure to changes in interest rates over a twelve-month period within established policy limits. The effectiveness of these strategies in managing the overall interest rate risk is evaluated through the use of an asset/liability model. BOK Financial performs a sensitivity analysis to identify more dynamic interest rate risk exposures, including embedded option positions, on net interest income. A simulation model is used to estimate the effect of changes in interest rates on our performance across multiple interest rate scenarios. Our current internal policy limit for net interest income variation due to a 200 basis point parallel change in market interest rates over twelve months is a maximum decline of 8.5%. Management also reviews alternative rate changes and time periods.

The Company's primary interest rate exposures include the Federal Funds rate, which affects short-term borrowings, and the prime lending rate, SOFR, which is the basis for much of the variable rate loan pricing. Additionally, residential mortgage rates directly affect the prepayment speeds for residential mortgage-backed securities and MSR. Derivative financial instruments and other financial instruments used for purposes other than trading are included in this simulation. In addition, the impact on the level and composition of demand deposit accounts and other core deposit balances resulting from a significant increase in short-term market interest rates and the overall interest rate environment is likely to be material. The simulation incorporates assumptions regarding the effects of such changes based on a combination of historical analysis and expected behavior. The impact of planned growth and new business activities is factored into the simulation model.

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest income. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 1.38%, or $20.5 million, for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.13%, or $2.0 million, for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest income would decrease approximately 3.90%, or $58.1 million.

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Table 24 – Interest Rate Sensitivity

(Dollars in thousands)

	Mar. 31, 2026												Dec. 31, 2025
	200 bp Increase			100 bp Increase			100 bp Decrease			200 bp Decrease			200 bp Increase			100 bp Increase			100 bp Decrease			200 bp Decrease
Anticipated impact over the next twelve months on net interest income	$	(27,600)		$	(12,000)		$	11,200		$	26,900		$	(31,000)		$	(13,700)		$	12,500		$	28,700
	(1.86)		%	(0.81)		%	0.76		%	1.81		%	(2.15)		%	(0.95)		%	0.86		%	1.99		%
Anticipated impact over months twelve through twenty-four on net interest income	$	(2,500)		$	7,400		$	(11,900)		$	(17,700)		$	(7,000)		$	5,000		$	(11,100)		$	(17,300)
	(0.16)		%	0.46		%	(0.74)		%	(1.11)		%	(0.45)		%	0.32		%	(0.72)		%	(1.13)		%

BOK Financial is also subjected to market risk through changes in the fair value of MSR. Changes in the fair value of MSR are highly dependent on changes in primary mortgage rates offered to borrowers, intermediate-term interest rates that affect the value of custodial funds, and assumptions about servicing revenues, servicing costs, and discount rates. As primary mortgage rates increase, prepayment speeds slow and the value of our MSR increases. As primary mortgage rates fall, prepayment speeds increase and the value of our MSR decreases.

We maintain a portfolio of financial instruments which may include debt securities issued by the U.S. government or its agencies and interest rate derivative contracts, held as an economic hedge of the changes in the fair value of our MSR. Composition of this portfolio will change based on our assessment of market risk. Changes in the fair value of residential mortgage-backed securities are highly dependent on changes in secondary mortgage rates required by investors, and interest rate derivative contracts are highly dependent on changes in other market interest rates. While primary and secondary mortgage rates generally move in the same direction, the spread between them may widen and narrow due to market conditions and government intervention. Changes in the forward-looking spread between the primary and secondary rates can cause significant earnings volatility.

Management performs a stress test to measure market risk due to changes in interest rates inherent in its MSR portfolio and hedges. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $20 million market risk limit for MSR, net of economic hedges.

Table 25 – MSR Asset and Hedge Sensitivity Analysis

(In thousands)

	Mar. 31, 2026				Dec. 31, 2025
	Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp
MSR Asset	$	11,780	$	(15,136)	$	14,145	$	(17,766)
MSR Hedge	(13,444)		13,607		(16,459)		16,365
Net Exposure	$	(1,664)	$	(1,529)	$	(2,314)	$	(1,401)

Trading Activities

The Company bears market risk by originating RMHFS. RMHFS are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a loan to sale of the closed loan to an investor. Primary mortgage interest rate changes during this period affect the value of RMHFS commitments and loans. We use forward sale contracts to mitigate market risk on all closed mortgage loans held for sale and on an estimate of mortgage loan commitments that are expected to result in closed loans.

A variety of methods are used to monitor market risk of mortgage origination activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and revenue sensitivity limits.

Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $3 million market risk limit for the mortgage production pipeline, net of forward sale contracts.

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Table 26 – Mortgage Pipeline Sensitivity Analysis

(In thousands)

	Three Months Ended
	Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
	Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp
Average1	$	(229)	$	(232)	$	(317)	$	(190)	$	(128)	$	(64)
Low2	(106)		(141)		(175)		(47)		(41)		46
High3	(451)		(404)		(566)		(302)		(207)		(161)
Period End	(164)		(170)		(295)		(252)		(177)		(30)

1    Average represents the simple average of each daily value observed during the reporting period.

2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

BOK Financial enters into trading activities both as an intermediary for customers and for its own account. As an intermediary, we take positions in securities, generally residential mortgage-backed securities, government agency securities, and municipal bonds. These securities are purchased for resale to customers, which include individuals, corporations, foundations, and financial institutions. On a limited basis, we may also take trading positions in U.S. Treasury securities, residential mortgage-backed securities, and municipal bonds to enhance returns on securities portfolios. Both of these activities involve interest rate risk, liquidity risk, and price risk. BOK Financial has an insignificant exposure to foreign exchange risk and does not take positions in commodity derivatives.

A variety of methods are used to monitor and manage the market risk of trading activities. These methods include daily marking of all positions to market value, independent verification of inventory pricing, and position limits for each trading activity. Risk management tools include VaR, stress testing, and sensitivity analysis. Economic hedges in either the futures or cash markets may be used to reduce the risk associated with some trading programs. Basis risk can result when trading asset values and the instruments used to hedge them move at different rates.

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. BOK Financial utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. For Market Risk Rule purposes, the Company calculates VaR using a historical simulation approach and measures the potential trading losses using a 10-day holding period and a 99% confidence level.

Due to inherent limitations of the VaR methodology, including its reliance on past market behavior, which might not be indicative of future market performance, VaR is only one of several tools used to measure and manage market risk. Other tools used to actively manage market risk include stress testing (SVaR) and sensitivity analysis.

SVaR is calculated using the same internal models as used for the VaR-based measure. SVaR is calculated over a ten-day holding period at a one-tail, 99% confidence level, and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company's trading portfolio.

The trading portfolio's VaR and SVaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and SVaR based measures for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025.

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Table 27 – VaR and SVaR Measures

(In thousands)

	Three Months Ended
	Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
	10 day 99%<br>VaR		10 day 99% SVaR		10 day 99%<br>VaR		10 day 99% SVaR		10 day 99%<br>VaR		10 day 99% SVaR
Average1	$	3,876	$	7,353	$	3,981	$	5,737	$	3,370	$	13,231
Low	1,666		5,056		2,178		4,081		1,529		5,711
High	5,640		11,100		5,616		9,117		6,272		20,652
Period End	2,647		6,514		5,118		5,118		2,831		10,768

1    Average represents the simple average of each daily value observed during the reporting period.

The Company monitors the accuracy of internal VaR models and modeling processes by back-testing model performance. The Company updates historical data used by the VaR model on a regular basis, and model validators independent of business lines perform regular validations to assess model input, processing and reporting components. These models are required to be independently validated and approved prior to implementation.

Limit Structure

Beyond VaR and SVaR described above, Management also performs a sensitivity analysis to measure market risk from changes in interest rates on its trading portfolio. Applicable interest rates are shocked up and down 50 basis points, calculating an estimated change in fair value, net of economic hedging activity that may result. The Board has approved a $14 million interest rate risk limit for the trading portfolio, net of economic hedges.

Table 28 – Trading Sensitivity Analysis

(In thousands)

	Three Months Ended
	Mar. 31, 2026				Dec. 31, 2025				Mar. 31, 2025
	Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp		Up 50 bp		Down 50 bp
Average1	$	(2,872)	$	6,453	$	(3,022)	$	7,868	$	(1,023)	$	4,531
Low2	2,690		11,992		1,469		11,375		3,602		8,310
High3	(6,644)		87		(6,150)		3,771		(6,676)		(379)
Period End	(69)		1,665		(4,847)		9,379		1,503		1,676

1    Average represents the simple average of each daily value observed during the reporting period.

2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.

3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

BOK Financial maintains an independent Model Risk Management program to validate models are conceptually sound, computationally accurate, are performing as expected, and are in line with their intended use. Model Risk Management also enforces the Company's model risk governance program that defines roles and responsibilities, including the authority to levy findings requiring remediation and to restrict model usage.

Model Validation

Model Risk Management maintains independence from both the developers and users of the models. Model validations assess the data, theory, implementation, outcomes, and governance of each model and corresponding scenario. Each model receives a model risk assessment, which determines the frequency and scope of validation activities. Validations comprise an evaluation of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, Model Risk Management determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Provisional approval," or "Rejected."

- 40 -

Controls and Procedures

As required by Rule 13a-15(b), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by their reports, of the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), BOK Financial's management, including the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company's internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.

Forward-Looking Statements

This report 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.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors, and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.

- 41 -

Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)	Three Months Ended
	March 31,
Interest and dividend revenue	2026		2025
Loans	$	397,173	$	396,416
Residential mortgage loans held for sale	1,056		975
Trading securities	64,462		73,739
Investment securities	6,126		6,983
Available-for-sale securities	133,905		127,509
Fair value option securities	1,389		178
Restricted equity securities	6,681		6,541
Interest-bearing cash and cash equivalents	5,133		6,229
Total interest and dividend revenue	615,925		618,570
Interest expense
Deposits	209,198		241,072
Borrowed funds	58,082		59,163
Subordinated debentures	6,091		2,084
Total interest expense	273,371		302,319
Net interest and dividend income	342,554		316,251
Provision for credit losses	—		—
Net interest and dividend income after provision for credit losses	342,554		316,251
Other operating revenue
Brokerage and trading revenue	43,606		31,068
Transaction card revenue	31,965		27,092
Fiduciary and asset management revenue	66,481		60,972
Deposit service charges and fees	32,218		30,275
Mortgage banking revenue	20,963		19,815
Other revenue	14,544		14,894
Total fees and commissions revenue	209,777		184,116
Other losses, net	(216)		(725)
Gain (loss) on derivatives, net	(4,374)		9,565
Gain (loss) on fair value option securities, net	(2,074)		325
Change in fair value of mortgage servicing rights	8,155		(7,240)
Total other operating revenue	211,268		186,041
Other operating expense
Personnel	211,174		214,185
Business promotion	9,226		8,818
Professional fees and services	14,295		13,269
Net occupancy and equipment	33,182		32,992
FDIC and other insurance	5,685		6,587
FDIC special assessment	—		523
Data processing and communications	51,768		47,578
Printing, postage, and supplies	3,679		3,639
Amortization of intangible assets	2,443		2,652
Mortgage banking costs	11,757		7,689
Other expense	10,957		9,597
Total other operating expense	354,166		347,529
Net income before taxes	199,656		154,763
Federal and state income taxes	43,936		34,992
Net income	155,720		119,771
Net loss attributable to non-controlling interests	(46)		(6)
Net income attributable to BOK Financial Corporation shareholders	$	155,766	$	119,777
Earnings per share:
Basic and diluted	$	2.58	$	1.86
Average shares used in computation:
Basic and diluted	60,033,282		63,547,510
Dividends declared per share	$	0.63	$	0.57

See accompanying notes to Consolidated Financial Statements.

- 42 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
	Three Months Ended
	March 31,
	2026		2025
Net income	$	155,720	$	119,771
Other comprehensive income (loss), before income taxes:
Net change in unrealized gain (loss)	(84,412)		173,828
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	7,376		9,444
Other comprehensive income (loss), before income taxes	(77,036)		183,272
Federal and state income taxes	(18,204)		42,575
Other comprehensive income (loss), net of income taxes	(58,832)		140,697
Comprehensive income (loss)	96,888		260,468
Comprehensive income (loss) attributable to non-controlling interests	(46)		(6)
Comprehensive income (loss) attributable to BOK Financial Corporation shareholders	$	96,934	$	260,474

See accompanying notes to Consolidated Financial Statements.

- 43 -

Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

	Mar. 31, 2026		Dec. 31, 2025
	(Unaudited)		(Footnote 1)
Assets
Cash and due from banks	$	905,614	$	1,001,107
Interest-bearing cash and cash equivalents	506,793		656,995
Trading securities	5,652,162		5,392,745
Investment securities, net of allowance (fair value: March 31, 2026 – $1,585,890; December 31, 2025 – $1,662,005)	1,719,731		1,784,242
Available-for-sale securities	13,539,565		13,606,625
Fair value option securities	178,098		102,096
Restricted equity securities	357,909		224,757
Residential mortgage loans held for sale	104,873		94,630
Loans	26,187,393		25,651,462
Allowance for loan losses	(277,719)		(275,860)
Loans, net of allowance	25,909,674		25,375,602
Premises and equipment, net	631,454		638,936
Receivables	272,540		292,978
Goodwill	1,044,749		1,044,749
Intangible assets, net	32,303		34,752
Mortgage servicing rights	333,381		322,724
Real estate and other repossessed assets, net of allowance (March 31, 2026 – $3,515; December 31, 2025 – $3,515)	15		176
Derivative contracts, net	782,985		300,775
Cash surrender value of bank-owned life insurance	424,494		421,514
Receivable on unsettled securities sales	156,963		62,034
Other assets	1,207,102		880,064
Total assets	$	53,760,405	$	52,237,501
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits	$	7,694,329	$	8,081,930
Interest-bearing deposits:
Transaction	26,352,203		26,850,070
Savings	903,707		863,923
Time	3,726,809		3,639,083
Total deposits	38,677,048		39,435,006
Funds purchased and repurchase agreements	715,469		1,491,716
Other borrowings	5,753,504		2,745,939
Subordinated debentures	396,625		396,589
Accrued interest, taxes, and expense	325,670		382,809
Derivative contracts, net	282,590		397,573
Due on unsettled securities purchases	1,140,782		991,073
Other liabilities	493,651		476,116
Total liabilities	47,785,339		46,316,821
Shareholders' equity:
Common stock (0.00006 par value; 2,500,000,000 shares authorized; Issued: March 31, 2026 – 77,241,905; December 31, 2025 - 77,030,997 Outstanding: March 31, 2026 – 60,759,992; December 31, 2025 – 60,620,507)	5		5
Capital surplus	1,435,156		1,429,369
Retained earnings	6,140,724		6,022,586
Treasury stock (shares at cost: March 31, 2026 – 16,481,913; December 31, 2025 – 16,410,490)	(1,377,708)		(1,367,144)
Accumulated other comprehensive loss	(225,002)		(166,170)
Total shareholders' equity	5,973,175		5,918,646
Non-controlling interests	1,891		2,034
Total equity	5,975,066		5,920,680
Total liabilities and equity	$	53,760,405	$	52,237,501

See accompanying notes to Consolidated Financial Statements.

- 44 -

Consolidated Statements of Changes in Equity (Unaudited)

(In thousands)

	Common Stock			Capital<br>Surplus		Retained<br>Earnings			Treasury Stock				Accumulated<br>Other<br>Comprehensive<br>Income (Loss)		Total<br>Shareholders'<br>Equity		Non-<br>Controlling<br>Interests		Total Equity
	Shares	Amount						Shares		Amount
Balance, December 31, 2025	77,031	$	5	$	1,429,369	$	6,022,586		16,410		$	(1,367,144)	$	(166,170)	$	5,918,646	$	2,034	$	5,920,680
Net income (loss)	—	—		—		155,766			—		—		—		155,766		(46)		155,720
Other comprehensive loss	—	—		—		—			—		—		(58,832)		(58,832)		—		(58,832)
Repurchase of common stock	—	—		—		—			—		—		—		—		—		—
Share-based compensation plans:
Non-vested shares awarded, net	211	—		—		—			—		—		—		—		—		—
Vesting of non-vested shares and taxes paid related to net share settlement	—	—		—		—			72		(10,564)		—		(10,564)		—		(10,564)
Share-based compensation	—	—		5,787		—			—		—		—		5,787		—		5,787
Cash dividends on common stock	—	—		—		(37,628)			—		—		—		(37,628)		—		(37,628)
Capital calls and distributions, net	—	—		—		—			—		—		—		—		(97)		(97)
Balance, March 31, 2026	77,242	$	5	$	1,435,156	$	6,140,724		16,482		$	(1,377,708)	$	(225,002)	$	5,973,175	$	1,891	$	5,975,066
Balance, December 31, 2024	76,818	$	5	$	1,429,628	$	5,592,100		12,696		$	(970,340)	$	(503,040)	$	5,548,353	$	2,604	$	5,550,957
Net income (loss)	—	—		—		119,777			—		—		—		119,777		(6)		119,771
Other comprehensive income	—	—		—		—			—		—		140,697		140,697		—		140,697
Repurchase of common stock	—	—		—		—			10		(994)		—		(994)		—		(994)
Share-based compensation plans:
Non-vested shares awarded, net	197	—		—		—			—		—		—		—		—		—
Vesting of non-vested shares and taxes paid related to net share settlement	—	—		—		—			47		(5,422)		—		(5,422)		—		(5,422)
Share-based compensation	—	—		5,870		—			—		—		—		5,870		—		5,870
Cash dividends on common stock	—	—		—		(36,468)			—		—		—		(36,468)		—		(36,468)
Capital calls and distributions, net	—	—		—		—			—		—		—		—		(33)		(33)
Balance, March 31, 2025	77,015	$	5	$	1,435,498	$	5,675,409		12,753		$	(976,756)	$	(362,343)	$	5,771,813	$	2,565	$	5,774,378

See accompanying notes to Consolidated Financial Statements.

- 45 -

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)	Three Months Ended
	March 31,
	2026		2025
Cash Flows From Operating Activities:
Net income	$	155,720	$	119,771
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	—		—
Change in fair value of mortgage servicing rights due to market assumption changes	(8,155)		7,240
Change in the fair value of mortgage servicing rights due to principal payments	10,153		5,918
Net unrealized losses (gains) from derivative contracts	(36,610)		49,111
Share-based compensation	5,787		5,870
Depreciation and amortization	27,206		27,284
Net amortization of discounts and premiums	(12,409)		(12,622)
Net losses (gains) on financial instruments and other losses (gains), net	216		725
Net loss (gain) on mortgage loans held for sale	(1,799)		(2,450)
Mortgage loans originated for sale	(230,858)		(159,816)
Proceeds from sale of mortgage loans held for sale	224,541		160,342
Capitalized mortgage servicing rights	(4,010)		(2,509)
Change in trading and fair value option securities	(335,403)		(952,339)
Change in receivables	(73,069)		4,337
Change in other assets	(45,681)		5,115
Change in other liabilities	75,693		764,282
Net cash provided by (used in) operating activities	(248,678)		20,259
Cash Flows From Investing Activities:
Proceeds from maturities or redemptions of investment securities	64,048		63,116
Proceeds from maturities or redemptions of available-for-sale securities	650,700		553,866
Purchases of available-for-sale securities	(656,736)		(619,755)
Change in amount receivable on unsettled available-for-sale securities transactions	(787)		(34,926)
Loans originated, net of principal collected	(535,180)		443,789
Net proceeds from derivative asset contracts	(12,657)		(19,041)
Net change in restricted equity securities	(133,152)		90,986
Proceeds from disposition of assets	8,826		4,918
Purchases of assets	(35,733)		(48,223)
Net cash provided by (used in) investing activities	(650,671)		434,730
Cash Flows From Financing Activities:
Net change in demand deposits, transaction deposits, and savings accounts	(845,684)		159,425
Net change in time deposits	87,726		(68,982)
Net change in other borrowed funds	2,219,770		(339,662)
Net payments on derivative liability contracts	(7,042)		19,835
Net change in derivative margin accounts	(766,425)		(290,126)
Change in amount due on unsettled available-for-sale securities transactions	13,501		89,399
Issuance of common and treasury stock, net	(10,564)		(5,422)
Repurchase of common stock	—		(994)
Dividends paid	(37,628)		(36,468)
Net cash provided by (used in) financing activities	653,654		(472,995)
Net increase (decrease) in cash and cash equivalents	(245,695)		(18,006)
Cash and cash equivalents at beginning of period	1,658,102		1,434,701
Cash and cash equivalents at end of period	$	1,412,407	$	1,416,695
Supplemental Cash Flow Information:
Cash paid for interest	$	270,140	$	302,067
Cash paid for federal taxes	—		—
Cash paid for state taxes	1,219		1,470
Net loans and bank premises transferred to repossessed real estate and other assets	4,694		—
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period	11,548		19,736
Conveyance of other real estate owned guaranteed by U.S. government agencies	2,065		755

See accompanying notes to Consolidated Financial Statements.

- 46 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of BOK Financial have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

The unaudited consolidated financial statements include accounts of BOK Financial and its subsidiaries, principally BOKF, NA, BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc., and Cavanal Hill Distributors, Inc. Operating divisions of BOKF, NA include Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, and BOK Financial in Arizona, Arkansas, Colorado, and Kansas/Missouri. BOKF, NA also operates the TransFund electronic funds network, BOK Financial Mortgage, and Cavanal Hill Investment Management.

Certain reclassifications have been made to conform to the current period presentation.

The financial information should be read in conjunction with BOK Financial's 2025 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2025, have been derived from the audited financial statements included in BOK Financial's 2025 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

FASB ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The FASB issued ASU 2024-03 on November 4, 2024, which amends the disclosure of certain costs and expenses. The amendments intend to bring improvement by requiring further disaggregation of expenses that are not already required to be disclosed in the notes to the financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact ASU 2024-03 will have on its expense disclosures.

FASB ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

The FASB issued ASU 2025-05 on July 30, 2025, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the practical expedient, entities may assume current conditions as of the balance sheet date remain unchanged for the remaining life of the asset when developing reasonable and supportable forecasts. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Adoption of ASU 2025-05 did not have a material impact on the Company's financial statements or disclosures.

- 47 -

FASB ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

The FASB issued ASU 2025-06 on September 18, 2025, which modernizes the accounting for internal-use software costs. This amendment eliminates accounting consideration of software project development stages and clarifies the threshold applied to begin capitalizing costs. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the impact ASU 2025-06 will have on its internal software costs.

FASB ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans

The FASB issued ASU 2025-08 on November 12, 2025, which clarifies and simplifies the accounting for credit losses on purchased loans under CECL, specifically how entities account for expected credit losses at acquisition and subsequent changes in those expectations. Under this new guidance, loans acquired without credit deterioration and deemed “seasoned” will be considered purchased seasoned loans and accounted for using the gross-up approach at acquisition (i.e., record the loan at its purchase price and separately record an allowance for expected credit losses). Seasoned loans include all loans acquired in a business combination that do not have “more-than-insignificant” deterioration of credit quality since origination, as well as loans purchased at least 90 days after origination where the purchaser was not involved in the origination of the loans. ASU 2025-08 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently assessing the impact ASU 2025-08 will have on its purchased loans.

FASB ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

The FASB issued ASU 2025-09 on November 25, 2025, which enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following five areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). ASU 2025-09 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently assessing the impact ASU 2025-08 will have on its disclosures.

FASB ASU 2025-11, Interim Reporting (Topic 270)

The FASB issued ASU 2025-11 on December 8, 2025, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact ASU 2025-11 will have on the Company's financial statements.

- 48 -

(2) Securities

Trading Securities

The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):

	March 31, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. government securities	$	6,379	$	1	$	9,237	$	(4)
Residential agency mortgage-backed securities	5,513,068		(8,039)		5,307,849		9,011
Municipal securities	84,981		(1,136)		39,233		10
Other trading securities	47,734		(190)		36,426		(25)
Total trading securities	$	5,652,162	$	(9,364)	$	5,392,745	$	8,992

Investment Securities

The amortized cost and fair values of investment securities are as follows (in thousands):

	March 31, 2026
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	73,334	$	73,334	$	74,429	$	1,183	$	(88)
Mortgage-backed securities:
Residential agency	1,689,222		1,613,987		1,479,984		72		(134,075)
Commercial agency	17,258		16,588		16,190		—		(398)
Other debt securities	16,013		16,013		15,287		—		(726)
Total investment securities	1,795,827		1,719,922		1,585,890		1,255		(135,287)
Allowance for credit losses	(191)		(191)		—		—		—
Investment securities, net of allowance	$	1,795,636	$	1,719,731	$	1,585,890	$	1,255	$	(135,287)

1    Carrying value includes $76 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.

	December 31, 2025
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	88,215	$	88,215	$	89,343	$	1,218	$	(90)
Mortgage-backed securities:
Residential agency	1,746,715		1,664,175		1,541,608		91		(122,658)
Commercial agency	17,257		16,516		16,186		—		(330)
Other debt securities	15,538		15,538		14,868		—		(670)
Total investment securities	1,867,725		1,784,444		1,662,005		1,309		(123,748)
Allowance for credit losses	(202)		(202)		—		—		—
Investment securities, net of allowance	$	1,867,523	$	1,784,242	$	1,662,005	$	1,309	$	(123,748)

1    Carrying value includes $83 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.

- 49 -

The amortized cost and fair values of investment securities at March 31, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):

	Less than<br>One Year		One to<br>Five Years		Six to<br>Ten Years		Over<br>Ten Years		Total		Weighted<br><br>Average<br><br>Maturity1
Fixed maturity debt securities:
Carrying value	$	44,448	$	48,389	$	13,098	$	—	$	105,935	1.98
Fair value	45,183		48,395		12,328		—		105,906
Residential mortgage-backed securities:
Carrying value2									$	1,613,987
Fair value									1,479,984
Total investment securities:
Carrying value									$	1,719,922
Fair value									1,585,890

1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.

2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities

(Dollars in thousands):

	March 31, 2026
	Number of Securities		Less Than 12 Months						12 Months or Longer						Total
		Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss
Investment:
Municipal securities	7		$	1,541		$	5		$	3,613		$	83		$	5,154		$	88
Mortgage-backed securities:
Residential agency	115		1,501			26			1,477,461			134,049			1,478,962			134,075
Commercial agency	2		—			—			16,190			398			16,190			398
Other debt securities	1		—			—			9,274			726			9,274			726
Total investment securities	125		$	3,042		$	31		$	1,506,538		$	135,256		$	1,509,580		$	135,287
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Number of Securities		Less Than 12 Months						12 Months or Longer						Total
		Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss
Investment:
Municipal securities	8		$	6,566		$	8		$	3,613		$	82		$	10,179		$	90
Mortgage-backed securities:
Residential agency	115		—			—			1,540,535			122,658			1,540,535			122,658
Commercial agency	2		—			—			16,186			330			16,186			330
Other debt securities	2		—			—			9,355			670			9,355			670
Total investment securities	127		$	6,566		$	8		$	1,569,689		$	123,740		$	1,576,255		$	123,748

- 50 -

Available-for-Sale Securities

The amortized cost and fair value of AFS securities are as follows (in thousands):

	March 31, 2026
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,000	$	984	$	—	$	(16)
Municipal securities	181,371		175,123		—		(6,248)
Mortgage-backed securities:
Residential agency	9,710,464		9,631,722		67,045		(145,787)
Residential non-agency	736,201		717,068		10,487		(29,620)
Commercial agency	3,127,007		3,014,195		5,346		(118,158)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,756,543	$	13,539,565	$	82,878	$	(299,856)			December 31, 2025
---	---	---	---	---	---	---	---	---
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,001	$	980	$	—	$	(21)
Municipal securities	190,917		184,273		—		(6,644)
Mortgage-backed securities:
Residential agency	9,593,919		9,598,627		121,838		(117,130)
Residential non-agency	712,126		696,028		11,774		(27,872)
Commercial agency	3,240,728		3,126,244		7,622		(122,106)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,739,191	$	13,606,625	$	141,234	$	(273,800)

The amortized cost and fair values of AFS securities at March 31, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):

	Less than<br>One Year		One to<br>Five Years		Six to<br>Ten Years		Over<br>Ten Years		Total		Weighted<br><br>Average<br><br>Maturity1
Fixed maturity debt securities:
Amortized cost	$	411,265	$	2,127,784	$	316,397	$	454,432	$	3,309,878	4.82
Fair value	406,840		2,030,088		305,609		448,238		3,190,775
Residential mortgage-backed securities:
Amortized cost2									$	10,446,665
Fair value									10,348,790
Total available-for-sale securities:
Amortized cost									$	13,756,543
Fair value									13,539,565

1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.

2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

The Company had no sales of AFS securities for the three month periods ended March 31, 2026 and March 31, 2025.

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $11.7 billion at March 31, 2026 and $11.5 billion at December 31, 2025. The secured parties do not have the right to sell or repledge these securities.

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Temporarily Impaired Available-for-Sale Securities

(Dollars in thousands)

	March 31, 2026
	Number of Securities		Less Than 12 Months						12 Months or Longer						Total
		Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss
Available-for-sale:
U.S. Treasury	1		$	—		$	—		$	984		$	16		$	984		$	16
Municipal securities	74		1,023			1			160,375			6,247			161,398			6,248
Mortgage-backed securities:
Residential agency	713		2,626,090			25,092			1,989,493			120,695			4,615,583			145,787
Residential non-agency	40		149,964			1,377			360,280			28,243			510,244			29,620
Commercial agency	203		236,500			857			2,409,409			117,301			2,645,909			118,158
Other debt securities	1		—			—			473			27			473			27
Total available-for-sale securities	1,032		$	3,013,577		$	27,327		$	4,921,014		$	272,529		$	7,934,591		$	299,856
	December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Number of Securities		Less Than 12 Months						12 Months or Longer						Total
		Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss			Fair<br>Value			Unrealized<br>Loss
Available-for-sale:
U.S. Treasury	1		$	—		$	—		$	980		$	21		$	980		$	21
Municipal securities	86		1,028			2			180,696			6,642			181,724			6,644
Mortgage-backed securities:
Residential agency	584		741,581			2,373			2,333,685			114,757			3,075,266			117,130
Residential non-agency	31		27,957			16			413,783			27,856			441,740			27,872
Commercial agency	195		48,588			88			2,553,027			122,018			2,601,615			122,106
Other debt securities	1		—			—			473			27			473			27
Total available-for-sale securities	898		$	819,154		$	2,479		$	5,482,644		$	271,321		$	6,301,798		$	273,800

Based on evaluations of impaired securities as of March 31, 2026, the Company does not intend to sell any impaired AFS debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.

Fair Value Option Securities

Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain residential mortgage-backed securities and commercial mortgage-backed securities issued by U.S. government agencies and derivative contracts are held as an economic hedge of the MSR.

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):

	March 31, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities	$	165,706	$	(2,513)	$	102,096	$	(556)
Commercial agency mortgage-backed securities	12,392		(117)		—		—
Total fair value option securities	$	178,098	$	(2,630)	$	102,096	$	(556)

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(3) Derivatives

Derivative instruments may be used by the Company as part of its internal risk management programs or may be offered to customers. All derivative instruments are carried at fair value, and changes in fair value are reported in earnings as they occur. Credit risk is also considered in determining fair value. Deterioration in the credit rating of customer or other counterparties reduces the fair value of asset contracts. Deterioration of our credit rating could decrease the fair value of our derivative liabilities.

When bilateral netting agreements or similar arrangements exist between the Company and its counterparties that create a single legal claim or obligation to pay or receive the net amount in settlement of the individual derivative contracts, the Company reports derivative assets and liabilities on a net by derivative contract type by counterparty basis.

Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.

None of these derivative contracts have been designated as hedging instruments for accounting purposes.

Customer Risk Management Programs

BOK Financial offers programs that permit its customers to manage various risks, including fluctuations in energy prices, interest rates, foreign exchange rates, and other commodities with derivative contracts. Customers may also manage interest rate risk through interest rate swaps used by borrowers to modify interest rate terms of their loans. Derivative contracts are executed between the customers and BOK Financial. Offsetting contracts are executed between BOK Financial and other selected counterparties to minimize market risk from changes in commodity prices, interest rates, or foreign exchange rates. The counterparty contracts are identical to customer contracts, except for a fixed pricing spread or fee paid to BOK Financial as profit and compensation for administrative costs and credit risk which is recognized over the life of the contracts and included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.

Trading

BOK Financial may offer derivative instruments such as to-be-announced securities to mortgage banking customers to enable them to manage their market risk or to mitigate the Company's market risk of holding trading securities. Changes in the fair value of derivative instruments for trading purposes or used to mitigate the market risk of holding trading securities are included in Other operating revenue – Brokerage and trading revenue in the Consolidated Statements of Earnings.

Internal Risk Management Programs

BOK Financial may use derivative contracts in managing its interest rate sensitivity as part of its economic hedge of the changes in the fair value of MSR. Changes in the fair value of derivative instruments used in managing interest rate sensitivity and as part of the economic hedge of changes in the fair value of MSR are included in Other operating revenue – Gain (loss) on derivatives, net in the Consolidated Statements of Earnings.

As discussed in Note 5, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 5 for additional discussion of notional, fair value, and impact on earnings of these contracts.

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The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at March 31, 2026 (in thousands):

	Assets
	Notional1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,997,778	$	45,931	$	(8,942)	$	36,989	$	(26,953)	$	10,036
Energy contracts	6,766,141		1,120,942		(472,989)		647,953		(67,228)		580,725
Foreign exchange contracts	72,524		63,304		(5)		63,299		(771)		62,528
Equity option contracts	1,593		250		—		250		(50)		200
Total customer risk management programs	9,838,036		1,230,427		(481,936)		748,491		(95,002)		653,489
Trading	29,154,447		215,327		(87,475)		127,852		—		127,852
Internal risk management programs	125,282		1,669		(25)		1,644		—		1,644
Total derivative contracts	$	39,117,765	$	1,447,423	$	(569,436)	$	877,987	$	(95,002)	$	782,985
	Liabilities
	Notional1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,997,778	$	45,911	$	(8,942)	$	36,969	$	—	$	36,969
Energy contracts	6,867,903		1,106,053		(472,989)		633,064		(512,726)		120,338
Foreign exchange contracts	72,497		63,250		(5)		63,245		—		63,245
Equity option contracts	1,593		250		—		250		—		250
Total customer risk management programs	9,939,771		1,215,464		(481,936)		733,528		(512,726)		220,802
Trading	24,796,550		155,453		(87,475)		67,978		(10,700)		57,278
Internal risk management programs	576,503		4,535		(25)		4,510		—		4,510
Total derivative contracts	$	35,312,824	$	1,375,452	$	(569,436)	$	806,016	$	(523,426)	$	282,590

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 (in thousands):

	Assets
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,869,346	$	51,144	$	(17,199)	$	33,945	$	(15,783)	$	18,162
Energy contracts	6,245,552		605,067		(271,825)		333,242		(136,933)		196,309
Foreign exchange contracts	75,349		60,656		(10)		60,646		—		60,646
Equity option contracts	1,593		255		—		255		(50)		205
Total customer risk management programs	9,191,840		717,122		(289,034)		428,088		(152,766)		275,322
Trading	22,332,052		63,803		(38,524)		25,279		(1,629)		23,650
Internal risk management programs	586,991		1,854		(51)		1,803		—		1,803
Total derivative contracts	$	32,110,883	$	782,779	$	(327,609)	$	455,170	$	(154,395)	$	300,775
	Liabilities
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,869,346	$	51,101	$	(17,199)	$	33,902	$	(811)	$	33,091
Energy contracts	6,299,141		576,627		(271,825)		304,802		(5,240)		299,562
Foreign exchange contracts	75,000		60,293		(10)		60,283		—		60,283
Equity option contracts	1,593		255		—		255		—		255
Total customer risk management programs	9,245,080		688,276		(289,034)		399,242		(6,051)		393,191
Trading	26,544,633		75,573		(38,524)		37,049		(34,056)		2,993
Internal risk management programs	89,972		1,440		(51)		1,389		—		1,389
Total derivative contracts	$	35,879,685	$	765,289	$	(327,609)	$	437,680	$	(40,107)	$	397,573

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

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The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the Consolidated Statements of Earnings (in thousands):

	Three Months Ended
	March 31, 2026				March 31, 2025
	Brokerage<br>and Trading Revenue		Gain (Loss) on Derivatives, Net		Brokerage<br>and Trading<br>Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:
Interest rate contracts	$	1,133	$	—	$	741	$	—
Energy contracts	6,652		—		7,610		—
Foreign exchange contracts	31		—		38		—
Equity option contracts	—		—		—		—
Total customer risk management programs	7,816		—		8,389		—
Trading1	65,808		—		(73,796)		—
Internal risk management programs	—		(4,374)		—		9,565
Total derivative contracts	$	73,624	$	(4,374)	$	(65,407)	$	9,565

1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Other operating revenue - brokerage and trading revenue in the Consolidated Statements of Earnings.

(4) Loans and Allowances for Credit Losses

Loans

Loans are either secured or unsecured based on the type of loan and the financial condition of the borrower. Repayment is generally expected from cash flow or proceeds from the sale of selected assets of the borrower. BOK Financial is exposed to risk of loss on loans due to the borrower's difficulties, which may arise from any number of factors, including problems within the respective industry or local economic conditions. Access to collateral, in the event of borrower default, is reasonably assured through adherence to applicable lending laws and through sound lending standards and credit review procedures. Accounting policies for all loans, excluding residential mortgage loans guaranteed by U.S. government agencies, are as follows:

Interest is accrued at the applicable interest rate on the outstanding principal amount. Loans are placed on nonaccruing status when, in the opinion of management, full collection of principal or interest is uncertain. Internally risk-graded loans are individually evaluated for nonaccruing status quarterly. Non-risk graded loans are generally placed on nonaccruing status when 90 days or more past due or within 60 days of being notified of the borrower's bankruptcy filing. Interest previously accrued but not collected is charged against interest income when the loan is placed on nonaccruing status. Accrued but not paid interest receivable is included in Receivables in the Consolidated Balance Sheets. Payments received on nonaccruing loans are applied to principal or recognized as interest income, according to management's judgment as to the collectability of principal. Loans may be returned to accruing status when, in the opinion of management, full collection of principal and interest, including principal previously charged off, is probable based on improvements in the borrower's financial condition or a sustained period of performance.

For loans acquired with no evidence of credit deterioration, discounts are accreted on either an individual basis for loans with unique characteristics or on a pool basis for groups of homogeneous loans. Accretion is discontinued when a loan with an individually attributed discount is placed on nonaccruing status.

Modifications of loans to existing borrowers generally consist of interest rate reductions, extension of payment terms, or a combination of these. Modifications may arise either voluntarily through negotiations with the borrower or involuntarily through court order. Payment deferrals up to six months are generally considered to be short-term modifications. Generally, principal and accrued, but unpaid, interest are not voluntarily forgiven. A change to the allowance for credit losses is generally not recorded upon modification because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance methodology.

Performing loans may be renewed under the then-current collateral value, debt service ratio, and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing.

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Occasionally, loans, other than residential mortgage loans, may be held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value, with gains or losses recognized in Other operating revenue - Other gains (losses), net in the Consolidated Statements of Earnings.

All loans are charged off when the loan balance or a portion of the loan balance is no longer supported by the paying capacity of the borrower or when the required cash flow is reduced in a modification. The charge-off amount is determined through a quarterly evaluation of available cash resources and collateral values. Internally risk graded loans are evaluated quarterly, and charge-offs are taken in the quarter in which the loss is identified. Non-risk graded loans that are past due between 60 days and 180 days, based on the loan product type, are charged off. Loans to borrowers whose personal obligation has been discharged through Chapter 7 bankruptcy proceedings are charged off within 60 days of notice of the bankruptcy filing, regardless of payment status.

Loan origination and commitment fees and direct loan acquisition and origination costs are deferred and amortized as an adjustment to yield over the life of the loan or over the commitment period, as applicable. Amortization does not anticipate loan prepayments. Net unamortized fees are recognized in full at time of payoff.

Qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. Under certain performance conditions specified in government programs, the Company may have the right, but not the obligation to repurchase loans from GNMA pools. These loans no longer qualify for sale accounting and are recognized in the Consolidated Balance Sheets. We do not expect to receive all principal and interest based on the loan's contractual terms. A portion of the principal balance continues to be guaranteed; however, interest accrues at a curtailed rate as specified in the programs. The carrying value of these loans is reduced based on an estimate of the expected cash flows discounted at the original note rate plus a liquidity spread. Guaranteed loans may be modified in accordance with U.S. government agency guidelines. Interest continues to accrue at the modified rate. Guaranteed loans may either be resold into GNMA pools after a performance period specified by the programs or foreclosed and conveyed to the guarantors.

Loans are disaggregated into portfolio segments and further disaggregated into classes. The portfolio segment is the level at which the Company develops and documents a systematic method for determining its allowance for credit losses. Classes are a further disaggregation of portfolio segments based on the risk characteristics of the loans and the Company's method for monitoring and assessing credit risk.

Portfolio segments of the loan portfolio are as follows (in thousands):

	March 31, 2026								December 31, 2025
	Fixed<br>Rate		Variable<br>Rate		Non-accrual		Total		Fixed<br>Rate		Variable<br>Rate		Non-accrual		Total
Commercial	$	3,498,856	$	12,048,961	$	25,266	$	15,573,083	$	3,494,944	$	11,750,021	$	36,102	$	15,281,067
Commercial real estate	620,233		5,257,845		6,601		5,884,679		601,044		5,064,265		6,697		5,672,006
Loans to individuals	3,041,701		1,659,793		28,137		4,729,631		3,005,502		1,661,326		31,561		4,698,389
Total	$	7,160,790	$	18,966,599	$	60,004	$	26,187,393	$	7,101,490	$	18,475,612	$	74,360	$	25,651,462

Credit Commitments

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2026, outstanding commitments totaled $16.2 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

The amount of collateral obtained, if deemed necessary, is based upon management's credit evaluation of the borrower.

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At March 31, 2026, outstanding standby letters of credit totaled $617 million.

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Allowances for Credit Losses and Accrual for Off-balance Sheet Credit Risk from Unfunded Loans Commitments

The allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments represent the portion of the amortized cost basis of loans and related unfunded commitments we do not expect to collect over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. The appropriateness of the allowance for credit losses, including industry and product adjustments, is assessed quarterly by a senior management Allowance Committee. This review is based on an ongoing evaluation of the estimated expected credit losses in the portfolio and on unused commitments to provide financing. A well-documented methodology has been developed and is applied by an independent Credit Administration department to assure consistency across the Company.

The allowance for loan losses consists of specific allowances attributed to certain individual loans, generally nonaccruing loans, with dissimilar risk characteristics that have not yet been charged down to amounts we expect to recover and general allowances for estimated credit losses on pools of loans that share similar risk characteristics.

When full collection of principal or interest is uncertain, the loan's risk characteristics have changed and we exclude the loan from the general allowance pool, typically designating it as nonaccruing. For these loans, a specific allowance reflects the expected credit loss.

We measure specific allowances for loans excluded from the general allowance pool by an evaluation of estimated future cash flows discounted at the loan's initial effective interest rate or the fair value of collateral for certain collateral dependent loans. For a non-collateral dependent loan, the specific allowance is the amount by which the loan's amortized cost basis exceeds its net realizable value. We measure the specific allowance for collateral dependent loans as the amount by which the loan's amortized cost basis exceeds its fair value. When repayment is expected to be provided substantially through the sale of collateral, we deduct estimated selling costs from the collateral's fair value. Generally, for real property held as collateral for loans, third-party appraisals that conform to Uniform Standards of Professional Appraisal Practice serve as the basis for the fair value of real property held as collateral. These appraised values are on an "as-is" basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. For energy loans, our internal staff of engineers generally determines collateral value of mineral rights based on projected cash flows from proven oil and gas reserves under existing economic and operating conditions. For real property held as collateral for other loans, third-party appraisals that conform to Uniform Standards of Professional Appraisal Practice generally serve as the basis for the fair value. These appraised values are on an "as-is" basis and generally are not adjusted by the Company. We obtain updated appraisals at least annually or more frequently if market conditions indicate collateral values may have declined. Our special assets staff generally determines the value of other collateral based on projected liquidation cash flows under current market conditions. We evaluate collateral values and available cash resources quarterly. Historical statistics may be used to estimate specific allowances in limited situations, such as when a collateral dependent loan is removed from the general allowance pool near the end of a reporting period until an appraisal of collateral value is received or a full assessment of future cash flows is completed.

General allowances estimate expected credit losses on pools of loans sharing similar risk characteristics that are expected to occur over the loan's estimated remaining life. The loan's estimated remaining life represents the contractual term adjusted for amortization, estimates of prepayments, and borrower-owned extension options. Approximately 90% of the committed dollars in the loan portfolio are risk-graded loans with general allowance model inputs that include probability of default, loss given default, and exposure at default. Probability of default is based on the migration of loans from performing to nonperforming using historical life of loan analysis periods. Loss given default is based on the aggregate losses incurred, net of estimated recoveries. Exposure at default represents an estimate of the outstanding amount of credit exposure at the time a default may occur.

Charge-off migration is used to calculate the general allowance for the majority of non-risk graded loans to individuals. The expected credit loss on less than 10% of the committed dollars in the portfolio is calculated using charge-off migration.

The expected credit loss on approximately 1% of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.

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In estimating the expected credit losses for general allowances on performing risk-graded loans, each portfolio class is assigned relevant economic loss drivers which best explain variations in portfolio net loss rates. The probability of default estimates for each portfolio class are adjusted for current and forecasted economic conditions. The result is applied to the exposure at default and loss given default to calculate the lifetime expected credit loss estimate. Selection of relevant economic loss drivers is re-evaluated periodically and involves statistical analysis as well as management judgment. The unemployment rate factors significantly in the allowance for loan losses calculation affecting commercial and loans to individuals segments. Other primary factors impacting the commercial portfolio include BBB corporate spreads, real gross domestic product growth rate, and energy commodity prices. The primary commercial real estate variables are vacancy rate and BBB corporate spreads. In addition to the unemployment rate, the forecast for loans to individuals is tied to a home price index. The forecasts may include regional economic factors when localized conditions diverge from national conditions.

An Economic Forecast Committee, consisting of senior management with members largely independent of the allowance process, develops a twelve-month forward-looking forecast for the relevant economic loss drivers. Management develops these forecasts based on external data as well as a view of future economic conditions which may include adjustments for regional conditions. The forecast includes three economic scenarios and probability weights for each scenario. The base forecast represents management's view of the most likely outcome, while the downside forecast reflects reasonably possible worsening economic conditions, and the upside forecast projects reasonably possible improving conditions.

At the end of the one-year reasonable and supportable forecast period, we transition from shorter-term expected losses to long-term loss averages for the loan's estimated remaining life. The difference between short-term loss forecasts and long-term loss averages is run-off over the reversion horizon, up to three years, depending on the forecasted economic scenarios.

General allowances also consider the estimated impact of factors that are not captured in the modeled results or historical experience. These factors may increase or decrease modeled results by amounts determined by the Allowance Committee. Factors not captured in modeled results or historical experience may include, for example, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macro-economic factors, or economic conditions that impact loss given default assumptions.

The accrual for off-balance sheet credit risk is maintained at a level that is appropriate to cover estimated losses associated with credit instruments that are not currently recognized as assets such as loan commitments, standby letters of credit, or guarantees that are not unconditionally cancelable by the bank. This accrual is included in Other liabilities in the Consolidated Balance Sheets. The appropriateness of the accrual is determined in the same manner as the allowance for loan losses, with the added consideration of commitment usage over the remaining life for those loans that the bank cannot unconditionally cancel.

A provision for credit losses is charged against or credited to earnings in amounts necessary to maintain an appropriate allowance for credit losses. Recoveries of loans previously charged off are added to the allowance when received.

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):

	Three Months Ended
	March 31, 2026
	Commercial		Commercial Real Estate		Loans to Individuals		Total
Allowance for loan losses:
Beginning balance	$	137,225	$	86,120	$	52,515	$	275,860
Provision for loan losses	(875)		735		3,872		3,732
Loans charged off	(1,435)		—		(1,741)		(3,176)
Recoveries of loans previously charged off	704		18		581		1,303
Ending balance	$	135,619	$	86,873	$	55,227	$	277,719
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance	$	19,723	$	30,086	$	1,462	$	51,271
Provision for off-balance sheet credit risk	(1,779)		(4,324)		169		(5,934)
Ending balance	$	17,944	$	25,762	$	1,631	$	45,337

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	Three Months Ended
	March 31, 2025
	Commercial		Commercial Real Estate		Loans to Individuals		Total
Allowance for loan losses:
Beginning balance	$	145,153	$	91,072	$	43,810	$	280,035
Provision for loan losses	(855)		2,467		(1,948)		(336)
Loans charged off	(1,085)		—		(1,206)		(2,291)
Recoveries of loans previously charged off	292		185		709		1,186
Ending balance	$	143,505	$	93,724	$	41,365	$	278,594
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance	$	18,046	$	31,959	$	1,635	$	51,640
Provision for off-balance sheet credit risk	(1,879)		1,502		825		448
Ending balance	$	16,167	$	33,461	$	2,460	$	52,088

No provision for credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each impairment measurement method at March 31, 2026, is as follows (in thousands):

	Collectively Measured<br>for General Allowances				Individually Measured<br>for Specific Allowances				Total
	Recorded Investment		Related Allowance		Recorded Investment		Related Allowance		Recorded Investment		Related<br>Allowance
Commercial	$	15,547,817	$	132,538	$	25,266	$	3,081	$	15,573,083	$	135,619
Commercial real estate	5,878,078		86,873		6,601		—		5,884,679		86,873
Loans to individuals	4,701,494		55,227		28,137		—		4,729,631		55,227
Total	$	26,127,389	$	274,638	$	60,004	$	3,081	$	26,187,393	$	277,719

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2025, is as follows (in thousands):

	Collectively Measured<br>for General Allowances				Individually Measured<br>for Specific Allowances				Total
	Recorded Investment		Related Allowance		Recorded Investment		Related Allowance		Recorded Investment		Related<br>Allowance
Commercial	$	15,244,965	$	133,232	$	36,102	$	3,993	$	15,281,067	$	137,225
Commercial real estate	5,665,309		83,925		6,697		2,195		5,672,006		86,120
Loans to individuals	4,666,828		52,515		31,561		—		4,698,389		52,515
Total	$	25,577,102	$	269,672	$	74,360	$	6,188	$	25,651,462	$	275,860

Credit Quality Indicators

The Company utilizes risk grading as primary credit quality indicators as it influences the probability of default which is a key attribute in the expected credit losses calculation. Substantially all commercial as well as commercial real estate loans and certain loans to individuals are risk graded based on a quarterly evaluation of the borrowers' ability to repay the loans. Certain commercial loans and most loans to individuals are small, homogeneous pools that are not risk graded. The credit quality of these loans is based on past due days in accordance with regulatory guidelines.

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We have included in the credit quality indicator "pass" loans that are in compliance with the original terms of the agreement and currently exhibit no factors that cause management to have doubts about the borrowers' ability to remain in compliance with the original terms of the agreement, which is consistent with the regulatory guideline of "pass." This also includes past due residential mortgages that are guaranteed by agencies of the U.S. government that continue to accrue interest based on criteria of the guarantors' programs.

Other loans especially mentioned ("Special Mention") are currently performing in compliance with the original terms of the agreement but may have a potential weakness that deserves management's close attention, consistent with regulatory guidelines. Non-graded loans 30 to 59 days past due are categorized as Special Mention.

The risk grading process identifies certain loans that have a well-defined weakness (for example, inadequate debt service coverage or liquidity or marginal capitalization; repayment may depend on collateral or other risk mitigation) that may jeopardize liquidation of the debt and represent a greater risk due to deterioration in the financial condition of the borrower. This is consistent with the regulatory guideline for "substandard." Because the borrowers are still performing in accordance with the original terms of the loan agreements, these loans remain on accruing status. Non-graded loans 60 to 89 days past due are categorized as Accruing Substandard.

Nonaccruing loans represent loans for which full collection of principal and interest is uncertain. This includes certain loans considered "substandard" and all loans considered "doubtful" by regulatory guidelines. Non-graded loans 90 or more days past due are categorized as Nonaccrual.

The probability of default is lowest for pass graded loans and increases for Special Mention and Accruing Substandard.

Vintage represents the year of origination, except for revolving loans which are considered in aggregate. Loans that were once revolving but have converted to term loans without additional underwriting appear in a separate vintage column.

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The following table summarizes the Company’s loan portfolio at March 31, 2026, by the risk grade categories and vintage (in thousands):

	Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial:
Healthcare
Pass	$	155,216	$	1,138,937	$	472,763	$	376,144	$	731,332	$	687,121	$	229,654	$	6	$	3,791,173
Special Mention	—		—		—		—		9,145		92		4		—		9,241
Accruing Substandard	175		1,493		9,048		37,340		3,761		82,394		—		—		134,211
Nonaccrual	—		—		1,188		14,850		—		5,100		—		—		21,138
Total healthcare	155,391		1,140,430		482,999		428,334		744,238		774,707		229,658		6		3,955,763
Services
Pass	171,749		628,978		420,476		453,455		371,438		799,631		939,073		413		3,785,213
Special Mention	—		980		3,098		1,151		—		21,941		67,320		—		94,490
Accruing Substandard	—		5,783		210		7,118		1,397		5,359		1,103		—		20,970
Nonaccrual	—		393		29		—		838		—		—		—		1,260
Total services	171,749		636,134		423,813		461,724		373,673		826,931		1,007,496		413		3,901,933
Loans charged off, year-to-date	—		—		—		—		—		—		1,043		—		1,043
Energy
Pass	30,815		125,973		55,855		43,546		10,128		13,926		2,725,450		—		3,005,693
Total energy	30,815		125,973		55,855		43,546		10,128		13,926		2,725,450		—		3,005,693
Mortgage finance
Pass	—		7,553		—		14,386		—		—		206,303		—		228,242
Total mortgage finance	—		7,553		—		14,386		—		—		206,303		—		228,242
General business
Pass	192,261		818,635		352,154		322,276		177,623		463,486		2,031,723		1,176		4,359,334
Special Mention	542		15,137		2,334		13,452		3,455		8,574		39,428		156		83,078
Accruing Substandard	3,035		14,789		3,692		5,488		4,452		1,799		2,917		—		36,172
Nonaccrual	—		—		—		—		—		2,797		62		9		2,868
Total general business	195,838		848,561		358,180		341,216		185,530		476,656		2,074,130		1,341		4,481,452
Loans charged off, year-to-date	6		—		—		—		—		—		386		—		392
Total commercial	553,793		2,758,651		1,320,847		1,289,206		1,313,569		2,092,220		6,243,037		1,760		15,573,083

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	Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial real estate:
Pass	221,026		1,086,536		1,022,175		437,206		1,532,095		1,393,964		109,487		—		5,802,489
Special Mention	—		—		1,514		17,219		6,378		2,166		—		—		27,277
Accruing Substandard	29		—		482		—		1,065		46,736		—		—		48,312
Nonaccrual	—		—		—		—		—		6,601		—		—		6,601
Total commercial real estate	221,055		1,086,536		1,024,171		454,425		1,539,538		1,449,467		109,487		—		5,884,679
Loans to individuals:
Residential mortgage
Pass	131,859		542,791		378,919		245,780		239,314		706,700		477,756		31,967		2,755,086
Special Mention	—		—		—		92		137		5,313		803		1,153		7,498
Accruing Substandard	—		—		—		74		—		27		266		1,008		1,375
Nonaccrual	—		299		1,345		2,514		1,920		8,262		5,099		736		20,175
Total residential mortgage	131,859		543,090		380,264		248,460		241,371		720,302		483,924		34,864		2,784,134
Loans charged off, year-to-date	—		—		—		—		—		3		—		—		3
Residential mortgage guaranteed by U.S. government agencies
Pass	—		2,210		7,935		12,458		8,617		121,266		—		—		152,486
Nonaccrual	—		—		—		—		—		7,768		—		—		7,768
Total residential mortgage guaranteed by U.S. government agencies	—		2,210		7,935		12,458		8,617		129,034		—		—		160,254
Personal
Pass	65,191		467,124		180,573		189,447		126,524		283,839		465,619		68		1,778,385
Special Mention	—		58		25		4		4		31		1,216		—		1,338
Accruing Substandard	—		5,276		—		—		—		12		38		—		5,326
Nonaccrual	—		—		48		2		8		136		—		—		194
Total personal	65,191		472,458		180,646		189,453		126,536		284,018		466,873		68		1,785,243
Loans charged off, year-to-date1	1,191		18		—		29		1		—		499		—		1,738
Total loans to individuals	197,050		1,017,758		568,845		450,371		376,524		1,133,354		950,797		34,932		4,729,631
Total loans	$	971,898	$	4,862,945	$	2,913,863	$	2,194,002	$	3,229,631	$	4,675,041	$	7,303,321	$	36,692	$	26,187,393

1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2025, by the risk grade categories and vintage (in thousands):

	Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial:
Healthcare
Pass	$	1,110,851	$	460,630	$	413,197	$	744,765	$	298,992	$	546,567	$	226,298	$	9	$	3,801,309
Special Mention	—		—		—		43,576		96		—		5		—		43,677
Accruing Substandard	181		9,589		37,492		4,144		5,170		83,156		—		—		139,732
Nonaccrual	—		—		14,850		—		—		8,638		2		—		23,490
Total healthcare	1,111,032		470,219		465,539		792,485		304,258		638,361		226,305		9		4,008,208
Loans charged off, year-to-date	—		—		—		—		31		—		—		—		31
Services
Pass	693,147		462,642		488,381		393,685		265,346		612,098		865,163		491		3,780,953
Special Mention	1,071		4,369		428		—		—		20,011		76,565		—		102,444
Accruing Substandard	4,595		218		9,857		1,421		2,136		3,404		754		—		22,385
Nonaccrual	446		29		—		864		—		—		4,796		—		6,135
Total services	699,259		467,258		498,666		395,970		267,482		635,513		947,278		491		3,911,917
Loans charged off, year-to-date	—		—		—		—		—		—		4,147		21		4,168
Energy
Pass	147,840		58,798		44,882		10,479		2,297		19,500		2,598,446		—		2,882,242
Total energy	147,840		58,798		44,882		10,479		2,297		19,500		2,598,446		—		2,882,242
Loans charged off, year-to-date	—		—		—		—		—		—		94		—		94
Mortgage finance:
Pass	—		—		—		—		—		—		177,765		—		177,765
Total mortgage finance	—		—		—		—		—		—		177,765		—		177,765
General business
Pass	845,421		389,679		424,859		179,660		139,664		318,834		1,888,938		1,369		4,188,424
Special Mention	24,882		1,480		6,920		4,288		7,070		2,099		40,873		106		87,718
Accruing Substandard	641		4,338		4,416		5,441		1,466		—		2,014		—		18,316
Nonaccrual	—		—		1,445		2,163		72		2,787		—		10		6,477
Total general business	870,944		395,497		437,640		191,552		148,272		323,720		1,931,825		1,485		4,300,935
Loans charged off, year-to-date	14		—		132		—		—		—		826		109		1,081
Total commercial	2,829,075		1,391,772		1,446,727		1,390,486		722,309		1,617,094		5,881,619		1,985		15,281,067

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	Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial real estate:
Pass	948,049		939,354		476,954		1,670,158		671,080		777,510		107,199		—		5,590,304
Special Mention	—		—		—		6,405		—		3,949		—		—		10,354
Accruing Substandard	—		484		—		4,971		29,324		29,872		—		—		64,651
Nonaccrual	—		—		—		—		—		6,697		—		—		6,697
Total commercial real estate	948,049		939,838		476,954		1,681,534		700,404		818,028		107,199		—		5,672,006
Loans charged off, year-to-date	—		—		—		126		—		—		—		—		126
Loans to individuals:
Residential mortgage
Pass	564,508		404,186		265,734		250,169		280,232		452,195		458,006		29,190		2,704,220
Special Mention	—		—		—		140		10		5,387		1,628		1,298		8,463
Accruing Substandard	—		—		72		—		—		12		385		—		469
Nonaccrual	95		1,333		1,314		1,594		1,402		7,280		4,465		780		18,263
Total residential mortgage	564,603		405,519		267,120		251,903		281,644		464,874		464,484		31,268		2,731,415
Loans charged off, year-to-date	—		38		48		—		—		56		178		—		320
Residential mortgage guaranteed by U.S. government agencies
Pass	776		3,676		9,453		8,486		2,801		124,581		—		—		149,773
Nonaccrual	—		—		398		265		—		7,923		—		—		8,586
Total residential mortgage guaranteed by U.S. government agencies	776		3,676		9,851		8,751		2,801		132,504		—		—		158,359
Personal
Pass	489,188		188,899		201,427		140,602		101,967		197,075		476,829		282		1,796,269
Special Mention	22		18		46		17		16		4		1,182		—		1,305
Accruing Substandard	6,186		12		—		2		—		129		—		—		6,329
Nonaccrual	7		56		4,627		9		12		1		—		—		4,712
Total personal	495,403		188,985		206,100		140,630		101,995		197,209		478,011		282		1,808,615
Loans charged off, year-to-date1	4,325		87		24		19		—		5		25		—		4,485
Total loans to individuals	1,060,782		598,180		483,071		401,284		386,440		794,587		942,495		31,550		4,698,389
Total loans	$	4,837,906	$	2,929,790	$	2,406,752	$	3,473,304	$	1,809,153	$	3,229,709	$	6,931,313	$	33,535	$	25,651,462

1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at March 31, 2026, follows (in thousands):

	As of March 31, 2026
	Total		With No<br>Allowance		With Allowance		Related Allowance
Commercial:
Healthcare	$	21,138	$	14,850	$	6,288	$	331
Services	1,260		1,260		—		—
General business	2,868		118		2,750		2,750
Total commercial	25,266		16,228		9,038		3,081
Commercial real estate	6,601		6,601		—		—
Loans to individuals:
Residential mortgage	20,175		20,175		—		—
Residential mortgage guaranteed by U.S. government agencies	7,768		7,768		—		—
Personal	194		194		—		—
Total loans to individuals	28,137		28,137		—		—
Total	$	60,004	$	50,966	$	9,038	$	3,081

The majority of our nonaccruing loans are considered collateral dependent where repayment is expected to be provided through operation or sale of the collateral. Nonaccruing commercial and commercial real estate loans are primarily secured by commercial real estate and nonaccruing residential mortgage loans are secured by residential real estate.

A summary of nonaccruing loans at December 31, 2025, follows (in thousands):

	As of December 31, 2025
	Total		With No<br>Allowance		With Allowance		Related Allowance
Commercial:
Healthcare	$	23,490	$	18,390	$	5,100	$	200
Services	6,135		1,339		4,796		1,043
General business	6,477		3,727		2,750		2,750
Total commercial	36,102		23,456		12,646		3,993
Commercial real estate	6,697		—		6,697		2,195
Loans to individuals:
Residential mortgage	18,263		18,263		—		—
Residential mortgage guaranteed by U.S. government agencies	8,586		8,586		—		—
Personal	4,712		4,712		—		—
Total loans to individuals	31,561		31,561		—		—
Total	$	74,360	$	55,017	$	19,343	$	6,188

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the three months ended March 31, 2026, the Company had $30 million of loan modifications to borrowers experiencing financial difficulty including $16 million of commercial real estate loans and $9.2 million of healthcare loans. Modifications generally consist of interest rate reductions, other than insignificant payment delays, term extensions, or a combination thereof. The majority of loan modifications during the three month ended March 31, 2026 were term extensions. During the three months ended March 31, 2026, $4.2 million of loans that were modified in the previous twelve months defaulted. Approximately $3.3 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies. A payment default is defined as being 30 or more days past due after modification.

For the three months ended March 31, 2025, the Company had $3.3 million of loan modifications to borrowers experiencing financial difficulty. Approximately $2.6 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the three months ended March 31, 2025, $6.4 million of loans that were modified in the previous twelve months defaulted. Approximately $5.9 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies.

Past Due Loans

Past due status for all loan classes is based on the actual number of days since the last payment was due according to the contractual terms of the loans, as modified for short-term payment deferral forbearance.

A summary of loans currently performing and past due as of March 31, 2026, is as follows (in thousands):

			Past Due								Past Due 90 Days or More and Accruing
	Current		30 to 59<br>Days		60 to 89 Days		90 Days<br>or More		Total
Commercial:
Healthcare	$	3,935,813	$	—	$	—	$	19,950	$	3,955,763	$	—
Services	3,901,776		100		28		29		3,901,933		—
Energy	3,005,693		—		—		—		3,005,693		—
Mortgage finance	228,242		—		—		—		228,242		—
General business	4,474,908		1,450		247		4,847		4,481,452		2,097
Total commercial	15,546,432		1,550		275		24,826		15,573,083		2,097
Commercial real estate	5,878,078		—		—		6,601		5,884,679		—
Loans to individuals:
Residential mortgage	2,761,898		16,182		843		5,211		2,784,134		314
Residential mortgage guaranteed by U.S. government agencies	48,337		27,087		—		84,830		160,254		81,958
Personal	1,782,318		1,339		1,460		126		1,785,243		—
Total loans to individuals	4,592,553		44,608		2,303		90,167		4,729,631		82,272
Total	$	26,017,063	$	46,158	$	2,578	$	121,594	$	26,187,393	$	84,369

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A summary of loans currently performing and past due as of December 31, 2025, is as follows (in thousands):

			Past Due								Past Due 90 Days or More and Accruing
	Current		30 to 59<br>Days		60 to 89 Days		90 Days<br>or More		Total
Commercial:
Healthcare	$	3,984,720	$	—	$	—	$	23,488	$	4,008,208	$	—
Services	3,903,616		3,476		4,796		29		3,911,917		—
Energy	2,882,242		—		—		—		2,882,242		—
Mortgage finance	177,765		—		—		—		177,765		—
General business	4,291,391		5,702		3,842		—		4,300,935		—
Total commercial	15,239,734		9,178		8,638		23,517		15,281,067		—
Commercial real estate	5,664,492		817		—		6,697		5,672,006		—
Loans to individuals:
Residential mortgage	2,714,617		8,570		2,182		6,046		2,731,415		—
Residential mortgage guaranteed by U.S. government agencies	47,950		17,975		11,377		81,057		158,359		76,535
Personal	1,799,975		3,463		551		4,626		1,808,615		—
Total loans to individuals	4,562,542		30,008		14,110		91,729		4,698,389		76,535
Total	$	25,466,768	$	40,003	$	22,748	$	121,943	$	25,651,462	$	76,535

(5) Mortgage Banking Activities

Residential Mortgage Loan Production

The Company originates, markets, and services conventional and government-sponsored residential mortgage loans. Generally, conforming fixed-rate residential mortgage loans are held for sale in the secondary market, and non-conforming and adjustable-rate residential mortgage loans are retained for investment. Residential mortgage loans originated for sale by the Company are carried at fair value based on sales commitments and market quotes. Changes in the fair value of mortgage loans held for sale are included in Other operating revenue – Mortgage banking revenue. Residential mortgage loans held for sale also includes the fair value of residential mortgage loan commitments and forward sales commitments, which are considered derivative contracts that have not been designated as hedging instruments for accounting purposes. The volume of mortgage loans originated for sale and secondary market prices are the primary drivers of originating and marketing revenue.

Residential mortgage loan commitments are generally outstanding for 60 to 90 days, which represents the typical period from commitment to originate a residential mortgage loan to when the closed loan is sold to an investor. Residential mortgage loan commitments are subject to both credit and interest rate risk. Credit risk is managed through underwriting policies and procedures, including collateral requirements, which are generally accepted by the secondary loan markets. Exposure to interest rate fluctuations is partially managed through forward sales of residential mortgage-backed securities and forward sales contracts. These latter contracts set the price for loans that will be delivered in the next 60 to 90 days.

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The unpaid principal balance of RMHFS, notional amounts of derivative contracts related to residential mortgage loan commitments, and forward contract sales and their related fair values included in Residential mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):

	March 31, 2026				December 31, 2025
	Unpaid Principal Balance/<br>Notional		Fair Value		Unpaid Principal Balance/<br>Notional		Fair Value
Residential mortgage loans held for sale	$	102,250	$	101,249	$	93,110	$	93,133
Residential mortgage loan commitments	83,674		2,348		49,048		1,729
Forward sales contracts	147,000		1,276		100,500		(232)
			$	104,873			$	94,630

No RMHFS were 90 days or more past due or considered impaired as of March 31, 2026, or December 31, 2025. No credit losses were recognized on RMHFS for the three month period ended March 31, 2026, and 2025.

Mortgage banking revenue was as follows (in thousands):

	Three Months Ended<br>March 31,
	2026		2025
Production revenue:
Net realized gains on sale of mortgage loans	$	2,823	$	1,456
Net change in unrealized gain (loss) on mortgage loans held for sale	(1,024)		994
Net change in the fair value of mortgage loan commitments	619		1,029
Net change in the fair value of forward sales contracts	1,508		(850)
Total mortgage production revenue	3,926		2,629
Servicing revenue	17,037		17,186
Total mortgage banking revenue	$	20,963	$	19,815

Mortgage production revenue includes gain (loss) on RMHFS, changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments, and forward sales contracts. Servicing revenue includes servicing fee income and late charges on loans serviced for others.

Residential Mortgage Servicing

Mortgage servicing rights may be originated or purchased. Both originated and purchased MSR are initially recognized at fair value. The Company has elected to carry all MSR at fair value. Changes in the fair value are recognized in earnings as they occur. The unpaid principal balance of loans serviced for others is the primary driver of servicing revenue.

The following represents a summary of mortgage servicing rights (dollars in thousands):

	March 31, 2026			December 31, 2025
Number of residential mortgage loans serviced for others	123,658			123,263
Outstanding principal balance of residential mortgage loans serviced for others	$	21,989,466		$	21,760,414
Weighted average interest rate	3.85		%	3.83		%
Remaining term (in months)	269			270

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The following represents activity in capitalized mortgage servicing rights (in thousands):

	Three Months Ended March 31,
	2026		2025
Beginning Balance	$	322,724	$	338,145
Additions	4,010		2,509
Acquisitions	8,645		14,615
Change in fair value due to principal payments	(10,153)		(5,918)
Change in fair value due to market assumption changes	8,155		(7,240)
Ending Balance	$	333,381	$	342,111

Changes in the fair value of MSR due to market assumption changes are included in Other operating revenue in the Consolidated Statements of Earnings. Changes in fair value due to principal payments are included in Mortgage banking costs.

MSR are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:

	March 31, 2026	December 31, 2025
Discount rate – risk-free rate plus a market premium	9.42%	9.31%
Prepayment rate – based upon loan interest rate, original term, and loan type	6.93%	7.07%
Loan servicing costs – annually per loan based upon loan type:
Performing loans	$73 - $94	$73 - $94
Delinquent loans	$150 - $500	$150 - $500
Loans in foreclosure	$875 - $6,000	$875 - $6,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life	3.82%	3.66%
Primary/secondary mortgage rate spread	125 bps	128 bps
Delinquency rate	2.10%	2.28%

Changes in primary residential mortgage interest rates directly affect the prepayment speeds used in valuing our MSR. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults, and other relevant factors. The prepayment model is updated periodically for changes in market conditions and adjusted to better correlate with actual performance of BOK Financial's servicing portfolio.

(6) Commitments and Contingent Liabilities

Litigation Contingencies

As a member of Visa, BOK Financial is obligated for a proportionate share of certain covered litigation losses incurred by Visa under a retrospective responsibility plan. A contingent liability was recognized for the Company’s share of Visa’s covered litigation liabilities. Visa funded an escrow account to cover litigation claims, including covered litigation losses under the retrospective responsibility plan, with proceeds from its initial public offering in 2008 and from available cash.

On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa Class B-2 shares and Visa C shares, and subsequently to freely transferable Visa A common shares, subject to certain restrictions and holding period requirements (the "2024 Exchange Offer").

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BOK Financial currently owns 126,116 Visa Class B-2 shares. As a condition of participating in the 2024 Exchange Offer, the Company entered into a Makewhole Agreement (the "2024 Makewhole Agreement") with Visa that provides for cash payments to Visa to the extent, if any, that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero. Currently, Visa Class B-2 common stock is convertible under certain circumstances into Visa’s publicly traded Class A common stock at a rate of 1.5075 shares of Class A common stock for each Visa B-2 share, subject to adjustment. Changes to the conversion ratio occur when Visa deposits funds into a litigation escrow fund established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa has been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock. The purpose of the 2024 Makewhole Agreement is to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange. As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 8, 2024 and publicly filed with the U.S. SEC, both the 2024 Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-1 common stock and the Class B-2 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-2 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio.

On April 13, 2026, Visa, Inc. initiated its first successive Exchange Offer (the "Exchange Offer") for holders of Class B-1 or Class B-2 shares (collectively, "Class B shares") to exchange Class B shares for a combination of Visa Class B-3 common shares and Visa Class C common shares, subject to holding periods and certain other conditions contained in the Exchange Offer. The Exchange Offer opened on April 13, 2026, and is scheduled to expire at the end of the day on May 8, 2026. The Company tendered its Class B-2 Visa shares under the Exchange Offer and expects to receive 63,058 newly issued Class B-3 shares subject to the same restrictions on transfer and conversion that applied to Class B-2 shares. The Company also expects to receive 23,760 Class C shares which are convertible into 95,040 Visa Class A common shares upon expiration of the Exchange Offer. Receipt of such shares is contingent on Visa's acceptance of the tendered Class B-2 shares. The Company also entered into a Makewhole Agreement (the "2026 Makewhole Agreement"). As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 13, 2026 and publicly filed with the U. S. Securities and Exchange Commission, holders of Visa B shares who are subject to multiple Makewhole Agreements are only obligated to reimburse Visa under a Makewhole Agreement that corresponds to one class of Class B common stock at any given time. Both the 2026 and 2024 Makewhole Agreements and the related escrow fund and transfer restrictions on Visa’s Class B shares will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B shares will be convertible into shares of its Class A common stock at the then-applicable conversion ratio. Conversion of Class B shares would not reduce our proportionate share of the covered litigation losses which may dilute our remaining Class B shares if the escrow fund is not adequate to cover final litigation costs.

On June 24, 2015, BOKF, NA received a complaint that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the SEC. On September 7, 2016, BOKF, NA agreed to, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and required BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty. On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action alleging BOKF, NA participated in the fraudulent sale of securities by the principals. On March 12, 2026, the Court lifted the stay for the limited purpose of allowing Defendants to file dispositive Motions which are due May 7, 2026.

On December 28, 2015, in an action brought by the SEC, the New Jersey District Court entered a Consent Judgment against the principals involved in issuing the bonds. On January 8, 2020, the Court entered Final Judgment against the principal individual and his wife for $36,805,051 in principal amount and $10,937,831 in pre-judgment interest. The sale of all remaining collateral securing payment of the bonds has occurred and approximately $29 million remains outstanding. The SEC continues to aggressively pursue collection of the judgment. If the individual principal and his wife cannot pay the bonds, a bondholder loss could become probable. Management has been advised by counsel that BOKF, NA has valid defenses to claims of bondholders and that no loss to the Company is probable. No provision for losses has been made at this time.

In the ordinary course of business, BOK Financial and its subsidiaries are subject to legal actions and complaints. Management believes, based upon the opinion of counsel, that the actions and liability or loss, if any, resulting from the final outcomes of the proceedings, will not have a material effect on the Company's financial condition, results of operations, or cash flows.

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Alternative Investment Commitments

The Company invests in several tax credit entities and other funds as permitted by banking regulations. Consolidation of these investments is based on the variable interest model.

At March 31, 2026, the Company had $449 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. These investments are recognized in Other assets on the Consolidated Balance Sheets. This investment balance also includes $134 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On May 5, 2026, the Company declared a quarterly cash dividend of $0.63 per common share payable on or about May 27, 2026, to shareholders of record as of May 13, 2026.

Dividends declared were $0.63 per share during the three months ended March 31, 2026, and $0.57 per share during the three months ended March 31, 2025.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on AFS securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. Gains and losses in AOCI are net of deferred income taxes.

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):

	Unrealized Gain (Loss) on
	Available-for-Sale Securities		Investment Securities Transferred from AFS		Total
Balance, Dec. 31, 2024	$	(412,348)	$	(90,692)	$	(503,040)
Net change in unrealized gain (loss)	173,828		—		173,828
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		9,444		9,444
Other comprehensive income (loss), before income taxes	173,828		9,444		183,272
Federal and state income taxes	40,476		2,099		42,575
Other comprehensive income (loss), net of income taxes	133,352		7,345		140,697
Balance, March 31, 2025	$	(278,996)	$	(83,347)	$	(362,343)
Balance, Dec. 31, 2025	$	(102,569)	$	(63,601)	$	(166,170)
Net change in unrealized gain (loss)	(84,412)		—		(84,412)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		7,376		7,376
Other comprehensive income (loss), before income taxes	(84,412)		7,376		(77,036)
Federal and state income taxes	(19,947)		1,743		(18,204)
Other comprehensive income (loss), net of income taxes	(64,465)		5,633		(58,832)
Balance, March 31, 2026	$	(167,034)	$	(57,968)	$	(225,002)

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(8) Earnings Per Share

The following table presents the computation of basic and diluted earnings per share (dollars in thousands, except per share data):

	Three Months Ended March 31,
	2026		2025
Numerator:
Net income attributable to BOK Financial Corp. shareholders	$	155,766	$	119,777
Less: Earnings allocated to participating securities	1,086		1,267
Income available to common shareholders - basic and diluted	$	154,680	$	118,510
Denominator:
Weighted average shares outstanding - basic and diluted	60,033,282		63,547,510
Basic and diluted earnings per share	$	2.58	$	1.86

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(9) Reportable Segments

BOK Financial operates three principal segments: Commercial Banking, Consumer Banking, and Wealth Management, with the remaining operations recorded in Funds Management and Other. Segments are determined based on BOK Financial's organizational structure and services provided.

The CODM for BOK Financial is the Chief Executive Officer. The CODM evaluates the performance of our segments using net income before taxes, which includes the allocation of funds and capital costs and certain indirect allocations. Segment results are tax effected to present revenue from non-taxable activities as if it had been taxable. Additionally, the CODM primarily relies on the spread between interest revenue and interest expense to assess performance and to make resource allocation decisions where the majority of the segment's revenues are from interest. Therefore, interest revenue is presented net of interest expense. The CODM also reviews budget to actual variances monthly when making decisions about the allocation of operating and capital resources to each segment. Credit costs are attributed to the segments based on net loans charged off or recovered. The difference between credit costs attributed to the segment and the consolidated provision for credit losses is attributed to Funds Management and Other.

Modifications of management structure or allocation methodologies may result in changes to previously reported segment data; prior periods have been restated on a comparable basis. See the Reportable Segments section of Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information regarding the Company's reportable segments. Additional information can be found in our most recent Annual Report on Form 10-K.

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2026 is as follows (in thousands):

	Commercial Banking		Consumer Banking		Wealth<br>Management		Segment Total		Funds Management and Other		BOK<br><br>Financial<br><br>Corporation
Net interest income from external sources	$	241,317	$	17,788	$	19,867	$	278,972	$	63,582	$	342,554
Net interest income (expense) from internal sources	(67,844)		38,201		23,107		(6,536)		6,536		—
Net interest income	173,473		55,989		42,974		272,436		70,118		342,554
Net loans charged off and provision for credit losses	400		1,508		496		2,404		(2,404)		—
Net interest income after provision for credit losses	173,073		54,481		42,478		270,032		72,522		342,554
Other operating revenue	60,068		42,866		110,387		213,321		(2,053)		211,268
Personnel expense	51,267		25,466		69,413		146,146		65,028		211,174
Non-personnel expense	31,041		38,027		28,756		97,824		45,168		142,992
Total other operating expense	82,308		63,493		98,169		243,970		110,196		354,166
Corporate allocations	16,046		14,686		17,155		47,887		(47,887)		—
Net income before taxes	$	134,787	$	19,168	$	37,541	$	191,496	$	8,160	$	199,656
Average assets	$	22,679,465	$	8,452,393	$	11,370,683	$	42,502,541	$	10,620,468	$	53,123,009

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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2025 is as follows (in thousands):

	Commercial Banking		Consumer Banking		Wealth<br>Management		Segment Total		Funds Management and Other		BOK<br><br>Financial<br><br>Corporation
Net interest income from external sources	$	231,423	$	8,740	$	13,942	$	254,105	$	62,146	$	316,251
Net interest income (expense) from internal sources	(53,165)		48,512		30,560		25,907		(25,907)		—
Net interest income	178,258		57,252		44,502		280,012		36,239		316,251
Net loans charged off and provision for credit losses	148		1,517		(8)		1,657		(1,657)		—
Net interest income after provision for credit losses	178,110		55,735		44,510		278,355		37,896		316,251
Other operating revenue	55,521		39,058		96,336		190,915		(4,874)		186,041
Personnel expense	49,574		25,837		67,245		142,656		71,529		214,185
Non-personnel expense	28,906		31,399		27,021		87,326		46,018		133,344
Total other operating expense	78,480		57,236		94,266		229,982		117,547		347,529
Corporate allocations	17,055		15,435		13,854		46,344		(46,344)		—
Net income before taxes	$	138,096	$	22,122	$	32,726	$	192,944	$	(38,181)	$	154,763
Average assets	$	21,400,745	$	8,201,821	$	11,367,435	$	40,970,001	$	10,016,902	$	50,986,903

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(10) Fees and Commissions Revenue

Fees and commissions revenue is generated through the sales of products, consisting primarily of financial instruments, and the performance of services for customers under contractual obligations. Revenue from providing services for customers is primarily recognized at the time services are provided in an amount that reflects the consideration we expect to be entitled to for those services. Revenue is recognized based on the application of five steps:

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when (or as) the Company satisfies a performance obligation

For contracts with multiple performance obligations, individual performance obligations are accounted for separately if the customer can benefit from the good or service on its own or with other resources readily available to the customer, and the promise to transfer goods and services to the customer is separately identifiable in the contract. The transaction price is allocated to the performance obligations based on relative standalone selling prices.

Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for the products or services of others.

Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage, and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs, including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates, or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds, and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications.

Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer's transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes BOKF, NA. Electronic funds transfer fees are recognized as electronic transactions are processed on behalf of its members.

Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory, and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.

Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charges, and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing, and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on RMHFS. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2026 (in thousands):

	Commercial Banking		Consumer Banking		Wealth Management		Funds Management & Other		BOK Financial Corporation		Out of Scope1		In Scope2
Trading revenue	$	—	$	—	$	19,313	$	—	$	19,313	$	19,313	$	—
Customer hedging revenue	4,138		—		4,584		(906)		7,816		7,816		—
Retail brokerage revenue	—		—		6,314		—		6,314		—		6,314
Investment banking revenue	4,477		—		5,686		—		10,163		4,477		5,686
Brokerage and trading revenue	8,615		—		35,897		(906)		43,606		31,606		12,000
TransFund EFT network revenue	25,144		915		(15)		—		26,044		—		26,044
Merchant services revenue	2,433		8		—		—		2,441		—		2,441
Corporate card revenue	2,391		—		1,089		—		3,480		—		3,480
Transaction card revenue	29,968		923		1,074		—		31,965		—		31,965
Personal trust revenue	—		—		28,449		—		28,449		—		28,449
Corporate trust revenue	—		—		11,759		—		11,759		—		11,759
Institutional trust & retirement plan services revenue	—		—		19,543		—		19,543		—		19,543
Investment management services and other revenue	—		—		6,730		—		6,730		—		6,730
Fiduciary and asset management revenue	—		—		66,481		—		66,481		—		66,481
Commercial account service charge revenue	17,807		581		711		—		19,099		—		19,099
Overdraft fee revenue	32		5,788		36		2		5,858		—		5,858
Check card revenue	—		5,819		—		—		5,819		—		5,819
Automated service charge and other deposit fee revenue	203		1,194		45		—		1,442		—		1,442
Deposit service charges and fees	18,042		13,382		792		2		32,218		—		32,218
Mortgage production revenue	—		3,926		—		—		3,926		3,926		—
Mortgage servicing revenue	—		18,062		—		(1,025)		17,037		17,037		—
Mortgage banking revenue	—		21,988		—		(1,025)		20,963		20,963		—
Other revenue	2,385		4,644		6,180		1,335		14,544		7,740		6,804
Total fees and commissions revenue	$	59,010	$	40,937	$	110,424	$	(594)	$	209,777	$	60,309	$	149,468

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2025 (in thousands):

	Commercial Banking		Consumer Banking		Wealth Management		Funds Management & Other		BOK Financial Corporation		Out of Scope1		In Scope2
Trading revenue	$	—	$	—	$	8,107	$	—	$	8,107	$	8,107	$	—
Customer hedging revenue	4,518		—		4,046		(175)		8,389		8,389		—
Retail brokerage revenue	—		—		4,959		—		4,959		—		4,959
Investment banking revenue	3,211		—		6,402		—		9,613		3,191		6,422
Brokerage and trading revenue	7,729		—		23,514		(175)		31,068		19,687		11,381
TransFund EFT network revenue	22,103		678		(17)		—		22,764		—		22,764
Merchant services revenue	2,173		8		—		—		2,181		—		2,181
Corporate card revenue	1,871		—		174		102		2,147		—		2,147
Transaction card revenue	26,147		686		157		102		27,092		—		27,092
Personal trust revenue	—		—		25,556		—		25,556		—		25,556
Corporate trust revenue	—		—		11,109		—		11,109		—		11,109
Institutional trust & retirement plan services revenue	—		—		18,986		—		18,986		—		18,986
Investment management services and other revenue	—		—		5,321		—		5,321		—		5,321
Fiduciary and asset management revenue	—		—		60,972		—		60,972		—		60,972
Commercial account service charge revenue	16,623		574		622		—		17,819		—		17,819
Overdraft fee revenue	32		5,282		52		—		5,366		—		5,366
Check card revenue	—		5,615		—		—		5,615		—		5,615
Automated service charge and other deposit fee revenue	250		1,168		57		—		1,475		—		1,475
Deposit service charges and fees	16,905		12,639		731		—		30,275		—		30,275
Mortgage production revenue	—		2,629		—		—		2,629		2,629		—
Mortgage servicing revenue	—		18,009		—		(823)		17,186		17,186		—
Mortgage banking revenue	—		20,638		—		(823)		19,815		19,815		—
Other revenue	4,376		2,832		10,962		(3,276)		14,894		8,369		6,525
Total fees and commissions revenue	$	55,157	$	36,795	$	96,336	$	(4,172)	$	184,116	$	47,871	$	136,245

1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.

2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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(11) Fair Value Measurements

Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Company's financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.

For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows:

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.

Significant Other Observable Inputs (Level 2) - Fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and is based on one or more of the following:

•Quoted prices for similar, but not identical, assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in inactive markets;

•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates;

•Other inputs derived from or corroborated by observable market inputs.

Significant Unobservable Inputs (Level 3) - Fair value is based upon model-based valuation techniques for which at least one significant assumption is not observable in the market.

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three months ended March 31, 2026, and 2025, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three months ended March 31, 2026, and 2025 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments, and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at March 31, 2026, or December 31, 2025.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of March 31, 2026 (in thousands):

	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs <br>(Level 3)
Assets:
Trading securities:
U.S. government securities	$	6,379	$	—	$	6,379	$	—
Residential agency mortgage-backed securities	5,513,068		—		5,513,068		—
Municipal securities	84,981		—		84,981		—
Other trading securities	47,734		—		47,734		—
Total trading securities	5,652,162		—		5,652,162		—
Available-for-sale securities:
U.S. Treasury securities	984		984		—		—
Municipal securities	175,123		—		175,123		—
Residential agency mortgage-backed securities	9,631,722		—		9,631,722		—
Residential non-agency mortgage-backed securities	717,068		—		717,068		—
Commercial agency mortgage-backed securities	3,014,195		—		3,014,195		—
Other debt securities	473		—		—		473
Total available-for-sale securities	13,539,565		984		13,538,108		473
Fair value option securities:
Residential agency mortgage-backed securities	165,706		—		165,706		—
Commercial agency mortgage-backed securities	12,392		—		12,392		—
Total fair value option securities	178,098		—		178,098		—
Residential mortgage loans held for sale1	104,873		—		97,972		6,901
Mortgage servicing rights, net2	333,381		—		—		333,381
Derivative contracts, net of cash margin3	782,985		1,474		781,511		—
Liabilities:
Derivative contracts, net of cash margin3	$	282,590	$	3,250	$	279,340	$	—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 83.36% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.

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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2025 (in thousands):

	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs <br>(Level 3)
Assets:
Trading securities:
U.S. government securities	$	9,237	$	—	$	9,237	$	—
Residential agency mortgage-backed securities	5,307,849		—		5,307,849		—
Municipal securities	39,233		—		39,233		—
Other trading securities	36,426		—		36,426		—
Total trading securities	5,392,745		—		5,392,745		—
Available-for-sale securities:
U.S. Treasury securities	980		980		—		—
Municipal securities	184,273		—		184,273		—
Residential agency mortgage-backed securities	9,598,627		—		9,598,627		—
Residential non-agency mortgage-backed securities	696,028		—		696,028		—
Commercial agency mortgage-backed securities	3,126,244		—		3,126,244		—
Other debt securities	473		—		—		473
Total available-for-sale securities	13,606,625		980		13,605,172		473
Fair value option securities — Residential agency mortgage-backed securities	102,096		—		102,096		—
Residential mortgage loans held for sale1	94,630		—		88,335		6,295
Mortgage servicing rights, net2	322,724		—		—		322,724
Derivative contracts, net of cash margin3	300,775		1,022		299,753		—
Liabilities:
Derivative contracts, net of cash margin3	$	397,573	$	12	$	397,561	$	—

1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 82.84% of the unpaid principal balance.

2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.

3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.

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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:

Securities

The fair values of trading, AFS, and fair value option securities are based on quoted prices for identical instruments in active markets, when available. If quoted prices for identical instruments are not available, fair values are based on significant other observable inputs such as quoted prices of comparable instruments or interest rates and credit spreads, yield curves, volatilities, prepayment speeds, and loss severities. The Company has elected to carry all residential mortgage-backed securities guaranteed by U.S. government agencies held as economic hedges against changes in the fair value of MSR at fair value with changes in the fair value recognized in earnings.

The fair value of certain AFS and held-to-maturity municipal and other debt securities may be based on significant unobservable inputs. These significant unobservable inputs include limited observed trades, projected cash flows, current credit rating of the issuers and, when applicable, the insurers of the debt and observed trades of similar debt. Discount rates are primarily based on reference to interest rate spreads on comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar securities. A summary of significant inputs used to value these securities follows. A management committee composed of senior members from the Company's Corporate Treasury, Risk Management, and Finance departments assesses the appropriateness of these inputs quarterly.

Derivatives

All derivative instruments are carried on the balance sheet at fair value. Fair values for exchange-traded contracts are based on quoted prices. Fair values for over-the-counter interest rate, commodity, and foreign exchange contracts are based on valuations provided either by third-party dealers in the contracts, quotes provided by independent pricing services, or a third-party provided pricing model that uses significant other observable market inputs.

Credit risk is considered in determining the fair value of derivative instruments. Management determines fair value adjustments based on various risk factors including, but not limited to, current fair value, probability of default, and loss given default.

We also consider our own credit risk in determining the fair value of derivative contracts. Changes in our credit rating would affect the fair value of our derivative liabilities. In the event of a credit downgrade, the fair value of our derivative liabilities Could increase.

Residential Mortgage Loans Held for Sale

Residential mortgage loans held for sale are carried on the balance sheet at fair value. The Company has elected to carry all residential mortgage loans originated for sale at fair value. Changes in the fair value of these financial instruments are recognized in earnings. The fair values of RMHFS are based upon quoted market prices of such loans sold in securitization transactions, including related unfunded loan commitments and forward sales contracts. The fair value of mortgage loans that were unable to be sold to U.S. government agencies were determined using quoted prices of loans that are sold in securitization transactions with a liquidity discount applied.

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Fair Value of Assets and Liabilities Measured on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis include collateral for certain nonaccruing loans and real property and other assets acquired to satisfy loans, which are based primarily on comparisons to completed sales of similar assets.

There were no non-recurring fair value adjustments during the three months ended March 31, 2026 for which there was a carrying value at March 31, 2026.

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2025, for which the fair value was adjusted during the three months ended March 31, 2025 (in thousands):

							Fair Value Adjustments for the
	Carrying Value at March 31, 2025						Three Months Ended <br>Mar. 31, 2025<br><br>Recognized in:
	Quoted Prices<br>in Active Markets for Identical Instruments		Significant<br>Other<br>Observable<br>Inputs		Significant<br>Unobservable<br>Inputs		Gross charge-offs against allowance for loan losses		Other gains (losses), net
Real estate and other repossessed assets	$	—	$	—	$	1,582	$	—	$	(356)

The fair value of collateral-dependent nonaccruing loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent nonaccruing loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions, or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers based on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas, and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods, and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2025 follows (dollars in thousands):

	Fair Value		Valuation Technique(s)	Unobservable Input	Range<br>(Weighted Average)
Real estate and other repossessed assets	$	1,582	Discounted cash flows	Marketability adjustments off appraised value1	82% - 82% (82%)

1    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

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Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of March 31, 2026 (in thousands):

	Carrying<br>Value		Estimated<br>Fair<br>Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs <br>(Level 2)		Significant Unobservable Inputs <br>(Level 3)
Cash and due from banks	$	905,614	$	905,614	$	905,614	$	—	$	—
Interest-bearing cash and cash equivalents	506,793		506,793		506,793		—		—
Trading securities:
U.S. government securities	6,379		6,379		—		6,379		—
Residential agency mortgage-backed securities	5,513,068		5,513,068		—		5,513,068		—
Municipal securities	84,981		84,981		—		84,981		—
Other trading securities	47,734		47,734		—		47,734		—
Total trading securities	5,652,162		5,652,162		—		5,652,162		—
Investment securities:
Municipal securities	73,334		74,429		—		11,160		63,269
Residential agency mortgage-backed securities	1,613,987		1,479,984		—		1,479,984		—
Commercial agency mortgage-backed securities	16,588		16,190		—		16,190		—
Other debt securities	16,013		15,287		—		15,287		—
Total investment securities	1,719,922		1,585,890		—		1,522,621		63,269
Allowance for credit losses	(191)		—		—		—		—
Investment securities, net of allowance	1,719,731		1,585,890		—		1,522,621		63,269
Available-for-sale securities:
U.S. Treasury securities	984		984		984		—		—
Municipal securities	175,123		175,123		—		175,123		—
Residential agency mortgage-backed securities	9,631,722		9,631,722		—		9,631,722		—
Residential non-agency mortgage-backed securities	717,068		717,068		—		717,068		—
Commercial agency mortgage-backed securities	3,014,195		3,014,195		—		3,014,195		—
Other debt securities	473		473		—		—		473
Total available-for-sale securities	13,539,565		13,539,565		984		13,538,108		473
Fair value option securities:
Residential agency mortgage-backed securities	165,706		165,706		—		165,706		—
Commercial agency mortgage-backed securities	12,392		12,392		—		12,392		—
Total fair value option securities	178,098		178,098		—		178,098		—
Residential mortgage loans held for sale	104,873		104,873		—		97,972		6,901
Loans:
Commercial	15,573,083		15,464,708		—		—		15,464,708
Commercial real estate	5,884,679		5,795,154		—		—		5,795,154
Loans to individuals	4,729,631		4,620,105		—		—		4,620,105
Total loans	26,187,393		25,879,967		—		—		25,879,967
Allowance for loan losses	(277,719)		—		—		—		—
Loans, net of allowance	25,909,674		25,879,967		—		—		25,879,967
Mortgage servicing rights	333,381		333,381		—		—		333,381
Derivative instruments with positive fair value, net of cash margin	782,985		782,985		1,474		781,511		—
Deposits with no stated maturity	34,950,239		34,950,239		—		—		34,950,239
Time deposits	3,726,809		3,712,780		—		—		3,712,780
Other borrowed funds	6,468,973		6,469,023		—		—		6,469,023
Subordinated debentures	396,625		394,933		—		394,933		—
Derivative instruments with negative fair value, net of cash margin	282,590		282,590		3,250		279,340		—

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2025 (in thousands):

	Carrying<br>Value		Estimated<br>Fair<br>Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs <br>(Level 2)		Significant Unobservable Inputs <br>(Level 3)
Cash and due from banks	$	1,001,107	$	1,001,107	$	1,001,107	$	—	$	—
Interest-bearing cash and cash equivalents	656,995		656,995		656,995		—		—
Trading securities:
U.S. government securities	9,237		9,237		—		9,237		—
Residential agency mortgage-backed securities	5,307,849		5,307,849		—		5,307,849		—
Municipal securities	39,233		39,233		—		39,233		—
Other trading securities	36,426		36,426		—		36,426		—
Total trading securities	5,392,745		5,392,745		—		5,392,745		—
Investment securities:
Municipal securities	88,215		89,343		—		11,204		78,139
Residential agency mortgage-backed securities	1,664,175		1,541,608		—		1,541,608		—
Commercial agency mortgage-backed securities	16,516		16,186		—		16,186		—
Other debt securities	15,538		14,868		—		14,868		—
Total investment securities	1,784,444		1,662,005		—		1,583,866		78,139
Allowance for credit losses	(202)		—		—		—		—
Investment securities, net of allowance	1,784,242		1,662,005		—		1,583,866		78,139
Available-for-sale securities:
U.S. Treasury securities	980		980		980		—		—
Municipal securities	184,273		184,273		—		184,273		—
Residential agency mortgage-backed securities	9,598,627		9,598,627		—		9,598,627		—
Residential non-agency mortgage-backed securities	696,028		696,028		—		696,028		—
Commercial agency mortgage-backed securities	3,126,244		3,126,244		—		3,126,244		—
Other debt securities	473		473		—		—		473
Total available-for-sale securities	13,606,625		13,606,625		980		13,605,172		473
Fair value option securities — Residential agency mortgage-backed securities	102,096		102,096		—		102,096		—
Residential mortgage loans held for sale	94,630		94,630		—		88,335		6,295
Loans:
Commercial	15,281,067		15,223,531		—		—		15,223,531
Commercial real estate	5,672,006		5,597,767		—		—		5,597,767
Loans to individuals	4,698,389		4,565,165		—		—		4,565,165
Total loans	25,651,462		25,386,463		—		—		25,386,463
Allowance for loan losses	(275,860)		—		—		—		—
Loans, net of allowance	25,375,602		25,386,463		—		—		25,386,463
Mortgage servicing rights	322,724		322,724		—		—		322,724
Derivative instruments with positive fair value, net of cash margin	300,775		300,775		1,022		299,753		—
Deposits with no stated maturity	35,795,923		35,795,923		—		—		35,795,923
Time deposits	3,639,083		3,629,060		—		—		3,629,060
Other borrowed funds	4,237,655		4,237,752		—		—		4,237,752
Subordinated debentures	396,589		395,323		—		395,323		—
Derivative instruments with negative fair value, net of cash margin	397,573		397,573		12		397,561		—

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.

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(12) Subsequent Events

The Company evaluated events from the date of the consolidated financial statements on March 31, 2026, through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. Except as disclosed in Note 6 regarding the Exchange Offer, no events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Quarterly Financial Summary – Unaudited

Consolidated Daily Average Balances, Average Yields and Rates

(Dollars in thousands, except per share data)	Three Months Ended
	March 31, 2026						December 31, 2025
	Average<br>Balance		Revenue/<br>Expense		Yield/<br><br>Rate1		Average<br>Balance		Revenue/<br>Expense		Yield/<br><br>Rate1
Assets
Interest-bearing cash and cash equivalents	$	577,641	$	5,133	3.60	%	$	546,045	$	5,302	3.85	%
Trading securities	5,617,531		64,588		4.64	%	5,295,598		63,296		4.83	%
Investment securities, net of allowance	1,747,860		6,149		1.41	%	1,804,984		6,381		1.41	%
Available-for-sale securities	13,614,473		133,963		3.93	%	13,564,939		134,440		3.94	%
Fair value option securities	126,772		1,389		4.83	%	72,229		913		4.83	%
Restricted equity securities	361,514		6,681		7.39	%	250,430		4,522		7.22	%
Residential mortgage loans held for sale	77,105		1,056		5.42	%	91,414		1,349		5.84	%
Loans	25,925,585		399,576		6.25	%	25,242,551		412,170		6.48	%
Allowance for loan losses	(276,437)						(277,580)
Loans, net of allowance	25,649,148		399,576		6.31	%	24,964,971		412,170		6.55	%
Total earning assets	47,772,044		618,535		5.23	%	46,590,610		628,373		5.36	%
Receivable on unsettled securities sales	173,506						227,678
Cash and other assets	5,177,459						5,034,058
Total assets	$	53,123,009					$	51,852,346
Liabilities and equity
Interest-bearing deposits:
Transaction	$	26,707,581	$	175,802	2.67	%	$	27,396,541	$	199,008	2.88	%
Savings	877,650		1,162		0.54	%	852,390		1,163		0.54	%
Time	3,701,080		32,234		3.53	%	3,729,596		34,252		3.64	%
Total interest-bearing deposits	31,286,311		209,198		2.71	%	31,978,527		234,423		2.91	%
Funds purchased and repurchase agreements	924,228		6,600		2.90	%	1,185,566		10,360		3.47	%
Other borrowings	5,349,061		51,482		3.90	%	3,008,388		32,032		4.22	%
Subordinated debentures	396,606		6,091		6.14	%	241,482		3,722		6.12	%
Total interest-bearing liabilities	37,956,206		273,371		2.92	%	36,413,963		280,537		3.06	%
Non-interest bearing demand deposits	7,693,948						8,009,082
Due on unsettled securities purchases	418,478						452,673
Other liabilities	1,030,182						1,015,185
Total equity	6,024,195						5,961,443
Total liabilities and equity	$	53,123,009					$	51,852,346
Tax-equivalent net interest income			$	345,164	2.31	%			$	347,836	2.30	%
Tax-equivalent net interest income to earning assets					2.90	%					2.98	%
Less tax-equivalent adjustment			2,610						2,555
Net interest income			342,554						345,281
Provision for credit losses			—						—
Other operating revenue			211,268						244,282
Other operating expense			354,166						361,054
Net income before taxes			199,656						228,509
Federal and state income taxes			43,936						51,243
Net income			155,720						177,266
Net income (loss) attributable to non-controlling interests			(46)						(35)
Net income attributable to BOK Financial Corporation shareholders			$	155,766					$	177,301
Earnings per share:
Basic and diluted			$	2.58					$	2.89

1    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.

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(Dollars in thousands, except per share data)	Three Months Ended
	September 30, 2025						June 30, 2025
	Average Balance		Revenue /Expense		Yield/<br><br>Rate1		Average Balance		Revenue / Expense		Yield/<br><br>Rate1
Assets
Interest-bearing cash and cash equivalents	$	495,091	$	5,482	4.39	%	$	506,330	$	5,626	4.46	%
Trading securities	5,603,200		72,770		5.25	%	6,876,788		86,488		5.05	%
Investment securities, net of allowance	1,861,565		6,560		1.41	%	1,918,969		6,762		1.41	%
Available-for-sale securities	13,386,515		133,452		3.93	%	13,218,569		131,360		3.89	%
Fair value option securities	105,651		1,441		5.45	%	88,323		1,319		5.90	%
Restricted equity securities	337,055		6,605		7.84	%	390,191		7,545		7.73	%
Residential mortgage loans held for sale	91,422		1,405		6.08	%	86,543		1,346		6.13	%
Loans	24,826,139		419,303		6.70	%	24,176,549		404,555		6.71	%
Allowance for loan losses	(277,398)						(278,191)
Loans, net of allowance	24,548,741		419,303		6.78	%	23,898,358		404,555		6.79	%
Total earning assets	46,429,240		647,018		5.53	%	46,984,071		645,001		5.47	%
Receivable on unsettled securities sales	162,035						228,563
Cash and other assets	5,100,801						5,074,318
Total assets	$	51,692,076					$	52,286,952
Liabilities and equity
Interest-bearing deposits:
Transaction	$	26,076,475	$	206,400	3.14	%	$	25,859,336	$	204,216	3.17	%
Savings	867,939		1,197		0.55	%	853,062		1,155		0.54	%
Time	3,641,985		34,236		3.73	%	3,465,780		33,072		3.83	%
Total interest-bearing deposits	30,586,399		241,833		3.14	%	30,178,178		238,443		3.17	%
Funds purchased and repurchase agreements	873,800		7,250		3.29	%	782,039		6,820		3.50	%
Other borrowings	5,048,301		57,724		4.54	%	6,019,948		67,410		4.49	%
Subordinated debentures	—		—		—	%	99,846		1,588		6.38	%
Total interest-bearing liabilities	36,508,500		306,807		3.33	%	37,080,011		314,261		3.40	%
Non-interest bearing demand deposits	7,894,847						7,958,538
Due on unsettled securities purchases	329,361						503,490
Other liabilities	996,216						951,112
Total equity	5,963,152						5,793,801
Total liabilities and equity	$	51,692,076					$	52,286,952
Tax-equivalent net interest income			$	340,211	2.20	%			$	330,740	2.07	%
Tax-equivalent net interest income to earning assets					2.91	%					2.80	%
Less tax-equivalent adjustment			2,565						2,574
Net interest income			337,646						328,166
Provision for credit losses			2,000						—
Other operating revenue			210,709						207,098
Other operating expense			369,770						354,503
Net income before taxes			176,585						180,761
Federal and state income taxes			35,714						40,691
Net income			140,871						140,070
Net income (loss) attributable to non-controlling interests			(23)						52
Net income attributable to BOK Financial Corporation shareholders			$	140,894					$	140,018
Earnings per share:
Basic and diluted			$	2.22					$	2.19

1    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.

- 88 -

(Dollars in thousands, except per share data)	Three Months Ended
	March 31, 2025
	Average Balance		Revenue / Expense		Yield/<br><br>Rate1
Assets
Interest-bearing cash and cash equivalents	$	564,014	$	6,229	4.48	%
Trading securities	5,881,997		73,871		5.07	%
Investment securities, net of allowance	1,980,005		7,008		1.42	%
Available-for-sale securities	12,962,830		127,573		3.82	%
Fair value option securities	17,603		178		3.72	%
Restricted equity securities	348,266		6,541		7.51	%
Residential mortgage loans held for sale	63,365		975		6.03	%
Loans	24,068,227		398,737		6.71	%
Allowance for loan losses	(279,983)
Loans, net of allowance	23,788,244		398,737		6.79	%
Total earning assets	45,606,324		621,112		5.45	%
Receivable on unsettled securities sales	184,960
Cash and other assets	5,195,619
Total assets	$	50,986,903
Liabilities and equity
Interest-bearing deposits:
Transaction	$	25,859,733	$	204,521	3.21	%
Savings	844,875		1,168		0.56	%
Time	3,498,401		35,383		4.10	%
Total interest-bearing deposits	30,203,009		241,072		3.24	%
Funds purchased and repurchase agreements	935,716		7,028		3.05	%
Other borrowings	4,626,402		52,135		4.57	%
Subordinated debentures	131,188		2,084		6.44	%
Total interest-bearing liabilities	35,896,315		302,319		3.42	%
Non-interest bearing demand deposits	8,156,069
Due on unsettled securities purchases	425,050
Other liabilities	848,797
Total equity	5,660,672
Total liabilities and equity	$	50,986,903
Tax-equivalent net interest income			$	318,793	2.03	%
Tax-equivalent net interest income to earning assets					2.78	%
Less tax-equivalent adjustment			2,542
Net interest income			316,251
Provision for credit losses			—
Other operating revenue			186,041
Other operating expense			347,529
Net income before taxes			154,763
Federal and state income taxes			34,992
Net income			119,771
Net income (loss) attributable to non-controlling interests			(6)
Net income attributable to BOK Financial Corporation shareholders			$	119,777
Earnings per share:
Basic and diluted			$	1.86

1    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.

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Quarterly Earnings Trends – Unaudited

(In thousands, except share and per share data)

	Three Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	June 30, 2025	Mar. 31, 2025
Interest revenue
Interest expense	273,371	280,537	306,807	314,261	302,319
Net interest income	342,554	345,281	337,646	328,166	316,251
Provision for credit losses	—	—	2,000	—	—
Net interest income after provision for credit losses	342,554	345,281	335,646	328,166	316,251
Other operating revenue
Brokerage and trading revenue	43,606	47,310	43,239	38,125	31,068
Transaction card revenue	31,965	31,564	29,463	29,561	27,092
Fiduciary and asset management revenue	66,481	68,347	63,878	63,964	60,972
Deposit service charges and fees	32,218	32,039	31,896	31,319	30,275
Mortgage banking revenue	20,963	19,013	19,764	18,993	19,815
Other revenue	14,544	16,591	16,190	15,368	14,894
Total fees and commissions	209,777	214,864	204,430	197,330	184,116
Other gains (losses), net	(216)	28,078	8,264	8,140	(725)
Gain (loss) on derivatives, net	(4,374)	(2,366)	(453)	5,535	9,565
Gain (loss) on fair value option securities, net	(2,074)	551	630	1,112	325
Change in fair value of mortgage servicing rights	8,155	1,407	(2,375)	(5,019)	(7,240)
Gain on available-for-sale securities, net	—	1,748	213	—	—
Total other operating revenue	211,268	244,282	210,709	207,098	186,041
Other operating expense
Personnel	211,174	222,726	226,347	214,711	214,185
Business promotion	9,226	11,516	9,960	9,139	8,818
Professional fees and services	14,295	18,371	15,137	15,402	13,269
Net occupancy and equipment	33,182	32,693	33,040	32,657	32,992
FDIC and other insurance	5,685	6,078	7,302	6,439	6,587
FDIC special assessment	—	(9,479)	(1,209)	(523)	523
Data processing and communications	51,768	51,299	50,062	49,597	47,578
Printing, postage, and supplies	3,679	4,077	4,036	4,067	3,639
Amortization of intangible assets	2,443	2,656	2,656	2,656	2,652
Mortgage banking costs	11,757	10,663	10,668	6,711	7,689
Other expense	10,957	10,454	11,771	13,647	9,597
Total other operating expense	354,166	361,054	369,770	354,503	347,529
Net income before taxes	199,656	228,509	176,585	180,761	154,763
Federal and state income taxes	43,936	51,243	35,714	40,691	34,992
Net income	155,720	177,266	140,871	140,070	119,771
Net income (loss) attributable to non-controlling interests	(46)	(35)	(23)	52	(6)
Net income attributable to BOK Financial Corporation shareholders
Earnings per share:
Basic and diluted	2.58	2.89	2.22	2.19	1.86
Average shares used in computation:
Basic and diluted	60,033,282	60,916,929	62,840,270	63,208,027	63,547,510

All values are in US Dollars.

- 90 -

Item 1. Legal Proceedings

See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.

Item 1A. Risk Factors

There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended March 31, 2026.

Period	Total Number of Shares Purchased2	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1	Maximum Number of Shares that May Yet Be Purchased Under the Plans
January 1 to January 31, 2026	30,343	$	123.57	—	2,017,039
February 1 to February 28, 2026	41,080	$	133.80	—	2,017,039
March 1 to March 31, 2026	—	$	—	—	2,017,039
Total	71,423			—

1On July 29, 2025, the Company's Board authorized the Company to repurchase up to five million shares of the Company's common stock. As of March 31, 2026, the Company had repurchased 2,982,961 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.

2The Company may repurchase vested shares from employees to cover taxes in connection with employee equity compensation. During the three month period ended March 31, 2026, all share purchases were made in connection with employee equity compensation net tax settlements for vested equity awards.

Item 5. Other Information

Trading Plans

No Company director or officer (as defined in Exchange Act Rule 16a-1(f)) has adopted, modified, or terminated any trading arrangements during the first quarter of 2026.

Certain of our officers or directors have made elections to participate in, and are participating in, our dividend reinvestment plan and 401(k) plan, and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes on issuances of shares to such officers or directors, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).

- 91 -

Item 6. Exhibits

10.4.13	Employment Agreement between BOK Financial and Mark B. Wade dated August 2, 2022, filed herewith.
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements. The XBRL instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104	Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)

Items 3 and 4 are not applicable and have been omitted.

- 92 -

Signatures

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 thereunto duly authorized.

BOK FINANCIAL CORPORATION

(Registrant)

Date:        May 6, 2026

/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President and
Chief Financial Officer
/s/ Michael J. Rogers
---
Michael J. Rogers
Senior Vice President and
Chief Accounting Officer

- 93 -

exhibit10413-markwadeexe

Exhibit 10.4.13

---

---

---

Document

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

FOR THE CHIEF EXECUTIVE OFFICER

I, Stacy C. Kymes, President and Chief Executive Officer of BOK Financial Corporation (“BOK Financial”), certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of BOK Financial;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2026

/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation

Document

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

FOR THE CHIEF FINANCIAL OFFICER

I, Martin E. Grunst, Chief Financial Officer of BOK Financial Corporation (“BOK Financial”), certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of BOK Financial;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2026

/s/ Martin E. Grunst
Martin E. Grunst
Executive Vice President
Chief Financial Officer
BOK Financial Corporation

Document

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BOK Financial Corporation (“BOK Financial”) on Form 10-Q for the fiscal period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Stacy C. Kymes and Martin E. Grunst, Chief Executive Officer and Chief Financial Officer, respectively, of BOK Financial, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of BOK Financial as of, and for, the periods presented.

May 6, 2026

/s/ Stacy C. Kymes
Stacy C. Kymes
President
Chief Executive Officer
BOK Financial Corporation
/s/ Martin E. Grunst
---
Martin E. Grunst
Executive Vice President
Chief Financial Officer
BOK Financial Corporation