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BOK Financial
BOKF
#2246
Rank
$8.49 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$134.37
Share price
-0.18%
Change (1 day)
23.30%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

BOK Financial - 10-Q quarterly report FY2025 Q3


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________

Commission File No. 001-37811

BOK FINANCIAL CORP
(Exact name of registrant as specified in its charter) 
Oklahoma 73-1373454
(State or other jurisdiction
of Incorporation or Organization)		 (IRS Employer
Identification No.)
  
Bank of Oklahoma Tower  
Boston Avenue at Second Street  
Tulsa,Oklahoma 74192
(Address of Principal Executive Offices) (Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00006 per shareBOKFNasdaq Stock Market

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

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

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

Large accelerated filer  ý       Accelerated filer       ¨            
Non-accelerated filer   ¨    Smaller reporting company ☐
    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  ☐  No  ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 63,247,676 shares of common stock ($.00006 par value) as of September 30, 2025.



BOK Financial Corporation
Form 10-Q
Quarter Ended September 30, 2025

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


GLOSSARY OF DEFINED TERMS

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

TermDefinition
AFS
Available-For-Sale
AOCIAccumulated Other Comprehensive Income
ASU
Accounting Standards Update
ATM
Automated Teller Machine
BoardBoard of Directors of BOK Financial Corporation
BOK FinancialBOK Financial Corporation
BOKFBOK Financial Corporation
CODM
Chief Operating Decision Maker
CompanyBOK Financial Corporation
EFTElectronic Funds Transfer
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FTE
Full Time Equivalent
GAAP
Generally Accepted Accounting Principles in the United States of America
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
MSR
Mortgage Servicing Rights
Nasdaq
National Association of Securities Dealers Automated Quotations
PPNR
Pre-Provision Net Revenue
RMHFS
Residential Mortgages Held for Sale
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SVaRStressed Value at Risk
VAU.S. Department of Veterans Affairs
VaRValue at Risk
WTIWest Texas Intermediate

- 1 -

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

BOK Financial reported net income of $140.9 million, or $2.22 per diluted share, for the third quarter of 2025 compared to $140.0 million, or $2.19 per diluted share, for the second quarter of 2025. PPNR1, a non-GAAP measure, was $178.6 million for the third quarter of 2025, compared to $180.7 million in the second quarter of 2025.

Highlights of the third quarter of 2025 compared to the second quarter of 2025 included:

•Net interest income totaled $337.6 million, an increase of $9.5 million over the prior quarter. Net interest margin expanded 11 basis points to 2.91% for the third quarter of 2025, compared to 2.80% for the prior quarter. For the third quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.16% compared to 3.12% in the prior quarter.
•Fees and commissions revenue totaled $204.4 million, an increase of $7.1 million over the prior quarter led by growth in investment banking revenue driven by increased municipal underwriting activity.
•Other operating expense totaled $369.8 million, an increase of $15.3 million over the prior quarter. Personnel expense was up $11.6 million due to higher incentive compensation and regular compensation. Non-personnel expense increased $3.6 million led by greater mortgage banking costs.
•Period end outstanding loan balances totaled $24.9 billion at September 30, 2025, growing by $573 million over June 30, 2025, with broad-based growth across the loan portfolio. Average loan balances increased $650 million to $24.8 billion.
•The provision for expected credit losses of $2.0 million in the third quarter of 2025 reflects the impact of loan growth during the quarter, partially offset by a slight improvement in economic forecast scenario assumptions. Net charge-offs in the third quarter were $3.6 million, or 0.06% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $328 million, or 1.32% of outstanding loans, at September 30, 2025. The combined allowance for credit losses was $330 million, or 1.36% of outstanding loans, at June 30, 2025.
•Nonperforming assets not guaranteed by U.S. government agencies were $67 million, a $7.3 million decrease compared to June 30, 2025. Accruing substandard loans increased by $68 million while other loans especially mentioned decreased by $32 million compared to June 30, 2025.
•Period end deposits grew by $254 million to $38.5 billion at September 30, 2025. Average deposits increased $345 million, including a $408 million increase in average interest-bearing deposits and a $64 million reduction in demand deposit balances. The loan to deposit ratio was 65% at September 30, 2025, compared to 64% at June 30, 2025.
•Assets under management or administration totaled $122.7 billion at September 30, 2025, increasing $4.8 billion compared to June 30, 2025, primarily driven by improvements in the equity markets and growth in customer relationships during the third quarter.
•The Company's tangible common equity ratio1, a non-GAAP measure, was 10.06% at September 30, 2025, and 9.63% at June 30, 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 September 30, 2025, was 13.60%. Other regulatory capital ratios include the Tier 1 capital ratio at 13.61%, total capital ratio at 14.48%, and leverage ratio at 10.19%. At June 30, 2025, the common equity Tier 1 capital ratio was 13.59%, the Tier 1 capital ratio was 13.60%, the total capital ratio was 14.48%, and the leverage ratio was 9.88%.
•The Company repurchased 365,547 shares of common stock at an average price of $111.00 per share in the third quarter of 2025, and 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
1    See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following.
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•The Company paid a regular cash dividend of $36.1 million, or $0.57 per common share, during the third quarter of 2025. On October 28, 2025, the Board approved an increase in the quarterly cash dividend to $0.63 per common share payable on or about November 26, 2025, to shareholders of record as of November 12, 2025.
Highlights of the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, included:
•Net income for the nine months ended September 30, 2025 totaled $400.7 million, or $6.27 per diluted share, compared to $387.4 million, or $6.01 per diluted share, for the nine months ended September 30, 2024.
•Net interest income totaled $982.1 million for the nine months ended September 30, 2025, and $897.7 million for the nine months ended September 30, 2024. Net interest income increased $61.5 million from changes in interest rates and increased $23.9 million from changes in earning assets. Net interest margin was 2.83% compared to 2.62% reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. The AFS securities portfolio yield increased 23 basis points, while loan yields decreased 71 basis points. Funding costs decreased 74 basis points. Average earning assets increased $749 million to $46.3 billion, driven largely by higher average balances for trading securities, loans, and AFS securities. Total interest-bearing deposits increased $2.9 billion, partially offset by a decrease of $428 million in demand deposit balances. Other borrowed funds decreased $2.1 billion.
•Fees and commissions revenue totaled $585.9 million for the nine months ended September 30, 2025, a $17.2 million decrease compared to the nine months ended September 30, 2024. Brokerage and trading revenue decreased $50.2 million, largely due to a shift in fee revenue to interest income combined with lower trading volumes and compressed trading margins. Fiduciary and asset management revenue increased $18.5 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 $4.8 million due to growth in commercial service charges.
•Other gains (losses), net, were a net gain of $15.7 million for the nine months ended September 30, 2025, compared to a net gain of $74.7 million for the nine months ended September 30, 2024. The nine months ended September 30, 2024 included a $56.9 million pre-tax gain on the conversion of our Visa B shares. The nine months ended September 30, 2024 also included a net loss of $45.8 million on the repositioning of the AFS securities portfolio.
•Total operating expense was $1.1 billion for the nine months ended September 30, 2025, an increase of $53.7 million over the nine months ended September 30, 2024. Personnel expense increased $54.7 million. Regular compensation increased $25.7 million, largely related to annual merit increases, salary adjustments, and business expansion. Incentive compensation expense was up $14.9 million, primarily due to cash-based incentive compensation costs. Employee benefits expense increased $14.0 million related to higher employee healthcare costs combined with smaller increases in payroll taxes and employee retirement plan costs. Non-personnel expense was relatively unchanged compared to the nine months ended September 30, 2024 at $416.6 million. The nine months ended September 30, 2024 included charitable contributions to the BOKF Foundation of $13.6 million and FDIC insurance special assessment costs of $6.2 million. These decreases in expense were offset by increases in data processing expense, net occupancy and equipment expense, professional fees and services expense, and business promotion costs.
•A $2.0 million provision for expected credit losses was necessary for the nine months ended September 30, 2025. An $18.0 million provision for expected credit losses was recorded for the nine months ended September 30, 2024.
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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 $340.2 million for the third quarter of 2025, up from $330.7 million in the prior quarter. Net interest income increased $7.6 million from changes in interest rates and increased $1.9 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 decreased $555 million compared to the second quarter of 2025. The average balance of trading securities decreased $1.3 billion, average investment securities decreased $57 million, and average restricted equity securities decreased $53 million. Average loan balances increased $650 million, primarily due to growth in commercial real estate loans and loans to individuals. Average AFS securities grew by $168 million.

Total average deposits increased $345 million over the second quarter of 2025, including a $408 million increase in interest-bearing deposits, partially offset by a $64 million decrease in demand deposits. Average funds purchased and repurchase agreements increased $92 million, while average other borrowings decreased $972 million. Average subordinated debentures decreased $100 million, reflecting the full quarter impact of redemptions completed in the second quarter.

Net interest margin was 2.91% compared to 2.80% in the second quarter of 2025. For the third quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.16% compared to 3.12% in the prior quarter. The tax-equivalent yield on earning assets was 5.53%, an increase of 6 basis points. The yield on the AFS securities portfolio increased 4 basis points to 3.93%. The yield on trading securities was up 20 basis points to 5.25%. The yield on restricted equity securities expanded 11 basis points to 7.84%. Loan yields decreased 1 basis point to 6.70%.

Funding costs were 3.33%, a 7 basis point decrease compared to the prior quarter. The cost of interest-bearing deposits decreased 3 basis points to 3.14%. The cost of funds purchased and repurchase agreements decreased 21 basis points to 3.29% while the cost of other borrowings increased 5 basis points to 4.54%. The cost of subordinated debentures was down 638 basis points as all outstanding subordinated debentures were called during the second quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 71 basis points, a decrease of 2 basis points.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 84% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate 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, which means 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 in "Non-GAAP Measures" section following.
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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
Sep. 30, 2025 / June 30, 2025
Nine Months Ended
Sep. 30, 2025 / 2024
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$(144)$(91)$(53)$(4,575)$(833)$(3,742)
Trading securities(13,718)(16,896)3,178 13,475 16,199 (2,724)
Investment securities
(202)(203)1 (2,519)(2,478)(41)
Available-for-sale securities
2,092 774 1,318 29,321 7,225 22,096 
Fair value option securities122 233 (111)2,360 1,729 631 
Restricted equity securities
(940)(1,000)60 (5,785)(4,792)(993)
Residential mortgage loans held for sale
59 70 (11)(40)87 (127)
Loans14,748 13,172 1,576 (123,126)6,794 (129,920)
Total tax-equivalent interest revenue2,017 (3,941)5,958 (90,889)23,931 (114,820)
Interest expense:
Transaction deposits2,184 2,937 (753)(31,533)73,224 (104,757)
Savings deposits42 20 22 (112)88 (200)
Time deposits1,164 1,869 (705)(15,012)2,246 (17,258)
Funds purchased and repurchase agreements430 827 (397)(21,042)(13,997)(7,045)
Other borrowings(9,686)(10,721)1,035 (105,238)(58,765)(46,473)
Subordinated debentures(1,588)(794)(794)(3,303)(2,763)(540)
Total interest expense(7,454)(5,862)(1,592)(176,240)33 (176,273)
Tax-equivalent net interest income
9,471 1,921 7,550 85,351 23,898 61,453 
Change in tax-equivalent adjustment(9)1,000 
Net interest income
$9,480 $84,351 
1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.


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Other Operating Revenue

Other operating revenue was $210.7 million for the third quarter of 2025, an increase of $3.6 million over the second quarter of 2025, led by growth in investment banking revenue driven by increased municipal underwriting activity.

Table 2 – Other Operating Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Brokerage and trading revenue
$43,239 $38,125 $5,114 13 %$112,432 $162,587 $(50,155)(31)%
Transaction card revenue29,463 29,561 (98)— %86,116 81,234 4,882 6 %
Fiduciary and asset management revenue
63,878 63,964 (86)— %188,814 170,265 18,549 11 %
Deposit service charges and fees
31,896 31,319 577 2 %93,490 88,707 4,783 5 %
Mortgage banking revenue19,764 18,993 771 4 %58,572 55,967 2,605 5 %
Other revenue16,190 15,368 822 5 %46,452 44,325 2,127 5 %
Total fees and commissions revenue
204,430 197,330 7,100 4 %585,876 603,085 (17,209)(3)%
Other gains, net8,264 8,140 124 N/A15,679 74,731 (59,052)N/A
Gain (loss) on derivatives, net(453)5,535 (5,988)N/A14,647 (733)15,380 N/A
Gain on fair value option securities, net630 1,112 (482)N/A2,067 365 1,702 N/A
Change in fair value of mortgage servicing rights
(2,375)(5,019)2,644 N/A(14,634)(2,023)(12,611)N/A
Gain (loss) on available-for-sale securities, net
213 — 213 N/A213 (45,828)46,041 N/A
Total other operating revenue
$210,709 $207,098 $3,611 2 %$603,848 $629,597 $(25,749)(4)%
Percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

Diversified sources of fees and commissions revenue are a significant part of our business strategy and represented 38% of combined net interest income before provision for credit losses and fees and commissions revenue for the third quarter of 2025. We believe that a variety of fee revenue sources provides diversification to changes resulting from market or economic conditions such as interest rates, values in the equity markets, commodity prices, and consumer spending, all of which can be volatile. Many of the economic factors, such as decreasing interest rates, that we expect will result in a decline in net interest income or fiduciary and asset management revenue may also increase mortgage banking production volumes and related trading. The velocity of changes in market conditions and interest rates may result in timing differences between when offsetting impacts and benefits are realized. Generally, for operating revenues not as directly related to movement in interest rates, we expect growth to come through offering new products and services and by further development of our presence in other markets. However, current and future economic conditions, regulatory constraints, increased competition, and saturation in our existing markets could affect the rate of future increases.




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Brokerage and Trading Revenue

Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage, and investment banking, increased $5.1 million over the second quarter of 2025.

Trading revenue includes net realized and unrealized gains and losses primarily related to residential mortgage-backed securities guaranteed by U.S. government agencies and related derivative instruments that enable our mortgage banking customers to manage their production risk. Trading revenue also includes net realized and unrealized gains and losses on municipal securities and other financial instruments that we sell to institutional customers, along with changes in the fair value of financial instruments we hold as economic hedges against market risk of our trading securities. Trading revenue was $15.5 million, up $1.1 million over the prior quarter, largely driven by higher municipal bond trading, partially offset by a decrease in U.S. agency residential mortgage-backed securities trading volumes. Interest rate levels and curve steepness can result in a shift between trading revenue and net interest income from trading securities. See further discussion on a total revenue basis in the Wealth Management discussion in Management's Discussion and Analysis - Segment Reporting following.

Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs. As more fully discussed under Customer Risk Management Programs in Note 3 of the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Customer hedging revenue totaled $5.7 million for the third quarter of 2025, a decrease of $1.8 million compared to the prior quarter, primarily related to lower energy derivative volumes. 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 $16.1 million, an increase of $5.0 million over the prior quarter, largely driven by increased municipal underwriting activity.
Transaction Card Revenue

Transaction card revenue includes revenues from processing transactions on behalf of members of our TransFund electronic fund transfer network, merchant services fees paid by customers for account management and electronic processing of card transactions, and interchange fees from our corporate card program. Transaction card revenue totaled $29.5 million for the third quarter of 2025, unchanged from the prior quarter.
Fiduciary and Asset Management Revenue

Fiduciary and asset management revenue is earned through managing or holding of assets for customers and executing transactions or providing related services. Fiduciary and asset management revenue is largely based on the fair value of assets. Rates applied to asset values vary based on the nature of the relationship. Fiduciary relationships and managed asset relationships generally have higher fee rates than non-fiduciary and/or non-managed relationships. Fiduciary and asset management revenue was $63.9 million for the third quarter of 2025, consistent with the second quarter of 2025. The current quarter benefited from increased trust fees driven by higher market valuations and continued growth in client relationships, while the prior quarter was impacted by seasonal tax preparation fees.



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

Table 3 – Assets Under Management or Administration
(Dollars in thousands)
Three Months Ended
September 30, 2025June 30, 2025
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$13,493,702 $29,531 0.88 %$12,870,191 $29,969 0.93 %
Institutional26,056,686 13,479 0.21 %25,129,138 12,706 0.20 %
Total managed fiduciary assets
39,550,388 43,010 0.43 %37,999,329 42,675 0.45 %
Non-managed assets:
Fiduciary34,311,908 18,548 0.22 %33,057,806 18,596 0.23 %
Non-fiduciary21,669,661 2,320 0.04 %20,758,866 2,693 0.05 %
Safekeeping and brokerage assets under administration
27,141,574 — — %26,054,969 — — %
Total non-managed assets
83,123,143 20,868 0.10 %79,871,641 21,289 0.11 %
Total assets under management or administration
$122,673,531 $63,878 0.21 %$117,870,970 $63,964 0.22 %
Nine Months Ended
September 30, 2025September 30, 2024
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$13,493,702 $87,512 0.86 %$12,144,271 $86,384 0.95 %
Institutional26,056,686 38,971 0.20 %22,000,111 27,689 0.17 %
Total managed fiduciary assets
39,550,388 126,483 0.43 %34,144,382 114,073 0.45 %
Non-managed assets:
Fiduciary34,311,908 54,796 0.21 %29,559,236 49,307 0.22 %
Non-fiduciary21,669,661 7,535 0.05 %21,087,866 6,885 0.04 %
Safekeeping and brokerage assets under administration
27,141,574 — — %25,911,128 — — %
Total non-managed assets
83,123,143 62,331 0.10 %76,558,230 56,192 0.10 %
Total assets under management or administration
$122,673,531 $188,814 0.21 %$110,702,612 $170,265 0.21 %
1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $23 billion, $22 billion, and $21 billion of such assets are excluded from assets under management or administration at September 30, 2025, June 30, 2025, and September 30, 2024, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end asset balance.

A summary of changes in assets under management or administration for the three and nine months ended September 30, 2025, and 2024 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Beginning balance$117,870,970 $107,477,030 $114,615,237 $104,736,999 
Net inflows (outflows)1,885,182 984,099 3,312,040 (447,158)
Net change in fair value2,917,379 2,241,483 4,746,254 6,412,771 
Ending balance$122,673,531 $110,702,612 $122,673,531 $110,702,612 



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Assets under management as of September 30, 2025, consist of 42% fixed income, 36% equities, 14% cash, and 8% alternative investments.

Deposit Service Charges

Deposit service charges and fees totaled $31.9 million for the third quarter of 2025, an increase of $577 thousand over the second quarter of 2025, primarily due to a combination of growth in overdraft fees and commercial service charges.

Mortgage Banking Revenue
Mortgage banking revenue increased $771 thousand over the second quarter of 2025. Mortgage production volume increased $9.9 million to $233 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, was 1.02% for the third quarter of 2025, compared to 0.76% for the second quarter of 2025.

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Mortgage production revenue$2,370 $1,707 $663 39 %$6,706 $7,457 $(751)(10)%
Mortgage loans funded for sale$229,812 $219,154 $608,782 $603,963 
Add: Current period end outstanding commitments67,842 64,508 67,842 70,102 
Less: Prior period end outstanding commitments64,508 60,429 36,590 34,783 
Total mortgage production volume$233,146 $223,233 $9,913 4 %$640,034 $639,282 $752 — %
Mortgage loan refinances to mortgage loans funded for sale13 %16 %(300) bps14 %9 %500  bps
Realized margin on funded mortgage loans0.96 %0.66 %30  bps0.84 %1.07 %(23) bps
Production revenue as a percentage of production volume1.02 %0.76 %26  bps1.05 %1.17 %(12) bps
Primary mortgage interest rates1:
Average6.57 %6.79 %(22) bps6.73 %6.74 %(1) bp
Period end6.30 %6.77 %(47)  bps6.30 %6.08 %22  bps
Mortgage servicing revenue$17,394 $17,286 $108 1 %$51,866 $48,510 $3,356 7 %
Average outstanding principal balance of mortgage loans serviced for others$22,269,300 $22,687,658 $(418,358)(2)%$22,682,094 $21,863,071 $819,023 4 %
Average mortgage servicing revenue rates0.31 %0.31 %—  bp0.31 %0.30 %1  bp
1    Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.



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

Other gains (losses), net, were a net gain of $8.3 million for the third quarter of 2025, compared to a net gain of $8.1 million in the prior quarter. Net gains on merchant banking investments were $2.7 million and net gains on investments related to deferred compensation were $4.5 million for the third quarter of 2025. The prior quarter included a net gain on merchant banking investments of $5.2 million and net gains of $3.4 million on investments related to deferred compensation. During the second quarter of 2025, a loss of $956 thousand was realized on the redemption of our subordinated debentures.

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

Table 6 – Gain (Loss) on Mortgage Servicing Rights
(In thousands)
 Three Months EndedNine Months Ended
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Gain (loss) on derivatives, net$(508)$5,230 $13,905 $(1,484)
Gain on fair value option securities, net630 1,112 2,067 365 
Gain (loss) on economic hedge of mortgage servicing rights, net122 6,342 15,972 (1,119)
Change in fair value of mortgage servicing rights(2,375)(5,019)(14,634)(2,023)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue(2,253)1,323 1,338 (3,142)
Net interest income (expense) related to fair value option securities1
169 229 327 (397)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$(2,084)$1,552 $1,665 $(3,539)
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.



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Other Operating Expense

Other operating expense for the third quarter of 2025 totaled $369.8 million, an increase of $15.3 million over the second quarter of 2025. Our efficiency ratio1 was 66.66% for the third quarter of 2025, compared to 65.42% in the prior quarter.
Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Nine Months EndedIncrease (Decrease)%
Increase (Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Regular compensation$124,664 $121,521 $3,143 3 %$366,508 $340,759 $25,749 8 %
Incentive compensation:
Cash-based56,096 50,745 5,351 11 %159,020 143,499 15,521 11 %
Share-based6,126 6,080 46 1 %18,472 16,820 1,652 10 %
Deferred compensation5,826 3,281 2,545 N/A8,361 10,601 (2,240)N/A
Total incentive compensation68,048 60,106 7,942 13 %185,853 170,920 14,933 9 %
Employee benefits33,635 33,084 551 2 %102,882 88,885 13,997 16 %
Total personnel expense226,347 214,711 11,636 5 %655,243 600,564 54,679 9 %
Business promotion9,960 9,139 821 9 %27,917 23,909 4,008 17 %
Charitable contributions to BOKF Foundation— — — N/A— 13,610 (13,610)(100)%
Professional fees and services15,137 15,402 (265)(2)%43,808 38,746 5,062 13 %
Net occupancy and equipment33,040 32,657 383 1 %98,689 92,615 6,074 7 %
FDIC and other insurance7,302 6,439 863 13 %20,328 24,243 (3,915)(16)%
FDIC special assessment(1,209)(523)(686)N/A(1,209)6,207 (7,416)N/A
Data processing and communications50,062 49,597 465 1 %147,237 139,249 7,988 6 %
Printing, postage, and supplies4,036 4,067 (31)(1)%11,742 11,380 362 3 %
Amortization of intangible assets2,656 2,656 — — %7,964 8,757 (793)(9)%
Mortgage banking costs10,668 6,711 3,957 59 %25,068 23,946 1,122 5 %
Other expense11,771 13,647 (1,876)(14)%35,015 34,873 142 — %
Total other operating expense$369,770 $354,503 $15,267 4 %$1,071,802 $1,018,099 $53,703 5 %
Average number of employees (FTE)
5,061 5,043 18 — %5,045 4,972 73 1 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense
Personnel expense was $226.3 million, an increase of $11.6 million compared to the second quarter of 2025. Cash-based incentive compensation increased $5.4 million driven by stronger underwriting and loan origination activity. Regular compensation costs grew $3.1 million, largely reflecting transitional personnel expenses associated with aligning our talent base to future growth objectives. Deferred compensation, which is offset by changes in the fair value of deferred compensation investments included in Other gains (losses), net, was $5.8 million for the third quarter of 2025, an increase of $2.5 million.
Non-personnel Operating Expense
Non-personnel expense was $143.4 million, an increase of $3.6 million. Mortgage banking costs increased $4.0 million. Expenses in the prior quarter were below typical seasonal levels, primarily due to lower mortgage servicing related costs. Other expense decreased by $1.9 million due to lower operational losses.

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

The effective tax rate was 20.22% for the third quarter of 2025, 22.51% for the second quarter of 2025, and 19.22% for the third quarter of 2024. When compared to the second quarter of 2025, the effective tax rate decreased primarily due to the release of reserves for uncertain tax positions as the statute of limitations had expired. The effective tax rate for the nine months ended September 30, 2025 and September 30, 2024 was 21.75% and 21.13%, respectively.
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 provides fiduciary services, private banking services, insurance, and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.

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

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

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

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

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

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As shown in Table 8, net income before taxes attributable to our segments was $190.9 million in the third quarter of 2025 compared to $206.9 million in the second quarter of 2025. Net interest income increased $2.5 million due to higher balances in commercial real estate and loans to individuals, partially offset by lower spreads earned on deposits. Other operating revenue increased $2.8 million, primarily driven by growth in investment banking revenue, reflecting the timing and volume of municipal underwriting transactions. Other operating expense increased $19.8 million to $248.3 million. Personnel expense increased $8.7 million from cash-based incentive compensation reflecting strong underwriting and loan origination activity, as well as transitional personnel expenses associated with aligning our talent base to future growth objectives. Corporate expense allocations decreased $1.5 million.

Table 8 – Net Income Before Taxes by Segment
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Nine Months EndedIncrease (Decrease)% Increase (Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Commercial Banking
$139,817 $141,364 $(1,547)(1)%$420,181 $491,090 $(70,909)(14)%
Consumer Banking14,490 24,746 (10,256)(41)%61,358 88,644 (27,286)(31)%
Wealth Management36,606 40,749 (4,143)(10)%110,081 107,865 2,216 2 %
Segment total190,913 206,859 (15,946)(8)%591,620 687,599 (95,979)(14)%
Funds Management and other(14,328)(26,098)11,770 N/A(79,511)(196,389)116,878 N/A
BOK Financial Corporation$176,585 $180,761 $(4,176)(2)%$512,109 $491,210 $20,899 4 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.


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Commercial Banking

Commercial Banking contributed $139.8 million to consolidated net income before taxes in the third quarter of 2025, a decrease of $1.5 million, or 1%, over the second quarter of 2025.

Table 9 – Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Nine Months EndedIncrease (Decrease)%
Increase
(Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Net interest income from external sources
$239,835 $235,765 $4,070 2 %$707,023 $834,275 $(127,252)(15)%
Net interest expense from internal sources
(60,638)(59,939)(699)(1)%(173,742)(218,914)45,172 21 %
Net interest income
179,197 175,826 3,371 2 %533,281 615,361 (82,080)(13)%
Net loans charged off2,609 29 2,580 8,897 %2,786 8,965 (6,179)(69)%
Net interest income after net loans charged off176,588 175,797 791 — %530,495 606,396 (75,901)(13)%
Other operating revenue61,745 64,432 (2,687)(4)%181,698 164,359 17,339 11 %
Personnel expense
51,638 49,774 1,864 4 %150,621 141,401 9,220 7 %
Non-personnel expense29,601 29,931 (330)(1)%87,899 85,745 2,154 3 %
Total other operating expense81,239 79,705 1,534 2 %238,520 227,146 11,374 5 %
Corporate allocations17,277 19,160 (1,883)(10)%53,492 52,519 973 2 %
Net income before taxes$139,817 $141,364 $(1,547)(1)%$420,181 $491,090 $(70,909)(14)%
Average assets
$21,722,491 $21,318,236 $404,255 2 %$21,481,669 $21,831,765 $(350,096)(2)%
Average loans
20,280,147 19,894,391 385,756 2 %20,047,722 20,270,762 (223,040)(1)%
Average deposits
18,161,258 17,424,707 736,551 4 %17,786,453 16,353,011 1,433,442 9 %
Average invested capital
2,172,371 2,148,937 23,434 1 %2,159,951 2,160,584 (633)— %
Net interest income increased by $3.4 million, or 2%, primarily attributable to loan growth during the quarter. Net loans charged off increased by $2.6 million during the quarter. Other operating revenue decreased $2.7 million compared to the prior quarter, primarily due to a decrease in loan syndication fees and lower gains on merchant banking investments.

Other operating expense increased $1.5 million, or 2%, compared to the second quarter of 2025. Personnel expense increased $1.9 million, or 4%, primarily related to incentive compensation reflecting the growth in loan origination activity. Non-personnel expense was consistent with the prior quarter at $29.6 million. Corporate allocations decreased $1.9 million to $17.3 million.

Average outstanding loan balances attributed to Commercial Banking increased $386 million, or 2%, over the second quarter of 2025, to $20.3 billion. See the Loans section of Management's Discussion and Analysis of Financial Condition and Results of Operations following for additional discussion of changes in commercial and commercial real estate loans, which are primarily attributed to the Commercial Banking segment. 

Average deposits attributed to Commercial Banking grew by $737 million, or 4%, over the second quarter of 2025, to $18.2 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of changes.

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Consumer Banking

Consumer Banking provides retail banking services 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 of our Consumer Banking markets.

Consumer Banking contributed $14.5 million to consolidated net income before taxes for the third quarter of 2025, compared to $24.7 million in the second quarter of 2025.

Table 10 – Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Nine Months EndedIncrease (Decrease)%
Increase
(Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Net interest income from external sources$16,141 $13,463 $2,678 20 %$38,344 $19,291 $19,053 99 %
Net interest income from internal sources42,310 44,651 (2,341)(5)%135,473 175,271 (39,798)(23)%
Net interest income58,451 58,114 337 1 %173,817 194,562 (20,745)(11)%
Net loans charged off1,413 1,018 395 39 %3,948 4,834 (886)(18)%
Net interest income after net loans charged off57,038 57,096 (58)— %169,869 189,728 (19,859)(10)%
Other operating revenue35,820 38,165 (2,345)(6)%113,043 106,132 6,911 7 %
Personnel expense25,681 25,527 154 1 %77,045 73,868 3,177 4 %
Non-personnel expense38,361 29,949 8,412 28 %99,709 92,486 7,223 8 %
Total other operating expense64,042 55,476 8,566 15 %176,754 166,354 10,400 6 %
Corporate allocations14,326 15,039 (713)(5)%44,800 40,862 3,938 10 %
Net income before taxes$14,490 $24,746 $(10,256)(41)%$61,358 $88,644 $(27,286)(31)%
Average assets$8,372,125 $8,310,875 $61,250 1 %$8,295,564 $8,069,881 $225,683 3 %
Average loans2,432,968 2,304,939 128,029 6 %2,315,650 1,982,464 333,186 17 %
Average deposits8,330,481 8,266,824 63,657 1 %8,251,333 8,037,449 213,884 3 %
Average invested capital335,031 331,030 4,001 1 %328,617 307,639 20,978 7 %

Net interest income from Consumer Banking was relatively consistent with the second quarter of 2025. Other operating revenue decreased $2.3 million, or 6%. The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.1 million, compared to a net benefit of $1.6 million for the second quarter of 2025. This was partially offset by an $855 thousand increase in mortgage banking revenue.

Other operating expenses increased $8.6 million, or 15%. Mortgage banking costs increased $4.0 million as the prior quarter's expenses were below typical seasonal levels, primarily due to lower mortgage servicing related costs. Other expense increased $2.2 million related to operational losses, and business promotion expense increased $1.9 million due to increased advertising costs.

Average loans increased $128 million, or 6%, over the prior quarter, to $2.4 billion. Average deposits attributed to the Consumer Banking segment were largely unchanged from the previous quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.

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Wealth Management

Wealth Management contributed $36.6 million to consolidated net income before taxes in the third quarter of 2025, a decrease of $4.1 million, or 10%, compared to the second quarter of 2025.

Table 11 – Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Nine Months EndedIncrease (Decrease)%
Increase
(Decrease)
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Net interest income from external sources$16,256 $25,654 $(9,398)(37)%$55,852 $4,571 $51,281 1,122 %
Net interest income from internal sources27,370 19,190 8,180 43 %77,120 86,513 (9,393)(11)%
Net interest income43,626 44,844 (1,218)(3)%132,972 91,084 41,888 46 %
Net loans recovered(3)(7)(4)(57)%(18)(174)(156)(90)%
Net interest income after net loans recovered43,629 44,851 (1,222)(3)%132,990 91,258 41,732 46 %
Other operating revenue111,516 103,650 7,866 8 %311,502 344,369 (32,867)(10)%
Personnel expense73,032 66,309 6,723 10 %206,586 193,742 12,844 7 %
Non-personnel expense29,939 26,972 2,967 11 %83,932 89,299 (5,367)(6)%
Total other operating expense102,971 93,281 9,690 10 %290,518 283,041 7,477 3 %
Corporate allocations15,568 14,471 1,097 8 %43,893 44,721 (828)(2)%
Net income before taxes
$36,606 $40,749 $(4,143)(10)%$110,081 0$107,865 $2,216 2 %
Average assets$11,265,485 $11,571,187 $(305,702)(3)%$11,400,995 $10,770,995 $630,000 6 %
Average loans2,353,961 2,275,378 78,583 3 %2,272,922 2,183,132 89,790 4 %
Average deposits10,731,569 10,783,245 (51,676)— %10,739,218 9,543,465 1,195,753 13 %
Average invested capital337,335 334,564 2,771 1 %334,091 325,185 8,906 3 %

Combined net interest income and fee revenue increased $6.6 million, or 4%, over the second quarter of 2025. Investment banking revenue grew $6.2 million driven by the timing and volume of municipal underwriting transactions. Trading fees and commissions increased $1.1 million, largely driven by higher municipal bond trading, partially offset by lower U.S. agency residential mortgage-backed securities trading volumes. Fiduciary and asset management revenue was consistent with the prior quarter. The current quarter benefited from increased trust fees driven by higher market valuations and continued growth in client relationships, while the prior quarter was impacted by seasonal tax preparation fees. Personnel expense increased $6.7 million as a result of increased incentive compensation reflecting stronger underwriting activity. Non-personnel expense grew $3.0 million led by higher professional fees and services for ongoing projects.

Average outstanding loans attributed to the Wealth Management segment increased $79 million, or 3%, over the prior quarter, to $2.4 billion. Average Wealth Management deposits were consistent with the prior quarter. See Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital for further discussion of the changes.
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Financial Condition
Securities

We maintain a securities portfolio to enhance profitability, manage interest rate risk, provide liquidity, and comply with regulatory requirements. Securities are classified as trading, investment (held-to-maturity), or available-for-sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of September 30, 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. At September 30, 2025, the trading securities portfolio totaled $4.3 billion, compared to $5.6 billion at June 30, 2025. As discussed in the Market Risk section of this report, trading activities involve risk of loss from adverse price movement. We mitigate this risk within board-approved limits through the use of derivative contracts, short-sales, and other techniques.

At September 30, 2025, the carrying value of investment securities was $1.8 billion, including a $208 thousand allowance for expected credit losses, compared to $1.9 billion at June 30, 2025, with a $196 thousand allowance for expected credit losses. The fair value of investment securities was $1.7 billion at September 30, 2025, a $48 million decrease compared to the prior quarter. Investment securities consist primarily of residential mortgage-backed securities issued by U.S. government agencies, intermediate and long-term, fixed-rate Oklahoma and Texas municipal bonds, and taxable Texas school construction bonds.

AFS securities, which may be sold prior to maturity, are carried at fair value. Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income in shareholders' equity. The amortized cost of AFS securities totaled $13.7 billion at September 30, 2025, a $60 million increase compared to June 30, 2025. At September 30, 2025, the AFS securities portfolio consisted primarily of U.S. government agency residential mortgage-backed securities and U.S. government agency commercial mortgage-backed securities. Both residential and commercial mortgage-backed securities have credit risk from delinquency or default of the underlying loans. We mitigate this risk by primarily investing in securities issued by U.S. government agencies. Principal and interest payments on the underlying loans are fully guaranteed. Commercial mortgage-backed securities have prepayment penalties similar to commercial loans.

A primary risk of holding residential mortgage-backed securities comes from extension during periods of rising interest rates or contraction in the form of more rapid prepayments during periods of falling interest rates. We evaluate this risk through extensive modeling of risk both before making an investment and throughout the life of the security. Our best estimate of the duration of the combined residential mortgage-backed securities portfolio held in investment and AFS securities was 3.3 years as of September 30, 2025, compared to 3.5 years as of June 30, 2025. Management estimates the duration extends to 4.1 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.0 years assuming a 200 basis point decline in the current rate environment. The duration of the total investment portfolio is 3.0 years, extending to 3.4 years in an upward shock of 200 basis points and contracting to 2.1 years in a down 200 basis point shock scenario. Management also regularly monitors the impact of interest rate risk on the AFS securities portfolio on our tangible equity ratio under various shock scenarios.

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Loans

The aggregate loan portfolio before allowance for loan losses totaled $24.9 billion at September 30, 2025, an increase of $573 million over June 30, 2025, driven by broad-based growth across the loan portfolio.

Table 12 – Loans
(In thousands)
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Commercial: 
Healthcare$3,878,543 $3,808,936 $3,789,446 $3,967,533 $4,149,069 
Services3,710,643 3,658,807 3,704,834 3,643,203 3,573,670 
Energy2,681,512 2,734,713 2,860,330 3,254,724 3,126,635 
General business4,242,242 4,181,726 4,048,821 4,164,676 4,028,548 
Total commercial14,512,940 14,384,182 14,403,431 15,030,136 14,877,922 
Commercial real estate:
Multifamily2,500,323 2,473,365 2,336,312 2,237,064 2,109,445 
Industrial1,396,795 1,304,211 1,163,089 1,127,867 1,270,928 
Office811,601 690,086 704,688 755,838 815,966 
Retail593,835 592,043 497,579 485,926 521,874 
Residential construction and land development
122,033 105,701 105,190 109,120 105,048 
Other commercial real estate328,020 356,035 356,678 342,637 365,394 
Total commercial real estate5,752,607 5,521,441 5,163,536 5,058,452 5,188,655 
Loans to individuals: 
Residential mortgage2,676,366 2,610,681 2,471,345 2,436,958 2,370,293 
Residential mortgage guaranteed by U.S. government agencies
151,642 148,453 133,453 136,649 127,747 
Personal1,771,639 1,627,454 1,518,723 1,452,529 1,420,444 
Total loans to individuals4,599,647 4,386,588 4,123,521 4,026,136 3,918,484 
Total$24,865,194 $24,292,211 $23,690,488 $24,114,724 $23,985,061 
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. These loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer's industry, and the market. While 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 the loans is the ongoing cash flow from operations of the customer's business. In addition, revolving lines of credit are generally governed by a borrowing base. Inherent lending risks are centrally monitored on a continuous basis from underwriting throughout the life of the loan for compliance with commercial lending policies.

Commercial loans totaled $14.5 billion, or 58% of the loan portfolio, at September 30, 2025, a $129 million increase over June 30, 2025, primarily due to an increase in healthcare, general business, and services loans, partially offset by a decrease in energy loan balances.

Approximately 71% of loans in this portfolio segment are located within our geographic footprint based on collateral location. Loans for which the collateral location is less relevant, such as unsecured loans and reserve-based energy loans, are categorized by the borrower's primary operating location. The largest concentration of loans in this segment outside of our footprint is California, totaling 6% of the portfolio segment.
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Healthcare sector loans totaled $3.9 billion, or 16% of total loans, an increase of $70 million compared to June 30, 2025. Healthcare sector loans consist primarily of $3.1 billion of loans for the development and operation of senior housing and care facilities including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities which serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.7 billion, or 15% of total loans, a $52 million increase over the prior quarter. Services sector loans consist of a large number of loans to a variety of businesses including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, specialty trade contractors, and educational services. 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.

General business loans totaled $4.2 billion, or 17% of total loans, an increase of $61 million compared to the prior quarter. General business loans consist of $2.7 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

Loans to non-depository financial institutions included in services and general business loans totaled $506 million, or 2% of total loans at September 30, 2025. The majority of these loans are in the two highest credit quality subcategories, subscription lines and residential mortgage warehouse lines.

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

Outstanding energy loan balances totaled $2.7 billion, or 11% of total loans, at September 30, 2025, a $53 million decrease compared to June 30, 2025. Consolidation in the energy industry led to elevated payoff activity in recent quarters, but this payoff activity is abating and balances are stabilizing.

Approximately $2.1 billion of energy loans were to oil and gas producers, a $35 million decrease compared to June 30, 2025. The majority of this portfolio is first lien, senior secured, reserve-based lending, which we believe is the lowest risk form of energy lending. Approximately 71% of 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 $378 million at September 30, 2025, a $6.1 million increase over June 30, 2025. Loans to borrowers that provide services to the energy industry totaled $205 million at September 30, 2025, a $26 million decrease compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $42 million, relatively unchanged compared to June 30, 2025.

Unfunded energy loan commitments were $4.4 billion at September 30, 2025, an $89 million decrease compared to June 30, 2025.

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 September 30, 2025, the outstanding principal balance of these loans totaled $5.5 billion, including $1.8 billion of general business loans and $1.8 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 20% of our shared national credits, based on dollars committed. 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. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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Commercial Real Estate

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

Outstanding commercial real estate loan balances totaled $5.8 billion, or 23% of total loans at September 30, 2025, an increase of $231 million over June 30, 2025. Loans secured by office facilities increased by $122 million to $812 million, loans secured by industrial facilities increased by $93 million to $1.4 billion, and loans secured by multifamily properties increased by $27 million to $2.5 billion. These increases were partially offset by a $28 million decrease in other real estate loans.

Approximately 66% of loans in this portfolio segment are in our geographic footprint based on collateral location. The largest concentration of loans in this portfolio segment outside our footprint is Utah, totaling 6% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $2.1 billion at September 30, 2025, an increase of $84 million over June 30, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.
Loans to Individuals

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 equipment, 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, 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 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 $4.6 billion, or 18% of the loan portfolio, an increase of $213 million over June 30, 2025. Approximately 90% of the loans in this portfolio segment are secured by collateral located within our geographical footprint. Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower's primary location.

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.

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Table 13 – Loans Managed by Primary Geographical Market
(In thousands)
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Texas:
Commercial$6,800,577 $6,893,246 $6,953,714 $7,411,416 $7,437,800 
Commercial real estate2,107,335 1,997,598 1,864,345 1,731,281 1,816,276 
Loans to individuals1,037,831 996,341 929,825 918,994 880,213 
Total Texas9,945,743 9,887,185 9,747,884 10,061,691 10,134,289 
Oklahoma:
Commercial3,692,319 3,455,696 3,380,680 3,585,592 3,440,385 
Commercial real estate574,126 512,075 521,992 513,101 557,025 
Loans to individuals2,927,185 2,725,320 2,548,549 2,440,874 2,367,725 
Total Oklahoma7,193,630 6,693,091 6,451,221 6,539,567 6,365,135 
Colorado:
Commercial2,132,770 2,185,658 2,246,388 2,188,324 2,175,540 
Commercial real estate589,307 791,171 706,154 759,168 835,478 
Loans to individuals208,323 217,088 210,531 213,768 216,938 
Total Colorado2,930,400 3,193,917 3,163,073 3,161,260 3,227,956 
Arizona:
Commercial1,228,593 1,166,745 1,115,085 1,082,829 1,064,380 
Commercial real estate1,348,838 1,165,927 1,084,967 1,098,174 1,115,928 
Loans to individuals222,963 226,727 218,093 215,531 218,340 
Total Arizona2,800,394 2,559,399 2,418,145 2,396,534 2,398,648 
Kansas/Missouri:
Commercial270,068 303,692 298,410 305,957 306,370 
Commercial real estate618,052 556,390 533,335 515,511 438,424 
Loans to individuals142,408 155,154 147,651 164,638 158,524 
Total Kansas/Missouri1,030,528 1,015,236 979,396 986,106 903,318 
New Mexico:
Commercial282,479 282,918 324,321 325,246 324,605 
Commercial real estate458,720 443,516 381,775 402,217 386,037 
Loans to individuals51,056 55,714 57,926 60,703 64,511 
Total New Mexico792,255 782,148 764,022 788,166 775,153 
Arkansas:
Commercial106,134 96,227 84,833 130,772 128,842 
Commercial real estate56,229 54,764 70,968 39,000 39,487 
Loans to individuals9,881 10,244 10,946 11,628 12,233 
Total Arkansas172,244 161,235 166,747 181,400 180,562 
Total BOK Financial loans$24,865,194 $24,292,211 $23,690,488 $24,114,724 $23,985,061 
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Off-Balance Sheet Commitments

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

We have off-balance sheet 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 14 – Off-Balance Sheet Credit Commitments
(In thousands)
 Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Loan commitments$15,266,953 $14,736,539 $14,546,324 $14,735,416 $14,555,282 
Standby letters of credit643,166 702,008 697,793 703,194 735,420 
Unpaid principal balance of residential mortgage loans sold with recourse30,372 31,560 32,544 33,864 35,140 
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by VA
869,589 890,377 902,670 913,977 933,989 
Customer Hedging 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 to minimize market risk due to 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 hedging 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 the counterparty's ability to provide margin collateral becomes impaired. Credit losses on customer derivatives reduce brokerage and trading revenue in the Consolidated Statements of Earnings.
- 22 -

Derivative contracts are carried at fair value. At September 30, 2025, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $317 million compared to $326 million at June 30, 2025. At September 30, 2025, the net fair value of our derivative contracts included $218 million for energy contracts, $61 million for foreign exchange contracts, and $37 million for interest rate swaps. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $294 million at September 30, 2025, and $297 million at June 30, 2025.

At September 30, 2025, total derivative assets were reduced by $40 million of cash collateral received from counterparties and total derivative liabilities were reduced by $4.3 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement. Derivative contracts executed with customers may be secured by non-cash collateral in conjunction with a credit agreement with that customer, such as proven producing oil and gas properties. Access to this collateral in an event of default is reasonably assured.

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

The fair value of derivative contracts reported as assets under these programs, net of cash margin held by the Company, by category of debtor at September 30, 2025, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Exchanges and clearing organizations$182,648 
Customers47,227 
Banks and other financial institutions46,725 
Fair value of customer risk management program asset derivative contracts, net$276,600 
 
At September 30, 2025, our largest derivative exposure was to an exchange for $135 million of net energy derivative positions and $69 million of cash margin placed with the exchange.

Our customer hedging 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 risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $49.90 per barrel of oil would increase the fair value of derivative assets by $7.1 million. An increase in prices to an equivalent of $74.84 per barrel of oil would increase the fair value of derivative assets by $455 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At September 30, 2025, 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 September 30, 2025, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.
- 23 -

Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Allowance for loan losses:  
Beginning balance$277,049 $278,594 $280,035 $284,456 $287,826 
Loans charged off(4,348)(1,313)(2,291)(1,339)(2,496)
Recoveries of loans previously charged off721 752 1,186 811 2,550 
Net loans charged off
(3,627)(561)(1,105)(528)54 
Provision for credit losses
4,270 (984)(336)(3,893)(3,424)
Ending balance$277,692 $277,049 $278,594 $280,035 $284,456 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$52,992 $52,088 $51,640 $47,766 $42,336 
Provision for credit losses
(2,208)904 448 3,874 5,430 
Ending balance$50,784 $52,992 $52,088 $51,640 $47,766 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$3,111 $3,060 $3,148 $3,087 $3,069 
Net loans charged off
(7)(26)(6)31 (29)
Provision for credit losses
(74)77 (82)30 47 
Ending balance
$3,030 $3,111 $3,060 $3,148 $3,087 
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance
$196 $193 $223 $234 $287 
Provision for credit losses
12 3 (30)(11)(53)
Ending balance$208 $196 $193 $223 $234 
Total provision for credit losses
$2,000 $— $— $— $2,000 
Average loans by portfolio segment:
Commercial$14,490,145 $14,315,695 $14,633,090 $14,973,929 $15,076,308 
Commercial real estate5,743,572 5,495,152 5,245,867 5,039,535 5,257,842 
Loans to individuals4,592,422 4,365,702 4,189,270 4,011,080 3,970,734 
Net charge-offs (annualized) to average loans0.06 %0.01 %0.02 %0.01 %— %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.08 %— %0.02 %— %(0.02)%
Commercial real estate(0.01)%0.01 %(0.01)%— %(0.02)%
Loans to individuals0.05 %0.05 %0.05 %0.04 %0.09 %
Recoveries to gross charge-offs
16.58 %57.27 %51.77 %60.57 %102.16 %
Provision for loan losses (annualized) to average loans
0.07 %(0.02)%(0.01)%(0.06)%(0.06)%
Allowance for loan losses to loans outstanding at period end
1.12 %1.14 %1.18 %1.16 %1.19 %
Accrual for unfunded loan commitments to loan commitments
0.33 %0.36 %0.36 %0.35 %0.33 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
1.32 %1.36 %1.40 %1.38 %1.39 %
- 24 -

Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments
Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside, and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates, and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.
Non-pass grade loans, including loans especially mentioned, accruing substandard, and nonaccruing loans, increased $30 million over June 30, 2025. Non-pass grade general business loans increased $50 million and non-pass grade loans to individuals increased $14 million. Non-pass grade healthcare loans decreased $23 million and non-pass grade commercial real estate loans decreased $7.3 million. Nonaccruing loans decreased $6.9 million during the quarter and loans especially mentioned decreased $32 million, while accruing substandard loans increased $68 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
The provision for expected credit losses of $2.0 million in the third quarter of 2025 reflects the impact of loan growth during the quarter, partially offset by a slight improvement in economic forecast scenario assumptions. The allowance for loan losses totaled $278 million, or 1.12% of outstanding loans, at September 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 427% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $328 million, or 1.32% of outstanding loans and 505% of nonaccruing loans, at September 30, 2025.
The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $198 million in quantitative reserve, while a 100% upside case would result in $13 million less quantitative reserve at September 30, 2025. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.
No provision for credit losses was necessary for the second quarter of 2025. The allowance for loan losses was $277 million, or 1.14% of outstanding loans, at June 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 383% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.36% of outstanding loans and 456% of nonaccruing loans.
- 25 -

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2025 follows:
BaseDownsideUpside
Scenario probability weighting50%35%15%
Economic outlook
There are three rate cuts over the next four quarters, bringing the federal funds target range to 3.25% to 3.50% by the end of the third quarter of 2026.

The full impact of tariffs causes inflation to remain elevated and is 2.9% by the third quarter of 2026.

The impact of tariffs and restrictive immigration policies result in higher-than-average inflation. This leads to a slight decrease in real consumer spending and generates GDP growth that is slightly below trend. However, businesses avoid broad layoffs due to the elevated expense of hiring which stabilizes the national unemployment rate.
The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are eight rate cuts over the next four quarters bringing the target range to 2.00% to 2.25% by the end of the third 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. This pushes the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate.
There are four rate cuts over the next four quarters, bringing the target range to 3.00% to 3.25% by the end of the third quarter of 2026.

Core inflation improves and reaches 2.5% by the third quarter of 2026.

The impact of tariffs and restrictive immigration policies is relatively minor beyond the third quarter of 2025. Labor force participation and private sector investment remain consistent with recent levels, and non-farm payroll reverts to the growth rate from 2024. This supports consumer spending and generates on-trend GDP growth.
Macro-economic factors
–GDP is forecasted to grow by 1.6% over the next 12 months.
–Civilian unemployment rate of 4.5% in the fourth quarter of 2025 decreases to 4.4% in the third quarter of 2026.
–WTI oil prices are projected to average $57.08 per barrel over the next 12 months, with a peak of $62.65 in the fourth quarter of 2025 and falling 19% 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 fourth quarter of 2025 increases to 6.6% in the third quarter of 2026.
–WTI oil prices are projected to average $43.50 over the next 12 months, with a peak of $48.32 in the fourth quarter of 2025 and falling 18% over the following three quarters.
–GDP is forecasted to grow by 2.0% over the next 12 months.
–Civilian unemployment rate of 4.2% in the fourth quarter of 2025 decreases to 4.1% by the third quarter of 2026.
–WTI oil prices are projected to average $62.20 per barrel over the next 12 months.


- 26 -

Net Loans Charged Off

Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter primarily due to a single commercial services loan. At September 30, 2025, net charge-offs for the trailing twelve months were $5.8 million, or 0.02% of average loans. Net charge-offs of loans to individuals include deposit account overdraft losses. Net charge-offs were $561 thousand, or 0.01% of average loans on an annualized basis, in the second quarter of 2025. At June 30, 2025, net charge-offs for the trailing twelve months were $2.1 million, or 0.01% of average loans.

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

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

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

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

The expected credit losses principles apply to all financial assets measured at cost, including our investment (held-to-maturity) debt securities portfolio. Our investment portfolio includes municipal and other tax-exempt securities and other debt securities. Expected credit losses for these assets are based on the probability of default and loss given default assumptions that align with similarly graded loans. Qualitative adjustments may be used, if necessary.
- 27 -

Nonperforming Assets

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

Table 17 – Nonperforming Assets
(Dollars in thousands)
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Nonaccruing loans:    
Commercial:  
Healthcare$24,507 $28,743 $29,253 $13,717 $15,927 
Services7,647 11,329 13,662 767 1,425 
Energy31 40 49 49 28,986 
General business85 45 103 114 5,334 
Total commercial32,270 40,157 43,067 14,647 51,672 
Commercial real estate6,809 6,925 13,125 9,905 12,364 
Loans to individuals:  
Residential mortgage21,255 20,654 20,502 15,261 13,688 
Residential mortgage guaranteed by U.S. government agencies
7,348 6,978 6,786 6,803 6,520 
Personal4,712 4,613 40 109 71 
Total loans to individuals33,315 32,245 27,328 22,173 20,279 
Total nonaccruing loans72,394 79,327 83,520 46,725 84,315 
Real estate and other repossessed assets1,751 1,729 1,769 2,254 2,625 
Total nonperforming assets$74,145 $81,056 $85,289 $48,979 $86,940 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$66,797 $74,078 $78,503 $42,176 $80,420 
Allowance for loan losses to nonaccruing loans1
426.92 %382.93 %363.06 %701.46 %365.65 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
504.99 %456.18 %430.95 %830.81 %427.05 %
Nonperforming assets to outstanding loans and repossessed assets
0.30 %0.33 %0.36 %0.20 %0.36 %
Nonperforming assets to outstanding loans and repossessed assets1
0.27 %0.31 %0.33 %0.18 %0.34 %
Nonaccruing loans to outstanding loans0.29 %0.33 %0.35 %0.19 %0.35 %
Nonaccruing commercial loans to outstanding commercial loans
0.22 %0.28 %0.30 %0.10 %0.35 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.12 %0.13 %0.25 %0.20 %0.24 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.58 %0.60 %0.51 %0.40 %0.36 %
1     Excludes residential mortgages guaranteed by U.S. government agencies.
Nonaccruing loans decreased $6.9 million compared to June 30, 2025. New nonaccruing loans identified in the third quarter totaled $6.2 million, offset by $5.9 million in payments received, $4.3 million in charge-offs, and $2.4 million in loans that returned to accrual status. Nonaccruing healthcare loans decreased $4.2 million and nonaccruing services loans decreased $3.7 million. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


- 28 -

A rollforward of nonperforming assets for the three and nine months ended September 30, 2025, follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
September 30, 2025
Nonaccruing LoansReal Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, June 30, 2025$40,157 $6,925 $32,245 $79,327 $1,729 $81,056 
Additions497 — 5,666 6,163 — 6,163 
Payments(2,976)(116)(2,760)(5,852)— (5,852)
Charge-offs(3,157)— (1,191)(4,348)— (4,348)
Net gains (losses) and write-downs— — — — 9 9 
Foreclosure of nonperforming loans
— — (128)(128)128 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (362)(362)— (362)
Proceeds from sales— — — — (115)(115)
Net transfers to nonaccruing loans— — — — — — 
Return to accrual status(2,251)— (155)(2,406)— (2,406)
Balance, September 30, 2025$32,270 $6,809 $33,315 $72,394 $1,751 $74,145 
Nine Months Ended
September 30, 2025
Nonaccruing LoansReal Estate and Other Repossessed AssetsTotal Nonperforming Assets
CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, Dec. 31, 2024$14,647 $9,905 $22,173 $46,725 $2,254 $48,979 
Additions31,370 3,273 18,501 53,144 — 53,144 
Payments(7,219)(6,243)(4,885)(18,347)— (18,347)
Charge-offs(4,277)(126)(3,549)(7,952)— (7,952)
Net gains (losses) and write-downs— — — — 796 796 
Foreclosure of nonperforming loans
— — (156)(156)156 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (801)(801)— (801)
Proceeds from sales— — — — (1,455)(1,455)
Net transfers to nonaccruing loans— — 2,446 2,446 — 2,446 
Return to accrual status(2,251)— (414)(2,665)— (2,665)
Balance, September 30, 2025$32,270 $6,809 $33,315 $72,394 $1,751 $74,145 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

Real estate and other repossessed assets totaled $1.8 million at September 30, 2025, largely unchanged compared to June 30, 2025. Real estate and other repossessed assets were composed primarily of $1.6 million of developed commercial real estate.
- 29 -

Liquidity and Capital

Our funding sources, which primarily include deposits and borrowings from the Federal Home Loan Banks and other banks, provide adequate liquidity to meet our operating needs. Based on the average balances for the third quarter of 2025, approximately 74% of our funding was provided by deposit accounts, 11% from borrowed funds, and 12% from equity. The loan to deposit ratio was 65% at September 30, 2025, compared to 64% at June 30, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Subsidiary Bank

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

Table 19 – Average Deposits by Segment
(In thousands)
Three Months Ended
 Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Commercial Banking$18,161,258 $17,424,707 $17,769,083 $17,941,793 $17,131,237 
Consumer Banking8,330,481 8,266,824 8,154,762 8,197,577 8,136,312 
Wealth Management10,731,569 10,783,245 10,702,521 9,983,232 9,837,888 
Subtotal37,223,308 36,474,776 36,626,366 36,122,602 35,105,437 
Funds Management and other1,257,938 1,661,940 1,732,712 1,696,512 1,654,860 
Total$38,481,246 $38,136,716 $38,359,078 $37,819,114 $36,760,297 

Average deposits for the third quarter of 2025 totaled $38.5 billion, reflecting a $345 million increase over the second quarter of 2025. Interest-bearing transaction accounts grew $217 million and time deposit balances increased $176 million, while demand deposit balances decreased $64 million compared to the prior quarter.

Average Commercial Banking deposits increased $737 million compared to the second quarter of 2025, attributable to a $644 million increase in interest-bearing transaction balances and a $140 million increase in demand deposit balances. These increases were partially offset by a $57 million decrease in certificate of deposit balances. Our Commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our Commercial deposit portfolio is our energy customers representing 9% of our total deposits.

Average Consumer Banking deposit balances increased $64 million over the prior quarter. Demand deposit balances increased $45 million and time deposit balances grew $17 million. Interest-bearing transaction accounts and interest-bearing savings accounts were consistent with the prior quarter.

Average Wealth Management deposits decreased $52 million compared to the second quarter of 2025. Interest-bearing transaction account balances decreased $302 million, partially offset by $221 million of growth in interest-bearing time deposits and a $23 million increase in demand deposit balances.

Average brokered deposits were 5% of total average deposits during the third quarter of 2025. Excluding the reciprocal component, brokered deposits represented 0.3% of total deposits. Reciprocal deposit balances in excess of the $5 billion general threshold defined by the FDIC are included as brokered deposits. Average interest-bearing transaction accounts for the third quarter included $1.8 billion of brokered deposits, a $98 million increase over the second quarter of 2025. Average time deposits for the third quarter of 2025 included $36 million of brokered deposits, a $4.8 million decrease compared to the second quarter of 2025. Period end brokered time deposits decreased $10 million to $34 million and brokered interest-bearing transaction accounts increased $52 million to $1.6 billion at September 30, 2025.


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

Table 20 – Period End Deposits by Principal Market Area
(In thousands)
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Oklahoma:  
Demand$3,520,203 $3,589,146 $3,629,708 $3,618,771 $3,491,996 
Interest-bearing:
Transaction13,352,070 13,537,068 13,891,707 13,352,732 12,474,626 
Savings520,995 521,734 525,424 497,443 490,957 
Time2,356,945 2,166,094 2,089,744 2,138,620 2,462,463 
Total interest-bearing16,230,010 16,224,896 16,506,875 15,988,795 15,428,046 
Total Oklahoma19,750,213 19,814,042 20,136,583 19,607,566 18,920,042 
Texas:
Demand2,194,177 2,082,652 2,187,903 2,216,393 2,228,690 
Interest-bearing:
Transaction6,427,135 6,203,081 5,925,285 6,205,605 6,191,794 
Savings147,560 155,027 155,777 154,112 152,392 
Time649,757 638,657 633,538 646,490 648,796 
Total interest-bearing7,224,452 6,996,765 6,714,600 7,006,207 6,992,982 
Total Texas9,418,629 9,079,417 8,902,503 9,222,600 9,221,672 
Colorado:
Demand929,383 1,040,223 1,082,304 1,159,076 1,195,637 
Interest-bearing:
Transaction2,204,899 1,989,284 1,988,258 2,089,475 1,935,685 
Savings53,768 55,326 58,318 59,244 56,275 
Time284,962 278,914 274,235 280,081 279,887 
Total interest-bearing2,543,629 2,323,524 2,320,811 2,428,800 2,271,847 
Total Colorado3,473,012 3,363,747 3,403,115 3,587,876 3,467,484 
New Mexico:
Demand591,330 609,205 631,950 659,234 628,594 
Interest-bearing:
Transaction1,376,694 1,416,741 1,283,998 1,305,044 1,275,502 
Savings94,180 94,930 96,969 90,580 90,867 
Time347,227 340,946 344,827 347,443 336,830 
Total interest-bearing1,818,101 1,852,617 1,725,794 1,743,067 1,703,199 
Total New Mexico2,409,431 2,461,822 2,357,744 2,402,301 2,331,793 
Arizona:
Demand368,432 385,442 451,085 418,587 435,553 
Interest-bearing:
Transaction1,406,300 1,467,509 1,312,979 1,277,494 1,237,811 
Savings13,571 10,536 11,125 12,336 11,228 
Time71,886 72,041 70,758 70,390 59,508 
Total interest-bearing1,491,757 1,550,086 1,394,862 1,360,220 1,308,547 
Total Arizona1,860,189 1,935,528 1,845,947 1,778,807 1,744,100 
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Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Kansas/Missouri:
Demand282,235 269,408 279,808 277,440 255,950 
Interest-bearing:
Transaction1,151,956 1,169,161 1,202,107 1,169,541 1,134,544 
Savings14,251 13,719 14,504 12,158 11,896 
Time37,563 35,768 36,307 37,210 35,316 
Total interest-bearing1,203,770 1,218,648 1,252,918 1,218,909 1,181,756 
Total Kansas/Missouri1,486,005 1,488,056 1,532,726 1,496,349 1,437,706 
Arkansas:
Demand21,416 22,685 25,738 22,396 23,824 
Interest-bearing:
Transaction64,174 61,079 57,696 55,215 62,249 
Savings2,411 2,485 2,602 2,944 3,092 
Time14,538 17,248 17,019 15,176 15,156 
Total interest-bearing81,123 80,812 77,317 73,335 80,497 
Total Arkansas102,539 103,497 103,055 95,731 104,321 
Total BOK Financial deposits$38,500,018 $38,246,109 $38,281,673 $38,191,230 $37,227,118 

Estimated uninsured deposits totaled $20.8 billion, or 54% of our total deposits, at September 30, 2025. 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 $15.3 billion, or 40% of total deposits, at September 30, 2025.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements, and Federal Home Loan Banks borrowings. Federal funds purchased consist primarily of unsecured, overnight funds acquired from other financial institutions. Funds are primarily purchased from bankers' banks and Federal Home Loan Banks from across the country. The largest single source of wholesale federal funds purchased totaled $270 million at September 30, 2025. Securities repurchase agreements generally mature within 90 days and are secured by certain AFS and trading securities. Federal Home Loan Banks borrowings are generally short-term and are secured by a blanket pledge of eligible collateral (generally unencumbered U.S. Treasury and agency mortgage-backed securities, 1-4 family residential mortgage loans, multifamily, and other qualifying commercial real estate loans). Amounts borrowed from the Federal Home Loan Bank of Topeka averaged $5.0 billion during the quarter, compared to $6.0 billion in the second quarter of 2025.

At September 30, 2025, management estimates a total potential secured borrowing capacity of approximately $27.0 billion. This includes current available secured capacity of $22.5 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.6 billion of other sources that could be converted into additional secured capacity.


- 32 -

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

Table 21 – Borrowed Funds
(Dollars in thousands)
  Three Months Ended
September 30, 2025		 Three Months Ended
June 30, 2025
Sep. 30, 2025Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		June 30, 2025Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased$794,721 $647,729 3.69 %$794,721 $515,808 $474,220 3.98 %$515,808 
Repurchase agreements176,229 226,071 2.15 %188,640 166,243 307,819 2.76 %234,634 
Other borrowings:
FHLB advances
3,200,000 5,009,783 4.54 %3,400,000 4,100,000 5,979,123 4.47 %4,100,000 
GNMA repurchase liability
27,829 26,571 3.88 %27,829 26,718 28,564 3.93 %28,641 
Other11,678 11,947 5.65 %14,280 13,412 12,261 8.90 %13,412 
Total other borrowings3,239,507 5,048,301 4.54 %4,140,130 6,019,948 4.49 %
Subordinated debentures1
— — — %— — 99,846 6.38 %99,736 
Total other borrowed funds
$4,210,457 $5,922,101 4.35 %$4,822,181 $6,901,833 4.41 %
1    Parent Company only.
BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.
Parent Company

At September 30, 2025, cash and interest-bearing cash and cash equivalents held by the parent company totaled $243 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the 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 September 30, 2025, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $508 million of dividends. Dividend constraints may be alleviated through increases in retained earnings, capital issuances, or changes in risk weighted assets. Future losses or increases in required regulatory capital at the bank could affect its ability to pay dividends to the parent company.

Our equity capital at September 30, 2025, was $6.0 billion, a $132 million increase compared to June 30, 2025. Net income less cash dividends paid increased equity $105 million during the third quarter of 2025. Changes in interest rates resulted in a $62 million improvement in the accumulated other comprehensive loss compared to June 30, 2025. Capital is managed to maximize long-term value to the shareholders. Factors considered in managing capital include projections of future earnings including expected benefits from lower federal income tax rates, asset growth and acquisition strategies, and regulatory requirements. Capital management may include subordinated debt or perpetual preferred stock issuance, share repurchase, and stock and cash dividends.

On July 29, 2025, the Board authorized the Company to purchase up to five million common shares of Company stock, subject to market conditions, securities law, and other regulatory compliance limitations. Under this authority, shares may be repurchased on the open market, including plans complying with rules 10b5-1 and 10b-18, as well as plans using accelerated share repurchases. As of September 30, 2025, the Company had repurchased 365,547 shares under this authorization. The Company repurchased 365,547 shares of common stock at an average price of $111.00 per share in the third quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. 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.

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

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

Table 22 – Capital and Performance Ratios
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferSep. 30, 2025June 30, 2025Sep. 30, 2024
Capital:
Common equity Tier 14.50 %2.50 %7.00 %13.60 %13.59 %12.73 %
Tier 1 capital6.00 %2.50 %8.50 %13.61 %13.60 %12.74 %
Total capital8.00 %2.50 %10.50 %14.48 %14.48 %13.91 %
Tier 1 leverage
4.00 %N/A4.00 %10.19 %9.88 %9.67 %
Three Months Ended
Sep. 30, 2025June 30, 2025Sep. 30, 2024
Average total equity to average assets11.54 %11.08 %10.65 %
Tangible common equity ratio1
10.06 %9.63 %9.22 %
Performance Ratios:
Return on average equity9.38 %9.70 %10.22 %
Return on average tangible common equity1
11.46 %11.94 %12.80 %
1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.
- 34 -

Explanation and Reconciliation of Non-GAAP Measures

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

Table 23 – Non-GAAP Measures
(Dollars in thousands)
Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Reconciliation of tangible common equity ratio:
Total shareholders' equity$6,022,535 $5,890,888 $5,771,813 $5,548,353 $5,612,443 
Less: Goodwill and intangible assets, net1,082,125 1,084,749 1,088,813 1,091,537 1,095,954 
Tangible common equity$4,940,410 $4,806,139 $4,683,000 $4,456,816 $4,516,489 
Total assets$50,193,387 $50,998,077 $50,472,189 $49,685,892 $50,081,985 
Less: Goodwill and intangible assets, net1,082,125 1,084,749 1,088,813 1,091,537 1,095,954 
Tangible assets$49,111,262 $49,913,328 $49,383,376 $48,594,355 $48,986,031 
Tangible common equity ratio10.06 %9.63 %9.48 %9.17 %9.22 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,960,711 $5,791,275 $5,658,082 $5,575,583 $5,446,998 
Less: Average goodwill and intangible assets, net1,083,390 1,086,991 1,090,116 1,094,466 1,097,317 
Average tangible common equity$4,877,321 $4,704,284 $4,567,966 $4,481,117 $4,349,681 
Net income attributable to BOK Financial Corporation shareholders
$140,894 $140,018 $119,777 $136,154 $139,999 
Return on average tangible common equity11.46 %11.94 %10.63 %12.09 %12.80 %
Calculation of efficiency ratio:
Total other operating expense$369,770 $354,503 $347,529 $347,656 $341,025 
Less: Amortization of intangible assets2,656 2,656 2,652 2,855 2,856 
Numerator for efficiency ratio$367,114 $351,847 $344,877 $344,801 $338,169 
Net interest income
$337,646 $328,166 $316,251 $313,046 $308,119 
Add: Tax-equivalent adjustment
2,565 2,574 2,542 2,466 2,385 
Tax-equivalent net interest income
340,211 330,740 318,793 315,512 310,504 
Add: Total other operating revenue
210,709 207,098 186,041 210,044 208,192 
Less: Gain (loss) on available-for-sale securities, net
213 — — — (691)
Denominator for efficiency ratio$550,707 $537,838 $504,834 $525,556 $519,387 
Efficiency ratio66.66 %65.42 %68.31 %65.61 %65.11 %
Reconciliation of pre-provision net revenue:
Net income before taxes$176,585 $180,761 $154,763 $175,434 $173,286 
Add: Provision for expected credit losses2,000 — — — 2,000 
Less: Net income (loss) attributable to non-controlling interests(23)52 (6)— (26)
Pre-provision net revenue$178,608 $180,709 $154,769 $175,434 $175,312 
- 35 -

Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$337,646 $328,166 $316,251 $313,046 $308,119 
Less: Trading activities net interest income14,325 16,138 15,174 4,648 3,751 
Net interest income excluding trading activities
323,321 312,028 301,077 308,398 304,368 
Add: Tax-equivalent adjustment
2,565 2,574 2,542 2,466 2,385 
Tax-equivalent net interest income excluding trading activities
$325,886 $314,602 $303,619 $310,864 $306,753 
Average interest-earning assets$46,429,240 $46,984,071 $45,606,324 $45,375,438 $45,911,383 
Less: Average trading activities interest-earning assets5,603,200 6,876,788 5,881,997 5,636,949 5,802,448 
Average interest-earning assets excluding trading activities$40,826,040 $40,107,283 $39,724,327 $39,738,489 $40,108,935 
Net interest margin on average interest-earning assets2.91 %2.80 %2.78 %2.75 %2.68 %
Net interest margin on average trading activities interest-earning assets1.07 %0.93 %0.98 %0.36 %0.29 %
Net interest margin on average interest-earning assets excluding trading activities3.16 %3.12 %3.05 %3.09 %3.02 %

Explanation of Non-GAAP Measures

The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities, less intangible assets and equity that do not benefit common shareholders. These measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from shareholders' equity and retain the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders' equity.

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

Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

Net interest income and net interest margin excluding trading activities removes the effect of trading activities on these metrics allowing management and investors to assess the performance of the company's core lending and deposit activities without the associated volatility from trading activities.
Market Risk

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

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

- 36 -

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

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

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

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

The interest rate sensitivity in Table 24 indicates management's estimation of the impact of rate changes on net interest income. Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 1.49%, or $20.7 million, for the 100 basis point decrease scenario. Alternatively, should deposit funding costs be 10% less sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.22%, or $3.0 million, for the 100 basis point decrease scenario. Additionally, in a flattening yield curve scenario where long-term rates increase by 100 basis points and short-term rates increase by 200 basis points, net interest revenue would decrease approximately 4.89%, or $68.0 million.

Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Sep. 30, 2025June 30, 2025
 200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease200 bp Increase100 bp Increase100 bp Decrease200 bp Decrease
Anticipated impact over the next twelve months on net interest income
$(36,500)$(14,900)$11,700 $27,300 $(38,600)$(15,100)$11,100 $26,200 
(2.63)%(1.07)%0.84 %1.96 %(2.79)%(1.09)%0.80 %1.89 %
Anticipated impact over months twelve through twenty-four on net interest income$(23,900)$3,600 $(13,100)$(22,200)$(32,400)$2,900 $(13,700)$(23,600)
 (1.59)%0.24 %(0.87)%(1.48)%(2.16)%0.19 %(0.91)%(1.57)%

- 37 -

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

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

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

Table 25 – MSR Asset and Hedge Sensitivity Analysis
(In thousands)
 Sep. 30, 2025June 30, 2025
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$14,190 $(16,840)$13,160 $(16,233)
MSR Hedge(16,223)16,213 (13,620)13,503 
Net Exposure$(2,033)$(627)$(460)$(2,730)

Trading Activities

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

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

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


- 38 -

Table 26 – Mortgage Pipeline Sensitivity Analysis
(In thousands)
Three Months EndedNine Months Ended
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(217)$(73)$(164)$(64)$(170)$(67)$(68)$(52)
Low2
(38)182 (37)16 (37)182 93 126 
High3
(397)(214)(242)(141)(397)(214)(255)(187)
Period End(376)(143)(94)(38)(376)(143)(240)(36)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

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

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

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

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

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

The trading portfolio's VaR and SVaR profiles are influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. Table 27 below summarizes certain VaR and SVaR based measures for the three months ended September 30, 2025, June 30, 2025, September 30, 2024, and June 30, 2024.

- 39 -

Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended
 Sep. 30, 2025June 30, 2025Sep. 30, 2024June 30, 2024
10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR
Average1
$2,720 $6,720 $1,897 $7,046 $4,858 $8,504 $3,711 $6,232 
Low1,140 3,595 1,077 4,002 2,443 4,887 1,776 3,763 
High4,815 10,003 4,697 12,874 9,645 13,914 6,862 9,751 
Period End2,758 5,571 1,736 6,158 2,735 6,173 2,200 6,795 
1    Average represents the simple average of each daily value observed during the reporting period.

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

Limit Structure

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

Table 28 – Trading Sensitivity Analysis
(In thousands)
Three Months EndedNine Months Ended
 Sep. 30, 2025June 30, 2025Sep. 30, 2025Sep. 30, 2024
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(2,151)$6,660 $(545)$3,838 $(1,241)$5,012 $(2,680)$4,470 
Low2
3,454 10,647 2,982 10,934 3,602 10,934 4,622 11,070 
High3
(6,472)725 (7,841)59 (7,841)(379)(8,243)(3,120)
Period End(1,694)6,601 2,982 1,616 (1,694)6,601 1,164 1,309 
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

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

Model Validation

Model validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Approved with findings," or "Unapproved."
- 40 -

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

This report contains forward-looking statements 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 and the related responses of the government, consumers, and others, on our business, financial condition, and results of operations. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "plans," "outlook," "projects," "will," "intends," and 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 necessary 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. 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. 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, consumer or business responses to 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, and trends in customer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

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

In this report we may sometimes use non-GAAP financial measures. Please note that although non-GAAP financial measures provide useful insight to analysts, investors, and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. If applicable, we provide GAAP reconciliations for non-GAAP financial measures.
- 41 -


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months EndedNine Months Ended
 September 30,September 30,
Interest revenue2025202420252024
Loans$416,935 $453,779 $1,215,539 $1,339,570 
Residential mortgage loans held for sale1,405 1,495 3,726 3,766 
Trading securities72,653 76,419 232,756 219,457 
Investment securities6,536 7,381 20,257 22,774 
Available-for-sale securities
133,396 125,490 392,206 362,806 
Fair value option securities1,441 189 2,938 578 
Restricted equity securities6,605 8,426 20,691 26,476 
Interest-bearing cash and cash equivalents5,482 7,131 17,337 21,912 
Total interest revenue644,453 680,310 1,905,450 1,997,339 
Interest expense    
Deposits241,833 271,128 721,348 768,005 
Borrowed funds64,974 98,706 198,367 324,647 
Subordinated debentures— 2,357 3,672 6,975 
Total interest expense306,807 372,191 923,387 1,099,627 
Net interest income
337,646 308,119 982,063 897,712 
Provision for credit losses2,000 2,000 2,000 18,000 
Net interest income after provision for credit losses
335,646 306,119 980,063 879,712 
Other operating revenue    
Brokerage and trading revenue43,239 50,391 112,432 162,587 
Transaction card revenue29,463 28,495 86,116 81,234 
Fiduciary and asset management revenue63,878 57,384 188,814 170,265 
Deposit service charges and fees31,896 30,450 93,490 88,707 
Mortgage banking revenue19,764 18,372 58,572 55,967 
Other revenue16,190 17,402 46,452 44,325 
Total fees and commissions revenue
204,430 202,494 585,876 603,085 
Other gains, net
8,264 13,087 15,679 74,731 
Gain (loss) on derivatives, net(453)8,991 14,647 (733)
Gain on fair value option securities, net630 764 2,067 365 
Change in fair value of mortgage servicing rights(2,375)(16,453)(14,634)(2,023)
Gain (loss) on available-for-sale securities, net
213 (691)213 (45,828)
Total other operating revenue210,709 208,192 603,848 629,597 
Other operating expense    
Personnel226,347 206,821 655,243 600,564 
Business promotion9,960 7,681 27,917 23,909 
Charitable contributions to BOKF Foundation— — — 13,610 
Professional fees and services15,137 13,405 43,808 38,746 
Net occupancy and equipment33,040 32,077 98,689 92,615 
FDIC and other insurance7,302 8,186 20,328 24,243 
FDIC special assessment(1,209)(1,437)(1,209)6,207 
Data processing and communications50,062 47,554 147,237 139,249 
Printing, postage, and supplies
4,036 3,594 11,742 11,380 
Amortization of intangible assets2,656 2,856 7,964 8,757 
Mortgage banking costs10,668 9,059 25,068 23,946 
Other expense11,771 11,229 35,015 34,873 
Total other operating expense369,770 341,025 1,071,802 1,018,099 
Net income before taxes176,585 173,286 512,109 491,210 
Federal and state income taxes35,714 33,313 111,397 103,811 
Net income140,871 139,973 400,712 387,399 
Net income (loss) attributable to non-controlling interests(23)(26)23 (16)
Net income attributable to BOK Financial Corporation shareholders$140,894 $139,999 $400,689 $387,415 
Earnings per share:    
Basic$2.22 $2.18 $6.27 $6.01 
Diluted$2.22 $2.18 $6.27 $6.01 
Average shares used in computation:
Basic62,840,270 63,489,581 63,196,043 63,830,188 
Diluted62,840,270 63,489,581 63,196,043 63,830,188 
Dividends declared per share$0.57 $0.55 $1.71 $1.65 
See accompanying notes to consolidated financial statements.
- 42 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)  
 Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Net income$140,871 $139,973 $400,712 $387,399 
Other comprehensive income before income taxes:    
Net change in unrealized gain (loss)73,209 341,185 333,866 263,436 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities8,642 11,431 27,280 35,641 
Loss (gain) on available-for-sale securities, net
(213)691 (213)45,828 
Other comprehensive income before income taxes81,638 353,307 360,933 344,905 
Federal and state income taxes19,292 83,094 84,557 81,094 
Other comprehensive income, net of income taxes62,346 270,213 276,376 263,811 
Comprehensive income203,217 410,186 677,088 651,210 
Comprehensive income (loss) attributable to non-controlling interests
(23)(26)23 (16)
Comprehensive income attributable to BOK Financial Corporation shareholders$203,240 $410,212 $677,065 $651,226 
See accompanying notes to consolidated financial statements.
- 43 -

Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
 Sep. 30, 2025Dec. 31, 2024
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$880,721 $1,043,969 
Interest-bearing cash and cash equivalents545,322 390,732 
Trading securities4,255,732 4,899,090 
Investment securities, net of allowance (fair value: September 30, 2025 – $1,702,225; December 31, 2024 – $1,817,929)
1,837,647 2,017,225 
Available-for-sale securities
13,481,030 12,851,600 
Fair value option securities104,688 17,876 
Restricted equity securities248,605 406,178 
Residential mortgage loans held for sale100,060 77,561 
Loans24,865,194 24,114,724 
Allowance for loan losses(277,692)(280,035)
Loans, net of allowance24,587,502 23,834,689 
Premises and equipment, net636,256 634,485 
Receivables288,140 281,091 
Goodwill1,044,749 1,044,749 
Intangible assets, net37,376 46,788 
Mortgage servicing rights326,399 338,145 
Real estate and other repossessed assets, net of allowance (September 30, 2025 – $5,889; December 31, 2024 – $5,537)
1,751 2,254 
Derivative contracts, net299,215 242,809 
Cash surrender value of bank-owned life insurance419,103 416,741 
Receivable on unsettled securities sales64,515 4,825 
Other assets1,034,576 1,135,085 
Total assets$50,193,387 $49,685,892 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
$7,907,176 $8,371,897 
Interest-bearing deposits:  
Transaction25,983,228 25,455,106 
Savings846,736 828,817 
Time3,762,878 3,535,410 
Total deposits38,500,018 38,191,230 
Funds purchased and repurchase agreements970,950 1,292,856 
Other borrowings3,239,507 3,030,123 
Subordinated debentures— 131,200 
Accrued interest, taxes, and expense
312,283 352,345 
Derivative contracts, net306,796 237,582 
Due on unsettled securities purchases321,729 405,494 
Other liabilities517,179 494,105 
Total liabilities44,168,462 44,134,935 
Shareholders' equity:  
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2025 – 77,038,149; December 31, 2024 – 76,817,607)
5 5 
Capital surplus1,447,084 1,429,628 
Retained earnings5,883,501 5,592,100 
Treasury stock (shares at cost: September 30, 2025 – 13,790,473; December 31, 2024 – 12,696,308)
(1,081,391)(970,340)
Accumulated other comprehensive loss
(226,664)(503,040)
Total shareholders' equity6,022,535 5,548,353 
Non-controlling interests2,390 2,604 
Total equity6,024,925 5,550,957 
Total liabilities and equity$50,193,387 $49,685,892 
See accompanying notes to consolidated financial statements.
- 44 -

Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, June 30, 202577,035 $5 $1,441,326 $5,778,878 13,424 $(1,040,311)$(289,010)$5,890,888 $2,468 $5,893,356 
Net income (loss)— — — 140,894 — — — 140,894 (23)140,871 
Other comprehensive income— — — — — — 62,346 62,346 — 62,346 
Repurchase of common stock— — — — 366 (40,981)— (40,981)— (40,981)
Share-based compensation plans:
Non-vested shares awarded, net
3 — — — — — — — — — 
Vesting of non-vested shares
— — — — — (99)— (99)— (99)
Share-based compensation— — 5,758 — — — — 5,758 — 5,758 
Cash dividends on common stock
— — — (36,271)— — — (36,271)— (36,271)
Capital calls and distributions, net
— — — — — — — — (55)(55)
Balance, September 30, 202577,038 $5 $1,447,084 $5,883,501 13,790 $(1,081,391)$(226,664)$6,022,535 $2,390 $6,024,925 
Balance, December 31, 202476,818 $5 $1,429,628 $5,592,100 12,696 $(970,340)$(503,040)$5,548,353 $2,604 $5,550,957 
Net income— — — 400,689 — — — 400,689 23 400,712 
Other comprehensive income— — — — — — 276,376 276,376 — 276,376 
Repurchase of common stock— — — — 1,039 (104,776)— (104,776)— (104,776)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		220 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 55 (6,275)— (6,275)— (6,275)
Share-based compensation— — 17,456 — — — — 17,456 — 17,456 
Cash dividends on common
     stock		— — — (109,288)— — — (109,288)— (109,288)
Capital calls and distributions,
net		— — — — — — — — (237)(237)
Balance, September 30, 202577,038 $5 $1,447,084 $5,883,501 13,790 $(1,081,391)$(226,664)$6,022,535 $2,390 $6,024,925 
- 45 -

 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, June 30, 202476,823 $5 $1,416,807 $5,387,949 12,695 $(970,129)$(605,502)$5,229,130 $2,840 $5,231,970 
Net income (loss)— — — 139,999 — — — 139,999 (26)139,973 
Other comprehensive income— — — — — — 270,213 270,213 — 270,213 
Repurchase of common stock— — — — — — — — — — 
Share-based compensation plans:
Non-vested shares awarded, net
(9)— — — — — — — — — 
Vesting of non-vested shares
— — — — 1 (70)— (70)— (70)
Share-based compensation— — 8,317 — — — — 8,317 — 8,317 
Cash dividends on common stock
— — — (35,146)— — — (35,146)— (35,146)
Capital calls and distributions, net
— — — — — — — — (59)(59)
Balance, September 30, 202476,814 $5 $1,425,124 $5,492,802 12,696 $(970,199)$(335,289)$5,612,443 $2,755 $5,615,198 
Balance, December 31, 202376,593 $5 $1,406,745 $5,211,512 11,626 $(876,720)$(599,100)$5,142,442 $2,977 $5,145,419 
Net income (loss)— — — 387,415 — — — 387,415 (16)387,399 
Other comprehensive income— — — — — — 263,811 263,811 — 263,811 
Repurchase of common stock— — — — 1,029 (89,779)— (89,779)— (89,779)
Share-based compensation
     plans:
Non-vested shares awarded,
     net		221 — — — — — — — — — 
Vesting of non-vested
     shares		— — — — 41 (3,700)— (3,700)— (3,700)
Share-based compensation— — 18,379 — — — — 18,379 — 18,379 
Cash dividends on common
     stock		— — — (106,125)— — — (106,125)— (106,125)
Capital calls and distributions,
     net		— — — — — — — — (206)(206)
Balance, September 30, 202476,814 $5 $1,425,124 $5,492,802 12,696 $(970,199)$(335,289)$5,612,443 $2,755 $5,615,198 
See accompanying notes to consolidated financial statements.
- 46 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended
 September 30,
 20252024
Cash Flows From Operating Activities:  
Net income$400,712 $387,399 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses2,000 18,000 
Change in fair value of mortgage servicing rights due to market assumption changes14,634 2,023 
Change in the fair value of mortgage servicing rights due to principal payments20,702 21,508 
Net unrealized (gains) losses from derivative contracts86,876 (123,979)
Share-based compensation17,456 18,379 
Depreciation and amortization82,692 78,408 
Net amortization of discounts and premiums(38,996)(31,633)
Net losses (gains) on financial instruments and other losses (gains), net(15,892)(29,012)
Net loss (gain) on mortgage loans held for sale(6,359)(6,508)
Mortgage loans originated for sale(608,782)(603,963)
Proceeds from sale of mortgage loans held for sale592,989 572,861 
Capitalized mortgage servicing rights(8,975)(10,812)
Charitable contributions to BOKF Foundation— 13,610 
Change in trading and fair value option securities556,474 55,270 
Change in receivables(47,029)219,583 
Change in other assets55,431 97,074 
Change in other liabilities(126,430)211,240 
Net cash provided by (used in) operating activities977,503 889,448 
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities177,815 172,086 
Proceeds from maturities or redemptions of available-for-sale securities
1,618,118 1,531,719 
Purchases of available-for-sale securities
(2,048,792)(2,807,115)
Proceeds from sales of available-for-sale securities
171,345 839,352 
Change in amount receivable on unsettled available-for-sale securities transactions
(20,429)91,132 
Loans originated, net of principal collected(720,286)(79,038)
Net proceeds from derivative asset contracts
(34,296)(13,870)
Net change in restricted equity securities157,573 33,764 
Proceeds from disposition of assets22,681 18,029 
Purchases of assets(106,117)(124,451)
Net cash provided by (used in) investing activities(782,388)(338,392)
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits and savings accounts81,320 2,381,483 
Net change in time deposits227,468 825,934 
Net change in other borrowed funds(146,702)(3,363,116)
Repayment of subordinated debentures(132,166)— 
Net payments on derivative liability contracts
6,630 14,294 
Net change in derivative margin accounts(11,506)37,060 
Change in amount due on unsettled available-for-sale securities transactions
(8,478)(119,332)
Issuance of common and treasury stock, net(6,275)(3,700)
Repurchase of common stock(104,776)(89,779)
Dividends paid(109,288)(106,125)
Net cash provided by (used in) financing activities(203,773)(423,281)
Net increase (decrease) in cash and cash equivalents(8,658)127,775 
Cash and cash equivalents at beginning of period1,434,701 1,348,265 
Cash and cash equivalents at end of period$1,426,043 $1,476,040 
Supplemental Cash Flow Information:
Cash paid for interest$940,376 $1,097,666 
Cash paid for taxes72,959 67,803 
Net loans and bank premises transferred to repossessed real estate and other assets156 440 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
34,180 12,599 
Conveyance of other real estate owned guaranteed by U.S. government agencies3,168 2,912 
Right-of-use assets obtained in exchange for operating lease liabilities4,273 20,100 
See accompanying notes to consolidated financial statements.
- 47 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

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

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

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

The financial information should be read in conjunction with BOK Financial's 2024 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2024, have been derived from the audited financial statements included in BOK Financial's 2024 Form 10-K but do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the nine-month period ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The FASB issued ASU 2023-09 on December 14, 2023, which amends income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance requires the entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact ASU 2023-09 will have on its income tax disclosures.

FASB ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards

The FASB issued ASU 2024-01 on March 21, 2024, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those annual periods. Adoption of ASU 2024-01 did not have a material effect on the Company's financial statements.

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

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

- 48 -

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

The FASB issued ASU 2025-05 on July 30,2025, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the practical expedient, entities may assume current conditions as of the balance sheet date remain unchanged for the remaining life of the asset when developing reasonable and supportable forecasts. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the impact ASU 2025-05 will have on its disclosures.

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

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


- 49 -

(2) Securities

Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 September 30, 2025December 31, 2024
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$4,821 $9 $21,275 $(60)
Residential agency mortgage-backed securities
4,133,011 20,064 4,792,695 (37,439)
Municipal securities74,613 (55)62,230 (566)
Other trading securities43,287 90 22,890 33 
Total trading securities$4,255,732 $20,108 $4,899,090 $(38,032)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 September 30, 2025
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$88,525 $88,525 $90,285 $1,831 $(71)
Mortgage-backed securities:
Residential agency1,807,835 1,717,351 1,581,160 93 (136,284)
Commercial agency17,257 16,441 16,023 — (418)
Other debt securities15,538 15,538 14,757 — (781)
Total investment securities1,929,155 1,837,855 1,702,225 1,924 (137,554)
Allowance for credit losses(208)(208)— — — 
Investment securities, net of allowance$1,928,947 $1,837,647 $1,702,225 $1,924 $(137,554)
1    Carrying value includes $91 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.
 December 31, 2024
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$104,467 $104,467 $106,489 $2,370 $(348)
Mortgage-backed securities:
Residential agency1,998,017 1,880,473 1,680,800 81 (199,754)
Commercial agency17,257 16,220 15,357 — (863)
Other debt securities16,288 16,288 15,283 — (1,005)
Total investment securities2,136,029 2,017,448 1,817,929 2,451 (201,970)
Allowance for credit losses(223)(223)— — — 
Investment securities, net of allowance$2,135,806 $2,017,225 $1,817,929 $2,451 $(201,970)
1    Carrying value includes $119 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.


- 50 -

The amortized cost and fair values of investment securities at September 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:     
Carrying value$47,685 $58,873 $13,933 $13 $120,504 2.25 
Fair value48,723 59,162 13,167 13 121,065  
Residential mortgage-backed securities:      
Carrying value2
    $1,717,351 
Fair value    1,581,160  
Total investment securities:      
Carrying value    $1,837,855  
Fair value    1,702,225  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(Dollars in thousands):
September 30, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities5 $— $— $3,625 $71 $3,625 $71 
Mortgage-backed securities:
Residential agency115 — — 1,580,047 136,284 1,580,047 136,284 
Commercial agency2 — — 16,023 418 16,023 418 
Other debt securities2 — — 9,245 781 9,245 781 
Total investment securities124 $— $— $1,608,940 $137,554 $1,608,940 $137,554 

December 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities20 $14,485 $65 $7,107 $283 $21,592 $348 
Mortgage-backed securities:
Residential agency116 — — 1,679,889 199,754 1,679,889 199,754 
Commercial agency2 — — 15,357 863 15,357 863 
Other debt securities3 — — 9,271 1,005 9,271 1,005 
Total investment securities141 $14,485 $65 $1,711,624 $201,905 $1,726,109 $201,970 


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Available-for-Sale Securities 

The amortized cost and fair value of available-for-sale securities are as follows (in thousands):
 September 30, 2025
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $972 $— $(28)
Municipal securities196,937 188,921 — (8,016)
Mortgage-backed securities:    
Residential agency9,448,172 9,406,920 98,015 (139,267)
Residential non-agency758,242 739,972 12,168 (30,438)
Commercial agency3,279,861 3,143,772 6,662 (142,751)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,684,712 $13,481,030 $116,845 $(320,527)
 December 31, 2024
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $945 $— $(55)
Municipal securities240,528 225,568 2 (14,962)
Mortgage-backed securities:   
Residential agency8,895,900 8,639,389 17,936 (274,447)
Residential non-agency814,542 781,209 11,247 (44,580)
Commercial agency3,436,465 3,204,016 726 (233,175)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,388,935 $12,851,600 $29,911 $(567,246)

The amortized cost and fair values of available-for-sale securities at September 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost$450,706 $2,213,053 $392,697 $421,842 $3,478,298 4.69 
Fair value443,022 2,100,852 376,871 413,393 3,334,138 
Residential mortgage-backed securities:
Amortized cost2
$10,206,414 
Fair value10,146,892 
Total available-for-sale securities:
Amortized cost$13,684,712 
Fair value13,481,030 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.1 years based upon current prepayment assumptions.

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Sales of available-for-sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2025202420252024
Proceeds$171,345 $101,522 $171,345 $839,352 
Gross realized gains630 1,802 630 2,257 
Gross realized losses(417)(2,493)(417)(48,085)
Related federal and state income tax expense (benefit)50 (163)50 (10,779)

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $10.3 billion at September 30, 2025 and $9.9 billion at December 31, 2024. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available-for-Sale Securities
(Dollars in thousands)
September 30, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale:
       
U.S. Treasury1 $— $— $972 $28 $972 $28 
Municipal securities89 1,035 1 186,386 8,015 187,421 8,016 
Mortgage-backed securities:
    
Residential agency606 456,786 1,936 2,919,538 137,331 3,376,324 139,267 
Residential non-agency33 44,977 84 442,525 30,354 487,502 30,438 
Commercial agency204 100,493 227 2,617,362 142,524 2,717,855 142,751 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
934 $603,291 $2,248 $6,167,256 $318,279 $6,770,547 $320,527 

December 31, 2024
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale:
     
U.S. Treasury
1 $— $— $945 $55 $945 $55 
Municipal securities113 1,041 13 222,432 14,949 223,473 14,962 
Mortgage-backed securities:
     
Residential agency
831 3,561,318 50,102 2,880,641 224,345 6,441,959 274,447 
Residential non-agency36 93,113 1,124 457,701 43,456 550,814 44,580 
Commercial agency
220 190,718 1,878 2,819,206 231,297 3,009,924 233,175 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
1,202 $3,846,190 $53,117 $6,381,398 $514,129 $10,227,588 $567,246 

Based on evaluations of impaired securities as of September 30, 2025, the Company does not intend to sell any impaired AFS debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.


- 53 -

Fair Value Option Securities
 
Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights. 

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 September 30, 2025December 31, 2024
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$104,688 $405 $17,876 $(1,662)

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

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

Derivative contracts may require the Company to provide or receive cash margin as collateral for derivative assets and liabilities. Derivative assets and liabilities are reported net of cash margin when certain conditions are met. In addition, derivative contracts executed with customers under Customer Risk Management Programs may be secured by non-cash collateral in conjunction with a credit agreement with that customer. Access to collateral in the event of default is reasonably assured.
 
None of these derivative contracts have been designated as hedging instruments for accounting purposes.

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

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

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

- 54 -

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

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at September 30, 2025 (in thousands):
Assets
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,791,627 $55,557 $(18,378)$37,179 $(18,966)$18,213 
Energy contracts6,351,889 545,474 (327,340)218,134 (20,384)197,750 
Foreign exchange contracts81,876 61,286 (55)61,231 (778)60,453 
Equity option contracts1,593 234 — 234 (50)184 
Total customer risk management programs9,226,985 662,551 (345,773)316,778 (40,178)276,600 
Trading22,147,710 74,304 (47,776)26,528 (4,902)21,626 
Internal risk management programs82,935 989 — 989 — 989 
Total derivative contracts$31,457,630 $737,844 $(393,549)$344,295 $(45,080)$299,215 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,761,850 $55,722 $(18,378)$37,344 $(270)$37,074 
Energy contracts6,350,981 522,548 (327,340)195,208 (4,030)191,178 
Foreign exchange contracts81,616 61,011 (55)60,956 — 60,956 
Equity option contracts1,593 234 — 234 — 234 
Total customer risk management programs9,196,040 639,515 (345,773)293,742 (4,300)289,442 
Trading21,300,664 74,160 (47,776)26,384 (15,555)10,829 
Internal risk management programs671,261 6,525 — 6,525 — 6,525 
Total derivative contracts$31,167,965 $720,200 $(393,549)$326,651 $(19,855)$306,796 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


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The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2024 (in thousands):
Assets
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,064,418 $82,191 $(5,369)$76,822 $(71,485)$5,337 
Energy contracts7,169,926 521,032 (398,457)122,575 (3,816)118,759 
Foreign exchange contracts80,510 42,792 (395)42,397 (434)41,963 
Equity option contracts1,593 208 — 208 (50)158 
Total customer risk management programs10,316,447 646,223 (404,221)242,002 (75,785)166,217 
Trading19,577,362 132,581 (56,764)75,817 (242)75,575 
Internal risk management programs168 1,017 — 1,017 — 1,017 
Total derivative contracts$29,893,977 $779,821 $(460,985)$318,836 $(76,027)$242,809 
Liabilities
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,064,418 $82,141 $(5,369)$76,772 $— $76,772 
Energy contracts7,076,929 488,113 (398,457)89,656 (1,020)88,636 
Foreign exchange contracts76,906 39,253 (395)38,858 (380)38,478 
Equity option contracts1,593 208 — 208 — 208 
Total customer risk management programs10,219,846 609,715 (404,221)205,494 (1,400)204,094 
Trading14,196,406 87,082 (56,764)30,318 (1,292)29,026 
Internal risk management programs602,176 4,462 — 4,462 — 4,462 
Total derivative contracts$25,018,428 $701,259 $(460,985)$240,274 $(2,692)$237,582 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

- 56 -

The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
 Three Months Ended
September 30, 2025September 30, 2024
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$1,339 $— $1,606 $— 
Energy contracts4,351 — 5,612 — 
Foreign exchange contracts25 — 207 — 
Equity option contracts— — — — 
Total customer risk management programs5,715 — 7,425 — 
Trading1
43,755 — (11,669)— 
Internal risk management programs— (453)— 8,991 
Total derivative contracts$49,470 $(453)$(4,244)$8,991 
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Other operating revenue - Brokerage and trading revenue in the Consolidated Statements of Earnings.
 Nine Months Ended
September 30, 2025September 30, 2024
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts2,975 — 4,613 — 
Energy contracts18,551 — 15,589 — 
Foreign exchange contracts88 — 313 — 
Equity option contracts— — — — 
Total customer risk management programs21,614 — 20,515 — 
Trading1
(56,644)— 104,613 — 
Internal risk management programs— 14,647 — (733)
Total derivative contracts$(35,030)$14,647 $125,128 $(733)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Other operating revenue - Brokerage and trading revenue in the Consolidated Statements of Earnings.

(4) Loans and Allowances for Credit Losses

Loans

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

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

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

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

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

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

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

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

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

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

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Portfolio segments of the loan portfolio are as follows (in thousands):
 September 30, 2025December 31, 2024
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,400,985 $11,079,685 $32,270 $14,512,940 $3,450,238 $11,565,251 $14,647 $15,030,136 
Commercial real estate
659,296 5,086,502 6,809 5,752,607 668,532 4,380,015 9,905 5,058,452 
Loans to individuals2,906,281 1,660,051 33,315 4,599,647 2,620,936 1,383,027 22,173 4,026,136 
Total$6,966,562 $17,826,238 $72,394 $24,865,194 $6,739,706 $17,328,293 $46,725 $24,114,724 

Credit Commitments
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At September 30, 2025, outstanding commitments totaled $15.3 billion. Because some commitments are expected to expire before being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. BOK Financial uses the same credit policies in making commitments as it does loans.

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

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At September 30, 2025, outstanding standby letters of credit totaled $643 million. 

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

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

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

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

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

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

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

The expected credit loss on approximately 1% of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.
    
In estimating the expected credit losses for general allowances on performing risk-graded loans, each portfolio class is assigned relevant economic loss drivers which best explain variations in portfolio net loss rates. The probability of default estimates for each portfolio class are adjusted for current and forecasted economic conditions. The result is applied to the exposure at default and loss given default to calculate the lifetime expected credit loss estimate. Selection of relevant economic loss drivers is re-evaluated periodically and involves statistical analysis as well as management judgment. The unemployment rate factors significantly in the allowance for loan losses calculation affecting commercial and loans to individuals segments. Other primary factors impacting the commercial portfolio include BBB corporate spreads, real gross domestic product growth rate, and energy commodity prices. The primary commercial real estate variables are vacancy rate and BBB corporate spreads. In addition to the unemployment rate, the forecast for loans to individuals is tied to a home price index. The forecasts may include regional economic factors when localized conditions diverge from national conditions.

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

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

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

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

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

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
September 30, 2025
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$144,398 $85,107 $47,544 $277,049 
Provision for loan losses(4,262)4,055 4,477 4,270 
Loans charged off(3,157)— (1,191)(4,348)
Recoveries of loans previously charged off
79 81 561 721 
Ending balance$137,058 $89,243 $51,391 $277,692 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$16,995 $33,558 $2,439 $52,992 
Provision for off-balance sheet credit risk
1,839 (3,081)(966)(2,208)
Ending balance$18,834 $30,477 $1,473 $50,784 
Nine Months Ended
September 30, 2025
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$145,153 $91,072 $43,810 $280,035 
Provision for loan losses(4,373)(1,979)9,302 2,950 
Loans charged off(4,277)(126)(3,549)(7,952)
Recoveries of loans previously charged off
555 276 1,828 2,659 
Ending balance$137,058 $89,243 $51,391 $277,692 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$18,046 $31,959 $1,635 $51,640 
Provision for off-balance sheet credit risk
788 (1,482)(162)(856)
Ending balance$18,834 $30,477 $1,473 $50,784 
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Three Months Ended
September 30, 2024
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$150,737 $96,256 $40,833 $287,826 
Provision for loan losses918 (4,944)602 (3,424)
Loans charged off(856)— (1,640)(2,496)
Recoveries of loans previously charged off
1,562 226 762 2,550 
Ending balance$152,361 $91,538 $40,557 $284,456 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$17,316 $23,314 $1,706 $42,336 
Provision for off-balance sheet credit risk
357 5,058 15 5,430 
Ending balance$17,673 $28,372 $1,721 $47,766 
Nine Months Ended
September 30, 2024
CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:
Beginning balance$141,232 $94,718 $41,173 $277,123 
Provision for loan losses19,670 (1,991)2,005 19,684 
Loans charged off(11,487)(1,455)(4,554)(17,496)
Recoveries of loans previously charged off2,946 266 1,933 5,145 
Ending balance$152,361 $91,538 $40,557 $284,456 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$19,762 $27,439 $1,776 $48,977 
Provision for off-balance sheet credit risk(2,089)933 (55)(1,211)
Ending balance$17,673 $28,372 $1,721 $47,766 

A $2.0 million provision for credit losses was necessary for the third quarter of 2025, reflecting the impact of loan growth during the quarter, partially offset by a slight improvement in economic forecast scenarios.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 30, 2025, is as follows (in thousands):
 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$14,480,670 $134,908 $32,270 $2,150 $14,512,940 $137,058 
Commercial real estate5,745,798 87,048 6,809 2,195 5,752,607 89,243 
Loans to individuals4,566,332 51,391 33,315 — 4,599,647 51,391 
Total$24,792,800 $273,347 $72,394 $4,345 $24,865,194 $277,692 

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2024, is as follows (in thousands):

 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$15,015,489 $144,877 $14,647 $276 $15,030,136 $145,153 
Commercial real estate5,048,547 91,072 9,905 — 5,058,452 91,072 
Loans to individuals4,003,963 43,810 22,173 — 4,026,136 43,810 
Total$24,067,999 $279,759 $46,725 $276 $24,114,724 $280,035 

Credit Quality Indicators

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

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

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

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

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

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

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

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The following table summarizes the Company’s loan portfolio at September 30, 2025, by the risk grade categories and vintage (in thousands): 
Origination Year
20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass$633,845 $492,224 $471,134 $725,177 $452,204 $701,112 $182,468 $11 $3,658,175 
Special Mention— — — 43,817 99 — 215 — 44,131 
Accruing Substandard— 9,633 37,655 4,178 5,192 89,055 6,017 — 151,730 
Nonaccrual— — 15,080 83 377 8,788 179 — 24,507 
Total healthcare633,845 501,857 523,869 773,255 457,872 798,955 188,879 11 3,878,543 
Services
Pass421,853 497,289 563,115 390,330 291,597 650,606 838,852 163 3,653,805 
Special Mention57 1,425 389 2,179 — 15,991 1,356 — 21,397 
Accruing Substandard4,621 226 10,800 1,440 2,263 7,929 515 — 27,794 
Nonaccrual414 29 42 879 183 146 5,954 — 7,647 
Total services426,945 498,969 574,346 394,828 294,043 674,672 846,677 163 3,710,643 
Loans charged off, year-to-date— — — — — — 3,242 21 3,263 
Energy
Pass125,265 70,851 46,400 10,977 2,383 21,235 2,382,659 — 2,659,770 
Accruing Substandard— — — — — — 21,711 — 21,711 
Nonaccrual— — — — — 31 — — 31 
Total energy125,265 70,851 46,400 10,977 2,383 21,266 2,404,370 — 2,681,512 
Loans charged off, year-to-date— — — — — — 94 — 94 
General business
Pass709,654 464,843 420,590 207,485 156,634 334,999 1,826,400 1,643 4,122,248 
Special Mention3,488 1,745 1,152 2,368 — 551 43,252 48 52,604 
Accruing Substandard871 5,406 7,497 34,105 1,745 10,557 7,124 — 67,305 
Nonaccrual— — — — — 48 — 37 85 
Total general business714,013 471,994 429,239 243,958 158,379 346,155 1,876,776 1,728 4,242,242 
Loans charged off, year-to-date8 — 132 — — — 751 29 920 
Total commercial1,900,068 1,543,671 1,573,854 1,423,018 912,677 1,841,048 5,316,702 1,902 14,512,940 
Commercial real estate:
Pass738,423 815,271 531,581 1,898,991 725,665 859,915 104,375 — 5,674,221 
Special Mention— — — — — 3,129 — — 3,129 
Accruing Substandard— 486 — 4,977 29,324 33,661 — — 68,448 
Nonaccrual— — — — — 6,809 — — 6,809 
Total commercial real estate738,423 815,757 531,581 1,903,968 754,989 903,514 104,375 — 5,752,607 
Loans charged off, year-to-date— — — 126 — — — — 126 
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Origination Year
20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass446,478 431,184 283,185 259,320 287,695 472,200 440,835 25,256 2,646,153 
Special Mention— 211 55 212 87 5,579 1,059 1,233 8,436 
Accruing Substandard— 169 84 — — 86 183 — 522 
Nonaccrual16 694 2,278 2,053 1,276 9,668 4,462 808 21,255 
Total residential mortgage446,494 432,258 285,602 261,585 289,058 487,533 446,539 27,297 2,676,366 
Loans charged off, year-to-date— — 48 — — 56 178 — 282 
Residential mortgage guaranteed by U.S. government agencies
Pass— 2,504 7,145 8,339 3,512 122,794 — — 144,294 
Nonaccrual— — — — — 7,348 — — 7,348 
Total residential mortgage guaranteed by U.S. government agencies
— 2,504 7,145 8,339 3,512 130,142 — — 151,642 
Personal
Pass367,936 232,742 198,942 148,235 101,747 213,229 482,518 344 1,745,693 
Special Mention37 48 50 10 20 5 1,212 — 1,382 
Accruing Substandard6,703 21 — — — 128 13,000 — 19,852 
Nonaccrual7 41 4,636 12 14 2 — — 4,712 
Total personal374,683 232,852 203,628 148,257 101,781 213,364 496,730 344 1,771,639 
Loans charged off, year-to-date1
3,130 66 22 19 — 5 25 — 3,267 
Total loans to individuals821,177 667,614 496,375 418,181 394,351 831,039 943,269 27,641 4,599,647 
Total loans$3,459,668 $3,027,042 $2,601,810 $3,745,167 $2,062,017 $3,575,601 $6,364,346 $29,543 $24,865,194 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2024, by the risk grade categories and vintage (in thousands): 
Origination Year
20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass$539,305 $544,103 $896,042 $481,816 $344,609 $644,441 $249,793 $10 $3,700,119 
Special Mention— 15,000 64,895 110 — 32,555 255 — 112,815 
Accruing Substandard— 38,180 5,253 15,529 51,134 29,151 1,635 — 140,882 
Nonaccrual— — 96 463 — 13,158 — — 13,717 
Total healthcare539,305 597,283 966,286 497,918 395,743 719,305 251,683 10 3,967,533 
Loans charged off, year-to-date— — — — — 7,240 — — 7,240 
Services
Pass629,978 625,969 422,015 404,949 187,324 570,775 745,853 379 3,587,242 
Special Mention— 3,324 123 1,537 — 11,796 17,923 — 34,703 
Accruing Substandard— 675 9,030 20 1,217 7,750 1,399 400 20,491 
Nonaccrual— — — — — — 767 — 767 
Total services629,978 629,968 431,168 406,506 188,541 590,321 765,942 779 3,643,203 
Loans charged off, year-to-date— — — — 22 80 9 — 111 
Energy
Pass148,972 46,094 39,050 2,621 6,488 16,989 2,985,161 — 3,245,375 
Accruing Substandard— — — — — — 9,300 — 9,300 
Nonaccrual— — — — — 49 — — 49 
Total energy148,972 46,094 39,050 2,621 6,488 17,038 2,994,461 — 3,254,724 
Loans charged off, year-to-date— — — — — — 226 — 226 
General business
Pass740,440 571,897 267,528 176,468 117,755 319,986 1,862,643 1,938 4,058,655 
Special Mention4,399 5,749 4,285 7,002 224 1,736 3,037 — 26,432 
Accruing Substandard3,980 15,872 43,300 4,764 992 4,708 5,859 — 79,475 
Nonaccrual— 32 — — — 23 — 59 114 
Total general business748,819 593,550 315,113 188,234 118,971 326,453 1,871,539 1,997 4,164,676 
Loans charged off, year-to-date— 27 1,465 — — 166 2,425 103 4,186 
Total commercial2,067,074 1,866,895 1,751,617 1,095,279 709,743 1,653,117 5,883,625 2,786 15,030,136 
Commercial real estate:
Pass436,206 512,614 2,004,558 793,161 233,619 810,497 141,307 — 4,931,962 
Special Mention— 313 14,907 32,131 — — — — 47,351 
Accruing Substandard— — 36,981 — — 32,253 — — 69,234 
Nonaccrual— — — — — 9,905 — — 9,905 
Total commercial real estate436,206 512,927 2,056,446 825,292 233,619 852,655 141,307 — 5,058,452 
Loans charged off, year-to-date— — — — — 1,455 — — 1,455 
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Origination Year
20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Loans to individuals:
Residential mortgage
Pass530,186 338,187 286,865 318,935 314,814 210,251 395,943 22,929 2,418,110 
Special Mention— 167 148 219 — 113 1,767 — 2,414 
Accruing Substandard— — 163 — — 45 898 67 1,173 
Nonaccrual245 1,758 990 522 583 7,420 3,221 522 15,261 
Total residential mortgage530,431 340,112 288,166 319,676 315,397 217,829 401,829 23,518 2,436,958 
Loans charged off, year-to-date— 43 — — — 18 10 — 71 
Residential mortgage guaranteed by U.S. government agencies
Pass462 4,337 6,618 2,432 3,506 112,491 — — 129,846 
Nonaccrual— — — — 280 6,523 — — 6,803 
Total residential mortgage guaranteed by U.S. government agencies
462 4,337 6,618 2,432 3,786 119,014 — — 136,649 
Personal
Pass245,737 149,572 167,272 115,710 107,291 151,030 510,147 2,619 1,449,378 
Special Mention18 17 30 825 8 — 8 — 906 
Accruing Substandard16 — — — 1 129 1,990 — 2,136 
Nonaccrual31 3 30 13 4 5 23 — 109 
Total personal245,802 149,592 167,332 116,548 107,304 151,164 512,168 2,619 1,452,529 
Loans charged off, year-to-date1
5,269 69 101 52 9 — 26 20 5,546 
Total loans to individuals776,695 494,041 462,116 438,656 426,487 488,007 913,997 26,137 4,026,136 
Total loans$3,279,975 $2,873,863 $4,270,179 $2,359,227 $1,369,849 $2,993,779 $6,938,929 $28,923 $24,114,724 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at September 30, 2025, follows (in thousands): 
As of September 30, 2025
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$24,507 $19,405 $5,102 $200 
Services7,647 1,849 5,798 1,950 
Energy31 31 — — 
General business85 85 — — 
Total commercial32,270 21,370 10,900 2,150 
Commercial real estate6,809 — 6,809 2,195 
Loans to individuals:    
Residential mortgage21,255 21,255 — — 
Residential mortgage guaranteed by U.S. government agencies7,348 7,348 — — 
Personal4,712 4,712 — — 
Total loans to individuals33,315 33,315 — — 
Total$72,394 $54,685 $17,709 $4,345 

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

A summary of nonaccruing loans at December 31, 2024, follows (in thousands): 
As of December 31, 2024
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$13,717 $13,717 $— $— 
Services767 491 276 276 
Energy49 49 — — 
General business114 114 — — 
Total commercial14,647 14,371 276 276 
Commercial real estate9,905 9,905 — — 
Loans to individuals:    
Residential mortgage15,261 15,261 — — 
Residential mortgage guaranteed by U.S. government agencies6,803 6,803 — — 
Personal109 109 — — 
Total loans to individuals22,173 22,173 — — 
Total$46,725 $46,449 $276 $276 

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the nine months ended September 30, 2025, the Company had $76 million of loan modifications to borrowers experiencing financial difficulty including $32 million of healthcare loans, $15 million of general business loans, $11 million of residential mortgage loans guaranteed by U.S government agencies, and $18 million of commercial real estate loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension, or a combination. Approximately $48 million of the modifications were term extensions of commercial loans, and $11 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the nine months ended September 30, 2025, $14 million of loans that were modified in the previous twelve months defaulted. Approximately $7.1 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies, and $5.2 million of these defaults were related to term extensions of healthcare loans. A payment default is defined as being 30 or more days past due after modification.

For the nine months ended September 30, 2024, the Company had $147 million of loan modifications to borrowers experiencing financial difficulty, including $90 million of healthcare loans and $43 million of energy loans. Approximately $141 million of the modifications were term extensions of commercial loans, and $5.9 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the nine months ended September 30, 2024, $32 million of loans that were modified in the previous twelve months defaulted. Approximately $28 million of these defaults were related to term extensions of commercial loans, and $4.3 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies.

Past Due Loans

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

A summary of loans currently performing and past due as of September 30, 2025, is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$3,854,648 $15,107 $— $8,788 $3,878,543 $— 
Services3,710,413 201 29 — 3,710,643 — 
Energy2,681,512 — — — 2,681,512 — 
General business4,238,920 3,081 54 187 4,242,242 187 
Total commercial14,485,493 18,389 83 8,975 14,512,940 187 
Commercial real estate5,745,609 — 233 6,765 5,752,607 — 
Loans to individuals:    
Residential mortgage2,651,541 14,281 2,864 7,680 2,676,366 148 
Residential mortgage guaranteed by U.S. government agencies53,712 17,701 13,677 66,552 151,642 61,791 
Personal1,750,804 15,327 77 5,431 1,771,639 800 
Total loans to individuals4,456,057 47,309 16,618 79,663 4,599,647 62,739 
Total$24,687,159 $65,698 $16,934 $95,403 $24,865,194 $62,926 
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A summary of loans currently performing and past due as of December 31, 2024, is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$3,932,142 $25,778 $— $9,613 $3,967,533 $— 
Services3,642,436 — 767 — 3,643,203 — 
Energy3,254,724 — — — 3,254,724 — 
General business4,161,510 3,067 70 29 4,164,676 — 
Total commercial14,990,812 28,845 837 9,642 15,030,136 — 
Commercial real estate5,048,667 — — 9,785 5,058,452 — 
Loans to individuals:    
Residential mortgage2,416,633 10,930 5,622 3,773 2,436,958 — 
Residential mortgage guaranteed by U.S. government agencies
45,910 18,514 15,268 56,957 136,649 52,504 
Personal1,451,397 1,061 48 23 1,452,529 — 
Total loans to individuals3,913,940 30,505 20,938 60,753 4,026,136 52,504 
Total$23,953,419 $59,350 $21,775 $80,180 $24,114,724 $52,504 

(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

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The unpaid principal balance of residential mortgage loans held for sale, notional amounts of derivative contracts related to residential mortgage loan commitments, and forward contract sales and their related fair values included in Residential mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 September 30, 2025December 31, 2024
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$97,977 $98,121 $77,080 $75,969 
Residential mortgage loan commitments67,842 2,072 36,590 1,119 
Forward sales contracts107,000 (133)82,000 473 
  $100,060  $77,561 

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of September 30, 2025, or December 31, 2024. No credit losses were recognized on residential mortgage loans held for sale for the nine month period ended September 30, 2025, and 2024.

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Production revenue:  
Net realized gains on sale of mortgage loans$2,202 $2,085 $5,104 $6,449 
Net change in unrealized gain (loss) on mortgage loans held for sale
(154)(190)1,255 59 
Net change in the fair value of mortgage loan commitments(345)13 953 579 
Net change in the fair value of forward sales contracts667 (345)(606)370 
Total mortgage production revenue
2,370 1,563 6,706 7,457 
Servicing revenue17,394 16,809 51,866 48,510 
Total mortgage banking revenue$19,764 $18,372 $58,572 $55,967 

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

Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
 September 30, 2025December 31, 2024
Number of residential mortgage loans serviced for others124,909 125,728 
Outstanding principal balance of residential mortgage loans serviced for others$22,145,687 $22,269,513 
Weighted average interest rate3.82 %3.73 %
Remaining term (in months)272276

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The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Beginning Balance$334,644 $333,246 $338,145 $293,884 
Additions3,403 3,842 8,975 10,812 
Acquisitions— 3,334 14,615 34,755 
Change in fair value due to principal payments(9,273)(8,049)(20,702)(21,508)
Change in fair value due to market assumption changes(2,375)(16,453)(14,634)(2,023)
Ending Balance$326,399 $315,920 $326,399 $315,920 

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

Mortgage servicing rights are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 September 30, 2025December 31, 2024
Discount rate – risk-free rate plus a market premium9.21%9.60%
Prepayment rate – based upon loan interest rate, original term, and loan type
7.10%7.09%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$73 - $94
$73 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $6,000
$875 - $6,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
3.58%4.44%
Primary/secondary mortgage rate spread
128 bps115 bps
Delinquency rate
2.24%2.19%

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

Litigation Contingencies

On June 24, 2015, BOKF, NA received a complaint that an employee had colluded with a bond issuer and an individual in misusing revenues pledged to municipal bonds for which BOKF, NA served as trustee under the bond indenture. The Company conducted an investigation and concluded that employees in one of its Corporate Trust offices had, with respect to a single group of affiliated bond issuances, violated Company policies and procedures. The relationship manager was terminated. The Company reported the circumstances to, and cooperated with an investigation by, the SEC. On September 7, 2016, BOKF, NA agreed to, and the SEC entered, a consent order finding that BOKF, NA had violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act and required BOKF, NA to disgorge $1,067,721 of fees and pay a civil penalty of $600,000. BOKF, NA disgorged the fees and paid the penalty. On August 26, 2016, BOKF, NA was sued in the United States District Court for New Jersey by two bondholders in a putative class action alleging BOKF, NA participated in the fraudulent sale of securities by the principals. The action remains stayed with no current deadlines pending.

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

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

Alternative Investment Commitments

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

At September 30, 2025, the Company had $432 million in interests in various alternative investments generally consisting of unconsolidated limited partnership interests in entities for which investment return is in the form of low income housing tax credits or other investments in merchant banking activities. These investments are recognized in Other assets on the Consolidated Balance Sheets. This investment balance also includes $132 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On October 28, 2025, the Company declared a quarterly cash dividend of $0.63 per common share payable on or about November 26, 2025, to shareholders of record as of November 12, 2025.

Dividends declared were $0.57 and $1.71 per share during the three and nine months ended September 30, 2025, and $0.55 and $1.65 per share during the three and nine months ended September 30, 2024.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on AFS securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. Gains and losses in AOCI are net of deferred income taxes.
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A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available-for-Sale Securities
Investment Securities Transferred from AFSTotal
Balance, Dec. 31, 2023$(473,212)$(125,888)$(599,100)
Net change in unrealized gain (loss)
263,436 — 263,436 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 35,641 35,641 
Loss on available-for-sale securities, net
45,828 — 45,828 
Other comprehensive income (loss), before income taxes309,264 35,641 344,905 
Federal and state income taxes72,711 8,383 81,094 
Other comprehensive income (loss), net of income taxes236,553 27,258 263,811 
Balance, September 30, 2024$(236,659)$(98,630)$(335,289)
Balance, Dec. 31, 2024$(412,348)$(90,692)$(503,040)
Net change in unrealized gain (loss)
333,866 — 333,866 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 27,280 27,280 
Gain on available-for-sale securities, net(213)— (213)
Other comprehensive income (loss), before income taxes333,653 27,280 360,933 
Federal and state income taxes78,244 6,313 84,557 
Other comprehensive income (loss), net of income taxes255,409 20,967 276,376 
Balance, September 30, 2025$(156,939)$(69,725)$(226,664)

(8) Earnings Per Share
 
(In thousands, except share and per share amounts)Three Months Ended September 30,Nine Months Ended
September 30,
 2025202420252024
Numerator:    
Net income attributable to BOK Financial Corp. shareholders$140,894 $139,999 $400,689 $387,415 
Less: Earnings allocated to participating securities1,524 1,383 4,298 3,660 
Numerator for basic earnings per share – income available to common shareholders
139,370 138,616 396,391 383,755 
Add: Effect of reallocating undistributed earnings of participating securities— — — — 
Numerator for diluted earnings per share – income available to common shareholders
$139,370 $138,616 $396,391 $383,755 
Denominator:    
Weighted average shares outstanding63,527,696 64,122,351 63,880,864 64,425,159 
Less: Participating securities included in weighted average shares outstanding687,426 632,770 684,821 594,971 
Denominator for basic earnings per common share62,840,270 63,489,581 63,196,043 63,830,188 
Add: Dilutive effect of employee stock compensation plans— — — — 
Denominator for diluted earnings per common share62,840,270 63,489,581 63,196,043 63,830,188 
Basic earnings per share$2.22 $2.18 $6.27 $6.01 
Diluted earnings per share$2.22 $2.18 $6.27 $6.01 
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(9) Reportable Segments

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

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

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

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2025 is as follows (in thousands):
 CommercialConsumerWealth
Management		Segment TotalFunds Management and Other
BOK
Financial
Corporation
Net interest income from external sources$239,835 $16,141 $16,256 $272,232 $65,414 $337,646 
Net interest income (expense) from internal sources(60,638)42,310 27,370 9,042 (9,042)— 
Net interest income179,197 58,451 43,626 281,274 56,372 337,646 
Net loans charged off and provision for credit losses2,609 1,413 (3)4,019 (2,019)2,000 
Net interest income after provision for credit losses176,588 57,038 43,629 277,255 58,391 335,646 
Other operating revenue61,745 35,820 111,516 209,081 1,628 210,709 
Personnel expense51,638 25,681 73,032 150,351 75,996 226,347 
Non-personnel expense1
29,601 38,361 29,939 97,901 45,522 143,423 
Total other operating expense
81,239 64,042 102,971 248,252 121,518 369,770 
Corporate allocations2
17,277 14,326 15,568 47,171 (47,171)— 
Net income before taxes$139,817 $14,490 $36,606 $190,913 $(14,328)$176,585 
Average assets$21,722,491 $8,372,125 $11,265,485 $41,360,101 $10,331,975 $51,692,076 
1     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.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2025 is as follows (in thousands):
 CommercialConsumerWealth
Management		Segment TotalFunds Management and OtherBOK
Financial
Consolidated
Net interest income from external sources$707,023 $38,344 $55,852 $801,219 $180,844 $982,063 
Net interest income (expense) from internal sources(173,742)135,473 77,120 38,851 (38,851)— 
Net interest income533,281 173,817 132,972 840,070 141,993 982,063 
Net loans charged off and provision for credit losses2,786 3,948 (18)6,716 (4,716)2,000 
Net interest income after provision for credit losses530,495 169,869 132,990 833,354 146,709 980,063 
Other operating revenue181,698 113,043 311,502 606,243 (2,395)603,848 
Personnel expense150,621 77,045 206,586 434,252 220,991 655,243 
Non-personnel expense1
87,899 99,709 83,932 271,540 145,019 416,559 
Total other operating expense
238,520 176,754 290,518 705,792 366,010 1,071,802 
Corporate allocations2
53,492 44,800 43,893 142,185 (142,185)— 
Net income before taxes$420,181 $61,358 $110,081 $591,620 $(79,511)$512,109 
Average assets$21,481,669 $8,295,564 $11,400,995 $41,178,228 $10,479,666 $51,657,894 
1     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.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2024 is as follows (in thousands):
 CommercialConsumerWealth
Management		Segment TotalFunds Management and Other
BOK
Financial
Corporation
Net interest income from external sources$273,934 $5,955 $5,693 $285,582 $22,537 $308,119 
Net interest income (expense) from internal sources(66,324)59,308 27,492 20,476 (20,476)— 
Net interest income207,610 65,263 33,185 306,058 2,061 308,119 
Net loans charged off and provision for credit losses(1,329)1,779 (159)291 1,709 2,000 
Net interest income after provision for credit losses208,939 63,484 33,344 305,767 352 306,119 
Other operating revenue59,482 32,367 112,457 204,306 3,886 208,192 
Personnel expense48,740 24,616 66,524 139,880 66,941 206,821 
Non-personnel expense1
30,490 33,163 27,015 90,668 43,536 134,204 
Total other operating expense
79,230 57,779 93,539 230,548 110,477 341,025 
Corporate allocations2
17,010 13,298 13,458 43,766 (43,766)— 
Net income before taxes$172,181 $24,774 $38,804 $235,759 $(62,473)$173,286 
Average assets$21,881,574 $8,172,256 $10,566,503 $40,620,333 $10,536,702 $51,157,035 
1     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.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.
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Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2024 is as follows (in thousands):
 CommercialConsumerWealth
Management		Segment TotalFunds Management and OtherBOK
Financial
Consolidated
Net interest income from external sources$834,275 $19,291 $4,571 $858,137 $39,575 $897,712 
Net interest income (expense) from internal sources(218,914)175,271 86,513 42,870 (42,870)— 
Net interest income615,361 194,562 91,084 901,007 (3,295)897,712 
Net loans charged off and provision for credit losses8,965 4,834 (174)13,625 4,375 18,000 
Net interest income after provision for credit losses606,396 189,728 91,258 887,382 (7,670)879,712 
Other operating revenue164,359 106,132 344,369 614,860 14,737 629,597 
Personnel expense141,401 73,868 193,742 409,011 191,553 600,564 
Non-personnel expense1
85,745 92,486 89,299 267,530 150,005 417,535 
Total other operating expense
227,146 166,354 283,041 676,541 341,558 1,018,099 
Corporate allocations2
52,519 40,862 44,721 138,102 (138,102)— 
Net income before taxes$491,090 $88,644 $107,865 $687,599 $(196,389)$491,210 
Average assets$21,831,765 $8,069,881 $10,770,995 40,672,641 $10,121,955 $50,794,596 
1     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.
2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.
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(10) Fees and Commissions Revenue

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

•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when (or as) the Company satisfies a performance obligation

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

Revenue is recognized on a gross basis whenever we have primary responsibility and risk in providing the services or products to our customers and have discretion in establishing the price for the services or products. Revenue is recognized on a net basis whenever we act as an agent for the products or services of others.
 
Brokerage and trading revenue includes revenues from trading, customer hedging, retail brokerage, and investment banking. Trading revenue includes net realized and unrealized gains primarily related to sales of securities to institutional customers and related derivative contracts. Customer hedging revenue includes realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs, including credit valuation adjustments, as necessary. We offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. These customer contracts are offset with contracts with selected counterparties and exchanges to minimize changes in market risk from changes in commodity prices, interest rates, or foreign exchange rates. Retail brokerage revenue represents fees and commissions earned on sales of fixed income securities, annuities, mutual funds, and other financial instruments to retail customers. Investment banking revenue includes fees earned upon completion of underwriting and financial advisory services. Investment banking revenue also includes fees earned in conjunction with loan syndications. Insurance brokerage revenues represent fees and commissions earned on the placement of insurance products with carriers for property and casualty and health coverage.
 
Transaction card revenue includes merchant discount fees and electronic funds transfer network fees, net of interchange fees paid to card issuers and assessments paid to card networks. Merchant discount fees represent fees paid by customers for account management and electronic processing of card transactions. Merchant discount fees are recognized at the time the customer's transactions are processed or other services are performed. The Company also maintains the TransFund electronic funds transfer network for the benefit of its members, which includes BOKF, NA. Electronic funds transfer fees are recognized as electronic transactions processed on behalf of its members. 
 
Fiduciary and asset management revenue includes fees from asset management, custody, recordkeeping, investment advisory, and administration services. Revenue is recognized on an accrual basis at the time the services are performed and may be based on either the fair value of the account or the service provided.
 
Deposit service charges and fees include commercial account service charges, overdraft fees, check card fee revenue and automated service charges, and other deposit service fees. Fees are recognized at least quarterly in accordance with published deposit account agreements and disclosure statements for retail accounts or contractual agreements for commercial accounts. Item charges for overdraft or non-sufficient funds items are recognized as items are presented for payment. Account balance charges and activity fees are accrued monthly and collected in arrears. Commercial account activity fees may be offset by an earnings credit based on account balances. Check card fees represent interchange fees paid by a merchant bank for transactions processed from cards issued by the Company. Check card fees are recognized when transactions are processed.

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing, and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on residential mortgage loans held for sale. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2025 (in thousands):
CommercialConsumerWealth ManagementFunds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue$— $— $15,494 $— $15,494 $15,494 $— 
Customer hedging revenue
3,031 — 2,189 495 5,715 5,715 — 
Retail brokerage revenue
— — 5,920 — 5,920 — 5,920 
Investment banking revenue
4,247 — 11,863 — 16,110 4,237 11,873 
Brokerage and trading revenue7,278 — 35,466 495 43,239 25,446 17,793 
TransFund EFT network revenue23,733 737 (18)5 24,457 — 24,457 
Merchant services revenue2,513 8 — — 2,521 — 2,521 
Corporate card revenue2,142 — 256 87 2,485 — 2,485 
Transaction card revenue28,388 745 238 92 29,463 — 29,463 
Personal trust revenue— — 27,187 — 27,187 — 27,187 
Corporate trust revenue— — 11,087 — 11,087 — 11,087 
Institutional trust & retirement plan services revenue
— — 19,110 — 19,110 — 19,110 
Investment management services and other revenue
— — 6,494 — 6,494 — 6,494 
Fiduciary and asset management revenue— — 63,878 — 63,878 — 63,878 
Commercial account service charge revenue
17,376 566 635 — 18,577 — 18,577 
Overdraft fee revenue31 5,787 45 3 5,866 — 5,866 
Check card revenue
— 6,053 — — 6,053 — 6,053 
Automated service charge and other deposit fee revenue
268 1,079 53 — 1,400 — 1,400 
Deposit service charges and fees17,675 13,485 733 3 31,896 — 31,896 
Mortgage production revenue— 2,370 — — 2,370 2,370 — 
Mortgage servicing revenue— 18,333 — (939)17,394 17,394 — 
Mortgage banking revenue— 20,703 — (939)19,764 19,764 — 
Other revenue4,196 3,138 11,201 (2,345)16,190 9,519 6,671 
Total fees and commissions revenue
$57,537 $38,071 $111,516 $(2,694)$204,430 $54,729 $149,701 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the nine months ended September 30, 2025 (in thousands):
CommercialConsumerWealth ManagementFunds Management & OtherConsolidated
Out of Scope1
In Scope2
Trading revenue$— $— $38,027 $— $38,027 $38,027 $— 
Customer hedging revenue
10,988 — 9,630 996 21,614 21,614 — 
Retail brokerage revenue
— — 15,992 — 15,992 — 15,992 
Investment banking revenue
12,822 — 23,977 — 36,799 12,478 24,321 
Brokerage and trading revenue23,810 — 87,626 996 112,432 72,119 40,313 
TransFund EFT network revenue69,713 2,168 (52)5 71,834 — 71,834 
Merchant services revenue7,300 24 — — 7,324 — 7,324 
Corporate card revenue6,099 — 567 292 6,958 — 6,958 
Transaction card revenue83,112 2,192 515 297 86,116 — 86,116 
Personal trust revenue— — 80,761 — 80,761 — 80,761 
Corporate trust revenue— — 33,901 — 33,901 — 33,901 
Institutional trust & retirement plan services revenue
— — 55,991 — 55,991 — 55,991 
Investment management services and other revenue
— — 18,161 — 18,161 — 18,161 
Fiduciary and asset management revenue— — 188,814 — 188,814 — 188,814 
Commercial account service charge revenue
51,136 1,725 1,889 — 54,750 — 54,750 
Overdraft fee revenue89 16,436 150 (12)16,663 — 16,663 
Check card revenue
— 17,721 — — 17,721 — 17,721 
Automated service charge and other deposit fee revenue
765 3,375 216 — 4,356 — 4,356 
Deposit service charges and fees51,990 39,257 2,255 (12)93,490 — 93,490 
Mortgage production revenue— 6,706 — — 6,706 6,706 — 
Mortgage servicing revenue— 54,483 — (2,617)51,866 51,866 — 
Mortgage banking revenue— 61,189 — (2,617)58,572 58,572 — 
Other revenue12,182 9,017 32,292 (7,039)46,452 26,088 20,364 
Total fees and commissions revenue
$171,094 $111,655 $311,502 $(8,375)$585,876 $156,779 $429,097 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended September 30, 2024 (in thousands):
CommercialConsumerWealth ManagementFunds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue$— $— $23,642 $— $23,642 $23,642 $— 
Customer hedging revenue
3,835 — 2,812 780 7,427 7,427 — 
Retail brokerage revenue
— — 4,924 — 4,924 — 4,924 
Investment banking revenue
3,988 — 10,410 — 14,398 3,630 10,768 
Brokerage and trading revenue7,823 — 41,788 780 50,391 34,699 15,692 
TransFund EFT network revenue23,111 779 (21)5 23,874 — 23,874 
Merchant services revenue2,461 8 — — 2,469 — 2,469 
Corporate card revenue1,927 — 134 91 2,152 — 2,152 
Transaction card revenue27,499 787 113 96 28,495 — 28,495 
Personal trust revenue— — 25,014 — 25,014 — 25,014 
Corporate trust revenue— — 9,091 — 9,091 — 9,091 
Institutional trust & retirement plan services revenue
— — 17,057 (1)17,056 — 17,056 
Investment management services and other revenue
— — 6,223 — 6,223 — 6,223 
Fiduciary and asset management revenue— — 57,385 (1)57,384 — 57,384 
Commercial account service charge revenue
15,768 550 578 — 16,896 — 16,896 
Overdraft fee revenue30 5,805 41 — 5,876 — 5,876 
Check card revenue
— 6,154 — — 6,154 — 6,154 
Automated service charge and other deposit fee revenue
257 1,187 80 — 1,524 — 1,524 
Deposit service charges and fees16,055 13,696 699 — 30,450 — 30,450 
Mortgage production revenue— 1,563 — — 1,563 1,563 — 
Mortgage servicing revenue— 17,573 — (764)16,809 16,809 — 
Mortgage banking revenue— 19,136 — (764)18,372 18,372 — 
Other revenue4,488 3,080 12,472 (2,638)17,402 10,382 7,020 
Total fees and commissions revenue
$55,865 $36,699 $112,457 $(2,527)$202,494 $63,453 $139,041 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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Fees and commissions revenue by reportable segment and primary service line is as follows for the nine months ended September 30, 2024 (in thousands):
CommercialConsumerWealth Management
Funds Management & Other
Consolidated
Out of Scope1
In Scope2
Trading revenue$— $— $88,794 $— $88,794 $88,794 $— 
Customer hedging revenue
10,986 — 7,879 1,652 20,517 20,517 — 
Retail brokerage revenue
— — 14,455 — 14,455 — 14,455 
Investment banking revenue
11,913 — 26,908 — 38,821 10,666 28,155 
Brokerage and trading revenue22,899 — 138,036 1,652 162,587 119,977 42,610 
TransFund EFT network revenue65,460 2,381 (58)5 67,788 — 67,788 
Merchant services revenue7,143 25 — — 7,168 — 7,168 
Corporate card revenue5,533 — 474 271 6,278 — 6,278 
Transaction card revenue78,136 2,406 416 276 81,234 — 81,234 
Personal trust revenue— — 76,129 — 76,129 — 76,129 
Corporate trust revenue— — 26,997 — 26,997 — 26,997 
Institutional trust & retirement plan services revenue
— — 49,723 — 49,723 — 49,723 
Investment management services and other revenue
— — 17,416 — 17,416 — 17,416 
Fiduciary and asset management revenue— — 170,265 — 170,265 — 170,265 
Commercial account service charge revenue
46,063 1,633 1,727 — 49,423 — 49,423 
Overdraft fee revenue93 16,573 103 — 16,769 — 16,769 
Check card revenue
— 17,873 — — 17,873 — 17,873 
Automated service charge and other deposit fee revenue
785 3,612 245 — 4,642 — 4,642 
Deposit service charges and fees46,941 39,691 2,075 — 88,707 — 88,707 
Mortgage production revenue— 7,457 — — 7,457 7,457 — 
Mortgage servicing revenue— 50,652 — (2,142)48,510 48,510 — 
Mortgage banking revenue— 58,109 — (2,142)55,967 55,967 — 
Other revenue12,239 8,952 33,577 (10,443)44,325 26,695 17,630 
Total fees and commissions revenue
$160,215 $109,158 $344,369 $(10,657)$603,085 $202,639 $400,446 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.

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(11) Fair Value Measurements

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

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

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

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

•Quoted prices for similar, but not identical, assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates;
•Other inputs derived from or corroborated by observable market inputs.

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

Transfers between levels are recognized as of the end of the reporting period. There were no transfers in or out of quoted prices in active markets for identical instruments to significant other observable inputs or significant unobservable inputs during the three and nine months ended September 30, 2025, and 2024, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 30, 2025, and 2024 were immaterial.

The underlying methods used by the third-party pricing services are considered in determining the primary inputs used to determine fair values. Management has evaluated the methodologies employed by the third-party pricing services by comparing the price provided by the pricing service with other sources, including brokers' quotes, sales or purchases of similar instruments, and discounted cash flows to establish a basis for reliance on the pricing service values. Significant differences between the pricing service provided value and other sources are discussed with the pricing service to understand the basis for their values. Based on all observable inputs, management may adjust prices obtained from third-party pricing services to more appropriately reflect the prices that would be received to sell assets or paid to transfer liabilities in orderly transactions in the current market. No significant adjustments were made to prices provided by third-party pricing services at September 30, 2025, or December 31, 2024.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of September 30, 2025 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$4,821 $— $4,821 $— 
Residential agency mortgage-backed securities4,133,011 — 4,133,011 — 
Municipal securities74,613 — 74,613 — 
Other trading securities43,287 — 43,287 — 
Total trading securities4,255,732 — 4,255,732 — 
Available-for-sale securities:
    
U.S. Treasury972 972 — — 
Municipal securities188,921 — 188,921 — 
Residential agency mortgage-backed securities9,406,920 — 9,406,920 — 
Residential non-agency mortgage-backed securities739,972 — 739,972 — 
Commercial agency mortgage-backed securities
3,143,772 — 3,143,772 — 
Other debt securities473 — — 473 
Total available-for-sale securities
13,481,030 972 13,479,585 473 
Fair value option securities — Residential agency mortgage-backed securities104,688 — 104,688 — 
Residential mortgage loans held for sale1
100,060 — 93,801 6,259 
Mortgage servicing rights2
326,399 — — 326,399 
Derivative contracts, net of cash collateral3
299,215 167 299,048 — 
Liabilities: 
Derivative contracts, net of cash collateral3
$306,796 $4,970 $301,826 $— 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 81.74% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2024 (in thousands):
 TotalQuoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Assets:    
Trading securities:
U.S. government securities$21,275 $1,494 $19,781 $— 
Residential agency mortgage-backed securities4,792,695 — 4,792,695 — 
Municipal securities62,230 — 62,230 — 
Other trading securities22,890 — 22,890 — 
Total trading securities4,899,090 1,494 4,897,596 — 
Available-for-sale securities:
    
U.S. Treasury945 945 — — 
Municipal securities225,568 — 225,568 — 
Residential agency mortgage-backed securities8,639,389 — 8,639,389 — 
Residential non-agency mortgage-backed securities781,209 — 781,209 — 
Commercial agency mortgage-backed securities
3,204,016 — 3,204,016 — 
Other debt securities473 — — 473 
Total available-for-sale securities
12,851,600 945 12,850,182 473 
Fair value option securities — Residential agency mortgage-backed securities17,876 — 17,876 — 
Residential mortgage loans held for sale1
77,561 — 70,564 6,997 
Mortgage servicing rights2
338,145 — — 338,145 
Derivative contracts, net of cash collateral3
242,809 656 242,153 — 
Liabilities:
Derivative contracts, net of cash collateral3
$237,582 $3,391 $234,191 $— 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 81.11% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.
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Following is a description of the Company's valuation methodologies used for assets and liabilities measured on a recurring basis:
Securities

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

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

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at September 30, 2025, for which the fair value was adjusted during the nine months ended September 30, 2025 (in thousands):
Fair Value Adjustments for the
 Carrying Value at September 30, 2025
Three Months Ended
Sep. 30, 2025
Recognized in:
Nine Months Ended
Sep. 30, 2025
Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $— $5,811 $2,762 $— $2,762 $— 
Real estate and other repossessed assets
$— $— $1,582 $— $— $— $(356)

The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at September 30, 2024, for which the fair value was adjusted during the nine months ended September 30, 2024 (in thousands):
Fair Value Adjustments for the
 Carrying Value at September 30, 2024
Three Months Ended
Sep. 30, 2024
Recognized in:
Nine Months Ended
Sep. 30, 2024
Recognized in:
 Quoted Prices
in Active Markets for Identical Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Gross charge-offs against allowance for loan lossesOther gains (losses), netGross charge-offs against allowance for loan lossesOther gains (losses), net
Nonaccruing loans$— $62 $5,100 $400 $— $6,743 $— 
Real estate and other repossessed assets
— 23 — — (5)— (5)

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

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A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of September 30, 2025 follows (dollars in thousands):
Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$5,811 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
33% - 68% (68%)1
Real estate and other repossessed assets1,582 Discounted cash flows
Marketability adjustments off appraised value2
98% - 98% (98%)
1    Represents fair value as a percentage of the unpaid principal balance.
2    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of September 30, 2024 follows (dollars in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Nonaccruing loans$5,100 Discounted cash flowsManagement knowledge of industry and non-real estate collateral
36% - 36% (36%)1
1    Represents fair value as a percentage of the unpaid principal balance.
- 88 -

Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of September 30, 2025 (in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$880,721 $880,721 $880,721 $— $— 
Interest-bearing cash and cash equivalents545,322 545,322 545,322 — — 
Trading securities:
U.S. government securities4,821 4,821 — 4,821 — 
Residential agency mortgage-backed securities4,133,011 4,133,011 — 4,133,011 — 
Municipal securities74,613 74,613 — 74,613 — 
Other trading securities43,287 43,287 — 43,287 — 
Total trading securities4,255,732 4,255,732 — 4,255,732 — 
Investment securities:  
Municipal securities88,525 90,285 — 11,288 78,997 
Residential agency mortgage-backed securities1,717,351 1,581,160 — 1,581,160 — 
Commercial agency mortgage-backed securities16,441 16,023 — 16,023 — 
Other debt securities15,538 14,757 — 14,757 — 
Total investment securities1,837,855 1,702,225 — 1,623,228 78,997 
Allowance for credit losses(208)— — — — 
Investment securities, net of allowance1,837,647 1,702,225 — 1,623,228 78,997 
Available-for-sale securities:
  
U.S. Treasury972 972 972 — — 
Municipal securities188,921 188,921 — 188,921 — 
Residential agency mortgage-backed securities9,406,920 9,406,920 — 9,406,920 — 
Residential non-agency mortgage-backed securities739,972 739,972 — 739,972 — 
Commercial agency mortgage-backed securities
3,143,772 3,143,772 — 3,143,772 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
13,481,030 13,481,030 972 13,479,585 473 
Fair value option securities — Residential agency mortgage-backed securities104,688 104,688 — 104,688 — 
Residential mortgage loans held for sale100,060 100,060 — 93,801 6,259 
Loans:  
Commercial14,512,940 14,533,675 — — 14,533,675 
Commercial real estate5,752,607 5,676,057 — — 5,676,057 
Loans to individuals4,599,647 4,483,505 — — 4,483,505 
Total loans24,865,194 24,693,237 — — 24,693,237 
Allowance for loan losses(277,692)— — — — 
Loans, net of allowance24,587,502 24,693,237 — — 24,693,237 
Mortgage servicing rights326,399 326,399 — — 326,399 
Derivative instruments with positive fair value, net of cash collateral
299,215 299,215 167 299,048 — 
Deposits with no stated maturity34,737,140 34,737,140 — — 34,737,140 
Time deposits3,762,878 3,750,005 — — 3,750,005 
Other borrowed funds4,210,457 4,210,486 — — 4,210,486 
Subordinated debentures— — — — — 
Derivative instruments with negative fair value, net of cash collateral
306,796 306,796 4,970 301,826 — 

- 89 -

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2024 (in thousands):
Carrying
Value		Estimated
Fair
Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and due from banks$1,043,969 $1,043,969 $1,043,969 $— $— 
Interest-bearing cash and cash equivalents390,732 390,732 390,732 — — 
Trading securities:
U.S. government securities21,275 21,275 1,494 19,781 — 
Residential agency mortgage-backed securities4,792,695 4,792,695 — 4,792,695 — 
Municipal securities62,230 62,230 — 62,230 — 
Other trading securities22,890 22,890 — 22,890 — 
Total trading securities4,899,090 4,899,090 1,494 4,897,596 — 
Investment securities:  
Municipal securities104,467 106,489 — 11,674 94,815 
Residential agency mortgage-backed securities1,880,473 1,680,800 — 1,680,800 — 
Commercial agency mortgage-backed securities16,220 15,357 — 15,357 — 
Other debt securities16,288 15,283 — 15,283 — 
Total investment securities2,017,448 1,817,929 — 1,723,114 94,815 
Allowance for credit losses(223)— — — — 
Investment securities, net of allowance2,017,225 1,817,929 — 1,723,114 94,815 
Available-for-sale securities:
  
U.S. Treasury945 945 945 — — 
Municipal securities225,568 225,568 — 225,568 — 
Residential agency mortgage-backed securities8,639,389 8,639,389 — 8,639,389 — 
Residential non-agency mortgage-backed securities781,209 781,209 — 781,209 — 
Commercial agency mortgage-backed securities
3,204,016 3,204,016 — 3,204,016 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
12,851,600 12,851,600 945 12,850,182 473 
Fair value option securities — Residential agency mortgage-backed securities17,876 17,876 — 17,876 — 
Residential mortgage loans held for sale77,561 77,561 — 70,564 6,997 
Loans:  
Commercial15,030,136 14,903,851 — — 14,903,851 
Commercial real estate5,058,452 4,933,396 — — 4,933,396 
Loans to individuals4,026,136 3,872,299 — — 3,872,299 
Total loans24,114,724 23,709,546 — — 23,709,546 
Allowance for loan losses(280,035)— — — — 
Loans, net of allowance23,834,689 23,709,546 — — 23,709,546 
Mortgage servicing rights338,145 338,145 — — 338,145 
Derivative instruments with positive fair value, net of cash collateral
242,809 242,809 656 242,153 — 
Deposits with no stated maturity34,655,820 34,655,820 — — 34,655,820 
Time deposits3,535,410 3,522,242 — — 3,522,242 
Other borrowed funds4,322,979 4,323,174 — — 4,323,174 
Subordinated debentures131,200 121,057 — 121,057 — 
Derivative instruments with negative fair value, net of cash collateral
237,582 237,582 3,391 234,191 — 

Because no market exists for certain of these financial instruments and management does not intend to sell these financial instruments, the fair values shown in the tables above may not represent values at which the respective financial instruments could be sold individually or in the aggregate at the given reporting date.
- 90 -

(12) Subsequent Events

The Company evaluated events from the date of the consolidated financial statements on September 30, 2025, through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

- 91 -

Nine-Month Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Nine Months Ended
 September 30, 2025September 30, 2024
Average
Balance		Revenue/
Expense
Yield/
Rate1
Average
Balance		Revenue/
Expense
Yield/
Rate1
Assets      
Interest-bearing cash and cash equivalents$521,559 $17,337 4.44 %$544,371 $21,912 5.38 %
Trading securities6,119,640 233,129 5.12 %5,699,227 219,654 5.18 %
Investment securities1,919,746 20,330 1.41 %2,151,633 22,849 1.42 %
Available-for-sale securities13,190,857 392,385 3.88 %12,745,134 363,064 3.65 %
Fair value option securities70,848 2,938 5.46 %19,447 578 3.65 %
Restricted equity securities358,463 20,691 7.70 %425,440 26,476 8.30 %
Residential mortgage loans held for sale80,546 3,726 6.08 %78,236 3,766 6.29 %
Loans24,359,748 1,222,595 6.71 %24,213,204 1,345,721 7.42 %
Allowance for loan losses(278,515)(282,990)
Loans, net of allowance24,081,233 1,222,595 6.79 %23,930,214 1,345,721 7.51 %
Total earning assets
46,342,892 1,913,131 5.48 %45,593,702 2,004,020 5.81 %
Receivable on unsettled securities sales191,769 231,574 
Cash and other assets5,123,233 4,969,320 
Total assets$51,657,894 $50,794,596 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$25,932,641 $615,137 3.17 %$23,089,008 $646,670 3.74 %
Savings855,377 3,520 0.55 %832,199 3,632 0.58 %
Time3,535,915 102,691 3.88 %3,465,276 117,703 4.54 %
Total interest-bearing deposits30,323,933 721,348 3.18 %27,386,483 768,005 3.75 %
Funds purchased and repurchase agreements863,625 21,098 3.27 %1,369,725 42,140 4.11 %
Other borrowings5,233,095 177,269 4.53 %6,785,766 282,507 5.56 %
Subordinated debentures76,531 3,672 6.41 %131,155 6,975 7.10 %
Total interest-bearing liabilities36,497,184 923,387 3.38 %35,673,129 1,099,627 4.12 %
Non-interest bearing demand deposits
8,002,194 8,430,111 
Due on unsettled securities purchases418,950 399,719 
Other liabilities932,582 1,039,441 
Total equity5,806,984 5,252,196 
Total liabilities and equity$51,657,894 $50,794,596 
Tax-equivalent net interest income
$989,744 2.10 %$904,393 1.69 %
Tax-equivalent net interest income to earning assets
2.83 %2.62 %
Less tax-equivalent adjustment7,681 6,681 
Net interest income
982,063 897,712 
Provision for credit losses
2,000 18,000 
Other operating revenue603,848 629,597 
Other operating expense1,071,802 1,018,099 
Net income before taxes
512,109 491,210 
Federal and state income taxes111,397 103,811 
Net income400,712 387,399 
Net income (loss) attributable to non-controlling interests23 (16)
Net income attributable to BOK Financial Corporation shareholders
$400,689 $387,415 
Earnings per share:
      
Basic $6.27   $6.01  
Diluted $6.27   $6.01  
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.
- 92 -

Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(In thousands, except per share data)Three Months Ended
 September 30, 2025June 30, 2025
Average
Balance		Revenue/
Expense
Yield/
Rate1
Average
Balance		Revenue/
Expense
Yield/
Rate1
Assets      
Interest-bearing cash and cash equivalents$495,091 $5,482 4.39 %$506,330 $5,626 4.46 %
Trading securities5,603,200 72,770 5.25 %6,876,788 86,488 5.05 %
Investment securities, net of allowance1,861,565 6,560 1.41 %1,918,969 6,762 1.41 %
Available-for-sale securities
13,386,515 133,452 3.93 %13,218,569 131,360 3.89 %
Fair value option securities105,651 1,441 5.45 %88,323 1,319 5.90 %
Restricted equity securities337,055 6,605 7.84 %390,191 7,545 7.73 %
Residential mortgage loans held for sale91,422 1,405 6.08 %86,543 1,346 6.13 %
Loans24,826,139 419,303 6.70 %24,176,549 404,555 6.71 %
Allowance for loan losses(277,398)(278,191)
Loans, net of allowance24,548,741 419,303 6.78 %23,898,358 404,555 6.79 %
Total earning assets
46,429,240 647,018 5.53 %46,984,071 645,001 5.47 %
Receivable on unsettled securities sales162,035 228,563 
Cash and other assets5,100,801 5,074,318 
Total assets$51,692,076 $52,286,952 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$26,076,475 $206,400 3.14 %$25,859,336 $204,216 3.17 %
Savings867,939 1,197 0.55 %853,062 1,155 0.54 %
Time3,641,985 34,236 3.73 %3,465,780 33,072 3.83 %
Total interest-bearing deposits30,586,399 241,833 3.14 %30,178,178 238,443 3.17 %
Funds purchased and repurchase agreements873,800 7,250 3.29 %782,039 6,820 3.50 %
Other borrowings5,048,301 57,724 4.54 %6,019,948 67,410 4.49 %
Subordinated debentures— — — %99,846 1,588 6.38 %
Total interest-bearing liabilities36,508,500 306,807 3.33 %37,080,011 314,261 3.40 %
Non-interest bearing demand deposits
7,894,847 7,958,538 
Due on unsettled securities purchases329,361 503,490 
Other liabilities996,216 951,112 
Total equity5,963,152 5,793,801 
Total liabilities and equity$51,692,076 $52,286,952 
Tax-equivalent net interest income
$340,211 2.20 %$330,740 2.07 %
Tax-equivalent net interest income to earning assets
2.91 %2.80 %
Less tax-equivalent adjustment2,565 2,574 
Net interest income
337,646 328,166 
Provision for credit losses
2,000 — 
Other operating revenue210,709 207,098 
Other operating expense369,770 354,503 
Net income before taxes
176,585 180,761 
Federal and state income taxes35,714 40,691 
Net income140,871 140,070 
Net income (loss) attributable to non-controlling interests
(23)52 
Net income attributable to BOK Financial Corporation shareholders
$140,894 $140,018 
Earnings per share:
      
Basic $2.22   $2.19  
Diluted $2.22   $2.19  
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 93 -

(In thousands, except per share data)Three Months Ended
March 31, 2025December 31, 2024
Average BalanceRevenue /Expense
Yield/
Rate1
Average BalanceRevenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents$564,014 $6,229 4.48 %$546,955 $6,322 4.60 %
Trading securities5,881,997 73,871 5.07 %5,636,949 68,817 4.90 %
Investment securities, net of allowance1,980,005 7,008 1.42 %2,037,072 7,256 1.42 %
Available-for-sale securities
12,962,830 127,573 3.82 %12,969,630 127,803 3.82 %
Fair value option securities17,603 178 3.72 %18,384 183 3.70 %
Restricted equity securities348,266 6,541 7.51 %338,236 6,427 7.60 %
Residential mortgage loans held for sale63,365 975 6.03 %87,353 1,296 5.85 %
Loans24,068,227 398,737 6.71 %24,024,544 423,487 7.01 %
Allowance for loan losses(279,983)(283,685)
Loans, net of allowance23,788,244 398,737 6.79 %23,740,859 423,487 7.10 %
Total earning assets
45,606,324 621,112 5.45 %45,375,438 641,591 5.59 %
Receivable on unsettled securities sales184,960 284,793 
Cash and other assets5,195,619 4,954,955 
Total assets$50,986,903 $50,615,186 
Liabilities and equity
Interest-bearing deposits:
Transaction$25,859,733 $204,521 3.21 %$24,992,464 $214,868 3.42 %
Savings844,875 1,168 0.56 %818,210 1,213 0.59 %
Time3,498,401 35,383 4.10 %3,629,882 41,643 4.56 %
Total interest-bearing deposits30,203,009 241,072 3.24 %29,440,556 257,724 3.48 %
Funds purchased and repurchase agreements935,716 7,028 3.05 %1,076,400 10,231 3.78 %
Other borrowings4,626,402 52,135 4.57 %4,489,870 55,883 4.95 %
Subordinated debentures131,188 2,084 6.44 %131,185 2,241 6.80 %
Total interest-bearing liabilities35,896,315 302,319 3.42 %35,138,011 326,079 3.69 %
Non-interest bearing demand deposits
8,156,069 8,378,558 
Due on unsettled securities purchases425,050 472,334 
Other liabilities848,797 1,047,983 
Total equity5,660,672 5,578,300 
Total liabilities and equity$50,986,903 $50,615,186 
Tax-equivalent net interest income
$318,793 2.03 %$315,512 1.90 %
Tax-equivalent net interest income to earning assets
2.78 %2.75 %
Less tax-equivalent adjustment2,542 2,466 
Net interest income
316,251 313,046 
Provision for credit losses
— — 
Other operating revenue186,041 210,044 
Other operating expense347,529 347,656 
Net income before taxes
154,763 175,434 
Federal and state income taxes34,992 39,280 
Net income119,771 136,154 
Net income (loss) attributable to non-controlling interests(6)— 
Net income attributable to BOK Financial Corporation shareholders
$119,777 $136,154 
Earnings per share:
Basic $1.86   $2.12  
Diluted $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.
- 94 -

(In thousands, except per share data)Three Months Ended
September 30, 2024
Average BalanceRevenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents$531,811 $7,131 5.33 %
Trading securities5,802,448 76,498 5.36 %
Investment securities, net of allowance2,094,408 7,406 1.41 %
Available-for-sale securities
12,939,422 125,555 3.76 %
Fair value option securities19,095 189 3.69 %
Restricted equity securities410,800 8,426 8.20 %
Residential mortgage loans held for sale95,742 1,495 6.15 %
Loans24,304,884 455,995 7.47 %
Allowance for loan losses(287,227)
Loans, net of allowance24,017,657 455,995 7.55 %
Total earning assets
45,911,383 682,695 5.89 %
Receivable on unsettled securities sales216,158 
Cash and other assets5,029,494 
Total assets$51,157,035 
Liabilities and equity
Interest-bearing deposits:
Transaction$23,986,697 $227,767 3.78 %
Savings820,980 1,232 0.60 %
Time3,678,964 42,129 4.56 %
Total interest-bearing deposits28,486,641 271,128 3.79 %
Funds purchased and repurchase agreements1,016,688 9,932 3.89 %
Other borrowings6,366,046 88,774 5.55 %
Subordinated debentures131,155 2,357 7.15 %
Total interest-bearing liabilities36,000,530 372,191 4.11 %
Non-interest bearing demand deposits
8,273,656 
Due on unsettled securities purchases348,585 
Other liabilities1,084,458 
Total equity5,449,806 
Total liabilities and equity$51,157,035 
Tax-equivalent net interest income
$310,504 1.78 %
Tax-equivalent net interest income to earning assets
2.68 %
Less tax-equivalent adjustment2,385 
Net interest income
308,119 
Provision for credit losses
2,000 
Other operating revenue208,192 
Other operating expense341,025 
Net income before taxes
173,286 
Federal and state income taxes33,313 
Net income139,973 
Net income (loss) attributable to non-controlling interests
(26)
Net income attributable to BOK Financial Corporation shareholders
$139,999 
Earnings per share:
Basic$2.18 
Diluted$2.18 
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.
- 95 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Sep. 30, 2025June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024
Interest revenue$644,453 $642,427 $618,570 $639,125 $680,310 
Interest expense306,807 314,261 302,319 326,079 372,191 
Net interest income
337,646 328,166 316,251 313,046 308,119 
Provision for credit losses2,000 — — — 2,000 
Net interest income after provision for credit losses
335,646 328,166 316,251 313,046 306,119 
Other operating revenue     
Brokerage and trading revenue43,239 38,125 31,068 55,505 50,391 
Transaction card revenue29,463 29,561 27,092 27,631 28,495 
Fiduciary and asset management revenue63,878 63,964 60,972 60,595 57,384 
Deposit service charges and fees31,896 31,319 30,275 30,038 30,450 
Mortgage banking revenue19,764 18,993 19,815 18,140 18,372 
Other revenue16,190 15,368 14,894 15,029 17,402 
Total fees and commissions204,430 197,330 184,116 206,938 202,494 
Other gains (losses), net8,264 8,140 (725)4,995 13,087 
Gain (loss) on derivatives, net(453)5,535 9,565 (21,728)8,991 
Gain (loss) on fair value option securities, net630 1,112 325 (621)764 
Change in fair value of mortgage servicing rights(2,375)(5,019)(7,240)20,460 (16,453)
Gain (loss) on available-for-sale securities, net
213 — — — (691)
Total other operating revenue210,709 207,098 186,041 210,044 208,192 
Other operating expense     
Personnel226,347 214,711 214,185 210,675 206,821 
Business promotion9,960 9,139 8,818 9,365 7,681 
Professional fees and services15,137 15,402 13,269 15,175 13,405 
Net occupancy and equipment33,040 32,657 32,992 32,713 32,077 
FDIC and other insurance7,302 6,439 6,587 6,862 8,186 
FDIC special assessment(1,209)(523)523 (686)(1,437)
Data processing and communications50,062 49,597 47,578 48,024 47,554 
Printing, postage and supplies4,036 4,067 3,639 3,699 3,594 
Amortization of intangible assets2,656 2,656 2,652 2,855 2,856 
Mortgage banking costs10,668 6,711 7,689 10,692 9,059 
Other expense11,771 13,647 9,597 8,282 11,229 
Total other operating expense369,770 354,503 347,529 347,656 341,025 
Net income before taxes176,585 180,761 154,763 175,434 173,286 
Federal and state income taxes35,714 40,691 34,992 39,280 33,313 
Net income140,871 140,070 119,771 136,154 139,973 
Net income (loss) attributable to non-controlling interests
(23)52 (6)— (26)
Net income attributable to BOK Financial Corporation shareholders
$140,894 $140,018 $119,777 $136,154 $139,999 
Earnings per share:     
Basic$2.22$2.19$1.86$2.12$2.18
Diluted$2.22$2.19$1.86$2.12$2.18
Average shares used in computation:
Basic62,840,270 63,208,027 63,547,510 63,491,458 63,489,581 
Diluted62,840,270 63,208,027 63,547,510 63,491,458 63,489,581 


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PART II. Other Information

Item 1. Legal Proceedings
 
See discussion of legal proceedings at Note 6 to the Consolidated Financial Statements.

Item 1A. Risk Factors
There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended September 30, 2025.
 
Period
Total Number of Shares Purchased2
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
Maximum Number of Shares that May Yet Be Purchased Under the Plans
July 1 to July 31, 2025445 $102.96 — 5,000,000 
August 1 to August 31, 202564,294 $109.59 64,000 4,936,000 
September 1 to September 30, 2025301,764 $111.29 301,547 4,634,453 
Total366,503  365,547  
1On July 29, 2025, the Company's Board authorized the Company to repurchase up to five million shares of the Company's common stock. As of September 30, 2025, the Company had repurchased 365,547 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.
2The Company may repurchase vested shares from employees to cover taxes in connection with employee equity compensation.
Item 5. Other Information

Trading Plans

No Company director or officer (as defined in Exchange Act Rule 16a-1(f)) has adopted, modified or terminated any trading arrangements during the third quarter of 2025.

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

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Item 6. Exhibits
31.1
31.2
32
101
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements. The XBRL instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104
Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)

Items 3 and 4 are not applicable and have been omitted.
- 98 -

Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


BOK FINANCIAL CORPORATION
(Registrant)



Date:        October 29, 2025           


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

    
/s/ Michael J. Rogers
Michael J. Rogers
Senior Vice President and
Chief Accounting Officer

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