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BOK Financial Corporation reports annual earnings of $578 million, or a record $9.17 per share, and quarterly earnings of $177 million, or a record $2.89 per share, in the fourth quarter.
Fourth quarter 2025 financial highlights1
Net Income
Net income was $177.3 million, or $2.89 per diluted share, compared to $140.9 million, or $2.22 per diluted share. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025.2
Net Interest Income & Margin
Net interest income totaled $345.3 million, an increase of $7.6 million. Net interest margin expanded 7 basis points to 2.98% compared to 2.91% in the prior quarter.
Fees & Commissions Revenue
Fees and commissions revenue was $214.9 million, up $10.4 million, led by growth in trading revenue, fiduciary and asset management revenue, and transaction card revenue.
Operating Expense
Operating expense decreased $8.7 million to $361.1 million. Excluding the FDIC special assessment benefit, operating expense was relatively unchanged. Personnel expense decreased $3.6 million, while non-personnel expense increased $3.2 million.
Loans
Period end loans grew by $786 million, to $25.7 billion, primarily in the commercial loan portfolio. Average outstanding loan balances were $25.2 billion, a $416 million increase.
Credit Quality
Nonperforming assets remained stable at $75 million, or 0.29% of outstanding loans and repossessed assets, at December 31, 2025. Net charge-offs for the fourth quarter were $1.4 million, or 0.02% of average loans on an annualized basis.
Deposits
Period end deposits grew by $935 million to $39.4 billion and average deposits increased $1.5 billion to $40.0 billion. Average interest-bearing deposits increased $1.4 billion and average demand deposits increased by $114 million. The loan to deposit ratio was 65% at December 31, 2025, unchanged from the prior quarter.
Capital
Tangible common equity ratio2 was 9.46% compared to 10.06% at September 30, 2025. Tier 1 capital ratio was 12.90%, common equity Tier 1 capital ratio was 12.89%, and total capital ratio was 14.77%. The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025.
p
$7.6 million
3 bps
p
$786 million
$126.6 billion
NET INTEREST INCOME
NET CHARGE-OFFS (TTM)
LOAN GROWTH
AUMA
Full year 2025 financial highlights3
Net income was $578.0 million, or $9.17 per diluted share, for 2025, compared to $523.6 million, or $8.14 per diluted share, for the prior year. Net interest income totaled $1.3 billion, an increase of $116.6 million. Net interest margin was 2.87% compared to 2.65%. Fees and commissions revenue was consistent with the prior year at $800.7 million and operating expense increased $67.1 million to $1.4 billion. Net charge-offs were $6.7 million, or 0.03% of average loans in 2025, compared to $12.9 million, or 0.05% of average loans in 2024.
CEO Commentary
Stacy Kymes, President and CEO, stated, “Our results this quarter represent a strong capstone to a year of outstanding performance and disciplined execution, highlighted by record earnings per share performance. Loan growth was exceptional this quarter with outstanding loans increasing 3.2% driven by robust growth in our core commercial and industrial lines as well as our specialty businesses. Net interest income has grown every quarter this year and our fee businesses continue to demonstrate the strength of our diversified business model, delivering not only record quarters, but record years for both our Fiduciary and Asset Management and Transaction Card businesses. We are a company well positioned for growth, anchored by a long history of disciplined risk management."
1 Comparisons are to the prior quarter unless otherwise noted.        
2 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
3 Comparisons are to the prior year unless otherwise noted.

BOK Financial Corporation quarterly earnings release(a)
Net Interest Income
(Dollars in thousands)Dec. 31, 2025Sep. 30, 2025Change% Change
Interest revenue
Interest-bearing cash and cash equivalents$5,302 $5,482 $(180)(3.3)%%
Trading securities63,296 72,770 (9,474)(13.0)%%
Investment securities6,381 6,560 (179)(2.7)%%
Available-for-sale securities134,440 133,452 988 0.7 %%
Fair value option securities913 1,441 (528)(36.6)%%
Restricted equity securities4,522 6,605 (2,083)(31.5)%%
Residential mortgage loans held for sale1,349 1,405 (56)(4.0)%%
Loans412,170 419,303 (7,133)(1.7)%%
Total interest revenue$628,373 $647,018 $(18,645)(2.9)%%
Interest expense
Interest-bearing deposits:
Transaction$199,008 $206,400 $(7,392)(3.6)%%
Savings1,163 1,197 (34)(2.8)%%
Time34,252 34,236 16 — %%
Total interest-bearing deposits234,423 241,833 (7,410)(3.1)%%
Funds purchased and repurchase agreements10,360 7,250 3,110 42.9 %%
Other borrowings32,032 57,724 (25,692)(44.5)%%
Subordinated debentures3,722 — 3,722 N/A
Total interest expense280,537 306,807 (26,270)(8.6)%%
Tax-equivalent net interest income347,836 340,211 7,625 2.2 %%
Less: Tax-equivalent adjustment
2,555 2,565 (10)(0.4)%%
Net interest income$345,281 $337,646 $7,635 2.3 %%
Net interest margin2.98 %%2.91 %%0.07 %%N/A
Average earning assets$46,590,610 $46,429,240 $161,370 0.3 %%
Average trading securities5,295,598 5,603,200 (307,602)(5.5)%%
Average investment securities1,804,984 1,861,565 (56,581)(3.0)%%
Average available-for-sale securities13,564,939 13,386,515 178,424 1.3 %%
Average fair value option securities72,229 105,651 (33,422)(31.6)%%
Average restricted equity securities250,430 337,055 (86,625)(25.7)%%
Average loans balance25,242,551 24,826,139 416,412 1.7 %%
Average interest-bearing deposits31,978,527 30,586,399 1,392,128 4.6 %%
Average funds purchased and repurchase agreements1,185,566 873,800 311,766 35.7 %%
Average other borrowings3,008,388 5,048,301 (2,039,913)(40.4)%%
Average subordinated debentures241,482 — 241,482 N/A
Net interest income was $345.3 million for the fourth quarter of 2025, an increase of $7.6 million over the prior quarter. Net interest margin expanded to 2.98% from 2.91%. For the fourth quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, increased 6 basis points to 3.22% compared to 3.16% in the prior quarter.
Average earning assets increased $161 million. Average loan balances increased $416 million, primarily due to growth in the commercial loan portfolio. Average available-for-sale securities grew $178 million, while trading securities decreased $308 million and restricted equity securities decreased $87 million. Average interest-bearing deposits increased $1.4 billion, primarily from growth in interest-bearing transaction accounts. Average funds purchased and repurchase agreements increased $312 million, while average other borrowings decreased $2.0 billion. On November 6, 2025, $400 million of 6.108% fixed rate reset subordinated notes were issued.
1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.    
    2

BOK Financial Corporation quarterly earnings release(a)
The yield on average earning assets was 5.36%, a 17 basis point decrease compared to the prior quarter. The yield on the available-for-sale securities portfolio increased 1 basis point to 3.94%, while the yield on trading securities decreased 42 basis points to 4.83%. The loan portfolio yield decreased 22 basis points to 6.48%. The yield on restricted equity securities decreased 62 basis points to 7.22%.
Funding costs were 3.06%, down 27 basis points. The cost of interest-bearing deposits decreased 23 basis points to 2.91%. The cost of funds purchased and repurchase agreements increased 18 basis points to 3.47%, while the cost of other borrowings decreased 32 basis points to 4.22%. The cost of subordinated debentures was 6.12%, entirely driven by the subordinated debt issuance in the fourth quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 68 basis points, a decrease of 3 basis points.

Other Operating Revenue
(Dollars in thousands)Dec. 31, 2025Sep. 30, 2025Change% Change
Brokerage and trading revenue$47,310 $43,239 $4,071 9.4 %%
Transaction card revenue31,564 29,463 2,101 7.1 %%
Fiduciary and asset management revenue68,347 63,878 4,469 7.0 %%
Deposit service charges and fees32,039 31,896 143 0.4 %%
Mortgage banking revenue19,013 19,764 (751)(3.8)%%
Other revenue16,591 16,190 401 2.5 %%
Total fees and commissions214,864 204,430 10,434 5.1 %%
Other gains, net28,078 8,264 19,814 N/A
Loss on derivatives, net(2,366)(453)(1,913)N/A
Gain on fair value option securities, net
551 630 (79)N/A
Change in fair value of mortgage servicing rights1,407 (2,375)3,782 N/A
Gain on available-for-sale securities, net1,748 213 1,535 N/A
Total other operating revenue$244,282 $210,709 $33,573 15.9 %%
Fees and commissions revenue totaled $214.9 million for the fourth quarter of 2025, growing $10.4 million over the prior quarter.
Brokerage and trading revenue increased $4.1 million to $47.3 million. Trading fees and commissions revenue increased $5.4 million. Higher U.S. agency residential mortgage-backed securities trading activity was driven by a more favorable rate environment and an improved future economic outlook, including a steepening yield curve. Investment banking revenue decreased $1.9 million. Municipal underwriting activity resumed a more normal level following a strong third quarter, partially offset by growth in loan syndication fees.
Fiduciary and asset management revenue was up $4.5 million driven by growth in trust fees, primarily from higher transaction-related fees, improved market valuations, and continued growth in client relationships.
Transaction card revenue increased $2.1 million due to an increase in the volume of transactions processed during the period.
Other gains, net, were a net gain of $28.1 million compared to a net gain of $8.3 million in the prior quarter. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.
3

BOK Financial Corporation quarterly earnings release(a)
Operating Expenses
(Dollars in thousands)Dec. 31, 2025Sep. 30, 2025Change% Change
Personnel$222,726 $226,347 $(3,621)(1.6)%%
Business promotion11,516 9,960 1,556 15.6 %%
Professional fees and services18,371 15,137 3,234 21.4 %%
Net occupancy and equipment32,693 33,040 (347)(1.1)%%
FDIC and other insurance6,078 7,302 (1,224)(16.8)%%
FDIC special assessment(9,479)(1,209)(8,270)N/A
Data processing and communications51,299 50,062 1,237 2.5 %%
Printing, postage, and supplies4,077 4,036 41 1.0 %%
Amortization of intangible assets2,656 2,656 — — %%
Mortgage banking costs10,663 10,668 (5)— %%
Other expense10,454 11,771 (1,317)(11.2)%%
Total operating expense$361,054 $369,770 $(8,716)(2.4)%%
Total operating expense was $361.1 million for the fourth quarter of 2025, a decrease of $8.7 million compared to the prior quarter.
Personnel expense was $222.7 million, a decrease of $3.6 million. Employee benefits expense decreased $4.4 million related to lower employee healthcare costs, retirement plan costs, and payroll tax expense. Cash-based incentive compensation increased $3.6 million, primarily driven by strong loan origination activity. Deferred compensation expense was $2.4 million, a decrease of $3.4 million compared to the prior quarter. The impact of deferred compensation expense is offset by the change in the fair value of related investments included in Other gains (losses), net.
Non-personnel expense was $138.3 million, a decrease of $5.1 million. FDIC special assessment expense decreased $8.3 million, primarily due to the FDIC updating their estimate of the special assessment and other adjustments related to the special assessment. Other expense decreased by $1.3 million due to lower operational losses. Professional fees and services increased $3.2 million, primarily driven by additional projects in the quarter. Business promotion expense grew $1.6 million due to higher travel and advertising costs, while data processing and communications costs increased $1.2 million, driven by growth in the volume of transactions processed for our transaction card customers during the quarter.
4

BOK Financial Corporation quarterly earnings release(a)
Loans
(Dollars in thousands)Dec. 31, 2025Sep. 30, 2025Change% Change
Commercial:
Healthcare$4,008,208$3,878,543$129,6653.3%
Services3,911,9173,710,643201,2745.4%
Energy2,882,2422,681,512200,7307.5%
General business4,478,7004,242,242236,4585.6%
Total commercial15,281,06714,512,940768,1275.3%
Commercial Real Estate:
Multifamily2,432,3302,500,323(67,993)(2.7)%
Industrial1,368,4361,396,795(28,359)(2.0)%
Office814,139811,6012,5380.3%
Retail573,451593,835(20,384)(3.4)%
Residential construction and land development
129,783122,0337,7506.4%
Other real estate loans353,867328,02025,8477.9%
Total commercial real estate5,672,0065,752,607(80,601)(1.4)%
Loans to individuals:
Residential mortgage
2,731,4152,676,36655,0492.1%
Residential mortgages guaranteed by U.S. government agencies158,359151,6426,7174.4%
Personal1,808,6151,771,63936,9762.1%
Total loans to individuals4,698,3894,599,64798,7422.1%
Total loans$25,651,462$24,865,194$786,2683.2%
Outstanding loans were $25.7 billion at December 31, 2025, an increase of $786 million over September 30, 2025, primarily due to growth in commercial loans. Unfunded loan commitments grew by $590 million over the third quarter of 2025.
Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, increased $768 million over the prior quarter.
General business loans increased $236 million to $4.5 billion, or 17% of total loans. General business loans include $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances were up $201 million over the prior quarter to $3.9 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including state and local municipal government entities, Native American tribal government and casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.
Energy loan balances grew by $201 million to $2.9 billion, or 11% of total loans, following elevated payoff activity in recent quarters due to industry consolidation. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 71% of committed production loans are secured by properties primarily producing oil. The remaining 29% are secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at December 31, 2025, a $44 million increase over September 30, 2025.
Healthcare sector loan balances increased $130 million and totaled $4.0 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.3 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.
5

BOK Financial Corporation quarterly earnings release(a)
Commercial real estate loan balances decreased $81 million to $5.7 billion, representing 22% of total loans. Loans secured by multifamily properties decreased $68 million, loans secured by industrial facilities decreased $28 million, and loans secured by retail facilities decreased $20 million. Other real estate loans increased by $26 million. Unfunded commercial real estate loan commitments were $2.2 billion at December 31, 2025, a $65 million increase over September 30, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to individuals were up $99 million over the prior quarter to $4.7 billion and represent 18% of total loans. Residential mortgage loans increased $62 million and personal loans increased $37 million. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies or marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment, as well as unsecured loans.

Period End & Average Deposits
(Dollars in thousands)Dec. 31, 2025Sep. 30, 2025Change% Change
Period end deposits
Demand$8,081,930 $7,907,176 $174,754 2.2 %%
Interest-bearing transaction26,850,070 25,983,228 866,842 3.3 %%
Savings863,923 846,736 17,187 2.0 %%
Time3,639,083 3,762,878 (123,795)(3.3)%%
Total deposits$39,435,006 $38,500,018 $934,988 2.4 %%
Average deposits
Demand$8,009,082 $7,894,847 $114,235 1.4 %%
Interest-bearing transaction27,396,541 26,076,475 1,320,066 5.1 %%
Savings852,390 867,939 (15,549)(1.8)%%
Time3,729,596 3,641,985 87,611 2.4 %%
Total average deposits$39,987,609 $38,481,246 $1,506,363 3.9 %%
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 65% at both December 31, 2025 and September 30, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $39.4 billion at December 31, 2025, a $935 million increase. Interest-bearing transaction accounts increased $867 million and demand deposits increased $175 million, while time deposits decreased $124 million.
Average deposits were $40.0 billion during the fourth quarter, a $1.5 billion increase. Average interest-bearing transaction accounts increased $1.3 billion, average demand deposit balances increased $114 million, and average time deposits increased $88 million.
Average Commercial Banking deposits increased $325 million to $18.5 billion, or 46% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Average Consumer Banking deposits increased $16 million to $8.3 billion, or 21% of total deposits. Average Wealth Management deposits decreased by $28 million to $10.7 billion, or 27% of total deposits. Average Funds Management and Other deposits increased $1.2 billion to $2.5 billion. This was primarily driven by opportunistically replacing wholesale borrowings with wholesale deposits.
6

BOK Financial Corporation quarterly earnings release(a)
Capital
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferDec. 31, 2025Sep. 30, 2025
Common equity Tier 14.50 %%2.50 %%7.00 %%12.89 %%13.60 %%
Tier 1 capital6.00 %%2.50 %%8.50 %%12.90 %%13.61 %%
Total capital8.00 %%2.50 %%10.50 %%14.77 %%14.48 %%
Tier 1 leverage4.00 %%N/A4.00 %%9.86 %%10.19 %%
Tangible common equity ratio1
9.46 %%10.06 %%
Common stock repurchased (shares)2,617,414 365,547 
Average price per share repurchased$107.99 $111.00 
The company's common equity Tier 1 capital ratio was 12.89% at December 31, 2025. In addition, the company's Tier 1 capital ratio was 12.90%, total capital ratio was 14.77%, and leverage ratio was 9.86% at December 31, 2025. At September 30, 2025, the company's common equity Tier 1 capital ratio was 13.60%, Tier 1 capital ratio was 13.61%, total capital ratio was 14.48%, and leverage ratio was 10.19%.
The company's tangible common equity ratio1, a non-GAAP measure, was 9.46% at December 31, 2025, and 10.06% at September 30, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities.
On November 6, 2025, BOKF, NA, the wholly-owned banking subsidiary of BOK Financial Corporation, issued $400 million 6.108% fixed rate reset subordinated notes that will mature on November 6, 2040 and qualify for Tier II regulatory capital treatment.
The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025, and 365,547 shares of common stock at an average price paid of $111.00 per share in the third quarter of 2025. We view buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality
Nonperforming assets totaled $75 million, or 0.29% of outstanding loans and repossessed assets, at December 31, 2025, compared to $74 million, or 0.30%, at September 30, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $66 million, or 0.26% of outstanding loans and repossessed assets, at December 31, 2025, compared to $67 million, or 0.27%, at September 30, 2025.
Nonaccruing loans increased $2.0 million compared to September 30, 2025. New nonaccruing loans identified in the fourth quarter totaled $12.9 million, offset by $6.3 million in payments received, $2.4 million in charge-offs, and $2.1 million in loans that returned to accrual status. Nonaccruing general business loans increased $6.4 million while nonaccruing loans to individuals decreased $1.8 million and nonaccruing services loans decreased $1.5 million.
Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter. At December 31, 2025, net charge-offs for the trailing twelve months were $6.7 million, or 0.03% of average loans. Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter of 2025.
No provision for expected credit losses was necessary for the fourth quarter of 2025, primarily due to an improvement in economic forecast assumptions offset by the impact of loan growth during the quarter.
At December 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $327 million, or 1.28% of outstanding loans and 497% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At September 30, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $328 million, or 1.32% of outstanding loans and 505% of nonaccruing loans.
1     See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
          7

BOK Financial Corporation quarterly earnings release(a)
Securities & Derivatives
The fair value of the available-for-sale securities portfolio totaled $13.6 billion at December 31, 2025, a $126 million increase over September 30, 2025. At December 31, 2025, the available-for-sale securities portfolio consisted primarily of $9.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.1 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At December 31, 2025, the available-for-sale securities portfolio had a net unrealized loss of $133 million, compared to $204 million at September 30, 2025.
We hold an inventory of trading securities in support of sales to a variety of customers. At December 31, 2025, the trading securities portfolio totaled $5.4 billion, compared to $4.3 billion at September 30, 2025.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $2.6 million to $102 million at December 31, 2025.
Derivative contracts are carried at fair value. At December 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $428 million, compared to $317 million at September 30, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $399 million at December 31, 2025, and $294 million at September 30, 2025.
The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $579 thousand during the fourth quarter of 2025, including a $2.1 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $1.4 million increase in the fair value of mortgage servicing rights, and $114 thousand of related net interest income.

Fourth Quarter 2025 Segment Highlights
Commercial BankingConsumer BankingWealth Management
(In thousands)Dec. 31, 2025Sep. 30, 2025Dec. 31, 2025Sep. 30, 2025Dec. 31, 2025Sep. 30, 2025
Net interest income and fee revenue
$242,118 $236,734$94,761 $96,522$160,171 $155,142
Net loans charged-off (recovered)929 2,609944 1,413(7)(3)
Personnel expense53,592 51,63825,181 25,68174,028 73,032
Non-personnel expense32,577 29,60139,587 38,36128,697 29,939
Net income before taxes164,025 139,81715,054 14,49042,689 36,606
Average loans$20,529,256 $20,280,147$2,516,158 $2,432,968$2,393,802 $2,353,961
Average deposits18,486,299 18,161,2588,346,245 8,330,48110,703,630 10,731,569
Assets under management or administration$126,614,658 $122,673,531
Commercial Banking contributed $164.0 million to net income before taxes in the fourth quarter of 2025, an increase of $24.2 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.4 million. Investment banking revenue increased $2.9 million driven by growth in loan syndication fees. Transaction card revenue increased $1.4 million due to an increase in the volume of transactions processed during the period, while net interest income grew $1.0 million. Net loans charged off decreased $1.7 million to $929 thousand in the fourth quarter of 2025. Other operating expenses increased $4.9 million, largely due to higher incentive compensation costs and additional technology projects in the quarter. Other gains (losses), net, grew $21.5 million, primarily due to the sale of a merchant banking investment. Average loans increased $249 million, or 1%, to $20.5 billion. Average deposits grew $325 million, or 2%, to $18.5 billion.
8

BOK Financial Corporation quarterly earnings release(a)
Consumer Banking contributed $15.1 million to net income before taxes in the fourth quarter of 2025, relatively consistent with the prior quarter. Combined net interest income and fee revenue totaled $94.8 million, a decrease of $1.8 million, primarily due to a decrease in the spread on deposits. The net cost of the change in the fair value of mortgage servicing rights and the related economic hedges was $579 thousand, compared to a cost of $2.1 million in the prior quarter. Other operating expenses were consistent with the prior quarter and corporate expense allocations decreased $1.0 million. Average loans increased $83 million, or 3%, to $2.5 billion. Average deposits were consistent with prior quarter at $8.3 billion.
Wealth Management contributed $42.7 million to net income before taxes in the fourth quarter of 2025, an increase of $6.1 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.0 million, primarily due to higher fiduciary and asset management fees driven by transaction-related fees combined with increased market valuations and continued growth in client relationships. Trading fees increased $5.4 million, driven by higher U.S agency residential mortgage-backed securities trading activity during the quarter, offset by municipal underwriting revenue returning to more normalized levels following a strong third quarter. Other operating expenses were consistent with the prior quarter. Average loans increased $40 million, or 2%, to $2.4 billion. Average deposits were largely unchanged at $10.7 billion. Assets under management or administration were $126.6 billion, an increase of $3.9 billion, or 3%.

9

BOK Financial Corporation quarterly earnings release(a)
Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, January 20, 2026, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.

About BOK Financial Corporation
BOK Financial Corporation is a $52 billion regional financial services company headquartered in Tulsa, Oklahoma with $127 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of December 31, 2025 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” “may,” “could,” “should,” “would,” “potential,” “continue,” “seek,” “target,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. All statements other than statements of historical fact are forward-looking statements. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to: changes in government; changes in governmental economic policy, including tariffs; changes in commodity prices; interest rates and interest rate relationships; inflation; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulations; tax laws; prices, levies and assessments; the impact of technological advances; trends in customer behavior as well as their ability to repay loans; credit quality deterioration; cybersecurity incidents and data breaches; operational failures or interruptions; liquidity risks; capital adequacy requirements; litigation and regulatory enforcement actions; and other risks detailed in BOK Financial Corporation’s filings with the Securities and Exchange Commission. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
10
BOK Financial Corporation Quarterly Earnings Release
(b)
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Dec. 31, 2025Sep. 30, 2025
Assets
Cash and due from banks$1,001,107 $880,721 
Interest-bearing cash and cash equivalents656,995 545,322 
Trading securities5,392,745 4,255,732 
Investment securities, net of allowance1,784,242 1,837,647 
Available-for-sale securities13,606,625 13,481,030 
Fair value option securities102,096 104,688 
Restricted equity securities224,757 248,605 
Residential mortgage loans held for sale94,630 100,060 
Loans:
Commercial15,281,067 14,512,940 
Commercial real estate5,672,006 5,752,607 
Loans to individuals4,698,389 4,599,647 
Total loans25,651,462 24,865,194 
Allowance for loan losses(275,860)(277,692)
Loans, net of allowance25,375,602 24,587,502 
Premises and equipment, net638,936 636,256 
Receivables292,978 288,140 
Goodwill1,044,749 1,044,749 
Intangible assets, net34,752 37,376 
Mortgage servicing rights322,724 326,399 
Real estate and other repossessed assets, net176 1,751 
Derivative contracts, net300,775 299,215 
Cash surrender value of bank-owned life insurance421,514 419,103 
Receivable on unsettled securities sales62,034 64,515 
Other assets880,064 1,034,576 
Total assets$52,237,501 $50,193,387 
Liabilities
Deposits:
Demand$8,081,930 $7,907,176 
Interest-bearing transaction26,850,070 25,983,228 
Savings863,923 846,736 
Time3,639,083 3,762,878 
Total deposits39,435,006 38,500,018 
Funds purchased and repurchase agreements1,491,716 970,950 
Other borrowings2,745,939 3,239,507 
Subordinated debentures396,589 — 
Accrued interest, taxes, and expense382,809 312,283 
Due on unsettled securities purchases991,073 321,729 
Derivative contracts, net397,573 306,796 
Other liabilities476,116 517,179 
Total liabilities46,316,821 44,168,462 
Shareholders' equity
Capital, surplus and retained earnings6,084,816 6,249,199 
Accumulated other comprehensive loss(166,170)(226,664)
Total shareholders’ equity5,918,646 6,022,535 
Non-controlling interests2,034 2,390 
Total equity5,920,680 6,024,925 
Total liabilities and equity$52,237,501 $50,193,387 
11
BOK Financial Corporation Quarterly Earnings Release
(b)
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Assets
Interest-bearing cash and cash equivalents$546,045 $495,091 $506,330 $564,014 $546,955 
Trading securities5,295,598 5,603,200 6,876,788 5,881,997 5,636,949 
Investment securities, net of allowance1,804,984 1,861,565 1,918,969 1,980,005 2,037,072 
Available-for-sale securities13,564,939 13,386,515 13,218,569 12,962,830 12,969,630 
Fair value option securities72,229 105,651 88,323 17,603 18,384 
Restricted equity securities250,430 337,055 390,191 348,266 338,236 
Residential mortgage loans held for sale91,414 91,422 86,543 63,365 87,353 
Loans:
Commercial15,037,471 14,490,145 14,315,695 14,633,090 14,973,929 
Commercial real estate5,581,588 5,743,572 5,495,152 5,245,867 5,039,535 
Loans to individuals4,623,492 4,592,422 4,365,702 4,189,270 4,011,080 
Total loans25,242,551 24,826,139 24,176,549 24,068,227 24,024,544 
Allowance for loan losses(277,580)(277,398)(278,191)(279,983)(283,685)
Loans, net of allowance24,964,971 24,548,741 23,898,358 23,788,244 23,740,859 
Total earning assets46,590,610 46,429,240 46,984,071 45,606,324 45,375,438 
Cash and due from banks988,135 960,602 915,487 995,598 910,894 
Derivative contracts, net268,675 317,732 374,125 328,478 360,352 
Cash surrender value of bank-owned life insurance420,167 417,261 419,602 417,797 414,760 
Receivable on unsettled securities sales227,678 162,035 228,563 184,960 284,793 
Other assets3,357,081 3,405,206 3,365,104 3,453,746 3,268,949 
Total assets$51,852,346 $51,692,076 $52,286,952 $50,986,903 $50,615,186 
Liabilities
Deposits:
Demand$8,009,082 $7,894,847 $7,958,538 $8,156,069 $8,378,558 
Interest-bearing transaction27,396,541 26,076,475 25,859,336 25,859,733 24,992,464 
Savings852,390 867,939 853,062 844,875 818,210 
Time3,729,596 3,641,985 3,465,780 3,498,401 3,629,882 
Total deposits39,987,609 38,481,246 38,136,716 38,359,078 37,819,114 
Funds purchased and repurchase agreements1,185,566 873,800 782,039 935,716 1,076,400 
Other borrowings3,008,388 5,048,301 6,019,948 4,626,402 4,489,870 
Subordinated debentures241,482 — 99,846 131,188 131,185 
Derivative contracts, net317,206 332,893 359,616 237,035 417,026 
Due on unsettled securities purchases452,673 329,361 503,490 425,050 472,334 
Other liabilities697,979 663,323 591,496 611,762 630,957 
Total liabilities45,890,903 45,728,924 46,493,151 45,326,231 45,036,886 
Total equity5,961,443 5,963,152 5,793,801 5,660,672 5,578,300 
Total liabilities and equity
$51,852,346 $51,692,076 $52,286,952 $50,986,903 $50,615,186 
12
BOK Financial Corporation Quarterly Earnings Release
(b)
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months EndedYear Ended
December 31,December 31,
(In thousands, except share and per share data)2025202420252024
Interest revenue$625,818 $639,125 $2,531,268 $2,636,464 
Interest expense280,537 326,079 1,203,924 1,425,706 
Net interest income
345,281 313,046 1,327,344 1,210,758 
Provision for credit losses— — 2,000 18,000 
Net interest income after provision for credit losses
345,281 313,046 1,325,344 1,192,758 
Other operating revenue:
Brokerage and trading revenue47,310 55,505 159,742 218,092 
Transaction card revenue31,564 27,631 117,680 108,865 
Fiduciary and asset management revenue68,347 60,595 257,161 230,860 
Deposit service charges and fees32,039 30,038 125,529 118,745 
Mortgage banking revenue19,013 18,140 77,585 74,107 
Other revenue16,591 15,029 63,043 59,354 
Total fees and commissions214,864 206,938 800,740 810,023 
Other gains, net28,078 4,995 43,757 79,726 
Gain (loss) on derivatives, net(2,366)(21,728)12,281 (22,461)
Gain (loss) on fair value option securities, net551 (621)2,618 (256)
Change in fair value of mortgage servicing rights1,407 20,460 (13,227)18,437 
Gain (loss) on available-for-sale securities, net
1,748 — 1,961 (45,828)
Total other operating revenue244,282 210,044 848,130 839,641 
Other operating expense:
Personnel222,726 210,675 877,969 811,239 
Business promotion11,516 9,365 39,433 33,274 
Charitable contributions to BOKF Foundation— — — 13,610 
Professional fees and services18,371 15,175 62,179 53,921 
Net occupancy and equipment32,693 32,713 131,382 125,328 
FDIC and other insurance6,078 6,862 26,406 31,105 
FDIC special assessment(9,479)(686)(10,688)5,521 
Data processing and communications51,299 48,024 198,536 187,273 
Printing, postage, and supplies4,077 3,699 15,819 15,079 
Amortization of intangible assets2,656 2,855 10,620 11,612 
Mortgage banking costs10,663 10,692 35,731 34,638 
Other expense10,454 8,282 45,469 43,155 
Total other operating expense361,054 347,656 1,432,856 1,365,755 
Net income before taxes228,509 175,434 740,618 666,644 
Federal and state income taxes51,243 39,280 162,640 143,091 
Net income177,266 136,154 577,978 523,553 
Net income (loss) attributable to non-controlling interests
(35)— (12)(16)
Net income attributable to BOK Financial Corporation shareholders$177,301 $136,154 $577,990 $523,569 
Average shares outstanding:
Basic and diluted60,916,929 63,491,458 62,622,386 63,745,088 
Net income per share:
Basic and diluted$2.89 $2.12 $9.17 $8.14 
13
BOK Financial Corporation Quarterly Earnings Release
(b)
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Interest revenue$625,818 $644,453 $642,427 $618,570 $639,125 
Interest expense280,537 306,807 314,261 302,319 326,079 
Net interest income
345,281 337,646 328,166 316,251 313,046 
Provision for credit losses— 2,000 — — — 
Net interest income after provision for credit losses
345,281 335,646 328,166 316,251 313,046 
Other operating revenue:
Brokerage and trading revenue47,310 43,239 38,125 31,068 55,505 
Transaction card revenue31,564 29,463 29,561 27,092 27,631 
Fiduciary and asset management revenue68,347 63,878 63,964 60,972 60,595 
Deposit service charges and fees32,039 31,896 31,319 30,275 30,038 
Mortgage banking revenue19,013 19,764 18,993 19,815 18,140 
Other revenue16,591 16,190 15,368 14,894 15,029 
Total fees and commissions214,864 204,430 197,330 184,116 206,938 
Other gains (losses), net28,078 8,264 8,140 (725)4,995 
Gain (loss) on derivatives, net(2,366)(453)5,535 9,565 (21,728)
Gain (loss) on fair value option securities, net551 630 1,112 325 (621)
Change in fair value of mortgage servicing rights1,407 (2,375)(5,019)(7,240)20,460 
Gain on available-for-sale securities, net1,748 213 — — — 
Total other operating revenue244,282 210,709 207,098 186,041 210,044 
Other operating expense:
Personnel222,726 226,347 214,711 214,185 210,675 
Business promotion11,516 9,960 9,139 8,818 9,365 
Professional fees and services18,371 15,137 15,402 13,269 15,175 
Net occupancy and equipment32,693 33,040 32,657 32,992 32,713 
FDIC and other insurance6,078 7,302 6,439 6,587 6,862 
FDIC special assessment(9,479)(1,209)(523)523 (686)
Data processing and communications51,299 50,062 49,597 47,578 48,024 
Printing, postage, and supplies4,077 4,036 4,067 3,639 3,699 
Amortization of intangible assets2,656 2,656 2,656 2,652 2,855 
Mortgage banking costs10,663 10,668 6,711 7,689 10,692 
Other expense10,454 11,771 13,647 9,597 8,282 
Total other operating expense361,054 369,770 354,503 347,529 347,656 
Net income before taxes228,509 176,585 180,761 154,763 175,434 
Federal and state income taxes51,243 35,714 40,691 34,992 39,280 
Net income177,266 140,871 140,070 119,771 136,154 
Net income (loss) attributable to non-controlling interests(35)(23)52 (6)— 
Net income attributable to BOK Financial Corporation shareholders$177,301 $140,894 $140,018 $119,777 $136,154 
Average shares outstanding:
Basic and diluted60,916,929 62,840,270 63,208,027 63,547,510 63,491,458 
Net income per share:
Basic and diluted$2.89 $2.22 $2.19 $1.86 $2.12 
14
BOK Financial Corporation Quarterly Earnings Release
(b)
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Capital:
Period end shareholders' equity$5,918,646 $6,022,535 $5,890,888 $5,771,813 $5,548,353 
Risk-weighted assets$38,966,948 $38,136,467 $37,630,803 $38,062,913 $38,315,722 
Risk-based capital ratios:
Common equity Tier 112.89 %%13.60 %%13.59 %%13.31 %%13.03 %%
Tier 112.90 %%13.61 %%13.60 %%13.31 %%13.04 %%
Total capital14.77 %%14.48 %%14.48 %%14.54 %%14.21 %%
Leverage ratio9.86 %%10.19 %%9.88 %%10.02 %%9.97 %%
Tangible common equity ratio1
9.46 %%10.06 %%9.63 %%9.48 %%9.17 %%
Common stock:
Book value per share$97.63 $95.22 $92.61 $89.82 $86.53 
Tangible book value per share$79.83 $78.11 $75.56 $72.87 $69.51 
Market value per share:
High$122.16 $114.17 $104.15 $116.29 $121.58 
Low$102.72 $96.89 $85.08 $97.84 $99.93 
Cash dividends paid$38,042 $36,122 $36,256 $36,468 $36,421 
Dividend payout ratio21.46 %%25.64 %%25.89 %%30.45 %%26.75 %%
Shares outstanding, net60,620,507 63,247,676 63,611,097 64,261,824 64,121,299 
Stock buy-back program:
Shares repurchased2,617,414 365,547 663,298 10,000 — 
Amount$282,645 $40,575 $62,341 $985 $— 
Average price paid per share2
$107.99 $111.00 $93.99 $98.45 $— 
Performance ratios (quarter annualized):
Return on average assets1.36 %%1.08 %%1.07 %%0.95 %%1.07 %%
Return on average equity11.80 %%9.38 %%9.70 %%8.59 %%9.71 %%
Return on average tangible common equity1
14.42 %%11.46 %%11.94 %%10.63 %%12.09 %%
Net interest margin2.98 %%2.91 %%2.80 %%2.78 %%2.75 %%
Efficiency ratio1
60.71 %%66.66 %%65.42 %%68.31 %%65.61 %%
Adjusted efficiency ratio1
64.89 %%66.88 %%65.52 %%68.21 %%65.74 %%
Other data:
Tax-equivalent interest$2,555 $2,565 $2,574 $2,542 $2,466 
Net unrealized loss on available-for-sale securities$(132,566)$(203,682)$(276,678)$(363,507)$(537,335)

1     See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
2     Excludes 1% excise tax on corporate stock repurchases.                                    
3     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.                      15
BOK Financial Corporation Quarterly Earnings Release
(b)
Three Months Ended
(In thousands, except ratio, share, and per share data)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Mortgage banking:
Mortgage production revenue$1,963 $2,370 $1,707 $2,629 $1,282 
Mortgage loans funded for sale$230,376 $229,812 $219,154 $159,816 $208,300 
Add: Current period end outstanding commitments
49,048 67,842 64,508 60,429 36,590 
Less: Prior period end outstanding commitments67,842 64,508 60,429 36,590 70,102 
Total mortgage production volume$211,582 $233,146 $223,233 $183,655 $174,788 
Mortgage loan refinances to mortgage loans funded for sale27 %%13 %%16 %%12 %%19 %%
Realized margin on funded mortgage loans1.10 %%0.96 %%0.66 %%0.91 %%0.87 %%
Production revenue as a percentage of production volume0.93 %%1.02 %%0.76 %%1.43 %%0.73 %%
Mortgage servicing revenue$17,050 $17,394 $17,286 $17,186 $16,858 
Average outstanding principal balance of mortgage loans serviced for others$21,882,238 $22,269,300 $22,687,658 $23,089,324 $22,214,392 
Average mortgage servicing revenue rates0.31 %%0.31 %%0.31 %%0.30 %%0.30 %%
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on derivatives, net$(2,651)$(508)$5,230 $9,183 $(21,917)
Gain (loss) on fair value option securities, net551 630 1,112 325 (621)
Gain (loss) on economic hedge of mortgage servicing rights(2,100)122 6,342 9,508 (22,538)
Change in fair value of mortgage servicing rights1,407 (2,375)(5,019)(7,240)20,460 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue(693)(2,253)1,323 2,268 (2,078)
Net interest income (expense) on fair value option securities3
114 169 229 (71)(79)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(579)$(2,084)$1,552 $2,197 $(2,157)



1     See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.
2     Excludes 1% excise tax on corporate stock repurchases.                                    
3     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.                      16
BOK Financial Corporation Quarterly Earnings Release
(b)
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Reconciliation of tangible common equity ratio:
Total shareholders' equity$5,918,646 $6,022,535 $5,890,888 $5,771,813 $5,548,353 
Less: Goodwill and intangible assets, net1,079,501 1,082,125 1,084,749 1,088,813 1,091,537 
Tangible common equity$4,839,145 $4,940,410 $4,806,139 $4,683,000 $4,456,816 
Total assets$52,237,501 $50,193,387 $50,998,077 $50,472,189 $49,685,892 
Less: Goodwill and intangible assets, net1,079,501 1,082,125 1,084,749 1,088,813 1,091,537 
Tangible assets$51,158,000 $49,111,262 $49,913,328 $49,383,376 $48,594,355 
Tangible common equity ratio9.46 %%10.06 %%9.63 %%9.48 %%9.17 %%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,959,186 $5,960,711 $5,791,275 $5,658,082 $5,575,583 
Less: Average goodwill and intangible assets, net1,080,758 1,083,390 1,086,991 1,090,116 1,094,466 
Average tangible common equity$4,878,428 $4,877,321 $4,704,284 $4,567,966 $4,481,117 
Net income attributable to BOK Financial Corporation shareholders
$177,301 $140,894 $140,018 $119,777 $136,154 
Return on average tangible common equity14.42 %%11.46 %%11.94 %%10.63 %%12.09 %%
Calculation of efficiency ratio and adjusted efficiency ratio:
Total other operating expense$361,054 $369,770 $354,503 $347,529 $347,656 
Less: Amortization of intangible assets2,656 2,656 2,656 2,652 2,855 
Numerator for efficiency ratio
$358,398 $367,114 $351,847 $344,877 $344,801 
Less: FDIC special assessment expense (benefit)(9,479)(1,209)(523)523 (686)
Numerator for adjusted efficiency ratio$367,877 $368,323 $352,370 $344,354 $345,487 
Net interest income
$345,281 $337,646 $328,166 $316,251 $313,046 
Add: Tax-equivalent adjustment
2,555 2,565 2,574 2,542 2,466 
Tax-equivalent net interest income
347,836 340,211 330,740 318,793 315,512 
Add: Total other operating revenue244,282 210,709 207,098 186,041 210,044 
Less: Gain (loss) on available-for-sale securities, net1,748 213 — — — 
Denominator for efficiency ratio
$590,370 $550,707 $537,838 $504,834 $525,556 
Less: Gain on sale of merchant banking investment23,475 — — — — 
Denominator for adjusted efficiency ratio$566,895 $550,707 $537,838 $504,834 $525,556 
Efficiency ratio60.71 %%66.66 %%65.42 %%68.31 %%65.61 %%
Adjusted efficiency ratio64.89 %%66.88 %%65.52 %%68.21 %%65.74 %%
Reconciliation of pre-provision net revenue:
Net income before taxes$228,509 $176,585 $180,761 $154,763 $175,434 
Add: Provision for expected credit losses
— 2,000 — — — 
Less: Net income (loss) attributable to non-controlling interests
(35)(23)52 (6)— 
Pre-provision net revenue$228,544 $178,608 $180,709 $154,769 $175,434 
17
BOK Financial Corporation Quarterly Earnings Release
(b)
Three Months Ended
(In thousands, except ratio and share data)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$345,281 $337,646 $328,166 $316,251 $313,046 
Less: Trading activities net interest income
13,211 14,325 16,138 15,174 4,648 
Net interest income excluding trading activities
332,070 323,321 312,028 301,077 308,398 
Add: Tax-equivalent adjustment
2,555 2,565 2,574 2,542 2,466 
Tax-equivalent net interest income excluding trading activities
$334,625 $325,886 $314,602 $303,619 $310,864 
Average interest-earning assets$46,590,610 $46,429,240 $46,984,071 $45,606,324 $45,375,438 
Less: Average trading activities interest-earning assets5,295,598 5,603,200 6,876,788 5,881,997 5,636,949 
Average interest-earning assets excluding trading activities$41,295,012 $40,826,040 $40,107,283 $39,724,327 $39,738,489 
Net interest margin on average interest-earning assets2.98 %%2.91 %%2.80 %%2.78 %%2.75 %%
Net interest margin on average trading activities interest-earning assets1.04 %%1.07 %%0.93 %%0.98 %%0.36 %%
Net interest margin on average interest-earning assets excluding trading activities3.22 %%3.16 %%3.12 %%3.05 %%3.09 %%

Three Months Ended
(In thousands, except share data)
Dec. 31, 2025
Reconciliation of adjusted net income and earnings per share:
Net income attributable to BOK Financial Corporation shareholders
$177,301 
Impact of FDIC special assessment benefit, net of tax
(7,239)
Gain on sale of merchant banking investment, net of tax
(17,928)
Adjusted net income$152,134 
Earnings per share$2.89 
Impact of FDIC special assessment benefit, net of tax
(0.12)
Gain on sale of merchant banking investment, net of tax
(0.29)
Adjusted earnings per share
$2.48 
Year Ended
(In thousands, except ratios)
Dec. 31, 2025
Calculation of efficiency ratio:
Total other operating expense$1,432,856 
Less: Amortization of intangible assets10,620 
Numerator for efficiency ratio
$1,422,236 
Net interest income
$1,327,344 
Add: Tax-equivalent adjustment
10,236 
Tax-equivalent net interest income
1,337,580 
Add: Total other operating revenue
848,130 
Less: Gain on available-for-sale securities, net
1,961 
Denominator for efficiency ratio
$2,183,749 
Efficiency ratio65.13 %%
18
BOK Financial Corporation Quarterly Earnings Release
(b)

Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities, less intangible assets and equity that does not benefit common shareholders. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.
The efficiency ratio and adjusted efficiency ratio measure the company's ability to use its assets and manage its liabilities effectively in the current period.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.
We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items, and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.
19
BOK Financial Corporation Quarterly Earnings Release
(b)
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Commercial:     
Healthcare$4,008,208 $3,878,543 $3,808,936 $3,789,446 $3,967,533 
Services3,911,917 3,710,643 3,658,807 3,704,834 3,643,203 
Energy2,882,242 2,681,512 2,734,713 2,860,330 3,254,724 
General business4,478,700 4,242,242 4,181,726 4,048,821 4,164,676 
Total commercial15,281,067 14,512,940 14,384,182 14,403,431 15,030,136 
Commercial real estate:
Multifamily2,432,330 2,500,323 2,473,365 2,336,312 2,237,064 
Industrial1,368,436 1,396,795 1,304,211 1,163,089 1,127,867 
Office814,139 811,601 690,086 704,688 755,838 
Retail573,451 593,835 592,043 497,579 485,926 
Residential construction and land development129,783 122,033 105,701 105,190 109,120 
Other commercial real estate353,867 328,020 356,035 356,678 342,637 
Total commercial real estate5,672,006 5,752,607 5,521,441 5,163,536 5,058,452 
Loans to individuals:     
Residential mortgage2,731,415 2,676,366 2,610,681 2,471,345 2,436,958 
Residential mortgages guaranteed by U.S. government agencies158,359 151,642 148,453 133,453 136,649 
Personal1,808,615 1,771,639 1,627,454 1,518,723 1,452,529 
Total loans to individuals4,698,389 4,599,647 4,386,588 4,123,521 4,026,136 
Total$25,651,462 $24,865,194 $24,292,211 $23,690,488 $24,114,724 
20
BOK Financial Corporation Quarterly Earnings Release
(b)
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Texas:
Commercial$7,383,319 $6,800,577 $6,893,246 $6,953,714 $7,411,416 
Commercial real estate2,057,016 2,107,335 1,997,598 1,864,345 1,731,281 
Loans to individuals1,066,827 1,037,831 996,341 929,825 918,994 
Total Texas10,507,162 9,945,743 9,887,185 9,747,884 10,061,691 
Oklahoma:
Commercial3,829,109 3,692,319 3,455,696 3,380,680 3,585,592 
Commercial real estate589,709 574,126 512,075 521,992 513,101 
Loans to individuals3,005,460 2,927,185 2,725,320 2,548,549 2,440,874 
Total Oklahoma7,424,278 7,193,630 6,693,091 6,451,221 6,539,567 
Colorado:
Commercial2,127,979 2,132,770 2,185,658 2,246,388 2,188,324 
Commercial real estate600,668 589,307 791,171 706,154 759,168 
Loans to individuals200,378 208,323 217,088 210,531 213,768 
Total Colorado2,929,025 2,930,400 3,193,917 3,163,073 3,161,260 
Arizona:
Commercial1,253,824 1,228,593 1,166,745 1,115,085 1,082,829 
Commercial real estate1,332,658 1,348,838 1,165,927 1,084,967 1,098,174 
Loans to individuals224,354 222,963 226,727 218,093 215,531 
Total Arizona2,810,836 2,800,394 2,559,399 2,418,145 2,396,534 
Kansas/Missouri:
Commercial282,189 270,068 303,692 298,410 305,957 
Commercial real estate571,331 618,052 556,390 533,335 515,511 
Loans to individuals142,392 142,408 155,154 147,651 164,638 
Total Kansas/Missouri995,912 1,030,528 1,015,236 979,396 986,106 
New Mexico:
Commercial311,636 282,479 282,918 324,321 325,246 
Commercial real estate465,228 458,720 443,516 381,775 402,217 
Loans to individuals49,589 51,056 55,714 57,926 60,703 
Total New Mexico826,453 792,255 782,148 764,022 788,166 
Arkansas:
Commercial93,011 106,134 96,227 84,833 130,772 
Commercial real estate55,396 56,229 54,764 70,968 39,000 
Loans to individuals9,389 9,881 10,244 10,946 11,628 
Total Arkansas157,796 172,244 161,235 166,747 181,400 
Total BOK Financial$25,651,462 $24,865,194 $24,292,211 $23,690,488 $24,114,724 
Loans attributed to a principal market may not always represent the location of the borrower or the collateral.

21
BOK Financial Corporation Quarterly Earnings Release
(b)
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Oklahoma:
    Demand$3,492,243 $3,520,203 $3,589,146 $3,629,708 $3,618,771 
    Interest-bearing:
       Transaction13,732,961 13,352,070 13,537,068 13,891,707 13,352,732 
       Savings532,284 520,995 521,734 525,424 497,443 
       Time2,232,078 2,356,945 2,166,094 2,089,744 2,138,620 
    Total interest-bearing16,497,323 16,230,010 16,224,896 16,506,875 15,988,795 
Total Oklahoma19,989,566 19,750,213 19,814,042 20,136,583 19,607,566 
Texas:
    Demand2,177,256 2,194,177 2,082,652 2,187,903 2,216,393 
    Interest-bearing:
       Transaction6,691,395 6,427,135 6,203,081 5,925,285 6,205,605 
       Savings149,593 147,560 155,027 155,777 154,112 
       Time647,158 649,757 638,657 633,538 646,490 
    Total interest-bearing7,488,146 7,224,452 6,996,765 6,714,600 7,006,207 
Total Texas9,665,402 9,418,629 9,079,417 8,902,503 9,222,600 
Colorado:
    Demand1,152,203 929,383 1,040,223 1,082,304 1,159,076 
    Interest-bearing:
       Transaction2,137,579 2,204,899 1,989,284 1,988,258 2,089,475 
       Savings54,809 53,768 55,326 58,318 59,244 
       Time282,320 284,962 278,914 274,235 280,081 
    Total interest-bearing2,474,708 2,543,629 2,323,524 2,320,811 2,428,800 
Total Colorado3,626,911 3,473,012 3,363,747 3,403,115 3,587,876 
New Mexico:
    Demand580,400 591,330 609,205 631,950 659,234 
    Interest-bearing:
       Transaction1,405,940 1,376,694 1,416,741 1,283,998 1,305,044 
       Savings95,630 94,180 94,930 96,969 90,580 
       Time354,757 347,227 340,946 344,827 347,443 
    Total interest-bearing1,856,327 1,818,101 1,852,617 1,725,794 1,743,067 
Total New Mexico2,436,727 2,409,431 2,461,822 2,357,744 2,402,301 
Arizona:
    Demand365,007 368,432 385,442 451,085 418,587 
    Interest-bearing:
       Transaction1,450,416 1,406,300 1,467,509 1,312,979 1,277,494 
       Savings14,656 13,571 10,536 11,125 12,336 
       Time72,286 71,886 72,041 70,758 70,390 
    Total interest-bearing1,537,358 1,491,757 1,550,086 1,394,862 1,360,220 
Total Arizona1,902,365 1,860,189 1,935,528 1,845,947 1,778,807 
22
BOK Financial Corporation Quarterly Earnings Release
(b)
(In thousands)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Kansas/Missouri:
    Demand281,263 282,235 269,408 279,808 277,440 
    Interest-bearing:
       Transaction1,194,500 1,151,956 1,169,161 1,202,107 1,169,541 
       Savings14,256 14,251 13,719 14,504 12,158 
       Time37,820 37,563 35,768 36,307 37,210 
    Total interest-bearing1,246,576 1,203,770 1,218,648 1,252,918 1,218,909 
Total Kansas/Missouri1,527,839 1,486,005 1,488,056 1,532,726 1,496,349 
Arkansas:
    Demand33,558 21,416 22,685 25,738 22,396 
    Interest-bearing:
       Transaction237,279 64,174 61,079 57,696 55,215 
       Savings2,695 2,411 2,485 2,602 2,944 
       Time12,664 14,538 17,248 17,019 15,176 
    Total interest-bearing252,638 81,123 80,812 77,317 73,335 
Total Arkansas286,196 102,539 103,497 103,055 95,731 
Total BOK Financial$39,435,006 $38,500,018 $38,246,109 $38,281,673 $38,191,230 
23
BOK Financial Corporation Quarterly Earnings Release
(b)
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Tax-equivalent asset yields
Interest-bearing cash and cash equivalents3.85 %%4.39 %%4.46 %%4.48 %%4.60 %%
Trading securities4.83 %%5.25 %%5.05 %%5.07 %%4.90 %%
Investment securities, net of allowance1.41 %%1.41 %%1.41 %%1.42 %%1.42 %%
Available-for-sale securities3.94 %%3.93 %%3.89 %%3.82 %%3.82 %%
Fair value option securities4.83 %%5.45 %%5.90 %%3.72 %%3.70 %%
Restricted equity securities7.22 %%7.84 %%7.73 %%7.51 %%7.60 %%
Residential mortgage loans held for sale5.84 %%6.08 %%6.13 %%6.03 %%5.85 %%
Loans6.48 %%6.70 %%6.71 %%6.71 %%7.01 %%
Allowance for loan losses
Loans, net of allowance6.55 %%6.78 %%6.79 %%6.79 %%7.10 %%
Total tax-equivalent yield on earning assets5.36 %%5.53 %%5.47 %%5.45 %%5.59 %%
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Transaction
2.88 %%3.14 %%3.17 %%3.21 %%3.42 %%
Savings0.54 %%0.55 %%0.54 %%0.56 %%0.59 %%
Time3.64 %%3.73 %%3.83 %%4.10 %%4.56 %%
Total interest-bearing deposits2.91 %%3.14 %%3.17 %%3.24 %%3.48 %%
Funds purchased and repurchase agreements3.47 %%3.29 %%3.50 %%3.05 %%3.78 %%
Other borrowings4.22 %%4.54 %%4.49 %%4.57 %%4.95 %%
Subordinated debt6.12 %%— %%6.38 %%6.44 %%6.80 %%
Total cost of interest-bearing liabilities3.06 %%3.33 %%3.40 %%3.42 %%3.69 %%
Tax-equivalent net interest spread
2.30 %%2.20 %%2.07 %%2.03 %%1.90 %%
Effect of noninterest-bearing funding sources and other0.68 %%0.71 %%0.73 %%0.75 %%0.85 %%
Tax-equivalent net interest margin2.98 %%2.91 %%2.80 %%2.78 %%2.75 %%
Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
24
BOK Financial Corporation Quarterly Earnings Release
(b)
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratios)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Nonperforming assets:
Nonaccruing loans:
Commercial:
Healthcare$23,490 $24,507 $28,743 $29,253 $13,717 
Services6,135 7,647 11,329 13,662 767 
Energy— 31 40 49 49 
General business6,477 85 45 103 114 
Total commercial36,102 32,270 40,157 43,067 14,647 
Commercial real estate6,697 6,809 6,925 13,125 9,905 
Loans to individuals:
Permanent mortgage18,263 21,255 20,654 20,502 15,261 
Permanent mortgage guaranteed by U.S. government agencies8,586 7,348 6,978 6,786 6,803 
Personal4,712 4,712 4,613 40 109 
Total loans to individuals31,561 33,315 32,245 27,328 22,173 
Total nonaccruing loans74,360 72,394 79,327 83,520 46,725 
Real estate and other repossessed assets176 1,751 1,729 1,769 2,254 
Total nonperforming assets$74,536 $74,145 $81,056 $85,289 $48,979 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$65,950 $66,797 $74,078 $78,503 $42,176 
Accruing loans 90 days past due1
$— $1,135 $1,388 $3,258 $— 
Gross charge-offs$2,353 $4,348 $1,313 $2,291 $1,339 
Recoveries(907)(721)(752)(1,186)(811)
Net charge-offs (recoveries)$1,446 $3,627 $561 $1,105 $528 
Provision for loan losses$(386)$4,270 $(984)$(336)$(3,893)
Provision for credit losses from off-balance sheet unfunded loan commitments487 (2,208)904 448 3,874 
Provision for expected credit losses from mortgage banking activities(95)(74)77 (82)30 
Provision for credit losses related to held-to-maturity (investment) securities portfolio(6)12 3 (30)(11)
Total provision for credit losses$— $2,000 $— $— $— 
1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
25
BOK Financial Corporation Quarterly Earnings Release
(b)
Three Months Ended
(In thousands, except ratios)Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024
Allowance for loan losses to period end loans1.08 %%1.12 %%1.14 %%1.18 %%1.16 %%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans1.28 %%1.32 %%1.36 %%1.40 %%1.38 %%
Nonperforming assets to period end loans and repossessed assets0.29 %%0.30 %%0.33 %%0.36 %%0.20 %%
Net charge-offs (annualized) to average loans0.02 %%0.06 %%0.01 %%0.02 %%0.01 %%
Allowance for loan losses to nonaccruing loans1
419.41 %%426.92 %%382.93 %%363.06 %%701.46 %%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
497.36 %%504.99 %%456.18 %%430.95 %%830.81 %%

1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
26
BOK Financial Corporation Quarterly Earnings Release
(b)
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
4Q25 vs 3Q25
Year Ended
2025 vs 2024
(In thousands, except ratios)
Dec. 31, 2025Sep. 30, 2025Change% ChangeDec. 31, 2025Dec. 31, 2024Change% Change
Commercial Banking:
Net interest income$180,240 $179,197 $1,043 0.6 %%$713,521 $815,096 $(101,575)(12.5)%%
Fees and commissions revenue61,878 57,537 4,341 7.5 %%232,972 216,790 16,182 7.5 %%
Combined net interest income and fee revenue242,118 236,734 5,384 2.3 %%946,493 1,031,886 (85,393)(8.3)%%
Other operating expense86,169 81,239 4,930 6.1 %%324,689 308,614 16,075 5.2 %%
Corporate allocations16,614 17,277 (663)(3.8)%%70,106 68,970 1,136 1.6 %%
Net income before taxes164,025 139,817 24,208 17.3 %%584,206 651,246 (67,040)(10.3)%%
Average assets$22,017,647 $21,722,491 $295,156 1.4 %%$21,616,765 $21,751,103 $(134,338)(0.6)%%
Average loans20,529,256 20,280,147 249,109 1.2 %%20,169,095 20,201,849 (32,754)(0.2)%%
Average deposits18,486,299 18,161,258 325,041 1.8 %%17,962,852 16,752,377 1,210,475 7.2 %%
Consumer Banking:
Net interest income$57,163 $58,451 $(1,288)(2.2)%%$230,980 $260,047 $(29,067)(11.2)%%
Fees and commissions revenue37,598 38,071 (473)(1.2)%%149,253 145,118 4,135 2.8 %%
Combined net interest income and fee revenue94,761 96,522 (1,761)(1.8)%%380,233 405,165 (24,932)(6.2)%%
Other operating expense64,768 64,042 726 1.1 %%241,522 226,264 15,258 6.7 %%
Corporate allocations13,292 14,326 (1,034)(7.2)%%58,092 55,737 2,355 4.2 %%
Net income before taxes15,054 14,490 564 3.9 %%76,412 112,224 (35,812)(31.9)%%
Average assets$8,396,499 $8,372,125 $24,374 0.3 %%$8,321,005 $8,112,293 $208,712 2.6 %%
Average loans2,516,158 2,432,968 83,190 3.4 %%2,366,189 2,023,837 342,352 16.9 %%
Average deposits8,346,245 8,330,481 15,764 0.2 %%8,275,256 8,077,700 197,556 2.4 %%
Wealth Management:
Net interest income$44,061 $43,626 $435 1.0 %%$177,033 $129,228 $47,805 37.0 %%
Fees and commissions revenue116,110 111,516 4,594 4.1 %%427,612 462,679 (35,067)(7.6)%%
Combined net interest income and fee revenue160,171 155,142 5,029 3.2 %%604,645 591,907 12,738 2.2 %%
Other operating expense102,725 102,971 (246)(0.2)%%393,243 378,237 15,006 4.0 %%
Corporate allocations14,764 15,568 (804)(5.2)%%58,657 57,073 1,584 2.8 %%
Net income before taxes42,689 36,606 6,083 16.6 %%152,770 156,781 (4,011)(2.6)%%
Average assets$11,276,162 $11,265,485 $10,677 0.1 %%$11,369,530 $10,772,189 $597,341 5.5 %%
Average loans2,393,802 2,353,961 39,841 1.7 %%2,303,390 2,177,465 125,925 5.8 %%
Average deposits10,703,630 10,731,569 (27,939)(0.3)%%10,730,248 9,654,008 1,076,240 11.1 %%
Fiduciary assets77,006,744 73,862,296 3,144,448 4.3 %%77,006,744 67,979,134 9,027,610 13.3 %%
Assets under management or administration126,614,658 122,673,531 3,941,127 3.2 %%126,614,658 114,615,237 11,999,421 10.5 %%
Certain prior period amounts have been reclassified to conform to current period presentation.
27