BOK Financial Corp. (BOKF)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.3B

Revenue growth

9.8%

Net income, last twelve months

$650.5M

Earnings per share

$10.61

Net margin

28.5%

Free cash flow

$1.3B

Return on equity

10.7%

Market value

$7.9B

Price to earnings

12.3x

Dividend yield

1.9%

Cash

$1.5B

Debt

$5.0B

Debt to equity

0.82

Shares outstanding

60.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 19 October 2026.

• Net income lower after prior Visa gain. Net income was $159.9 million, or $2.64 per diluted share, against $176.5 million, or $2.92, a quarter earlier. The prior quarter included a $30.9 million pre-tax Visa B share exchange gain.
• Net interest income up $18.1 million. Management attributed the increase to loan growth and fixed-rate asset repricing. Average earning assets grew $633 million quarter over quarter.
• Fee revenue declined $14.0 million. Fees and commissions revenue was $188.0 million, down from $202.0 million, mainly on brokerage and trading and mortgage banking declines.
• Core margin rose 8 basis points. Core net interest margin excluding trading activities was 3.21%, against 3.13% in the prior quarter, with management citing loan growth and fixed-rate repricing.
• Earning asset yield rose 10 basis points. Loan portfolio yield rose 4 basis points to 6.24%, and trading securities yield rose 30 basis points to 5.15%.
• Deposit cost edged up. Funding costs were 2.96%, up 3 basis points. Cost of other borrowings was 3.90%, up 2 basis points.
• Noninterest-funded assets added margin. Assets funded by noninterest-bearing liabilities contributed 59 basis points to net interest margin, up 2 basis points from the prior quarter.
• Brokerage and trading revenue fell. Brokerage and trading revenue fell to $19.5 million, on an unfavorable rate environment and lower fixed-income trading volumes.
• Mortgage banking revenue lower on rates. Mortgage banking revenue fell $2.2 million on lower production volume and spreads. Production revenue fell to 0.06% of production volume from 0.83%.
• Fiduciary revenue slipped on seasonal fees. Fiduciary and asset management revenue decreased $1.1 million. Management said the prior quarter benefited from seasonal tax preparation fees, and excluding them the line rose.
• Other gains fell from prior-quarter level. Other gains, net, were $5.7 million, against $42.4 million a quarter earlier. Deferred compensation investment gains were $1.8 million in the current period.
• Operating expense steady at $360.7 million. Total operating expense was $360.7 million, down $1.0 million, with personnel and non-personnel costs both steady against the second quarter.
• Costs up after excluding deferred compensation. Excluding deferred compensation, operating expense rose $6.4 million, and personnel costs rose $6.5 million on talent investment and incentive pay.
• Talent investment lifted regular pay. Regular compensation rose $3.2 million from talent investment, including revenue-producing hires. Cash incentive compensation rose $1.2 million on strong loan production.

Company events

The newest 8-K filings of 248 held.

Every filing

The newest filings with the SEC of 569 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

343 funds held it at 30 Jun 2026: 150 added and 82 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• JPMorgan Chase & Co. (JPM): revenue $199.4B, market value $902.3B
• Bank of America Corp. (BAC): revenue –, market value $357.1B
• Wells Fargo & Company (WFC): revenue $87.2B, market value $251.3B
• Citigroup Inc. (C): revenue $91.4B, market value $208.2B
• Capital One Financial Corp. (COF): revenue $62.0B, market value $125.7B
• Mizuho Financial Group Inc. (MFG): revenue $29.9B, market value $118.8B
• U.S. Bancorp (USB): revenue $29.6B, market value $92.9B
• PNC Financial Services Group, Inc. (PNC): revenue $25.0B, market value $91.1B
• Truist Financial Corp. (TFC): revenue $19.4B, market value $58.1B
• Huntington Bancshares Inc. (HBAN): revenue $10.4B, market value $31.7B

What the company does

BOK Financial is a financial holding company incorporated in Oklahoma in 1990, with its corporate headquarters in Tulsa. It offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. Its main subsidiary is BOKF, NA, a national bank that runs the banking divisions and also operates TransFund and Cavanal Hill Investment Management. The company serves middle-market businesses, financial institutions, and consumers, and at 31 December 2025 it had 5,034 full-time and part-time employees.

How the business is organised

BOK Financial reports three principal segments: Commercial Banking, Consumer Banking, and Wealth Management. Commercial Banking covers lending, treasury and cash management services, and customer risk management products for small businesses, middle market, and larger commercial customers. It also includes the TransFund electronic funds network.

Consumer Banking covers retail lending and deposit services, and lending and deposit services for small business customers served through the consumer branch network. It also handles all mortgage loan origination and servicing. Consumer Banking reaches customers through four channels: traditional branches, the 24-hour ExpressBank call center, internet banking, and mobile banking.

Wealth Management is the third segment. A fourth unit, Funds Management, manages the company's liquidity needs and interest rate risk. Each segment borrows funds from it and provides funds to it as needed.

Other subsidiaries include BOK Financial Securities, Inc., a broker/dealer that mainly handles retail and institutional securities sales and municipal bond underwriting. BOK Financial Private Wealth, Inc. is an investment adviser to high net-worth clients.

What it sells

The company offers loans and deposits, cash management, fiduciary services, mortgage banking, and brokerage and trading services. At 31 December 2025 the loan portfolio was 60% commercial, 22% commercial real estate, and 18% loans to individuals.

Within commercial lending, the largest sectors by share of total loans are general business at 17%, healthcare at 16%, services at 15%, and energy at 11%. Healthcare loans are mainly for senior housing and care facilities. The filing says supporting the energy industry has been a hallmark of the company since its founding. Loans backed by oil and gas properties are reviewed twice a year by the company's own petroleum engineers.

Loans to individuals are mostly residential mortgages and personal loans.

Customers can also hedge energy, interest rate, foreign exchange, and equity risks through derivative contracts with the company. Each customer contract is offset with a contract with a selected counterparty or exchange.

Payments, wealth and trading

TransFund runs an electronic funds transfer network with 2,909 ATM locations at 31 December 2025. Transaction card revenue depends on transaction volume, the number of TransFund ATM locations, and the number of merchants served.

Wealth Management provides fiduciary, private banking, and investment advisory services in all markets. It also trades U.S. government agency mortgage-backed securities and related derivatives to provide liquidity to the mortgage markets. In addition, it underwrites state and municipal securities. Assets under management consisted of 42% fixed income, 35% equities, 15% cash, and 8% alternative investments.

Where it operates

The company operates mainly in these metropolitan areas:

- Tulsa and Oklahoma City, Oklahoma - Dallas, Fort Worth, Houston, and San Antonio, Texas - Albuquerque, New Mexico - Denver, Colorado - Phoenix, Arizona - Kansas City, Kansas/Missouri

The banking divisions are Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, and BOK Financial in Arizona, Arkansas, Colorado, Kansas, and Missouri. Limited purpose offices are in Nebraska, Wisconsin, Connecticut, and Tennessee. The company has no operations in foreign countries and does not lend to foreign governments.

The company says it operates with local decision-making in each market while following common company standards. It also says it grows by hiring talent, adding locations, broadening products, and acquiring organizations that fit its principal lines of business.

How it competes

Competitors include banks, thrifts, credit unions, investment banking firms, brokerage firms, financial technology firms, mortgage brokers, and insurance companies. The company says it competes largely on customer service, interest rates on loans and deposits, lending limits, and customer convenience.

Market shares below are based on share of deposits according to the FDIC as of 30 June 2025:

- Oklahoma: 14% of the state's deposits, with 33% in the Tulsa area and 13% in the Oklahoma City area. The company describes itself as the largest financial institution in the state. It competes there with two banks that have nationwide operations. - Albuquerque: 13%. - Denver: about 3%. - Dallas-Fort Worth, Kansas City, and Phoenix: about 1% each. - Houston and San Antonio: less than 1% each. - Benton and Washington counties in Arkansas: less than 1%.

Regulation

The Federal Reserve Board supervises BOK Financial as a financial holding company. BOKF, NA is supervised by the OCC, the FDIC, the Federal Reserve Board, and the CFPB. BOK Financial Securities, Inc. is regulated by the SEC, FINRA, the Federal Reserve Board, and state securities regulators. BOKF, NA received a rating of "outstanding" in its most recent Community Reinvestment Act examination.

None of the company's employees are represented by collective bargaining agreements. Employees are mainly spread across Oklahoma, Texas, Arkansas, Kansas, Missouri, Colorado, New Mexico, and Arizona.

*From BOK Financial's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/875357/000087535726000013/bokf-20251231.htm)*

From the company's 10-K.