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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 class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.00006 per share

BOKF

Nasdaq 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			1
Part I.  Financial Information
Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 2)			2
Market Risk (Item 3)			37
Controls and Procedures (Item 4)			41
Consolidated Financial Statements – Unaudited (Item 1)			42
Quarterly Financial Summary – Unaudited (Item 2)			87
Quarterly Earnings Trends – Unaudited			90
Part II.  Other Information
Item 1.  Legal Proceedings			91
Item 1A. Risk Factors			91
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds			91
Item 5. Other Information			91
Item 6.  Exhibits			92
Signatures			93

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GLOSSARY OF DEFINED TERMS

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

Term						Definition
AFS						Available-For-Sale
AI						Artificial Intelligence
AOCI						Accumulated Other Comprehensive Income
ASC						Accounting Standards Codification
ASR						Accelerated Share Repurchase
ASU						Accounting Standards Update
ATM						Automated Teller Machine
Board						Board of Directors of BOK Financial Corporation
BOK Financial						BOK Financial Corporation
BOKF						BOK Financial Corporation
CECL						Current Expected Credit Losses
CODM						Chief Operating Decision Maker
Company						BOK Financial Corporation
EFT						Electronic Funds Transfer
EPS						Earnings Per Share
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
FHLB						Federal Home Loan Bank
FTE						Full Time Equivalent
GAAP						Generally Accepted Accounting Principles in the United States of America
GDP						Gross Domestic Product
GNMA						Government National Mortgage Association
MMBtu						Million 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
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SVaR						Stressed Value at Risk
VA						U.S. Department of Veterans Affairs
VaR						Value at Risk
WTI						West Texas Intermediate

- 1 -

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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 -

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•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
						Change						Volume						Yield/Rate						Change						Volume						Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents						$	(169)					$	234					$	(403)					$	(1,096)					$	139					$	(1,235)
Trading securities						1,292						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 securities						476						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 borrowings						19,450						23,090						(3,640)						(653)						7,567						(8,220)
Subordinated debentures						2,369						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 adjustment						55																		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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 31, 2025
Brokerage and trading revenue						$	43,606					$	47,310					$	(3,704)					(8)		%				$	31,068					$	12,538					40		%
Transaction card revenue						31,965						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 revenue						20,963						19,013						1,950						10		%				19,815						1,148						6		%
Other revenue						14,544						16,591						(2,047)						(12)		%				14,894						(350)						(2)		%
Total fees and commissions						209,777						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/A						9,565						(13,939)						N/A
Gain (loss) on fair value option securities, net						(2,074)						551						(2,625)						N/A						325						(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, 2026																		December 31, 2025																		March 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		%
Institutional			25,905,901						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:
Fiduciary			34,861,659						19,771						0.23		%				37,293,365						21,230						0.23		%				31,586,317						17,652						0.22		%
Non-fiduciary			21,827,721						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,
						2026						2025
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.

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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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 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 commitments						83,674						49,048																		60,429
Less: Prior period end outstanding commitments						49,048						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 sale						30		%				27		%				300		bps										12		%				1,800		bps
Realized margin on funded mortgage loans						1.22		%				1.10		%				12		bps										0.91		%				31		bps
Production revenue as a percentage of production volume						1.48		%				0.93		%				55		bps										1.43		%				5		bps
Primary mortgage interest rates1:
Average						6.11		%				6.23		%				(12)		bps										6.83		%				(72)		bps
Period end						6.38		%				6.18		%				20		bps										6.65		%				(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 rates						0.31		%				0.31		%				—		bp										0.30		%				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, 2026						Dec. 31, 2025																		Mar. 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 rights						8,155						1,407																		(7,240)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue						1,870						(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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 31, 2025
Regular compensation						$	122,193					$	124,671					$	(2,478)					(2)		%				$	120,323					$	1,870					2		%
Incentive compensation:
Cash-based						52,694						59,683						(6,989)						(12)		%				52,179						515						1		%
Share-based						5,286						6,667						(1,381)						(21)		%				6,266						(980)						(16)		%
Deferred compensation						182						2,430						(2,248)						N/A						(746)						928						N/A
Total incentive compensation						58,162						68,780						(10,618)						(15)		%				57,699						463						1		%
Employee benefits						30,819						29,275						1,544						5		%				36,163						(5,344)						(15)		%
Total personnel expense						211,174						222,726						(11,552)						(5)		%				214,185						(3,011)						(1)		%
Business promotion						9,226						11,516						(2,290)						(20)		%				8,818						408						5		%
Professional fees and services						14,295						18,371						(4,076)						(22)		%				13,269						1,026						8		%
Net occupancy and equipment						33,182						32,693						489						1		%				32,992						190						1		%
FDIC and other insurance						5,685						6,078						(393)						(6)		%				6,587						(902)						(14)		%
FDIC special assessment						—						(9,479)						9,479						N/A						523						(523)						N/A
Data processing and communications						51,768						51,299						469						1		%				47,578						4,190						9		%
Printing, postage, and supplies						3,679						4,077						(398)						(10)		%				3,639						40						1		%
Amortization of intangible assets						2,443						2,656						(213)						(8)		%				2,652						(209)						(8)		%
Mortgage banking costs						11,757						10,663						1,094						10		%				7,689						4,068						53		%
Other expense						10,957						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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
			Mar. 31, 2026						Dec. 31, 2025
Commercial Banking			$	134,787					$	162,142					$	(27,355)					(17)		%				$	138,096					$	(3,309)					(2)		%
Consumer Banking			19,168						15,054						4,114						27		%				22,122						(2,954)						(13)		%
Wealth Management			37,541						42,689						(5,148)						(12)		%				32,726						4,815						15		%
Segment total			191,496						219,885						(28,389)						(13)		%				192,944						(1,448)						(1)		%
Funds Management and other			8,160						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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 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 off						400						929						(529)						(57)		%				148						252						170		%
Net interest income after net loans charged off						173,073						180,021						(6,948)						(4)		%				178,110						(5,037)						(3)		%
Other operating revenue						60,068						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 expense						31,041						33,209						(2,168)						(7)		%				28,906						2,135						7		%
Total other operating expense						82,308						88,187						(5,879)						(7)		%				78,480						3,828						5		%
Corporate allocations						16,046						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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 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 sources						38,201						40,357						(2,156)						(5)		%				48,512						(10,311)						(21)		%
Net interest income						55,989						57,163						(1,174)						(2)		%				57,252						(1,263)						(2)		%
Net loans charged off						1,508						944						564						60		%				1,517						(9)						(1)		%
Net interest income after net loans charged off						54,481						56,219						(1,738)						(3)		%				55,735						(1,254)						(2)		%
Other operating revenue						42,866						36,895						5,971						16		%				39,058						3,808						10		%
Personnel expense						25,466						25,181						285						1		%				25,837						(371)						(1)		%
Non-personnel expense						38,027						39,587						(1,560)						(4)		%				31,399						6,628						21		%
Total other operating expense						63,493						64,768						(1,275)						(2)		%				57,236						6,257						11		%
Corporate allocations						14,686						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 loans						2,584,226						2,516,158						68,068						3		%				2,206,553						377,673						17		%
Average deposits						8,389,039						8,346,245						42,794						1		%				8,154,762						234,277						3		%
Average invested capital						338,736						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 Ended												Increase (Decrease)						% Increase (Decrease)						Three Months Ended Mar. 31, 2025						Increase (Decrease)						% Increase (Decrease)
						Mar. 31, 2026						Dec. 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 sources						23,107						30,132						(7,025)						(23)		%				30,560						(7,453)						(24)		%
Net interest income						42,974						44,061						(1,087)						(2)		%				44,502						(1,528)						(3)		%
Net loans recovered						496						(7)						503						7,186		%				(8)						504						6,300		%
Net interest income after net loans recovered						42,478						44,068						(1,590)						(4)		%				44,510						(2,032)						(5)		%
Other operating revenue						110,387						116,110						(5,723)						(5)		%				96,336						14,051						15		%
Personnel expense						69,413						74,028						(4,615)						(6)		%				67,245						2,168						3		%
Non-personnel expense						28,756						28,697						59						—		%				27,021						1,735						6		%
Total other operating expense						98,169						102,725						(4,556)						(4)		%				94,266						3,903						4		%
Corporate allocations						17,155						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 loans						2,430,864						2,393,802						37,062						2		%				2,187,599						243,265						11		%
Average deposits						10,782,785						10,703,630						79,155						1		%				10,702,521						80,264						1		%
Average invested capital						345,639						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.

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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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Commercial:
Healthcare						$	3,955,763					$	4,008,208					$	3,878,543					$	3,808,936					$	3,789,446
Services						3,901,933						3,911,917						3,710,643						3,658,807						3,704,834
Energy						3,005,693						2,882,242						2,681,512						2,734,713						2,860,330
Mortgage finance						228,242						177,765						84,271						—						—
General business						4,481,452						4,300,935						4,157,971						4,181,726						4,048,821
Total commercial						15,573,083						15,281,067						14,512,940						14,384,182						14,403,431
Commercial real estate:
Multifamily						2,553,709						2,432,330						2,500,323						2,473,365						2,336,312
Industrial						1,418,626						1,368,436						1,396,795						1,304,211						1,163,089
Office						821,569						814,139						811,601						690,086						704,688
Retail						613,976						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 estate						367,319						353,867						328,020						356,035						356,678
Total commercial real estate						5,884,679						5,672,006						5,752,607						5,521,441						5,163,536
Loans to individuals:
Residential mortgage						2,784,134						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
Personal						1,785,243						1,808,615						1,771,639						1,627,454						1,518,723
Total loans to individuals						4,729,631						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.

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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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Texas:
Commercial						$	7,489,036					$	7,383,319					$	6,800,577					$	6,893,246					$	6,953,714
Commercial real estate						2,149,123						2,057,016						2,107,335						1,997,598						1,864,345
Loans to individuals						1,077,386						1,066,827						1,037,831						996,341						929,825
Total Texas						10,715,545						10,507,162						9,945,743						9,887,185						9,747,884
Oklahoma:
Commercial						3,907,911						3,829,109						3,692,319						3,455,696						3,380,680
Commercial real estate						612,981						589,709						574,126						512,075						521,992
Loans to individuals						3,065,886						3,005,460						2,927,185						2,725,320						2,548,549
Total Oklahoma						7,586,778						7,424,278						7,193,630						6,693,091						6,451,221
Colorado:
Commercial						2,125,660						2,127,979						2,132,770						2,185,658						2,246,388
Commercial real estate						596,517						600,668						589,307						791,171						706,154
Loans to individuals						191,721						200,378						208,323						217,088						210,531
Total Colorado						2,913,898						2,929,025						2,930,400						3,193,917						3,163,073
Arizona:
Commercial						1,378,256						1,253,824						1,228,593						1,166,745						1,115,085
Commercial real estate						1,448,141						1,332,658						1,348,838						1,165,927						1,084,967
Loans to individuals						220,116						224,354						222,963						226,727						218,093
Total Arizona						3,046,513						2,810,836						2,800,394						2,559,399						2,418,145
Kansas/Missouri:
Commercial						291,075						282,189						270,068						303,692						298,410
Commercial real estate						537,709						571,331						618,052						556,390						533,335
Loans to individuals						117,617						142,392						142,408						155,154						147,651
Total Kansas/Missouri						946,401						995,912						1,030,528						1,015,236						979,396
New Mexico:
Commercial						308,712						311,636						282,479						282,918						324,321
Commercial real estate						484,623						465,228						458,720						443,516						381,775
Loans to individuals						48,099						49,589						51,056						55,714						57,926
Total New Mexico						841,434						826,453						792,255						782,148						764,022
Arkansas:
Commercial						72,433						93,011						106,134						96,227						84,833
Commercial real estate						55,585						55,396						56,229						54,764						70,968
Loans to individuals						8,806						9,389						9,881						10,244						10,946
Total Arkansas						136,824						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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Loan commitments						$	16,175,429					$	15,856,740					$	15,266,953					$	14,736,539					$	14,546,324
Standby letters of credit						616,908						606,697						643,166						702,008						697,793
Unpaid principal balance of residential mortgage loans sold with recourse						28,460						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 organizations						129,438
Banks and other financial institutions						39,731
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.

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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience

(Dollars in thousands)

			Three Months Ended
			Mar. 31, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 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 off			1,303						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 estate			5,779,715						5,581,588						5,743,572						5,495,152						5,245,867
Loans to individuals			4,715,130						4,623,492						4,592,422						4,365,702						4,189,270
Net charge-offs (annualized) to average loans			0.03		%				0.02		%				0.06		%				0.01		%				0.02		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial			0.02		%				0.02		%				0.08		%				—		%				0.02		%
Commercial real estate			—		%				—		%				(0.01)		%				0.01		%				(0.01)		%
Loans to individuals			0.10		%				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.

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A summary of macroeconomic variables considered in developing our estimate of expected credit losses at March 31, 2026 follows:

			Base			Downside			Upside
Scenario probability weighting			50%			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.

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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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Nonaccruing loans:
Commercial:
Healthcare						$	21,138					$	23,490					$	24,507					$	28,743					$	29,253
Services						1,260						6,135						7,647						11,329						13,662
Energy						—						—						31						40						49
General business						2,868						6,477						85						45						103
Total commercial						25,266						36,102						32,270						40,157						43,067
Commercial real estate						6,601						6,697						6,809						6,925						13,125
Loans to individuals:
Residential mortgage						20,175						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
Personal						194						4,712						4,712						4,613						40
Total loans to individuals						28,137						31,561						33,315						32,245						27,328
Total nonaccruing loans						60,004						74,360						72,394						79,327						83,520
Real estate and other repossessed assets						15						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 loans						0.23		%				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 Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, December 31, 2025						$	36,102					$	6,697					$	31,561					$	74,360											$	176					$	74,536
Additions						1,721						—						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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Commercial Banking			$	18,306,337					$	18,492,793					$	18,161,486					$	17,424,707					$	17,769,083
Consumer Banking			8,389,039						8,346,245						8,330,481						8,266,824						8,154,762
Wealth Management			10,782,785						10,703,630						10,731,569						10,783,245						10,702,521
Subtotal			37,478,161						37,542,668						37,223,536						36,474,776						36,626,366
Funds Management and Other			1,502,098						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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Oklahoma:
Demand						$	3,463,094					$	3,492,243					$	3,520,203					$	3,589,146					$	3,629,708
Interest-bearing:
Transaction						13,629,679						13,732,961						13,352,070						13,537,068						13,891,707
Savings						561,079						532,284						520,995						521,734						525,424
Time						2,245,523						2,232,078						2,356,945						2,166,094						2,089,744
Total interest-bearing						16,436,281						16,497,323						16,230,010						16,224,896						16,506,875
Total Oklahoma						19,899,375						19,989,566						19,750,213						19,814,042						20,136,583
Texas:
Demand						2,071,766						2,177,256						2,194,177						2,082,652						2,187,903
Interest-bearing:
Transaction						6,447,755						6,691,395						6,427,135						6,203,081						5,925,285
Savings						153,501						149,593						147,560						155,027						155,777
Time						676,876						647,158						649,757						638,657						633,538
Total interest-bearing						7,278,132						7,488,146						7,224,452						6,996,765						6,714,600
Total Texas						9,349,898						9,665,402						9,418,629						9,079,417						8,902,503
Colorado:
Demand						881,440						1,152,203						929,383						1,040,223						1,082,304
Interest-bearing:
Transaction						2,072,825						2,137,579						2,204,899						1,989,284						1,988,258
Savings						58,605						54,809						53,768						55,326						58,318
Time						299,196						282,320						284,962						278,914						274,235
Total interest-bearing						2,430,626						2,474,708						2,543,629						2,323,524						2,320,811
Total Colorado						3,312,066						3,626,911						3,473,012						3,363,747						3,403,115
New Mexico:
Demand						580,900						580,400						591,330						609,205						631,950
Interest-bearing:
Transaction						1,447,506						1,405,940						1,376,694						1,416,741						1,283,998
Savings						99,848						95,630						94,180						94,930						96,969
Time						374,661						354,757						347,227						340,946						344,827
Total interest-bearing						1,922,015						1,856,327						1,818,101						1,852,617						1,725,794
Total New Mexico						2,502,915						2,436,727						2,409,431						2,461,822						2,357,744
Arizona:
Demand						398,102						365,007						368,432						385,442						451,085
Interest-bearing:
Transaction						1,439,796						1,450,416						1,406,300						1,467,509						1,312,979
Savings						11,593						14,656						13,571						10,536						11,125
Time						73,912						72,286						71,886						72,041						70,758
Total interest-bearing						1,525,301						1,537,358						1,491,757						1,550,086						1,394,862
Total Arizona						1,923,403						1,902,365						1,860,189						1,935,528						1,845,947

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						Mar. 31, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Kansas/Missouri:
Demand						271,399						281,263						282,235						269,408						279,808
Interest-bearing:
Transaction						1,203,155						1,194,500						1,151,956						1,169,161						1,202,107
Savings						16,222						14,256						14,251						13,719						14,504
Time						38,542						37,820						37,563						35,768						36,307
Total interest-bearing						1,257,919						1,246,576						1,203,770						1,218,648						1,252,918
Total Kansas/Missouri						1,529,318						1,527,839						1,486,005						1,488,056						1,532,726
Arkansas:
Demand						27,628						33,558						21,416						22,685						25,738
Interest-bearing:
Transaction						111,487						237,279						64,174						61,079						57,696
Savings						2,859						2,695						2,411						2,485						2,602
Time						18,099						12,664						14,538						17,248						17,019
Total interest-bearing						132,445						252,638						81,123						80,812						77,317
Total Arkansas						160,073						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, 2026						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter						Dec. 31, 2025						Average Balance During the Quarter						Rate						Maximum 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 agreements						219,677						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
Other						20,019						11,787						6.47		%				20,019						11,724						12,210						5.46		%				12,495
Total other borrowings						5,753,504						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 Requirement						Capital Conservation Buffer						Minimum Capital Requirement Including Capital Conservation Buffer						Mar. 31, 2026						Dec. 31, 2025						Mar. 31, 2025
Capital:
Common equity Tier 1						4.50		%				2.50		%				7.00		%				12.61		%				12.90		%				13.31		%
Tier 1 capital						6.00		%				2.50		%				8.50		%				12.61		%				12.90		%				13.31		%
Total capital						8.00		%				2.50		%				10.50		%				14.39		%				14.77		%				14.54		%
Tier 1 leverage						4.00		%				N/A						4.00		%				9.85		%				9.86		%				10.02		%
																								Three Months Ended
																								Mar. 31, 2026						Dec. 31, 2025						Mar. 31, 2025
Average total equity to average assets																								11.34		%				11.50		%				11.10		%
Tangible common equity ratio1																								9.29		%				9.46		%				9.48		%
Performance Ratios:
Return on average equity																								10.49		%				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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 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, net						1,077,052						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, net						1,077,052						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 ratio						9.29		%				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, net						1,078,240						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 equity						12.78		%				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 assets						2,443						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 ratio						63.21		%				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, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 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 income						15,366						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 assets						5,617,531						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 assets						2.90		%				2.98		%				2.91		%				2.80		%				2.78		%
Net interest margin on average trading activities interest-earning assets						1.05		%				1.04		%				1.07		%				0.93		%				0.98		%
Net interest margin on average interest-earning assets excluding trading activities						3.15		%				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.

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Table 24 – Interest Rate Sensitivity

(Dollars in thousands)

						Mar. 31, 2026																								Dec. 31, 2025
						200 bp Increase						100 bp Increase						100 bp Decrease						200 bp Decrease						200 bp Increase						100 bp Increase						100 bp Decrease						200 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, 2026												Dec. 31, 2025
						Up 50 bp						Down 50 bp						Up 50 bp						Down 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.

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Table 26 – Mortgage Pipeline Sensitivity Analysis

(In thousands)

						Three Months Ended
						Mar. 31, 2026												Dec. 31, 2025												Mar. 31, 2025
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp						Up 50 bp						Down 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.

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Table 27 – VaR and SVaR Measures

(In thousands)

						Three Months Ended
						Mar. 31, 2026												Dec. 31, 2025												Mar. 31, 2025
						10 day 99% VaR						10 day 99% SVaR						10 day 99% VaR						10 day 99% SVaR						10 day 99% VaR						10 day 99% SVaR
Average1						$	3,876					$	7,353					$	3,981					$	5,737					$	3,370					$	13,231
Low						1,666						5,056						2,178						4,081						1,529						5,711
High						5,640						11,100						5,616						9,117						6,272						20,652
Period End						2,647						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, 2026												Dec. 31, 2025												Mar. 31, 2025
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp						Up 50 bp						Down 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."

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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.

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Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)						Three Months Ended
						March 31,
Interest and dividend revenue						2026						2025
Loans						$	397,173					$	396,416
Residential mortgage loans held for sale						1,056						975
Trading securities						64,462						73,739
Investment securities						6,126						6,983
Available-for-sale securities						133,905						127,509
Fair value option securities						1,389						178
Restricted equity securities						6,681						6,541
Interest-bearing cash and cash equivalents						5,133						6,229
Total interest and dividend revenue						615,925						618,570
Interest expense
Deposits						209,198						241,072
Borrowed funds						58,082						59,163
Subordinated debentures						6,091						2,084
Total interest expense						273,371						302,319
Net interest and dividend income						342,554						316,251
Provision for credit losses						—						—
Net interest and dividend income after provision for credit losses						342,554						316,251
Other operating revenue
Brokerage and trading revenue						43,606						31,068
Transaction card revenue						31,965						27,092
Fiduciary and asset management revenue						66,481						60,972
Deposit service charges and fees						32,218						30,275
Mortgage banking revenue						20,963						19,815
Other revenue						14,544						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 rights						8,155						(7,240)
Total other operating revenue						211,268						186,041
Other operating expense
Personnel						211,174						214,185
Business promotion						9,226						8,818
Professional fees and services						14,295						13,269
Net occupancy and equipment						33,182						32,992
FDIC and other insurance						5,685						6,587
FDIC special assessment						—						523
Data processing and communications						51,768						47,578
Printing, postage, and supplies						3,679						3,639
Amortization of intangible assets						2,443						2,652
Mortgage banking costs						11,757						7,689
Other expense						10,957						9,597
Total other operating expense						354,166						347,529
Net income before taxes						199,656						154,763
Federal and state income taxes						43,936						34,992
Net income						155,720						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 diluted						60,033,282						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,
						2026						2025
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 securities						7,376						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.

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Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

						Mar. 31, 2026						Dec. 31, 2025
						(Unaudited)						(Footnote 1)
Assets
Cash and due from banks						$	905,614					$	1,001,107
Interest-bearing cash and cash equivalents						506,793						656,995
Trading securities						5,652,162						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 securities						178,098						102,096
Restricted equity securities						357,909						224,757
Residential mortgage loans held for sale						104,873						94,630
Loans						26,187,393						25,651,462
Allowance for loan losses						(277,719)						(275,860)
Loans, net of allowance						25,909,674						25,375,602
Premises and equipment, net						631,454						638,936
Receivables						272,540						292,978
Goodwill						1,044,749						1,044,749
Intangible assets, net						32,303						34,752
Mortgage servicing rights						333,381						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, net						782,985						300,775
Cash surrender value of bank-owned life insurance						424,494						421,514
Receivable on unsettled securities sales						156,963						62,034
Other assets						1,207,102						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:
Transaction						26,352,203						26,850,070
Savings						903,707						863,923
Time						3,726,809						3,639,083
Total deposits						38,677,048						39,435,006
Funds purchased and repurchase agreements						715,469						1,491,716
Other borrowings						5,753,504						2,745,939
Subordinated debentures						396,625						396,589
Accrued interest, taxes, and expense						325,670						382,809
Derivative contracts, net						282,590						397,573
Due on unsettled securities purchases						1,140,782						991,073
Other liabilities						493,651						476,116
Total liabilities						47,785,339						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 surplus						1,435,156						1,429,369
Retained earnings						6,140,724						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' equity						5,973,175						5,918,646
Non-controlling interests						1,891						2,034
Total equity						5,975,066						5,920,680
Total liabilities and equity						$	53,760,405					$	52,237,501

See accompanying notes to Consolidated Financial Statements.

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Consolidated Statements of Changes in Equity (Unaudited)

(In thousands)

						Common Stock												Capital Surplus						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Income (Loss)						Total Shareholders' Equity						Non- Controlling Interests						Total Equity
						Shares						Amount																		Shares						Amount
Balance, December 31, 2025						77,031						$	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, 2026						77,242						$	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, 2024						76,818						$	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, 2025						77,015						$	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.

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Consolidated Statements of Cash Flows (Unaudited)

(In thousands)						Three Months Ended
						March 31,
						2026						2025
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 payments						10,153						5,918
Net unrealized losses (gains) from derivative contracts						(36,610)						49,111
Share-based compensation						5,787						5,870
Depreciation and amortization						27,206						27,284
Net amortization of discounts and premiums						(12,409)						(12,622)
Net losses (gains) on financial instruments and other losses (gains), net						216						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 sale						224,541						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 liabilities						75,693						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 securities						64,048						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 assets						8,826						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 deposits						87,726						(68,982)
Net change in other borrowed funds						2,219,770						(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 activities						653,654						(472,995)
Net increase (decrease) in cash and cash equivalents						(245,695)						(18,006)
Cash and cash equivalents at beginning of period						1,658,102						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 taxes						1,219						1,470
Net loans and bank premises transferred to repossessed real estate and other assets						4,694						—
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 agencies						2,065						755

See accompanying notes to Consolidated Financial Statements.

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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.

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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.

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(2) Securities

Trading Securities

 

The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):

 

						March 31, 2026												December 31, 2025
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net 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 securities						84,981						(1,136)						39,233						10
Other trading securities						47,734						(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
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	73,334					$	73,334					$	74,429					$	1,183					$	(88)
Mortgage-backed securities:
Residential agency						1,689,222						1,613,987						1,479,984						72						(134,075)
Commercial agency						17,258						16,588						16,190						—						(398)
Other debt securities						16,013						16,013						15,287						—						(726)
Total investment securities						1,795,827						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
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	88,215					$	88,215					$	89,343					$	1,218					$	(90)
Mortgage-backed securities:
Residential agency						1,746,715						1,664,175						1,541,608						91						(122,658)
Commercial agency						17,257						16,516						16,186						—						(330)
Other debt securities						15,538						15,538						14,868						—						(670)
Total investment securities						1,867,725						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.

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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 value						45,183						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 Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Investment:
Municipal securities						7						$	1,541					$	5					$	3,613					$	83					$	5,154					$	88
Mortgage-backed securities:
Residential agency						115						1,501						26						1,477,461						134,049						1,478,962						134,075
Commercial agency						2						—						—						16,190						398						16,190						398
Other debt securities						1						—						—						9,274						726						9,274						726
Total investment securities						125						$	3,042					$	31					$	1,506,538					$	135,256					$	1,509,580					$	135,287

						December 31, 2025
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Investment:
Municipal securities						8						$	6,566					$	8					$	3,613					$	82					$	10,179					$	90
Mortgage-backed securities:
Residential agency						115						—						—						1,540,535						122,658						1,540,535						122,658
Commercial agency						2						—						—						16,186						330						16,186						330
Other debt securities						2						—						—						9,355						670						9,355						670
Total investment securities						127						$	6,566					$	8					$	1,569,689					$	123,740					$	1,576,255					$	123,748

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Available-for-Sale Securities 

The amortized cost and fair value of AFS securities are as follows (in thousands):

						March 31, 2026
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	984					$	—					$	(16)
Municipal securities						181,371						175,123						—						(6,248)
Mortgage-backed securities:
Residential agency						9,710,464						9,631,722						67,045						(145,787)
Residential non-agency						736,201						717,068						10,487						(29,620)
Commercial agency						3,127,007						3,014,195						5,346						(118,158)
Other debt securities						500						473						—						(27)
Total available-for-sale securities						$	13,756,543					$	13,539,565					$	82,878					$	(299,856)

						December 31, 2025
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,001					$	980					$	—					$	(21)
Municipal securities						190,917						184,273						—						(6,644)
Mortgage-backed securities:
Residential agency						9,593,919						9,598,627						121,838						(117,130)
Residential non-agency						712,126						696,028						11,774						(27,872)
Commercial agency						3,240,728						3,126,244						7,622						(122,106)
Other debt securities						500						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 value			406,840						2,030,088						305,609						448,238						3,190,775
Residential mortgage-backed securities:
Amortized cost2																											$	10,446,665
Fair value																											10,348,790
Total available-for-sale securities:
Amortized cost																											$	13,756,543
Fair value																											13,539,565

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.

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Temporarily Impaired Available-for-Sale Securities

(Dollars in thousands)

						March 31, 2026
						Number of Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available-for-sale:
U.S. Treasury						1						$	—					$	—					$	984					$	16					$	984					$	16
Municipal securities						74						1,023						1						160,375						6,247						161,398						6,248
Mortgage-backed securities:
Residential agency						713						2,626,090						25,092						1,989,493						120,695						4,615,583						145,787
Residential non-agency						40						149,964						1,377						360,280						28,243						510,244						29,620
Commercial agency						203						236,500						857						2,409,409						117,301						2,645,909						118,158
Other debt securities						1						—						—						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 Securities						Less Than 12 Months												12 Months or Longer												Total
												Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available-for-sale:
U.S. Treasury						1						$	—					$	—					$	980					$	21					$	980					$	21
Municipal securities						86						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-agency						31						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 securities						1						—						—						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, 2026												December 31, 2025
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities						$	165,706					$	(2,513)					$	102,096					$	(556)
Commercial agency mortgage-backed securities						12,392						(117)						—						—
Total fair value option securities						$	178,098					$	(2,630)					$	102,096					$	(556)

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(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.

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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 Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair 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 contracts						6,766,141						1,120,942						(472,989)						647,953						(67,228)						580,725
Foreign exchange contracts						72,524						63,304						(5)						63,299						(771)						62,528
Equity option contracts						1,593						250						—						250						(50)						200
Total customer risk management programs						9,838,036						1,230,427						(481,936)						748,491						(95,002)						653,489
Trading						29,154,447						215,327						(87,475)						127,852						—						127,852
Internal risk management programs						125,282						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 Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	2,997,778					$	45,911					$	(8,942)					$	36,969					$	—					$	36,969
Energy contracts						6,867,903						1,106,053						(472,989)						633,064						(512,726)						120,338
Foreign exchange contracts						72,497						63,250						(5)						63,245						—						63,245
Equity option contracts						1,593						250						—						250						—						250
Total customer risk management programs						9,939,771						1,215,464						(481,936)						733,528						(512,726)						220,802
Trading						24,796,550						155,453						(87,475)						67,978						(10,700)						57,278
Internal risk management programs						576,503						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.

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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 Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair 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 contracts						6,245,552						605,067						(271,825)						333,242						(136,933)						196,309
Foreign exchange contracts						75,349						60,656						(10)						60,646						—						60,646
Equity option contracts						1,593						255						—						255						(50)						205
Total customer risk management programs						9,191,840						717,122						(289,034)						428,088						(152,766)						275,322
Trading						22,332,052						63,803						(38,524)						25,279						(1,629)						23,650
Internal risk management programs						586,991						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 Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair 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 contracts						6,299,141						576,627						(271,825)						304,802						(5,240)						299,562
Foreign exchange contracts						75,000						60,293						(10)						60,283						—						60,283
Equity option contracts						1,593						255						—						255						—						255
Total customer risk management programs						9,245,080						688,276						(289,034)						399,242						(6,051)						393,191
Trading						26,544,633						75,573						(38,524)						37,049						(34,056)						2,993
Internal risk management programs						89,972						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.

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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, 2026												March 31, 2025
						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net
Customer risk management programs:
Interest rate contracts						$	1,133					$	—					$	741					$	—
Energy contracts						6,652						—						7,610						—
Foreign exchange contracts						31						—						38						—
Equity option contracts						—						—						—						—
Total customer risk management programs						7,816						—						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. 

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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, 2026																								December 31, 2025
						Fixed Rate						Variable Rate						Non-accrual						Total						Fixed Rate						Variable Rate						Non-accrual						Total
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 individuals						3,041,701						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. 

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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.

    

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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
						Commercial						Commercial Real Estate												Loans to Individuals												Total
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

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						Three Months Ended
						March 31, 2025
						Commercial						Commercial Real Estate												Loans to Individuals												Total
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 Investment						Related Allowance						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance
Commercial						$	15,547,817					$	132,538					$	25,266					$	3,081					$	15,573,083					$	135,619
Commercial real estate						5,878,078						86,873						6,601						—						5,884,679						86,873
Loans to individuals						4,701,494						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 Investment						Related Allowance						Recorded Investment						Related Allowance						Recorded Investment						Related Allowance
Commercial						$	15,244,965					$	133,232					$	36,102					$	3,993					$	15,281,067					$	137,225
Commercial real estate						5,665,309						83,925						6,697						2,195						5,672,006						86,120
Loans to individuals						4,666,828						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
			2026			2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
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 Substandard			175			1,493			9,048			37,340			3,761			82,394			—			—			134,211
Nonaccrual			—			—			1,188			14,850			—			5,100			—			—			21,138
Total healthcare			155,391			1,140,430			482,999			428,334			744,238			774,707			229,658			6			3,955,763
Services
Pass			171,749			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 services			171,749			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
Pass			30,815			125,973			55,855			43,546			10,128			13,926			2,725,450			—			3,005,693
Total energy			30,815			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
Pass			192,261			818,635			352,154			322,276			177,623			463,486			2,031,723			1,176			4,359,334
Special Mention			542			15,137			2,334			13,452			3,455			8,574			39,428			156			83,078
Accruing Substandard			3,035			14,789			3,692			5,488			4,452			1,799			2,917			—			36,172
Nonaccrual			—			—			—			—			—			2,797			62			9			2,868
Total general business			195,838			848,561			358,180			341,216			185,530			476,656			2,074,130			1,341			4,481,452
Loans charged off, year-to-date			6			—			—			—			—			—			386			—			392
Total commercial			553,793			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
			2026			2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial real estate:
Pass			221,026			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 Substandard			29			—			482			—			1,065			46,736			—			—			48,312
Nonaccrual			—			—			—			—			—			6,601			—			—			6,601
Total commercial real estate			221,055			1,086,536			1,024,171			454,425			1,539,538			1,449,467			109,487			—			5,884,679
Loans to individuals:
Residential mortgage
Pass			131,859			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 mortgage			131,859			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
Pass			65,191			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 personal			65,191			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 individuals			197,050			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
			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
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 Substandard			181			9,589			37,492			4,144			5,170			83,156			—			—			139,732
Nonaccrual			—			—			14,850			—			—			8,638			2			—			23,490
Total healthcare			1,111,032			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
Pass			693,147			462,642			488,381			393,685			265,346			612,098			865,163			491			3,780,953
Special Mention			1,071			4,369			428			—			—			20,011			76,565			—			102,444
Accruing Substandard			4,595			218			9,857			1,421			2,136			3,404			754			—			22,385
Nonaccrual			446			29			—			864			—			—			4,796			—			6,135
Total services			699,259			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
Pass			147,840			58,798			44,882			10,479			2,297			19,500			2,598,446			—			2,882,242
Total energy			147,840			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
Pass			845,421			389,679			424,859			179,660			139,664			318,834			1,888,938			1,369			4,188,424
Special Mention			24,882			1,480			6,920			4,288			7,070			2,099			40,873			106			87,718
Accruing Substandard			641			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 business			870,944			395,497			437,640			191,552			148,272			323,720			1,931,825			1,485			4,300,935
Loans charged off, year-to-date			14			—			132			—			—			—			826			109			1,081
Total commercial			2,829,075			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
			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial real estate:
Pass			948,049			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 estate			948,049			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
Pass			564,508			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
Nonaccrual			95			1,333			1,314			1,594			1,402			7,280			4,465			780			18,263
Total residential mortgage			564,603			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
Pass			776			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
Pass			489,188			188,899			201,427			140,602			101,967			197,075			476,829			282			1,796,269
Special Mention			22			18			46			17			16			4			1,182			—			1,305
Accruing Substandard			6,186			12			—			2			—			129			—			—			6,329
Nonaccrual			7			56			4,627			9			12			1			—			—			4,712
Total personal			495,403			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 individuals			1,060,782			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
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	21,138					$	14,850					$	6,288					$	331
Services			1,260						1,260						—						—
General business			2,868						118						2,750						2,750
Total commercial			25,266						16,228						9,038						3,081
Commercial real estate			6,601						6,601						—						—
Loans to individuals:
Residential mortgage			20,175						20,175						—						—
Residential mortgage guaranteed by U.S. government agencies			7,768						7,768						—						—
Personal			194						194						—						—
Total loans to individuals			28,137						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
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	23,490					$	18,390					$	5,100					$	200
Services			6,135						1,339						4,796						1,043
General business			6,477						3,727						2,750						2,750
Total commercial			36,102						23,456						12,646						3,993
Commercial real estate			6,697						—						6,697						2,195
Loans to individuals:
Residential mortgage			18,263						18,263						—						—
Residential mortgage guaranteed by U.S. government agencies			8,586						8,586						—						—
Personal			4,712						4,712						—						—
Total loans to individuals			31,561						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
						Current						30 to 59 Days						60 to 89 Days						90 Days or More						Total
Commercial:
Healthcare						$	3,935,813					$	—					$	—					$	19,950					$	3,955,763					$	—
Services						3,901,776						100						28						29						3,901,933						—
Energy						3,005,693						—						—						—						3,005,693						—
Mortgage finance						228,242						—						—						—						228,242						—
General business						4,474,908						1,450						247						4,847						4,481,452						2,097
Total commercial						15,546,432						1,550						275						24,826						15,573,083						2,097
Commercial real estate						5,878,078						—						—						6,601						5,884,679						—
Loans to individuals:
Residential mortgage						2,761,898						16,182						843						5,211						2,784,134						314
Residential mortgage guaranteed by U.S. government agencies						48,337						27,087						—						84,830						160,254						81,958
Personal						1,782,318						1,339						1,460						126						1,785,243						—
Total loans to individuals						4,592,553						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
						Current						30 to 59 Days						60 to 89 Days						90 Days or More						Total
Commercial:
Healthcare						$	3,984,720					$	—					$	—					$	23,488					$	4,008,208					$	—
Services						3,903,616						3,476						4,796						29						3,911,917						—
Energy						2,882,242						—						—						—						2,882,242						—
Mortgage finance						177,765						—						—						—						177,765						—
General business						4,291,391						5,702						3,842						—						4,300,935						—
Total commercial						15,239,734						9,178						8,638						23,517						15,281,067						—
Commercial real estate						5,664,492						817						—						6,697						5,672,006						—
Loans to individuals:
Residential mortgage						2,714,617						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
Personal						1,799,975						3,463						551						4,626						1,808,615						—
Total loans to individuals						4,562,542						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, 2026												December 31, 2025
						Unpaid Principal Balance/ Notional						Fair Value						Unpaid Principal Balance/ Notional						Fair Value
Residential mortgage loans held for sale						$	102,250					$	101,249					$	93,110					$	93,133
Residential mortgage loan commitments						83,674						2,348						49,048						1,729
Forward sales contracts						147,000						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,
						2026						2025
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 commitments						619						1,029
Net change in the fair value of forward sales contracts						1,508						(850)
Total mortgage production revenue						3,926						2,629
Servicing revenue						17,037						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, 2026						December 31, 2025
Number of residential mortgage loans serviced for others						123,658						123,263
Outstanding principal balance of residential mortgage loans serviced for others						$	21,989,466					$	21,760,414
Weighted average interest rate						3.85		%				3.83		%
Remaining term (in months)						269						270

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The following represents activity in capitalized mortgage servicing rights (in thousands):

						Three Months Ended March 31,
						2026						2025
Beginning Balance						$	322,724					$	338,145
Additions						4,010						2,509
Acquisitions						8,645						14,615
Change in fair value due to principal payments						(10,153)						(5,918)
Change in fair value due to market assumption changes						8,155						(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, 2026						December 31, 2025
Discount rate – risk-free rate plus a market premium						9.42%						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 bps						128 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 AFS																		Total
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 taxes						173,828						9,444																		183,272
Federal and state income taxes						40,476						2,099																		42,575
Other comprehensive income (loss), net of income taxes						133,352						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,
						2026						2025
Numerator:
Net income attributable to BOK Financial Corp. shareholders						$	155,766					$	119,777
Less: Earnings allocated to participating securities						1,086						1,267
Income available to common shareholders - basic and diluted						$	154,680					$	118,510
Denominator:
Weighted average shares outstanding - basic and diluted						60,033,282						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 Total						Funds 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 income						173,473						55,989						42,974						272,436						70,118						342,554
Net loans charged off and provision for credit losses						400						1,508						496						2,404						(2,404)						—
Net interest income after provision for credit losses						173,073						54,481						42,478						270,032						72,522						342,554
Other operating revenue						60,068						42,866						110,387						213,321						(2,053)						211,268
Personnel expense						51,267						25,466						69,413						146,146						65,028						211,174
Non-personnel expense						31,041						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 allocations						16,046						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 Total						Funds 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 income						178,258						57,252						44,502						280,012						36,239						316,251
Net loans charged off and provision for credit losses						148						1,517						(8)						1,657						(1,657)						—
Net interest income after provision for credit losses						178,110						55,735						44,510						278,355						37,896						316,251
Other operating revenue						55,521						39,058						96,336						190,915						(4,874)						186,041
Personnel expense						49,574						25,837						67,245						142,656						71,529						214,185
Non-personnel expense						28,906						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 allocations						17,055						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 Management						Funds 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 revenue			8,615						—						35,897						(906)						43,606						31,606						12,000
TransFund EFT network revenue			25,144						915						(15)						—						26,044						—						26,044
Merchant services revenue			2,433						8						—						—						2,441						—						2,441
Corporate card revenue			2,391						—						1,089						—						3,480						—						3,480
Transaction card revenue			29,968						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 revenue			32						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 fees			18,042						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 revenue			2,385						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 Management						Funds 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 revenue			7,729						—						23,514						(175)						31,068						19,687						11,381
TransFund EFT network revenue			22,103						678						(17)						—						22,764						—						22,764
Merchant services revenue			2,173						8						—						—						2,181						—						2,181
Corporate card revenue			1,871						—						174						102						2,147						—						2,147
Transaction card revenue			26,147						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 revenue			32						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 fees			16,905						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 revenue			4,376						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):

						Total						Quoted 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 securities						5,513,068						—						5,513,068						—
Municipal securities						84,981						—						84,981						—
Other trading securities						47,734						—						47,734						—
Total trading securities						5,652,162						—						5,652,162						—
Available-for-sale securities:
U.S. Treasury securities						984						984						—						—
Municipal securities						175,123						—						175,123						—
Residential agency mortgage-backed securities						9,631,722						—						9,631,722						—
Residential non-agency mortgage-backed securities						717,068						—						717,068						—
Commercial agency mortgage-backed securities						3,014,195						—						3,014,195						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,539,565						984						13,538,108						473
Fair value option securities:
Residential agency mortgage-backed securities						165,706						—						165,706						—
Commercial agency mortgage-backed securities						12,392						—						12,392						—
Total fair value option securities						178,098						—						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):

						Total						Quoted 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 securities						5,307,849						—						5,307,849						—
Municipal securities						39,233						—						39,233						—
Other trading securities						36,426						—						36,426						—
Total trading securities						5,392,745						—						5,392,745						—
Available-for-sale securities:
U.S. Treasury securities						980						980						—						—
Municipal securities						184,273						—						184,273						—
Residential agency mortgage-backed securities						9,598,627						—						9,598,627						—
Residential non-agency mortgage-backed securities						696,028						—						696,028						—
Commercial agency mortgage-backed securities						3,126,244						—						3,126,244						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,606,625						980						13,605,172						473
Fair value option securities — Residential agency mortgage-backed securities						102,096						—						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.

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

Securities

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

Valuation Technique(s)

Unobservable Input

Range (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 equivalents						506,793						506,793						506,793						—						—
Trading securities:
U.S. government securities						6,379						6,379						—						6,379						—
Residential agency mortgage-backed securities						5,513,068						5,513,068						—						5,513,068						—
Municipal securities						84,981						84,981						—						84,981						—
Other trading securities						47,734						47,734						—						47,734						—
Total trading securities						5,652,162						5,652,162						—						5,652,162						—
Investment securities:
Municipal securities						73,334						74,429						—						11,160						63,269
Residential agency mortgage-backed securities						1,613,987						1,479,984						—						1,479,984						—
Commercial agency mortgage-backed securities						16,588						16,190						—						16,190						—
Other debt securities						16,013						15,287						—						15,287						—
Total investment securities						1,719,922						1,585,890						—						1,522,621						63,269
Allowance for credit losses						(191)						—						—						—						—
Investment securities, net of allowance						1,719,731						1,585,890						—						1,522,621						63,269
Available-for-sale securities:
U.S. Treasury securities						984						984						984						—						—
Municipal securities						175,123						175,123						—						175,123						—
Residential agency mortgage-backed securities						9,631,722						9,631,722						—						9,631,722						—
Residential non-agency mortgage-backed securities						717,068						717,068						—						717,068						—
Commercial agency mortgage-backed securities						3,014,195						3,014,195						—						3,014,195						—
Other debt securities						473						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 securities						165,706						165,706						—						165,706						—
Commercial agency mortgage-backed securities						12,392						12,392						—						12,392						—
Total fair value option securities						178,098						178,098						—						178,098						—
Residential mortgage loans held for sale						104,873						104,873						—						97,972						6,901
Loans:
Commercial						15,573,083						15,464,708						—						—						15,464,708
Commercial real estate						5,884,679						5,795,154						—						—						5,795,154
Loans to individuals						4,729,631						4,620,105						—						—						4,620,105
Total loans						26,187,393						25,879,967						—						—						25,879,967
Allowance for loan losses						(277,719)						—						—						—						—
Loans, net of allowance						25,909,674						25,879,967						—						—						25,879,967
Mortgage servicing rights						333,381						333,381						—						—						333,381
Derivative instruments with positive fair value, net of cash margin						782,985						782,985						1,474						781,511						—
Deposits with no stated maturity						34,950,239						34,950,239						—						—						34,950,239
Time deposits						3,726,809						3,712,780						—						—						3,712,780
Other borrowed funds						6,468,973						6,469,023						—						—						6,469,023
Subordinated debentures						396,625						394,933						—						394,933						—
Derivative instruments with negative fair value, net of cash margin						282,590						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 equivalents						656,995						656,995						656,995						—						—
Trading securities:
U.S. government securities						9,237						9,237						—						9,237						—
Residential agency mortgage-backed securities						5,307,849						5,307,849						—						5,307,849						—
Municipal securities						39,233						39,233						—						39,233						—
Other trading securities						36,426						36,426						—						36,426						—
Total trading securities						5,392,745						5,392,745						—						5,392,745						—
Investment securities:
Municipal securities						88,215						89,343						—						11,204						78,139
Residential agency mortgage-backed securities						1,664,175						1,541,608						—						1,541,608						—
Commercial agency mortgage-backed securities						16,516						16,186						—						16,186						—
Other debt securities						15,538						14,868						—						14,868						—
Total investment securities						1,784,444						1,662,005						—						1,583,866						78,139
Allowance for credit losses						(202)						—						—						—						—
Investment securities, net of allowance						1,784,242						1,662,005						—						1,583,866						78,139
Available-for-sale securities:
U.S. Treasury securities						980						980						980						—						—
Municipal securities						184,273						184,273						—						184,273						—
Residential agency mortgage-backed securities						9,598,627						9,598,627						—						9,598,627						—
Residential non-agency mortgage-backed securities						696,028						696,028						—						696,028						—
Commercial agency mortgage-backed securities						3,126,244						3,126,244						—						3,126,244						—
Other debt securities						473						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 securities						102,096						102,096						—						102,096						—
Residential mortgage loans held for sale						94,630						94,630						—						88,335						6,295
Loans:
Commercial						15,281,067						15,223,531						—						—						15,223,531
Commercial real estate						5,672,006						5,597,767						—						—						5,597,767
Loans to individuals						4,698,389						4,565,165						—						—						4,565,165
Total loans						25,651,462						25,386,463						—						—						25,386,463
Allowance for loan losses						(275,860)						—						—						—						—
Loans, net of allowance						25,375,602						25,386,463						—						—						25,386,463
Mortgage servicing rights						322,724						322,724						—						—						322,724
Derivative instruments with positive fair value, net of cash margin						300,775						300,775						1,022						299,753						—
Deposits with no stated maturity						35,795,923						35,795,923						—						—						35,795,923
Time deposits						3,639,083						3,629,060						—						—						3,629,060
Other borrowed funds						4,237,655						4,237,752						—						—						4,237,752
Subordinated debentures						396,589						395,323						—						395,323						—
Derivative instruments with negative fair value, net of cash margin						397,573						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, 2026																		December 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 securities						5,617,531						64,588						4.64		%				5,295,598						63,296						4.83		%
Investment securities, net of allowance						1,747,860						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 securities						126,772						1,389						4.83		%				72,229						913						4.83		%
Restricted equity securities						361,514						6,681						7.39		%				250,430						4,522						7.22		%
Residential mortgage loans held for sale						77,105						1,056						5.42		%				91,414						1,349						5.84		%
Loans						25,925,585						399,576						6.25		%				25,242,551						412,170						6.48		%
Allowance for loan losses						(276,437)																		(277,580)
Loans, net of allowance						25,649,148						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 sales						173,506																		227,678
Cash and other assets						5,177,459																		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		%
Savings						877,650						1,162						0.54		%				852,390						1,163						0.54		%
Time						3,701,080						32,234						3.53		%				3,729,596						34,252						3.64		%
Total interest-bearing deposits						31,286,311						209,198						2.71		%				31,978,527						234,423						2.91		%
Funds purchased and repurchase agreements						924,228						6,600						2.90		%				1,185,566						10,360						3.47		%
Other borrowings						5,349,061						51,482						3.90		%				3,008,388						32,032						4.22		%
Subordinated debentures						396,606						6,091						6.14		%				241,482						3,722						6.12		%
Total interest-bearing liabilities						37,956,206						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 purchases						418,478																		452,673
Other liabilities						1,030,182																		1,015,185
Total equity						6,024,195																		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 adjustment												2,610																		2,555
Net interest income												342,554																		345,281
Provision for credit losses												—																		—
Other operating revenue												211,268																		244,282
Other operating expense												354,166																		361,054
Net income before taxes												199,656																		228,509
Federal and state income taxes												43,936																		51,243
Net income												155,720																		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.

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(Dollars in thousands, except per share data)						Three Months Ended
						September 30, 2025																		June 30, 2025
						Average Balance						Revenue /Expense						Yield/ Rate1						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	495,091					$	5,482					4.39		%				$	506,330					$	5,626					4.46		%
Trading securities						5,603,200						72,770						5.25		%				6,876,788						86,488						5.05		%
Investment securities, net of allowance						1,861,565						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 securities						105,651						1,441						5.45		%				88,323						1,319						5.90		%
Restricted equity securities						337,055						6,605						7.84		%				390,191						7,545						7.73		%
Residential mortgage loans held for sale						91,422						1,405						6.08		%				86,543						1,346						6.13		%
Loans						24,826,139						419,303						6.70		%				24,176,549						404,555						6.71		%
Allowance for loan losses						(277,398)																		(278,191)
Loans, net of allowance						24,548,741						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 sales						162,035																		228,563
Cash and other assets						5,100,801																		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		%
Savings						867,939						1,197						0.55		%				853,062						1,155						0.54		%
Time						3,641,985						34,236						3.73		%				3,465,780						33,072						3.83		%
Total interest-bearing deposits						30,586,399						241,833						3.14		%				30,178,178						238,443						3.17		%
Funds purchased and repurchase agreements						873,800						7,250						3.29		%				782,039						6,820						3.50		%
Other borrowings						5,048,301						57,724						4.54		%				6,019,948						67,410						4.49		%
Subordinated debentures						—						—						—		%				99,846						1,588						6.38		%
Total interest-bearing liabilities						36,508,500						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 purchases						329,361																		503,490
Other liabilities						996,216																		951,112
Total equity						5,963,152																		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 adjustment												2,565																		2,574
Net interest income												337,646																		328,166
Provision for credit losses												2,000																		—
Other operating revenue												210,709																		207,098
Other operating expense												369,770																		354,503
Net income before taxes												176,585																		180,761
Federal and state income taxes												35,714																		40,691
Net income												140,871																		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.

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(Dollars in thousands, except per share data)						Three Months Ended
						March 31, 2025
						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	564,014					$	6,229					4.48		%
Trading securities						5,881,997						73,871						5.07		%
Investment securities, net of allowance						1,980,005						7,008						1.42		%
Available-for-sale securities						12,962,830						127,573						3.82		%
Fair value option securities						17,603						178						3.72		%
Restricted equity securities						348,266						6,541						7.51		%
Residential mortgage loans held for sale						63,365						975						6.03		%
Loans						24,068,227						398,737						6.71		%
Allowance for loan losses						(279,983)
Loans, net of allowance						23,788,244						398,737						6.79		%
Total earning assets						45,606,324						621,112						5.45		%
Receivable on unsettled securities sales						184,960
Cash and other assets						5,195,619
Total assets						$	50,986,903
Liabilities and equity
Interest-bearing deposits:
Transaction						$	25,859,733					$	204,521					3.21		%
Savings						844,875						1,168						0.56		%
Time						3,498,401						35,383						4.10		%
Total interest-bearing deposits						30,203,009						241,072						3.24		%
Funds purchased and repurchase agreements						935,716						7,028						3.05		%
Other borrowings						4,626,402						52,135						4.57		%
Subordinated debentures						131,188						2,084						6.44		%
Total interest-bearing liabilities						35,896,315						302,319						3.42		%
Non-interest bearing demand deposits						8,156,069
Due on unsettled securities purchases						425,050
Other liabilities						848,797
Total equity						5,660,672
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 adjustment												2,542
Net interest income												316,251
Provision for credit losses												—
Other operating revenue												186,041
Other operating expense												347,529
Net income before taxes												154,763
Federal and state income taxes												34,992
Net income												119,771
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.

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Quarterly Earnings Trends – Unaudited

(In thousands, except share and per share data)

						Three Months Ended
						Mar. 31, 2026						Dec. 31, 2025						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025
Interest revenue						$	615,925					$	625,818					$	644,453					$	642,427					$	618,570
Interest expense						273,371						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 revenue						43,606						47,310						43,239						38,125						31,068
Transaction card revenue						31,965						31,564						29,463						29,561						27,092
Fiduciary and asset management revenue						66,481						68,347						63,878						63,964						60,972
Deposit service charges and fees						32,218						32,039						31,896						31,319						30,275
Mortgage banking revenue						20,963						19,013						19,764						18,993						19,815
Other revenue						14,544						16,591						16,190						15,368						14,894
Total fees and commissions						209,777						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 rights						8,155						1,407						(2,375)						(5,019)						(7,240)
Gain on available-for-sale securities, net						—						1,748						213						—						—
Total other operating revenue						211,268						244,282						210,709						207,098						186,041
Other operating expense
Personnel						211,174						222,726						226,347						214,711						214,185
Business promotion						9,226						11,516						9,960						9,139						8,818
Professional fees and services						14,295						18,371						15,137						15,402						13,269
Net occupancy and equipment						33,182						32,693						33,040						32,657						32,992
FDIC and other insurance						5,685						6,078						7,302						6,439						6,587
FDIC special assessment						—						(9,479)						(1,209)						(523)						523
Data processing and communications						51,768						51,299						50,062						49,597						47,578
Printing, postage, and supplies						3,679						4,077						4,036						4,067						3,639
Amortization of intangible assets						2,443						2,656						2,656						2,656						2,652
Mortgage banking costs						11,757						10,663						10,668						6,711						7,689
Other expense						10,957						10,454						11,771						13,647						9,597
Total other operating expense						354,166						361,054						369,770						354,503						347,529
Net income before taxes						199,656						228,509						176,585						180,761						154,763
Federal and state income taxes						43,936						51,243						35,714						40,691						34,992
Net income						155,720						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 diluted						60,033,282						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, 2026						30,343						$	123.57					—						2,017,039
February 1 to February 28, 2026						41,080						$	133.80					—						2,017,039
March 1 to March 31, 2026						—						$	—					—						2,017,039
Total						71,423												—

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			Employment Agreement between BOK Financial and Mark B. Wade dated August 2, 2022, filed herewith.
31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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.

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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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ATTACHMENTS / EXHIBITS

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