Companies: 10,822     total market cap: $148.380 T
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BOK Financial
BOKF
#2416
Rank
$7.79 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$128.25
Share price
1.04%
Change (1 day)
31.61%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BOK Financial
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-06

BOK Financial - 10-Q quarterly report FY


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 March 31, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________

Commission File No. 001-37811

BOK FINANCIAL CORP
(Exact name of registrant as specified in its charter) 
Oklahoma 73-1373454
(State or other jurisdiction
of Incorporation or Organization)		 (IRS Employer
Identification No.)
  
Bank of Oklahoma Tower  
Boston Avenue at Second Street  
Tulsa,Oklahoma 74172
(Address of Principal Executive Offices) (Zip Code)
 
(918) 588-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 such files). Yes  ý  No  ¨

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

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

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

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

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



BOK Financial Corporation
Form 10-Q
Quarter Ended March 31, 2026

Index
Glossary of Defined Terms
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)
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
AIArtificial Intelligence
AOCIAccumulated Other Comprehensive Income
ASC
Accounting Standards Codification
ASRAccelerated Share Repurchase
ASU
Accounting Standards Update
ATM
Automated Teller Machine
BoardBoard of Directors of BOK Financial Corporation
BOK FinancialBOK Financial Corporation
BOKFBOK Financial Corporation
CECL
Current Expected Credit Losses
CODM
Chief Operating Decision Maker
CompanyBOK Financial Corporation
EFTElectronic Funds Transfer
EPS
Earnings Per Share
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
MMBtuMillion British Thermal Units
MPF
Mortgage Partnership Finance
MSR
Mortgage Servicing Rights
Nasdaq
National Association of Securities Dealers Automated Quotations
PPNR
Pre-Provision Net Revenue
RMHFS
Residential Mortgages Held for Sale
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 $155.8 million, or $2.58 per diluted share, for the first quarter of 2026 compared to $177.3 million, or $2.89 per diluted share, for the fourth quarter of 2025. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit1, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025. PPNR1, a non-GAAP measure, was $199.7 million for the first quarter of 2026, compared to $228.5 million in the fourth quarter of 2025.

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

•Net interest income totaled $342.6 million, a decrease of $2.7 million compared to the prior quarter. Net interest margin was 2.90% for the first quarter of 2026, compared to 2.98% for the prior quarter. For the first quarter of 2026, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.15% compared to 3.22% in the prior quarter.
•Fees and commissions revenue totaled $209.8 million, a decrease of $5.1 million, primarily due to lower investment banking revenue driven by seasonality and volume of transactions.
•Other operating expense totaled $354.2 million, a decrease of $6.9 million compared to the prior quarter. Excluding the FDIC special assessment benefit from fourth quarter of 2025, operating expense decreased $16.4 million. Personnel expense decreased $11.6 million and non-personnel expense decreased $4.8 million, reflecting our continued focus on managing our core cost structure.
•Period end outstanding loan balances totaled $26.2 billion at March 31, 2026, growing by $536 million over December 31, 2025, with broad-based growth across the loan portfolio, led by general business, energy, and multifamily commercial real estate loans. Average loan balances increased $683 million to $25.9 billion.
•No provision for expected credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter. Net charge-offs in the first quarter were $1.9 million, or 0.03% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $323 million, or 1.23% of outstanding loans at March 31, 2026. The combined allowance for credit losses was $327 million, or 1.28% of outstanding loans at December 31, 2025.
•Nonperforming assets not guaranteed by U.S. government agencies were $52 million, a $14 million decrease compared to December 31, 2025. Accruing substandard loans decreased by $5.5 million while other loans especially mentioned decreased by $31 million compared to December 31, 2025.
•Period end deposits decreased by $758 million to $38.7 billion at March 31, 2026. Average deposits decreased $1.0 billion, including a $692 million decrease in average interest-bearing deposits and a $315 million reduction in demand deposit balances. The loan to deposit ratio was 68% at March 31, 2026, compared to 65% at December 31, 2025.
•Assets under management or administration totaled $123.6 billion at March 31, 2026, decreasing $3.0 billion compared to December 31, 2025, primarily driven by changes in the equity markets.
•The Company's tangible common equity ratio1, a non-GAAP measure, was 9.29% at March 31, 2026, and 9.46% at December 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on AFS securities.
•The common equity Tier 1 capital ratio at March 31, 2026, was 12.61%. Other regulatory capital ratios include the Tier 1 capital ratio at 12.61%, total capital ratio at 14.39%, and leverage ratio at 9.85%. At December 31, 2025, the common equity Tier 1 capital ratio was 12.90%, the Tier 1 capital ratio was 12.90%, the total capital ratio was 14.77%, and the leverage ratio was 9.86%.
1    See "Explanation and Reconciliation of Non-GAAP Measures" section following.
- 2 -

•No shares of common stock were repurchased during the first quarter of 2026. The company repurchased 2,617,414 shares of common stock at an average price of $107.99 per share in the fourth quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.
•The Company paid a regular cash dividend of $38.1 million, or $0.63 per common share, during the first quarter of 2026. On May 5, 2026, the Board approved a quarterly cash dividend of $0.63 per common share payable on or about May 27, 2026, to shareholders of record as of May 13, 2026.
Highlights of the three months ended March 31, 2026, compared to the three months ended March 31, 2025 included:
•Net income for the three months ended March 31, 2026 totaled $155.8 million, or $2.58 per diluted share, compared to $119.8 million, or $1.86 per diluted share, for the three months ended March 31, 2025.
•Net interest income totaled $342.6 million for the three months ended March 31, 2026, and $316.3 million for the three months ended March 31, 2025. Net interest income increased $16.5 million from changes in interest rates and increased $9.9 million from changes in earning assets. Net interest margin was 2.90% compared to 2.78%. The AFS securities portfolio yield increased 11 basis points, while the yield on trading securities decreased 43 basis points. Funding costs decreased 50 basis points. The cost of interest-bearing deposits was down 53 basis points. Average earning assets increased $2.2 billion to $47.8 billion, largely driven by higher average balances for loans and AFS securities, partially offset by a decrease in average trading securities. Total interest-bearing deposits increased $1.1 billion, partially offset by a decrease of $462 million in demand deposit balances. Other borrowed funds increased $711 million and average subordinated debentures increased $265 million.
•Fees and commissions revenue totaled $209.8 million for the three months ended March 31, 2026, a $25.7 million increase over the three months ended March 31, 2025. Brokerage and trading revenue increased $12.5 million, largely due to higher trading volumes and improved trading margins on U.S. agency residential mortgage-backed securities. Fiduciary and asset management revenue increased $5.5 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue increased $4.9 million due to disciplined pricing strategies, targeted customer acquisition efforts, and an increase in the volume of transactions processed during the period. Deposit service charges increased $1.9 million due to growth in commercial service charges.
•Total operating expense was $354 million for the three months ended March 31, 2026, an increase of $6.6 million over the three months ended March 31, 2025. Personnel expense decreased $3.0 million. Employee benefits expense decreased $5.3 million due to a combination of lower retirement plan costs and employee healthcare costs. Regular compensation increased $1.9 million, largely related to annual merit increases given to most employees in March. Non-personnel expense increased $9.6 million. Data processing and communications expense was up $4.2 million, largely driven by costs associated with ongoing projects. Mortgage banking costs grew $4.1 million due to increased prepayments.
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Results of Operations
Net Interest Income and Net Interest Margin

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

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

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

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

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

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

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

The effectiveness of these strategies is reflected in the overall change in net interest income due to changes in interest rates as shown in Table 1 and in the interest rate sensitivity projections as shown in the Market Risk section of this report.
1    See "Explanation and Reconciliation of Non-GAAP Measures" section following.
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Table 1 – Volume/Rate Analysis
(In thousands)
Three Months Ended
Mar. 31, 2026 / Dec. 31, 2025
Three Months Ended
Mar. 31, 2026 / 2025
  
Change Due To1
 
Change Due To1
ChangeVolumeYield/RateChangeVolumeYield/Rate
Tax-equivalent interest revenue:      
Interest-bearing cash and cash equivalents
$(169)$234 $(403)$(1,096)$139 $(1,235)
Trading securities1,292 3,830 (2,538)(9,283)(3,193)(6,090)
Investment securities, net of allowance(232)(193)(39)(859)(808)(51)
Available-for-sale securities
(477)59 (536)6,390 2,679 3,711 
Fair value option securities476 473 3 1,211 1,019 192 
Restricted equity securities
2,159 2,049 110 140 202 (62)
Residential mortgage loans held for sale
(293)(203)(90)81 188 (107)
Loans(12,594)6,318 (18,912)839 29,434 (28,595)
Total tax-equivalent interest revenue(9,838)12,567 (22,405)(2,577)29,660 (32,237)
Interest expense:
Transaction deposits(23,206)(6,956)(16,250)(28,719)6,212 (34,931)
Savings deposits(1)16 (17)(6)40 (46)
Time deposits(2,018)(631)(1,387)(3,149)1,908 (5,057)
Funds purchased and repurchase agreements(3,760)(2,165)(1,595)(428)(84)(344)
Other borrowings19,450 23,090 (3,640)(653)7,567 (8,220)
Subordinated debentures2,369 2,349 20 4,007 4,159 (152)
Total interest expense(7,166)15,703 (22,869)(28,948)19,802 (48,750)
Tax-equivalent net interest income
(2,672)(3,136)464 26,371 9,858 16,513 
Change in tax-equivalent adjustment55 68 
Net interest income
$(2,727)$26,303 
1 Changes attributable to both volume and yield/rate are allocated to both volume and yield/rate on an equal basis.


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Other Operating Revenue

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

Table 2 – Other Operating Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Brokerage and trading revenue
$43,606 $47,310 $(3,704)(8)%$31,068 $12,538 40 %
Transaction card revenue31,965 31,564 401 1 %27,092 4,873 18 %
Fiduciary and asset management revenue
66,481 68,347 (1,866)(3)%60,972 5,509 9 %
Deposit service charges and fees
32,218 32,039 179 1 %30,275 1,943 6 %
Mortgage banking revenue20,963 19,013 1,950 10 %19,815 1,148 6 %
Other revenue14,544 16,591 (2,047)(12)%14,894 (350)(2)%
Total fees and commissions209,777 214,864 (5,087)(2)%184,116 25,661 14 %
Other gains (losses), net(216)28,078 (28,294)N/A(725)509 N/A
Gain (loss) on derivatives, net(4,374)(2,366)(2,008)N/A9,565 (13,939)N/A
Gain (loss) on fair value option securities, net(2,074)551 (2,625)N/A325 (2,399)N/A
Change in fair value of mortgage servicing rights
8,155 1,407 6,748 N/A(7,240)15,395 N/A
Gain (loss) on available-for-sale securities, net
— 1,748 (1,748)N/A— — N/A
Total other operating revenue
$211,268 $244,282 $(33,014)(14)%$186,041 $25,227 14 %
Percentage increases (decreases) in non-fees and commissions revenue are not meaningful for comparison purposes based on the nature of the item.

Fees and Commissions Revenue

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




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Brokerage and Trading Revenue

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

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

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

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

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

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



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

Table 3 – Assets Under Management or Administration
(Dollars in thousands)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
 
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Balance1
Revenue2
Margin3
Managed fiduciary assets:
Personal$13,582,541 $30,340 0.89 %$13,688,630 $31,092 0.91 %$12,382,640 $28,012 0.90 %
Institutional25,905,901 13,628 0.21 %26,024,749 13,833 0.21 %24,090,880 12,786 0.21 %
Total managed fiduciary assets
39,488,442 43,968 0.45 %39,713,379 44,925 0.45 %36,473,520 40,798 0.45 %
Non-managed assets:
Fiduciary34,861,659 19,771 0.23 %37,293,365 21,230 0.23 %31,586,317 17,652 0.22 %
Non-fiduciary21,827,721 2,742 0.05 %22,538,905 2,192 0.04 %20,170,128 2,522 0.05 %
Safekeeping and brokerage assets under administration
27,408,893 — — %27,069,009 — — %25,726,598 — — %
Total non-managed assets
84,098,273 22,513 0.11 %86,901,279 23,422 0.11 %77,483,043 20,174 0.10 %
Total assets under management or administration
$123,586,715 $66,481 0.22 %$126,614,658 $68,347 0.22 %$113,956,563 $60,972 0.21 %
1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $22 billion, $23 billion, and $20 billion of such assets are excluded from assets under management or administration at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
2    Fiduciary and asset management revenue includes asset-based and other fees associated with the assets.
3    Annualized revenue divided by period end asset balance.
A summary of changes in assets under management or administration for the three months ended March 31, 2026, and 2025 follows:

Table 4 – Changes in Assets Under Management or Administration
(In thousands)
Three Months Ended March 31,
20262025
Beginning balance$126,614,658 $114,615,237 
Net inflows (outflows)(1,243,439)491,790 
Net change in fair value(1,784,504)(1,150,464)
Ending balance$123,586,715 $113,956,563 

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

Deposit Service Charges

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



- 8 -

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

Table 5 – Mortgage Banking Revenue 
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Mortgage production revenue$3,926 $1,963 $1,963 100 %$2,629 $1,297 49 %
Mortgage loans funded for sale$230,858 $230,376 $159,816 
Add: Current period end outstanding commitments83,674 49,048 60,429 
Less: Prior period end outstanding commitments49,048 67,842 36,590 
Total mortgage production volume$265,484 $211,582 $53,902 25 %$183,655 $81,829 45 %
Mortgage loan refinances to mortgage loans funded for sale30 %27 %300  bps12 %1,800  bps
Realized margin on funded mortgage loans1.22 %1.10 %12  bps0.91 %31  bps
Production revenue as a percentage of production volume1.48 %0.93 %55  bps1.43 %5  bps
Primary mortgage interest rates1:
Average6.11 %6.23 %(12) bps6.83 %(72) bps
Period end6.38 %6.18 %20   bps6.65 %(27) bps
Mortgage servicing revenue$17,037 $17,050 $(13)— %$17,186 $(149)(1)%
Average outstanding principal balance of mortgage loans serviced for others$22,109,450 $21,882,238 $227,212 1 %$23,089,324 $(979,874)(4)%
Average mortgage servicing revenue fee rates0.31 %0.31 %—  bp0.30 %1  bp
1    Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

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

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

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



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Table 6 – Gain (Loss) on Mortgage Servicing Rights, Net of Economic Hedge
(In thousands)
 Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Gain (loss) on derivatives, net$(4,211)$(2,651)$9,183 
Gain (loss) on fair value option securities, net(2,074)551 325 
Gain (loss) on economic hedge of mortgage servicing rights, net(6,285)(2,100)9,508 
Change in fair value of mortgage servicing rights8,155 1,407 (7,240)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue1,870 (693)2,268 
Net interest income (expense) on fair value option securities1
86 114 (71)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$1,956 $(579)$2,197 
1    Actual interest earned on fair value option securities less internal transfer-priced cost of funds.


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Other Operating Expense

Other operating expense for the first quarter of 2026 totaled $354.2 million, a decrease of $6.9 million compared to the fourth quarter of 2025. Our efficiency ratio1 was 63.21% for the first quarter of 2026, compared to 60.71% in the prior quarter.
Table 7 – Other Operating Expense
(Dollars in thousands)
Three Months EndedIncrease (Decrease)%
Increase (Decrease)		Three Months Ended
Mar. 31, 2025		Increase (Decrease)%
Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Regular compensation$122,193 $124,671 $(2,478)(2)%$120,323 $1,870 2 %
Incentive compensation:
Cash-based52,694 59,683 (6,989)(12)%52,179 515 1 %
Share-based5,286 6,667 (1,381)(21)%6,266 (980)(16)%
Deferred compensation182 2,430 (2,248)N/A(746)928 N/A
Total incentive compensation58,162 68,780 (10,618)(15)%57,699 463 1 %
Employee benefits30,819 29,275 1,544 5 %36,163 (5,344)(15)%
Total personnel expense211,174 222,726 (11,552)(5)%214,185 (3,011)(1)%
Business promotion9,226 11,516 (2,290)(20)%8,818 408 5 %
Professional fees and services14,295 18,371 (4,076)(22)%13,269 1,026 8 %
Net occupancy and equipment33,182 32,693 489 1 %32,992 190 1 %
FDIC and other insurance5,685 6,078 (393)(6)%6,587 (902)(14)%
FDIC special assessment— (9,479)9,479 N/A523 (523)N/A
Data processing and communications51,768 51,299 469 1 %47,578 4,190 9 %
Printing, postage, and supplies3,679 4,077 (398)(10)%3,639 40 1 %
Amortization of intangible assets2,443 2,656 (213)(8)%2,652 (209)(8)%
Mortgage banking costs11,757 10,663 1,094 10 %7,689 4,068 53 %
Other expense10,957 10,454 503 5 %9,597 1,360 14 %
Total other operating expense$354,166 $361,054 $(6,888)(2)%$347,529 $6,637 2 %
Average number of employees (FTE)
4,969 5,101 (132)(3)%5,030 (61)(1)%
Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense
Personnel expense was $211.2 million, a decrease of $11.6 million compared to the fourth quarter of 2025. Cash-based incentive compensation decreased $7.0 million. The fourth quarter of 2025 included higher incentive compensation expenses, primarily driven by strong results in both commercial and wealth production volumes. Regular compensation costs decreased $2.5 million, reflecting the normalization of quarterly compensation expense as the majority of transitional personnel costs from talent base alignment were recognized in the prior quarter. Deferred compensation expense was $182 thousand for the first quarter of 2026, a decrease of $2.2 million. Employee benefits expense increased $1.5 million due to a seasonal increase in payroll taxes, partially offset by lower employee healthcare costs.
Non-personnel Operating Expense
Non-personnel expense was $143.0 million, an increase of $4.7 million. Excluding the impact of the FDIC special assessment adjustment in the prior quarter, non-personnel expense decreased $4.8 million. Professional fees and services decreased $4.1 million, primarily driven by lower project costs. Business promotion expense decreased $2.3 million due to lower travel and advertising costs. Mortgage banking costs increased $1.1 million due to increased payoff activity.

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

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

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

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

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

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

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

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

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

Table 8 – Net Income Before Taxes by Segment
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)% Increase (Decrease)Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Commercial Banking
$134,787 $162,142 $(27,355)(17)%$138,096 $(3,309)(2)%
Consumer Banking19,168 15,054 4,114 27 %22,122 (2,954)(13)%
Wealth Management37,541 42,689 (5,148)(12)%32,726 4,815 15 %
Segment total191,496 219,885 (28,389)(13)%192,944 (1,448)(1)%
Funds Management and other8,160 8,624 (464)N/A(38,181)46,341 N/A
BOK Financial Corporation$199,656 $228,509 $(28,853)(13)%$154,763 $44,893 29 %
Certain percentage increases (decreases) are not meaningful for comparison purposes.


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Commercial Banking

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

Table 9 – Commercial Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Net interest income from external sources
$241,317 $243,469 $(2,152)(1)%$231,423 $9,894 4 %
Net interest income (expense) from internal sources(67,844)(62,519)(5,325)(9)%(53,165)(14,679)(28)%
Net interest income
173,473 180,950 (7,477)(4)%178,258 (4,785)(3)%
Net loans charged off400 929 (529)(57)%148 252 170 %
Net interest income after net loans charged off173,073 180,021 (6,948)(4)%178,110 (5,037)(3)%
Other operating revenue60,068 87,497 (27,429)(31)%55,521 4,547 8 %
Personnel expense
51,267 54,978 (3,711)(7)%49,574 1,693 3 %
Non-personnel expense31,041 33,209 (2,168)(7)%28,906 2,135 7 %
Total other operating expense82,308 88,187 (5,879)(7)%78,480 3,828 5 %
Corporate allocations16,046 17,189 (1,143)(7)%17,055 (1,009)(6)%
Net income before taxes$134,787 $162,142 $(27,355)(17)%$138,096 $(3,309)(2)%
Average assets
$22,679,465 $22,139,520 $539,945 2 %$21,400,745 $1,278,720 6 %
Average loans
21,232,965 20,650,624 582,341 3 %19,965,166 1,267,799 6 %
Average deposits
18,306,337 18,492,793 (186,456)(1)%17,769,083 537,254 3 %
Average invested capital
2,235,635 2,205,435 30,200 1 %2,147,530 88,105 4 %
Net interest income decreased $7.5 million, or 4%, primarily due to lower deposit spreads and demand deposit balances, partially offset by increased loan volumes. Other operating revenue decreased $27.4 million compared to the prior quarter, as the fourth quarter of 2025 included a $23.5 million pre-tax gain on the sale of a merchant banking investment. Investment banking revenue decreased $2.2 million due to lower loan syndication fees.

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

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

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








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Consumer Banking

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

Table 10 – Consumer Banking
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Net interest income from external sources$17,788 $16,806 $982 6 %$8,740 $9,048 104 %
Net interest income (expense) from internal sources38,201 40,357 (2,156)(5)%48,512 (10,311)(21)%
Net interest income55,989 57,163 (1,174)(2)%57,252 (1,263)(2)%
Net loans charged off1,508 944 564 60 %1,517 (9)(1)%
Net interest income after net loans charged off54,481 56,219 (1,738)(3)%55,735 (1,254)(2)%
Other operating revenue42,866 36,895 5,971 16 %39,058 3,808 10 %
Personnel expense25,466 25,181 285 1 %25,837 (371)(1)%
Non-personnel expense38,027 39,587 (1,560)(4)%31,399 6,628 21 %
Total other operating expense63,493 64,768 (1,275)(2)%57,236 6,257 11 %
Corporate allocations14,686 13,292 1,394 10 %15,435 (749)(5)%
Net income before taxes$19,168 $15,054 $4,114 27 %$22,122 $(2,954)(13)%
Average assets$8,452,393 $8,396,499 $55,894 1 %$8,201,821 $250,572 3 %
Average loans2,584,226 2,516,158 68,068 3 %2,206,553 377,673 17 %
Average deposits8,389,039 8,346,245 42,794 1 %8,154,762 234,277 3 %
Average invested capital338,736 334,561 4,175 1 %322,204 16,532 5 %

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

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

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

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Wealth Management

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

Table 11 – Wealth Management
(Dollars in thousands)
 Three Months EndedIncrease (Decrease)%
Increase
(Decrease)		Three Months Ended
Mar. 31, 2025		Increase (Decrease)% Increase (Decrease)
 Mar. 31, 2026Dec. 31, 2025
Net interest income from external sources$19,867 $13,929 $5,938 43 %$13,942 $5,925 42 %
Net interest income (expense) from internal sources23,107 30,132 (7,025)(23)%30,560 (7,453)(24)%
Net interest income42,974 44,061 (1,087)(2)%44,502 (1,528)(3)%
Net loans recovered496 (7)503 7,186 %(8)504 6,300 %
Net interest income after net loans recovered42,478 44,068 (1,590)(4)%44,510 (2,032)(5)%
Other operating revenue110,387 116,110 (5,723)(5)%96,336 14,051 15 %
Personnel expense69,413 74,028 (4,615)(6)%67,245 2,168 3 %
Non-personnel expense28,756 28,697 59 — %27,021 1,735 6 %
Total other operating expense98,169 102,725 (4,556)(4)%94,266 3,903 4 %
Corporate allocations17,155 14,764 2,391 16 %13,854 3,301 24 %
Net income before taxes
$37,541 $42,689 $(5,148)(12)%$32,726 $4,815 15 %
Average assets$11,370,683 $11,276,162 $94,521 1 %$11,367,435 $3,248 — %
Average loans2,430,864 2,393,802 37,062 2 %2,187,599 243,265 11 %
Average deposits10,782,785 10,703,630 79,155 1 %10,702,521 80,264 1 %
Average invested capital345,639 340,560 5,079 1 %330,846 14,793 4 %

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

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

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

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

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

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

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

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

Certain residential mortgage-backed securities and commercial mortgage-backed securities issued by U.S. government agencies and included in Fair value option securities on the Consolidated Balance Sheets have been segregated and designated as economic hedges of changes in the fair value of our MSR. We have elected to carry these securities at fair value with changes in fair value recognized in current period income. These securities are held with the intent that gains or losses will offset changes in the fair value of MSR and related derivative contracts. Fair value option securities totaled $178 million, a $76 million increase compared to December 31, 2025.
- 17 -

Loans

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

Table 12 – Loans
(In thousands)
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Commercial: 
Healthcare$3,955,763 $4,008,208 $3,878,543 $3,808,936 $3,789,446 
Services3,901,933 3,911,917 3,710,643 3,658,807 3,704,834 
Energy3,005,693 2,882,242 2,681,512 2,734,713 2,860,330 
Mortgage finance228,242 177,765 84,271 — — 
General business4,481,452 4,300,935 4,157,971 4,181,726 4,048,821 
Total commercial15,573,083 15,281,067 14,512,940 14,384,182 14,403,431 
Commercial real estate:
Multifamily2,553,709 2,432,330 2,500,323 2,473,365 2,336,312 
Industrial1,418,626 1,368,436 1,396,795 1,304,211 1,163,089 
Office821,569 814,139 811,601 690,086 704,688 
Retail613,976 573,451 593,835 592,043 497,579 
Residential construction and land development
109,480 129,783 122,033 105,701 105,190 
Other commercial real estate367,319 353,867 328,020 356,035 356,678 
Total commercial real estate5,884,679 5,672,006 5,752,607 5,521,441 5,163,536 
Loans to individuals: 
Residential mortgage2,784,134 2,731,415 2,676,366 2,610,681 2,471,345 
Residential mortgage guaranteed by U.S. government agencies
160,254 158,359 151,642 148,453 133,453 
Personal1,785,243 1,808,615 1,771,639 1,627,454 1,518,723 
Total loans to individuals4,729,631 4,698,389 4,599,647 4,386,588 4,123,521 
Total$26,187,393 $25,651,462 $24,865,194 $24,292,211 $23,690,488 
Commercial

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

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

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

Healthcare sector loans totaled $4.0 billion, or 15% of total loans, a decrease of $52 million compared to December 31, 2025. Healthcare sector loans consist primarily of $3.2 billion of loans for the development and operation of senior housing and care facilities including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities which serves to help diversify risks specific to a single facility.
The services sector of the loan portfolio totaled $3.9 billion, or 15% of total loans, largely unchanged compared to the prior quarter. Services sector loans consist of a large number of loans to a variety of businesses, including state and local municipal government entities, Native American tribal government and casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors. Services sector loans are generally secured by the assets of the borrower with repayment coming from the cash flows of ongoing operations of the customer's business.

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

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

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

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

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

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

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

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

- 19 -

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

Commercial Real Estate

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

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

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

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

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

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

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

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

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

Table 13 – Loans Managed by Primary Geographical Market
(In thousands)
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Texas:
Commercial$7,489,036 $7,383,319 $6,800,577 $6,893,246 $6,953,714 
Commercial real estate2,149,123 2,057,016 2,107,335 1,997,598 1,864,345 
Loans to individuals1,077,386 1,066,827 1,037,831 996,341 929,825 
Total Texas10,715,545 10,507,162 9,945,743 9,887,185 9,747,884 
Oklahoma:
Commercial3,907,911 3,829,109 3,692,319 3,455,696 3,380,680 
Commercial real estate612,981 589,709 574,126 512,075 521,992 
Loans to individuals3,065,886 3,005,460 2,927,185 2,725,320 2,548,549 
Total Oklahoma7,586,778 7,424,278 7,193,630 6,693,091 6,451,221 
Colorado:
Commercial2,125,660 2,127,979 2,132,770 2,185,658 2,246,388 
Commercial real estate596,517 600,668 589,307 791,171 706,154 
Loans to individuals191,721 200,378 208,323 217,088 210,531 
Total Colorado2,913,898 2,929,025 2,930,400 3,193,917 3,163,073 
Arizona:
Commercial1,378,256 1,253,824 1,228,593 1,166,745 1,115,085 
Commercial real estate1,448,141 1,332,658 1,348,838 1,165,927 1,084,967 
Loans to individuals220,116 224,354 222,963 226,727 218,093 
Total Arizona3,046,513 2,810,836 2,800,394 2,559,399 2,418,145 
Kansas/Missouri:
Commercial291,075 282,189 270,068 303,692 298,410 
Commercial real estate537,709 571,331 618,052 556,390 533,335 
Loans to individuals117,617 142,392 142,408 155,154 147,651 
Total Kansas/Missouri946,401 995,912 1,030,528 1,015,236 979,396 
New Mexico:
Commercial308,712 311,636 282,479 282,918 324,321 
Commercial real estate484,623 465,228 458,720 443,516 381,775 
Loans to individuals48,099 49,589 51,056 55,714 57,926 
Total New Mexico841,434 826,453 792,255 782,148 764,022 
Arkansas:
Commercial72,433 93,011 106,134 96,227 84,833 
Commercial real estate55,585 55,396 56,229 54,764 70,968 
Loans to individuals8,806 9,389 9,881 10,244 10,946 
Total Arkansas136,824 157,796 172,244 161,235 166,747 
Total BOK Financial loans$26,187,393 $25,651,462 $24,865,194 $24,292,211 $23,690,488 
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Off-Balance Sheet Commitments

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

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

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

Table 14 – Off-Balance Sheet Credit Commitments
(In thousands)
 Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Loan commitments$16,175,429 $15,856,740 $15,266,953 $14,736,539 $14,546,324 
Standby letters of credit616,908 606,697 643,166 702,008 697,793 
Unpaid principal balance of residential mortgage loans sold with recourse28,460 29,403 30,372 31,560 32,544 
Unpaid principal balance of residential mortgage loans sold into mortgage-backed securities guaranteed by VA
844,848 855,182 869,589 890,377 902,670 
Unpaid principal balance of residential mortgage loans sold to the FHLB through the MPF program
749,875 — — — — 
Customer Risk Management Programs

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

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

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

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

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

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

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

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

Table 15 – Fair Value of Derivative Contracts
(In thousands)
Customers$484,320 
Exchanges and clearing organizations129,438 
Banks and other financial institutions39,731 
Fair value of customer risk management program asset derivative contracts, net$653,489 
 
At March 31, 2026, our largest derivative exposure was to an exchange for $649 million of cash margin placed with the exchange, net of $406 million energy derivative positions in a net liability position.

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

The fair value of our to-be-announced residential mortgage-backed securities and interest rate swap derivative contracts is affected by changes in interest rates. Based on our assessment as of March 31, 2026, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer risk management program.
- 23 -

Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience
(Dollars in thousands)
Three Months Ended
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Allowance for loan losses:  
Beginning balance$275,860 $277,692 $277,049 $278,594 $280,035 
Loans charged off(3,176)(2,353)(4,348)(1,313)(2,291)
Recoveries of loans previously charged off1,303 907 721 752 1,186 
Net loans charged off
(1,873)(1,446)(3,627)(561)(1,105)
Provision for credit losses
3,732 (386)4,270 (984)(336)
Ending balance$277,719 $275,860 $277,692 $277,049 $278,594 
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$51,271 $50,784 $52,992 $52,088 $51,640 
Provision for credit losses
(5,934)487 (2,208)904 448 
Ending balance$45,337 $51,271 $50,784 $52,992 $52,088 
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance
$2,934 $3,030 $3,111 $3,060 $3,148 
Net loans charged off
— (1)(7)(26)(6)
Provision for credit losses
2,213 (95)(74)77 (82)
Ending balance
$5,147 $2,934 $3,030 $3,111 $3,060 
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance
$202 $208 $196 $193 $223 
Provision for credit losses
(11)(6)12 3 (30)
Ending balance$191 $202 $208 $196 $193 
Total provision for credit losses
$— $— $2,000 $— $— 
Average loans by portfolio segment:
Commercial$15,430,740 $15,037,471 $14,490,145 $14,315,695 $14,633,090 
Commercial real estate5,779,715 5,581,588 5,743,572 5,495,152 5,245,867 
Loans to individuals4,715,130 4,623,492 4,592,422 4,365,702 4,189,270 
Net charge-offs (annualized) to average loans0.03 %0.02 %0.06 %0.01 %0.02 %
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial0.02 %0.02 %0.08 %— %0.02 %
Commercial real estate— %— %(0.01)%0.01 %(0.01)%
Loans to individuals0.10 %0.06 %0.05 %0.05 %0.05 %
Recoveries to gross charge-offs
41.03 %38.55 %16.58 %57.27 %51.77 %
Provision for loan losses (annualized) to average loans
0.06 %(0.01)%0.07 %(0.02)%(0.01)%
Allowance for loan losses to loans outstanding at period end
1.06 %1.08 %1.12 %1.14 %1.18 %
Accrual for unfunded loan commitments to loan commitments
0.28 %0.32 %0.33 %0.36 %0.36 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end
1.23 %1.28 %1.32 %1.36 %1.40 %
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Allowance for Loan Losses and Accrual for Off-Balance Sheet Credit Risk from Unfunded Loan Commitments
Expected credit losses on assets carried at amortized cost are recognized over their expected lives based on models that measure the probability of default and loss given default over a 12-month reasonable and supportable forecast period. Models incorporate base case, downside, and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, commercial real estate vacancy rates, and WTI oil prices on a probability weighted basis. See Note 4 to the Consolidated Financial Statements for additional discussion of methodology of allowance for loan losses.
Non-pass grade loans, which include loans especially mentioned, accruing substandard, and nonaccruing loans, totaled $529 million at March 31, 2026, a decrease of $51 million compared to December 31, 2025. Non-pass grade loans were composed primarily of $165 million, or 4%, of commercial healthcare loans; $122 million, or 3%, of commercial general business loans; $117 million, or 3%, of commercial services loans; and $82 million, or 1%, of commercial real estate loans. Nonaccruing loans decreased $14 million during the quarter, loans especially mentioned decreased $31 million, and accruing substandard loans decreased $5.5 million compared to the prior quarter. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.
No provision for credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter. The allowance for loan losses totaled $278 million, or 1.06% of outstanding loans, at March 31, 2026. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 532% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $323 million, or 1.23% of outstanding loans and 618% of nonaccruing loans, at March 31, 2026.
The probability weighting of all scenarios in our reasonable and supportable forecast remained unchanged compared to the prior quarter. The sensitivity to management's economic scenario weighting may be quantified by comparing the results of weighting each economic scenario at 100%. For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $168 million in quantitative reserve, while a 100% upside case would result in $15 million less quantitative reserve at March 31, 2026. Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance.
No provision for credit losses was necessary for the fourth quarter of 2025. The allowance for loan losses was $276 million, or 1.08% of outstanding loans, at December 31, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 419% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $327 million, or 1.28% of outstanding loans and 497% of nonaccruing loans.
- 25 -

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2026 follows:
BaseDownsideUpside
Scenario probability weighting50%35%15%
Economic outlook
Geopolitical conflicts remain isolated.

Inflation measures move higher during the second quarter of 2026 due to temporary energy-related pressures, but improve as oil prices slowly decrease beginning in the third quarter of 2026. Core inflation remains elevated, reaching 2.7% by the first quarter of 2027.

There are no rate cuts over the next four quarters, leaving the federal funds target range unchanged at 3.50% to 3.75% at the end of the first quarter of 2027.

Higher energy prices negatively offset the One Big Beautiful Bill fiscal stimulus, and the labor market remains in its current low hire/low fire state.
Geopolitical conflicts remain isolated.

Inflation reaccelerates and reduces real wages. This results in a significant decrease in consumer spending, which is compounded by a restrictive credit environment and declines in private sector investment. This pushes the United States into a recession with a contraction in economic activity and a sharp increase in the unemployment rate.

The Federal Reserve is forced to adopt an accommodative monetary policy compared to the base case scenario and cut the federal funds rate significantly to encourage economic activity and job creation. In total, there are seven rate cuts over the next four quarters bringing the target range to 1.75% to 2.00% by the end of the first quarter of 2027.

Significant demand destruction for domestic oil, combined with record levels of production, lead to a sharp decline in oil prices beginning in the third quarter of 2026.
Geopolitical conflicts remain isolated.

Inflation measures that moved higher during the first quarter of 2026 due to temporary energy-related pressures improve as oil prices quickly normalize through the first quarter of 2027. The impact of tariffs and restrictive immigration policies is minor. Core inflation improves and reaches 2.3% by the first quarter of 2027.

There is one rate cut over the next four quarters, bringing the target range to 3.25% to 3.50% by the end of the first quarter of 2027.

Benefits from the One Big Beautiful Bill and AI investments help lift consumer spending levels and labor force productivity, resulting in above-trend GDP growth.
Macro-economic factors
–GDP is forecasted to grow by 1.9% over the next 12 months.
–Civilian unemployment rate of 4.5% in the second quarter of 2026 increases to 4.6% in the first quarter of 2027.
–WTI oil prices are projected to average $76.53 per barrel over the next 12 months, with a peak of $85.20 in the second quarter of 2026 and falling 18% over the following three quarters.
–GDP is forecasted to contract 2.0% over the next 12 months.
–Civilian unemployment rate of 5.3% in the second quarter of 2026 increases to 6.9% in the first quarter of 2027.
–WTI oil prices are projected to average $58.33 per barrel over the next 12 months, with a peak of $97.70 in the second quarter of 2026 and falling 59% over the following three quarters.
–GDP is forecasted to grow by 2.4% over the next 12 months.
–Civilian unemployment rate of 4.4% in the second quarter of 2026, falling to 4.1% by the first quarter of 2027.
–WTI oil prices are projected to average $71.00 per barrel over the next 12 months, with a peak of $84.67 in the second quarter of 2026 and falling 27% over the following three quarters.


- 26 -

Net Loans Charged Off

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

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

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

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

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

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

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

Table 17 – Nonperforming Assets
(Dollars in thousands)
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Nonaccruing loans:    
Commercial:  
Healthcare$21,138 $23,490 $24,507 $28,743 $29,253 
Services1,260 6,135 7,647 11,329 13,662 
Energy— — 31 40 49 
General business2,868 6,477 85 45 103 
Total commercial25,266 36,102 32,270 40,157 43,067 
Commercial real estate6,601 6,697 6,809 6,925 13,125 
Loans to individuals:  
Residential mortgage20,175 18,263 21,255 20,654 20,502 
Residential mortgage guaranteed by U.S. government agencies
7,768 8,586 7,348 6,978 6,786 
Personal194 4,712 4,712 4,613 40 
Total loans to individuals28,137 31,561 33,315 32,245 27,328 
Total nonaccruing loans60,004 74,360 72,394 79,327 83,520 
Real estate and other repossessed assets15 176 1,751 1,729 1,769 
Total nonperforming assets$60,019 $74,536 $74,145 $81,056 $85,289 
Total nonperforming assets excluding those guaranteed by U.S. government agencies
$52,251 $65,950 $66,797 $74,078 $78,503 
Allowance for loan losses to nonaccruing loans1
531.66 %419.41 %426.92 %382.93 %363.06 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
618.45 %497.36 %504.99 %456.18 %430.95 %
Nonperforming assets to outstanding loans and repossessed assets
0.23 %0.29 %0.30 %0.33 %0.36 %
Nonperforming assets to outstanding loans and repossessed assets1
0.20 %0.26 %0.27 %0.31 %0.33 %
Nonaccruing loans to outstanding loans0.23 %0.29 %0.29 %0.33 %0.35 %
Nonaccruing commercial loans to outstanding commercial loans
0.16 %0.24 %0.22 %0.28 %0.30 %
Nonaccruing commercial real estate loans to outstanding commercial real estate loans
0.11 %0.12 %0.12 %0.13 %0.25 %
Nonaccruing loans to individuals to outstanding loans to individuals1
0.45 %0.51 %0.58 %0.60 %0.51 %
Accruing loans 90 days or more past due1
$2,411 $— $1,135 $1,388 $3,258 
1     Excludes residential mortgages guaranteed by U.S. government agencies.
Nonaccruing loans decreased $14 million compared to December 31, 2025. New nonaccruing loans identified in the first quarter totaled $8.1 million, offset by $5.8 million in payments received, $4.7 million in foreclosures of other real estate owned, $4.4 million in loans that returned to accrual status, and $3.2 million in charge-offs. Nonaccruing services loans decreased $4.9 million, nonaccruing general business loans decreased $3.6 million, nonaccruing loans to individuals decreased $3.4 million, and nonaccruing healthcare loans decreased $2.4 million. The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly.


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

Table 18 – Rollforward of Nonperforming Assets
(In thousands)
 Three Months Ended
March 31, 2026
Nonaccruing LoansReal Estate and Other Repossessed AssetsTotal Nonperforming Assets
 CommercialCommercial Real EstateLoan to IndividualsTotal
Balance, December 31, 2025$36,102 $6,697 $31,561 $74,360 $176 $74,536 
Additions1,721 — 6,404 8,125 — 8,125 
Payments(3,692)(96)(2,007)(5,795)— (5,795)
Charge-offs(1,435)— (1,741)(3,176)— (3,176)
Net gains (losses) and write-downs— — — — 417 417 
Foreclosure of nonaccruing loans— — (4,694)(4,694)4,694 — 
Foreclosure of loans guaranteed by U.S. government agencies
— — (663)(663)— (663)
Proceeds from sales— — — — (5,272)(5,272)
Return to accrual status(3,678)— (723)(4,401)— (4,401)
Other, net(3,752)— — (3,752)— (3,752)
Balance, March 31, 2026$25,266 $6,601 $28,137 $60,004 $15 $60,019 
We foreclose on loans guaranteed by U.S. government agencies in accordance with agency guidelines. Generally, these loans are not eligible for modification programs or have failed to comply with modified loan terms. Principal is guaranteed by agencies of the U.S. government, subject to limitations, and credit risk is limited. At foreclosure, these amounts are transferred to claims receivable accounts. These properties will be conveyed to the agencies once applicable criteria have been met. 

Real Estate and Other Repossessed Assets

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

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

Subsidiary Bank

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

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Table 19 – Average Deposits by Segment
(In thousands)
Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Commercial Banking$18,306,337 $18,492,793 $18,161,486 $17,424,707 $17,769,083 
Consumer Banking8,389,039 8,346,245 8,330,481 8,266,824 8,154,762 
Wealth Management10,782,785 10,703,630 10,731,569 10,783,245 10,702,521 
Subtotal37,478,161 37,542,668 37,223,536 36,474,776 36,626,366 
Funds Management and Other1,502,098 2,444,941 1,257,710 1,661,940 1,732,712 
BOK Financial Corporation$38,980,259 $39,987,609 $38,481,246 $38,136,716 $38,359,078 

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

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

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

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

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


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

Table 20 – Period End Deposits by Principal Market Area
(In thousands)
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Oklahoma:  
Demand$3,463,094 $3,492,243 $3,520,203 $3,589,146 $3,629,708 
Interest-bearing:
Transaction13,629,679 13,732,961 13,352,070 13,537,068 13,891,707 
Savings561,079 532,284 520,995 521,734 525,424 
Time2,245,523 2,232,078 2,356,945 2,166,094 2,089,744 
Total interest-bearing16,436,281 16,497,323 16,230,010 16,224,896 16,506,875 
Total Oklahoma19,899,375 19,989,566 19,750,213 19,814,042 20,136,583 
Texas:
Demand2,071,766 2,177,256 2,194,177 2,082,652 2,187,903 
Interest-bearing:
Transaction6,447,755 6,691,395 6,427,135 6,203,081 5,925,285 
Savings153,501 149,593 147,560 155,027 155,777 
Time676,876 647,158 649,757 638,657 633,538 
Total interest-bearing7,278,132 7,488,146 7,224,452 6,996,765 6,714,600 
Total Texas9,349,898 9,665,402 9,418,629 9,079,417 8,902,503 
Colorado:
Demand881,440 1,152,203 929,383 1,040,223 1,082,304 
Interest-bearing:
Transaction2,072,825 2,137,579 2,204,899 1,989,284 1,988,258 
Savings58,605 54,809 53,768 55,326 58,318 
Time299,196 282,320 284,962 278,914 274,235 
Total interest-bearing2,430,626 2,474,708 2,543,629 2,323,524 2,320,811 
Total Colorado3,312,066 3,626,911 3,473,012 3,363,747 3,403,115 
New Mexico:
Demand580,900 580,400 591,330 609,205 631,950 
Interest-bearing:
Transaction1,447,506 1,405,940 1,376,694 1,416,741 1,283,998 
Savings99,848 95,630 94,180 94,930 96,969 
Time374,661 354,757 347,227 340,946 344,827 
Total interest-bearing1,922,015 1,856,327 1,818,101 1,852,617 1,725,794 
Total New Mexico2,502,915 2,436,727 2,409,431 2,461,822 2,357,744 
Arizona:
Demand398,102 365,007 368,432 385,442 451,085 
Interest-bearing:
Transaction1,439,796 1,450,416 1,406,300 1,467,509 1,312,979 
Savings11,593 14,656 13,571 10,536 11,125 
Time73,912 72,286 71,886 72,041 70,758 
Total interest-bearing1,525,301 1,537,358 1,491,757 1,550,086 1,394,862 
Total Arizona1,923,403 1,902,365 1,860,189 1,935,528 1,845,947 
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Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Kansas/Missouri:
Demand271,399 281,263 282,235 269,408 279,808 
Interest-bearing:
Transaction1,203,155 1,194,500 1,151,956 1,169,161 1,202,107 
Savings16,222 14,256 14,251 13,719 14,504 
Time38,542 37,820 37,563 35,768 36,307 
Total interest-bearing1,257,919 1,246,576 1,203,770 1,218,648 1,252,918 
Total Kansas/Missouri1,529,318 1,527,839 1,486,005 1,488,056 1,532,726 
Arkansas:
Demand27,628 33,558 21,416 22,685 25,738 
Interest-bearing:
Transaction111,487 237,279 64,174 61,079 57,696 
Savings2,859 2,695 2,411 2,485 2,602 
Time18,099 12,664 14,538 17,248 17,019 
Total interest-bearing132,445 252,638 81,123 80,812 77,317 
Total Arkansas160,073 286,196 102,539 103,497 103,055 
Total BOK Financial deposits$38,677,048 $39,435,006 $38,500,018 $38,246,109 $38,281,673 

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

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

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


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

Table 21 – Borrowed Funds
(Dollars in thousands)
  Three Months Ended
March 31, 2026		 Three Months Ended
December 31, 2025
Mar. 31, 2026Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter		Dec. 31, 2025Average
Balance
During the
Quarter		RateMaximum
Outstanding
At Any Month
End During
the Quarter
Funds purchased$495,792 $658,684 3.39 %$703,162 $970,293 $989,464 3.77 %$1,162,990 
Repurchase agreements219,677 265,544 1.66 %351,377 521,423 196,102 1.95 %521,423 
Other borrowings:
FHLB advances
5,700,000 5,301,280 3.89 %5,700,000 2,700,000 2,967,392 4.20 %2,700,000 
GNMA repurchase liability
33,485 35,994 3.93 %37,529 34,215 28,786 3.90 %34,215 
Other20,019 11,787 6.47 %20,019 11,724 12,210 5.46 %12,495 
Total other borrowings5,753,504 5,349,061 3.90 %2,745,939 3,008,388 4.22 %
Subordinated debentures1
396,625 396,606 6.14 %396,625 396,589 241,482 6.12 %396,878 
Total other borrowed funds
$6,865,598 $6,669,895 3.90 %$4,634,244 $4,435,436 4.12 %
1    BOKF, NA only as of December 31, 2025 and March 31, 2026. Parent Company and BOKF, NA for average of the three months ended December 31, 2025.
BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold into GNMA mortgage pools. Interest is payable monthly at rates contractually due to investors if delinquent loans are not repurchased from the GNMA mortgage pools.
Parent Company

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

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

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

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The Company entered into ASR transactions totaling $250 million in November 2025. Upon execution, the Company received an initial delivery of 2,100,840 shares, which were recorded as treasury stock. The remaining portion of the ASR was accounted for as a forward contract classified in equity. The forward contract will be settled in accordance with the agreement and any additional shares or cash received or delivered at final settlement will be recorded as an adjustment to treasury stock or capital surplus. The reduction in outstanding shares was reflected in weighted‑average shares outstanding for basic and diluted EPS at the time of initial delivery.
BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements, including a capital conservation buffer, can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations including restrictions on capital distributions from dividends and share repurchases and executive bonus payments. These capital requirements include quantitative measures of assets, liabilities, and off-balance sheet items. The capital standards are also subject to qualitative judgments by the regulators.

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

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

Table 22 – Capital and Performance Ratios
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferMar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Capital:
Common equity Tier 14.50 %2.50 %7.00 %12.61 %12.90 %13.31 %
Tier 1 capital6.00 %2.50 %8.50 %12.61 %12.90 %13.31 %
Total capital8.00 %2.50 %10.50 %14.39 %14.77 %14.54 %
Tier 1 leverage
4.00 %N/A4.00 %9.85 %9.86 %10.02 %
Three Months Ended
Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Average total equity to average assets11.34 %11.50 %11.10 %
Tangible common equity ratio1
9.29 %9.46 %9.48 %
Performance Ratios:
Return on average equity10.49 %11.80 %8.59 %
Return on average tangible common equity1
12.78 %14.42 %10.63 %
1    See Explanation and Reconciliation of Non-GAAP Measures following.

Off-Balance Sheet Arrangements

See Note 4 to the Consolidated Financial Statements for a discussion of the Company's significant off-balance sheet commitments.
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Explanation and Reconciliation of Non-GAAP Measures

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

Table 23 – Non-GAAP Measures
(Dollars in thousands)
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Reconciliation of tangible common equity ratio:
Total shareholders' equity$5,973,175 $5,918,646 $6,022,535 $5,890,888 $5,771,813 
Less: Goodwill and intangible assets, net1,077,052 1,079,501 1,082,125 1,084,749 1,088,813 
Tangible common equity$4,896,123 $4,839,145 $4,940,410 $4,806,139 $4,683,000 
Total assets$53,760,405 $52,237,501 $50,193,387 $50,998,077 $50,472,189 
Less: Goodwill and intangible assets, net1,077,052 1,079,501 1,082,125 1,084,749 1,088,813 
Tangible assets$52,683,353 $51,158,000 $49,111,262 $49,913,328 $49,383,376 
Tangible common equity ratio9.29 %9.46 %10.06 %9.63 %9.48 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$6,022,247 $5,959,186 $5,960,711 $5,791,275 $5,658,082 
Less: Average goodwill and intangible assets, net1,078,240 1,080,758 1,083,390 1,086,991 1,090,116 
Average tangible common equity$4,944,007 $4,878,428 $4,877,321 $4,704,284 $4,567,966 
Net income attributable to BOK Financial Corporation shareholders
$155,766 $177,301 $140,894 $140,018 $119,777 
Return on average tangible common equity12.78 %14.42 %11.46 %11.94 %10.63 %
Calculation of efficiency ratio:
Total other operating expense$354,166 $361,054 $369,770 $354,503 $347,529 
Less: Amortization of intangible assets2,443 2,656 2,656 2,656 2,652 
Numerator for efficiency ratio$351,723 $358,398 $367,114 $351,847 $344,877 
Net interest income
$342,554 $345,281 $337,646 $328,166 $316,251 
Add: Tax-equivalent adjustment
2,610 2,555 2,565 2,574 2,542 
Tax-equivalent net interest income
345,164 347,836 340,211 330,740 318,793 
Add: Total other operating revenue
211,268 244,282 210,709 207,098 186,041 
Less: Gain on available-for-sale securities, net— 1,748 213 — — 
Denominator for efficiency ratio$556,432 $590,370 $550,707 $537,838 $504,834 
Efficiency ratio63.21 %60.71 %66.66 %65.42 %68.31 %
Reconciliation of pre-provision net revenue:
Net income before taxes$199,656 $228,509 $176,585 $180,761 $154,763 
Add: Provision for credit losses
— — 2,000 — — 
Less: Net income (loss) attributable to non-controlling interests(46)(35)(23)52 (6)
Pre-provision net revenue$199,702 $228,544 $178,608 $180,709 $154,769 
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Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$342,554 $345,281 $337,646 $328,166 $316,251 
Less: Trading activities net interest income15,366 13,211 14,325 16,138 15,174 
Net interest income excluding trading activities
327,188 332,070 323,321 312,028 301,077 
Add: Tax-equivalent adjustment
2,610 2,555 2,565 2,574 2,542 
Tax-equivalent net interest income excluding trading activities
$329,798 $334,625 $325,886 $314,602 $303,619 
Average interest-earning assets$47,772,044 $46,590,610 $46,429,240 $46,984,071 $45,606,324 
Less: Average trading activities interest-earning assets5,617,531 5,295,598 5,603,200 6,876,788 5,881,997 
Average interest-earning assets excluding trading activities$42,154,513 $41,295,012 $40,826,040 $40,107,283 $39,724,327 
Net interest margin on average interest-earning assets2.90 %2.98 %2.91 %2.80 %2.78 %
Net interest margin on average trading activities interest-earning assets1.05 %1.04 %1.07 %0.93 %0.98 %
Net interest margin on average interest-earning assets excluding trading activities3.15 %3.22 %3.16 %3.12 %3.05 %
Three Months Ended
(In thousands, except per share data)
Dec. 31, 2025
Reconciliation of adjusted net income and earnings per share:
Net income attributable to BOK Financial Corporation shareholders$177,301 
Impact of FDIC special assessment benefit, net of tax(7,239)
Gain on sale of merchant banking investment, net of tax(17,928)
Adjusted net income$152,134 
Earnings per share$2.89 
Impact of FDIC special assessment benefit, net of tax(0.12)
Gain on sale of merchant banking investment, net of tax(0.29)
Adjusted earnings per share$2.48 

Explanation of Non-GAAP Measures

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

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

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

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

We believe adjusting net income and earnings per share for notable non-core items enhances comparability of results with prior periods, demonstrates the impact of significant items, and provides a useful measure for determining the company's expenses that are core to our business operations and are expected to recur over time.
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Market Risk

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

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

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

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

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

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

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

- 37 -

Table 24 – Interest Rate Sensitivity
(Dollars in thousands)
Mar. 31, 2026Dec. 31, 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
$(27,600)$(12,000)$11,200 $26,900 $(31,000)$(13,700)$12,500 $28,700 
(1.86)%(0.81)%0.76 %1.81 %(2.15)%(0.95)%0.86 %1.99 %
Anticipated impact over months twelve through twenty-four on net interest income$(2,500)$7,400 $(11,900)$(17,700)$(7,000)$5,000 $(11,100)$(17,300)
 (0.16)%0.46 %(0.74)%(1.11)%(0.45)%0.32 %(0.72)%(1.13)%

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

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

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

Table 25 – MSR Asset and Hedge Sensitivity Analysis
(In thousands)
 Mar. 31, 2026Dec. 31, 2025
Up 50 bpDown 50 bpUp 50 bpDown 50 bp
MSR Asset$11,780 $(15,136)$14,145 $(17,766)
MSR Hedge(13,444)13,607 (16,459)16,365 
Net Exposure$(1,664)$(1,529)$(2,314)$(1,401)

Trading Activities

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

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

Management performs a stress test to measure market risk due to changes in interest rates inherent in the mortgage production pipeline. The stress test shocks applicable interest rates up and down 50 basis points and calculates an estimated change in fair value, net of economic hedging activity, that may result. The Board has approved a $3 million market risk limit for the mortgage production pipeline, net of forward sale contracts.
- 38 -

Table 26 – Mortgage Pipeline Sensitivity Analysis
(In thousands)
Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(229)$(232)$(317)$(190)$(128)$(64)
Low2
(106)(141)(175)(47)(41)46 
High3
(451)(404)(566)(302)(207)(161)
Period End(164)(170)(295)(252)(177)(30)
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

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

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

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

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

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

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

- 39 -

Table 27 – VaR and SVaR Measures
(In thousands)
Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR10 day 99%
VaR		10 day 99% SVaR
Average1
$3,876 $7,353 $3,981 $5,737 $3,370 $13,231 
Low1,666 5,056 2,178 4,081 1,529 5,711 
High5,640 11,100 5,616 9,117 6,272 20,652 
Period End2,647 6,514 5,118 5,118 2,831 10,768 
1    Average represents the simple average of each daily value observed during the reporting period.

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

Limit Structure

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

Table 28 – Trading Sensitivity Analysis
(In thousands)
Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Up 50 bpDown 50 bpUp 50 bpDown 50 bpUp 50 bpDown 50 bp
Average1
$(2,872)$6,453 $(3,022)$7,868 $(1,023)$4,531 
Low2
2,690 11,992 1,469 11,375 3,602 8,310 
High3
(6,644)87 (6,150)3,771 (6,676)(379)
Period End(69)1,665 (4,847)9,379 1,503 1,676 
1    Average represents the simple average of each daily value observed during the reporting period.
2    Low represents least risk of loss in fair value measured as the smallest negative value or the largest positive value observed daily during the reporting period.
3    High represents the greatest risk of loss in fair value measured as the largest negative value or the smallest positive value observed daily during the reporting period.

Model Risk Management

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

Model Validation

Model Risk Management maintains independence from both the developers and users of the models. Model validations assess the data, theory, implementation, outcomes, and governance of each model and corresponding scenario. Each model receives a model risk assessment, which determines the frequency and scope of validation activities. Validations comprise an evaluation of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, Model Risk Management determines whether the use case for the model is appropriate. The ultimate validation results may require remediation actions from the business line. Model validation results are communicated with one of the following three outcomes: "Approved for use," "Provisional approval," or "Rejected."
- 40 -

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

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” “may,” “could,” “should,” “would,” “potential,” “continue,” “seek,” “target,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. All statements other than statements of historical fact are forward-looking statements. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to: changes in government; changes in governmental economic policy, including tariffs; changes in commodity prices; interest rates and interest rate relationships; inflation; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulations; tax laws; prices, levies and assessments; the impact of technological advances; trends in customer behavior as well as their ability to repay loans; credit quality deterioration; cybersecurity incidents and data breaches; operational failures or interruptions; liquidity risks; capital adequacy requirements; litigation and regulatory enforcement actions; and other risks detailed in BOK Financial Corporation’s filings with the Securities and Exchange Commission. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

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

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


Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)Three Months Ended
 March 31,
Interest and dividend revenue20262025
Loans$397,173 $396,416 
Residential mortgage loans held for sale1,056 975 
Trading securities64,462 73,739 
Investment securities6,126 6,983 
Available-for-sale securities
133,905 127,509 
Fair value option securities1,389 178 
Restricted equity securities6,681 6,541 
Interest-bearing cash and cash equivalents5,133 6,229 
Total interest and dividend revenue615,925 618,570 
Interest expense  
Deposits209,198 241,072 
Borrowed funds58,082 59,163 
Subordinated debentures6,091 2,084 
Total interest expense273,371 302,319 
Net interest and dividend income342,554 316,251 
Provision for credit losses— — 
Net interest and dividend income after provision for credit losses342,554 316,251 
Other operating revenue  
Brokerage and trading revenue43,606 31,068 
Transaction card revenue31,965 27,092 
Fiduciary and asset management revenue66,481 60,972 
Deposit service charges and fees32,218 30,275 
Mortgage banking revenue20,963 19,815 
Other revenue14,544 14,894 
Total fees and commissions revenue
209,777 184,116 
Other losses, net(216)(725)
Gain (loss) on derivatives, net(4,374)9,565 
Gain (loss) on fair value option securities, net(2,074)325 
Change in fair value of mortgage servicing rights8,155 (7,240)
Total other operating revenue211,268 186,041 
Other operating expense  
Personnel211,174 214,185 
Business promotion9,226 8,818 
Professional fees and services14,295 13,269 
Net occupancy and equipment33,182 32,992 
FDIC and other insurance5,685 6,587 
FDIC special assessment— 523 
Data processing and communications51,768 47,578 
Printing, postage, and supplies
3,679 3,639 
Amortization of intangible assets2,443 2,652 
Mortgage banking costs11,757 7,689 
Other expense10,957 9,597 
Total other operating expense354,166 347,529 
Net income before taxes199,656 154,763 
Federal and state income taxes43,936 34,992 
Net income155,720 119,771 
Net loss attributable to non-controlling interests(46)(6)
Net income attributable to BOK Financial Corporation shareholders$155,766 $119,777 
Earnings per share:  
Basic and diluted$2.58 $1.86 
Average shares used in computation:
Basic and diluted60,033,282 63,547,510 
Dividends declared per share$0.63 $0.57 
See accompanying notes to Consolidated Financial Statements.
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Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
 Three Months Ended
March 31,
 20262025
Net income$155,720 $119,771 
Other comprehensive income (loss), before income taxes:
  
Net change in unrealized gain (loss)(84,412)173,828 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities7,376 9,444 
Other comprehensive income (loss), before income taxes(77,036)183,272 
Federal and state income taxes(18,204)42,575 
Other comprehensive income (loss), net of income taxes(58,832)140,697 
Comprehensive income (loss)96,888 260,468 
Comprehensive income (loss) attributable to non-controlling interests
(46)(6)
Comprehensive income (loss) attributable to BOK Financial Corporation shareholders$96,934 $260,474 
See accompanying notes to Consolidated Financial Statements.
- 43 -

Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
 Mar. 31, 2026Dec. 31, 2025
 (Unaudited)(Footnote 1)
Assets  
Cash and due from banks$905,614 $1,001,107 
Interest-bearing cash and cash equivalents506,793 656,995 
Trading securities5,652,162 5,392,745 
Investment securities, net of allowance (fair value: March 31, 2026 – $1,585,890; December 31, 2025 – $1,662,005)
1,719,731 1,784,242 
Available-for-sale securities
13,539,565 13,606,625 
Fair value option securities178,098 102,096 
Restricted equity securities357,909 224,757 
Residential mortgage loans held for sale104,873 94,630 
Loans26,187,393 25,651,462 
Allowance for loan losses(277,719)(275,860)
Loans, net of allowance25,909,674 25,375,602 
Premises and equipment, net631,454 638,936 
Receivables272,540 292,978 
Goodwill1,044,749 1,044,749 
Intangible assets, net32,303 34,752 
Mortgage servicing rights333,381 322,724 
Real estate and other repossessed assets, net of allowance (March 31, 2026 – $3,515; December 31, 2025 – $3,515)
15 176 
Derivative contracts, net782,985 300,775 
Cash surrender value of bank-owned life insurance424,494 421,514 
Receivable on unsettled securities sales156,963 62,034 
Other assets1,207,102 880,064 
Total assets$53,760,405 $52,237,501 
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits
$7,694,329 $8,081,930 
Interest-bearing deposits:  
Transaction26,352,203 26,850,070 
Savings903,707 863,923 
Time3,726,809 3,639,083 
Total deposits38,677,048 39,435,006 
Funds purchased and repurchase agreements715,469 1,491,716 
Other borrowings5,753,504 2,745,939 
Subordinated debentures396,625 396,589 
Accrued interest, taxes, and expense
325,670 382,809 
Derivative contracts, net282,590 397,573 
Due on unsettled securities purchases1,140,782 991,073 
Other liabilities493,651 476,116 
Total liabilities47,785,339 46,316,821 
Shareholders' equity:  
Common stock (0.00006 par value; 2,500,000,000 shares authorized; Issued: March 31, 2026 – 77,241,905; December 31, 2025 - 77,030,997 Outstanding: March 31, 2026 – 60,759,992; December 31, 2025 – 60,620,507)
5 5 
Capital surplus1,435,156 1,429,369 
Retained earnings6,140,724 6,022,586 
Treasury stock (shares at cost: March 31, 2026 – 16,481,913; December 31, 2025 – 16,410,490)
(1,377,708)(1,367,144)
Accumulated other comprehensive loss
(225,002)(166,170)
Total shareholders' equity5,973,175 5,918,646 
Non-controlling interests1,891 2,034 
Total equity5,975,066 5,920,680 
Total liabilities and equity$53,760,405 $52,237,501 
See accompanying notes to Consolidated Financial Statements.
- 44 -

Consolidated Statements of Changes in Equity (Unaudited)
(In thousands)
 Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity		Non-
Controlling
Interests		Total Equity
 SharesAmountSharesAmount
Balance, December 31, 202577,031 $5 $1,429,369 $6,022,586 16,410 $(1,367,144)$(166,170)$5,918,646 $2,034 $5,920,680 
Net income (loss)— — — 155,766 — — — 155,766 (46)155,720 
Other comprehensive loss— — — — — — (58,832)(58,832)— (58,832)
Repurchase of common stock— — — — — — — — — — 
Share-based compensation plans:
Non-vested shares awarded, net
211 — — — — — — — — — 
Vesting of non-vested shares and taxes paid related to net share settlement
— — — — 72 (10,564)— (10,564)— (10,564)
Share-based compensation— — 5,787 — — — — 5,787 — 5,787 
Cash dividends on common stock
— — — (37,628)— — — (37,628)— (37,628)
Capital calls and distributions, net
— — — — — — — — (97)(97)
Balance, March 31, 202677,242 $5 $1,435,156 $6,140,724 16,482 $(1,377,708)$(225,002)$5,973,175 $1,891 $5,975,066 
Balance, December 31, 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 (loss)— — — 119,777 — — — 119,777 (6)119,771 
Other comprehensive income— — — — — — 140,697 140,697 — 140,697 
Repurchase of common stock— — — — 10 (994)— (994)— (994)
Share-based compensation plans:
Non-vested shares awarded, net
197 — — — — — — — — — 
Vesting of non-vested shares and taxes paid related to net share settlement
— — — — 47 (5,422)— (5,422)— (5,422)
Share-based compensation— — 5,870 — — — — 5,870 — 5,870 
Cash dividends on common stock
— — — (36,468)— — — (36,468)— (36,468)
Capital calls and distributions, net
— — — — — — — — (33)(33)
Balance, March 31, 202577,015 $5 $1,435,498 $5,675,409 12,753 $(976,756)$(362,343)$5,771,813 $2,565 $5,774,378 
See accompanying notes to Consolidated Financial Statements.
- 45 -

Consolidated Statements of Cash Flows (Unaudited)
(In thousands)Three Months Ended
 March 31,
 20262025
Cash Flows From Operating Activities:  
Net income$155,720 $119,771 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses— — 
Change in fair value of mortgage servicing rights due to market assumption changes(8,155)7,240 
Change in the fair value of mortgage servicing rights due to principal payments10,153 5,918 
Net unrealized losses (gains) from derivative contracts
(36,610)49,111 
Share-based compensation5,787 5,870 
Depreciation and amortization27,206 27,284 
Net amortization of discounts and premiums(12,409)(12,622)
Net losses (gains) on financial instruments and other losses (gains), net216 725 
Net loss (gain) on mortgage loans held for sale(1,799)(2,450)
Mortgage loans originated for sale(230,858)(159,816)
Proceeds from sale of mortgage loans held for sale224,541 160,342 
Capitalized mortgage servicing rights(4,010)(2,509)
Change in trading and fair value option securities(335,403)(952,339)
Change in receivables(73,069)4,337 
Change in other assets(45,681)5,115 
Change in other liabilities75,693 764,282 
Net cash provided by (used in) operating activities(248,678)20,259 
Cash Flows From Investing Activities:  
Proceeds from maturities or redemptions of investment securities64,048 63,116 
Proceeds from maturities or redemptions of available-for-sale securities
650,700 553,866 
Purchases of available-for-sale securities
(656,736)(619,755)
Change in amount receivable on unsettled available-for-sale securities transactions
(787)(34,926)
Loans originated, net of principal collected(535,180)443,789 
Net proceeds from derivative asset contracts
(12,657)(19,041)
Net change in restricted equity securities(133,152)90,986 
Proceeds from disposition of assets8,826 4,918 
Purchases of assets(35,733)(48,223)
Net cash provided by (used in) investing activities(650,671)434,730 
Cash Flows From Financing Activities:  
Net change in demand deposits, transaction deposits, and savings accounts(845,684)159,425 
Net change in time deposits87,726 (68,982)
Net change in other borrowed funds2,219,770 (339,662)
Net payments on derivative liability contracts
(7,042)19,835 
Net change in derivative margin accounts(766,425)(290,126)
Change in amount due on unsettled available-for-sale securities transactions
13,501 89,399 
Issuance of common and treasury stock, net(10,564)(5,422)
Repurchase of common stock— (994)
Dividends paid(37,628)(36,468)
Net cash provided by (used in) financing activities653,654 (472,995)
Net increase (decrease) in cash and cash equivalents(245,695)(18,006)
Cash and cash equivalents at beginning of period1,658,102 1,434,701 
Cash and cash equivalents at end of period$1,412,407 $1,416,695 
Supplemental Cash Flow Information:
Cash paid for interest$270,140 $302,067 
Cash paid for federal taxes— — 
Cash paid for state taxes1,219 1,470 
Net loans and bank premises transferred to repossessed real estate and other assets4,694 — 
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period
11,548 19,736 
Conveyance of other real estate owned guaranteed by U.S. government agencies2,065 755 
See accompanying notes to Consolidated Financial Statements.
- 46 -

Notes to Consolidated Financial Statements (Unaudited)

(1) Significant Accounting Policies

Basis of Presentation

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

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

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

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

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

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

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

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

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

- 47 -

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

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

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

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

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

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

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

The FASB issued ASU 2025-11 on December 8, 2025, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact ASU 2025-11 will have on the Company's financial statements.
- 48 -

(2) Securities

Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 March 31, 2026December 31, 2025
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$6,379 $1 $9,237 $(4)
Residential agency mortgage-backed securities
5,513,068 (8,039)5,307,849 9,011 
Municipal securities84,981 (1,136)39,233 10 
Other trading securities47,734 (190)36,426 (25)
Total trading securities$5,652,162 $(9,364)$5,392,745 $8,992 
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 March 31, 2026
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$73,334 $73,334 $74,429 $1,183 $(88)
Mortgage-backed securities:
Residential agency1,689,222 1,613,987 1,479,984 72 (134,075)
Commercial agency17,258 16,588 16,190 — (398)
Other debt securities16,013 16,013 15,287 — (726)
Total investment securities1,795,827 1,719,922 1,585,890 1,255 (135,287)
Allowance for credit losses(191)(191)— — — 
Investment securities, net of allowance$1,795,636 $1,719,731 $1,585,890 $1,255 $(135,287)
1    Carrying value includes $76 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.
 December 31, 2025
 AmortizedCarryingFairGross Unrealized
 Cost
Value1
ValueGainLoss
Municipal securities$88,215 $88,215 $89,343 $1,218 $(90)
Mortgage-backed securities:
Residential agency1,746,715 1,664,175 1,541,608 91 (122,658)
Commercial agency17,257 16,516 16,186 — (330)
Other debt securities15,538 15,538 14,868 — (670)
Total investment securities1,867,725 1,784,444 1,662,005 1,309 (123,748)
Allowance for credit losses(202)(202)— — — 
Investment securities, net of allowance$1,867,523 $1,784,242 $1,662,005 $1,309 $(123,748)
1    Carrying value includes $83 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.


- 49 -

The amortized cost and fair values of investment securities at March 31, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:     
Carrying value$44,448 $48,389 $13,098 $— $105,935 1.98 
Fair value45,183 48,395 12,328 — 105,906  
Residential mortgage-backed securities:      
Carrying value2
    $1,613,987 
Fair value    1,479,984  
Total investment securities:      
Carrying value    $1,719,922  
Fair value    1,585,890  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(Dollars in thousands):
March 31, 2026
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities7 $1,541 $5 $3,613 $83 $5,154 $88 
Mortgage-backed securities:
Residential agency115 1,501 26 1,477,461 134,049 1,478,962 134,075 
Commercial agency2 — — 16,190 398 16,190 398 
Other debt securities1 — — 9,274 726 9,274 726 
Total investment securities125 $3,042 $31 $1,506,538 $135,256 $1,509,580 $135,287 

December 31, 2025
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities8 $6,566 $8 $3,613 $82 $10,179 $90 
Mortgage-backed securities:
Residential agency115 — — 1,540,535 122,658 1,540,535 122,658 
Commercial agency2 — — 16,186 330 16,186 330 
Other debt securities2 — — 9,355 670 9,355 670 
Total investment securities127 $6,566 $8 $1,569,689 $123,740 $1,576,255 $123,748 


- 50 -

Available-for-Sale Securities 

The amortized cost and fair value of AFS securities are as follows (in thousands):
 March 31, 2026
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,000 $984 $— $(16)
Municipal securities181,371 175,123 — (6,248)
Mortgage-backed securities:    
Residential agency9,710,464 9,631,722 67,045 (145,787)
Residential non-agency736,201 717,068 10,487 (29,620)
Commercial agency3,127,007 3,014,195 5,346 (118,158)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,756,543 $13,539,565 $82,878 $(299,856)
 December 31, 2025
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,001 $980 $— $(21)
Municipal securities190,917 184,273 — (6,644)
Mortgage-backed securities:   
Residential agency9,593,919 9,598,627 121,838 (117,130)
Residential non-agency712,126 696,028 11,774 (27,872)
Commercial agency3,240,728 3,126,244 7,622 (122,106)
Other debt securities500 473 — (27)
Total available-for-sale securities
$13,739,191 $13,606,625 $141,234 $(273,800)

The amortized cost and fair values of AFS securities at March 31, 2026, by contractual maturity, are as shown in the following table (dollars in thousands):
Less than
One Year		One to
Five Years		Six to
Ten Years		Over
Ten Years		Total
Weighted
Average
Maturity1
Fixed maturity debt securities:
Amortized cost$411,265 $2,127,784 $316,397 $454,432 $3,309,878 4.82 
Fair value406,840 2,030,088 305,609 448,238 3,190,775 
Residential mortgage-backed securities:
Amortized cost2
$10,446,665 
Fair value10,348,790 
Total available-for-sale securities:
Amortized cost$13,756,543 
Fair value13,539,565 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

The Company had no sales of AFS securities for the three month periods ended March 31, 2026 and March 31, 2025.
The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $11.7 billion at March 31, 2026 and $11.5 billion at December 31, 2025. The secured parties do not have the right to sell or repledge these securities.

- 51 -

Temporarily Impaired Available-for-Sale Securities
(Dollars in thousands)
March 31, 2026
 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 $— $— $984 $16 $984 $16 
Municipal securities74 1,023 1 160,375 6,247 161,398 6,248 
Mortgage-backed securities:
    
Residential agency713 2,626,090 25,092 1,989,493 120,695 4,615,583 145,787 
Residential non-agency40 149,964 1,377 360,280 28,243 510,244 29,620 
Commercial agency203 236,500 857 2,409,409 117,301 2,645,909 118,158 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
1,032 $3,013,577 $27,327 $4,921,014 $272,529 $7,934,591 $299,856 

December 31, 2025
 Number of 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 $— $— $980 $21 $980 $21 
Municipal securities86 1,028 2 180,696 6,642 181,724 6,644 
Mortgage-backed securities:
     
Residential agency
584 741,581 2,373 2,333,685 114,757 3,075,266 117,130 
Residential non-agency31 27,957 16 413,783 27,856 441,740 27,872 
Commercial agency
195 48,588 88 2,553,027 122,018 2,601,615 122,106 
Other debt securities1 — — 473 27 473 27 
Total available-for-sale securities
898 $819,154 $2,479 $5,482,644 $271,321 $6,301,798 $273,800 

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


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

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 March 31, 2026December 31, 2025
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities$165,706 $(2,513)$102,096 $(556)
Commercial agency mortgage-backed securities12,392 (117)— — 
Total fair value option securities
$178,098 $(2,630)$102,096 $(556)

- 52 -

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

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

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

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

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

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

As discussed in Note 5, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 5 for additional discussion of notional, fair value, and impact on earnings of these contracts.
- 53 -


The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at March 31, 2026 (in thousands):
Assets
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,997,778 $45,931 $(8,942)$36,989 $(26,953)$10,036 
Energy contracts6,766,141 1,120,942 (472,989)647,953 (67,228)580,725 
Foreign exchange contracts72,524 63,304 (5)63,299 (771)62,528 
Equity option contracts1,593 250 — 250 (50)200 
Total customer risk management programs9,838,036 1,230,427 (481,936)748,491 (95,002)653,489 
Trading29,154,447 215,327 (87,475)127,852 — 127,852 
Internal risk management programs125,282 1,669 (25)1,644 — 1,644 
Total derivative contracts$39,117,765 $1,447,423 $(569,436)$877,987 $(95,002)$782,985 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,997,778 $45,911 $(8,942)$36,969 $— $36,969 
Energy contracts6,867,903 1,106,053 (472,989)633,064 (512,726)120,338 
Foreign exchange contracts72,497 63,250 (5)63,245 — 63,245 
Equity option contracts1,593 250 — 250 — 250 
Total customer risk management programs9,939,771 1,215,464 (481,936)733,528 (512,726)220,802 
Trading24,796,550 155,453 (87,475)67,978 (10,700)57,278 
Internal risk management programs576,503 4,535 (25)4,510 — 4,510 
Total derivative contracts$35,312,824 $1,375,452 $(569,436)$806,016 $(523,426)$282,590 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.


- 54 -

The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 (in thousands):
Assets
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,869,346 $51,144 $(17,199)$33,945 $(15,783)$18,162 
Energy contracts6,245,552 605,067 (271,825)333,242 (136,933)196,309 
Foreign exchange contracts75,349 60,656 (10)60,646 — 60,646 
Equity option contracts1,593 255 — 255 (50)205 
Total customer risk management programs9,191,840 717,122 (289,034)428,088 (152,766)275,322 
Trading22,332,052 63,803 (38,524)25,279 (1,629)23,650 
Internal risk management programs586,991 1,854 (51)1,803 — 1,803 
Total derivative contracts$32,110,883 $782,779 $(327,609)$455,170 $(154,395)$300,775 
Liabilities
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,869,346 $51,101 $(17,199)$33,902 $(811)$33,091 
Energy contracts6,299,141 576,627 (271,825)304,802 (5,240)299,562 
Foreign exchange contracts75,000 60,293 (10)60,283 — 60,283 
Equity option contracts1,593 255 — 255 — 255 
Total customer risk management programs9,245,080 688,276 (289,034)399,242 (6,051)393,191 
Trading26,544,633 75,573 (38,524)37,049 (34,056)2,993 
Internal risk management programs89,972 1,440 (51)1,389 — 1,389 
Total derivative contracts$35,879,685 $765,289 $(327,609)$437,680 $(40,107)$397,573 
1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

- 55 -

The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the Consolidated Statements of Earnings (in thousands):
 Three Months Ended
March 31, 2026March 31, 2025
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$1,133 $— $741 $— 
Energy contracts6,652 — 7,610 — 
Foreign exchange contracts31 — 38 — 
Equity option contracts— — — — 
Total customer risk management programs7,816 — 8,389 — 
Trading1
65,808 — (73,796)— 
Internal risk management programs— (4,374)— 9,565 
Total derivative contracts$73,624 $(4,374)$(65,407)$9,565 
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Other operating revenue - brokerage and trading revenue in the Consolidated Statements of Earnings.
(4) Loans and Allowances for Credit Losses

Loans

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

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

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

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

Performing loans may be renewed under the then-current collateral value, debt service ratio, and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing. 
- 56 -


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

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

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

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

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

Portfolio segments of the loan portfolio are as follows (in thousands):
 March 31, 2026December 31, 2025
Fixed
Rate		Variable
Rate		Non-accrualTotalFixed
Rate		Variable
Rate		Non-accrualTotal
Commercial$3,498,856 $12,048,961 $25,266 $15,573,083 $3,494,944 $11,750,021 $36,102 $15,281,067 
Commercial real estate
620,233 5,257,845 6,601 5,884,679 601,044 5,064,265 6,697 5,672,006 
Loans to individuals3,041,701 1,659,793 28,137 4,729,631 3,005,502 1,661,326 31,561 4,698,389 
Total$7,160,790 $18,966,599 $60,004 $26,187,393 $7,101,490 $18,475,612 $74,360 $25,651,462 

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

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

Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Because the credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan commitments, BOK Financial uses the same credit policies in evaluating the creditworthiness of the customer. Additionally, BOK Financial uses the same evaluation process in obtaining collateral on standby letters of credit as it does for loan commitments. The term of these standby letters of credit is defined in each commitment and typically corresponds with the underlying loan commitment. At March 31, 2026, outstanding standby letters of credit totaled $617 million. 
- 57 -


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

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

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

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

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

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

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

The expected credit loss on approximately 1% of the committed dollars in the portfolio is calculated using a non-modeled approach. Specifically, the calculation applies a long-term net charge-off rate to the loan balances, adjusted for the weighted average remaining maturity of each portfolio.
    
- 58 -

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

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

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

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

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

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

The activity in the allowance for loan losses and the allowance for off-balance sheet credit losses related to loan commitments and standby letters of credit is summarized as follows (in thousands):
Three Months Ended
March 31, 2026
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$137,225 $86,120 $52,515 $275,860 
Provision for loan losses(875)735 3,872 3,732 
Loans charged off(1,435)— (1,741)(3,176)
Recoveries of loans previously charged off
704 18 581 1,303 
Ending balance$135,619 $86,873 $55,227 $277,719 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$19,723 $30,086 $1,462 $51,271 
Provision for off-balance sheet credit risk
(1,779)(4,324)169 (5,934)
Ending balance$17,944 $25,762 $1,631 $45,337 
- 59 -

Three Months Ended
March 31, 2025
 CommercialCommercial Real EstateLoans to IndividualsTotal
Allowance for loan losses:    
Beginning balance$145,153 $91,072 $43,810 $280,035 
Provision for loan losses(855)2,467 (1,948)(336)
Loans charged off(1,085)— (1,206)(2,291)
Recoveries of loans previously charged off
292 185 709 1,186 
Ending balance$143,505 $93,724 $41,365 $278,594 
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance$18,046 $31,959 $1,635 $51,640 
Provision for off-balance sheet credit risk
(1,879)1,502 825 448 
Ending balance$16,167 $33,461 $2,460 $52,088 
No provision for credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each impairment measurement method at March 31, 2026, is as follows (in thousands):
 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$15,547,817 $132,538 $25,266 $3,081 $15,573,083 $135,619 
Commercial real estate5,878,078 86,873 6,601 — 5,884,679 86,873 
Loans to individuals4,701,494 55,227 28,137 — 4,729,631 55,227 
Total$26,127,389 $274,638 $60,004 $3,081 $26,187,393 $277,719 

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

 Collectively Measured
for General Allowances		Individually Measured
for Specific Allowances		Total
 Recorded InvestmentRelated AllowanceRecorded InvestmentRelated AllowanceRecorded InvestmentRelated
Allowance
Commercial$15,244,965 $133,232 $36,102 $3,993 $15,281,067 $137,225 
Commercial real estate5,665,309 83,925 6,697 2,195 5,672,006 86,120 
Loans to individuals4,666,828 52,515 31,561 — 4,698,389 52,515 
Total$25,577,102 $269,672 $74,360 $6,188 $25,651,462 $275,860 

Credit Quality Indicators

The Company utilizes risk grading as primary credit quality indicators as it influences the probability of default which is a key attribute in the expected credit losses calculation. Substantially all commercial as well as commercial real estate loans and certain loans to individuals are risk graded based on a quarterly evaluation of the borrowers' ability to repay the loans. Certain commercial loans and most loans to individuals are small, homogeneous pools that are not risk graded. The credit quality of these loans is based on past due days in accordance with regulatory guidelines.
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We have included in the credit quality indicator "pass" loans that are in compliance with the original terms of the agreement and currently exhibit no factors that cause management to have doubts about the borrowers' ability to remain in compliance with the original terms of the agreement, which is consistent with the regulatory guideline of "pass." This also includes past due residential mortgages that are guaranteed by agencies of the U.S. government that continue to accrue interest based on criteria of the guarantors' programs.

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

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

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

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

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

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The following table summarizes the Company’s loan portfolio at March 31, 2026, by the risk grade categories and vintage (in thousands): 
Origination Year
20262025202420232022PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass$155,216 $1,138,937 $472,763 $376,144 $731,332 $687,121 $229,654 $6 $3,791,173 
Special Mention— — — — 9,145 92 4 — 9,241 
Accruing Substandard175 1,493 9,048 37,340 3,761 82,394 — — 134,211 
Nonaccrual— — 1,188 14,850 — 5,100 — — 21,138 
Total healthcare155,391 1,140,430 482,999 428,334 744,238 774,707 229,658 6 3,955,763 
Services
Pass171,749 628,978 420,476 453,455 371,438 799,631 939,073 413 3,785,213 
Special Mention— 980 3,098 1,151 — 21,941 67,320 — 94,490 
Accruing Substandard— 5,783 210 7,118 1,397 5,359 1,103 — 20,970 
Nonaccrual— 393 29 — 838 — — — 1,260 
Total services171,749 636,134 423,813 461,724 373,673 826,931 1,007,496 413 3,901,933 
Loans charged off, year-to-date— — — — — — 1,043 — 1,043 
Energy
Pass30,815 125,973 55,855 43,546 10,128 13,926 2,725,450 — 3,005,693 
Total energy30,815 125,973 55,855 43,546 10,128 13,926 2,725,450 — 3,005,693 
Mortgage finance
Pass— 7,553 — 14,386 — — 206,303 — 228,242 
Total mortgage finance— 7,553 — 14,386 — — 206,303 — 228,242 
General business
Pass192,261 818,635 352,154 322,276 177,623 463,486 2,031,723 1,176 4,359,334 
Special Mention542 15,137 2,334 13,452 3,455 8,574 39,428 156 83,078 
Accruing Substandard3,035 14,789 3,692 5,488 4,452 1,799 2,917 — 36,172 
Nonaccrual— — — — — 2,797 62 9 2,868 
Total general business195,838 848,561 358,180 341,216 185,530 476,656 2,074,130 1,341 4,481,452 
Loans charged off, year-to-date6 — — — — — 386 — 392 
Total commercial553,793 2,758,651 1,320,847 1,289,206 1,313,569 2,092,220 6,243,037 1,760 15,573,083 
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Origination Year
20262025202420232022PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial real estate:
Pass221,026 1,086,536 1,022,175 437,206 1,532,095 1,393,964 109,487 — 5,802,489 
Special Mention— — 1,514 17,219 6,378 2,166 — — 27,277 
Accruing Substandard29 — 482 — 1,065 46,736 — — 48,312 
Nonaccrual— — — — — 6,601 — — 6,601 
Total commercial real estate221,055 1,086,536 1,024,171 454,425 1,539,538 1,449,467 109,487 — 5,884,679 
Loans to individuals:
Residential mortgage
Pass131,859 542,791 378,919 245,780 239,314 706,700 477,756 31,967 2,755,086 
Special Mention— — — 92 137 5,313 803 1,153 7,498 
Accruing Substandard— — — 74 — 27 266 1,008 1,375 
Nonaccrual— 299 1,345 2,514 1,920 8,262 5,099 736 20,175 
Total residential mortgage131,859 543,090 380,264 248,460 241,371 720,302 483,924 34,864 2,784,134 
Loans charged off, year-to-date— — — — — 3 — — 3 
Residential mortgage guaranteed by U.S. government agencies
Pass— 2,210 7,935 12,458 8,617 121,266 — — 152,486 
Nonaccrual— — — — — 7,768 — — 7,768 
Total residential mortgage guaranteed by U.S. government agencies
— 2,210 7,935 12,458 8,617 129,034 — — 160,254 
Personal
Pass65,191 467,124 180,573 189,447 126,524 283,839 465,619 68 1,778,385 
Special Mention— 58 25 4 4 31 1,216 — 1,338 
Accruing Substandard— 5,276 — — — 12 38 — 5,326 
Nonaccrual— — 48 2 8 136 — — 194 
Total personal65,191 472,458 180,646 189,453 126,536 284,018 466,873 68 1,785,243 
Loans charged off, year-to-date1
1,191 18 — 29 1 — 499 — 1,738 
Total loans to individuals197,050 1,017,758 568,845 450,371 376,524 1,133,354 950,797 34,932 4,729,631 
Total loans$971,898 $4,862,945 $2,913,863 $2,194,002 $3,229,631 $4,675,041 $7,303,321 $36,692 $26,187,393 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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The following table summarizes the Company's loan portfolio at December 31, 2025, by the risk grade categories and vintage (in thousands): 
Origination Year
20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial:
Healthcare
Pass$1,110,851 $460,630 $413,197 $744,765 $298,992 $546,567 $226,298 $9 $3,801,309 
Special Mention— — — 43,576 96 — 5 — 43,677 
Accruing Substandard181 9,589 37,492 4,144 5,170 83,156 — — 139,732 
Nonaccrual— — 14,850 — — 8,638 2 — 23,490 
Total healthcare1,111,032 470,219 465,539 792,485 304,258 638,361 226,305 9 4,008,208 
Loans charged off, year-to-date— — — — 31 — — — 31 
Services
Pass693,147 462,642 488,381 393,685 265,346 612,098 865,163 491 3,780,953 
Special Mention1,071 4,369 428 — — 20,011 76,565 — 102,444 
Accruing Substandard4,595 218 9,857 1,421 2,136 3,404 754 — 22,385 
Nonaccrual446 29 — 864 — — 4,796 — 6,135 
Total services699,259 467,258 498,666 395,970 267,482 635,513 947,278 491 3,911,917 
Loans charged off, year-to-date— — — — — — 4,147 21 4,168 
Energy
Pass147,840 58,798 44,882 10,479 2,297 19,500 2,598,446 — 2,882,242 
Total energy147,840 58,798 44,882 10,479 2,297 19,500 2,598,446 — 2,882,242 
Loans charged off, year-to-date— — — — — — 94 — 94 
Mortgage finance:
Pass— — — — — — 177,765 — 177,765 
Total mortgage finance— — — — — — 177,765 — 177,765 
General business
Pass845,421 389,679 424,859 179,660 139,664 318,834 1,888,938 1,369 4,188,424 
Special Mention24,882 1,480 6,920 4,288 7,070 2,099 40,873 106 87,718 
Accruing Substandard641 4,338 4,416 5,441 1,466 — 2,014 — 18,316 
Nonaccrual— — 1,445 2,163 72 2,787 — 10 6,477 
Total general business870,944 395,497 437,640 191,552 148,272 323,720 1,931,825 1,485 4,300,935 
Loans charged off, year-to-date14 — 132 — — — 826 109 1,081 
Total commercial2,829,075 1,391,772 1,446,727 1,390,486 722,309 1,617,094 5,881,619 1,985 15,281,067 
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Origination Year
20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Commercial real estate:
Pass948,049 939,354 476,954 1,670,158 671,080 777,510 107,199 — 5,590,304 
Special Mention— — — 6,405 — 3,949 — — 10,354 
Accruing Substandard— 484 — 4,971 29,324 29,872 — — 64,651 
Nonaccrual— — — — — 6,697 — — 6,697 
Total commercial real estate948,049 939,838 476,954 1,681,534 700,404 818,028 107,199 — 5,672,006 
Loans charged off, year-to-date— — — 126 — — — — 126 
Loans to individuals:
Residential mortgage
Pass564,508 404,186 265,734 250,169 280,232 452,195 458,006 29,190 2,704,220 
Special Mention— — — 140 10 5,387 1,628 1,298 8,463 
Accruing Substandard— — 72 — — 12 385 — 469 
Nonaccrual95 1,333 1,314 1,594 1,402 7,280 4,465 780 18,263 
Total residential mortgage564,603 405,519 267,120 251,903 281,644 464,874 464,484 31,268 2,731,415 
Loans charged off, year-to-date— 38 48 — — 56 178 — 320 
Residential mortgage guaranteed by U.S. government agencies
Pass776 3,676 9,453 8,486 2,801 124,581 — — 149,773 
Nonaccrual— — 398 265 — 7,923 — — 8,586 
Total residential mortgage guaranteed by U.S. government agencies
776 3,676 9,851 8,751 2,801 132,504 — — 158,359 
Personal
Pass489,188 188,899 201,427 140,602 101,967 197,075 476,829 282 1,796,269 
Special Mention22 18 46 17 16 4 1,182 — 1,305 
Accruing Substandard6,186 12 — 2 — 129 — — 6,329 
Nonaccrual7 56 4,627 9 12 1 — — 4,712 
Total personal495,403 188,985 206,100 140,630 101,995 197,209 478,011 282 1,808,615 
Loans charged off, year-to-date1
4,325 87 24 19 — 5 25 — 4,485 
Total loans to individuals1,060,782 598,180 483,071 401,284 386,440 794,587 942,495 31,550 4,698,389 
Total loans$4,837,906 $2,929,790 $2,406,752 $3,473,304 $1,809,153 $3,229,709 $6,931,313 $33,535 $25,651,462 
1    Includes charge-offs on deposit overdrafts, which are generally charged off at 60 days past due.

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Nonaccruing Loans

A summary of nonaccruing loans at March 31, 2026, follows (in thousands): 
As of March 31, 2026
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$21,138 $14,850 $6,288 $331 
Services1,260 1,260 — — 
General business2,868 118 2,750 2,750 
Total commercial25,266 16,228 9,038 3,081 
Commercial real estate6,601 6,601 — — 
Loans to individuals:    
Residential mortgage20,175 20,175 — — 
Residential mortgage guaranteed by U.S. government agencies7,768 7,768 — — 
Personal194 194 — — 
Total loans to individuals28,137 28,137 — — 
Total$60,004 $50,966 $9,038 $3,081 

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

A summary of nonaccruing loans at December 31, 2025, follows (in thousands): 
As of December 31, 2025
 TotalWith No
Allowance		With AllowanceRelated Allowance
Commercial:    
Healthcare$23,490 $18,390 $5,100 $200 
Services6,135 1,339 4,796 1,043 
General business6,477 3,727 2,750 2,750 
Total commercial36,102 23,456 12,646 3,993 
Commercial real estate6,697 — 6,697 2,195 
Loans to individuals:    
Residential mortgage18,263 18,263 — — 
Residential mortgage guaranteed by U.S. government agencies8,586 8,586 — — 
Personal4,712 4,712 — — 
Total loans to individuals31,561 31,561 — — 
Total$74,360 $55,017 $19,343 $6,188 

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Loan Modifications to Borrowers Experiencing Financial Difficulty

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

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

Past Due Loans

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

A summary of loans currently performing and past due as of March 31, 2026, is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$3,935,813 $— $— $19,950 $3,955,763 $— 
Services3,901,776 100 28 29 3,901,933 — 
Energy3,005,693 — — — 3,005,693 — 
Mortgage finance228,242 — — — 228,242 — 
General business4,474,908 1,450 247 4,847 4,481,452 2,097 
Total commercial15,546,432 1,550 275 24,826 15,573,083 2,097 
Commercial real estate5,878,078 — — 6,601 5,884,679 — 
Loans to individuals:    
Residential mortgage2,761,898 16,182 843 5,211 2,784,134 314 
Residential mortgage guaranteed by U.S. government agencies48,337 27,087 — 84,830 160,254 81,958 
Personal1,782,318 1,339 1,460 126 1,785,243 — 
Total loans to individuals4,592,553 44,608 2,303 90,167 4,729,631 82,272 
Total$26,017,063 $46,158 $2,578 $121,594 $26,187,393 $84,369 
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A summary of loans currently performing and past due as of December 31, 2025, is as follows (in thousands):
  Past Due Past Due 90 Days or More and Accruing
 Current30 to 59
Days		60 to 89 Days90 Days
or More		Total
Commercial:    
Healthcare$3,984,720 $— $— $23,488 $4,008,208 $— 
Services3,903,616 3,476 4,796 29 3,911,917 — 
Energy2,882,242 — — — 2,882,242 — 
Mortgage finance177,765 — — — 177,765 — 
General business4,291,391 5,702 3,842 — 4,300,935 — 
Total commercial15,239,734 9,178 8,638 23,517 15,281,067 — 
Commercial real estate5,664,492 817 — 6,697 5,672,006 — 
Loans to individuals:    
Residential mortgage2,714,617 8,570 2,182 6,046 2,731,415 — 
Residential mortgage guaranteed by U.S. government agencies
47,950 17,975 11,377 81,057 158,359 76,535 
Personal1,799,975 3,463 551 4,626 1,808,615 — 
Total loans to individuals4,562,542 30,008 14,110 91,729 4,698,389 76,535 
Total$25,466,768 $40,003 $22,748 $121,943 $25,651,462 $76,535 

(5) Mortgage Banking Activities

Residential Mortgage Loan Production

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

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

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The unpaid principal balance of RMHFS, notional amounts of derivative contracts related to residential mortgage loan commitments, and forward contract sales and their related fair values included in Residential mortgage loans held for sale on the Consolidated Balance Sheets were (in thousands):
 March 31, 2026December 31, 2025
 Unpaid Principal Balance/
Notional		Fair ValueUnpaid Principal Balance/
Notional		Fair Value
Residential mortgage loans held for sale$102,250 $101,249 $93,110 $93,133 
Residential mortgage loan commitments83,674 2,348 49,048 1,729 
Forward sales contracts147,000 1,276 100,500 (232)
  $104,873  $94,630 

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

Mortgage banking revenue was as follows (in thousands):
 Three Months Ended
March 31,
 20262025
Production revenue:  
Net realized gains on sale of mortgage loans$2,823 $1,456 
Net change in unrealized gain (loss) on mortgage loans held for sale
(1,024)994 
Net change in the fair value of mortgage loan commitments619 1,029 
Net change in the fair value of forward sales contracts1,508 (850)
Total mortgage production revenue
3,926 2,629 
Servicing revenue17,037 17,186 
Total mortgage banking revenue$20,963 $19,815 

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

Residential Mortgage Servicing

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

The following represents a summary of mortgage servicing rights (dollars in thousands):
 March 31, 2026December 31, 2025
Number of residential mortgage loans serviced for others123,658 123,263 
Outstanding principal balance of residential mortgage loans serviced for others$21,989,466 $21,760,414 
Weighted average interest rate3.85 %3.83 %
Remaining term (in months)269270

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The following represents activity in capitalized mortgage servicing rights (in thousands):
Three Months Ended March 31,
20262025
Beginning Balance$322,724 $338,145 
Additions4,010 2,509 
Acquisitions8,645 14,615 
Change in fair value due to principal payments(10,153)(5,918)
Change in fair value due to market assumption changes8,155 (7,240)
Ending Balance$333,381 $342,111 

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

MSR are not traded in active markets. Fair value is determined by discounting the projected net cash flows. Significant market assumptions used to determine fair value based on significant unobservable inputs were as follows:
 March 31, 2026December 31, 2025
Discount rate – risk-free rate plus a market premium9.42%9.31%
Prepayment rate – based upon loan interest rate, original term, and loan type
6.93%7.07%
Loan servicing costs – annually per loan based upon loan type:
Performing loans
$73 - $94
$73 - $94
Delinquent loans
$150 - $500
$150 - $500
Loans in foreclosure
$875 - $6,000
$875 - $6,000
Escrow earnings rate – indexed to rates paid on deposit accounts with comparable average life
3.82%3.66%
Primary/secondary mortgage rate spread
125 bps128 bps
Delinquency rate
2.10%2.28%

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

Litigation Contingencies

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

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

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

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

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

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

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

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Alternative Investment Commitments

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

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

(7) Shareholders' Equity

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

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

Accumulated Other Comprehensive Income (Loss)

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

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):
Unrealized Gain (Loss) on
Available-for-Sale Securities
Investment Securities Transferred from AFSTotal
Balance, Dec. 31, 2024$(412,348)$(90,692)$(503,040)
Net change in unrealized gain (loss)
173,828 — 173,828 
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 9,444 9,444 
Other comprehensive income (loss), before income taxes173,828 9,444 183,272 
Federal and state income taxes40,476 2,099 42,575 
Other comprehensive income (loss), net of income taxes133,352 7,345 140,697 
Balance, March 31, 2025$(278,996)$(83,347)$(362,343)
Balance, Dec. 31, 2025$(102,569)$(63,601)$(166,170)
Net change in unrealized gain (loss)
(84,412)— (84,412)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities— 7,376 7,376 
Other comprehensive income (loss), before income taxes(84,412)7,376 (77,036)
Federal and state income taxes(19,947)1,743 (18,204)
Other comprehensive income (loss), net of income taxes(64,465)5,633 (58,832)
Balance, March 31, 2026$(167,034)$(57,968)$(225,002)

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(8) Earnings Per Share

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

Three Months Ended March 31,
 20262025
Numerator:  
Net income attributable to BOK Financial Corp. shareholders$155,766 $119,777 
Less: Earnings allocated to participating securities1,086 1,267 
Income available to common shareholders - basic and diluted$154,680 $118,510 
Denominator:
Weighted average shares outstanding - basic and diluted60,033,282 63,547,510 
Basic and diluted earnings per share$2.58 $1.86 
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(9) Reportable Segments

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

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

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

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2026 is as follows (in thousands):
 
Commercial Banking
Consumer Banking
Wealth
Management		Segment TotalFunds Management and Other
BOK
Financial
Corporation
Net interest income from external sources$241,317 $17,788 $19,867 $278,972 $63,582 $342,554 
Net interest income (expense) from internal sources(67,844)38,201 23,107 (6,536)6,536 — 
Net interest income173,473 55,989 42,974 272,436 70,118 342,554 
Net loans charged off and provision for credit losses400 1,508 496 2,404 (2,404)— 
Net interest income after provision for credit losses173,073 54,481 42,478 270,032 72,522 342,554 
Other operating revenue60,068 42,866 110,387 213,321 (2,053)211,268 
Personnel expense51,267 25,466 69,413 146,146 65,028 211,174 
Non-personnel expense31,041 38,027 28,756 97,824 45,168 142,992 
Total other operating expense
82,308 63,493 98,169 243,970 110,196 354,166 
Corporate allocations16,046 14,686 17,155 47,887 (47,887)— 
Net income before taxes$134,787 $19,168 $37,541 $191,496 $8,160 $199,656 
Average assets$22,679,465 $8,452,393 $11,370,683 $42,502,541 $10,620,468 $53,123,009 
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Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended March 31, 2025 is as follows (in thousands):
 
Commercial Banking
Consumer Banking
Wealth
Management		Segment TotalFunds Management and Other
BOK
Financial
Corporation
Net interest income from external sources$231,423 $8,740 $13,942 $254,105 $62,146 $316,251 
Net interest income (expense) from internal sources(53,165)48,512 30,560 25,907 (25,907)— 
Net interest income178,258 57,252 44,502 280,012 36,239 316,251 
Net loans charged off and provision for credit losses148 1,517 (8)1,657 (1,657)— 
Net interest income after provision for credit losses178,110 55,735 44,510 278,355 37,896 316,251 
Other operating revenue55,521 39,058 96,336 190,915 (4,874)186,041 
Personnel expense49,574 25,837 67,245 142,656 71,529 214,185 
Non-personnel expense28,906 31,399 27,021 87,326 46,018 133,344 
Total other operating expense
78,480 57,236 94,266 229,982 117,547 347,529 
Corporate allocations17,055 15,435 13,854 46,344 (46,344)— 
Net income before taxes$138,096 $22,122 $32,726 $192,944 $(38,181)$154,763 
Average assets$21,400,745 $8,201,821 $11,367,435 $40,970,001 $10,016,902 $50,986,903 

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(10) Fees and Commissions Revenue

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

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

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

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

Mortgage banking revenue includes revenues recognized in conjunction with the origination, marketing, and servicing of conventional and government-sponsored residential mortgage loans. Mortgage production revenue includes net realized gains (losses) on sales of residential mortgage loans in the secondary market and the net change in unrealized gains (losses) on RMHFS. Mortgage production revenue also includes changes in the fair value of derivative contracts not designated as hedging instruments related to residential mortgage loan commitments and forward sales contracts. Mortgage servicing revenue includes servicing fee income and late charges on loans serviced for others.
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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2026 (in thousands):
Commercial Banking
Consumer Banking
Wealth ManagementFunds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue$— $— $19,313 $— $19,313 $19,313 $— 
Customer hedging revenue
4,138 — 4,584 (906)7,816 7,816 — 
Retail brokerage revenue
— — 6,314 — 6,314 — 6,314 
Investment banking revenue
4,477 — 5,686 — 10,163 4,477 5,686 
Brokerage and trading revenue8,615 — 35,897 (906)43,606 31,606 12,000 
TransFund EFT network revenue25,144 915 (15)— 26,044 — 26,044 
Merchant services revenue2,433 8 — — 2,441 — 2,441 
Corporate card revenue2,391 — 1,089 — 3,480 — 3,480 
Transaction card revenue29,968 923 1,074 — 31,965 — 31,965 
Personal trust revenue— — 28,449 — 28,449 — 28,449 
Corporate trust revenue— — 11,759 — 11,759 — 11,759 
Institutional trust & retirement plan services revenue
— — 19,543 — 19,543 — 19,543 
Investment management services and other revenue
— — 6,730 — 6,730 — 6,730 
Fiduciary and asset management revenue— — 66,481 — 66,481 — 66,481 
Commercial account service charge revenue
17,807 581 711 — 19,099 — 19,099 
Overdraft fee revenue32 5,788 36 2 5,858 — 5,858 
Check card revenue
— 5,819 — — 5,819 — 5,819 
Automated service charge and other deposit fee revenue
203 1,194 45 — 1,442 — 1,442 
Deposit service charges and fees18,042 13,382 792 2 32,218 — 32,218 
Mortgage production revenue— 3,926 — — 3,926 3,926 — 
Mortgage servicing revenue— 18,062 — (1,025)17,037 17,037 — 
Mortgage banking revenue— 21,988 — (1,025)20,963 20,963 — 
Other revenue2,385 4,644 6,180 1,335 14,544 7,740 6,804 
Total fees and commissions revenue
$59,010 $40,937 $110,424 $(594)$209,777 $60,309 $149,468 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.



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Fees and commissions revenue by reportable segment and primary service line is as follows for the three months ended March 31, 2025 (in thousands):
Commercial Banking
Consumer Banking
Wealth ManagementFunds Management & Other
BOK Financial Corporation
Out of Scope1
In Scope2
Trading revenue$— $— $8,107 $— $8,107 $8,107 $— 
Customer hedging revenue
4,518 — 4,046 (175)8,389 8,389 — 
Retail brokerage revenue
— — 4,959 — 4,959 — 4,959 
Investment banking revenue
3,211 — 6,402 — 9,613 3,191 6,422 
Brokerage and trading revenue7,729 — 23,514 (175)31,068 19,687 11,381 
TransFund EFT network revenue22,103 678 (17)— 22,764 — 22,764 
Merchant services revenue2,173 8 — — 2,181 — 2,181 
Corporate card revenue1,871 — 174 102 2,147 — 2,147 
Transaction card revenue26,147 686 157 102 27,092 — 27,092 
Personal trust revenue— — 25,556 — 25,556 — 25,556 
Corporate trust revenue— — 11,109 — 11,109 — 11,109 
Institutional trust & retirement plan services revenue
— — 18,986 — 18,986 — 18,986 
Investment management services and other revenue
— — 5,321 — 5,321 — 5,321 
Fiduciary and asset management revenue— — 60,972 — 60,972 — 60,972 
Commercial account service charge revenue
16,623 574 622 — 17,819 — 17,819 
Overdraft fee revenue32 5,282 52 — 5,366 — 5,366 
Check card revenue
— 5,615 — — 5,615 — 5,615 
Automated service charge and other deposit fee revenue
250 1,168 57 — 1,475 — 1,475 
Deposit service charges and fees16,905 12,639 731 — 30,275 — 30,275 
Mortgage production revenue— 2,629 — — 2,629 2,629 — 
Mortgage servicing revenue— 18,009 — (823)17,186 17,186 — 
Mortgage banking revenue— 20,638 — (823)19,815 19,815 — 
Other revenue4,376 2,832 10,962 (3,276)14,894 8,369 6,525 
Total fees and commissions revenue
$55,157 $36,795 $96,336 $(4,172)$184,116 $47,871 $136,245 
1     Out of scope revenue generally relates to financial instruments or contractual rights and obligations within the scope of other applicable accounting guidance.
2    In scope revenue represents revenue subject to FASB ASC Topic 606, Revenue from Contracts with Customers.



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(11) Fair Value Measurements

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

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

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

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

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

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

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

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

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of March 31, 2026 (in thousands):
 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$6,379 $— $6,379 $— 
Residential agency mortgage-backed securities5,513,068 — 5,513,068 — 
Municipal securities84,981 — 84,981 — 
Other trading securities47,734 — 47,734 — 
Total trading securities5,652,162 — 5,652,162 — 
Available-for-sale securities:
    
U.S. Treasury securities984 984 — — 
Municipal securities175,123 — 175,123 — 
Residential agency mortgage-backed securities9,631,722 — 9,631,722 — 
Residential non-agency mortgage-backed securities717,068 — 717,068 — 
Commercial agency mortgage-backed securities
3,014,195 — 3,014,195 — 
Other debt securities473 — — 473 
Total available-for-sale securities
13,539,565 984 13,538,108 473 
Fair value option securities:
Residential agency mortgage-backed securities165,706 — 165,706 — 
Commercial agency mortgage-backed securities12,392 — 12,392 — 
Total fair value option securities178,098 — 178,098 — 
Residential mortgage loans held for sale1
104,873 — 97,972 6,901 
Mortgage servicing rights, net2
333,381 — — 333,381 
Derivative contracts, net of cash margin3
782,985 1,474 781,511 — 
Liabilities: 
Derivative contracts, net of cash margin3
$282,590 $3,250 $279,340 $— 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 83.36% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.


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The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2025 (in thousands):
 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$9,237 $— $9,237 $— 
Residential agency mortgage-backed securities5,307,849 — 5,307,849 — 
Municipal securities39,233 — 39,233 — 
Other trading securities36,426 — 36,426 — 
Total trading securities5,392,745 — 5,392,745 — 
Available-for-sale securities:
    
U.S. Treasury securities980 980 — — 
Municipal securities184,273 — 184,273 — 
Residential agency mortgage-backed securities9,598,627 — 9,598,627 — 
Residential non-agency mortgage-backed securities696,028 — 696,028 — 
Commercial agency mortgage-backed securities
3,126,244 — 3,126,244 — 
Other debt securities473 — — 473 
Total available-for-sale securities
13,606,625 980 13,605,172 473 
Fair value option securities — Residential agency mortgage-backed securities102,096 — 102,096 — 
Residential mortgage loans held for sale1
94,630 — 88,335 6,295 
Mortgage servicing rights, net2
322,724 — — 322,724 
Derivative contracts, net of cash margin3
300,775 1,022 299,753 — 
Liabilities:
Derivative contracts, net of cash margin3
$397,573 $12 $397,561 $— 
1Residential mortgage loans held for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards and are valued at 82.84% of the unpaid principal balance.
2A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 5, Mortgage Banking Activities.
3See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset and liability positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded interest rate derivative contracts held for trading and internal risk management purposes.
- 81 -

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

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

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

Derivatives

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

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

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

Residential Mortgage Loans Held for Sale

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









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

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

There were no non-recurring fair value adjustments during the three months ended March 31, 2026 for which there was a carrying value at March 31, 2026.
The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at March 31, 2025, for which the fair value was adjusted during the three months ended March 31, 2025 (in thousands):
Fair Value Adjustments for the
 Carrying Value at March 31, 2025
Three Months Ended
Mar. 31, 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), net
Real estate and other repossessed assets
$— $— $1,582 $— $(356)

The fair value of collateral-dependent nonaccruing loans secured by real estate and real estate and other repossessed assets and the related fair value adjustments are generally based on unadjusted third-party appraisals. Our appraisal review policies require appraised values to be supported by observed inputs derived principally from or corroborated by observable market data. Appraisals that are not based on observable inputs or that require significant adjustments or fair value measurements that are not based on third-party appraisals are considered to be based on significant unobservable inputs. Non-recurring fair value measurements of collateral-dependent nonaccruing loans and real estate and other repossessed assets based on significant unobservable inputs are generally due to estimates of current fair values between appraisal dates. Significant unobservable inputs include listing prices for the same or comparable assets, uncorroborated expert opinions, or management's knowledge of the collateral or industry. Non-recurring fair value measurements of collateral dependent loans secured by mineral rights are generally determined by our internal staff of engineers based on projected cash flows under current market conditions and are based on significant unobservable inputs. Projected cash flows are discounted according to risk characteristics of the underlying oil and gas properties. Assets are evaluated to demonstrate with reasonable certainty that crude oil, natural gas, and natural gas liquids can be recovered from known oil and gas reservoirs under existing economic and operating conditions at current prices with existing conventional equipment, operating methods, and costs. Significant unobservable inputs are developed by asset management and workout professionals and approved by senior Credit Administration executives.
A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of March 31, 2025 follows (dollars in thousands):

Fair ValueValuation Technique(s)Unobservable InputRange
(Weighted Average)
Real estate and other repossessed assets$1,582 Discounted cash flows
Marketability adjustments off appraised value1
82% - 82% (82%)
1    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.
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Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of March 31, 2026 (in thousands):
Carrying
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$905,614 $905,614 $905,614 $— $— 
Interest-bearing cash and cash equivalents506,793 506,793 506,793 — — 
Trading securities:
U.S. government securities6,379 6,379 — 6,379 — 
Residential agency mortgage-backed securities5,513,068 5,513,068 — 5,513,068 — 
Municipal securities84,981 84,981 — 84,981 — 
Other trading securities47,734 47,734 — 47,734 — 
Total trading securities5,652,162 5,652,162 — 5,652,162 — 
Investment securities:  
Municipal securities73,334 74,429 — 11,160 63,269 
Residential agency mortgage-backed securities1,613,987 1,479,984 — 1,479,984 — 
Commercial agency mortgage-backed securities16,588 16,190 — 16,190 — 
Other debt securities16,013 15,287 — 15,287 — 
Total investment securities1,719,922 1,585,890 — 1,522,621 63,269 
Allowance for credit losses(191)— — — — 
Investment securities, net of allowance1,719,731 1,585,890 — 1,522,621 63,269 
Available-for-sale securities:
  
U.S. Treasury securities984 984 984 — — 
Municipal securities175,123 175,123 — 175,123 — 
Residential agency mortgage-backed securities9,631,722 9,631,722 — 9,631,722 — 
Residential non-agency mortgage-backed securities717,068 717,068 — 717,068 — 
Commercial agency mortgage-backed securities
3,014,195 3,014,195 — 3,014,195 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
13,539,565 13,539,565 984 13,538,108 473 
Fair value option securities:
Residential agency mortgage-backed securities165,706 165,706 — 165,706 — 
Commercial agency mortgage-backed securities12,392 12,392 — 12,392 — 
Total fair value option securities178,098 178,098 — 178,098 — 
Residential mortgage loans held for sale104,873 104,873 — 97,972 6,901 
Loans:  
Commercial15,573,083 15,464,708 — — 15,464,708 
Commercial real estate5,884,679 5,795,154 — — 5,795,154 
Loans to individuals4,729,631 4,620,105 — — 4,620,105 
Total loans26,187,393 25,879,967 — — 25,879,967 
Allowance for loan losses(277,719)— — — — 
Loans, net of allowance25,909,674 25,879,967 — — 25,879,967 
Mortgage servicing rights333,381 333,381 — — 333,381 
Derivative instruments with positive fair value, net of cash margin782,985 782,985 1,474 781,511 — 
Deposits with no stated maturity34,950,239 34,950,239 — — 34,950,239 
Time deposits3,726,809 3,712,780 — — 3,712,780 
Other borrowed funds6,468,973 6,469,023 — — 6,469,023 
Subordinated debentures396,625 394,933 — 394,933 — 
Derivative instruments with negative fair value, net of cash margin282,590 282,590 3,250 279,340 — 

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The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or are measured at fair value on a non-recurring basis as of December 31, 2025 (in thousands):
Carrying
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$1,001,107 $1,001,107 $1,001,107 $— $— 
Interest-bearing cash and cash equivalents656,995 656,995 656,995 — — 
Trading securities:
U.S. government securities9,237 9,237 — 9,237 — 
Residential agency mortgage-backed securities5,307,849 5,307,849 — 5,307,849 — 
Municipal securities39,233 39,233 — 39,233 — 
Other trading securities36,426 36,426 — 36,426 — 
Total trading securities5,392,745 5,392,745 — 5,392,745 — 
Investment securities:  
Municipal securities88,215 89,343 — 11,204 78,139 
Residential agency mortgage-backed securities1,664,175 1,541,608 — 1,541,608 — 
Commercial agency mortgage-backed securities16,516 16,186 — 16,186 — 
Other debt securities15,538 14,868 — 14,868 — 
Total investment securities1,784,444 1,662,005 — 1,583,866 78,139 
Allowance for credit losses(202)— — — — 
Investment securities, net of allowance1,784,242 1,662,005 — 1,583,866 78,139 
Available-for-sale securities:
  
U.S. Treasury securities980 980 980 — — 
Municipal securities184,273 184,273 — 184,273 — 
Residential agency mortgage-backed securities9,598,627 9,598,627 — 9,598,627 — 
Residential non-agency mortgage-backed securities696,028 696,028 — 696,028 — 
Commercial agency mortgage-backed securities
3,126,244 3,126,244 — 3,126,244 — 
Other debt securities473 473 — — 473 
Total available-for-sale securities
13,606,625 13,606,625 980 13,605,172 473 
Fair value option securities — Residential agency mortgage-backed securities102,096 102,096 — 102,096 — 
Residential mortgage loans held for sale94,630 94,630 — 88,335 6,295 
Loans:  
Commercial15,281,067 15,223,531 — — 15,223,531 
Commercial real estate5,672,006 5,597,767 — — 5,597,767 
Loans to individuals4,698,389 4,565,165 — — 4,565,165 
Total loans25,651,462 25,386,463 — — 25,386,463 
Allowance for loan losses(275,860)— — — — 
Loans, net of allowance25,375,602 25,386,463 — — 25,386,463 
Mortgage servicing rights322,724 322,724 — — 322,724 
Derivative instruments with positive fair value, net of cash margin300,775 300,775 1,022 299,753 — 
Deposits with no stated maturity35,795,923 35,795,923 — — 35,795,923 
Time deposits3,639,083 3,629,060 — — 3,629,060 
Other borrowed funds4,237,655 4,237,752 — — 4,237,752 
Subordinated debentures396,589 395,323 — 395,323 — 
Derivative instruments with negative fair value, net of cash margin397,573 397,573 12 397,561 — 

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

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

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Quarterly Financial Summary – Unaudited
Consolidated Daily Average Balances, Average Yields and Rates
(Dollars in thousands, except per share data)
Three Months Ended
 March 31, 2026December 31, 2025
Average
Balance		Revenue/
Expense
Yield/
Rate1
Average
Balance		Revenue/
Expense
Yield/
Rate1
Assets      
Interest-bearing cash and cash equivalents$577,641 $5,133 3.60 %$546,045 $5,302 3.85 %
Trading securities5,617,531 64,588 4.64 %5,295,598 63,296 4.83 %
Investment securities, net of allowance1,747,860 6,149 1.41 %1,804,984 6,381 1.41 %
Available-for-sale securities
13,614,473 133,963 3.93 %13,564,939 134,440 3.94 %
Fair value option securities126,772 1,389 4.83 %72,229 913 4.83 %
Restricted equity securities361,514 6,681 7.39 %250,430 4,522 7.22 %
Residential mortgage loans held for sale77,105 1,056 5.42 %91,414 1,349 5.84 %
Loans25,925,585 399,576 6.25 %25,242,551 412,170 6.48 %
Allowance for loan losses(276,437)(277,580)
Loans, net of allowance25,649,148 399,576 6.31 %24,964,971 412,170 6.55 %
Total earning assets
47,772,044 618,535 5.23 %46,590,610 628,373 5.36 %
Receivable on unsettled securities sales173,506 227,678 
Cash and other assets5,177,459 5,034,058 
Total assets$53,123,009 $51,852,346 
Liabilities and equity      
Interest-bearing deposits:      
Transaction$26,707,581 $175,802 2.67 %$27,396,541 $199,008 2.88 %
Savings877,650 1,162 0.54 %852,390 1,163 0.54 %
Time3,701,080 32,234 3.53 %3,729,596 34,252 3.64 %
Total interest-bearing deposits31,286,311 209,198 2.71 %31,978,527 234,423 2.91 %
Funds purchased and repurchase agreements924,228 6,600 2.90 %1,185,566 10,360 3.47 %
Other borrowings5,349,061 51,482 3.90 %3,008,388 32,032 4.22 %
Subordinated debentures396,606 6,091 6.14 %241,482 3,722 6.12 %
Total interest-bearing liabilities37,956,206 273,371 2.92 %36,413,963 280,537 3.06 %
Non-interest bearing demand deposits
7,693,948 8,009,082 
Due on unsettled securities purchases418,478 452,673 
Other liabilities1,030,182 1,015,185 
Total equity6,024,195 5,961,443 
Total liabilities and equity$53,123,009 $51,852,346 
Tax-equivalent net interest income
$345,164 2.31 %$347,836 2.30 %
Tax-equivalent net interest income to earning assets
2.90 %2.98 %
Less tax-equivalent adjustment2,610 2,555 
Net interest income
342,554 345,281 
Provision for credit losses
— — 
Other operating revenue211,268 244,282 
Other operating expense354,166 361,054 
Net income before taxes
199,656 228,509 
Federal and state income taxes43,936 51,243 
Net income155,720 177,266 
Net income (loss) attributable to non-controlling interests
(46)(35)
Net income attributable to BOK Financial Corporation shareholders
$155,766 $177,301 
Earnings per share:
      
Basic and diluted $2.58   $2.89  
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 87 -

(Dollars in thousands, except per share data)
Three Months Ended
September 30, 2025June 30, 2025
Average BalanceRevenue /Expense
Yield/
Rate1
Average BalanceRevenue / 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 and diluted $2.22   $2.19  
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 88 -

(Dollars in thousands, except per share data)Three Months Ended
March 31, 2025
Average BalanceRevenue / Expense
Yield/
Rate1
Assets
Interest-bearing cash and cash equivalents$564,014 $6,229 4.48 %
Trading securities5,881,997 73,871 5.07 %
Investment securities, net of allowance1,980,005 7,008 1.42 %
Available-for-sale securities
12,962,830 127,573 3.82 %
Fair value option securities17,603 178 3.72 %
Restricted equity securities348,266 6,541 7.51 %
Residential mortgage loans held for sale63,365 975 6.03 %
Loans24,068,227 398,737 6.71 %
Allowance for loan losses(279,983)
Loans, net of allowance23,788,244 398,737 6.79 %
Total earning assets
45,606,324 621,112 5.45 %
Receivable on unsettled securities sales184,960 
Cash and other assets5,195,619 
Total assets$50,986,903 
Liabilities and equity
Interest-bearing deposits:
Transaction$25,859,733 $204,521 3.21 %
Savings844,875 1,168 0.56 %
Time3,498,401 35,383 4.10 %
Total interest-bearing deposits30,203,009 241,072 3.24 %
Funds purchased and repurchase agreements935,716 7,028 3.05 %
Other borrowings4,626,402 52,135 4.57 %
Subordinated debentures131,188 2,084 6.44 %
Total interest-bearing liabilities35,896,315 302,319 3.42 %
Non-interest bearing demand deposits
8,156,069 
Due on unsettled securities purchases425,050 
Other liabilities848,797 
Total equity5,660,672 
Total liabilities and equity$50,986,903 
Tax-equivalent net interest income
$318,793 2.03 %
Tax-equivalent net interest income to earning assets
2.78 %
Less tax-equivalent adjustment2,542 
Net interest income
316,251 
Provision for credit losses
— 
Other operating revenue186,041 
Other operating expense347,529 
Net income before taxes
154,763 
Federal and state income taxes34,992 
Net income119,771 
Net income (loss) attributable to non-controlling interests
(6)
Net income attributable to BOK Financial Corporation shareholders
$119,777 
Earnings per share:
Basic and diluted$1.86 
1    Yield calculations are shown on a tax-equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.
- 89 -

Quarterly Earnings Trends – Unaudited
(In thousands, except share and per share data)
 Three Months Ended
 Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025June 30, 2025Mar. 31, 2025
Interest revenue$615,925 $625,818 $644,453 $642,427 $618,570 
Interest expense273,371 280,537 306,807 314,261 302,319 
Net interest income
342,554 345,281 337,646 328,166 316,251 
Provision for credit losses— — 2,000 — — 
Net interest income after provision for credit losses
342,554 345,281 335,646 328,166 316,251 
Other operating revenue     
Brokerage and trading revenue43,606 47,310 43,239 38,125 31,068 
Transaction card revenue31,965 31,564 29,463 29,561 27,092 
Fiduciary and asset management revenue66,481 68,347 63,878 63,964 60,972 
Deposit service charges and fees32,218 32,039 31,896 31,319 30,275 
Mortgage banking revenue20,963 19,013 19,764 18,993 19,815 
Other revenue14,544 16,591 16,190 15,368 14,894 
Total fees and commissions209,777 214,864 204,430 197,330 184,116 
Other gains (losses), net(216)28,078 8,264 8,140 (725)
Gain (loss) on derivatives, net(4,374)(2,366)(453)5,535 9,565 
Gain (loss) on fair value option securities, net(2,074)551 630 1,112 325 
Change in fair value of mortgage servicing rights8,155 1,407 (2,375)(5,019)(7,240)
Gain on available-for-sale securities, net
— 1,748 213 — — 
Total other operating revenue211,268 244,282 210,709 207,098 186,041 
Other operating expense     
Personnel211,174 222,726 226,347 214,711 214,185 
Business promotion9,226 11,516 9,960 9,139 8,818 
Professional fees and services14,295 18,371 15,137 15,402 13,269 
Net occupancy and equipment33,182 32,693 33,040 32,657 32,992 
FDIC and other insurance5,685 6,078 7,302 6,439 6,587 
FDIC special assessment— (9,479)(1,209)(523)523 
Data processing and communications51,768 51,299 50,062 49,597 47,578 
Printing, postage, and supplies3,679 4,077 4,036 4,067 3,639 
Amortization of intangible assets2,443 2,656 2,656 2,656 2,652 
Mortgage banking costs11,757 10,663 10,668 6,711 7,689 
Other expense10,957 10,454 11,771 13,647 9,597 
Total other operating expense354,166 361,054 369,770 354,503 347,529 
Net income before taxes199,656 228,509 176,585 180,761 154,763 
Federal and state income taxes43,936 51,243 35,714 40,691 34,992 
Net income155,720 177,266 140,871 140,070 119,771 
Net income (loss) attributable to non-controlling interests
(46)(35)(23)52 (6)
Net income attributable to BOK Financial Corporation shareholders
$155,766 $177,301 $140,894 $140,018 $119,777 
Earnings per share:     
Basic and diluted$2.58$2.89$2.22$2.19$1.86
Average shares used in computation:
Basic and diluted60,033,282 60,916,929 62,840,270 63,208,027 63,547,510 


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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, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table provides information with respect to purchases made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company's common stock during the three months ended March 31, 2026.
 
Period
Total Number of Shares Purchased2
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1
Maximum Number of Shares that May Yet Be Purchased Under the Plans
January 1 to January 31, 202630,343 $123.57 — 2,017,039 
February 1 to February 28, 202641,080 $133.80 — 2,017,039 
March 1 to March 31, 2026— $— — 2,017,039 
Total71,423  —  
1On July 29, 2025, the Company's Board authorized the Company to repurchase up to five million shares of the Company's common stock. As of March 31, 2026, the Company had repurchased 2,982,961 shares under this plan. Future repurchases of the Company's common stock will vary based on market conditions, regulatory limitations, and other factors.
2The Company may repurchase vested shares from employees to cover taxes in connection with employee equity compensation. During the three month period ended March 31, 2026, all share purchases were made in connection with employee equity compensation net tax settlements for vested equity awards.
Item 5. Other Information

Trading Plans

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

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

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Item 6. Exhibits
10.4.13
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.
- 92 -

Signatures


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


BOK FINANCIAL CORPORATION
(Registrant)



Date:        May 6, 2026           



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

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

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