1     Comparisons are to prior quarter unless otherwise noted.

Stacy Kymes, President and CEO, stated, “I’m proud of our strong performance this quarter, highlighted by solid loan growth, improving net interest margin, and growth in Wealth assets. Loans grew an additional $573 million this quarter and nearly $1.2 billion or 10% annualized over the past two quarters following market volatility driven by first quarter tariff uncertainty. We also achieved meaningful expansion in our net interest margin with a 13 basis point increase during that same timeframe. Our fee-based businesses continued to gain momentum with a quarterly high for Investment Banking revenue and Wealth assets growing to $122.7 billion, an $8.7 billion increase in the last 6 months. We are well-positioned to build on this success in the fourth quarter and remain focused on sustaining our positive trajectory while delivering long-term value for our shareholders." Net interest income was $337.6 million for the third quarter of 2025, an increase of $9.5 million over the prior quarter.

Net interest margin expanded to 2.91% from 2.80%. For the third quarter of 2025, our core net interest margin excluding trading activities, a non-GAAP measure, increased 4 basis points to 3.16% compared to 3.12% in the prior quarter.

Average earning assets decreased $555 million. Average trading securities decreased $1.3 billion, average investment securities decreased $57 million, and average restricted equity securities decreased $53 million. Average loan balances increased $650 million, primarily due to growth in portfolio balances for commercial real estate loans and loans to individuals. Average available-for-sale securities grew $168 million. Average interest-bearing deposits increased $408 million, primarily from growth in interest-bearing transaction accounts and time deposits. Average funds purchased and repurchase agreements increased $92 million, while average other borrowings decreased $972 million.

The yield on average earning assets was 5.53%, a 6 basis point increase over the prior quarter. The yield on the available-for-sale securities portfolio increased 4 basis points to 3.93% and the yield on trading securities was up 20 basis points to 5.25%. The loan portfolio yield decreased 1 basis point to 6.70%. The yield on restricted equity securities expanded 11 basis points to 7.84%.

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

Fees and commissions revenue totaled $204.4 million for the third quarter of 2025, growing $7.1 million over the prior quarter.

Brokerage and trading revenue increased $5.1 million to $43.2 million. Investment banking revenue grew $5.0 million driven by increased municipal underwriting activity. Trading fees and commissions revenue increased $1.1 million, largely driven by higher municipal bond trading, partially offset by a decrease in U.S. agency residential mortgage-backed securities trading volumes. Customer hedging revenue decreased $1.8 million, primarily related to lower energy derivative volumes.

Fiduciary and asset management revenue was largely unchanged from the prior quarter. The current quarter benefited from increased trust fees driven by higher market valuations and continued growth in client relationships, while the prior quarter was impacted by seasonal tax preparation fees.

Total operating expense was $369.8 million for the third quarter of 2025, an increase of $15.3 million compared to the prior quarter.

Personnel expense was $226.3 million, an increase of $11.6 million. Cash-based incentive compensation increased $5.4 million driven by stronger underwriting and loan origination activity. Regular compensation costs grew $3.1 million, largely reflecting transitional personnel expenses associated with aligning our talent base to future growth objectives. Deferred compensation expense was $5.8 million, an increase of $2.5 million over the prior quarter; however, this was largely offset by an increase in the value of related investments included in Other gains (losses), net.

Non-personnel expense was $143.4 million, an increase of $3.6 million. Mortgage banking costs increased $4.0 million. Expenses in the prior quarter were below typical seasonal levels, primarily due to lower mortgage servicing related costs. Other expense decreased by $1.9 million due to lower operational losses.

Outstanding loans were $24.9 billion at September 30, 2025, an increase of $573 million over June 30, 2025, driven by broad-based growth across the loan portfolio. Unfunded loan commitments grew by $530 million over the second quarter of 2025.

Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, increased $129 million over the prior quarter.

Healthcare sector loan balances increased $70 million and totaled $3.9 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.1 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.

General business loans increased $61 million to $4.2 billion, or 17% of total loans. General business loans include $2.7 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

Services sector loan balances were up $52 million over the prior quarter to $3.7 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including Native American tribal and state and local municipal government entities, Native American tribal casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.

Energy loan balances decreased $53 million to $2.7 billion, or 11% of total loans. Consolidation in the energy industry led to elevated payoff activity in recent quarters, but this payoff activity is abating and balances are stabilizing. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 71% of committed production loans are secured by properties primarily producing oil. The remaining 29% are secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.4 billion at September 30, 2025, an $89 million decrease compared to June 30, 2025.

Commercial real estate loan balances increased $231 million to $5.8 billion, representing 23% of total loans. Loans secured by office facilities increased $122 million to $812 million, loans secured by industrial facilities increased $93 million to $1.4 billion, and loans secured by multifamily properties increased $27 million to $2.5 billion. The increases in these portfolios were partially offset by a $28 million decrease in other real estate loans. Unfunded commercial real estate loan commitments were $2.1 billion at September 30, 2025, an $84 million increase compared to June 30, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to individuals increased $213 million to $4.6 billion and represent 18% of total loans. Personal loans increased $144 million and residential mortgage loans increased $69 million. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies and marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment, as well as unsecured loans.

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 65% at September 30, 2025, compared to 64% at June 30, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $38.5 billion at September 30, 2025, a $254 million increase. Time deposits increased $213 million and interest-bearing transaction accounts increased $139 million. Demand deposits decreased $92 million.

Average deposits were $38.5 billion at September 30, 2025, a $345 million increase. Average interest-bearing transaction accounts increased $217 million and average time deposits increased $176 million, while average demand deposit balances decreased $64 million.

Average Commercial Banking deposits increased $737 million to $18.2 billion, or 47% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 9% of our total deposits. Average Consumer Banking deposits increased $64 million to $8.3 billion, or 22% of total deposits. Average Wealth Management deposits decreased by $52 million to $10.7 billion, or 28% of total deposits.

1     See Explanation and Reconciliation of Non-GAAP Measures following.

The company's common equity Tier 1 capital ratio was 13.60% at September 30, 2025. In addition, the company's Tier 1 capital ratio was 13.61%, total capital ratio was 14.48%, and leverage ratio was 10.19% at September 30, 2025. At June 30, 2025, the company's common equity Tier 1 capital ratio was 13.59%, Tier 1 capital ratio was 13.60%, total capital ratio was 14.48%, and leverage ratio was 9.88%.

The company's tangible common equity ratio, a non-GAAP measure, was 10.06% at September 30, 2025, and 9.63% at June 30, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities.

The company repurchased 365,547 shares of common stock at an average price paid of $111.00 per share in the third quarter of 2025. We view buybacks opportunistically, but within the context of maintaining our strong capital position.

Nonperforming assets totaled $74 million, or 0.30% of outstanding loans and repossessed assets, at September 30, 2025, compared to $81 million, or 0.33%, at June 30, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $67 million, or 0.27% of outstanding loans and repossessed assets, at September 30, 2025, compared to $74 million, or 0.31%, at June 30, 2025.

Nonaccruing loans decreased $6.9 million compared to June 30, 2025. New nonaccruing loans identified in the third quarter totaled $6.2 million, offset by $5.9 million in payments received, $4.3 million in charge-offs, and $2.4 million in loans that returned to accrual status. Nonaccruing healthcare loans decreased $4.2 million and nonaccruing services loans decreased $3.7 million.

Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter. At September 30, 2025, net charge-offs for the trailing twelve months were $5.8 million, or 0.02% of average loans. Net charge-offs were $561 thousand, or 0.01% of average loans on an annualized basis, in the second quarter of 2025. At June 30, 2025, net charge-offs for the trailing twelve months were $2.1 million, or 0.01% of average loans.

The provision for expected credit losses of $2.0 million in the third quarter of 2025 reflects the impact of loan growth during the quarter, partially offset by a slight improvement in economic forecast scenario assumptions.

At September 30, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $328 million, or 1.32% of outstanding loans and 505% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At June 30, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $330 million, or 1.36% of outstanding loans and 456% of nonaccruing loans.

The fair value of the available-for-sale securities portfolio totaled $13.5 billion at September 30, 2025, a $133 million increase over June 30, 2025. At September 30, 2025, the available-for-sale securities portfolio consisted primarily of $9.4 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.1 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At September 30, 2025, the available-for-sale securities portfolio had a net unrealized loss of $204 million, compared to $277 million at June 30, 2025.

We hold an inventory of trading securities in support of sales to a variety of customers. At September 30, 2025, the trading securities portfolio totaled $4.3 billion, compared to $5.6 billion at June 30, 2025.

The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities decreased $3.0 million to $105 million at September 30, 2025.

Derivative contracts are carried at fair value. At September 30, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $317 million, compared to $326 million at June 30, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $294 million at September 30, 2025, and $297 million at June 30, 2025.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.1 million during the third quarter of 2025, including a $2.4 million decrease in the fair value of mortgage servicing rights, a $122 thousand increase in the fair value of securities and derivative contracts held as an economic hedge, and $169 thousand of related net interest income.

Commercial Banking contributed $139.8 million to net income before taxes in the third quarter of 2025, a decrease of $1.5 million compared to the second quarter of 2025. Combined net interest income and fee revenue increased $2.5 million over the prior quarter. Net interest income grew $3.4 million led by higher loan balances during the quarter, which was partially offset by a decrease in loan syndication fees. Net loans charged off increased $2.6 million in the third quarter of 2025. Other operating expenses increased $1.5 million, primarily due to higher incentive compensation costs driven by increased loan origination activity during the quarter. Other gains (losses), net, declined $1.8 million related to lower gains on merchant banking activities. Corporate expense allocations decreased $1.9 million. Average loans increased $386 million, or 2% to $20.3 billion. Average deposits grew $737 million, or 4%, to $18.2 billion.

Consumer Banking contributed $14.5 million to net income before taxes in the third quarter of 2025, compared to $24.7 million in the prior quarter. Combined net interest income and fee revenue totaled $96.5 million, up $1.6 million, primarily due to increased mortgage banking revenue driven by growth in mortgage production volumes. The net cost of the change in the fair value of mortgage servicing rights and the related economic hedges was $2.1 million, compared to a benefit of $1.6 million in the prior quarter. Other operating expenses increased $8.6 million. Mortgage banking costs increased $4.0 million as the prior quarter's expenses were below typical seasonal levels, primarily due to lower mortgage servicing related costs. Other expense increased $2.2 million related to operational losses and business promotion expense increased $1.9 million due to increased advertising costs. Average loans increased $128 million, or 6%, to $2.4 billion. Average deposits were consistent with prior quarter at $8.3 billion.

Wealth Management contributed $36.6 million to net income before taxes in the third quarter of 2025, a decrease of $4.1 million compared to the second quarter of 2025. Combined net interest income and fee revenue increased $6.6 million, primarily due to growth in investment banking revenue driven by the timing and volume of municipal underwriting transactions. Other operating expenses increased $9.7 million. Incentive compensation expense increased $5.7 million, reflecting stronger underwriting activity. Professional fees and services expense grew $1.1 million, largely related to ongoing projects. Average loans increased $79 million, or 3%, to $2.4 billion. Average deposits were largely unchanged at $10.7 billion. Assets under management or administration were $122.7 billion, an increase of $4.8 billion, or 4%.

The company will hold a conference call at noon Central time on Tuesday, October 21, 2025, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.

BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $123 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of September 30, 2025 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements. Assessments that acquisitions and growth endeavors will be profitable are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to changes in government, changes in governmental economic policy, including tariffs, changes in commodity prices, interest rates and interest rate relationships, inflation, demand for products and services, the degree of competition by traditional and nontraditional competitors, changes in banking regulations, tax laws, prices, levies and assessments, the impact of technological advances, and trends in customer behavior as well as their ability to repay loans. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

1     See Reconciliation of Non-GAAP Measures following.

2     Excludes 1% excise tax on corporate stock repurchases.

3     Actual interest earned on fair value option securities less internal transfer-priced cost of funds.