Stacy Kymes, President and CEO, stated, “Our results this quarter represent a strong capstone to a year of outstanding performance and disciplined execution, highlighted by record earnings per share performance. Loan growth was exceptional this quarter with outstanding loans increasing 3.2% driven by robust growth in our core commercial and industrial lines as well as our specialty businesses. Net interest income has grown every quarter this year and our fee businesses continue to demonstrate the strength of our diversified business model, delivering not only record quarters, but record years for both our Fiduciary and Asset Management and Transaction Card businesses. We are a company well positioned for growth, anchored by a long history of disciplined risk management."

Net interest income was $345.3 million for the fourth quarter of 2025, an increase of $7.6 million over the prior quarter. Net interest margin expanded to 2.98% from 2.91%. For the fourth quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, increased 6 basis points to 3.22% compared to 3.16% in the prior quarter.

Average earning assets increased $161 million. Average loan balances increased $416 million, primarily due to growth in the commercial loan portfolio. Average available-for-sale securities grew $178 million, while trading securities decreased $308 million and restricted equity securities decreased $87 million. Average interest-bearing deposits increased $1.4 billion, primarily from growth in interest-bearing transaction accounts. Average funds purchased and repurchase agreements increased $312 million, while average other borrowings decreased $2.0 billion. On November 6, 2025, $400 million of 6.108% fixed rate reset subordinated notes were issued.

The yield on average earning assets was 5.36%, a 17 basis point decrease compared to the prior quarter. The yield on the available-for-sale securities portfolio increased 1 basis point to 3.94%, while the yield on trading securities decreased 42 basis points to 4.83%. The loan portfolio yield decreased 22 basis points to 6.48%. The yield on restricted equity securities decreased 62 basis points to 7.22%.

Funding costs were 3.06%, down 27 basis points. The cost of interest-bearing deposits decreased 23 basis points to 2.91%. The cost of funds purchased and repurchase agreements increased 18 basis points to 3.47%, while the cost of other borrowings decreased 32 basis points to 4.22%. The cost of subordinated debentures was 6.12%, entirely driven by the subordinated debt issuance in the fourth quarter. The benefit to net interest margin from assets funded by non-interest liabilities was 68 basis points, a decrease of 3 basis points.

Fees and commissions revenue totaled $214.9 million for the fourth quarter of 2025, growing $10.4 million over the prior quarter.

Brokerage and trading revenue increased $4.1 million to $47.3 million. Trading fees and commissions revenue increased $5.4 million. Higher U.S. agency residential mortgage-backed securities trading activity was driven by a more favorable rate environment and an improved future economic outlook, including a steepening yield curve. Investment banking revenue decreased $1.9 million. Municipal underwriting activity resumed a more normal level following a strong third quarter, partially offset by growth in loan syndication fees.

Fiduciary and asset management revenue was up $4.5 million driven by growth in trust fees, primarily from higher transaction-related fees, improved market valuations, and continued growth in client relationships.

Transaction card revenue increased $2.1 million due to an increase in the volume of transactions processed during the period.

Other gains, net, were a net gain of $28.1 million compared to a net gain of $8.3 million in the prior quarter. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment.

Total operating expense was $361.1 million for the fourth quarter of 2025, a decrease of $8.7 million compared to the prior quarter.

Personnel expense was $222.7 million, a decrease of $3.6 million. Employee benefits expense decreased $4.4 million related to lower employee healthcare costs, retirement plan costs, and payroll tax expense. Cash-based incentive compensation increased $3.6 million, primarily driven by strong loan origination activity. Deferred compensation expense was $2.4 million, a decrease of $3.4 million compared to the prior quarter. The impact of deferred compensation expense is offset by the change in the fair value of related investments included in Other gains (losses), net.

Non-personnel expense was $138.3 million, a decrease of $5.1 million. FDIC special assessment expense decreased $8.3 million, primarily due to the FDIC updating their estimate of the special assessment and other adjustments related to the special assessment. Other expense decreased by $1.3 million due to lower operational losses. Professional fees and services increased $3.2 million, primarily driven by additional projects in the quarter. Business promotion expense grew $1.6 million due to higher travel and advertising costs, while data processing and communications costs increased $1.2 million, driven by growth in the volume of transactions processed for our transaction card customers during the quarter.

Outstanding loans were $25.7 billion at December 31, 2025, an increase of $786 million over September 30, 2025, primarily due to growth in commercial loans. Unfunded loan commitments grew by $590 million over the third quarter of 2025.

Outstanding commercial loan balances, which includes healthcare, services, energy, and general business loans, increased $768 million over the prior quarter.

General business loans increased $236 million to $4.5 billion, or 17% of total loans. General business loans include $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

Services sector loan balances were up $201 million over the prior quarter to $3.9 billion, or 15% of total loans. Services 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.

Energy loan balances grew by $201 million to $2.9 billion, or 11% of total loans, following elevated payoff activity in recent quarters due to industry consolidation. 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 December 31, 2025, a $44 million increase over September 30, 2025.

Healthcare sector loan balances increased $130 million and totaled $4.0 billion, or 16% of total loans. Our healthcare sector loans primarily consist of $3.3 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.

Commercial real estate loan balances decreased $81 million to $5.7 billion, representing 22% of total loans. Loans secured by multifamily properties decreased $68 million, loans secured by industrial facilities decreased $28 million, and loans secured by retail facilities decreased $20 million. Other real estate loans increased by $26 million. Unfunded commercial real estate loan commitments were $2.2 billion at December 31, 2025, a $65 million increase over September 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 were up $99 million over the prior quarter to $4.7 billion and represent 18% of total loans. Residential mortgage loans increased $62 million and personal loans increased $37 million. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies or 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 both December 31, 2025 and September 30, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $39.4 billion at December 31, 2025, a $935 million increase. Interest-bearing transaction accounts increased $867 million and demand deposits increased $175 million, while time deposits decreased $124 million.

Average deposits were $40.0 billion during the fourth quarter, a $1.5 billion increase. Average interest-bearing transaction accounts increased $1.3 billion, average demand deposit balances increased $114 million, and average time deposits increased $88 million.

Average Commercial Banking deposits increased $325 million to $18.5 billion, or 46% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Average Consumer Banking deposits increased $16 million to $8.3 billion, or 21% of total deposits. Average Wealth Management deposits decreased by $28 million to $10.7 billion, or 27% of total deposits. Average Funds Management and Other deposits increased $1.2 billion to $2.5 billion. This was primarily driven by opportunistically replacing wholesale borrowings with wholesale deposits.

The company's common equity Tier 1 capital ratio was 12.89% at December 31, 2025. In addition, the company's Tier 1 capital ratio was 12.90%, total capital ratio was 14.77%, and leverage ratio was 9.86% at December 31, 2025. At September 30, 2025, the company's common equity Tier 1 capital ratio was 13.60%, Tier 1 capital ratio was 13.61%, total capital ratio was 14.48%, and leverage ratio was 10.19%.

The company's tangible common equity ratio1, a non-GAAP measure, was 9.46% at December 31, 2025, and 10.06% at September 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.

On November 6, 2025, BOKF, NA, the wholly-owned banking subsidiary of BOK Financial Corporation, issued $400 million 6.108% fixed rate reset subordinated notes that will mature on November 6, 2040 and qualify for Tier II regulatory capital treatment.

The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025, and 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 $75 million, or 0.29% of outstanding loans and repossessed assets, at December 31, 2025, compared to $74 million, or 0.30%, at September 30, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $66 million, or 0.26% of outstanding loans and repossessed assets, at December 31, 2025, compared to $67 million, or 0.27%, at September 30, 2025.

Nonaccruing loans increased $2.0 million compared to September 30, 2025. New nonaccruing loans identified in the fourth quarter totaled $12.9 million, offset by $6.3 million in payments received, $2.4 million in charge-offs, and $2.1 million in loans that returned to accrual status. Nonaccruing general business loans increased $6.4 million while nonaccruing loans to individuals decreased $1.8 million and nonaccruing services loans decreased $1.5 million.

Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter. At December 31, 2025, net charge-offs for the trailing twelve months were $6.7 million, or 0.03% of average loans. Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter of 2025.

No provision for expected credit losses was necessary for the fourth quarter of 2025, primarily due to an improvement in economic forecast assumptions offset by the impact of loan growth during the quarter.

At December 31, 2025, 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, excluding residential mortgage loans guaranteed by U.S. government agencies. 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.

The fair value of the available-for-sale securities portfolio totaled $13.6 billion at December 31, 2025, a $126 million increase over September 30, 2025. At December 31, 2025, the available-for-sale securities portfolio consisted primarily of $9.6 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 December 31, 2025, the available-for-sale securities portfolio had a net unrealized loss of $133 million, compared to $204 million at September 30, 2025.

We hold an inventory of trading securities in support of sales to a variety of customers. At December 31, 2025, the trading securities portfolio totaled $5.4 billion, compared to $4.3 billion at September 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 $2.6 million to $102 million at December 31, 2025.

Derivative contracts are carried at fair value. At December 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer derivative programs totaled $428 million, compared to $317 million at September 30, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $399 million at December 31, 2025, and $294 million at September 30, 2025.

The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $579 thousand during the fourth quarter of 2025, including a $2.1 million decrease in the fair value of securities and derivative contracts held as an economic hedge, a $1.4 million increase in the fair value of mortgage servicing rights, and $114 thousand of related net interest income.

Commercial Banking contributed $164.0 million to net income before taxes in the fourth quarter of 2025, an increase of $24.2 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.4 million. Investment banking revenue increased $2.9 million driven by growth in loan syndication fees. Transaction card revenue increased $1.4 million due to an increase in the volume of transactions processed during the period, while net interest income grew $1.0 million. Net loans charged off decreased $1.7 million to $929 thousand in the fourth quarter of 2025. Other operating expenses increased $4.9 million, largely due to higher incentive compensation costs and additional technology projects in the quarter. Other gains (losses), net, grew $21.5 million, primarily due to the sale of a merchant banking investment. Average loans increased $249 million, or 1%, to $20.5 billion. Average deposits grew $325 million, or 2%, to $18.5 billion.

Consumer Banking contributed $15.1 million to net income before taxes in the fourth quarter of 2025, relatively consistent with the prior quarter. Combined net interest income and fee revenue totaled $94.8 million, a decrease of $1.8 million, primarily due to a decrease in the spread on deposits. The net cost of the change in the fair value of mortgage servicing rights and the related economic hedges was $579 thousand, compared to a cost of $2.1 million in the prior quarter. Other operating expenses were consistent with the prior quarter and corporate expense allocations decreased $1.0 million. Average loans increased $83 million, or 3%, to $2.5 billion. Average deposits were consistent with prior quarter at $8.3 billion.

Wealth Management contributed $42.7 million to net income before taxes in the fourth quarter of 2025, an increase of $6.1 million over the third quarter of 2025. Combined net interest income and fee revenue increased $5.0 million, primarily due to higher fiduciary and asset management fees driven by transaction-related fees combined with increased market valuations and continued growth in client relationships. Trading fees increased $5.4 million, driven by higher U.S agency residential mortgage-backed securities trading activity during the quarter, offset by municipal underwriting revenue returning to more normalized levels following a strong third quarter. Other operating expenses were consistent with the prior quarter. Average loans increased $40 million, or 2%, to $2.4 billion. Average deposits were largely unchanged at $10.7 billion. Assets under management or administration were $126.6 billion, an increase of $3.9 billion, or 3%.

The company will hold a conference call at noon Central time on Tuesday, January 20, 2026, 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 $52 billion regional financial services company headquartered in Tulsa, Oklahoma with $127 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 December 31, 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 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.