BOK FINANCIAL CORP (BOKF)

CIK: 0000875357. SIC: 6021 National Commercial Banks. Latest 10-K as of: 2026-02-18.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6021 National Commercial Banks

SEC company page: https://www.sec.gov/edgar/browse/?CIK=875357. Latest filing source: 0000875357-26-000013.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000875357.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000875357.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0000875357-26-000034.

Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence. Confidence: high. Filing date: 2026-05-06. Report date: 2026-03-31.

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.

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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.

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Table 1 – Volume/Rate A

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-02-18. Report date: 2025-12-31.

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Table 1 – Consolidated Selected Financial Data

December 31,

2025

2024

2023

Selected Financial Data

Earnings per share (based on average equivalent shares):

Basic and diluted

$

9.17 

$

8.14 

$

8.02 

Percentages (based on daily averages):

Return on average assets

1.12 

%

1.03 

%

1.10 

%

Return on average shareholders' equity

9.89 

%

9.82 

%

10.82 

%

Dividend payout ratio

25.41 

%

27.20 

%

27.00 

%

Allowance for loan losses to loans

1.08 

%

1.16 

%

1.16 

%

Combined allowance for credit losses to loans1

1.28 

%

1.38 

%

1.36 

%

1    Includes allowance for loan losses and accrual for off-balance sheet credit risk.

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Management’s Assessment of Operations and Financial Condition

Overview

The following discussion is management's analysis to assist in the understanding and evaluation of the financial condition and results of operations of BOK Financial. This discussion should be read in conjunction with the Consolidated Financial Statements and footnotes and selected financial data presented elsewhere in this report. This section and other sections provide information about our recent financial performance. For information about results of operations for 2024 compared with 2023, see the respective sections in Management's Discussion and Analysis included in our 2024 Form 10-K filed on February 19, 2025.

Reflecting the Federal Reserve's cautious confidence that inflation is moderating, the federal funds rate was reduced by 75 basis points over the last four months of 2025 to balance between inflation progress and emerging labor-market risks. The housing market showed some signs of recovery, with slight increases in sales and inventory. Homeownership affordability is being significantly impacted by the combination of higher mortgage interest rates and elevated home prices, which has greatly affected first-time homebuyers. Consumer spending also continues to remain stable but constrained, supported by continued demand for essential services while discretionary spending softened amid elevated prices and increased budget sensitivity. Unemployment increased slightly to 4.4% for December 2025. See "Summary of Credit Loss Experience" section of Management's Discussion and Analysis for additional discussion around our economic forecast.

Performance Summary

Net income for the year ended December 31, 2025, totaled $578.0 million, or $9.17 per diluted share, compared with net income of $523.6 million, or $8.14 per diluted share, for the year ended December 31, 2024. PPNR1, a non-GAAP measure, was $742.6 million for 2025, compared to $684.7 million in the prior year.

Highlights of 2025 included:

•Net interest income totaled $1.3 billion for 2025, a $116.6 million increase over the prior year. Net interest margin was 2.87% for 2025, compared to 2.65% for 2024, reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. Average earning assets were $46.4 billion for 2025, up $866 million over 2024, largely due to expansion of the AFS securities portfolio and growth in loan portfolio balances.

•Fees and commissions revenue was $800.7 million for 2025, consistent with the prior year. Brokerage and trading revenue decreased $58.4 million, largely due to a shift from trading revenue to net interest income on trading securities. Fiduciary and asset management revenue increased $26.3 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue was up $8.8 million due to disciplined pricing strategies, targeted customer acquisition efforts, and an increase in the volume of transactions processed during the year. Deposit service charges increased $6.8 million due to growth in commercial service charges.

•Other gains, net, were $43.8 million for 2025, including a $23.5 million pre-tax gain on the sale of a merchant banking investment. Other gains, net, for 2024 were $79.7 million, which included a $56.9 million pre-tax gain recognized in connection with the receipt and disposition of Visa C shares received as a result of the Exchange Offer announced by Visa, Inc. in the second quarter of 2024.

•Gains on AFS securities totaled $2.0 million for the year ended December 31, 2025, compared to a loss of $45.8 million in the prior year resulting from the strategic repositioning of our portfolio.

•Other operating expense increased $67.1 million to $1.4 billion. Personnel expense grew $66.7 million, reflecting a combination of annual merit increases, salary adjustments, and business expansion. Non-personnel expense was consistent with the prior year. The current year included a benefit of $10.7 million from FDIC updates to the special assessment estimate, along with other adjustments to the special assessment, compared to a $5.5 million expense in the prior year. The prior year included $13.6 million in charitable contributions to the BOKF Foundation, largely driven by the $10.0 million donation of converted Visa shares to the foundation. These decreases in expense for 2025 were largely offset by higher costs for data processing and communications, professional fees and services, business promotion, and net occupancy and equipment.

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

24

•The net economic benefit of the changes in the fair value of MSR and related economic hedges was $1.1 million during 2025, compared to a net economic cost of $5.7 million during 2024, due to reduced market volatility throughout 2025.

•The provision for credit losses was $2.0 million in 2025. The impact of loan growth was partially offset by an improvement in credit quality and the forecasted economic outlook during the year. Credit quality remained strong with net charge-offs of $6.7 million, or 0.03% of average loans in 2025, compared to $12.9 million, or 0.05% of average loans in 2024. We recorded an $18.0 million provision for expected credit losses in 2024. The combined allowance for credit losses totaled $327 million or 1.28% of outstanding loans at December 31, 2025. The combined allowance for credit losses was $332 million or 1.38% of outstanding loans at December 31, 2024.

•Nonperforming assets not guaranteed by U.S. government agencies totaled $66 million at December 31, 2025, up from a historic low of $42 million at December 31, 2024. Accruing substandard loans decreased $71 million, while other loans especially mentioned increased $29 million and nonaccrual loans increased $28 million.

•Average outstanding loan balances were $24.6 billion, growing $416 million over the prior year. Average loans to individuals increased $468 million and commercial real estate loans grew $366 million, while commercial loans decreased $418 million. Period end outstanding loan balances increased $1.5 billion to $25.7 billion at December 31, 2025.

•Average deposits increased $2.4 billion to $38.7 billion. Average interest-bearing deposits increased $2.8 billion, while average demand deposits decreased $413 million. Period end deposits increased $1.2 billion to $39.4 billion. The loan to deposit ratio was 65% at December 31, 2025, compared to 63% at December 31, 2024.

•Assets under management or administration totaled $126.6 billion at December 31, 2025, increasing $12.0 billion over December 31, 2024, primarily driven by improvements in the equity markets and growth in customer relationships during 2025.

•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.46% at December 31, 2025, and 9.17% at December 31, 2024. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities.

•The Company's common equity Tier 1 capital ratio was 12.90% at December 31, 2025. In addition, the Tier 1 capital ratio was 12.90%, total capital ratio was 14.77% and leverage ratio was 9.86% at December 31, 2025. At December 31, 2024, the Tier 1 capital ratio was 13.04%, the total capital ratio was 14.21%, and the leverage ratio was 9.97%.

•The Company repurchased 3,656,259 common shares at an average price of $105.72 per share during 2025 and 1,028,806 common shares at an average price of $86.49 during 2024.

•The Company paid cash dividends of $2.34 per common share during 2025, and $2.22 per common share in 2024.

Net income for the fourth quarter of 2025 totaled $177.3 million, or $2.89 per diluted share, compared to $140.9 million, or $2.22 per diluted share, for the third quarter of 2025.

Highlights of the fourth quarter of 2025 included:

•Net interest income totaled $345.3 million, an increase of $7.6 million over the prior quarter. Net interest margin expanded 7 basis points to 2.98% from 2.91%. For the fourth quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, grew 6 basis points to 3.22% compared to 3.16% in the prior quarter.

•Fees and commissions revenue was $214.9 million, up $10.4 million, led by growth in brokerage and trading revenue, fiduciary and asset management revenue, and transaction card revenue.

•Other gains, net, were $28.1 million for the fourth quarter of 2025, compared to $8.3 million in the third quarter of 2025. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.

•Operating expense decreased $8.7 million to $361.1 million. Excluding the FDIC special assessment benefit, personnel expense decreased $3.6 million and non-personnel expense increased $3.2 million.

•No provision for credit losses was necessary for the fourth quarter of 2025. The provision for credit losses was $2.0 million in the third quarter of 2025. Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter.

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

25

Critical Accounting Policies & Estimates

The Consolidated Financial Statements and accompanying notes are prepared in accordance with GAAP. The Company's accounting policies are more fully described in Note 1 to the Consolidated Financial Statements. Management makes significant assumptions and estimates in the preparation of the Consolidated Financial Statements and accompanying notes in conformity with GAAP that may be highly subjective, complex, and subject to variability. Actual results could differ significantly from these assumptions and estimates. The following discussion addresses the most critical areas where these assumptions and estimates could affect the financial condition, results of operations, and cash flows of the Company. These critical accounting policies and estimates have been discussed with the appropriate committees of the Board of Directors.

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

The allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments represent the portion of 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, as well as reasonable and supportable forecasts of future economic conditions. Quarterly, a senior management Allowance Committee assesses the appropriateness of the allowance for loan losses and accrual for off-balance sheet credit risk. This assessment requires judgment about effects of uncertain matters, resulting in a subjective calculation which is inherently imprecise. Because of the subjective forward-looking nature of the calculation, changes in these measures may not directly correlate with actual economic events. In future periods, management judgment may consider new or changed information which may cause significant changes in these allowances in those future periods.

See Note 4 to the Consolidated Financial Statements for the description of the expected credit losses calculation of the allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments.

For the majority of risk-graded loans, the accruing loans expected credit loss estimate is sensitive to management judgment, particularly probability of default and loss given default assumptions, changes in specific macroeconomic factor forecasts and the probability weight assigned to each economic scenario, and appropriate adjustments.

Significant assumptions and estimates affecting the allowance for loan losses and accrual for off-balance sheet credit risk include:

•Probability of default and loss given default measurements are based on historical data that may not be a good predictor of future performance or actual losses.

•Probability of default is based on risk grades, a subjective measurement of the risk of a loan. This subjective assessment of risk may not reflect actual risk of loss.

•The forecast for each relevant economic loss driver and the probability weighting of economic scenarios are overseen by a senior management Economic Forecast Committee which includes members independent of the allowance process. These estimates may differ from future economic conditions.

•The Allowance Committee may increase or decrease the allowance to reflect risks not captured in the quantitative component. Examples of circumstances that may result in adjustments include, but are not limited to, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macroeconomic factors, or economic conditions that impact loss given default assumptions. These estimates may differ from actual credit losses.

Although the resulting expected credit loss estimate represents management’s best estimates at the time, actual credit losses will differ from management’s estimate. Portfolio composition will change over time, actual economic conditions will differ from probability-weighted assumptions, borrower-specific circumstances will change, as well as other factors. Differences between actual losses and management's estimates may materially affect the Company's results of operations.

26

We describe critical elements affecting our estimate of expected credit loss in the "Summary of Credit Loss Experience" section of Management's Discussion and Analysis. While it is challenging to evaluate the allowance impact for a change in a particular input, results of such an analysis demonstrate how the quantitative element of the allowance behaves under different conditions. 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 $189 million in quantitative reserve, while a 100% upside case would result in $13 million less in quantitative reserve at December 31, 2025. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including (1) management's weighting of multiple forecasted economic scenarios in estimating expected credit losses; (2) management's predictions of future economic trends and relationships among the scenarios may differ from actual events; and (3) management's application of subjective measures to modeled results when appropriate.

Fair Value Measurement

Certain assets and liabilities are recorded at fair value in the Consolidated Financial Statements. 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 markets 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.

A hierarchy for fair value has been established that prioritizes the inputs of valuation techniques used to measure fair value into three broad categories: unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), other observable inputs that can be observed either directly or indirectly (Level 2), and unobservable inputs for assets or liabilities (Level 3). Fair value may be recorded for certain assets and liabilities every reporting period on a recurring basis or under certain circumstances on a non-recurring basis. Fair value measurements of significant assets or liabilities that are based on unobservable inputs (Level 3) are considered Critical Accounting Policies and Estimates. Additional discussion of fair value measurement and disclosure is included in Notes 7 and 19 to the Consolidated Financial Statements.

Mortgage Servicing Rights

We have a significant investment in MSR. Our MSR are primarily retained from sales in the secondary market of residential mortgage loans we have originated or purchased from correspondent lenders. MSR may be purchased from other lenders. Both originated and purchased MSR are initially recognized at fair value. We have elected to carry all MSR at fair value. Changes in fair value are recognized in earnings as they occur.

MSR are not traded in active markets. The fair value of the MSR is determined by discounting the projected cash flows. Certain significant assumptions and estimates used in valuing MSR are based on current market sources including projected prepayment speeds, assumed servicing costs, earnings on escrow deposits, ancillary income and discount rates. Assumptions used to value our MSR are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to value this asset. 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 our servicing portfolio. The discount rate is based on benchmark rates for mortgage loans plus a market spread expected by investors in servicing rights. Significant assumptions used to determine the fair value of our MSR are presented in Note 7 to the Consolidated Financial Statements. At least annually, we request estimates of fair value from outside sources to corroborate the results of the valuation model.

The assumptions used in this model are primarily based on mortgage interest rates. Evaluation of the effect of a change in one assumption without considering the effect of that change on other assumptions is not meaningful. Considering all related assumptions, we expect a 50 basis point parallel rate increase to increase the fair value of our servicing rights by $14.1 million. We expect a $17.8 million decrease in the fair value of our MSR from a 50 basis point parallel rate decrease.

27

Results of Operations

Net Interest Income and Net Interest Margin

2025 Net Interest Income

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 income earned on assets funded by non-interest bearing liabilities such as demand deposits and equity.

Tax-equivalent net interest income totaled $1.3 billion for 2025, an increase of $117.7 million over the prior year. Net interest income grew $81.5 million due to changes in interest rates. Net interest income increased $36.2 million from growth in average assets and interest-bearing deposit balances, partially offset by lower wholesale borrowings. Table 3 shows the effects on net interest income due to changes in average balances and interest rates for the various types of earning assets and interest-bearing liabilities. In addition, see the Annual Financial Summary of consolidated daily average balances, average yields and rates as shown in Table 2.

Net interest margin was 2.87% for 2025 and 2.65% for 2024, reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. Our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.14% compared to 3.01% in the prior year. The tax-equivalent yield on earning assets was 5.45% for 2025, compared to 5.75% in 2024. Loan yields decreased 67 basis points to 6.65%. The AFS securities portfolio yield increased 20 basis points to 3.89%.

Funding costs decreased 71 basis points compared to 2024. The cost of interest-bearing deposits decreased 57 basis points. The cost of short-term borrowings decreased 92 basis points. The benefit to net interest margin from earning assets funded by non-interest bearing liabilities was 72 basis points for 2025, compared to 91 basis points for 2024.

Average earning assets for 2025 increased $866 million, or 2%, over 2024. Average loans, net of allowance for loan losses, increased $421 million, largely due to growth in loans to individuals and commercial real estate loans, partially offset by lower average commercial loans. The average balance of AFS securities, which consists largely of residential and commercial mortgage-backed securities guaranteed by U.S. government agencies, increased $484 million. Average trading securities increased $228 million while average investment securities decreased $232 million.

Total average deposits grew by $2.4 billion over the prior year, including a $2.8 billion increase in interest-bearing deposits, partially offset by a $413 million decrease in average demand deposit balances. Average short-term borrowings decreased $1.9 billion.

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 would be asset-sensitive which means that assets generally reprice more quickly than 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 3 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 in "Non-GAAP Measures" section following.

28

Table 2 - Annual Financial Summary

Consolidated Daily Average Balances, Average Yields and Rates

(Dollars in thousands, except per share data)

Year Ended

December 31, 2025

Average

Balance

Revenue/

Expense

Yield/

Rate1

Assets

Interest-bearing cash and cash equivalents

$

527,730 

$

22,639 

4.29 

%

Trading securities

5,911,936 

296,425 

5.05 

%

Investment securities

1,890,820 

26,711 

1.41 

%

Available-for-sale securities

13,285,146 

526,825 

3.89 

%

Fair value option securities

71,196 

3,851 

5.30 

%

Restricted equity securities

331,233 

25,213 

7.61 

%

Residential mortgage loans held for sale

83,286 

5,075 

6.01 

%

Loans

24,582,263 

1,634,765 

6.65 

%

Allowance for loan losses

(278,279)

Loans, net of allowance

24,303,984 

1,634,765 

6.73 

%

Total earning assets

46,405,331 

2,541,504 

5.45 

%

Receivable on unsettled securities sales

200,820 

Cash and other assets

5,100,755 

Total assets

$

51,706,906 

Liabilities and equity

Interest-bearing deposits:

Transaction

$

26,301,624 

$

814,145 

3.10 

%

Savings

854,624 

4,683 

0.55 

%

Time

3,584,733 

136,943 

3.82 

%

Total interest-bearing deposits

30,740,981 

955,771 

3.11 

%

Funds purchased and repurchase agreements

944,772 

31,458 

3.33 

%

Other borrowings

4,672,347 

209,301 

4.48 

%

Subordinated debentures

118,108 

7,394 

6.26 

%

Total interest-bearing liabilities

36,476,208 

1,203,924 

3.30 

%

Non-interest bearing demand deposits

8,003,931 

Due on unsettled securities purchases

427,450 

Other liabilities

953,402 

Total equity

5,845,915 

Total liabilities and equity

$

51,706,906 

Tax-equivalent net interest income

$

1,337,580 

2.15 

%

Tax-equivalent net interest income to earning assets

2.87 

%

Less tax-equivalent adjustment

10,236 

Net interest income

1,327,344 

Provision for credit losses

2,000 

Other operating revenue

848,130 

Other operating expense

1,432,856 

Net income before taxes

740,618 

Federal and state income taxes

162,640 

Net income

577,978 

Net income (loss) attributable to non-controlling interests

(12)

Net income attributable to BOK Financial Corporation shareholders

$

577,990 

Earnings per share:

Basic and diluted

$

9.17 

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.

29

Table 2 - Annual Financial Summary (continued)

Consolidated Daily Average Balances, Average Yields and Rates

(Dollars in thousands, except per share data)

Year Ended

December 31, 2024

December 31, 2023

Average

Balance

Revenue/

Expense

Yield/

Rate1

Average

Balance

Revenue/

Expense

Yield/

Rate1

Assets

Interest-bearing cash and cash equivalents

$

545,020 

$

28,234 

5.18 

%

$

632,289 

$

32,353 

5.12 

%

Trading securities

5,683,573 

288,471 

5.11 

%

4,559,012 

216,269 

4.74 

%

Investment securities

2,122,836 

30,105 

1.42 

%

2,368,749 

34,043 

1.44 

%

Available-for-sale securities

12,801,565 

490,867 

3.69 

%

11,941,222 

388,755 

3.06 

%

Fair value option securities

19,180 

761 

3.66 

%

150,847 

7,760 

5.06 

%

Restricted equity securities

403,519 

32,903 

8.15 

%

387,224 

29,683 

7.67 

%

Residential mortgage loans held for sale

80,528 

5,062 

6.17 

%

69,280 

4,341 

6.12 

%

Loans

24,165,781 

1,769,208 

7.32 

%

23,125,349 

1,638,071 

7.08 

%

Allowance for loan losses

(283,164)

(258,300)

Loans, net of allowance

23,882,617 

1,769,208 

7.41 

%

22,867,049 

1,638,071 

7.16 

%

Total earning assets

45,538,838 

2,645,611 

5.75 

%

42,975,672 

2,351,275 

5.38 

%

Receivable on unsettled securities sales

244,951 

222,004 

Cash and other assets

4,965,709 

5,046,478 

Total assets

$

50,749,498 

$

48,244,154 

Liabilities and equity

Interest-bearing deposits:

Transaction

$

23,567,473 

$

861,538 

3.66 

%

$

19,223,863 

$

540,068 

2.81 

%

Savings

828,683 

4,845 

0.58 

%

901,008 

2,913 

0.32 

%

Time

3,506,652 

159,346 

4.54 

%

2,354,511 

83,616 

3.55 

%

Total interest-bearing deposits

27,902,808 

1,025,729 

3.68 

%

22,479,382 

626,597 

2.79 

%

Funds purchased and repurchase agreements

1,295,993 

52,371 

4.04 

%

2,653,654 

119,018 

4.49 

%

Other borrowings

6,208,654 

338,390 

5.45 

%

5,979,095 

315,717 

5.28 

%

Subordinated debentures

131,163 

9,216 

7.03 

%

131,155 

8,952 

6.83 

%

Total interest-bearing liabilities

35,538,618 

1,425,706 

4.01 

%

31,243,286 

1,070,284 

3.43 

%

Non-interest bearing demand deposits

8,417,151 

10,725,452 

Due on unsettled securities purchases

417,972 

388,353 

Other liabilities

1,041,590 

979,685 

Total equity

5,334,167 

4,907,378 

Total liabilities and equity

$

50,749,498 

$

48,244,154 

Tax-equivalent net interest income

$

1,219,905 

1.74 

%

$

1,280,991 

1.95 

%

Tax-equivalent net interest income to earning assets

2.65 

%

2.93 

%

Less tax-equivalent adjustment

9,147 

8,811 

Net interest income

1,210,758 

1,272,180 

Provision for credit losses

18,000 

46,000 

Other operating revenue

839,641 

789,949 

Other operating expense

1,365,755 

1,332,881 

Net income before taxes

666,644 

683,248 

Federal and state income taxes

143,091 

152,115 

Net income

523,553 

531,133 

Net income attributable to non-controlling interests

(16)

387 

Net income attributable to BOK Financial Corporation shareholders

$

523,569 

$

530,746 

Earnings per share:

Basic and diluted

$

8.14 

$

8.02 

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.

30

Table 3 – Annual Volume/Rate Analysis

(In thousands)

Year Ended

Year Ended

December 31, 2025 / 2024

December 31, 2024 / 2023

Change Due To1

Change Due To1

Change

Volume

Yield /

Rate

Change

Volume

Yield /

Rate

Tax-equivalent interest revenue:

Interest-bearing cash and cash equivalents

$

(5,595)

$

(820)

$

(4,775)

$

(4,119)

$

(4,483)

$

364 

Trading securities

7,954 

11,346 

(3,392)

72,202 

53,232 

18,970 

Investment securities

(3,394)

(3,234)

(160)

(3,938)

(3,773)

(165)

Available-for-sale securities

35,958 

9,563 

26,395 

102,112 

21,205 

80,907 

Fair value option securities

3,090 

2,325 

765 

(6,999)

(5,778)

(1,221)

Restricted equity securities

(7,690)

(6,569)

(1,121)

3,220 

2,065 

1,155 

Residential mortgage loans held for sale

13 

146 

(133)

721 

682 

39 

Loans

(134,443)

28,977 

(163,420)

131,137 

74,649 

56,488 

Total tax-equivalent interest revenue

(104,107)

41,734 

(145,841)

294,336 

137,799 

156,537 

Interest expense:

Transaction deposits

(47,393)

92,327 

(139,720)

321,470 

140,061 

181,409 

Savings deposits

(162)

119 

(281)

1,932 

(321)

2,253 

Time deposits

(22,403)

3,195 

(25,598)

75,730 

46,661 

29,069 

Funds purchased and repurchase agreements

(20,913)

(12,950)

(7,963)

(66,647)

(57,832)

(8,815)

Other borrowings

(129,089)

(76,297)

(52,792)

22,673 

12,315 

10,358 

Subordinated debentures

(1,822)

(865)

(957)

264 

1 

263 

Total interest expense

(221,782)

5,529 

(227,311)

355,422 

140,885 

214,537 

Tax-equivalent net interest income

117,675 

36,205 

81,470 

(61,086)

(3,086)

(58,000)

Change in tax-equivalent adjustment

1,089 

336 

Net interest income

$

116,586 

$

(61,422)

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

31

Fourth Quarter 2025 Net Interest Income

Tax-equivalent net interest income totaled $347.8 million for the fourth quarter of 2025, an increase of $7.6 million over the third quarter of 2025. Net interest margin expanded 7 basis points to 2.98% for the fourth quarter of 2025, compared to 2.91% for the third quarter of 2025. For the fourth quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, expanded 6 basis points to 3.22% compared to 3.16% in the prior quarter.

Average earning assets for the fourth quarter of 2025 increased $161 million compared to the third quarter of 2025. Average loans, net of allowance for loan losses, increased $416 million, primarily due to growth in the commercial loan portfolio. Average AFS 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 short-term borrowings decreased $1.7 billion. On November 6, 2025, $400 million of 6.108% fixed rate reset subordinated notes were issued.

The tax-equivalent yield on earning assets was 5.36% for the fourth quarter of 2025, a 17 basis point decrease compared to the third quarter of 2025. The yield on the AFS 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 short-term borrowings decreased 34 basis points to 4.01%. 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.

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

32

Table 4 - Quarterly Financial Summary

Consolidated Daily Average Balances, Average Yields and Rates

(Dollars in thousands, except per share data)

Three Months Ended

December 31, 2025

September 30, 2025

Average

Balance

Revenue/

Expense

Yield/

Rate1

Average

Balance

Revenue/

Expense

Yield/

Rate1

Assets

Interest-bearing cash and cash equivalents

$

546,045 

$

5,302 

3.85 

%

$

495,091 

$

5,482 

4.39 

%

Trading securities

5,295,598 

63,296 

4.83 

%

5,603,200 

72,770 

5.25 

%

Investment securities, net of allowance

1,804,984 

6,381 

1.41 

%

1,861,565 

6,560 

1.41 

%

Available-for-sale securities

13,564,939 

134,440 

3.94 

%

13,386,515 

133,452 

3.93 

%

Fair value option securities

72,229 

913 

4.83 

%

105,651 

1,441 

5.45 

%

Restricted equity securities

250,430 

4,522 

7.22 

%

337,055 

6,605 

7.84 

%

Residential mortgage loans held for sale

91,414 

1,349 

5.84 

%

91,422 

1,405 

6.08 

%

Loans

25,242,551 

412,170 

6.48 

%

24,826,139 

419,303 

6.70 

%

Allowance for loan losses

(277,580)

(277,398)

Loans, net of allowance

24,964,971 

412,170 

6.55 

%

24,548,741 

419,303 

6.78 

%

Total earning assets

46,590,610 

628,373 

5.36 

%

46,429,240 

647,018 

5.53 

%

Receivable on unsettled securities sales

227,678 

162,035 

Cash and other assets

5,034,058 

5,100,801 

Total assets

$

51,852,346 

$

51,692,076 

Liabilities and equity

Interest-bearing deposits:

Transaction

$

27,396,541 

$

199,008 

2.88 

%

$

26,076,475 

$

206,400 

3.14 

%

Savings

852,390 

1,163 

0.54 

%

867,939 

1,197 

0.55 

%

Time

3,729,596 

34,252 

3.64 

%

3,641,985 

34,236 

3.73 

%

Total interest-bearing deposits

31,978,527 

234,423 

2.91 

%

30,586,399 

241,833 

3.14 

%

Funds purchased and repurchase agreements

1,185,566 

10,360 

3.47 

%

873,800 

7,250 

3.29 

%

Other borrowings

3,008,388 

32,032 

4.22 

%

5,048,301 

57,724 

4.54 

%

Subordinated debentures

241,482 

3,722 

6.12 

%

— 

— 

— 

%

Total interest-bearing liabilities

36,413,963 

280,537 

3.06 

%

36,508,500 

306,807 

3.33 

%

Non-interest bearing demand deposits

8,009,082 

7,894,847 

Due on unsettled securities purchases

452,673 

329,361 

Other liabilities

1,015,185 

996,216 

Total equity

5,961,443 

5,963,152 

Total liabilities and equity

$

51,852,346 

$

51,692,076 

Tax-equivalent net interest income

$

347,836 

2.30 

%

$

340,211 

2.20 

%

Tax-equivalent net interest income to earning assets

2.98 

%

2.91 

%

Less tax-equivalent adjustment

2,555 

2,565 

Net interest income

345,281 

337,646 

Provision for credit losses

— 

2,000 

Other operating revenue

244,282 

210,709 

Other operating expense

361,054 

369,770 

Net income before taxes

228,509 

176,585 

Federal and state income taxes

51,243 

35,714 

Net income

177,266 

140,871 

Net income (loss) attributable to non-controlling interests

(35)

(23)

Net income attributable to BOK Financial Corp. shareholders

$

177,301 

$

140,894 

Earnings per share:

Basic and diluted

$

2.89 

$

2.22 

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.

33

Table 4 - Quarterly Financial Summary (continued)

Consolidated Daily Average Balances, Average Yields and Rates

Three Months Ended

June 30, 2025

March 31, 2025

December 31, 2024

Average Balance

Revenue /Expense

Yield/

Rate1

Average Balance

Revenue / Expense

Yield/

Rate1

Average Balance

Revenue / Expense

Yield/

Rate1

$

506,330 

$

5,626 

4.46 

%

$

564,014 

$

6,229 

4.48 

%

$

546,955 

$

6,322 

4.60 

%

6,876,788 

86,488 

5.05 

%

5,881,997 

73,871 

5.07 

%

5,636,949 

68,817 

4.90 

%

1,918,969 

6,762 

1.41 

%

1,980,005 

7,008 

1.42 

%

2,037,072 

7,256 

1.42 

%

13,218,569 

131,360 

3.89 

%

12,962,830 

127,573 

3.82 

%

12,969,630 

127,803 

3.82 

%

88,323 

1,319 

5.90 

%

17,603 

178 

3.72 

%

18,384 

183 

3.70 

%

390,191 

7,545 

7.73 

%

348,266 

6,541 

7.51 

%

338,236 

6,427 

7.60 

%

86,543 

1,346 

6.13 

%

63,365 

975 

6.03 

%

87,353 

1,296 

5.85 

%

24,176,549 

404,555 

6.71 

%

24,068,227 

398,737 

6.71 

%

24,024,544 

423,487 

7.01 

%

(278,191)

(279,983)

(283,685)

23,898,358 

404,555 

6.79 

%

23,788,244 

398,737 

6.79 

%

23,740,859 

423,487 

7.10 

%

46,984,071 

645,001 

5.47 

%

45,606,324 

621,112 

5.45 

%

45,375,438 

641,591 

5.59 

%

228,563 

184,960 

284,793 

5,074,318 

5,195,619 

4,954,955 

$

52,286,952 

$

50,986,903 

$

50,615,186 

$

25,859,336 

$

204,216 

3.17 

%

$

25,859,733 

$

204,521 

3.21 

%

$

24,992,464 

$

214,868 

3.42 

%

853,062 

1,155 

0.54 

%

844,875 

1,168 

0.56 

%

818,210 

1,213 

0.59 

%

3,465,780 

33,072 

3.83 

%

3,498,401 

35,383 

4.10 

%

3,629,882 

41,643 

4.56 

%

30,178,178 

238,443 

3.17 

%

30,203,009 

241,072 

3.24 

%

29,440,556 

257,724 

3.48 

%

782,039 

6,820 

3.50 

%

935,716 

7,028 

3.05 

%

1,076,400 

10,231 

3.78 

%

6,019,948 

67,410 

4.49 

%

4,626,402 

52,135 

4.57 

%

4,489,870 

55,883 

4.95 

%

99,846 

1,588 

6.38 

%

131,188 

2,084 

6.44 

%

131,185 

2,241 

6.80 

%

37,080,011 

314,261 

3.40 

%

35,896,315 

302,319 

3.42 

%

35,138,011 

326,079 

3.69 

%

7,958,538 

8,156,069 

8,378,558 

503,490 

425,050 

472,334 

951,112 

848,797 

1,047,983 

5,793,801 

5,660,672 

5,578,300 

$

52,286,952 

$

50,986,903 

$

50,615,186 

$

330,740 

2.07 

%

$

318,793 

2.03 

%

$

315,512 

1.90 

%

2.80 

%

2.78 

%

2.75 

%

2,574 

2,542 

2,466 

328,166 

316,251 

313,046 

— 

— 

— 

207,098 

186,041 

210,044 

354,503 

347,529 

347,656 

180,761 

154,763 

175,434 

40,691 

34,992 

39,280 

140,070 

119,771 

136,154 

52 

(6)

— 

$

140,018 

$

119,777 

$

136,154 

$

2.19 

$

1.86 

$

2.12 

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.

34

Table 5 – Quarterly Volume/Rate Analysis

(In thousands)

Three Months Ended

Dec. 31, 2025 / Sep. 30, 2025

Change Due To1

Change

Volume

Yield /

Rate

Tax-equivalent interest revenue:

Interest-bearing cash and cash equivalents

$

(180)

$

529 

$

(709)

Trading securities

(9,474)

(3,825)

(5,649)

Investment securities, net of allowance

(179)

(190)

11 

Available-for-sale securities

988 

414 

574 

Fair value option securities

(528)

(389)

(139)

Restricted equity securities

(2,083)

(1,825)

(258)

Residential mortgage loans held for sale

(56)

(1)

(55)

Loans

(7,133)

6,833 

(13,966)

Total tax-equivalent interest revenue

(18,645)

1,546 

(20,191)

Interest expense:

Transaction deposits

(7,392)

10,072 

(17,464)

Savings deposits

(34)

(17)

(17)

Time deposits

16 

833 

(817)

Funds purchased and repurchase agreements

3,110 

2,649 

461 

Other borrowings

(25,692)

(22,482)

(3,210)

Subordinated debentures

3,722 

1,861 

1,861 

Total interest expense

(26,270)

(7,084)

(19,186)

Tax-equivalent net interest income

7,625 

8,630 

(1,005)

Change in tax-equivalent adjustment

(10)

Net interest income

$

7,635 

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

35

Other Operating Revenue

2025 Other Operating Revenue

Other operating revenue was $848.1 million for 2025, an increase of $8.5 million, or 1%, compared to 2024.

Table 6 – Other Operating Revenue 

(Dollars in thousands)

Year Ended

December 31,

2025 vs. 2024

Year Ended December 31,

2024 vs. 2023

2025

2024

Increase (Decrease)

%

Increase (Decrease)

2023

Increase (Decrease)

%

Increase (Decrease)

Brokerage and trading revenue

$

159,742 

$

218,092 

$

(58,350)

(27)

%

$

240,610 

$

(22,518)

(9)

%

Transaction card revenue

117,680 

108,865 

8,815 

8 

%

106,858 

2,007 

2 

%

Fiduciary and asset management revenue

257,161 

230,860 

26,301 

11 

%

207,318 

23,542 

11 

%

Deposit service charges and fees

125,529 

118,745 

6,784 

6 

%

108,514 

10,231 

9 

%

Mortgage banking revenue

77,585 

74,107 

3,478 

5 

%

55,698 

18,409 

33 

%

Other revenue

63,043 

59,354 

3,689 

6 

%

62,120 

(2,766)

(4)

%

Total fees and commissions

800,740 

810,023 

(9,283)

(1)

%

781,118 

28,905 

4 

%

Other gains, net

43,757 

79,726 

(35,969)

N/A

56,795 

22,931 

N/A

Gain (loss) on derivatives, net

12,281 

(22,461)

34,742 

N/A

(9,921)

(12,540)

N/A

Gain (loss) on fair value option securities, net

2,618 

(256)

2,874 

N/A

(4,292)

4,036 

N/A

Change in fair value of mortgage servicing rights

(13,227)

18,437 

(31,664)

N/A

(3,115)

21,552 

N/A

Gain (loss) on available-for-sale securities, net

1,961 

(45,828)

47,789 

N/A

(30,636)

(15,192)

N/A

Total other operating revenue

$

848,130 

$

839,641 

$

8,489 

1 

%

$

789,949 

$

49,692 

6 

%

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 credit losses and fees and commission revenue. 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 these 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.

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $58.4 million, or 27%, compared to the prior year.

Trading revenue includes net realized and unrealized gains and losses primarily related to sales of 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 was $59.0 million for 2025, a decrease of $62.9 million compared to 2024, primarily due to a shift from fee revenue to net interest income on trading securities and compressed trading margins. See additional discussion in "Reportable Segments" section of Management's Discussion and Analysis.

36

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 6 to the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Derivative contracts executed with customers are offset with contracts between selected counterparties and exchanges to minimize market risk from changes in commodity prices, interest rates, or foreign exchange rates. Customer hedging revenue, which is largely volume driven, totaled $28.3 million for 2025, an increase of $548 thousand, or 2%, over 2024, and was primarily attributed to our energy derivative customers partially offset by interest rate derivatives. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services and loan syndication fees, totaled $51.1 million for 2025, an increase of $2.0 million, or 4%, over 2024, largely related to the timing and volume of transactions.

Revenue earned from retail brokerage transactions totaled $21.4 million for 2025, an increase of $2.0 million, or 10%, over 2024. Retail brokerage revenue is primarily based on fees and commissions earned on sales of fixed income securities, annuities, mutual funds, and other financial instruments to retail customers. Revenue is primarily based on the volume of customer transactions and applicable commission rate for each type of product.

Transaction card revenue depends largely on the volume and amount of transactions processed, the number of TransFund ATM locations, and the number of merchants served. Transaction card revenue totaled $117.7 million for 2025, an $8.8 million, or 8%, increase over 2024. Revenues from the processing of transactions on behalf of the members of our TransFund EFT network totaled $97.7 million, up $6.6 million, or 7%, over 2024. The number of TransFund ATM locations totaled 2,909 at December 31, 2025, compared to 2,872 at December 31, 2024. Corporate card revenue totaled $10.2 million, an increase of $1.8 million, or 22%, over 2024. Merchant services fees paid by customers for account management and electronic processing of card transactions totaled $9.8 million, an increase of $403 thousand, or 4%.

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 those asset values vary based on the nature of the relationship. Fiduciary and managed asset relationships generally have a higher fee rate than non-fiduciary and/or managed relationships.

Fiduciary and asset management revenue increased $26.3 million, or 11%, compared to 2024, led by growth in trust fees related to increased market valuations and continued growth in client relationships.

37

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

Table 7 – Assets Under Management or Administration

(Dollars in thousands)

Year Ended December 31,

2025

2024

2023

Balance1

Revenue2

Margin3

Balance1

Revenue2

Margin3

Balance1

Revenue2

Margin3

Managed fiduciary assets:

Personal

$

13,688,630 

$

118,604 

0.87 

%

$

12,110,721 

$

115,886 

0.96 

%

$

10,951,951 

$

103,626 

0.95 

%

Institutional

26,024,749 

52,804 

0.20 

%

23,940,121 

35,147 

0.15 

%

19,310,826 

34,995 

0.18 

%

Total managed fiduciary assets

39,713,379 

171,408 

0.43 

%

36,050,842 

151,033 

0.42 

%

30,262,777 

138,621 

0.46 

%

Non-managed assets:

Fiduciary

37,293,365 

76,026 

0.20 

%

31,928,292 

70,393 

0.22 

%

29,535,915 

57,114 

0.19 

%

Non-fiduciary

22,538,905 

9,727 

0.04 

%

21,116,298 

9,434 

0.04 

%

19,670,248 

11,583 

0.06 

%

Safekeeping and brokerage assets under administration

27,069,009 

— 

— 

%

25,519,805 

— 

— 

%

25,268,059 

— 

— 

%

Total non-managed assets

86,901,279 

85,753 

0.10 

%

78,564,395 

79,827 

0.10 

%

74,474,222 

68,697 

0.09 

%

Total assets under management or administration

$

126,614,658 

$

257,161 

0.20 

%

$

114,615,237 

$

230,860 

0.20 

%

$

104,736,999 

$

207,318 

0.20 

%

1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $23 billion, $21 billion, and $19 billion of such assets are excluded from the 2025, 2024, and 2023 assets under management or administration balances, respectively.

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

3    Revenue divided by period end balance.

A summary of changes in assets under management or administration for the year ended December 31, 2025, 2024, and 2023 follows:

Table 8 – Changes in Assets Under Management or Administration

(In thousands)

Year Ended December 31,

2025

2024

2023

Beginning balance

$

114,615,237 

$

104,736,999 

$

99,735,040 

Net inflows (outflows)

5,923,723 

2,167,911 

(3,105,170)

Net change in fair value

6,075,698 

7,710,327 

8,107,129 

Ending balance

$

126,614,658 

$

114,615,237 

$

104,736,999 

Assets under management as of December 31, 2025 consist of 42% fixed income, 35% equities, 15% cash, and 8% alternative investments. Net inflows to assets under management increased during 2025, largely due to continued growth in client relationships. The increase in fair value of $6.1 billion mainly resulted from improvements in the equity markets in 2025.

Deposit service charges and fees totaled $125.5 million for 2025, a $6.8 million, or 6%, increase over 2024. Service charges earned primarily on commercial deposit accounts totaled $73.0 million, a $6.7 million, or 10%, increase over the previous year. Overdraft fees and non-sufficient fund fees earned primarily on consumer deposit accounts totaled $22.9 million for 2025, an increase of $525 thousand, or 2%, compared to 2024. Check card revenue totaled $23.8 million, consistent with the prior year.

38

Mortgage banking revenue totaled $77.6 million for 2025, a $3.5 million, or 5%, increase over 2024. Mortgage servicing revenue was $68.9 million, a $3.5 million increase compared to the prior year. The average outstanding principal balance of mortgage loans serviced for others totaled $22.5 billion at December 31, 2025, a $533 million increase over December 31, 2024. Mortgage production revenue was $8.7 million, consistent with the prior year. Production volume was up $38 million, while production revenue as a percentage of production volume decreased 5 basis points to 0.91%. Mortgage refinancing activity was 18% of total production in 2025, compared to 11% in 2024.

Table 9 – Mortgage Banking Revenue

(Dollars in thousands)

Year Ended December 31,

2025

2024

2023

Mortgage production revenue

$

8,669 

$

8,739 

$

(5,339)

Mortgage loans funded for sale

$

839,158 

$

812,263 

$

666,391 

Add: Current year end outstanding commitments

49,048 

36,590 

34,783 

Less: Prior year end outstanding commitments

36,590 

34,783 

45,492 

Total mortgage production volume

$

851,616 

$

814,070 

$

655,682 

Production revenue as a percentage of production volume

1.02 

%

1.07 

%

(0.81)

%

Realized margin on funded mortgage loans

0.91 

%

1.02 

%

(0.75)

%

Mortgage loan refinances to mortgage loans funded for sale

18 

%

11 

%

9 

%

Primary mortgage interest rates:

Average

6.60 

%

6.72 

%

6.79 

%

Period end

6.18 

%

6.85 

%

6.42 

%

Mortgage servicing revenue

$

68,916 

$

65,368 

$

61,037 

Average outstanding principal balance of mortgage loans serviced for others

22,482,130 

21,948,659 

20,779,627 

Average mortgage servicing fee rates

0.31 

%

0.30 

%

0.29 

%

Primary rates disclosed in Table 9 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Other revenue totaled $63.0 million for 2025, an increase of $3.7 million, or 6%, compared to 2024, led by higher fees earned on derivative counterparty margin.

Other gains, net and net gains on securities and derivatives

Other gains, net, were $43.8 million for the year ended December 31, 2025, compared to $79.7 million for the year ended December 31, 2024. We recognized a $23.5 million pre-tax gain on the sale of a merchant banking investment during 2025, slightly offset by a loss of $956 thousand realized on the redemption of our subordinated debentures in the second quarter of 2025. Net unrealized gains on merchant banking investments were $11.4 million and gain on investments related to deferred compensation plans were $10.4 million for 2025. The prior year included a $56.9 million pre-tax gain recognized in connection with the receipt and disposition of Visa C shares received as a result of the Exchange Offer announced by Visa, Inc. in the second quarter of 2024. Net unrealized gains on merchant banking investments were $8.4 million and gain on investments related to deferred compensation plans were $12.0 million for 2024.

We also recognized a $2.0 million gain on the sale of AFS securities in 2025, compared to a loss of $45.8 million in 2024 resulting from the strategic repositioning of our portfolio.

39

As discussed in the Market Risk section following, the fair value of our MSR 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 MSR by designating certain financial instruments, generally U.S. government agency residential mortgage-backed securities for which we have elected the fair value option, as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSR.

Table 10 – Gain (Loss) on Mortgage Servicing Rights, Net of Economic Hedge

(In thousands)

Year Ended December 31,

2025

2024

2023

Gain (loss) on derivatives, net

$

11,254 

$

(23,401)

$

(10,514)

Gain (loss) on fair value option securities, net

2,618 

(256)

(4,292)

Gain (loss) on economic hedge of mortgage servicing rights, net

13,872 

(23,657)

(14,806)

Change in fair value of mortgage servicing rights

(13,227)

18,437 

(3,115)

Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue

645 

(5,220)

(17,921)

Net interest income (expense) on fair value option securities1

441 

(476)

(258)

Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges

$

1,086 

$

(5,696)

$

(18,179)

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

Fourth Quarter 2025 Other Operating Revenue

Table 11 – Fourth Quarter 2025 Operating Revenue

(Dollars in thousands)

Three Months Ended

Dec. 31, 2025

Sep. 30, 2025

Increase (Decrease)

% Increase (Decrease)

Brokerage and trading revenue

$

47,310 

$

43,239 

$

4,071 

9 

%

Transaction card revenue

31,564 

29,463 

2,101 

7 

%

Fiduciary and asset management revenue

68,347 

63,878 

4,469 

7 

%

Deposit service charges and fees

32,039 

31,896 

143 

— 

%

Mortgage banking revenue

19,013 

19,764 

(751)

(4)

%

Other revenue

16,591 

16,190 

401 

2 

%

Total fees and commissions

214,864 

204,430 

10,434 

5 

%

Other gains, net

28,078 

8,264 

19,814 

N/A

Loss on derivatives, net

(2,366)

(453)

(1,913)

N/A

Gain on fair value option securities, net

551 

630 

(79)

N/A

Change in fair value of mortgage servicing rights

1,407 

(2,375)

3,782 

N/A

Gain on available-for-sale securities, net

1,748 

213 

1,535 

N/A

Total other operating revenue

$

244,282 

$

210,709 

$

33,573 

16 

%

Other operating revenue was $244.3 million for the fourth quarter of 2025, a $33.6 million, or 16%, increase over the third quarter of 2025.

Brokerage and trading revenue increased $4.1 million, or 9%, to $47.3 million. Trading revenue grew $5.4 million to $20.9 million. Higher U.S. agency residential mortgage-backed securities trading activity 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 to $14.3 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 increased $4.5 million led by growth in trust fees, primarily from higher transaction-related fees, improved market valuations, and continued growth in client relationships.

40

Transaction card revenue increased $2.1 million due to an increase in the volume of transactions processed during the period.

Other gains, net, were $28.1 million for the fourth quarter of 2025, compared to $8.3 million in the third quarter of 2025. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.

Other Operating Expense

2025 Other Operating Expense

Other operating expense for 2025 totaled $1.4 billion, a $67.1 million, or 5%, increase over the prior year. Personnel expense increased $66.7 million, or 8%, while non-personnel expense was consistent with the prior year at $554.9 million. Our efficiency ratio1 was 65.13% for 2025, compared to 64.32% in the prior year.

Table 12 – Other Operating Expense

(Dollars in thousands)

Year Ended

December 31,

2025 vs. 2024

Year Ended December 31,

2024 vs. 2023

2025

2024

Increase (Decrease)

%

Increase (Decrease)

2023

Increase (Decrease)

%

Increase (Decrease)

Regular compensation

$

491,179 

$

457,922 

$

33,257 

7 

%

$

439,987 

$

17,935 

4 

%

Incentive compensation:

Cash-based compensation

218,703 

200,247 

18,456 

9 

%

196,368 

3,879 

2 

%

Share-based compensation

25,139 

22,685 

2,454 

11 

%

15,358 

7,327 

48 

%

Deferred compensation

10,791 

13,042 

(2,251)

N/A

9,818 

3,224 

N/A

Total incentive compensation

254,633 

235,974 

18,659 

8 

%

221,544 

14,430 

7 

%

Employee benefits

132,157 

117,343 

14,814 

13 

%

105,079 

12,264 

12 

%

Total personnel expense

877,969 

811,239 

66,730 

8 

%

766,610 

44,629 

6 

%

Business promotion

39,433 

33,274 

6,159 

19 

%

31,796 

1,478 

5 

%

Charitable contributions to BOKF Foundation

— 

13,610 

(13,610)

(100)

%

2,707 

10,903 

403 

%

Professional fees and services

62,179 

53,921 

8,258 

15 

%

55,337 

(1,416)

(3)

%

Net occupancy and equipment

131,382 

125,328 

6,054 

5 

%

121,502 

3,826 

3 

%

FDIC and other insurance

26,406 

31,105 

(4,699)

(15)

%

30,780 

325 

1 

%

FDIC special assessment

(10,688)

5,521 

(16,209)

N/A

43,773 

(38,252)

N/A

Data processing and communications

198,536 

187,273 

11,263 

6 

%

181,365 

5,908 

3 

%

Printing, postage, and supplies

15,819 

15,079 

740 

5 

%

15,225 

(146)

(1)

%

Amortization of intangible assets

10,620 

11,612 

(992)

(9)

%

13,882 

(2,270)

(16)

%

Mortgage banking costs

35,731 

34,638 

1,093 

3 

%

30,524 

4,114 

13 

%

Other expense

45,469 

43,155 

2,314 

5 

%

39,380 

3,775 

10 

%

Total other operating expense

$

1,432,856 

$

1,365,755 

$

67,101 

5 

%

$

1,332,881 

$

32,874 

2 

%

Average number of employees (FTE)

5,059 

4,982 

77 

2 

%

4,877 

105 

2 

%

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

41

Personnel expense

Personnel expense was $878.0 million in 2025, an increase of $66.7 million, or 8%. Regular compensation increased $33.3 million, or 7%, due to a combination of annual merit increases commencing in the first quarter, salary adjustments, and business expansion. Cash-based incentive compensation plans, which are either intended to provide current rewards to employees who generate long-term business opportunities for the Company based on growth in loans, deposits, customer relationships, and other measurable metrics or intended to compensate employees with commissions on completed transactions, increased $18.5 million, or 9%, compared to 2024, primarily related to higher loan volumes. Changes in assumptions of certain performance-based equity awards led to a $2.5 million, or 11%, increase in share-based compensation expense. Employee benefits expense increased $14.8 million, or 13%, primarily related to increased employee healthcare costs combined with smaller increases in payroll tax expense and retirement plan costs. Deferred compensation expense decreased $2.3 million as the deferred compensation liabilities mirror the performance of the deferred compensation investments, which decreased due to performance of the equity markets in 2025.

Non-personnel expense

Non-personnel expense was $554.9 million in 2025, consistent with the prior year. The FDIC continued to update their estimate of the special assessment during 2025, and, combined with other adjustments related to the special assessment, resulted in a benefit of $10.7 million, compared to $5.5 million of expense in the prior year. FDIC and other insurance expense also decreased $4.7 million, primarily driven by a lower average standard assessment rate for 2025 compared to the prior year. The prior year included $13.6 million in charitable contributions to the BOKF Foundation, largely driven by the donation of converted Visa shares to the foundation. Data processing and communications expense increased $11.3 million, or 6%, largely driven by costs associated with ongoing projects. Professional fees and services costs grew $8.3 million, or 15%, due to additional projects in 2025. Net occupancy and equipment expense was up $6.1 million, or 5%, primarily due to facilities-related projects and expansion of technology infrastructure. Business promotion costs increased $6.2 million, or 19%, led by higher advertising and travel costs, largely related to business expansion.

Fourth Quarter 2025 Operating Expense

Table 13 – Fourth Quarter 2025 Other Operating Expense

(Dollars in thousands)

Three Months Ended

Dec. 31, 2025

Sep. 30, 2025

Increase (Decrease)

% Increase (Decrease)

Regular compensation

$

124,671 

$

124,664 

$

7 

— 

%

Incentive compensation:

Cash-based compensation

59,683 

56,096 

3,587 

6 

%

Share-based compensation

6,667 

6,126 

541 

9 

%

Deferred compensation

2,430 

5,826 

(3,396)

N/A

Total incentive compensation

68,780 

68,048 

732 

1 

%

Employee benefits

29,275 

33,635 

(4,360)

(13)

%

Total personnel expense

222,726 

226,347 

(3,621)

(2)

%

Business promotion

11,516 

9,960 

1,556 

16 

%

Professional fees and services

18,371 

15,137 

3,234 

21 

%

Net occupancy and equipment

32,693 

33,040 

(347)

(1)

%

FDIC and other insurance

6,078 

7,302 

(1,224)

(17)

%

FDIC special assessment

(9,479)

(1,209)

(8,270)

(684)

%

Data processing and communications

51,299 

50,062 

1,237 

2 

%

Printing, postage, and supplies

4,077 

4,036 

41 

1 

%

Amortization of intangible assets

2,656 

2,656 

— 

— 

%

Mortgage banking costs

10,663 

10,668 

(5)

— 

%

Other expense

10,454 

11,771 

(1,317)

(11)

%

Total other operating expense

$

361,054 

$

369,770 

$

(8,716)

(2)

%

42

Other operating expense for the fourth quarter of 2025 totaled $361.1 million, a decrease of $8.7 million, or 2%, compared to the third quarter of 2025.

Personnel expense was $222.7 million, a decrease of $3.6 million, or 2%. 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 decreased $3.4 million to $2.4 million. 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, or 4%. 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.

Income Taxes

Income tax expense was $162.6 million, or 22.0% of net income before taxes for 2025, and $143.1 million, or 21.5% of net income before taxes for 2024.

Net deferred tax assets totaled $123 million at December 31, 2025, compared to net deferred tax assets of $232 million at December 31, 2024. We have evaluated the recoverability of our deferred tax assets based on the weight of available evidence, considering both positive and negative factors, and determined that no valuation allowance was required in 2025 or 2024.

Income tax expense was $51.2 million, or 22.4% of net income before taxes for the fourth quarter of 2025, compared to $35.7 million, or 20.2% of net income before taxes for the third quarter of 2025. The third quarter of 2025 included the release of reserves for uncertain tax positions as the statute of limitations had expired.

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.

43

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.

As shown in Table 14, net income before taxes attributable to our segments decreased $106.9 million, or 12%, compared to the prior year. Net interest income decreased $82.8 million, primarily due to changes in interest rates. Net charge-offs decreased $5.9 million compared to the prior year. Other operating revenue increased $21.5 million. Other gains, net increased $36.2 million, driven by a $23.5 million pre-tax gain from the sale of a merchant banking investment and higher gains on merchant banking services. Fees and commissions revenue decreased $14.8 million. Brokerage and trading revenue decreased $58.0 million, primarily due to a shift from fee revenue to net interest income for trading securities and compressed trading margins. Fiduciary and asset management revenue increased $26.3 million led by growth in trust fees related to increased market valuations and continued growth in client relationships. Transaction card revenue increased $8.8 million, driven by disciplined pricing strategies, targeted customer acquisitions efforts, and an increase in the volume of transactions processed during the year. Deposit service charges increased $6.8 million due to growth in commercial service charges. Other operating expense increased $46.3 million, including a $33.3 million increase in personnel expense and a $13.0 million increase in non-personnel expense. The increase in net income before taxes attributed to Funds Management and Other reflects the ongoing application of the Company's transfer pricing methodology.

Table 14 – Net Income Before Taxes by Segment

(In thousands)

Year Ended December 31,

2025

2024

2023

Commercial Banking

$

584,206 

$

651,246 

$

713,015 

Consumer Banking

76,412 

112,224 

106,977 

Wealth Management

152,770 

156,781 

219,647 

Segment total

813,388 

920,251 

1,039,639 

Funds Management and Other

(72,770)

(253,607)

(356,391)

BOK Financial Corporation

$

740,618 

$

666,644 

$

683,248 

44

2025 Commercial Banking

Commercial Banking contributed $584.2 million to consolidated net income before taxes in 2025, a decrease of $67.0 million, or 10%, compared to the prior year.

Table 15 – Commercial Banking

(Dollars in thousands)

Year Ended

December 31,

2025 vs. 2024

Year Ended December 31,

2024 vs. 2023

2025

2024

Increase (Decrease)

%

Increase

(Decrease)

2023

Increase (Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

948,465 

$

1,078,190 

$

(129,725)

(12)

%

$

1,178,506 

$

(100,316)

(9)

%

Net interest income (expense) from internal sources

(234,944)

(263,094)

28,150 

11 

%

(305,107)

42,013 

14 

%

Net interest income

713,521 

815,096 

(101,575)

(12)

%

873,399 

(58,303)

(7)

%

Net loans charged off

3,715 

8,850 

(5,135)

(58)

%

13,967 

(5,117)

(37)

%

Net interest income after net loans charged off

709,806 

806,246 

(96,440)

(12)

%

859,432 

(53,186)

(6)

%

Other operating revenue

269,195 

222,584 

46,611 

21 

%

247,001 

(24,417)

(10)

%

Personnel expense

204,213 

191,398 

12,815 

7 

%

193,455 

(2,057)

(1)

%

Non-personnel expense

120,476 

117,216 

3,260 

3 

%

124,926 

(7,710)

(6)

%

Total other operating expense

324,689 

308,614 

16,075 

5 

%

318,381 

(9,767)

(3)

%

Corporate allocations

70,106 

68,970 

1,136 

2 

%

75,037 

(6,067)

(8)

%

Net income before taxes

$

584,206 

$

651,246 

$

(67,040)

(10)

%

$

713,015 

$

(61,769)

(9)

%

Average assets

$

21,616,765 

$

21,751,103 

$

(134,338)

(1)

%

$

21,003,551 

$

747,552 

4 

%

Average loans

20,169,095 

20,201,849 

(32,754)

— 

%

19,374,797 

827,052 

4 

%

Average deposits

17,962,852 

16,752,377 

1,210,475 

7 

%

15,321,427 

1,430,950 

9 

%

Average invested capital

2,177,186 

2,150,565 

26,621 

1 

%

2,182,622 

(32,057)

(1)

%

Net interest income decreased $101.6 million, or 12%, primarily due to decreased loan spreads resulting from changes in market conditions and a shift in deposit balances from demand to interest-bearing accounts. Net loans charged off decreased $5.1 million to $3.7 million in 2025.

Other operating revenue increased $46.6 million, or 21%. Other gains, net, increased $30.3 million compared to the prior year. The current year included a $23.5 million pre-tax gain from the sale of a merchant banking investment, as well as higher gains on merchant banking services. Transaction card revenue increased $8.1 million, driven by higher transaction volumes, targeted customer acquisition efforts, and disciplined pricing strategies. Deposit service charges and fees increased $6.3 million and investment banking revenue increased $2.2 million due to higher loan syndication fees.

Other operating expense increased $16.1 million, or 5%, compared to 2024. Personnel expense increased $12.8 million, or 7%, largely driven by increased incentive compensation costs, annual merit increases, and salary adjustments. Non-personnel expense increased $3.3 million, or 3%, as the prior year included a recovery of operational losses.

The average outstanding balance of loans attributed to Commercial Banking was consistent with the prior year at $20.2 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition 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 were $18.0 billion for 2025, a $1.2 billion, or 7%, increase over the prior year. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital for further discussion of this change.

45

Fourth Quarter 2025 Commercial Banking

Table 16 - Commercial Banking - Fourth Quarter 2025

(Dollars in thousands)

Three Months Ended

Dec. 31,

2025

Sep. 30,

2025

Increase

(Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

241,442 

$

239,835 

$

1,607 

1 

%

Net interest income (expense) from internal sources

(61,202)

(60,638)

(564)

(1)

%

Net interest income

180,240 

179,197 

1,043 

1 

%

Net loans charged off

929 

2,609 

(1,680)

(64)

%

Net interest income after net loans charged off

179,311 

176,588 

2,723 

2 

%

Other operating revenue

87,497 

61,745 

25,752 

42 

%

Personnel expense

53,592 

51,638 

1,954 

4 

%

Non-personnel expense

32,577 

29,601 

2,976 

10 

%

Total other operating expense

86,169 

81,239 

4,930 

6 

%

Corporate allocations

16,614 

17,277 

(663)

(4)

%

Net income before taxes

$

164,025 

$

139,817 

$

24,208 

17 

%

Average assets

$

22,017,647 

$

21,722,491 

$

295,156 

1 

%

Average loans

20,529,256 

20,280,147 

249,109 

1 

%

Average deposits

18,486,299 

18,161,258 

325,041 

2 

%

Average invested capital

2,205,435 

2,172,371 

33,064 

2 

%

Commercial Banking contributed $164.0 million to consolidated net income before taxes in the fourth quarter of 2025, an increase of $24.2 million, or 17%, compared to the third quarter of 2025. Combined net interest income and fee revenue increased $5.4 million. Brokerage and trading revenue increased $2.9 million driven by growth in loan syndication fees. Transaction card revenue increased $1.4 million due to higher transaction volumes, 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.

46

2025 Consumer Banking

Consumer Banking services are provided through four primary distribution channels: traditional branches, the 24-hour ExpressBank call center, internet banking, and mobile banking. Consumer Banking also conducts mortgage banking activities through offices located outside our Consumer Banking markets.

Net income before taxes attributed to Consumer Banking totaled $76.4 million for 2025, a $35.8 million, or 32%, decrease from the prior year.

Table 17 – Consumer Banking

(Dollars in thousands)

Year Ended

December 31,

2025 vs. 2024

Year Ended December 31,

2024 vs. 2023

2025

2024

Increase (Decrease)

%

Increase

(Decrease)

2023

Increase (Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

55,150 

$

25,946 

$

29,204 

113 

%

$

59,962 

$

(34,016)

(57)

%

Net interest income (expense) from internal sources

175,830 

234,101 

(58,271)

(25)

%

207,058 

27,043 

13 

%

Net interest income

230,980 

260,047 

(29,067)

(11)

%

267,020 

(6,973)

(3)

%

Net loans charged off

4,892 

5,827 

(935)

(16)

%

5,157 

670 

13 

%

Net interest income after net loans charged off

226,088 

254,220 

(28,132)

(11)

%

261,863 

(7,643)

(3)

%

Other operating revenue

149,938 

140,005 

9,933 

7 

%

105,793 

34,212 

32 

%

Personnel expense

102,226 

98,667 

3,559 

4 

%

89,472 

9,195 

10 

%

Non-personnel expense

139,296 

127,597 

11,699 

9 

%

122,642 

4,955 

4 

%

Total other operating expense

241,522 

226,264 

15,258 

7 

%

212,114 

14,150 

7 

%

Corporate allocations

58,092 

55,737 

2,355 

4 

%

48,565 

7,172 

15 

%

Net income before taxes

$

76,412 

$

112,224 

$

(35,812)

(32)

%

$

106,977 

$

5,247 

5 

%

Average assets

$

8,321,005 

$

8,112,293 

$

208,712 

3 

%

$

8,040,602 

$

71,691 

1 

%

Average loans

2,366,189 

2,023,837 

342,352 

17 

%

1,800,320 

223,517 

12 

%

Average deposits

8,275,256 

8,077,700 

197,556 

2 

%

8,014,159 

63,541 

1 

%

Average invested capital

332,796 

313,460 

19,336 

6 

%

285,997 

27,463 

10 

%

Net interest income from Consumer Banking activities decreased $29.1 million, or 11%, compared to 2024, largely due to increased customer demand for time deposits and decreased spreads resulting from a change in market conditions.

Other operating revenue increased $9.9 million, or 7%, compared to prior year. Mortgage banking revenue increased $4.1 million, primarily due to higher mortgage servicing revenue. The net benefit of changes in fair value of MSR and related economic hedges, as more fully presented in Table 10, was $1.1 million for 2025, compared to a net cost of $5.7 million in 2024.

Other operating expense increased $15.3 million, or 7%. Personnel expense increased $3.6 million, or 4%, led by higher regular compensation and increased healthcare costs. Business promotion expenses increased $4.3 million, occupancy and equipment costs rose $3.1 million, and data processing and communication expense increased $1.4 million, reflecting business expansion and ongoing projects. Corporate allocations increased $2.4 million, or 4%, compared to the prior year.

Average loans attributed to Consumer Banking increased $342 million, or 17%, to $2.4 billion. Average consumer deposits increased $198 million, or 2%, to $8.3 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital for further discussion of the changes.

47

Fourth Quarter 2025 Consumer Banking

Table 18 - Consumer Banking - Fourth Quarter 2025

(Dollars in thousands)

Three Months Ended

Dec. 31,

2025

Sep. 30,

2025

Increase

(Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

16,806 

$

16,141 

$

665 

4 

%

Net interest income (expense) from internal sources

40,357 

42,310 

(1,953)

(5)

%

Net interest income

57,163 

58,451 

(1,288)

(2)

%

Net loans charged off

944 

1,413 

(469)

(33)

%

Net interest income after net loans charged off

56,219 

57,038 

(819)

(1)

%

Other operating revenue

36,895 

35,820 

1,075 

3 

%

Personnel expense

25,181 

25,681 

(500)

(2)

%

Non-personnel expense

39,587 

38,361 

1,226 

3 

%

Total other operating expense

64,768 

64,042 

726 

1 

%

Corporate allocations

13,292 

14,326 

(1,034)

(7)

%

Net income before taxes

$

15,054 

$

14,490 

$

564 

4 

%

Average assets

$

8,396,499 

$

8,372,125 

$

24,374 

— 

%

Average loans

2,516,158 

2,432,968 

83,190 

3 

%

Average deposits

8,346,245 

8,330,481 

15,764 

— 

%

Average invested capital

334,561 

335,031 

(470)

— 

%

Consumer Banking contributed $15.1 million to net income before taxes in the fourth quarter of 2025, relatively consistent with the third quarter of 2025. 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. Other operating revenue increased $1.1 million as the net cost of changes in the fair value of MSR and related economic hedges was $579 thousand compared to $2.1 million for the third quarter of 2025. Other operating expenses were consistent with the prior quarter and corporate expense allocations decreased $1.0 million.

48

2025 Wealth Management

Wealth Management contributed $152.8 million to consolidated net income before taxes in 2025, a decrease of $4.0 million, or 3%, compared to the prior year. 

Table 19 – Wealth Management

(Dollars in thousands)

Year Ended

December 31,

2025 vs. 2024

Year Ended December 31,

2024 vs. 2023

2025

2024

Increase (Decrease)

%

Increase

(Decrease)

2023

Increase (Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

69,781 

$

11,266 

$

58,515 

519 

%

$

30,020 

$

(18,754)

(62)

%

Net interest income (expense) from internal sources

107,252 

117,962 

(10,710)

(9)

%

88,998 

28,964 

33 

%

Net interest income

177,033 

129,228 

47,805 

37 

%

119,018 

10,210 

9 

%

Net loans charged off (recovered)

(25)

(184)

(159)

(86)

%

(50)

134 

268 

%

Net interest income after net loans recovered

177,058 

129,412 

47,646 

37 

%

119,068 

10,344 

9 

%

Other operating revenue

427,612 

462,679 

(35,067)

(8)

%

506,447 

(43,768)

(9)

%

Personnel expense

280,614 

263,686 

16,928 

6 

%

250,671 

13,015 

5 

%

Non-personnel expense

112,629 

114,551 

(1,922)

(2)

%

100,796 

13,755 

14 

%

Total other operating expense

393,243 

378,237 

15,006 

4 

%

351,467 

26,770 

8 

%

Corporate allocations

58,657 

57,073 

1,584 

3 

%

54,401 

2,672 

5 

%

Net income before taxes

$

152,770 

$

156,781 

$

(4,011)

(3)

%

$

219,647 

$

(62,866)

(29)

%

Average assets

$

11,369,530 

$

10,772,189 

$

597,341 

6 

%

$

9,883,180 

$

889,009 

9 

%

Average loans

2,303,390 

2,177,465 

125,925 

6 

%

2,201,614 

(24,149)

(1)

%

Average deposits

10,730,248 

9,654,008 

1,076,240 

11 

%

7,739,490 

1,914,518 

25 

%

Average invested capital

337,562 

323,364 

14,198 

4 

%

333,157 

(9,793)

(3)

%

Net interest income and fees and commission revenue attributed to the Wealth Management segment totaled $604.6 million in 2025, an increase of $12.7 million, or 2%, over 2024. Net interest income increased $47.8 million, while fees and commissions revenue decreased $35.1 million, primarily due to a shift from fee revenue to interest income and compressed trading margins.

Other operating expense increased $15.0 million, or 4%, over the prior year. Personnel expense rose $16.9 million, or 6%, primarily driven by higher incentive compensation and increased regular compensation. Non-personnel expense decreased $1.9 million, or 2%, largely due to lower operational losses, partially offset by higher data processing and communications costs and increased net occupancy and equipment expense associated with ongoing projects. Corporate allocations increased $1.6 million, or 3%, over the prior year.

Average Wealth Management loans grew $126 million, or 6%, to $2.3 billion. Average deposits attributed to Wealth Management increased $1.1 billion, or 11%, to $10.7 billion in 2025.

49

Fourth Quarter 2025 Wealth Management

Table 20 - Wealth Management - Fourth Quarter 2025

(Dollars in thousands)

Three Months Ended

Dec. 31,

2025

Sep. 30,

2025

Increase

(Decrease)

%

Increase

(Decrease)

Net interest income from external sources

$

13,929 

$

16,256 

$

(2,327)

(14)

%

Net interest income (expense) from internal sources

30,132 

27,370 

2,762 

10 

%

Net interest income

44,061 

43,626 

435 

1 

%

Net loans charged off (recovered)

(7)

(3)

4 

133 

%

Net interest income after net loans recovered

44,068 

43,629 

439 

1 

%

Other operating revenue

116,110 

111,516 

4,594 

4 

%

Personnel expense

74,028 

73,032 

996 

1 

%

Non-personnel expense

28,697 

29,939 

(1,242)

(4)

%

Total other operating expense

102,725 

102,971 

(246)

— 

%

Corporate allocations

14,764 

15,568 

(804)

(5)

%

Income before taxes

$

42,689 

$

36,606 

$

6,083 

17 

%

Average assets

$

11,276,162 

$

11,265,485 

$

10,677 

— 

%

Average loans

2,393,802 

2,353,961 

39,841 

2 

%

Average deposits

10,703,630 

10,731,569 

(27,939)

— 

%

Average invested capital

340,560 

337,335 

3,225 

1 

%

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.

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 December 31, 2025 and December 31, 2024.

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. Trading securities totaled $5.4 billion at December 31, 2025, an increase of $494 million compared to December 31, 2024. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movements. We mitigate this risk within board-approved value-at-risk limits through the use of derivative contracts, short sales, and other techniques.

At December 31, 2025, the carrying value of investment securities was $1.8 billion, including a $202 thousand allowance for expected credit losses, compared to $2.0 billion at December 31, 2024, with a $223 thousand allowance for expected credit losses. The fair value of investment securities was $1.7 billion at December 31, 2025, and $1.8 billion at December 31, 2024. 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. The investment security portfolio is diversified among issuers.

50

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 (loss) in shareholders’ equity. At December 31, 2025, the fair value of AFS securities was $13.6 billion, an increase of $755 million compared to December 31, 2024. The amortized cost of AFS securities totaled $13.7 billion at December 31, 2025, an increase of $350 million compared to December 31, 2024. AFS securities consist 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 for which the principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans. At December 31, 2025, residential mortgage-backed securities represented 76% of total fair value of AFS securities.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or prepayment 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 effective duration of the combined residential mortgage-backed securities portfolio held in investment and AFS securities portfolios at December 31, 2025 is 3.3 years. Management estimates the combined portfolios' 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 aggregate gross amount of unrealized losses on AFS securities totaled $274 million at December 31, 2025, a $293 million decrease compared to December 31, 2024. On a quarterly basis, we perform an evaluation on debt securities to determine if the unrealized losses are temporary as more fully described in Note 2 to the Consolidated Financial Statements. No credit impairment of AFS securities was identified in 2025.

Certain residential 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 $102 million, an increase of $84 million compared to 2024. See Market Risk section for further details.

Bank-Owned Life Insurance

We have approximately $422 million of bank-owned life insurance at December 31, 2025. This investment is expected to provide a long-term source of earnings to support existing employee benefit programs. Approximately $324 million is held in separate accounts and $98 million represents the cash surrender value of policies held in general accounts and other amounts due from various insurance companies. Our separate account holdings are invested in diversified portfolios of investment-grade fixed income securities and cash equivalents, including U.S. Treasury and agency securities, residential mortgage-backed securities, corporate debt, and asset-backed and commercial mortgage-backed securities. The portfolios are managed by unaffiliated professional managers within parameters established in the portfolio’s investment guidelines. The cash surrender value of certain life insurance policies is further supported by a stable value wrap which protects against changes in the fair value of the investments. As of December 31, 2025, the fair value of investments held in separate accounts covered by the stable value wrap was approximately $304 million. Since the underlying fair value of the investments held in separate accounts at December 31, 2025 was below the net book value of the investments, $17 million of cash surrender value was supported by the stable value wrap. The remaining $2.2 million of fair value held in separate accounts is not supported by the stable value wrap. The stable value wrap is provided by an investment grade financial institution.

51

Loans

The aggregate loan portfolio before allowance for loan losses totaled $25.7 billion at December 31, 2025, an increase of $1.5 billion over December 31, 2024, driven by broad-based growth across the loan portfolio.

Table 21 – Loans

(In thousands)

December 31,

2025

2024

Commercial:

Healthcare

$

4,008,208 

$

3,967,533 

Services

3,911,917 

3,643,203 

Energy

2,882,242 

3,254,724 

General business

4,478,700 

4,164,676 

Total commercial

15,281,067 

15,030,136 

Commercial real estate:

Multifamily

2,432,330 

2,237,064 

Industrial

1,368,436 

1,127,867 

Office

814,139 

755,838 

Retail

573,451 

485,926 

Residential construction and land development

129,783 

109,120 

Other commercial real estate

353,867 

342,637 

Total commercial real estate

5,672,006 

5,058,452 

Loans to individuals:

Residential mortgage

2,731,415 

2,436,958 

Residential mortgage guaranteed by U.S. government agencies

158,359 

136,649 

Personal

1,808,615 

1,452,529 

Total loans to individuals

4,698,389 

4,026,136 

Total

$

25,651,462 

$

24,114,724 

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 borrower 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 $15.3 billion, or 60% of the loan portfolio, at December 31, 2025, increasing $251 million, or 2%, over December 31, 2024. Growth in general business and services loan balances was partially offset by a decrease in energy loan balances.

Approximately 71% of commercial loans 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.

52

The healthcare sector of the loan portfolio totaled $4.0 billion, or 16% of total loans. Healthcare loans increased $41 million compared to December 31, 2024, primarily due to an increase in loans to senior housing. Healthcare sector loans consist primarily 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, an increase of $269 million compared to December 31, 2024. 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 semi-annual engineering reviews by our internal staff of petroleum engineers. These reviews are 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 loans totaled $2.9 billion, or 11% of total loans, at December 31, 2025, a $372 million decrease compared to December 31, 2024. Consolidation in the energy industry led to elevated payoff activity throughout the year, but this payoff activity is abating and balances are stabilizing.

Approximately $2.2 billion, or 76% of energy loans, were to oil and gas producers, a $387 million decrease compared to December 31, 2024. 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 71% of the committed production loans are secured by properties primarily producing oil, and 29% of the committed production loans are secured by properties primarily producing natural gas. 

Loans to midstream oil and gas companies totaled $443 million, or 15% of energy loans, an increase of $47 million over the prior year. Loans to borrowers that provide services to the energy industry totaled $188 million, or 7% of energy loans, a $37 million decrease during 2025. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $46 million, or 2% of energy loans, a $5.8 million increase compared to the prior year.

Unfunded energy loan commitments were $4.4 billion at December 31, 2025, a $59 million increase over December 31, 2024. 

General business loans totaled $4.5 billion, or 17% of total loans, an increase of $314 million over December 31, 2024. This increase included the launch of the residential mortgage finance portfolio during the third quarter of 2025, which has since grown to $126 million of outstanding balances at December 31, 2025. General business loans consist of $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

Loans to non-depository financial institutions included in services and general business loans totaled $689 million or 3% of total loans at December 31, 2025.The majority of these loans are in the two highest credit quality subcategories, subscription lines and residential mortgage finance portfolio lines.

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 December 31, 2025, the outstanding principal balance of these loans totaled $6.0 billion, including $1.9 billion of general business loans and $1.9 billion of energy 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. 

53

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.

The outstanding balance of commercial real estate loans totaled $5.7 billion, or 22% of the loan portfolio, an increase of $614 million over December 31, 2024. Loans secured by industrial facilities were $1.4 billion, or 5% of total loans, a $241 million increase compared to the prior year. Loans secured by multifamily properties totaled $2.4 billion, or 9% of total loans, a $195 million increase over the prior year. Loans secured by retail facilities increased $88 million to $573 million, or 2% of total loans. Loans secured by office facilities increased $58 million to $814 million, or 3% of total loans.

Approximately 66% of commercial real estate loans are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 7% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $2.2 billion at December 31, 2025, a $299 million increase over the prior year. We take a disciplined approach to managing our concentration of total commercial real estate loan commitments as a percentage of Tier 1 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, growing $672 million over December 31, 2024. Approximately 90% of loans to individuals 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.

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.

54

Table 22 – Loans Managed by Primary Geographical Market

(In thousands)

December 31,

2025

2024

Texas:

Commercial

$

7,383,319 

$

7,411,416 

Commercial real estate

2,057,016 

1,731,281 

Loans to individuals

1,066,827 

918,994 

Total Texas

10,507,162 

10,061,691 

Oklahoma:

Commercial

3,829,109 

3,585,592 

Commercial real estate

589,709 

513,101 

Loans to individuals

3,005,460 

2,440,874 

Total Oklahoma

7,424,278 

6,539,567 

Colorado:

Commercial

2,127,979 

2,188,324 

Commercial real estate

600,668 

759,168 

Loans to individuals

200,378 

213,768 

Total Colorado

2,929,025 

3,161,260 

Arizona:

Commercial

1,253,824 

1,082,829 

Commercial real estate

1,332,658 

1,098,174 

Loans to individuals

224,354 

215,531 

Total Arizona

2,810,836 

2,396,534 

Kansas/Missouri:

Commercial

282,189 

305,957 

Commercial real estate

571,331 

515,511 

Loans to individuals

142,392 

164,638 

Total Kansas/Missouri

995,912 

986,106 

New Mexico:

Commercial

311,636 

325,246 

Commercial real estate

465,228 

402,217 

Loans to individuals

49,589 

60,703 

Total New Mexico

826,453 

788,166 

Arkansas:

Commercial

93,011 

130,772 

Commercial real estate

55,396 

39,000 

Loans to individuals

9,389 

11,628 

Total Arkansas

157,796 

181,400 

Total BOK Financial loans

$

25,651,462 

$

24,114,724 

55

Table 23 – Loan Maturity and Interest Rate Sensitivity at December 31, 2025

(In thousands)

Remaining Maturities of Selected Loans

Total

Within 1 Year

1-5 Years

5 - 15 Years

After 15 Years

Loan maturity:

Commercial

$

15,281,067 

$

2,759,199 

$

10,989,602 

$

1,448,752 

$

83,514 

Commercial real estate

5,672,006 

2,479,174 

2,978,633 

210,423 

3,776 

Loans to individuals

4,698,389 

843,794 

1,220,055 

382,430 

2,252,110 

Total

$

25,651,462 

$

6,082,167 

$

15,188,290 

$

2,041,605 

$

2,339,400 

Interest rate sensitivity for selected loans with:

Predetermined interest rates

$

7,132,413 

$

1,003,418 

$

2,523,271 

$

1,588,651 

$

2,017,073 

Floating or adjustable interest rates

18,519,049 

5,078,749 

12,665,019 

452,954 

322,327 

Total

$

25,651,462 

$

6,082,167 

$

15,188,290 

$

2,041,605 

$

2,339,400 

Off-Balance Sheet Commitments

We enter into certain off-balance sheet arrangements in the normal course of business as shown in Table 24. 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 commitments related to certain residential mortgage loans sold into mortgage-backed securities as part of our mortgage banking activities. We retain off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA.

We also 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.

Table 24 – Off-Balance Sheet Credit Commitments

(In thousands)

December 31,

2025

2024

Loan commitments

$

15,856,740 

$

14,735,416 

Standby letters of credit

606,697 

703,194 

Unpaid principal balance of residential mortgage loans sold with recourse

29,403 

33,864 

Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by U.S. Dept. of Veteran's Affairs

855,182 

913,977 

56

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.

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 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 December 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $428 million compared to $242 million at December 31, 2024. Derivative contracts carried as assets include energy contracts with fair values of $333 million, foreign exchange contracts with fair values of $61 million, and interest rate swaps primarily sold to loan customers with fair values of $34 million. Before consideration of cash margin paid to counterparties, the aggregate net fair values of derivative contracts held under these programs reported as liabilities totaled $399 million compared to $205 million at December 31, 2024.

At December 31, 2025, total derivative assets were reduced by $153 million of cash collateral received from counterparties, and total derivative liabilities were reduced by $6.1 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 the 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 6 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 December 31, 2025 follows in Table 25.

Table 25 – Fair Value of Derivative Contracts

(In thousands)

Exchanges and clearing organizations

$

186,545 

Banks and other financial institutions

49,077 

Customers

39,700 

Fair value of customer risk management program asset derivative contracts, net

$

275,322 

At December 31, 2025, the largest exposure to a single counterparty was to an exchange for $98 million of net energy derivative positions and $100 million for cash margin placed with the exchange.

57

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 decrease in market prices down to an equivalent of $45.94 per barrel of oil and $2.95 per MMBtu of natural gas would increase the fair value of derivative assets by $13 million, with lending customers comprising the bulk of the assets. An increase in prices up to the equivalent of $68.90 per barrel of oil and $4.42 per MMBtu of natural gas would increase the fair value of derivative assets by $338 million. Liquidity requirements of this program are also affected by our credit rating. A decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

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 December 31, 2025, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.

58

Summary of Credit Loss Experience

Table 26 – Summary of Credit Loss Experience

(Dollars in thousands)

Year Ended

Dec. 31, 2025

Dec. 31, 2024

Allowance for loan losses:

Beginning balance

$

280,035 

$

277,123 

Loans charged off

(10,305)

(18,835)

Recoveries of loans previously charged off

3,566 

5,956 

Net loans charged off

(6,739)

(12,879)

Provision for credit losses

2,564 

15,791 

Ending balance

$

275,860 

$

280,035 

Accrual for off-balance sheet credit risk from unfunded loan commitments:

Beginning balance

$

51,640 

$

48,977 

Provision for credit losses

(369)

2,663 

Ending balance

$

51,271 

$

51,640 

Accrual for off-balance sheet credit risk associated with mortgage banking activities:

Beginning balance

$

3,148 

$

3,492 

Net loans charged off

(40)

(3)

Provision for credit losses

(174)

(341)

Ending balance

$

2,934 

$

3,148 

Allowance for credit losses related to investment (held-to-maturity) securities:

Beginning balance

$

223 

$

336 

Provision for credit losses

(21)

(113)

Ending balance

$

202 

$

223 

Total provision for credit losses

$

2,000 

$

18,000 

Average loans by portfolio segment:

Commercial

$

14,644,124 

$

15,061,959 

Commercial real estate

5,435,587 

5,069,162 

Loans to individuals

4,502,552 

4,034,660 

Net charge-offs (annualized) to average loans

0.03 

%

0.05 

%

Net charge-offs (annualized) to average loans by portfolio segment:

Commercial

0.03 

%

0.06 

%

Commercial real estate

— 

%

0.02 

%

Loans to individuals

0.05 

%

0.07 

%

Recoveries to gross charge-offs

34.60 

%

31.62 

%

Provision for loan losses (annualized) to average loans

0.01 

%

0.07 

%

Allowance for loan losses to loans outstanding at period end

1.08 

%

1.16 

%

Accrual for unfunded loan commitments to loan commitments

0.32 

%

0.35 

%

Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end

1.28 

%

1.38 

%

59

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, 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.

A $2.0 million provision for credit losses was recorded for the year ended December 31, 2025, reflecting the impact of loan growth during the year, partially offset by improvements in portfolio credit quality and economic forecast scenario assumptions.

Non-pass grade loans, which include loans especially mentioned, accruing substandard, and nonaccruing loans, totaled $580 million at December 31, 2025, a decrease of $14 million compared to December 31, 2024. Non-pass grade loans were composed primarily of $207 million, or 5%, of commercial healthcare loans; $131 million, or 3%, of commercial services loans; $113 million, or 3%, of commercial general business loans; and $82 million, or 1%, of commercial real estate loans. 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 fourth quarter of 2025.

At December 31, 2025, the allowance for loan losses totaled $276 million, or 1.08% of outstanding loans. 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 at December 31, 2025.

An $18.0 million provision for credit losses was recorded for the year ended December 31, 2024 primarily due to improvement in the forecasted economic outlook during the year that was offset by the impact of loan growth and some risk grade migration.

At December 31, 2024, the allowance for loan losses was $280 million, or 1.16% of outstanding loans. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 701% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.38% of outstanding loans and 831% of nonaccruing loans at December 31, 2024.

60

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at December 31, 2025 follows:

Base

Downside

Upside

Scenario probability weighting

50%

35%

15%

Economic outlook

Inflation levels continue to normalize, but remain elevated throughout 2026, reaching 2.6% by the fourth quarter of 2026.

Above average inflation is largely offset by strong wage growth and generates on-trend GDP growth. Businesses avoid broad layoffs due to the elevated expense of hiring which results in only a slight increase to the national unemployment rate.

There are two rate cuts over the next four quarters, bringing the federal funds target range to 3.00% to 3.25% by the end of the fourth quarter of 2026.

Widespread tariffs and restrictive immigration policies accelerate inflation and reduce 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, pushing the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate.

The Federal Reserve is forced to adopt an accommodative monetary policy and cut the federal funds rate significantly to encourage economic activity and job creation to help limit the depth of the recession. 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 fourth quarter of 2026.

Core inflation improves, reaching 2.2% by the fourth quarter of 2026.

The impact of tariffs and restrictive immigration policies is minor. Labor force participation increases to help lift consumer spending levels and gains in productivity, which are benefitted by effective use of AI, resulting in above-trend GDP growth.

There is one rate cut over the next four quarters, bringing the federal funds target range to 3.25% to 3.50% by the fourth quarter of 2026.

Macro-economic factors

–GDP is forecasted to grow by 2.0% over the next 12 months.

–Civilian unemployment rate of 4.5% in the first quarter of 2026 decreasing to 4.4% by the fourth quarter of 2026.

–WTI oil prices are projected to average $52.83 per barrel over the next 12 months, with a peak of $54.92 in the first quarter of 2026 and falling 5% over the following three quarters.

–GDP is forecasted to contract 2.0% over the next 12 months.

–Civilian unemployment rate of 5.0% in the first quarter of 2026 worsens to 6.5% by the fourth quarter of 2026.

–WTI oil prices are projected to average $44.65 per barrel over the next twelve months, with a peak of $48.61 in the first quarter of 2026 and falling 19% over the following three quarters.

–GDP is forecasted to grow by 2.8% over the next 12 months.

–Civilian unemployment rate of 4.3% in the first quarter of 2026 decreases to 4.0% by the fourth quarter of 2026.

–WTI oil prices are projected to average $58.58 per barrel over the next 12 months.

Net Loans Charged Off

In 2025, net loans charged off totaled $6.7 million, or 0.03% of average loans, down from $13 million, or 0.05% of average loans in 2024.

In 2025, net charge-offs of commercial loans were $4.4 million, primarily related to a single services loan portfolio borrower. Net loan charge-offs of loans to individuals were $2.5 million. Net charge-offs of loans to individuals include deposit account overdraft losses.

61

Nonperforming Assets

As more fully described in Note 1 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 27:

Table 27 - Nonperforming Assets

(Dollars in thousands)

December 31,

2025

2024

Nonaccruing loans:

Commercial

Healthcare

$

23,490 

$

13,717 

Services

6,135 

767 

Energy

— 

49 

General business

6,477 

114 

Total commercial

36,102 

14,647 

Commercial real estate

6,697 

9,905 

Loans to individuals

Residential mortgage

18,263 

15,261 

Residential mortgage guaranteed by U.S. government agencies

8,586 

6,803 

Personal

4,712 

109 

Total loans to individuals

31,561 

22,173 

Total nonaccruing loans

74,360 

46,725 

Real estate and other repossessed assets

176 

2,254 

Total nonperforming assets

$

74,536 

$

48,979 

Total nonperforming assets excluding those guaranteed by U.S. government agencies

$

65,950 

$

42,176 

Allowance for loan losses to nonaccruing loans1

419.41 

%

701.46 

%

Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1

497.36 

%

830.81 

%

Nonperforming assets to outstanding loans and repossessed assets

0.29 

%

0.20 

%

Nonperforming assets to outstanding loans and repossessed assets1

0.26 

%

0.18 

%

Nonaccruing loans to outstanding loans

0.29 

%

0.19 

%

Nonaccruing commercial loans to outstanding commercial loans

0.24 

%

0.10 

%

Nonaccruing commercial real estate loans to outstanding commercial real estate loans

0.12 

%

0.20 

%

Nonaccruing loans to individuals to outstanding loans to individuals1

0.51 

%

0.40 

%

Accruing loans 90 days or more past due1

$

— 

$

— 

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

Excluding loans guaranteed by U.S. government agencies, nonperforming assets increased $24 million compared to December 31, 2024, primarily due to a $9.8 million increase in nonaccruing healthcare loans, a $6.4 million increase in nonaccruing general business loans, and a $5.4 million increase in nonaccruing services loans. Nonaccruing personal loans increased $4.6 million and nonaccruing residential mortgage loans increased $3.0 million, partially offset by a $3.2 million decrease in nonaccruing commercial real estate loans. Newly identified nonaccruing loans totaled $69 million, partially offset by $25 million in payments, $10 million of charge-offs, and $4.9 million of loans returning to accrual status. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.

62

A rollforward of nonperforming assets for the years ended December 31, 2025, and December 31, 2024 follows in Table 28.

Table 28 – Rollforward of Nonperforming Assets

(In thousands)

Year Ended December 31, 2025

Nonaccruing Loans

Commercial

Commercial Real Estate

Loan to Individuals

Total

Real Estate and Other Repossessed Assets

Total Nonperforming Assets

Balance, December 31, 2024

$

14,647 

$

9,905 

$

22,173 

$

46,725 

$

2,254 

$

48,979 

Additions

38,031 

3,317 

27,243 

68,591 

— 

68,591 

Payments

(8,951)

(6,399)

(9,281)

(24,631)

— 

(24,631)

Charge-offs

(5,374)

(126)

(4,805)

(10,305)

— 

(10,305)

Net gains (losses) and write-downs

— 

— 

— 

— 

441 

441 

Foreclosure of nonaccruing loans

— 

— 

(167)

(167)

167 

— 

Foreclosure of loans guaranteed by U.S. government agencies

— 

— 

(952)

(952)

— 

(952)

Proceeds from sales

— 

— 

— 

— 

(2,686)

(2,686)

Return to accrual status

(2,251)

— 

(2,650)

(4,901)

— 

(4,901)

Balance, December 31, 2025

$

36,102 

$

6,697 

$

31,561 

$

74,360 

$

176 

$

74,536 

Year Ended December 31, 2024

Nonaccruing Loans

Commercial

Commercial Real Estate

Loan to Individuals

Total

Real Estate and Other Repossessed Assets

Total Nonperforming Assets

Balance, December 31, 2023

$

110,131 

$

7,320 

$

28,018 

$

145,469 

$

2,875 

$

148,344 

Additions

45,998 

18,766 

15,312 

80,076 

— 

80,076 

Payments

(99,436)

(14,726)

(6,793)

(120,955)

— 

(120,955)

Charge-offs

(11,763)

(1,455)

(5,617)

(18,835)

— 

(18,835)

Net gains (losses) and write-downs

— 

— 

— 

— 

(50)

(50)

Foreclosure of nonaccruing loans

(186)

— 

(276)

(462)

462 

— 

Foreclosure of loans guaranteed by U.S. government agencies

— 

— 

(1,813)

(1,813)

— 

(1,813)

Proceeds from sales

— 

— 

— 

— 

(1,033)

(1,033)

Net transfers to nonaccruing loans

— 

— 

(1,473)

(1,473)

— 

(1,473)

Return to accrual status

(30,097)

— 

(5,185)

(35,282)

— 

(35,282)

Balance, December 31, 2024

$

14,647 

$

9,905 

$

22,173 

$

46,725 

$

2,254 

$

48,979 

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 and receivables collected once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets were at a historic low of $176 thousand at December 31, 2025, primarily composed of one-to-four family residential properties. Real estate and other repossessed assets decreased $2.1 million compared to December 31, 2024. 

63

Liquidity and Capital

BOK Financial has numerous material cash requirements in the normal course of business. These obligations include deposits and other borrowed funds, leased premises, commitments to extend credit to borrowers, and to purchase securities, derivative contracts, and contracts for services such as data processing that are integral to our operations. Additional information on loan commitments can be found in the "Loan Commitments" section of Management's Discussion and Analysis while the distribution of time deposit balances can be located in Note 8, "Deposits," and information related to Other Borrowings can be located in Note 9, "Other Borrowings."

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks, provide adequate liquidity to meet our operating needs. Based on the average balances for 2025, approximately 75% of our funding was provided by deposit accounts, 11% from borrowed funds, less than 1% from long-term subordinated debt, and 11% from equity. The loan to deposit ratio increased to 65% at December 31, 2025 from 63% at December 31, 2024, and continues to provide 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.

Table 29 - Average Deposits by Segment

(In thousands)

Year Ended December 31,

2025

2024

Commercial Banking

$

17,962,852 

$

16,752,377 

Consumer Banking

8,275,256 

8,077,700 

Wealth Management

10,730,248 

9,654,008 

Subtotal

36,968,356 

34,484,085 

Funds Management and Other

1,776,556 

1,835,875 

BOK Financial Corporation

$

38,744,912 

$

36,319,960 

Average deposits for 2025 totaled $38.7 billion, an increase of $2.4 billion over the prior year. Average interest-bearing transaction deposit account balances increased $2.7 billion, while average demand deposits decreased $413 million.

Average deposits attributed to Commercial Banking were $18.0 billion for 2025, growing $1.2 billion, or 7%, over 2024. Interest-bearing transaction account balances increased $1.6 billion, or 13%, while demand deposit balances decreased $376 million, or 9%. 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 9% of our total average deposits.

Average Consumer Banking deposit balances increased $198 million, or 2%, over the prior year. Time deposit balances increased $229 million, or 13%, demand deposit account balances increased $29 million, or 1%, and savings deposits increased $20 million, or 3%. Interest-bearing transaction account balances decreased $80 million, or 3%,

Average Wealth Management deposit balances were up $1.1 billion, or 11%, over the prior year. Interest-bearing transaction balances increased $862 million, or 11%, and time deposit balances were up $160 million, or 14%. Non-interest-bearing demand deposits increased $49 million, or 5%.

64

Average brokered deposits represented 5% of total average deposits in 2025. Excluding the reciprocal component, brokered deposits represented 2% of average deposits. Reciprocal deposit balances in excess of the $5 billion general threshold, as defined by the FDIC, are included as brokered deposits. Growth in brokered deposits during the year was primarily related to growth in reciprocal deposit balances and a temporary shift from wholesale borrowings to wholesale deposits in the fourth quarter of 2025. Average interest-bearing transaction accounts for 2025 included $2.1 billion of brokered deposits, a $744 million increase over 2024. Average time deposits included $32 million of brokered deposits for 2025, a $311 million decrease compared to 2024.

The distribution of our period end deposit account balances among principal markets follows in Table 30.

Table 30 - Period End Deposits by Principal Market Area

(In thousands)

December 31,

2025

2024

Oklahoma:

Demand

$

3,492,243 

$

3,618,771 

Interest-bearing:

Transaction

13,732,961 

13,352,732 

Savings

532,284 

497,443 

Time

2,232,078 

2,138,620 

Total interest-bearing

16,497,323 

15,988,795 

Total Oklahoma

19,989,566 

19,607,566 

Texas:

Demand

2,177,256 

2,216,393 

Interest-bearing:

Transaction

6,691,395 

6,205,605 

Savings

149,593 

154,112 

Time

647,158 

646,490 

Total interest-bearing

7,488,146 

7,006,207 

Total Texas

9,665,402 

9,222,600 

Colorado:

Demand

1,152,203 

1,159,076 

Interest-bearing:

Transaction

2,137,579 

2,089,475 

Savings

54,809 

59,244 

Time

282,320 

280,081 

Total interest-bearing

2,474,708 

2,428,800 

Total Colorado

3,626,911 

3,587,876 

New Mexico:

Demand

580,400 

659,234 

Interest-bearing:

Transaction

1,405,940 

1,305,044 

Savings

95,630 

90,580 

Time

354,757 

347,443 

Total interest-bearing

1,856,327 

1,743,067 

Total New Mexico

2,436,727 

2,402,301 

65

December 31,

2025

2024

Arizona:

Demand

365,007 

418,587 

Interest-bearing:

Transaction

1,450,416 

1,277,494 

Savings

14,656 

12,336 

Time

72,286 

70,390 

Total interest-bearing

1,537,358 

1,360,220 

Total Arizona

1,902,365 

1,778,807 

Kansas/Missouri:

Demand

281,263 

277,440 

Interest-bearing:

Transaction

1,194,500 

1,169,541 

Savings

14,256 

12,158 

Time

37,820 

37,210 

Total interest-bearing

1,246,576 

1,218,909 

Total Kansas/Missouri

1,527,839 

1,496,349 

Arkansas:

Demand

33,558 

22,396 

Interest-bearing:

Transaction

237,279 

55,215 

Savings

2,695 

2,944 

Time

12,664 

15,176 

Total interest-bearing

252,638 

73,335 

Total Arkansas

286,196 

95,731 

Total BOK Financial deposits

$

39,435,006 

$

38,191,230 

Estimated uninsured deposits totaled $21.2 billion, or 54% of total deposits, at December 31, 2025, compared to $20.4 billion, or 53% of total deposits, at December 31, 2024. In addition to insured deposits, we also hold $4.7 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 $15.6 billion, or 40% of total deposits, at December 31, 2025. The aggregate amount of time deposits that meet or exceed the FDIC limit, as applied without regard to other deposit balances held by the depositor, was $891 million at December 31, 2025.

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 source of wholesale federal funds purchased totaled $250 million at December 31, 2025 and December 31, 2024. Securities repurchase agreements generally mature within 90 days and are secured by certain trading or AFS 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 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 $4.6 billion during 2025, and $6.2 billion during 2024.

At December 31, 2025, management estimates a total potential secured borrowing capacity of approximately $28.4 billion. This includes current available secured capacity of $23.4 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks, and an estimated $5.0 billion of other sources that could be converted into additional secured capacity.

66

BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold in GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors.

On November 6, 2025, BOKF, NA issued $400 million of subordinated debt set to mature on November 6, 2040. This debt bears an interest rate of 6.108% through November 5, 2035 and thereafter, the notes will bear an interest rate equal to the Five-Year U.S. Treasury rate plus 2.00%. Interest is payable semi-annually in arrears beginning on May 6, 2026. The debt contains an option of redeem the notes (i) in whole, but not in part, on any date in the period commencing on and including August 8, 2035 and ending on and including November 6, 2035, (ii) in whole or in part, at any time and from time to time, on or after May 10, 2040, or (iii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. As shown in Table 31 below, the issuance of the subordinated debt caused the total capital ratio to increase as these qualified as Tier II regulatory capital.

See Note 9 to the Consolidated Financial Statements for a summary of other borrowings.

Parent Company and Other Non-Bank Subsidiaries

The primary sources of liquidity for BOK Financial are cash on hand and dividends from the subsidiary bank. Cash and cash equivalents totaled $150 million at December 31, 2025. 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 December 31, 2025, based on the most restrictive limitations as well as management’s internal capital policy, BOKF, NA could declare up to $412 million of dividends without regulatory approval. 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 could also affect the subsidiary bank's ability to pay dividends to the parent company.

As a result of the acquisition of CoBiz Financial, we obtained $60 million of subordinated debt issued in June 2015 that was set to mature on June 25, 2030. We also acquired $72 million of junior subordinated debentures with maturity dates from September 17, 2033 through September 30, 2035. The junior subordinated debentures were subject to early redemption prior to maturity. All acquired subordinated debt and junior subordinated debentures were redeemed during the second quarter of 2025. The redemption price was 100% of the principal amount, plus accrued interest up to the redemption date.

Shareholders' equity at December 31, 2025 was $5.9 billion, an increase of $370 million compared to December 31, 2024. Net income less cash dividends paid increased equity $430 million during 2025. Changes in interest rates resulted in an accumulated other comprehensive loss of $166 million at December 31, 2025, compared to an accumulated comprehensive loss of $503 million at December 31, 2024. We also repurchased $390 million of common shares during 2025. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings, asset growth and acquisition strategies, and regulatory and debt covenant requirements. Capital management may include subordinated debt issuance, share repurchase, and stock and cash dividends.

On July 29, 2025, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock, subject to market conditions, securities laws, and other regulatory compliance limitations. This authorization replaced the existing board authorization for the purchase of five million common shares, under which the Company repurchased 4,130,318 shares. Under the new 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 December 31, 2025, the Company had repurchased 2,982,961 shares under this authorization. The Company repurchased 3,656,259 shares during 2025 at an average price of $105.72 per share, net of the 1% excise tax on share purchases. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

During the year ended December 31, 2025, the Company entered into ASR transactions totaling $250 million. Refer to Note 15 of the Notes to Consolidated Financial Statements for additional information on share repurchase activity.

BOK Financial and the subsidiary bank 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 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.

67

A summary of minimum capital requirements and other performance ratios follows for BOK Financial on a consolidated basis in Table 31.

Table 31 – Capital and Performance Ratios

Minimum Capital Requirement

Capital Conservation Buffer

Minimum Capital Requirement Including Capital Conservation Buffer

December 31,

2025

2024

Capital:

Common equity Tier 1

4.50 

%

2.50 

%

7.00 

%

12.90 

%

13.03 

%

Tier 1 capital

6.00 

%

2.50 

%

8.50 

%

12.90 

%

13.04 

%

Total capital

8.00 

%

2.50 

%

10.50 

%

14.77 

%

14.21 

%

Tier 1 Leverage

4.00 

%

N/A

4.00 

%

9.86 

%

9.97 

%

Average total equity to average assets

11.31 

%

10.51 

%

Tangible common equity ratio1

9.46 

%

9.17 

%

Performance Ratios:

Return on average equity

9.89 

%

9.82 

%

Return on average tangible common equity1

12.15 

%

12.37 

%

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

Non-GAAP Measures

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.

Table 32 provides a reconciliation of the non-GAAP measures with financial measures defined by GAAP.

68

Table 32 – Non-GAAP Measures

(Dollars in thousands)

December 31,

2025

2024

Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:

Total shareholders' equity

$

5,918,646 

$

5,548,353 

Less: Goodwill and intangible assets, net

1,079,501 

1,091,537 

Tangible common equity

$

4,839,145 

$

4,456,816 

Total assets

$

52,237,501 

$

49,685,892 

Less: Goodwill and intangible assets, net

1,079,501 

1,091,537 

Tangible assets

$

51,158,000 

$

48,594,355 

Tangible common equity ratio

9.46 

%

9.17 

%

Reconciliation of return on average tangible common equity:

Total average shareholders' equity

$

5,843,463 

$

5,331,345 

Less: Average goodwill and intangible assets, net

1,085,283 

1,098,737 

Average tangible common equity

$

4,758,180 

$

4,232,608 

Net income attributable to BOK Financial Corporation shareholders

$

577,990 

$

523,569 

Return on average tangible common equity

12.15 

%

12.37 

%

Reconciliation of pre-provision net revenue:

Net income before taxes

$

740,618 

$

666,644 

Add: Provision for expected credit losses

2,000 

18,000 

Less: Net income (loss) attributable to non-controlling interests

(12)

(16)

Pre-provision net revenue

$

742,630 

$

684,660 

Calculation of efficiency ratio:

Total other operating expense

$

1,432,856 

$

1,365,755 

Less: Amortization of intangible assets

10,620 

11,612 

Numerator for efficiency ratio

$

1,422,236 

$

1,354,143 

Net interest and dividend income

$

1,327,344 

$

1,210,758 

Add: Tax-equivalent adjustment

10,236 

9,147 

Tax-equivalent net interest and dividend income

1,337,580 

1,219,905 

Add: Total other operating revenue

848,130 

839,641 

Less: Gain (loss) on available-for-sale securities, net

1,961 

(45,828)

Denominator for efficiency ratio

$

2,183,749 

$

2,105,374 

Efficiency ratio

65.13 

%

64.32 

%

Information on net interest income and net interest margin excluding trading activities:

Net interest and dividend income

$

1,327,344 

$

1,210,758 

Less: Trading activities net interest income

58,848 

7,583 

Net interest and dividend income excluding trading activities

1,268,496 

1,203,175 

Add: Tax-equivalent adjustment

10,236 

9,147 

Tax-equivalent net interest income excluding trading activities

$

1,278,732 

$

1,212,322 

Average interest-earning assets

$

46,405,331 

$

45,538,838 

Less: Average trading activities interest-earning assets

5,911,936 

5,683,573 

Average interest-earning assets excluding trading activities

$

40,493,395 

$

39,855,265 

Net interest margin on average interest-earning assets

2.87 

%

2.65 

%

Net interest margin on average trading activities interest-earning assets

1.00 

%

0.13 

%

Net interest margin on average interest-earning assets excluding trading activities

3.14 

%

3.01 

%

69

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.

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.

The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.

Net interest income and net interest margin excluding trading activities remove 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.

Off-Balance Sheet Arrangements

See Note 14 to the Consolidated Financial Statements for a discussion of the Company’s significant off-balance sheet commitments.

Recently Issued Accounting Standards

See Note 1 to the Consolidated Financial Statements for disclosure of newly adopted and pending accounting standards.

Forward-Looking Statements

This 10-K 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.

70

Legal Notice

As used in this report, the term "BOK Financial" and such terms as "BOKF," "the Company," "the Corporation," "our," "we" and "us" may refer to one or more of the consolidated subsidiaries or all of them taken as a whole. All these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.