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BOK Financial Corporation reports quarterly earnings of $140 million, or $2.19 per share, in the second quarter.
Second quarter 2025 financial highlights1
Net Income
Net income was $140.0 million, or $2.19 per diluted share, compared to $119.8 million, or $1.86 per diluted share.
Net Interest Income & Margin
Net interest income totaled $328.2 million, an increase of $11.9 million. Net interest margin expanded 2 basis points to 2.80% compared to 2.78% in the prior quarter.
Fees & Commissions Revenue
Fees and commissions revenue was $197.3 million, an increase of $13.2 million with broad-based growth across our fee income lines. Brokerage and trading revenue increased $7.1 million, fiduciary and asset management revenue grew $3.0 million, and transaction card revenue increased $2.5 million.
Operating Expense
Operating expense increased $7.0 million to $354.5 million, primarily due to higher operational losses combined with increased costs related to ongoing technology projects.
Loans
Period end loans were $24.3 billion, an increase of $602 million. Growth in commercial real estate loans and loans to individuals was slightly offset by a decrease in energy balances. Average outstanding loan balances were $24.2 billion, a $108 million increase.
Credit Quality
Nonperforming assets declined to $81 million, or 0.33% of outstanding loans and repossessed assets, at June 30, 2025, from $85 million, or 0.36%, at March 31, 2025. Net charge-offs for the second quarter remained historically low at $561 thousand, or less than 0.01% of average loans on an annualized basis.
Deposits
Period end deposits were relatively unchanged at $38.2 billion, while average deposits decreased $222 million to $38.1 billion. Average demand deposits decreased by $198 million and average interest-bearing deposits decreased $25 million. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025.
Capital
Tangible common equity ratio was 9.63% compared to 9.48% at March 31, 2025. Tier 1 capital ratio was 13.60%, common equity Tier 1 capital ratio was 13.59%, and total capital ratio was 14.48%. The company repurchased 663,298 shares of common stock at an average price paid of $93.99 per share in the second quarter of 2025.
1     Comparisons are to prior quarter unless otherwise noted.

p
$11.9 million
1 bp
p
$602 million
NET INTEREST INCOME
NET CHARGE-OFFS (ANNUALIZED)
LOAN GROWTH
CEO Commentary
Stacy Kymes, President and CEO, stated, “Second quarter results highlighted the strength of our team and the effectiveness of our diverse business model. We gained momentum this quarter driven by accelerated loan growth, strong fee income performance and continued margin expansion. Loans grew over $600 million, or 10% annualized, as we leveraged our strong liquidity and capital position, all while maintaining exceptional credit quality. Net interest income grew for the fifth consecutive quarter and core net interest margin, excluding trading, expanded another 7 basis points. Fee income was another standout, with broad-based growth and record quarterly highs in fiduciary and asset management revenue, transaction card revenue, and deposit service charges. This growth reinforces our confidence in our ability to deliver consistent, high-quality performance in the face of evolving market conditions."

    
BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Net Interest Income
(Dollars in thousands)June 30, 2025Mar. 31, 2025Change% Change
Interest revenue
Interest-bearing cash and cash equivalents$5,626 $6,229 $(603)(9.7)%
Trading securities86,488 73,871 12,617 17.1 %
Investment securities6,762 7,008 (246)(3.5)%
Available-for-sale securities131,360 127,573 3,787 3.0 %
Fair value option securities1,319 178 1,141 641.0 %
Restricted equity securities7,545 6,541 1,004 15.3 %
Residential mortgage loans held for sale1,346 975 371 38.1 %
Loans404,555 398,737 5,818 1.5 %
Total interest revenue$645,001 $621,112 $23,889 3.8 %
Interest expense
Interest-bearing deposits:
Transaction$204,216 $204,521 $(305)(0.1)%
Savings1,155 1,168 (13)(1.1)%
Time33,072 35,383 (2,311)(6.5)%
Total interest-bearing deposits238,443 241,072 (2,629)(1.1)%
Funds purchased and repurchase agreements6,820 7,028 (208)(3.0)%
Other borrowings67,410 52,135 15,275 29.3 %
Subordinated debentures1,588 2,084 (496)(23.8)%
Total interest expense$314,261 $302,319 $11,942 4.0 %
Tax-equivalent net interest income330,740 318,793 11,947 3.7 %
Less: Tax-equivalent adjustment
2,574 2,542 32 1.3 %
Net interest income$328,166 $316,251 $11,915 3.8 %
Net interest margin2.80 %2.78 %0.02 %N/A
Average earning assets$46,984,071 $45,606,324 $1,377,747 3.0 %
Average trading securities6,876,788 5,881,997 994,791 16.9 %
Average investment securities1,918,969 1,980,005 (61,036)(3.1)%
Average available-for-sale securities13,218,569 12,962,830 255,739 2.0 %
Fair value option securities88,323 17,603 70,720 401.7 %
Restricted equity securities
390,191 348,266 41,925 12.0 %
Average loans balance24,176,549 24,068,227 108,322 0.5 %
Average interest-bearing deposits30,178,178 30,203,009 (24,831)(0.1)%
Funds purchased and repurchase agreements782,039 935,716 (153,677)(16.4)%
Other borrowings6,019,948 4,626,402 1,393,546 30.1 %
Net interest income was $328.2 million for the second quarter of 2025, an increase of $11.9 million over the prior quarter. Net interest margin expanded to 2.80% from 2.78%. For the second quarter of 2025, our core net interest margin excluding trading activities, a non-GAAP measure, increased 7 basis points to 3.12% compared to 3.05% in the prior quarter.
Average earning assets increased $1.4 billion. Average trading securities increased $995 million while average available-for-sale securities grew $256 million. Average loan balances increased $108 million due to growth in portfolio balances for commercial real estate loans and loans to individuals, largely offset by a decrease in commercial loans. Average fair value options securities increased $71 million and restricted equity securities increased $42 million. Average interest-bearing deposits decreased $25 million, primarily from interest-bearing time deposits. Average funds purchased and repurchase agreements decreased $154 million, while average other borrowings increased $1.4 billion.

2
BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
The yield on average earning assets was 5.47%, a 2 basis point increase over the prior quarter. The yield on the available-for-sale securities portfolio increased 7 basis points to 3.89%. The loan portfolio yield was unchanged at 6.71%. The yield on trading securities decreased 2 basis points to 5.05%. The yield on fair value option securities increased 218 basis points to 5.90% and the yield on restricted equity securities expanded 22 basis points to 7.73%.
Funding costs were 3.40%, down 2 basis points. The cost of interest-bearing deposits decreased 7 basis points to 3.17%. The cost of funds purchased and repurchase agreements increased 45 basis points to 3.50%, while the cost of other borrowings decreased 8 basis points to 4.49%. The cost of subordinated debentures was down 6 basis points to 6.38%. All outstanding subordinated debentures were called during the second quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 73 basis points, a decrease of 2 basis points.

Other Operating Revenue
(Dollars in thousands)June 30, 2025Mar. 31, 2025Change% Change
Brokerage and trading revenue$38,125 $31,068 $7,057 22.7 %
Transaction card revenue29,561 27,092 2,469 9.1 %
Fiduciary and asset management revenue63,964 60,972 2,992 4.9 %
Deposit service charges and fees31,319 30,275 1,044 3.4 %
Mortgage banking revenue18,993 19,815 (822)(4.1)%
Other revenue15,368 14,894 474 3.2 %
Total fees and commissions197,330 184,116 13,214 7.2 %
Other gains (losses), net8,140 (725)8,865 N/A
Gain on derivatives, net
5,535 9,565 (4,030)N/A
Gain on fair value option securities, net
1,112 325 787 N/A
Change in fair value of mortgage servicing rights(5,019)(7,240)2,221 N/A
Total other operating revenue$207,098 $186,041 $21,057 11.3 %
Fees and commissions revenue totaled $197.3 million for the second quarter of 2025, growing $13.2 million over the prior quarter.
Brokerage and trading revenue increased $7.1 million to $38.1 million. Trading fees and commissions increased $6.3 million, driven by steady customer demand and higher mortgage origination volumes from seasonal production. Investment banking revenue increased $1.5 million related to the timing and volume of completed loan syndication transactions.
Fiduciary and asset management revenue increased $3.0 million, largely related to seasonal tax preparation fee income.
Transaction card revenue grew $2.5 million, primarily due to an increase in the volume of transactions processed during the second quarter.
Deposit service charges and fees increased $1.0 million due to growth in commercial service charges and check card fees.
Other gains (losses), net, were a net gain of $8.1 million for the second quarter of 2025, compared to a net loss of $725 thousand in the prior quarter. Net gains on merchant banking investments were $5.2 million and net gains on investments related to deferred compensation were $3.4 million for the second quarter of 2025. During the second quarter of 2025, a loss of $956 thousand was realized on the redemption of our subordinated debentures. The prior quarter included a net gain on merchant banking investments of $678 thousand and a net loss of $1.1 million on investments related to deferred compensation.

3
BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Operating Expenses
(Dollars in thousands)June 30, 2025Mar. 31, 2025Change% Change
Personnel$214,711 $214,185 $526 0.2 %
Business promotion9,139 8,818 321 3.6 %
Professional fees and services15,402 13,269 2,133 16.1 %
Net occupancy and equipment32,657 32,992 (335)(1.0)%
FDIC and other insurance6,439 6,587 (148)(2.2)%
FDIC special assessment(523)523 (1,046)N/A
Data processing and communications49,597 47,578 2,019 4.2 %
Printing, postage, and supplies4,067 3,639 428 11.8 %
Amortization of intangible assets2,656 2,652 4 0.2 %
Mortgage banking costs6,711 7,689 (978)(12.7)%
Other expense13,647 9,597 4,050 42.2 %
Total operating expense$354,503 $347,529 $6,974 2.0 %
Total operating expense was $354.5 million for the second quarter of 2025, an increase of $7.0 million compared to the prior quarter.
Personnel expense was $214.7 million, consistent with the prior quarter. Employee benefits expense decreased $3.1 million, primarily due to a seasonal decrease in payroll taxes. Cash-based incentive compensation decreased $1.4 million. Regular compensation costs grew $1.2 million reflecting the full quarter impact of standard annual merit increases effective for most employees in March. Deferred compensation expense increased $4.0 million; however, this was largely offset by an increase in the value of related investments included in Other gains (losses), net.
Non-personnel expense was $139.8 million, an increase of $6.4 million. Other expense increased by $4.1 million due to higher operational losses. Professional fees and services expense increased $2.1 million and data processing expense increased $2.0 million, largely related to ongoing technology project costs. In the second quarter of 2025, the FDIC updated their estimate of the special assessment, resulting in a benefit of $523 thousand, compared to $523 thousand of expense in the prior quarter.
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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Loans
(Dollars in thousands)June 30, 2025Mar. 31, 2025Change% Change
Commercial:
Healthcare$3,808,936$3,789,446$19,4900.5%
Services3,658,8073,704,834(46,027)(1.2)%
Energy2,734,7132,860,330(125,617)(4.4)%
General business4,181,7264,048,821132,9053.3%
Total commercial14,384,18214,403,431(19,249)(0.1)%
Commercial Real Estate:
Multifamily2,473,3652,336,312137,0535.9%
Industrial1,304,2111,163,089141,12212.1%
Office690,086704,688(14,602)(2.1)%
Retail592,043497,57994,46419.0%
Residential construction and land development
105,701105,1905110.5%
Other real estate loans356,035356,678(643)(0.2)%
Total commercial real estate5,521,4415,163,536357,9056.9%
Loans to individuals:
Residential mortgage
2,610,6812,471,345139,3365.6%
Residential mortgages guaranteed by U.S. government agencies148,453133,45315,00011.2%
Personal1,627,4541,518,723108,7317.2%
Total loans to individuals4,386,5884,123,521263,0676.4%
Total loans$24,292,211$23,690,488$601,7232.5%
Outstanding loans were $24.3 billion at June 30, 2025, an increase of $602 million compared to March 31, 2025, largely due to increases in commercial real estate loans and loans to individuals. Unfunded loan commitments increased $190 million over the first quarter of 2025.
Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, were largely unchanged compared to the prior quarter.
Energy loan balances decreased $126 million to $2.7 billion, or 11% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 72% of committed production loans are secured by properties primarily producing oil. The remaining 28% is secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.5 billion at June 30, 2025, an $88 million increase over March 31, 2025.
Healthcare sector loan balances increased $19 million and totaled $3.8 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.1 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.
General business loans increased $133 million to $4.2 billion, or 17% of total loans. General business loans include $2.6 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.
Services sector loan balances decreased $46 million to $3.7 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.
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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Commercial real estate loan balances increased $358 million to $5.5 billion, representing 23% of total loans. Loans secured by industrial facilities increased $141 million to $1.3 billion, loans secured by multifamily properties increased $137 million to $2.5 billion, and loans secured by retail facilities increased $94 million to $592 million. The increases in these portfolios were partially offset by a $15 million decrease in loans secured by office facilities. Unfunded commercial real estate loan commitments were $2.1 billion at June 30, 2025, a $195 million increase compared to March 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 increased $263 million to $4.4 billion and represent 18% of total loans. Residential mortgage loans increased $154 million, while personal loans increased $109 million. 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.

Period End & Average Deposits
(Dollars in thousands)June 30, 2025Mar. 31, 2025Change% Change
Period end deposits
Demand$7,998,761 $8,288,496 $(289,735)(3.5)%
Interest-bearing transaction25,843,923 25,662,030 181,893 0.7 %
Savings853,757 864,719 (10,962)(1.3)%
Time3,549,668 3,466,428 83,240 2.4 %
Total deposits$38,246,109 $38,281,673 $(35,564)(0.1)%
Average deposits
Demand$7,958,538 $8,156,069 $(197,531)(2.4)%
Interest-bearing transaction25,859,336 25,859,733 (397)— %
Savings853,062 844,875 8,187 1.0 %
Time3,465,780 3,498,401 (32,621)(0.9)%
Total average deposits$38,136,716 $38,359,078 $(222,362)(0.6)%
Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 64% at June 30, 2025, compared to 62% at March 31, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.
Period end deposits totaled $38.2 billion at June 30, 2025, a $36 million decrease. Demand deposits decreased $290 million, while interest-bearing transaction accounts increased $182 million, and time deposits increased $83 million.
Average deposits were $38.1 billion at June 30, 2025, a $222 million decrease. Average demand deposit balances decreased $198 million and average time deposits decreased $33 million.
Average Commercial Banking deposits decreased $344 million to $17.4 billion, or 46% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 9% of our total deposits. Average Consumer Banking deposits increased $112 million to $8.3 billion, or 22% of total deposits. Average Wealth Management deposits increased by $81 million to $10.8 billion, or 28% of total deposits.
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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Capital
Minimum Capital RequirementCapital Conservation BufferMinimum Capital Requirement Including Capital Conservation BufferJune 30, 2025Mar. 31, 2025
Common equity Tier 14.50 %2.50 %7.00 %13.59 %13.31 %
Tier 1 capital6.00 %2.50 %8.50 %13.60 %13.31 %
Total capital8.00 %2.50 %10.50 %14.48 %14.54 %
Tier 1 leverage4.00 %N/A4.00 %9.88 %10.02 %
Tangible common equity ratio1
9.63 %9.48 %
Adjusted common tangible equity ratio1
9.40 %9.23 %
Common stock repurchased (shares)663,298 10,000 
Average price per share repurchased$93.99 $98.45 
1     See Explanation and Reconciliation of Non-GAAP Measures following.
The company's common equity Tier 1 capital ratio was 13.59% at June 30, 2025. In addition, the company's Tier 1 capital ratio was 13.60%, total capital ratio was 14.48%, and leverage ratio was 9.88% at June 30, 2025. At March 31, 2025, the company's common equity Tier 1 capital ratio was 13.31%, Tier 1 capital ratio was 13.31%, total capital ratio was 14.54%, and leverage ratio was 10.02%.
The company's tangible common equity ratio, a non-GAAP measure, was 9.63% at June 30, 2025, and 9.48% at March 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities. Adjusted for all unrealized securities portfolio gains and losses, including those in the investment portfolio, the tangible common equity ratio would be 9.40%.
The company repurchased 663,298 shares of common stock at an average price paid of $93.99 per share in the second quarter of 2025. We view buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality
Nonperforming assets totaled $81 million, or 0.33% of outstanding loans and repossessed assets, at June 30, 2025, compared to $85 million, or 0.36%, at March 31, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $74 million, or 0.31% of outstanding loans and repossessed assets, at June 30, 2025, compared to $79 million, or 0.33%, at March 31, 2025.
Nonaccruing loans decreased $4.2 million compared to March 31, 2025. New nonaccruing loans identified in the second quarter totaled $8.1 million, offset by $11 million in payments received and $1.3 million in charge-offs. Nonaccruing commercial real estate loans decreased $6.2 million and nonaccruing services loans decreased $2.3 million. This was partially offset by a $4.6 million increase in nonaccruing personal loans.
Net charge-offs were $561 thousand, or 0.01% of average loans on an annualized basis, in the second quarter. Net charge-offs were $1.1 million, or 0.02% of average loans on an annualized basis, in the first quarter of 2025.
No provision for expected credit losses was necessary for the second quarter of 2025, primarily due to further improvements in portfolio credit quality offset by the impact of loan growth during the quarter.
At June 30, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.36% of outstanding loans and 456% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At March 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $331 million, or 1.40% of outstanding loans and 431% of nonaccruing loans.

7
BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Securities & Derivatives
The fair value of the available-for-sale securities portfolio totaled $13.3 billion at June 30, 2025, a $245 million increase over March 31, 2025. At June 30, 2025, the available-for-sale securities portfolio consisted primarily of $9.1 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.3 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At June 30, 2025, the available-for-sale securities portfolio had a net unrealized loss of $277 million, compared to $364 million at March 31, 2025.
We hold an inventory of trading securities in support of sales to a variety of customers. At June 30, 2025, the trading securities portfolio totaled $5.6 billion, compared to $5.9 billion at March 31, 2025.
The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities increased $90 million to $108 million at June 30, 2025.
Derivative contracts are carried at fair value. At June 30, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $326 million, compared to $428 million at March 31, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $297 million at June 30, 2025, and $386 million at March 31, 2025.
The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.6 million during the second quarter of 2025, including a $6.3 million increase in the fair value of securities and derivative contracts held as an economic hedge, a $5.0 million decrease in the fair value of mortgage servicing rights, and $229 thousand of related net interest income.

Second Quarter 2025 Segment Highlights
Commercial BankingConsumer BankingWealth Management
(In thousands)June 30, 2025Mar. 31, 2025June 30, 2025Mar. 31, 2025June 30, 2025Mar. 31, 2025
Net interest income and fee revenue
$234,226 $233,415$94,903 $94,047$148,494 $140,838
Net loans charged-off (recovered)29 1481,018 1,517(7)(8)
Personnel expense49,506 48,05125,527 25,83766,309 67,245
Non-personnel expense29,613 28,18329,949 31,39926,972 27,021
Net income before taxes141,575 139,98324,746 22,12240,749 32,726
Average loans$19,894,391 $19,965,166$2,304,939 $2,206,553$2,275,378 $2,187,599
Average deposits17,424,707 17,769,0838,266,824 8,154,76210,783,245 10,702,521
Assets under management or administration$117,870,970 $113,956,563
Commercial Banking contributed $141.6 million to net income before taxes in the second quarter of 2025, an increase of $1.6 million over the first quarter of 2025. Combined net interest income and fee revenue was consistent with the prior quarter.Personnel expense increased $1.5 million due to higher regular and incentive compensation costs during the quarter. Non-personnel expense increased $1.4 million, largely due to increased costs related to ongoing projects. Other gains (losses), net, grew $5.7 million related to increased gains on merchant banking investments. Average loans were largely unchanged from the previous quarter. Average deposits declined $344 million, or 2%, to $17.4 billion.
Consumer Banking contributed $24.7 million to net income before taxes in the second quarter of 2025, an increase of $2.6 million over the prior quarter. Combined net interest income and fee revenue was largely unchanged from the first quarter of 2025. Other operating expenses decreased $1.8 million, primarily due to reduced operational losses combined with lower mortgage banking costs. Average loans increased $98 million, or 4%, to $2.3 billion. Average deposits increased $112 million, or 1%, to $8.3 billion.
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BOK Financial Corporation quarterly earnings releaseExhibit 99.1(a)
Wealth Management contributed $40.7 million to net income before taxes in the second quarter of 2025, an increase of $8.0 million over the first quarter of 2025. Combined net interest income and fee revenue increased $7.7 million. Total revenue from trading activities increased $7.3 million, primarily driven by steady customer demand and higher seasonal mortgage origination volumes. Other operating expenses were consistent with the prior quarter. Average loans increased $88 million, or 4%, to $2.3 billion. Average deposits increased $81 million, or 1%, to $10.8 billion. Assets under management or administration were $117.9 billion, an increase of $3.9 billion, or 3%.

Conference Call & Webcast
The company will hold a conference call at noon Central time on Tuesday, July 22, 2025, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.

About BOK Financial Corporation
BOK Financial Corporation is a $51 billion regional financial services company headquartered in Tulsa, Oklahoma with $118 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of June 30, 2025 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.
This news release contains forward-looking statements 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,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in governmental economic policy, including tariffs, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial 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.
9

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2025Mar. 31, 2025
Assets
Cash and due from banks$1,074,130 $990,358 
Interest-bearing cash and cash equivalents284,933 426,337 
Trading securities5,559,417 5,851,752 
Investment securities, net of allowance1,897,178 1,953,513 
Available-for-sale securities13,347,821 13,102,877 
Fair value option securities107,702 17,550 
Restricted equity securities294,359 315,192 
Residential mortgage loans held for sale101,437 79,664 
Loans:
Commercial14,384,182 14,403,431 
Commercial real estate5,521,441 5,163,536 
Loans to individuals4,386,588 4,123,521 
Total loans24,292,211 23,690,488 
Allowance for loan losses(277,049)(278,594)
Loans, net of allowance24,015,162 23,411,894 
Premises and equipment, net637,211 636,096 
Receivables299,327 261,696 
Goodwill1,044,749 1,044,749 
Intangible assets, net40,000 44,064 
Mortgage servicing rights334,644 342,111 
Real estate and other repossessed assets, net1,729 1,769 
Derivative contracts, net362,908 405,202 
Cash surrender value of bank-owned life insurance416,566 419,150 
Receivable on unsettled securities sales76,989 54,662 
Other assets1,101,815 1,113,553 
Total assets$50,998,077 $50,472,189 
Liabilities
Deposits:
Demand$7,998,761 $8,288,496 
Interest-bearing transaction25,843,923 25,662,030 
Savings853,757 864,719 
Time3,549,668 3,466,428 
Total deposits38,246,109 38,281,673 
Funds purchased and repurchase agreements682,051 851,875 
Other borrowings4,140,130 3,151,178 
Subordinated debentures— 131,186 
Accrued interest, taxes, and expense302,515 291,174 
Due on unsettled securities purchases964,580 1,335,251 
Derivative contracts, net285,417 180,001 
Other liabilities483,919 475,473 
Total liabilities45,104,721 44,697,811 
Shareholders' equity
Capital, surplus and retained earnings6,179,898 6,134,156 
Accumulated other comprehensive loss(289,010)(362,343)
Total shareholders’ equity5,890,888 5,771,813 
Non-controlling interests2,468 2,565 
Total equity5,893,356 5,774,378 
Total liabilities and equity$50,998,077 $50,472,189 
10

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
AVERAGE BALANCE SHEETS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Assets
Interest-bearing cash and cash equivalents$506,330 $564,014 $546,955 $531,811 $533,760 
Trading securities6,876,788 5,881,997 5,636,949 5,802,448 5,922,891 
Investment securities, net of allowance1,918,969 1,980,005 2,037,072 2,094,408 2,151,079 
Available-for-sale securities13,218,569 12,962,830 12,969,630 12,939,422 12,755,865 
Fair value option securities88,323 17,603 18,384 19,095 19,170 
Restricted equity securities390,191 348,266 338,236 410,800 453,303 
Residential mortgage loans held for sale86,543 63,365 87,353 95,742 81,371 
Loans:
Commercial14,315,695 14,633,090 14,973,929 15,076,308 15,516,238 
Commercial real estate5,495,152 5,245,867 5,039,535 5,257,842 5,048,704 
Loans to individuals4,365,702 4,189,270 4,011,080 3,970,734 3,820,211 
Total loans24,176,549 24,068,227 24,024,544 24,304,884 24,385,153 
Allowance for loan losses(278,191)(279,983)(283,685)(287,227)(283,246)
Loans, net of allowance23,898,358 23,788,244 23,740,859 24,017,657 24,101,907 
Total earning assets46,984,071 45,606,324 45,375,438 45,911,383 46,019,346 
Cash and due from banks915,487 995,598 910,894 884,053 871,171 
Derivative contracts, net374,125 328,478 360,352 294,276 273,052 
Cash surrender value of bank-owned life insurance419,602 417,797 414,760 412,945 410,679 
Receivable on unsettled securities sales228,563 184,960 284,793 216,158 171,344 
Other assets3,365,104 3,453,746 3,268,949 3,438,220 3,449,607 
Total assets$52,286,952 $50,986,903 $50,615,186 $51,157,035 $51,195,199 
Liabilities
Deposits:
Demand$7,958,538 $8,156,069 $8,378,558 $8,273,656 $8,386,979 
Interest-bearing transaction25,859,336 25,859,733 24,992,464 23,986,697 23,006,204 
Savings853,062 844,875 818,210 820,980 832,704 
Time3,465,780 3,498,401 3,629,882 3,678,964 3,427,336 
Total deposits38,136,716 38,359,078 37,819,114 36,760,297 35,653,223 
Funds purchased and repurchase agreements782,039 935,716 1,076,400 1,016,688 1,838,323 
Other borrowings6,019,948 4,626,402 4,489,870 6,366,046 7,151,228 
Subordinated debentures99,846 131,188 131,185 131,155 131,156 
Derivative contracts, net359,616 237,035 417,026 466,271 380,942 
Due on unsettled securities purchases503,490 425,050 472,334 348,585 351,199 
Other liabilities591,496 611,762 630,957 618,187 539,485 
Total liabilities46,493,151 45,326,231 45,036,886 45,707,229 46,045,556 
Total equity5,793,801 5,660,672 5,578,300 5,449,806 5,149,643 
Total liabilities and equity
$52,286,952 $50,986,903 $50,615,186 $51,157,035 $51,195,199 
11

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
STATEMENTS OF EARNINGS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands, except share and per share data)2025202420252024
Interest revenue$642,427 $671,817 $1,260,997 $1,317,029 
Interest expense314,261 375,796 616,580 727,436 
Net interest income
328,166 296,021 644,417 589,593 
Provision for credit losses— 8,000 — 16,000 
Net interest income after provision for credit losses
328,166 288,021 644,417 573,593 
Other operating revenue:
Brokerage and trading revenue38,125 53,017 69,193 112,196 
Transaction card revenue29,561 27,246 56,653 52,739 
Fiduciary and asset management revenue63,964 57,576 124,936 112,881 
Deposit service charges and fees31,319 29,572 61,594 58,257 
Mortgage banking revenue18,993 18,628 38,808 37,595 
Other revenue15,368 13,988 30,262 26,923 
Total fees and commissions197,330 200,027 381,446 400,591 
Other gains (losses), net8,140 57,375 7,415 61,644 
Gain (loss) on derivatives, net5,535 (1,091)15,100 (9,724)
Gain (loss) on fair value option securities, net1,112 (94)1,437 (399)
Change in fair value of mortgage servicing rights(5,019)3,453 (12,259)14,430 
Gain (loss) on available-for-sale securities, net
— 34 — (45,137)
Total other operating revenue207,098 259,704 393,139 421,405 
Other operating expense:
Personnel214,711 191,090 428,896 393,743 
Business promotion9,139 8,250 17,957 16,228 
Charitable contributions to BOKF Foundation— 13,610 — 13,610 
Professional fees and services15,402 13,331 28,671 25,341 
Net occupancy and equipment32,657 30,245 65,649 60,538 
FDIC and other insurance6,439 7,317 13,026 16,057 
FDIC special assessment(523)1,190 — 7,644 
Data processing and communications49,597 46,131 97,175 91,695 
Printing, postage, and supplies4,067 3,789 7,706 7,786 
Amortization of intangible assets2,656 2,898 5,308 5,901 
Mortgage banking costs6,711 8,532 14,400 14,887 
Other expense13,647 10,307 23,244 23,644 
Total other operating expense354,503 336,690 702,032 677,074 
Net income before taxes180,761 211,035 335,524 317,924 
Federal and state income taxes40,691 47,303 75,683 70,498 
Net income140,070 163,732 259,841 247,426 
Net income attributable to non-controlling interests
52 19 46 10 
Net income attributable to BOK Financial Corporation shareholders$140,018 $163,713 $259,795 $247,416 
Average shares outstanding:
Basic63,208,027 63,714,204 63,376,857 64,002,154 
Diluted63,208,027 63,714,204 63,376,857 64,002,154 
Net income per share:
Basic$2.19 $2.54 $4.05 $3.83 
Diluted$2.19 $2.54 $4.05 $3.83 
12

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
QUARTERLY EARNINGS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Interest revenue$642,427 $618,570 $639,125 $680,310 $671,817 
Interest expense314,261 302,319 326,079 372,191 375,796 
Net interest income
328,166 316,251 313,046 308,119 296,021 
Provision for credit losses— — — 2,000 8,000 
Net interest income after provision for credit losses
328,166 316,251 313,046 306,119 288,021 
Other operating revenue:
Brokerage and trading revenue38,125 31,068 55,505 50,391 53,017 
Transaction card revenue29,561 27,092 27,631 28,495 27,246 
Fiduciary and asset management revenue63,964 60,972 60,595 57,384 57,576 
Deposit service charges and fees31,319 30,275 30,038 30,450 29,572 
Mortgage banking revenue18,993 19,815 18,140 18,372 18,628 
Other revenue15,368 14,894 15,029 17,402 13,988 
Total fees and commissions197,330 184,116 206,938 202,494 200,027 
Other gains (losses), net8,140 (725)4,995 13,087 57,375 
Gain (loss) on derivatives, net5,535 9,565 (21,728)8,991 (1,091)
Gain (loss) on fair value option securities, net1,112 325 (621)764 (94)
Change in fair value of mortgage servicing rights(5,019)(7,240)20,460 (16,453)3,453 
Gain (loss) on available-for-sale securities, net— — — (691)34 
Total other operating revenue207,098 186,041 210,044 208,192 259,704 
Other operating expense:
Personnel214,711 214,185 210,675 206,821 191,090 
Business promotion9,139 8,818 9,365 7,681 8,250 
Charitable contributions to BOKF Foundation
— — — — 13,610 
Professional fees and services15,402 13,269 15,175 13,405 13,331 
Net occupancy and equipment32,657 32,992 32,713 32,077 30,245 
FDIC and other insurance6,439 6,587 6,862 8,186 7,317 
FDIC special assessment(523)523 (686)(1,437)1,190 
Data processing and communications49,597 47,578 48,024 47,554 46,131 
Printing, postage, and supplies4,067 3,639 3,699 3,594 3,789 
Amortization of intangible assets2,656 2,652 2,855 2,856 2,898 
Mortgage banking costs6,711 7,689 10,692 9,059 8,532 
Other expense13,647 9,597 8,282 11,229 10,307 
Total other operating expense354,503 347,529 347,656 341,025 336,690 
Net income before taxes180,761 154,763 175,434 173,286 211,035 
Federal and state income taxes40,691 34,992 39,280 33,313 47,303 
Net income140,070 119,771 136,154 139,973 163,732 
Net income (loss) attributable to non-controlling interests52 (6)— (26)19 
Net income attributable to BOK Financial Corporation shareholders$140,018 $119,777 $136,154 $139,999 $163,713 
Average shares outstanding:
Basic63,208,027 63,547,510 63,491,458 63,489,581 63,714,204 
Diluted63,208,027 63,547,510 63,491,458 63,489,581 63,714,204 
Net income per share:
Basic$2.19 $1.86 $2.12 $2.18 $2.54 
Diluted$2.19 $1.86 $2.12 $2.18 $2.54 
13

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
FINANCIAL HIGHLIGHTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio, share, and per share data)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Capital:
Period end shareholders' equity
$5,890,888 $5,771,813 $5,548,353 $5,612,443 $5,229,130 
Risk-weighted assets
$37,629,433 $38,062,913 $38,315,722 $38,365,133 $39,405,794 
Risk-based capital ratios:
Common equity Tier 1
13.59 %13.31 %13.03 %12.73 %12.10 %
Tier 113.60 %13.31 %13.04 %12.74 %12.11 %
Total capital14.48 %14.54 %14.21 %13.91 %13.25 %
Leverage ratio9.88 %10.02 %9.97 %9.67 %9.39 %
Tangible common equity ratio1
9.63 %9.48 %9.17 %9.22 %8.38 %
Adjusted tangible common equity ratio1
9.40 %9.23 %8.86 %9.01 %8.06 %
Common stock:
Book value per share$92.61 $89.82 $86.53 $87.53 $81.54 
Tangible book value per share$75.56 $72.87 $69.51 $70.44 $64.41 
Market value per share:
High$104.15 $116.29 $121.58 $108.01 $96.41 
Low$85.08 $97.84 $99.93 $86.43 $85.02 
Cash dividends paid$36,256 $36,468 $36,421 $35,147 $35,288 
Dividend payout ratio25.89 %30.45 %26.75 %25.11 %21.55 %
Shares outstanding, net63,611,097 64,261,824 64,121,299 64,118,417 64,127,824 
Stock buy-back program:
Shares repurchased663,298 10,000 — — 412,176 
Amount$62,341 $985 $— $— $37,253 
Average price paid per share2
$93.99 $98.45 $— $— $90.38 
Performance ratios (quarter annualized):
Return on average assets1.07 %0.95 %1.07 %1.09 %1.29 %
Return on average equity9.70 %8.59 %9.71 %10.22 %12.79 %
Return on average tangible common equity1
11.94 %10.63 %12.09 %12.80 %16.27 %
Net interest margin2.80 %2.78 %2.75 %2.68 %2.56 %
Efficiency ratio1
65.42 %68.31 %65.61 %65.11 %59.83 %
Other data:
Tax-equivalent interest$2,574 $2,542 $2,466 $2,385 $2,196 
Net unrealized loss on available-for-sale securities$(276,678)$(363,507)$(537,335)$(307,360)$(649,236)
14

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratio, share, and per share data)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Mortgage banking:
Mortgage production revenue$1,707 $2,629 $1,282 $1,563 $2,369 
Mortgage loans funded for sale$219,154 $159,816 $208,300 $224,749 $240,038 
Add: Current period end outstanding commitments
64,508 60,429 36,590 70,102 62,960 
Less: Prior period end outstanding commitments60,429 36,590 70,102 62,960 67,951 
Total mortgage production volume$223,233 $183,655 $174,788 $231,891 $235,047 
Mortgage loan refinances to mortgage loans funded for sale16 %12 %19 %11 %7 %
Realized margin on funded mortgage loans0.66 %0.91 %0.87 %0.93 %0.97 %
Production revenue as a percentage of production volume0.76 %1.43 %0.73 %0.67 %1.01 %
Mortgage servicing revenue$17,286 $17,186 $16,858 $16,809 $16,259 
Average outstanding principal balance of mortgage loans serviced for others$22,687,658 $23,089,324 $22,214,392 $22,203,787 $22,287,559 
Average mortgage servicing revenue rates0.31 %0.30 %0.30 %0.30 %0.29 %
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on derivatives, net$5,230 $9,183 $(21,917)$11,357 $(3,484)
Gain (loss) on fair value option securities, net1,112 325 (621)764 (94)
Gain (loss) on economic hedge of mortgage servicing rights6,342 9,508 (22,538)12,121 (3,578)
Change in fair value of mortgage servicing rights(5,019)(7,240)20,460 (16,453)3,453 
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges, included in other operating revenue1,323 2,268 (2,078)(4,332)(125)
Net interest income (expense) on fair value option securities3
229 (71)(79)(146)(96)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges$1,552 $2,197 $(2,157)$(4,478)$(221)
1     See Reconciliation of Non-GAAP Measures following.
2     Excludes 1% excise tax on corporate stock repurchases.
3     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.

15

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratio and share data)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Reconciliation of tangible common equity ratio and adjusted tangible common equity ratio:
Total shareholders' equity$5,890,888 $5,771,813 $5,548,353 $5,612,443 $5,229,130 
Less: Goodwill and intangible assets, net1,084,749 1,088,813 1,091,537 1,095,954 1,098,777 
Tangible common equity4,806,139 4,683,000 4,456,816 4,516,489 4,130,353 
Add: Unrealized loss on investment securities, net
(146,939)(165,676)(199,519)(132,192)(204,636)
Add: Tax effect on unrealized loss on investment securities, net
34,722 39,149 46,925 31,090 48,128 
Adjusted tangible common equity$4,693,922 $4,556,473 $4,304,222 $4,415,387 $3,973,845 
Total assets$50,998,077 $50,472,189 $49,685,892 $50,081,985 $50,403,457 
Less: Goodwill and intangible assets, net1,084,749 1,088,813 1,091,537 1,095,954 1,098,777 
Tangible assets$49,913,328 $49,383,376 $48,594,355 $48,986,031 $49,304,680 
Tangible common equity ratio9.63 %9.48 %9.17 %9.22 %8.38 %
Adjusted tangible common equity ratio9.40 %9.23 %8.86 %9.01 %8.06 %
Reconciliation of return on average tangible common equity:
Total average shareholders' equity$5,791,275 $5,658,082 $5,575,583 $5,446,998 $5,146,785 
Less: Average goodwill and intangible assets, net1,086,991 1,090,116 1,094,466 1,097,317 1,100,139 
Average tangible common equity$4,704,284 $4,567,966 $4,481,117 $4,349,681 $4,046,646 
Net income attributable to BOK Financial Corporation shareholders
$140,018 $119,777 $136,154 $139,999 $163,713 
Return on average tangible common equity11.94 %10.63 %12.09 %12.80 %16.27 %
Reconciliation of adjusted common equity Tier 1 ratio:
Common equity Tier 1 capital$5,114,797 $5,065,362 $4,992,810 $4,884,551 $4,769,037 
Add: Accumulated other comprehensive loss
(289,010)(362,343)(503,040)(335,289)(605,502)
Add: Unrealized loss on investment securities, net
(146,939)(165,676)(199,519)(132,192)(204,636)
Add: Tax effect on unrealized loss on investment securities, net
34,722 39,149 46,925 31,090 48,128 
Adjusted common equity Tier 1 capital$4,713,570 $4,576,492 $4,337,176 $4,448,160 $4,007,027 
Risk-weighted assets
$37,629,433 $38,062,913 $38,315,722 $38,365,133 $39,405,794 
Adjusted common equity Tier 1 ratio
12.53 %12.02 %11.32 %11.59 %10.17 %
Reconciliation of pre-provision net revenue:
Net income before taxes$180,761 $154,763 $175,434 $173,286 $211,035 
Add: Provision for expected credit losses
— — — 2,000 8,000 
Less: Net income (loss) attributable to non-controlling interests
52 (6)— (26)19 
Pre-provision net revenue$180,709 $154,769 $175,434 $175,312 $219,016 
16

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratio and share data)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Calculation of efficiency ratio:
Total other operating expense$354,503 $347,529 $347,656 $341,025 $336,690 
Less: Amortization of intangible assets2,656 2,652 2,855 2,856 2,898 
Numerator for efficiency ratio
$351,847 $344,877 $344,801 $338,169 $333,792 
Net interest income
$328,166 $316,251 $313,046 $308,119 $296,021 
Add: Tax-equivalent adjustment
2,574 2,542 2,466 2,385 2,196 
Tax-equivalent net interest income
330,740 318,793 315,512 310,504 298,217 
Add: Total other operating revenue207,098 186,041 210,044 208,192 259,704 
Less: Gain (loss) on available-for-sale securities, net— — — (691)34 
Denominator for efficiency ratio
$537,838 $504,834 $525,556 $519,387 $557,887 
Efficiency ratio65.42 %68.31 %65.61 %65.11 %59.83 %
Information on net interest income and net interest margin excluding trading activities:
Net interest income
$328,166 $316,251 $313,046 $308,119 $296,021 
Less: Trading activities net interest income
16,138 15,174 4,648 3,751 (275)
Net interest income excluding trading activities
312,028 301,077 308,398 304,368 296,296 
Add: Tax-equivalent adjustment
2,574 2,542 2,466 2,385 2,196 
Tax-equivalent net interest income excluding trading activities
$314,602 $303,619 $310,864 $306,753 $298,492 
Average interest-earning assets$46,984,071 $45,606,324 $45,375,438 $45,911,383 $46,019,346 
Less: Average trading activities interest-earning assets6,876,788 5,881,997 5,636,949 5,802,448 5,922,891 
Average interest-earning assets excluding trading activities$40,107,283 $39,724,327 $39,738,489 $40,108,935 $40,096,455 
Net interest margin on average interest-earning assets2.80 %2.78 %2.75 %2.68 %2.56 %
Net interest margin on average trading activities interest-earning assets0.93 %0.98 %0.36 %0.29 %(0.05)%
Net interest margin on average interest-earning assets excluding trading activities3.12 %3.05 %3.09 %3.02 %2.94 %
17

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Year Ended
(In thousands, except ratios)
December 31, 2024
Calculation of efficiency ratio and efficiency ratio excluding discrete items:
Total other operating expense$1,365,755 
Less: Amortization of intangible assets11,612 
Numerator for efficiency ratio
1,354,143 
Less: FDIC special assessment5,521 
Less: Contribution of converted Visa shares to BOKF Foundation
10,000 
Adjusted numerator for efficiency ratio
$1,338,622 
Net interest income
$1,210,758 
Add: Tax-equivalent adjustment
9,147 
Tax-equivalent net interest income
1,219,905 
Total other operating revenue839,641 
Less: Gain (loss) on available-for-sale securities, net(45,828)
Denominator for efficiency ratio
2,105,374 
Less: Gain on converted Visa shares56,877 
Adjusted denominator for efficiency ratio
$2,048,497 
Efficiency ratio64.32 %
Efficiency ratio excluding discrete items
65.35 %

Explanation of Non-GAAP Measures
The tangible common equity ratio and return on average tangible common equity are primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities, less intangible assets and equity that does not benefit common shareholders. The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. 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 adjusted common equity Tier 1 ratio includes accumulated other comprehensive loss and unrealized gains and losses on the investment portfolio. This measure is a valuable indicator of a financial institution’s capital strength and retains the effect of unrealized losses on securities and other components of accumulated other comprehensive income in shareholders’ equity.
Pre-provision net revenue is a measure of revenue less expenses and is calculated before provision for credit losses and income tax expense. This financial measure is frequently used by investors and analysts and enables them to assess a company's ability to generate earnings to cover credit losses through a credit cycle. It also provides an additional basis for comparing the results of operations between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.
The efficiency ratio measures the company's ability to use its assets and manage its liabilities effectively in the current period.
Net interest income and net interest margin excluding trading activities 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.

18

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
LOANS TREND – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Commercial:     
Healthcare$3,808,936 $3,789,446 $3,967,533 $4,149,069 $4,231,058 
Services3,658,807 3,704,834 3,643,203 3,573,670 3,577,144 
Energy2,734,713 2,860,330 3,254,724 3,126,635 3,451,485 
General business4,181,726 4,048,821 4,164,676 4,028,548 4,363,722 
Total commercial14,384,182 14,403,431 15,030,136 14,877,922 15,623,409 
Commercial real estate:
Multifamily2,473,365 2,336,312 2,237,064 2,109,445 1,997,282 
Industrial1,304,211 1,163,089 1,127,867 1,270,928 1,214,991 
Office690,086 704,688 755,838 815,966 876,897 
Retail592,043 497,579 485,926 521,874 547,706 
Residential construction and land development105,701 105,190 109,120 105,048 88,252 
Other commercial real estate356,035 356,678 342,637 365,394 358,447 
Total commercial real estate5,521,441 5,163,536 5,058,452 5,188,655 5,083,575 
Loans to individuals:     
Residential mortgage2,610,681 2,471,345 2,436,958 2,370,293 2,281,226 
Residential mortgages guaranteed by U.S. government agencies148,453 133,453 136,649 127,747 131,825 
Personal1,627,454 1,518,723 1,452,529 1,420,444 1,433,546 
Total loans to individuals4,386,588 4,123,521 4,026,136 3,918,484 3,846,597 
Total$24,292,211 $23,690,488 $24,114,724 $23,985,061 $24,553,581 
19

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
LOANS MANAGED BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Texas:
Commercial$6,893,246 $6,953,714 $7,411,416 $7,437,800 $7,879,143 
Commercial real estate1,997,598 1,864,345 1,731,281 1,816,276 1,754,087 
Loans to individuals996,341 929,825 918,994 880,213 908,920 
Total Texas9,887,185 9,747,884 10,061,691 10,134,289 10,542,150 
Oklahoma:
Commercial3,455,696 3,380,680 3,585,592 3,440,385 3,619,136 
Commercial real estate512,075 521,992 513,101 557,025 556,971 
Loans to individuals2,725,320 2,548,549 2,440,874 2,367,725 2,273,240 
Total Oklahoma6,693,091 6,451,221 6,539,567 6,365,135 6,449,347 
Colorado:
Commercial2,185,658 2,246,388 2,188,324 2,175,540 2,220,887 
Commercial real estate791,171 706,154 759,168 835,478 806,522 
Loans to individuals217,088 210,531 213,768 216,938 217,990 
Total Colorado3,193,917 3,163,073 3,161,260 3,227,956 3,245,399 
Arizona:
Commercial1,166,745 1,115,085 1,082,829 1,064,380 1,104,875 
Commercial real estate1,165,927 1,084,967 1,098,174 1,115,928 1,045,837 
Loans to individuals226,727 218,093 215,531 218,340 208,419 
Total Arizona2,559,399 2,418,145 2,396,534 2,398,648 2,359,131 
Kansas/Missouri:
Commercial303,692 298,410 305,957 306,370 336,232 
Commercial real estate556,390 533,335 515,511 438,424 482,249 
Loans to individuals155,154 147,651 164,638 158,524 157,750 
Total Kansas/Missouri1,015,236 979,396 986,106 903,318 976,231 
New Mexico:
Commercial282,918 324,321 325,246 324,605 318,711 
Commercial real estate443,516 381,775 402,217 386,037 367,678 
Loans to individuals55,714 57,926 60,703 64,511 67,747 
Total New Mexico782,148 764,022 788,166 775,153 754,136 
Arkansas:
Commercial96,227 84,833 130,772 128,842 144,425 
Commercial real estate54,764 70,968 39,000 39,487 70,231 
Loans to individuals10,244 10,946 11,628 12,233 12,531 
Total Arkansas161,235 166,747 181,400 180,562 227,187 
Total BOK Financial$24,292,211 $23,690,488 $24,114,724 $23,985,061 $24,553,581 
Loans attributed to a principal market may not always represent the location of the borrower or the collateral.

20

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
DEPOSITS BY PRINCIPAL MARKET AREA – UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Oklahoma:
    Demand$3,589,146 $3,629,708 $3,618,771 $3,491,996 $3,721,009 
    Interest-bearing:
       Transaction13,537,068 13,891,707 13,352,732 12,474,626 12,115,793 
       Savings521,734 525,424 497,443 490,957 496,289 
       Time2,166,094 2,089,744 2,138,620 2,462,463 2,157,778 
    Total interest-bearing16,224,896 16,506,875 15,988,795 15,428,046 14,769,860 
Total Oklahoma19,814,042 20,136,583 19,607,566 18,920,042 18,490,869 
Texas:
    Demand2,082,652 2,187,903 2,216,393 2,228,690 2,448,433 
    Interest-bearing:
       Transaction6,203,081 5,925,285 6,205,605 6,191,794 5,425,670 
       Savings155,027 155,777 154,112 152,392 150,812 
       Time638,657 633,538 646,490 648,796 626,724 
    Total interest-bearing6,996,765 6,714,600 7,006,207 6,992,982 6,203,206 
Total Texas9,079,417 8,902,503 9,222,600 9,221,672 8,651,639 
Colorado:
    Demand1,040,223 1,082,304 1,159,076 1,195,637 1,244,848 
    Interest-bearing:
       Transaction1,989,284 1,988,258 2,089,475 1,935,685 1,921,671 
       Savings55,326 58,318 59,244 56,275 61,184 
       Time278,914 274,235 280,081 279,887 261,237 
    Total interest-bearing2,323,524 2,320,811 2,428,800 2,271,847 2,244,092 
Total Colorado3,363,747 3,403,115 3,587,876 3,467,484 3,488,940 
New Mexico:
    Demand609,205 631,950 659,234 628,594 661,677 
    Interest-bearing:
       Transaction1,416,741 1,283,998 1,305,044 1,275,502 1,323,750 
       Savings94,930 96,969 90,580 90,867 92,910 
       Time340,946 344,827 347,443 336,830 314,133 
    Total interest-bearing1,852,617 1,725,794 1,743,067 1,703,199 1,730,793 
Total New Mexico2,461,822 2,357,744 2,402,301 2,331,793 2,392,470 
Arizona:
    Demand385,442 451,085 418,587 435,553 448,587 
    Interest-bearing:
       Transaction1,467,509 1,312,979 1,277,494 1,237,811 1,227,895 
       Savings10,536 11,125 12,336 11,228 11,542 
       Time72,041 70,758 70,390 59,508 56,102 
    Total interest-bearing1,550,086 1,394,862 1,360,220 1,308,547 1,295,539 
Total Arizona1,935,528 1,845,947 1,778,807 1,744,100 1,744,126 
21

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
(In thousands)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Kansas/Missouri:
    Demand269,408 279,808 277,440 255,950 291,045 
    Interest-bearing:
       Transaction1,169,161 1,202,107 1,169,541 1,134,544 1,040,114 
       Savings13,719 14,504 12,158 11,896 14,998 
       Time35,768 36,307 37,210 35,316 32,921 
    Total interest-bearing1,218,648 1,252,918 1,218,909 1,181,756 1,088,033 
Total Kansas/Missouri1,488,056 1,532,726 1,496,349 1,437,706 1,379,078 
Arkansas:
    Demand22,685 25,738 22,396 23,824 24,579 
    Interest-bearing:
       Transaction61,079 57,696 55,215 62,249 52,149 
       Savings2,485 2,602 2,944 3,092 2,754 
       Time17,248 17,019 15,176 15,156 15,040 
    Total interest-bearing80,812 77,317 73,335 80,497 69,943 
Total Arkansas103,497 103,055 95,731 104,321 94,522 
Total BOK Financial$38,246,109 $38,281,673 $38,191,230 $37,227,118 $36,241,644 
22

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
NET INTEREST MARGIN TREND – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Tax-equivalent asset yields
Interest-bearing cash and cash equivalents4.46 %4.48 %4.60 %5.33 %5.86 %
Trading securities5.05 %5.07 %4.90 %5.36 %5.06 %
Investment securities, net of allowance1.41 %1.42 %1.42 %1.41 %1.41 %
Available-for-sale securities3.89 %3.82 %3.82 %3.76 %3.71 %
Fair value option securities5.90 %3.72 %3.70 %3.69 %3.68 %
Restricted equity securities7.73 %7.51 %7.60 %8.20 %8.11 %
Residential mortgage loans held for sale6.13 %6.03 %5.85 %6.15 %6.50 %
Loans6.71 %6.71 %7.01 %7.47 %7.41 %
Allowance for loan losses
Loans, net of allowance6.79 %6.79 %7.10 %7.55 %7.49 %
Total tax-equivalent yield on earning assets5.47 %5.45 %5.59 %5.89 %5.80 %
Cost of interest-bearing liabilities:
Interest-bearing deposits:
Transaction
3.17 %3.21 %3.42 %3.78 %3.76 %
Savings0.54 %0.56 %0.59 %0.60 %0.58 %
Time3.83 %4.10 %4.56 %4.56 %4.51 %
Total interest-bearing deposits3.17 %3.24 %3.48 %3.79 %3.76 %
Funds purchased and repurchase agreements3.50 %3.05 %3.78 %3.89 %4.28 %
Other borrowings4.49 %4.57 %4.95 %5.55 %5.58 %
Subordinated debt6.38 %6.44 %6.80 %7.15 %7.07 %
Total cost of interest-bearing liabilities3.40 %3.42 %3.69 %4.11 %4.15 %
Tax-equivalent net interest spread
2.07 %2.03 %1.90 %1.78 %1.65 %
Effect of noninterest-bearing funding sources and other0.73 %0.75 %0.85 %0.90 %0.91 %
Tax-equivalent net interest margin2.80 %2.78 %2.75 %2.68 %2.56 %
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.
23

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
CREDIT QUALITY INDICATORS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
(In thousands, except ratios)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Nonperforming assets:
Nonaccruing loans:
Commercial:
Energy$40 $49 $49 $28,986 $28,668 
Healthcare28,743 29,253 13,717 15,927 20,845 
Services11,329 13,662 767 1,425 3,165 
General business45 103 114 5,334 5,756 
Total commercial40,157 43,067 14,647 51,672 58,434 
Commercial real estate6,925 13,125 9,905 12,364 12,883 
Loans to individuals:
Permanent mortgage20,654 20,502 15,261 13,688 12,627 
Permanent mortgage guaranteed by U.S. government agencies6,978 6,786 6,803 6,520 6,617 
Personal4,613 40 109 71 122 
Total loans to individuals32,245 27,328 22,173 20,279 19,366 
Total nonaccruing loans79,327 83,520 46,725 84,315 90,683 
Real estate and other repossessed assets1,729 1,769 2,254 2,625 2,334 
Total nonperforming assets$81,056 $85,289 $48,979 $86,940 $93,017 
Total nonperforming assets excluding those guaranteed by U.S. government agencies$74,078 $78,503 $42,176 $80,420 $86,400 
Accruing loans 90 days past due1
$1,388 $3,258 $— $597 $2,962 
Gross charge-offs$1,313 $2,291 $1,339 $2,496 $7,940 
Recoveries(752)(1,186)(811)(2,550)(995)
Net charge-offs (recoveries)$561 $1,105 $528 $(54)$6,945 
Provision for loan losses$(984)$(336)$(3,893)$(3,424)$13,148 
Provision for credit losses from off-balance sheet unfunded loan commitments904 448 3,874 5,430 (4,983)
Provision for expected credit losses from mortgage banking activities77 (82)30 47 (153)
Provision for credit losses related to held-to-maturity (investment) securities portfolio3 (30)(11)(53)(12)
Total provision for credit losses$— $— $— $2,000 $8,000 
24

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
Three Months Ended
(In thousands, except ratios)June 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024June 30, 2024
Allowance for loan losses to period end loans1.14 %1.18 %1.16 %1.19 %1.17 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to period end loans1.36 %1.40 %1.38 %1.39 %1.34 %
Nonperforming assets to period end loans and repossessed assets0.33 %0.36 %0.20 %0.36 %0.38 %
Net charge-offs (annualized) to average loans0.01 %0.02 %0.01 %— %0.11 %
Allowance for loan losses to nonaccruing loans1
382.93 %363.06 %701.46 %365.65 %342.38 %
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1
456.18 %430.95 %830.81 %427.05 %392.74 %
1    Excludes residential mortgage loans guaranteed by agencies of the U.S. government.
25

BOK Financial Corporation Quarterly Earnings Release
Exhibit 99.1(b)
SEGMENTS – UNAUDITED
BOK FINANCIAL CORPORATION
Three Months Ended
2Q25 vs 1Q25
2Q25 vs 2Q24
(Dollars in thousands, except ratios)
June 30, 2025Mar. 31, 2025June 30, 2024Change% ChangeChange% Change
Commercial Banking:
Net interest income$175,826 $178,258 $203,756 $(2,432)(1.4)%$(27,930)(13.7)%
Fees and commissions revenue58,400 55,157 53,720 3,243 5.9 %4,680 8.7 %
Combined net interest income and fee revenue234,226 233,415 257,476 811 0.3 %(23,250)(9.0)%
Other operating expense79,119 76,234 76,114 2,885 3.8 %3,005 3.9 %
Corporate allocations19,535 17,414 17,381 2,121 12.2 %2,154 12.4 %
Net income before taxes141,575 139,983 158,831 1,592 1.1 %(17,256)(10.9)%
Average assets$21,318,236 $21,400,745 $21,960,479 $(82,509)(0.4)%$(642,243)(2.9)%
Average loans19,894,391 19,965,166 20,403,837 (70,775)(0.4)%(509,446)(2.5)%
Average deposits17,424,707 17,769,083 16,189,003 (344,376)(1.9)%1,235,704 7.6 %
Consumer Banking:
Net interest income$58,114 $57,252 $65,164 $862 1.5 %$(7,050)(10.8)%
Fees and commissions revenue36,789 36,795 36,252 (6)— %537 1.5 %
Combined net interest income and fee revenue94,903 94,047 101,416 856 0.9 %(6,513)(6.4)%
Other operating expense55,476 57,236 55,128 (1,760)(3.1)%348 0.6 %
Corporate allocations15,039 15,435 13,392 (396)(2.6)%1,647 12.3 %
Net income before taxes24,746 22,122 31,534 2,624 11.9 %(6,788)(21.5)%
Average assets$8,310,875 $8,201,821 $8,107,505 $109,054 1.3 %$203,370 2.5 %
Average loans2,304,939 2,206,553 1,975,106 98,386 4.5 %329,833 16.7 %
Average deposits8,266,824 8,154,762 8,073,782 112,062 1.4 %193,042 2.4 %
Wealth Management:
Net interest income$44,844 $44,502 $29,501 $342 0.8 %$15,343 52.0 %
Fees and commissions revenue103,650 96,336 113,208 7,314 7.6 %(9,558)(8.4)%
Combined net interest income and fee revenue148,494 140,838 142,709 7,656 5.4 %5,785 4.1 %
Other operating expense93,281 94,266 90,214 (985)(1.0)%3,067 3.4 %
Corporate allocations14,471 13,854 16,484 617 4.5 %(2,013)(12.2)%
Net income before taxes40,749 32,726 36,011 8,023 24.5 %4,738 13.2 %
Average assets$11,571,187 $11,367,435 $11,239,910 $203,752 1.8 %$331,277 2.9 %
Average loans2,275,378 2,187,599 2,199,747 87,779 4.0 %75,631 3.4 %
Average deposits10,783,245 10,702,521 9,551,307 80,724 0.8 %1,231,938 12.9 %
Fiduciary assets71,057,135 68,059,837 61,917,694 2,997,298 4.4 %9,139,441 14.8 %
Assets under management or administration117,870,970 113,956,563 107,477,030 3,914,407 3.4 %10,393,940 9.7 %
Certain prior period amounts have been reclassified to conform to current period presentation.
26