[10-Q] BOK FINANCIAL CORP Quarterly Earnings Report

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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 September 30, 2025

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						74192
(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 and post such files). Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or 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 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: 63,247,676 shares of common stock ($.00006 par value) as of September 30, 2025.

BOK Financial Corporation

Form 10-Q

Quarter Ended September 30, 2025

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)			36
Controls and Procedures (Item 4)			41
Consolidated Financial Statements – Unaudited (Item 1)			42
Nine-Month Financial Summary – Unaudited (Item 2)			92
Quarterly Financial Summary – Unaudited (Item 2)			93
Quarterly Earnings Trends – Unaudited			96
Part II.  Other Information
Item 1.  Legal Proceedings			97
Item 1A. Risk Factors			97
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds			97
Item 5. Other Information			97
Item 6.  Exhibits			98
Signatures			99

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
AOCI						Accumulated Other Comprehensive Income
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
CODM						Chief Operating Decision Maker
Company						BOK Financial Corporation
EFT						Electronic Funds Transfer
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
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 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Performance Summary

BOK Financial reported net income of $140.9 million, or $2.22 per diluted share, for the third quarter of 2025 compared to $140.0 million, or $2.19 per diluted share, for the second quarter of 2025. PPNR1, a non-GAAP measure, was $178.6 million for the third quarter of 2025, compared to $180.7 million in the second quarter of 2025.

Highlights of the third quarter of 2025 compared to the second quarter of 2025 included:

•Net interest income totaled $337.6 million, an increase of $9.5 million over the prior quarter. Net interest margin expanded 11 basis points to 2.91% for the third quarter of 2025, compared to 2.80% for the prior quarter. For the third quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.16% compared to 3.12% in the prior quarter.

•Fees and commissions revenue totaled $204.4 million, an increase of $7.1 million over the prior quarter led by growth in investment banking revenue driven by increased municipal underwriting activity.

•Other operating expense totaled $369.8 million, an increase of $15.3 million over the prior quarter. Personnel expense was up $11.6 million due to higher incentive compensation and regular compensation. Non-personnel expense increased $3.6 million led by greater mortgage banking costs.

•Period end outstanding loan balances totaled $24.9 billion at September 30, 2025, growing by $573 million over June 30, 2025, with broad-based growth across the loan portfolio. Average loan balances increased $650 million to $24.8 billion.

•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. Net charge-offs in the third quarter were $3.6 million, or 0.06% of average loans on an annualized basis. The resulting combined allowance for credit losses totaled $328 million, or 1.32% of outstanding loans, at September 30, 2025. The combined allowance for credit losses was $330 million, or 1.36% of outstanding loans, at June 30, 2025.

•Nonperforming assets not guaranteed by U.S. government agencies were $67 million, a $7.3 million decrease compared to June 30, 2025. Accruing substandard loans increased by $68 million while other loans especially mentioned decreased by $32 million compared to June 30, 2025.

•Period end deposits grew by $254 million to $38.5 billion at September 30, 2025. Average deposits increased $345 million, including a $408 million increase in average interest-bearing deposits and a $64 million reduction in demand deposit balances. The loan to deposit ratio was 65% at September 30, 2025, compared to 64% at June 30, 2025.

•Assets under management or administration totaled $122.7 billion at September 30, 2025, increasing $4.8 billion compared to June 30, 2025, primarily driven by improvements in the equity markets and growth in customer relationships during the third quarter.

•The Company's tangible common equity ratio1, 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 AFS securities.

•The common equity Tier 1 capital ratio at September 30, 2025, was 13.60%. Other regulatory capital ratios include the Tier 1 capital ratio at 13.61%, total capital ratio at 14.48%, and leverage ratio at 10.19%. At June 30, 2025, the common equity Tier 1 capital ratio was 13.59%, the Tier 1 capital ratio was 13.60%, the total capital ratio was 14.48%, and the leverage ratio was 9.88%.

•The Company repurchased 365,547 shares of common stock at an average price of $111.00 per share in the third quarter of 2025, and 663,298 shares of common stock at an average price of $93.99 per share in the second quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

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

- 2 -

•The Company paid a regular cash dividend of $36.1 million, or $0.57 per common share, during the third quarter of 2025. On October 28, 2025, the Board approved an increase in the quarterly cash dividend to $0.63 per common share payable on or about November 26, 2025, to shareholders of record as of November 12, 2025.

Highlights of the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, included:

•Net income for the nine months ended September 30, 2025 totaled $400.7 million, or $6.27 per diluted share, compared to $387.4 million, or $6.01 per diluted share, for the nine months ended September 30, 2024.

•Net interest income totaled $982.1 million for the nine months ended September 30, 2025, and $897.7 million for the nine months ended September 30, 2024. Net interest income increased $61.5 million from changes in interest rates and increased $23.9 million from changes in earning assets. Net interest margin was 2.83% compared to 2.62% reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. The AFS securities portfolio yield increased 23 basis points, while loan yields decreased 71 basis points. Funding costs decreased 74 basis points. Average earning assets increased $749 million to $46.3 billion, driven largely by higher average balances for trading securities, loans, and AFS securities. Total interest-bearing deposits increased $2.9 billion, partially offset by a decrease of $428 million in demand deposit balances. Other borrowed funds decreased $2.1 billion.

•Fees and commissions revenue totaled $585.9 million for the nine months ended September 30, 2025, a $17.2 million decrease compared to the nine months ended September 30, 2024. Brokerage and trading revenue decreased $50.2 million, largely due to a shift in fee revenue to interest income combined with lower trading volumes and compressed trading margins. Fiduciary and asset management revenue increased $18.5 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 $4.8 million due to growth in commercial service charges.

•Other gains (losses), net, were a net gain of $15.7 million for the nine months ended September 30, 2025, compared to a net gain of $74.7 million for the nine months ended September 30, 2024. The nine months ended September 30, 2024 included a $56.9 million pre-tax gain on the conversion of our Visa B shares. The nine months ended September 30, 2024 also included a net loss of $45.8 million on the repositioning of the AFS securities portfolio.

•Total operating expense was $1.1 billion for the nine months ended September 30, 2025, an increase of $53.7 million over the nine months ended September 30, 2024. Personnel expense increased $54.7 million. Regular compensation increased $25.7 million, largely related to annual merit increases, salary adjustments, and business expansion. Incentive compensation expense was up $14.9 million, primarily due to cash-based incentive compensation costs. Employee benefits expense increased $14.0 million related to higher employee healthcare costs combined with smaller increases in payroll taxes and employee retirement plan costs. Non-personnel expense was relatively unchanged compared to the nine months ended September 30, 2024 at $416.6 million. The nine months ended September 30, 2024 included charitable contributions to the BOKF Foundation of $13.6 million and FDIC insurance special assessment costs of $6.2 million. These decreases in expense were offset by increases in data processing expense, net occupancy and equipment expense, professional fees and services expense, and business promotion costs.

•A $2.0 million provision for expected credit losses was necessary for the nine months ended September 30, 2025. An $18.0 million provision for expected credit losses was recorded for the nine months ended September 30, 2024.

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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 $340.2 million for the third quarter of 2025, up from $330.7 million in the prior quarter. Net interest income increased $7.6 million from changes in interest rates and increased $1.9 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 decreased $555 million compared to the second quarter of 2025. The average balance of 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 commercial real estate loans and loans to individuals. Average AFS securities grew by $168 million.

Total average deposits increased $345 million over the second quarter of 2025, including a $408 million increase in interest-bearing deposits, partially offset by a $64 million decrease in demand deposits. Average funds purchased and repurchase agreements increased $92 million, while average other borrowings decreased $972 million. Average subordinated debentures decreased $100 million, reflecting the full quarter impact of redemptions completed in the second quarter.

Net interest margin was 2.91% compared to 2.80% in the second quarter of 2025. For the third quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.16% compared to 3.12% in the prior quarter. The tax-equivalent yield on earning assets was 5.53%, an increase of 6 basis points. The yield on the AFS securities portfolio increased 4 basis points to 3.93%. The yield on trading securities was up 20 basis points to 5.25%. The yield on restricted equity securities expanded 11 basis points to 7.84%. Loan yields decreased 1 basis point to 6.70%.

Funding costs were 3.33%, a 7 basis point decrease compared to the prior quarter. 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.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as is further described in the Market Risk section of this report. Approximately 84% of our commercial and commercial real estate loan portfolios are either variable rate or fixed rate 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, which means 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 in "Non-GAAP Measures" section following.

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Table 1 – Volume/Rate Analysis

(In thousands)

						Three Months Ended Sep. 30, 2025 / June 30, 2025																		Nine Months Ended Sep. 30, 2025 / 2024
												Change Due To1																		Change Due To1
						Change						Volume						Yield/Rate						Change						Volume						Yield/Rate
Tax-equivalent interest revenue:
Interest-bearing cash and cash equivalents						$	(144)					$	(91)					$	(53)					$	(4,575)					$	(833)					$	(3,742)
Trading securities						(13,718)						(16,896)						3,178						13,475						16,199						(2,724)
Investment securities						(202)						(203)						1						(2,519)						(2,478)						(41)
Available-for-sale securities						2,092						774						1,318						29,321						7,225						22,096
Fair value option securities						122						233						(111)						2,360						1,729						631
Restricted equity securities						(940)						(1,000)						60						(5,785)						(4,792)						(993)
Residential mortgage loans held for sale						59						70						(11)						(40)						87						(127)
Loans						14,748						13,172						1,576						(123,126)						6,794						(129,920)
Total tax-equivalent interest revenue						2,017						(3,941)						5,958						(90,889)						23,931						(114,820)
Interest expense:
Transaction deposits						2,184						2,937						(753)						(31,533)						73,224						(104,757)
Savings deposits						42						20						22						(112)						88						(200)
Time deposits						1,164						1,869						(705)						(15,012)						2,246						(17,258)
Funds purchased and repurchase agreements						430						827						(397)						(21,042)						(13,997)						(7,045)
Other borrowings						(9,686)						(10,721)						1,035						(105,238)						(58,765)						(46,473)
Subordinated debentures						(1,588)						(794)						(794)						(3,303)						(2,763)						(540)
Total interest expense						(7,454)						(5,862)						(1,592)						(176,240)						33						(176,273)
Tax-equivalent net interest income						9,471						1,921						7,550						85,351						23,898						61,453
Change in tax-equivalent adjustment						(9)																		1,000
Net interest income						$	9,480																	$	84,351

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 $210.7 million for the third quarter of 2025, an increase of $3.6 million over the second quarter of 2025, led by growth in investment banking revenue driven by increased municipal underwriting activity.

Table 2 – Other Operating Revenue 

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Brokerage and trading revenue						$	43,239					$	38,125					$	5,114					13		%																						$	112,432					$	162,587					$	(50,155)					(31)		%
Transaction card revenue						29,463						29,561						(98)						—		%																						86,116						81,234						4,882						6		%
Fiduciary and asset management revenue						63,878						63,964						(86)						—		%																						188,814						170,265						18,549						11		%
Deposit service charges and fees						31,896						31,319						577						2		%																						93,490						88,707						4,783						5		%
Mortgage banking revenue						19,764						18,993						771						4		%																						58,572						55,967						2,605						5		%
Other revenue						16,190						15,368						822						5		%																						46,452						44,325						2,127						5		%
Total fees and commissions revenue						204,430						197,330						7,100						4		%																						585,876						603,085						(17,209)						(3)		%
Other gains, net						8,264						8,140						124						N/A																								15,679						74,731						(59,052)						N/A
Gain (loss) on derivatives, net						(453)						5,535						(5,988)						N/A																								14,647						(733)						15,380						N/A
Gain on fair value option securities, net						630						1,112						(482)						N/A																								2,067						365						1,702						N/A
Change in fair value of mortgage servicing rights						(2,375)						(5,019)						2,644						N/A																								(14,634)						(2,023)						(12,611)						N/A
Gain (loss) on available-for-sale securities, net						213						—						213						N/A																								213						(45,828)						46,041						N/A
Total other operating revenue						$	210,709					$	207,098					$	3,611					2		%																						$	603,848					$	629,597					$	(25,749)					(4)		%

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 credit losses and fees and commissions revenue for the third quarter of 2025. 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, increased $5.1 million over the second 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 was $15.5 million, up $1.1 million over the prior quarter, largely driven by higher municipal bond trading, partially offset by a decrease in U.S. agency residential mortgage-backed securities trading volumes. 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 - Segment Reporting 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 $5.7 million for the third quarter of 2025, a decrease of $1.8 million compared to the prior quarter, primarily related to lower energy derivative volumes. Customer hedging revenue includes credit valuation adjustments of the fair value of derivatives to reflect the risk of counterparty default.

Investment banking, which includes fees earned upon completion of underwriting, financial advisory services, and loan syndication fees, totaled $16.1 million, an increase of $5.0 million over the prior quarter, largely driven by increased municipal underwriting activity.

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 $29.5 million for the third quarter of 2025, unchanged from 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 $63.9 million for the third quarter of 2025, consistent with the second quarter of 2025. 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.

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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
			September 30, 2025																		June 30, 2025
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	13,493,702					$	29,531					0.88		%				$	12,870,191					$	29,969					0.93		%
Institutional			26,056,686						13,479						0.21		%				25,129,138						12,706						0.20		%
Total managed fiduciary assets			39,550,388						43,010						0.43		%				37,999,329						42,675						0.45		%
Non-managed assets:
Fiduciary			34,311,908						18,548						0.22		%				33,057,806						18,596						0.23		%
Non-fiduciary			21,669,661						2,320						0.04		%				20,758,866						2,693						0.05		%
Safekeeping and brokerage assets under administration			27,141,574						—						—		%				26,054,969						—						—		%
Total non-managed assets			83,123,143						20,868						0.10		%				79,871,641						21,289						0.11		%
Total assets under management or administration			$	122,673,531					$	63,878					0.21		%				$	117,870,970					$	63,964					0.22		%

			Nine Months Ended
			September 30, 2025																		September 30, 2024
			Balance1						Revenue2						Margin3						Balance1						Revenue2						Margin3
Managed fiduciary assets:
Personal			$	13,493,702					$	87,512					0.86		%				$	12,144,271					$	86,384					0.95		%
Institutional			26,056,686						38,971						0.20		%				22,000,111						27,689						0.17		%
Total managed fiduciary assets			39,550,388						126,483						0.43		%				34,144,382						114,073						0.45		%
Non-managed assets:
Fiduciary			34,311,908						54,796						0.21		%				29,559,236						49,307						0.22		%
Non-fiduciary			21,669,661						7,535						0.05		%				21,087,866						6,885						0.04		%
Safekeeping and brokerage assets under administration			27,141,574						—						—		%				25,911,128						—						—		%
Total non-managed assets			83,123,143						62,331						0.10		%				76,558,230						56,192						0.10		%
Total assets under management or administration			$	122,673,531					$	188,814					0.21		%				$	110,702,612					$	170,265					0.21		%

1    Assets under management or administration balance excludes certain assets under custody held by a sub-custodian where minimal revenue is recognized. $23 billion, $22 billion, and $21 billion of such assets are excluded from assets under management or administration at September 30, 2025, June 30, 2025, and September 30, 2024, 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 and nine months ended September 30, 2025, and 2024 follows:

Table 4 – Changes in Assets Under Management or Administration

(In thousands)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Beginning balance						$	117,870,970					$	107,477,030					$	114,615,237					$	104,736,999
Net inflows (outflows)						1,885,182						984,099						3,312,040						(447,158)
Net change in fair value						2,917,379						2,241,483						4,746,254						6,412,771
Ending balance						$	122,673,531					$	110,702,612					$	122,673,531					$	110,702,612

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Assets under management as of September 30, 2025, consist of 42% fixed income, 36% equities, 14% cash, and 8% alternative investments.

Deposit Service Charges

Deposit service charges and fees totaled $31.9 million for the third quarter of 2025, an increase of $577 thousand over the second quarter of 2025, primarily due to a combination of growth in overdraft fees and commercial service charges.

Mortgage Banking Revenue

Mortgage banking revenue increased $771 thousand over the second quarter of 2025. Mortgage production volume increased $9.9 million to $233 million. Production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, was 1.02% for the third quarter of 2025, compared to 0.76% for the second quarter of 2025.

Table 5 – Mortgage Banking Revenue 

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Mortgage production revenue						$	2,370					$	1,707					$	663					39		%																						$	6,706					$	7,457					$	(751)					(10)		%
Mortgage loans funded for sale						$	229,812					$	219,154																																			$	608,782					$	603,963
Add: Current period end outstanding commitments						67,842						64,508																																				67,842						70,102
Less: Prior period end outstanding commitments						64,508						60,429																																				36,590						34,783
Total mortgage production volume						$	233,146					$	223,233					$	9,913					4		%																						$	640,034					$	639,282					$	752					—		%

Mortgage loan refinances to mortgage loans funded for sale						13		%				16		%				(300)		bps																												14		%				9		%				500		bps
Realized margin on funded mortgage loans						0.96		%				0.66		%				30		bps																												0.84		%				1.07		%				(23)		bps
Production revenue as a percentage of production volume						1.02		%				0.76		%				26		bps																												1.05		%				1.17		%				(12)		bps
Primary mortgage interest rates1:
Average						6.57		%				6.79		%				(22)		bps																												6.73		%				6.74		%				(1)		bp
Period end						6.30		%				6.77		%				(47)		bps																												6.30		%				6.08		%				22		bps

Mortgage servicing revenue						$	17,394					$	17,286					$	108					1		%																						$	51,866					$	48,510					$	3,356					7		%
Average outstanding principal balance of mortgage loans serviced for others						$	22,269,300					$	22,687,658					$	(418,358)					(2)		%																						$	22,682,094					$	21,863,071					$	819,023					4		%

Average mortgage servicing revenue rates 0.31  % 0.31  % —   bp 0.31  % 0.30  % 1   bp

1    Primary rates disclosed in Table 5 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

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Net Gains and Losses on Other Assets, Securities, and Derivatives

Other gains (losses), net, were a net gain of $8.3 million for the third quarter of 2025, compared to a net gain of $8.1 million in the prior quarter. Net gains on merchant banking investments were $2.7 million and net gains on investments related to deferred compensation were $4.5 million for the third quarter of 2025. The prior quarter included a net gain on merchant banking investments of $5.2 million and net gains of $3.4 million on investments related to deferred compensation. During the second quarter of 2025, a loss of $956 thousand was realized on the redemption of our subordinated debentures.

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.

Table 6 – Gain (Loss) on Mortgage Servicing Rights

(In thousands)

						Three Months Ended												Nine Months Ended
						Sep. 30, 2025						June 30, 2025						Sep. 30, 2025												Sep. 30, 2024
Gain (loss) on derivatives, net						$	(508)					$	5,230					$	13,905											$	(1,484)
Gain on fair value option securities, net						630						1,112						2,067												365
Gain (loss) on economic hedge of mortgage servicing rights, net						122						6,342						15,972												(1,119)
Change in fair value of mortgage servicing rights						(2,375)						(5,019)						(14,634)												(2,023)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges included in other operating revenue						(2,253)						1,323						1,338												(3,142)
Net interest income (expense) related to fair value option securities1						169						229						327												(397)
Total economic benefit (cost) of changes in the fair value of mortgage servicing rights, net of economic hedges						$	(2,084)					$	1,552					$	1,665											$	(3,539)

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 third quarter of 2025 totaled $369.8 million, an increase of $15.3 million over the second quarter of 2025. Our efficiency ratio1 was 66.66% for the third quarter of 2025, compared to 65.42% in the prior quarter.

Table 7 – Other Operating Expense

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Regular compensation						$	124,664					$	121,521					$	3,143					3		%																						$	366,508					$	340,759					$	25,749					8		%
Incentive compensation:
Cash-based						56,096						50,745						5,351						11		%																						159,020						143,499						15,521						11		%
Share-based						6,126						6,080						46						1		%																						18,472						16,820						1,652						10		%
Deferred compensation						5,826						3,281						2,545						N/A																								8,361						10,601						(2,240)						N/A
Total incentive compensation						68,048						60,106						7,942						13		%																						185,853						170,920						14,933						9		%
Employee benefits						33,635						33,084						551						2		%																						102,882						88,885						13,997						16		%
Total personnel expense						226,347						214,711						11,636						5		%																						655,243						600,564						54,679						9		%
Business promotion						9,960						9,139						821						9		%																						27,917						23,909						4,008						17		%
Charitable contributions to BOKF Foundation						—						—						—						N/A																								—						13,610						(13,610)						(100)		%
Professional fees and services						15,137						15,402						(265)						(2)		%																						43,808						38,746						5,062						13		%
Net occupancy and equipment						33,040						32,657						383						1		%																						98,689						92,615						6,074						7		%
FDIC and other insurance						7,302						6,439						863						13		%																						20,328						24,243						(3,915)						(16)		%
FDIC special assessment						(1,209)						(523)						(686)						N/A																								(1,209)						6,207						(7,416)						N/A
Data processing and communications						50,062						49,597						465						1		%																						147,237						139,249						7,988						6		%
Printing, postage, and supplies						4,036						4,067						(31)						(1)		%																						11,742						11,380						362						3		%
Amortization of intangible assets						2,656						2,656						—						—		%																						7,964						8,757						(793)						(9)		%
Mortgage banking costs						10,668						6,711						3,957						59		%																						25,068						23,946						1,122						5		%
Other expense						11,771						13,647						(1,876)						(14)		%																						35,015						34,873						142						—		%
Total other operating expense						$	369,770					$	354,503					$	15,267					4		%																						$	1,071,802					$	1,018,099					$	53,703					5		%
Average number of employees (FTE)						5,061						5,043						18						—		%																						5,045						4,972						73						1		%

Certain percentage increases (decreases) are not meaningful for comparison purposes.

Personnel Expense

Personnel expense was $226.3 million, an increase of $11.6 million compared to the second quarter of 2025. 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, which is offset by changes in the fair value of deferred compensation investments included in Other gains (losses), net, was $5.8 million for the third quarter of 2025, an increase of $2.5 million.

Non-personnel Operating Expense

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.

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

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Income Taxes

The effective tax rate was 20.22% for the third quarter of 2025, 22.51% for the second quarter of 2025, and 19.22% for the third quarter of 2024. When compared to the second quarter of 2025, the effective tax rate decreased primarily due to the release of reserves for uncertain tax positions as the statute of limitations had expired. The effective tax rate for the nine months ended September 30, 2025 and September 30, 2024 was 21.75% and 21.13%, respectively.

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 provides fiduciary services, private banking services, insurance, and investment advisory services in all markets. Wealth Management also underwrites state and municipal securities and engages in brokerage and trading activities.

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.

- 12 -

As shown in Table 8, net income before taxes attributable to our segments was $190.9 million in the third quarter of 2025 compared to $206.9 million in the second quarter of 2025. Net interest income increased $2.5 million due to higher balances in commercial real estate and loans to individuals, partially offset by lower spreads earned on deposits. Other operating revenue increased $2.8 million, primarily driven by growth in investment banking revenue, reflecting the timing and volume of municipal underwriting transactions. Other operating expense increased $19.8 million to $248.3 million. Personnel expense increased $8.7 million from cash-based incentive compensation reflecting strong underwriting and loan origination activity, as well as transitional personnel expenses associated with aligning our talent base to future growth objectives. Corporate expense allocations decreased $1.5 million.

Table 8 – Net Income Before Taxes by Segment

(Dollars in thousands)

			Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
			Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Commercial Banking			$	139,817					$	141,364					$	(1,547)					(1)		%																						$	420,181					$	491,090					$	(70,909)					(14)		%
Consumer Banking			14,490						24,746						(10,256)						(41)		%																						61,358						88,644						(27,286)						(31)		%
Wealth Management			36,606						40,749						(4,143)						(10)		%																						110,081						107,865						2,216						2		%
Segment total			190,913						206,859						(15,946)						(8)		%																						591,620						687,599						(95,979)						(14)		%
Funds Management and other			(14,328)						(26,098)						11,770						N/A																								(79,511)						(196,389)						116,878						N/A
BOK Financial Corporation			$	176,585					$	180,761					$	(4,176)					(2)		%																						$	512,109					$	491,210					$	20,899					4		%

Certain percentage increases (decreases) are not meaningful for comparison purposes.

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Commercial Banking

Commercial Banking contributed $139.8 million to consolidated net income before taxes in the third quarter of 2025, a decrease of $1.5 million, or 1%, over the second quarter of 2025.

Table 9 – Commercial Banking

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Net interest income from external sources						$	239,835					$	235,765					$	4,070					2		%																						$	707,023					$	834,275					$	(127,252)					(15)		%
Net interest expense from internal sources						(60,638)						(59,939)						(699)						(1)		%																						(173,742)						(218,914)						45,172						21		%
Net interest income						179,197						175,826						3,371						2		%																						533,281						615,361						(82,080)						(13)		%
Net loans charged off						2,609						29						2,580						8,897		%																						2,786						8,965						(6,179)						(69)		%
Net interest income after net loans charged off						176,588						175,797						791						—		%																						530,495						606,396						(75,901)						(13)		%
Other operating revenue						61,745						64,432						(2,687)						(4)		%																						181,698						164,359						17,339						11		%
Personnel expense						51,638						49,774						1,864						4		%																						150,621						141,401						9,220						7		%
Non-personnel expense						29,601						29,931						(330)						(1)		%																						87,899						85,745						2,154						3		%
Total other operating expense						81,239						79,705						1,534						2		%																						238,520						227,146						11,374						5		%
Corporate allocations						17,277						19,160						(1,883)						(10)		%																						53,492						52,519						973						2		%
Net income before taxes						$	139,817					$	141,364					$	(1,547)					(1)		%																						$	420,181					$	491,090					$	(70,909)					(14)		%
Average assets						$	21,722,491					$	21,318,236					$	404,255					2		%																						$	21,481,669					$	21,831,765					$	(350,096)					(2)		%
Average loans						20,280,147						19,894,391						385,756						2		%																						20,047,722						20,270,762						(223,040)						(1)		%
Average deposits						18,161,258						17,424,707						736,551						4		%																						17,786,453						16,353,011						1,433,442						9		%
Average invested capital						2,172,371						2,148,937						23,434						1		%																						2,159,951						2,160,584						(633)						—		%

Net interest income increased by $3.4 million, or 2%, primarily attributable to loan growth during the quarter. Net loans charged off increased by $2.6 million during the quarter. Other operating revenue decreased $2.7 million compared to the prior quarter, primarily due to a decrease in loan syndication fees and lower gains on merchant banking investments.

Other operating expense increased $1.5 million, or 2%, compared to the second quarter of 2025. Personnel expense increased $1.9 million, or 4%, primarily related to incentive compensation reflecting the growth in loan origination activity. Non-personnel expense was consistent with the prior quarter at $29.6 million. Corporate allocations decreased $1.9 million to $17.3 million.

Average outstanding loan balances attributed to Commercial Banking increased $386 million, or 2%, over the second quarter of 2025, to $20.3 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 grew by $737 million, or 4%, over the second quarter of 2025, to $18.2 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 provides retail banking services through four primary distribution channels: traditional branches, the 24-hour ExpressBank call center, internet banking, and mobile banking. Consumer Banking also conducts mortgage banking activities through offices located outside of our Consumer Banking markets.

Consumer Banking contributed $14.5 million to consolidated net income before taxes for the third quarter of 2025, compared to $24.7 million in the second quarter of 2025.

Table 10 – Consumer Banking

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Net interest income from external sources						$	16,141					$	13,463					$	2,678					20		%																						$	38,344					$	19,291					$	19,053					99		%
Net interest income from internal sources						42,310						44,651						(2,341)						(5)		%																						135,473						175,271						(39,798)						(23)		%
Net interest income						58,451						58,114						337						1		%																						173,817						194,562						(20,745)						(11)		%
Net loans charged off						1,413						1,018						395						39		%																						3,948						4,834						(886)						(18)		%
Net interest income after net loans charged off						57,038						57,096						(58)						—		%																						169,869						189,728						(19,859)						(10)		%
Other operating revenue						35,820						38,165						(2,345)						(6)		%																						113,043						106,132						6,911						7		%
Personnel expense						25,681						25,527						154						1		%																						77,045						73,868						3,177						4		%
Non-personnel expense						38,361						29,949						8,412						28		%																						99,709						92,486						7,223						8		%
Total other operating expense						64,042						55,476						8,566						15		%																						176,754						166,354						10,400						6		%
Corporate allocations						14,326						15,039						(713)						(5)		%																						44,800						40,862						3,938						10		%
Net income before taxes						$	14,490					$	24,746					$	(10,256)					(41)		%																						$	61,358					$	88,644					$	(27,286)					(31)		%
Average assets						$	8,372,125					$	8,310,875					$	61,250					1		%																						$	8,295,564					$	8,069,881					$	225,683					3		%
Average loans						2,432,968						2,304,939						128,029						6		%																						2,315,650						1,982,464						333,186						17		%
Average deposits						8,330,481						8,266,824						63,657						1		%																						8,251,333						8,037,449						213,884						3		%
Average invested capital						335,031						331,030						4,001						1		%																						328,617						307,639						20,978						7		%

Net interest income from Consumer Banking was relatively consistent with the second quarter of 2025. Other operating revenue decreased $2.3 million, or 6%. The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.1 million, compared to a net benefit of $1.6 million for the second quarter of 2025. This was partially offset by an $855 thousand increase in mortgage banking revenue.

Other operating expenses increased $8.6 million, or 15%. 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%, over the prior quarter, to $2.4 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 $36.6 million to consolidated net income before taxes in the third quarter of 2025, a decrease of $4.1 million, or 10%, compared to the second quarter of 2025.

Table 11 – Wealth Management

(Dollars in thousands)

						Three Months Ended												Increase (Decrease)						% Increase (Decrease)																								Nine Months Ended												Increase (Decrease)						% Increase (Decrease)
						Sep. 30, 2025						June 30, 2025																											Sep. 30, 2025						Sep. 30, 2024
Net interest income from external sources						$	16,256					$	25,654					$	(9,398)					(37)		%																						$	55,852					$	4,571					$	51,281					1,122		%
Net interest income from internal sources						27,370						19,190						8,180						43		%																						77,120						86,513						(9,393)						(11)		%
Net interest income						43,626						44,844						(1,218)						(3)		%																						132,972						91,084						41,888						46		%
Net loans recovered						(3)						(7)						(4)						(57)		%																						(18)						(174)						(156)						(90)		%
Net interest income after net loans recovered						43,629						44,851						(1,222)						(3)		%																						132,990						91,258						41,732						46		%
Other operating revenue						111,516						103,650						7,866						8		%																						311,502						344,369						(32,867)						(10)		%
Personnel expense						73,032						66,309						6,723						10		%																						206,586						193,742						12,844						7		%
Non-personnel expense						29,939						26,972						2,967						11		%																						83,932						89,299						(5,367)						(6)		%
Total other operating expense						102,971						93,281						9,690						10		%																						290,518						283,041						7,477						3		%
Corporate allocations						15,568						14,471						1,097						8		%																						43,893						44,721						(828)						(2)		%
Net income before taxes						$	36,606					$	40,749					$	(4,143)					(10)		%																						$	110,081		0			$	107,865					$	2,216					2		%
Average assets						$	11,265,485					$	11,571,187					$	(305,702)					(3)		%																						$	11,400,995					$	10,770,995					$	630,000					6		%
Average loans						2,353,961						2,275,378						78,583						3		%																						2,272,922						2,183,132						89,790						4		%
Average deposits						10,731,569						10,783,245						(51,676)						—		%																						10,739,218						9,543,465						1,195,753						13		%
Average invested capital						337,335						334,564						2,771						1		%																						334,091						325,185						8,906						3		%

Combined net interest income and fee revenue increased $6.6 million, or 4%, over the second quarter of 2025. Investment banking revenue grew $6.2 million driven by the timing and volume of municipal underwriting transactions. Trading fees and commissions increased $1.1 million, largely driven by higher municipal bond trading, partially offset by lower U.S. agency residential mortgage-backed securities trading volumes. Fiduciary and asset management revenue was consistent with 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. Personnel expense increased $6.7 million as a result of increased incentive compensation reflecting stronger underwriting activity. Non-personnel expense grew $3.0 million led by higher professional fees and services for ongoing projects.

Average outstanding loans attributed to the Wealth Management segment increased $79 million, or 3%, 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 September 30, 2025, and December 31, 2024.

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 September 30, 2025, the trading securities portfolio totaled $4.3 billion, compared to $5.6 billion at June 30, 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 limits through the use of derivative contracts, short-sales, and other techniques.

At September 30, 2025, the carrying value of investment securities was $1.8 billion, including a $208 thousand allowance for expected credit losses, compared to $1.9 billion at June 30, 2025, with a $196 thousand allowance for expected credit losses. The fair value of investment securities was $1.7 billion at September 30, 2025, a $48 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 $13.7 billion at September 30, 2025, a $60 million increase compared to June 30, 2025. At September 30, 2025, 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 3.3 years as of September 30, 2025, compared to 3.5 years as of June 30, 2025. Management estimates the duration extends to 4.1 years assuming an immediate 200 basis point upward shock. The estimated duration contracts to 2.0 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 3.4 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.

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Loans

The aggregate loan portfolio before allowance for loan losses totaled $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.

Table 12 – Loans

(In thousands)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Commercial:
Healthcare						$	3,878,543					$	3,808,936					$	3,789,446					$	3,967,533					$	4,149,069
Services						3,710,643						3,658,807						3,704,834						3,643,203						3,573,670
Energy						2,681,512						2,734,713						2,860,330						3,254,724						3,126,635
General business						4,242,242						4,181,726						4,048,821						4,164,676						4,028,548
Total commercial						14,512,940						14,384,182						14,403,431						15,030,136						14,877,922
Commercial real estate:
Multifamily						2,500,323						2,473,365						2,336,312						2,237,064						2,109,445
Industrial						1,396,795						1,304,211						1,163,089						1,127,867						1,270,928
Office						811,601						690,086						704,688						755,838						815,966
Retail						593,835						592,043						497,579						485,926						521,874
Residential construction and land development						122,033						105,701						105,190						109,120						105,048
Other commercial real estate						328,020						356,035						356,678						342,637						365,394
Total commercial real estate						5,752,607						5,521,441						5,163,536						5,058,452						5,188,655
Loans to individuals:
Residential mortgage						2,676,366						2,610,681						2,471,345						2,436,958						2,370,293
Residential mortgage guaranteed by U.S. government agencies						151,642						148,453						133,453						136,649						127,747
Personal						1,771,639						1,627,454						1,518,723						1,452,529						1,420,444
Total loans to individuals						4,599,647						4,386,588						4,123,521						4,026,136						3,918,484
Total						$	24,865,194					$	24,292,211					$	23,690,488					$	24,114,724					$	23,985,061

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. These loans are underwritten individually and represent ongoing relationships based on a thorough knowledge of the customer, the customer's industry, and the market. While 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 the 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 $14.5 billion, or 58% of the loan portfolio, at September 30, 2025, a $129 million increase over June 30, 2025, primarily due to an increase in healthcare, general business, and services loans, partially offset by a decrease in energy loan balances.

Approximately 71% 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 6% of the portfolio segment.

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Healthcare sector loans totaled $3.9 billion, or 16% of total loans, an increase of $70 million compared to June 30, 2025. Healthcare sector loans consist primarily of $3.1 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 $3.7 billion, or 15% of total loans, a $52 million increase over the prior quarter. Services sector 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, specialty trade contractors, and educational services. 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.

General business loans totaled $4.2 billion, or 17% of total loans, an increase of $61 million compared to the prior quarter. General business loans consist of $2.7 billion of wholesale/retail loans and $1.5 billion of loans from other commercial industries.

Loans to non-depository financial institutions included in services and general business loans totaled $506 million, or 2% of total loans at September 30, 2025. The majority of these loans are in the two highest credit quality subcategories, subscription lines and residential mortgage warehouse lines.

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 $2.7 billion, or 11% of total loans, at September 30, 2025, a $53 million decrease compared to June 30, 2025. Consolidation in the energy industry led to elevated payoff activity in recent quarters, but this payoff activity is abating and balances are stabilizing.

Approximately $2.1 billion of energy loans were to oil and gas producers, a $35 million decrease compared to June 30, 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 71% of committed production loans are secured by properties primarily producing oil, and 29% of the committed production loans are secured by properties primarily producing natural gas.

Loans to midstream oil and gas companies totaled $378 million at September 30, 2025, a $6.1 million increase over June 30, 2025. Loans to borrowers that provide services to the energy industry totaled $205 million at September 30, 2025, a $26 million decrease compared to the prior quarter. Loans to other energy borrowers, including those engaged in wholesale or retail energy sales, totaled $42 million, relatively unchanged compared to June 30, 2025.

Unfunded energy loan commitments were $4.4 billion at September 30, 2025, an $89 million decrease compared to June 30, 2025.

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 September 30, 2025, the outstanding principal balance of these loans totaled $5.5 billion, including $1.8 billion of general business loans and $1.8 billion of energy loans. Substantially all of these loans are to borrowers with local market relationships. We serve as the agent lender in approximately 20% of our shared national credits, based on dollars committed. 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. In addition to management's quarterly assessment of credit risk, banking regulators annually review a sample of shared national credits for proper risk grading.

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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 $5.8 billion, or 23% of total loans at September 30, 2025, an increase of $231 million over June 30, 2025. Loans secured by office facilities increased by $122 million to $812 million, loans secured by industrial facilities increased by $93 million to $1.4 billion, and loans secured by multifamily properties increased by $27 million to $2.5 billion. These increases were partially offset by a $28 million decrease in other real estate loans.

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 6% of the segment. All other states represent less than 5% individually.

Unfunded commercial real estate loan commitments were $2.1 billion at September 30, 2025, an increase of $84 million over 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

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 equipment, 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, 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 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 $4.6 billion, or 18% of the loan portfolio, an increase of $213 million over June 30, 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.

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.

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Table 13 – Loans Managed by Primary Geographical Market

(In thousands)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Texas:
Commercial						$	6,800,577					$	6,893,246					$	6,953,714					$	7,411,416					$	7,437,800
Commercial real estate						2,107,335						1,997,598						1,864,345						1,731,281						1,816,276
Loans to individuals						1,037,831						996,341						929,825						918,994						880,213
Total Texas						9,945,743						9,887,185						9,747,884						10,061,691						10,134,289
Oklahoma:
Commercial						3,692,319						3,455,696						3,380,680						3,585,592						3,440,385
Commercial real estate						574,126						512,075						521,992						513,101						557,025
Loans to individuals						2,927,185						2,725,320						2,548,549						2,440,874						2,367,725
Total Oklahoma						7,193,630						6,693,091						6,451,221						6,539,567						6,365,135
Colorado:
Commercial						2,132,770						2,185,658						2,246,388						2,188,324						2,175,540
Commercial real estate						589,307						791,171						706,154						759,168						835,478
Loans to individuals						208,323						217,088						210,531						213,768						216,938
Total Colorado						2,930,400						3,193,917						3,163,073						3,161,260						3,227,956
Arizona:
Commercial						1,228,593						1,166,745						1,115,085						1,082,829						1,064,380
Commercial real estate						1,348,838						1,165,927						1,084,967						1,098,174						1,115,928
Loans to individuals						222,963						226,727						218,093						215,531						218,340
Total Arizona						2,800,394						2,559,399						2,418,145						2,396,534						2,398,648
Kansas/Missouri:
Commercial						270,068						303,692						298,410						305,957						306,370
Commercial real estate						618,052						556,390						533,335						515,511						438,424
Loans to individuals						142,408						155,154						147,651						164,638						158,524
Total Kansas/Missouri						1,030,528						1,015,236						979,396						986,106						903,318
New Mexico:
Commercial						282,479						282,918						324,321						325,246						324,605
Commercial real estate						458,720						443,516						381,775						402,217						386,037
Loans to individuals						51,056						55,714						57,926						60,703						64,511
Total New Mexico						792,255						782,148						764,022						788,166						775,153
Arkansas:
Commercial						106,134						96,227						84,833						130,772						128,842
Commercial real estate						56,229						54,764						70,968						39,000						39,487
Loans to individuals						9,881						10,244						10,946						11,628						12,233
Total Arkansas						172,244						161,235						166,747						181,400						180,562
Total BOK Financial loans						$	24,865,194					$	24,292,211					$	23,690,488					$	24,114,724					$	23,985,061

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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 commitments related to certain residential mortgage loans sold into mortgage-backed securities as part of our mortgage banking activities. We retain off-balance sheet credit risk related to losses in excess of amounts guaranteed by the VA.

We also 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.

Table 14 – Off-Balance Sheet Credit Commitments

(In thousands)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Loan commitments						$	15,266,953					$	14,736,539					$	14,546,324					$	14,735,416					$	14,555,282
Standby letters of credit						643,166						702,008						697,793						703,194						735,420
Unpaid principal balance of residential mortgage loans sold with recourse						30,372						31,560						32,544						33,864						35,140
Unpaid principal balance of residential mortgage loans transferred into mortgage-backed securities guaranteed by VA						869,589						890,377						902,670						913,977						933,989

Customer Hedging 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 to minimize market risk due to 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 hedging 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.

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.

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Derivative contracts are carried at fair value. At September 30, 2025, the net fair value of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $317 million compared to $326 million at June 30, 2025. At September 30, 2025, the net fair value of our derivative contracts included $218 million for energy contracts, $61 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 $294 million at September 30, 2025, and $297 million at June 30, 2025.

At September 30, 2025, total derivative assets were reduced by $40 million of cash collateral received from counterparties and total derivative liabilities were reduced by $4.3 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 September 30, 2025, follows in Table 15.

Table 15 – Fair Value of Derivative Contracts

(In thousands)

Exchanges and clearing organizations						$	182,648
Customers						47,227
Banks and other financial institutions						46,725
Fair value of customer risk management program asset derivative contracts, net						$	276,600

At September 30, 2025, our largest derivative exposure was to an exchange for $135 million of net energy derivative positions and $69 million of cash margin placed with the exchange.

Our customer hedging 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 risk-weighted assets and total assets which in turn impacts regulatory capital ratios. These risks are modeled as part of the management of these programs. Based on current prices, a decrease in market prices to an equivalent of $49.90 per barrel of oil would increase the fair value of derivative assets by $7.1 million. An increase in prices to an equivalent of $74.84 per barrel of oil would increase the fair value of derivative assets by $455 million as asset values rise faster than margin paid. Liquidity requirements of this program may also be affected by our credit rating. At September 30, 2025, a decrease in our credit rating to below investment grade would increase our obligation to post cash margin on existing contracts by approximately $10 million.

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 September 30, 2025, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program.

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Summary of Credit Loss Experience

Table 16 – Summary of Credit Loss Experience

(Dollars in thousands)

			Three Months Ended
			Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Allowance for loan losses:
Beginning balance			$	277,049					$	278,594					$	280,035					$	284,456					$	287,826
Loans charged off			(4,348)						(1,313)						(2,291)						(1,339)						(2,496)
Recoveries of loans previously charged off			721						752						1,186						811						2,550
Net loans charged off			(3,627)						(561)						(1,105)						(528)						54
Provision for credit losses			4,270						(984)						(336)						(3,893)						(3,424)
Ending balance			$	277,692					$	277,049					$	278,594					$	280,035					$	284,456
Accrual for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance			$	52,992					$	52,088					$	51,640					$	47,766					$	42,336
Provision for credit losses			(2,208)						904						448						3,874						5,430
Ending balance			$	50,784					$	52,992					$	52,088					$	51,640					$	47,766
Accrual for off-balance sheet credit risk associated with mortgage banking activities:
Beginning balance			$	3,111					$	3,060					$	3,148					$	3,087					$	3,069
Net loans charged off			(7)						(26)						(6)						31						(29)
Provision for credit losses			(74)						77						(82)						30						47
Ending balance			$	3,030					$	3,111					$	3,060					$	3,148					$	3,087
Allowance for credit losses related to investment (held-to-maturity) securities:
Beginning balance			$	196					$	193					$	223					$	234					$	287
Provision for credit losses			12						3						(30)						(11)						(53)
Ending balance			$	208					$	196					$	193					$	223					$	234
Total provision for credit losses			$	2,000					$	—					$	—					$	—					$	2,000
Average loans by portfolio segment:
Commercial			$	14,490,145					$	14,315,695					$	14,633,090					$	14,973,929					$	15,076,308
Commercial real estate			5,743,572						5,495,152						5,245,867						5,039,535						5,257,842
Loans to individuals			4,592,422						4,365,702						4,189,270						4,011,080						3,970,734
Net charge-offs (annualized) to average loans			0.06		%				0.01		%				0.02		%				0.01		%				—		%
Net charge-offs (annualized) to average loans by portfolio segment:
Commercial			0.08		%				—		%				0.02		%				—		%				(0.02)		%
Commercial real estate			(0.01)		%				0.01		%				(0.01)		%				—		%				(0.02)		%
Loans to individuals			0.05		%				0.05		%				0.05		%				0.04		%				0.09		%
Recoveries to gross charge-offs			16.58		%				57.27		%				51.77		%				60.57		%				102.16		%
Provision for loan losses (annualized) to average loans			0.07		%				(0.02)		%				(0.01)		%				(0.06)		%				(0.06)		%
Allowance for loan losses to loans outstanding at period end			1.12		%				1.14		%				1.18		%				1.16		%				1.19		%
Accrual for unfunded loan commitments to loan commitments			0.33		%				0.36		%				0.36		%				0.35		%				0.33		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end			1.32		%				1.36		%				1.40		%				1.38		%				1.39		%

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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, including loans especially mentioned, accruing substandard, and nonaccruing loans, increased $30 million over June 30, 2025. Non-pass grade general business loans increased $50 million and non-pass grade loans to individuals increased $14 million. Non-pass grade healthcare loans decreased $23 million and non-pass grade commercial real estate loans decreased $7.3 million. Nonaccruing loans decreased $6.9 million during the quarter and loans especially mentioned decreased $32 million, while accruing substandard loans increased $68 million. A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements.

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. The allowance for loan losses totaled $278 million, or 1.12% of outstanding loans, at September 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 427% of nonaccruing loans. 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, at September 30, 2025.

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 $198 million in quantitative reserve, while a 100% upside case would result in $13 million less quantitative reserve at September 30, 2025. 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 second quarter of 2025. The allowance for loan losses was $277 million, or 1.14% of outstanding loans, at June 30, 2025. Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 383% of nonaccruing loans. 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.

- 25 -

A summary of macroeconomic variables considered in developing our estimate of expected credit losses at September 30, 2025 follows:

			Base			Downside			Upside
Scenario probability weighting			50%			35%			15%
Economic outlook			There are three rate cuts over the next four quarters, bringing the federal funds target range to 3.25% to 3.50% by the end of the third quarter of 2026. The full impact of tariffs causes inflation to remain elevated and is 2.9% by the third quarter of 2026. The impact of tariffs and restrictive immigration policies result in higher-than-average inflation. This leads to a slight decrease in real consumer spending and generates GDP growth that is slightly below trend. However, businesses avoid broad layoffs due to the elevated expense of hiring which stabilizes the national 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 eight rate cuts over the next four quarters bringing the target range to 2.00% to 2.25% by the end of the third quarter of 2026. Widespread tariffs and restrictive immigration policies accelerate inflation and reduce 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.			There are four rate cuts over the next four quarters, bringing the target range to 3.00% to 3.25% by the end of the third quarter of 2026. Core inflation improves and reaches 2.5% by the third quarter of 2026. The impact of tariffs and restrictive immigration policies is relatively minor beyond the third quarter of 2025. Labor force participation and private sector investment remain consistent with recent levels, and non-farm payroll reverts to the growth rate from 2024. This supports consumer spending and generates on-trend GDP growth.
Macro-economic factors			–GDP is forecasted to grow by 1.6% over the next 12 months. –Civilian unemployment rate of 4.5% in the fourth quarter of 2025 decreases to 4.4% in the third quarter of 2026. –WTI oil prices are projected to average $57.08 per barrel over the next 12 months, with a peak of $62.65 in the fourth quarter of 2025 and falling 19% over the following three quarters.			–GDP is forecasted to contract 2.0% over the next 12 months. –Civilian unemployment rate of 5.0% in the fourth quarter of 2025 increases to 6.6% in the third quarter of 2026. –WTI oil prices are projected to average $43.50 over the next 12 months, with a peak of $48.32 in the fourth quarter of 2025 and falling 18% over the following three quarters.			–GDP is forecasted to grow by 2.0% over the next 12 months. –Civilian unemployment rate of 4.2% in the fourth quarter of 2025 decreases to 4.1% by the third quarter of 2026. –WTI oil prices are projected to average $62.20 per barrel over the next 12 months.

- 26 -

Net Loans Charged Off

Net charge-offs were $3.6 million, or 0.06% of average loans on an annualized basis, in the third quarter primarily due to a single commercial services loan. 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 of loans to individuals include deposit account overdraft losses. 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.

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 and mortgage loans originated under community development loan programs that were sold to a U.S. government agency with full recourse.

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. 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.

- 27 -

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)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Nonaccruing loans:
Commercial:
Healthcare						$	24,507					$	28,743					$	29,253					$	13,717					$	15,927
Services						7,647						11,329						13,662						767						1,425
Energy						31						40						49						49						28,986
General business						85						45						103						114						5,334
Total commercial						32,270						40,157						43,067						14,647						51,672
Commercial real estate						6,809						6,925						13,125						9,905						12,364
Loans to individuals:
Residential mortgage						21,255						20,654						20,502						15,261						13,688
Residential mortgage guaranteed by U.S. government agencies						7,348						6,978						6,786						6,803						6,520
Personal						4,712						4,613						40						109						71
Total loans to individuals						33,315						32,245						27,328						22,173						20,279
Total nonaccruing loans						72,394						79,327						83,520						46,725						84,315
Real estate and other repossessed assets						1,751						1,729						1,769						2,254						2,625
Total nonperforming assets						$	74,145					$	81,056					$	85,289					$	48,979					$	86,940
Total nonperforming assets excluding those guaranteed by U.S. government agencies						$	66,797					$	74,078					$	78,503					$	42,176					$	80,420
Allowance for loan losses to nonaccruing loans1						426.92		%				382.93		%				363.06		%				701.46		%				365.65		%
Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to nonaccruing loans1						504.99		%				456.18		%				430.95		%				830.81		%				427.05		%
Nonperforming assets to outstanding loans and repossessed assets						0.30		%				0.33		%				0.36		%				0.20		%				0.36		%
Nonperforming assets to outstanding loans and repossessed assets1						0.27		%				0.31		%				0.33		%				0.18		%				0.34		%
Nonaccruing loans to outstanding loans						0.29		%				0.33		%				0.35		%				0.19		%				0.35		%
Nonaccruing commercial loans to outstanding commercial loans						0.22		%				0.28		%				0.30		%				0.10		%				0.35		%
Nonaccruing commercial real estate loans to outstanding commercial real estate loans						0.12		%				0.13		%				0.25		%				0.20		%				0.24		%
Nonaccruing loans to individuals to outstanding loans to individuals1						0.58		%				0.60		%				0.51		%				0.40		%				0.36		%

1     Excludes residential mortgages guaranteed by U.S. government agencies.

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. 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 and nine months ended September 30, 2025, follows in Table 18.

Table 18 – Rollforward of Nonperforming Assets

(In thousands)

						Three Months Ended
						September 30, 2025
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, June 30, 2025						$	40,157					$	6,925					$	32,245					$	79,327											$	1,729					$	81,056
Additions						497						—						5,666						6,163												—						6,163
Payments						(2,976)						(116)						(2,760)						(5,852)												—						(5,852)
Charge-offs						(3,157)						—						(1,191)						(4,348)												—						(4,348)
Net gains (losses) and write-downs						—						—						—						—												9						9
Foreclosure of nonperforming loans						—						—						(128)						(128)												128						—
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(362)						(362)												—						(362)
Proceeds from sales						—						—						—						—												(115)						(115)
Net transfers to nonaccruing loans						—						—						—						—												—						—
Return to accrual status						(2,251)						—						(155)						(2,406)												—						(2,406)
Balance, September 30, 2025						$	32,270					$	6,809					$	33,315					$	72,394											$	1,751					$	74,145
						Nine Months Ended
						September 30, 2025
						Nonaccruing Loans																														Real Estate and Other Repossessed Assets						Total Nonperforming Assets
						Commercial						Commercial Real Estate						Loan to Individuals						Total
Balance, Dec. 31, 2024						$	14,647					$	9,905					$	22,173					$	46,725											$	2,254					$	48,979
Additions						31,370						3,273						18,501						53,144												—						53,144
Payments						(7,219)						(6,243)						(4,885)						(18,347)												—						(18,347)
Charge-offs						(4,277)						(126)						(3,549)						(7,952)												—						(7,952)
Net gains (losses) and write-downs						—						—						—						—												796						796
Foreclosure of nonperforming loans						—						—						(156)						(156)												156						—
Foreclosure of loans guaranteed by U.S. government agencies						—						—						(801)						(801)												—						(801)
Proceeds from sales						—						—						—						—												(1,455)						(1,455)
Net transfers to nonaccruing loans						—						—						2,446						2,446												—						2,446
Return to accrual status						(2,251)						—						(414)						(2,665)												—						(2,665)
Balance, September 30, 2025						$	32,270					$	6,809					$	33,315					$	72,394											$	1,751					$	74,145

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 $1.8 million at September 30, 2025, largely unchanged compared to June 30, 2025. Real estate and other repossessed assets were composed primarily of $1.6 million of developed commercial real estate.

- 29 -

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 third quarter of 2025, approximately 74% of our funding was provided by deposit accounts, 11% from borrowed funds, and 12% from equity. 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.

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.

Table 19 – Average Deposits by Segment

(In thousands)

			Three Months Ended
			Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Commercial Banking			$	18,161,258					$	17,424,707					$	17,769,083					$	17,941,793					$	17,131,237
Consumer Banking			8,330,481						8,266,824						8,154,762						8,197,577						8,136,312
Wealth Management			10,731,569						10,783,245						10,702,521						9,983,232						9,837,888
Subtotal			37,223,308						36,474,776						36,626,366						36,122,602						35,105,437
Funds Management and other			1,257,938						1,661,940						1,732,712						1,696,512						1,654,860
Total			$	38,481,246					$	38,136,716					$	38,359,078					$	37,819,114					$	36,760,297

Average deposits for the third quarter of 2025 totaled $38.5 billion, reflecting a $345 million increase over the second quarter of 2025. Interest-bearing transaction accounts grew $217 million and time deposit balances increased $176 million, while demand deposit balances decreased $64 million compared to the prior quarter.

Average Commercial Banking deposits increased $737 million compared to the second quarter of 2025, attributable to a $644 million increase in interest-bearing transaction balances and a $140 million increase in demand deposit balances. These increases were partially offset by a $57 million decrease in certificate of deposit 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 9% of our total deposits.

Average Consumer Banking deposit balances increased $64 million over the prior quarter. Demand deposit balances increased $45 million and time deposit balances grew $17 million. Interest-bearing transaction accounts and interest-bearing savings accounts were consistent with the prior quarter.

Average Wealth Management deposits decreased $52 million compared to the second quarter of 2025. Interest-bearing transaction account balances decreased $302 million, partially offset by $221 million of growth in interest-bearing time deposits and a $23 million increase in demand deposit balances.

Average brokered deposits were 5% of total average deposits during the third quarter of 2025. Excluding the reciprocal component, brokered deposits represented 0.3% of total 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 third quarter included $1.8 billion of brokered deposits, a $98 million increase over the second quarter of 2025. Average time deposits for the third quarter of 2025 included $36 million of brokered deposits, a $4.8 million decrease compared to the second quarter of 2025. Period end brokered time deposits decreased $10 million to $34 million and brokered interest-bearing transaction accounts increased $52 million to $1.6 billion at September 30, 2025.

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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)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Oklahoma:
Demand						$	3,520,203					$	3,589,146					$	3,629,708					$	3,618,771					$	3,491,996
Interest-bearing:
Transaction						13,352,070						13,537,068						13,891,707						13,352,732						12,474,626
Savings						520,995						521,734						525,424						497,443						490,957
Time						2,356,945						2,166,094						2,089,744						2,138,620						2,462,463
Total interest-bearing						16,230,010						16,224,896						16,506,875						15,988,795						15,428,046
Total Oklahoma						19,750,213						19,814,042						20,136,583						19,607,566						18,920,042
Texas:
Demand						2,194,177						2,082,652						2,187,903						2,216,393						2,228,690
Interest-bearing:
Transaction						6,427,135						6,203,081						5,925,285						6,205,605						6,191,794
Savings						147,560						155,027						155,777						154,112						152,392
Time						649,757						638,657						633,538						646,490						648,796
Total interest-bearing						7,224,452						6,996,765						6,714,600						7,006,207						6,992,982
Total Texas						9,418,629						9,079,417						8,902,503						9,222,600						9,221,672
Colorado:
Demand						929,383						1,040,223						1,082,304						1,159,076						1,195,637
Interest-bearing:
Transaction						2,204,899						1,989,284						1,988,258						2,089,475						1,935,685
Savings						53,768						55,326						58,318						59,244						56,275
Time						284,962						278,914						274,235						280,081						279,887
Total interest-bearing						2,543,629						2,323,524						2,320,811						2,428,800						2,271,847
Total Colorado						3,473,012						3,363,747						3,403,115						3,587,876						3,467,484
New Mexico:
Demand						591,330						609,205						631,950						659,234						628,594
Interest-bearing:
Transaction						1,376,694						1,416,741						1,283,998						1,305,044						1,275,502
Savings						94,180						94,930						96,969						90,580						90,867
Time						347,227						340,946						344,827						347,443						336,830
Total interest-bearing						1,818,101						1,852,617						1,725,794						1,743,067						1,703,199
Total New Mexico						2,409,431						2,461,822						2,357,744						2,402,301						2,331,793
Arizona:
Demand						368,432						385,442						451,085						418,587						435,553
Interest-bearing:
Transaction						1,406,300						1,467,509						1,312,979						1,277,494						1,237,811
Savings						13,571						10,536						11,125						12,336						11,228
Time						71,886						72,041						70,758						70,390						59,508
Total interest-bearing						1,491,757						1,550,086						1,394,862						1,360,220						1,308,547
Total Arizona						1,860,189						1,935,528						1,845,947						1,778,807						1,744,100

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						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Kansas/Missouri:
Demand						282,235						269,408						279,808						277,440						255,950
Interest-bearing:
Transaction						1,151,956						1,169,161						1,202,107						1,169,541						1,134,544
Savings						14,251						13,719						14,504						12,158						11,896
Time						37,563						35,768						36,307						37,210						35,316
Total interest-bearing						1,203,770						1,218,648						1,252,918						1,218,909						1,181,756
Total Kansas/Missouri						1,486,005						1,488,056						1,532,726						1,496,349						1,437,706
Arkansas:
Demand						21,416						22,685						25,738						22,396						23,824
Interest-bearing:
Transaction						64,174						61,079						57,696						55,215						62,249
Savings						2,411						2,485						2,602						2,944						3,092
Time						14,538						17,248						17,019						15,176						15,156
Total interest-bearing						81,123						80,812						77,317						73,335						80,497
Total Arkansas						102,539						103,497						103,055						95,731						104,321
Total BOK Financial deposits						$	38,500,018					$	38,246,109					$	38,281,673					$	38,191,230					$	37,227,118

Estimated uninsured deposits totaled $20.8 billion, or 54% of our total deposits, at September 30, 2025. In addition to insured deposits, we also hold $4.7 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 $15.3 billion, or 40% of total deposits, at September 30, 2025.

In addition to deposits, liquidity is provided primarily by federal funds purchased, securities repurchase agreements, and Federal Home Loan Banks 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 $270 million at September 30, 2025. Securities repurchase agreements generally mature within 90 days and are secured by certain AFS and trading securities. Federal Home Loan Banks 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 $5.0 billion during the quarter, compared to $6.0 billion in the second quarter of 2025.

At September 30, 2025, management estimates a total potential secured borrowing capacity of approximately $27.0 billion. This includes current available secured capacity of $22.5 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks and an estimated $4.6 billion of other sources that could be converted into additional secured capacity.

- 32 -

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 September 30, 2025																								Three Months Ended June 30, 2025
						Sep. 30, 2025						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter						June 30, 2025						Average Balance During the Quarter						Rate						Maximum Outstanding At Any Month End During the Quarter
Funds purchased						$	794,721					$	647,729					3.69		%				$	794,721					$	515,808					$	474,220					3.98		%				$	515,808
Repurchase agreements						176,229						226,071						2.15		%				188,640						166,243						307,819						2.76		%				234,634
Other borrowings:
FHLB advances						3,200,000						5,009,783						4.54		%				3,400,000						4,100,000						5,979,123						4.47		%				4,100,000
GNMA repurchase liability						27,829						26,571						3.88		%				27,829						26,718						28,564						3.93		%				28,641
Other						11,678						11,947						5.65		%				14,280						13,412						12,261						8.90		%				13,412
Total other borrowings						3,239,507						5,048,301						4.54		%										4,140,130						6,019,948						4.49		%
Subordinated debentures1						—						—						—		%				—						—						99,846						6.38		%				99,736
Total other borrowed funds						$	4,210,457					$	5,922,101					4.35		%										$	4,822,181					$	6,901,833					4.41		%

1    Parent Company only.

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 September 30, 2025, cash and interest-bearing cash and cash equivalents held by the parent company totaled $243 million. The primary sources of liquidity for BOK Financial are cash on hand and dividends from BOKF, NA. Dividends from the 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 September 30, 2025, based upon the most restrictive limitations as well as management's internal capital policy, BOKF, NA could declare up to $508 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 September 30, 2025, was $6.0 billion, a $132 million increase compared to June 30, 2025. Net income less cash dividends paid increased equity $105 million during the third quarter of 2025. Changes in interest rates resulted in a $62 million improvement in the accumulated other comprehensive loss compared to June 30, 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, as well as plans using accelerated share repurchases. As of September 30, 2025, the Company had repurchased 365,547 shares under this authorization. The Company repurchased 365,547 shares of common stock at an average price of $111.00 per share in the third quarter of 2025. We view share buybacks opportunistically, but within the context of maintaining our strong capital position.

BOK Financial and BOKF, NA are subject to various capital requirements administered by federal agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that could have a material impact on operations. 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.

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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						Sep. 30, 2025						June 30, 2025						Sep. 30, 2024
Capital:
Common equity Tier 1						4.50		%				2.50		%				7.00		%				13.60		%				13.59		%				12.73		%
Tier 1 capital						6.00		%				2.50		%				8.50		%				13.61		%				13.60		%				12.74		%
Total capital						8.00		%				2.50		%				10.50		%				14.48		%				14.48		%				13.91		%
Tier 1 leverage						4.00		%				N/A						4.00		%				10.19		%				9.88		%				9.67		%
																								Three Months Ended
																								Sep. 30, 2025						June 30, 2025						Sep. 30, 2024
Average total equity to average assets																								11.54		%				11.08		%				10.65		%
Tangible common equity ratio1																								10.06		%				9.63		%				9.22		%
Performance Ratios:
Return on average equity																								9.38		%				9.70		%				10.22		%
Return on average tangible common equity1																								11.46		%				11.94		%				12.80		%

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)

						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Reconciliation of tangible common equity ratio:
Total shareholders' equity						$	6,022,535					$	5,890,888					$	5,771,813					$	5,548,353					$	5,612,443
Less: Goodwill and intangible assets, net						1,082,125						1,084,749						1,088,813						1,091,537						1,095,954
Tangible common equity						$	4,940,410					$	4,806,139					$	4,683,000					$	4,456,816					$	4,516,489
Total assets						$	50,193,387					$	50,998,077					$	50,472,189					$	49,685,892					$	50,081,985
Less: Goodwill and intangible assets, net						1,082,125						1,084,749						1,088,813						1,091,537						1,095,954
Tangible assets						$	49,111,262					$	49,913,328					$	49,383,376					$	48,594,355					$	48,986,031
Tangible common equity ratio						10.06		%				9.63		%				9.48		%				9.17		%				9.22		%
Reconciliation of return on average tangible common equity:
Total average shareholders' equity						$	5,960,711					$	5,791,275					$	5,658,082					$	5,575,583					$	5,446,998
Less: Average goodwill and intangible assets, net						1,083,390						1,086,991						1,090,116						1,094,466						1,097,317
Average tangible common equity						$	4,877,321					$	4,704,284					$	4,567,966					$	4,481,117					$	4,349,681
Net income attributable to BOK Financial Corporation shareholders						$	140,894					$	140,018					$	119,777					$	136,154					$	139,999
Return on average tangible common equity						11.46		%				11.94		%				10.63		%				12.09		%				12.80		%
Calculation of efficiency ratio:
Total other operating expense						$	369,770					$	354,503					$	347,529					$	347,656					$	341,025
Less: Amortization of intangible assets						2,656						2,656						2,652						2,855						2,856
Numerator for efficiency ratio						$	367,114					$	351,847					$	344,877					$	344,801					$	338,169
Net interest income						$	337,646					$	328,166					$	316,251					$	313,046					$	308,119
Add: Tax-equivalent adjustment						2,565						2,574						2,542						2,466						2,385
Tax-equivalent net interest income						340,211						330,740						318,793						315,512						310,504
Add: Total other operating revenue						210,709						207,098						186,041						210,044						208,192
Less: Gain (loss) on available-for-sale securities, net						213						—						—						—						(691)
Denominator for efficiency ratio						$	550,707					$	537,838					$	504,834					$	525,556					$	519,387
Efficiency ratio						66.66		%				65.42		%				68.31		%				65.61		%				65.11		%
Reconciliation of pre-provision net revenue:
Net income before taxes						$	176,585					$	180,761					$	154,763					$	175,434					$	173,286
Add: Provision for expected credit losses						2,000						—						—						—						2,000
Less: Net income (loss) attributable to non-controlling interests						(23)						52						(6)						—						(26)
Pre-provision net revenue						$	178,608					$	180,709					$	154,769					$	175,434					$	175,312

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						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Information on net interest income and net interest margin excluding trading activities:
Net interest income						$	337,646					$	328,166					$	316,251					$	313,046					$	308,119
Less: Trading activities net interest income						14,325						16,138						15,174						4,648						3,751
Net interest income excluding trading activities						323,321						312,028						301,077						308,398						304,368
Add: Tax-equivalent adjustment						2,565						2,574						2,542						2,466						2,385
Tax-equivalent net interest income excluding trading activities						$	325,886					$	314,602					$	303,619					$	310,864					$	306,753
Average interest-earning assets						$	46,429,240					$	46,984,071					$	45,606,324					$	45,375,438					$	45,911,383
Less: Average trading activities interest-earning assets						5,603,200						6,876,788						5,881,997						5,636,949						5,802,448
Average interest-earning assets excluding trading activities						$	40,826,040					$	40,107,283					$	39,724,327					$	39,738,489					$	40,108,935
Net interest margin on average interest-earning assets						2.91		%				2.80		%				2.78		%				2.75		%				2.68		%
Net interest margin on average trading activities interest-earning assets						1.07		%				0.93		%				0.98		%				0.36		%				0.29		%
Net interest margin on average interest-earning assets excluding trading activities						3.16		%				3.12		%				3.05		%				3.09		%				3.02		%

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.

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.

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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 mortgage servicing rights. 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 1.49%, or $20.7 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 0.22%, or $3.0 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 revenue would decrease approximately 4.89%, or $68.0 million.

Table 24 – Interest Rate Sensitivity

(Dollars in thousands)

						Sep. 30, 2025																								June 30, 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						$	(36,500)					$	(14,900)					$	11,700					$	27,300					$	(38,600)					$	(15,100)					$	11,100					$	26,200
						(2.63)		%				(1.07)		%				0.84		%				1.96		%				(2.79)		%				(1.09)		%				0.80		%				1.89		%
Anticipated impact over months twelve through twenty-four on net interest income						$	(23,900)					$	3,600					$	(13,100)					$	(22,200)					$	(32,400)					$	2,900					$	(13,700)					$	(23,600)
						(1.59)		%				0.24		%				(0.87)		%				(1.48)		%				(2.16)		%				0.19		%				(0.91)		%				(1.57)		%

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BOK Financial is also subjected to market risk through changes in the fair value of mortgage servicing rights. Changes in the fair value of mortgage servicing rights 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 mortgage servicing rights increases. As primary mortgage rates fall, prepayment speeds increase and the value of our mortgage servicing rights 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 mortgage servicing rights. 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 mortgage servicing rights, net of economic hedges.

Table 25 – MSR Asset and Hedge Sensitivity Analysis

(In thousands)

						Sep. 30, 2025												June 30, 2025
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
MSR Asset						$	14,190					$	(16,840)					$	13,160					$	(16,233)
MSR Hedge						(16,223)						16,213						(13,620)						13,503
Net Exposure						$	(2,033)					$	(627)					$	(460)					$	(2,730)

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																																				Nine Months Ended
						Sep. 30, 2025												June 30, 2025																		Sep. 30, 2025												Sep. 30, 2024
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp																		Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
Average1						$	(217)					$	(73)					$	(164)					$	(64)																	$	(170)					$	(67)					$	(68)					$	(52)
Low2						(38)						182						(37)						16																		(37)						182						93						126
High3						(397)						(214)						(242)						(141)																		(397)						(214)						(255)						(187)
Period End						(376)						(143)						(94)						(38)																		(376)						(143)						(240)						(36)

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 September 30, 2025, June 30, 2025, September 30, 2024, and June 30, 2024.

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Table 27 – VaR and SVaR Measures

(In thousands)

						Three Months Ended
						Sep. 30, 2025												June 30, 2025															Sep. 30, 2024												June 30, 2024
						10 day 99% VaR						10 day 99% SVaR						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						$	2,720					$	6,720					$	1,897					$	7,046														$	4,858					$	8,504					$	3,711					$	6,232
Low						1,140						3,595						1,077						4,002															2,443						4,887						1,776						3,763
High						4,815						10,003						4,697						12,874															9,645						13,914						6,862						9,751
Period End						2,758						5,571						1,736						6,158															2,735						6,173						2,200						6,795

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 market risk limit for the trading portfolio, net of economic hedges.

Table 28 – Trading Sensitivity Analysis

(In thousands)

						Three Months Ended																																				Nine Months Ended
						Sep. 30, 2025												June 30, 2025																		Sep. 30, 2025												Sep. 30, 2024
						Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp																		Up 50 bp						Down 50 bp						Up 50 bp						Down 50 bp
Average1						$	(2,151)					$	6,660					$	(545)					$	3,838																	$	(1,241)					$	5,012					$	(2,680)					$	4,470
Low2						3,454						10,647						2,982						10,934																		3,602						10,934						4,622						11,070
High3						(6,472)						725						(7,841)						59																		(7,841)						(379)						(8,243)						(3,120)
Period End						(1,694)						6,601						2,982						1,616																		(1,694)						6,601						1,164						1,309

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 has an internal independent Model Risk Management staff that validates models to verify they are conceptually sound, computationally accurate, are performing as expected, and are in line with their intended use. Model Risk Management staff 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 validation staff maintain independence from both the developers and users of the models. Models are validated through an evaluation process that assesses the data, theory, implementation, outcomes, and governance of each scenario. Each model receives a model risk score, which determines the frequency and scope of validation activities. Validations comprise an assessment of model performance as well as a model's potential limitations given its particular assumptions or weaknesses. Based on the results of the review, the team 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," "Approved with findings," or "Unapproved."

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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 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 and the related responses of the government, consumers, and others, on our business, financial condition, and results of operations. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "plans," "outlook," "projects," "will," "intends," and 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, consumer or business responses to 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 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.

- 41 -

Consolidated Statements of Earnings (Unaudited)
(In thousands, except share and per share data)						Three Months Ended												Nine Months Ended
						September 30,												September 30,
Interest revenue						2025						2024						2025						2024
Loans						$	416,935					$	453,779					$	1,215,539					$	1,339,570
Residential mortgage loans held for sale						1,405						1,495						3,726						3,766
Trading securities						72,653						76,419						232,756						219,457
Investment securities						6,536						7,381						20,257						22,774
Available-for-sale securities						133,396						125,490						392,206						362,806
Fair value option securities						1,441						189						2,938						578
Restricted equity securities						6,605						8,426						20,691						26,476
Interest-bearing cash and cash equivalents						5,482						7,131						17,337						21,912
Total interest revenue						644,453						680,310						1,905,450						1,997,339
Interest expense
Deposits						241,833						271,128						721,348						768,005
Borrowed funds						64,974						98,706						198,367						324,647
Subordinated debentures						—						2,357						3,672						6,975
Total interest expense						306,807						372,191						923,387						1,099,627
Net interest income						337,646						308,119						982,063						897,712
Provision for credit losses						2,000						2,000						2,000						18,000
Net interest income after provision for credit losses						335,646						306,119						980,063						879,712
Other operating revenue
Brokerage and trading revenue						43,239						50,391						112,432						162,587
Transaction card revenue						29,463						28,495						86,116						81,234
Fiduciary and asset management revenue						63,878						57,384						188,814						170,265
Deposit service charges and fees						31,896						30,450						93,490						88,707
Mortgage banking revenue						19,764						18,372						58,572						55,967
Other revenue						16,190						17,402						46,452						44,325
Total fees and commissions revenue						204,430						202,494						585,876						603,085
Other gains, net						8,264						13,087						15,679						74,731
Gain (loss) on derivatives, net						(453)						8,991						14,647						(733)
Gain on fair value option securities, net						630						764						2,067						365
Change in fair value of mortgage servicing rights						(2,375)						(16,453)						(14,634)						(2,023)
Gain (loss) on available-for-sale securities, net						213						(691)						213						(45,828)
Total other operating revenue						210,709						208,192						603,848						629,597
Other operating expense
Personnel						226,347						206,821						655,243						600,564
Business promotion						9,960						7,681						27,917						23,909
Charitable contributions to BOKF Foundation						—						—						—						13,610
Professional fees and services						15,137						13,405						43,808						38,746
Net occupancy and equipment						33,040						32,077						98,689						92,615
FDIC and other insurance						7,302						8,186						20,328						24,243
FDIC special assessment						(1,209)						(1,437)						(1,209)						6,207
Data processing and communications						50,062						47,554						147,237						139,249
Printing, postage, and supplies						4,036						3,594						11,742						11,380
Amortization of intangible assets						2,656						2,856						7,964						8,757
Mortgage banking costs						10,668						9,059						25,068						23,946
Other expense						11,771						11,229						35,015						34,873
Total other operating expense						369,770						341,025						1,071,802						1,018,099
Net income before taxes						176,585						173,286						512,109						491,210
Federal and state income taxes						35,714						33,313						111,397						103,811
Net income						140,871						139,973						400,712						387,399
Net income (loss) attributable to non-controlling interests						(23)						(26)						23						(16)
Net income attributable to BOK Financial Corporation shareholders						$	140,894					$	139,999					$	400,689					$	387,415
Earnings per share:
Basic						$	2.22					$	2.18					$	6.27					$	6.01
Diluted						$	2.22					$	2.18					$	6.27					$	6.01
Average shares used in computation:
Basic						62,840,270						63,489,581						63,196,043						63,830,188
Diluted						62,840,270						63,489,581						63,196,043						63,830,188
Dividends declared per share						$	0.57					$	0.55					$	1.71					$	1.65

See accompanying notes to consolidated financial statements.

- 42 -

Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
						Three Months Ended												Nine Months Ended
						September 30,												September 30,
						2025						2024						2025						2024
Net income						$	140,871					$	139,973					$	400,712					$	387,399
Other comprehensive income before income taxes:
Net change in unrealized gain (loss)						73,209						341,185						333,866						263,436
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						8,642						11,431						27,280						35,641
Loss (gain) on available-for-sale securities, net						(213)						691						(213)						45,828
Other comprehensive income before income taxes						81,638						353,307						360,933						344,905
Federal and state income taxes						19,292						83,094						84,557						81,094
Other comprehensive income, net of income taxes						62,346						270,213						276,376						263,811
Comprehensive income						203,217						410,186						677,088						651,210
Comprehensive income (loss) attributable to non-controlling interests						(23)						(26)						23						(16)
Comprehensive income attributable to BOK Financial Corporation shareholders						$	203,240					$	410,212					$	677,065					$	651,226

See accompanying notes to consolidated financial statements.

- 43 -

Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

						Sep. 30, 2025						Dec. 31, 2024
						(Unaudited)						(Footnote 1)
Assets
Cash and due from banks						$	880,721					$	1,043,969
Interest-bearing cash and cash equivalents						545,322						390,732
Trading securities						4,255,732						4,899,090
Investment securities, net of allowance (fair value: September 30, 2025 – $1,702,225; December 31, 2024 – $1,817,929)						1,837,647						2,017,225
Available-for-sale securities						13,481,030						12,851,600
Fair value option securities						104,688						17,876
Restricted equity securities						248,605						406,178
Residential mortgage loans held for sale						100,060						77,561
Loans						24,865,194						24,114,724
Allowance for loan losses						(277,692)						(280,035)
Loans, net of allowance						24,587,502						23,834,689
Premises and equipment, net						636,256						634,485
Receivables						288,140						281,091
Goodwill						1,044,749						1,044,749
Intangible assets, net						37,376						46,788
Mortgage servicing rights						326,399						338,145
Real estate and other repossessed assets, net of allowance (September 30, 2025 – $5,889; December 31, 2024 – $5,537)						1,751						2,254
Derivative contracts, net						299,215						242,809
Cash surrender value of bank-owned life insurance						419,103						416,741
Receivable on unsettled securities sales						64,515						4,825
Other assets						1,034,576						1,135,085
Total assets						$	50,193,387					$	49,685,892
Liabilities and Equity
Liabilities:
Non-interest bearing demand deposits						$	7,907,176					$	8,371,897
Interest-bearing deposits:
Transaction						25,983,228						25,455,106
Savings						846,736						828,817
Time						3,762,878						3,535,410
Total deposits						38,500,018						38,191,230
Funds purchased and repurchase agreements						970,950						1,292,856
Other borrowings						3,239,507						3,030,123
Subordinated debentures						—						131,200
Accrued interest, taxes, and expense						312,283						352,345
Derivative contracts, net						306,796						237,582
Due on unsettled securities purchases						321,729						405,494
Other liabilities						517,179						494,105
Total liabilities						44,168,462						44,134,935
Shareholders' equity:
Common stock (0.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: September 30, 2025 – 77,038,149; December 31, 2024 – 76,817,607)						5						5
Capital surplus						1,447,084						1,429,628
Retained earnings						5,883,501						5,592,100
Treasury stock (shares at cost: September 30, 2025 – 13,790,473; December 31, 2024 – 12,696,308)						(1,081,391)						(970,340)
Accumulated other comprehensive loss						(226,664)						(503,040)
Total shareholders' equity						6,022,535						5,548,353
Non-controlling interests						2,390						2,604
Total equity						6,024,925						5,550,957
Total liabilities and equity						$	50,193,387					$	49,685,892

See accompanying notes to consolidated financial statements.

- 44 -

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, June 30, 2025						77,035						$	5					$	1,441,326					$	5,778,878					13,424						$	(1,040,311)					$	(289,010)					$	5,890,888					$	2,468					$	5,893,356
Net income (loss)						—						—						—						140,894						—						—						—						140,894						(23)						140,871
Other comprehensive income						—						—						—						—						—						—						62,346						62,346						—						62,346
Repurchase of common stock						—						—						—						—						366						(40,981)						—						(40,981)						—						(40,981)
Share-based compensation plans:
Non-vested shares awarded, net						3						—						—						—						—						—						—						—						—						—
Vesting of non-vested shares						—						—						—						—						—						(99)						—						(99)						—						(99)
Share-based compensation						—						—						5,758						—						—						—						—						5,758						—						5,758
Cash dividends on common stock						—						—						—						(36,271)						—						—						—						(36,271)						—						(36,271)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(55)						(55)
Balance, September 30, 2025						77,038						$	5					$	1,447,084					$	5,883,501					13,790						$	(1,081,391)					$	(226,664)					$	6,022,535					$	2,390					$	6,024,925
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						—						—						—						400,689						—						—						—						400,689						23						400,712
Other comprehensive income						—						—						—						—						—						—						276,376						276,376						—						276,376
Repurchase of common stock						—						—						—						—						1,039						(104,776)						—						(104,776)						—						(104,776)
Share-based compensation      plans:
Non-vested shares awarded,      net						220						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						55						(6,275)						—						(6,275)						—						(6,275)
Share-based compensation						—						—						17,456						—						—						—						—						17,456						—						17,456
Cash dividends on common      stock						—						—						—						(109,288)						—						—						—						(109,288)						—						(109,288)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(237)						(237)
Balance, September 30, 2025						77,038						$	5					$	1,447,084					$	5,883,501					13,790						$	(1,081,391)					$	(226,664)					$	6,022,535					$	2,390					$	6,024,925

- 45 -

						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, June 30, 2024						76,823						$	5					$	1,416,807					$	5,387,949					12,695						$	(970,129)					$	(605,502)					$	5,229,130					$	2,840					$	5,231,970
Net income (loss)						—						—						—						139,999						—						—						—						139,999						(26)						139,973
Other comprehensive income						—						—						—						—						—						—						270,213						270,213						—						270,213
Repurchase of common stock						—						—						—						—						—						—						—						—						—						—
Share-based compensation plans:
Non-vested shares awarded, net						(9)						—						—						—						—						—						—						—						—						—
Vesting of non-vested shares						—						—						—						—						1						(70)						—						(70)						—						(70)
Share-based compensation						—						—						8,317						—						—						—						—						8,317						—						8,317
Cash dividends on common stock						—						—						—						(35,146)						—						—						—						(35,146)						—						(35,146)
Capital calls and distributions, net						—						—						—						—						—						—						—						—						(59)						(59)
Balance, September 30, 2024						76,814						$	5					$	1,425,124					$	5,492,802					12,696						$	(970,199)					$	(335,289)					$	5,612,443					$	2,755					$	5,615,198
Balance, December 31, 2023						76,593						$	5					$	1,406,745					$	5,211,512					11,626						$	(876,720)					$	(599,100)					$	5,142,442					$	2,977					$	5,145,419
Net income (loss)						—						—						—						387,415						—						—						—						387,415						(16)						387,399
Other comprehensive income						—						—						—						—						—						—						263,811						263,811						—						263,811
Repurchase of common stock						—						—						—						—						1,029						(89,779)						—						(89,779)						—						(89,779)
Share-based compensation      plans:
Non-vested shares awarded,      net						221						—						—						—						—						—						—						—						—						—
Vesting of non-vested      shares						—						—						—						—						41						(3,700)						—						(3,700)						—						(3,700)
Share-based compensation						—						—						18,379						—						—						—						—						18,379						—						18,379
Cash dividends on common      stock						—						—						—						(106,125)						—						—						—						(106,125)						—						(106,125)
Capital calls and distributions,      net						—						—						—						—						—						—						—						—						(206)						(206)
Balance, September 30, 2024						76,814						$	5					$	1,425,124					$	5,492,802					12,696						$	(970,199)					$	(335,289)					$	5,612,443					$	2,755					$	5,615,198

See accompanying notes to consolidated financial statements.

- 46 -

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

						Nine Months Ended
						September 30,
						2025						2024
Cash Flows From Operating Activities:
Net income						$	400,712					$	387,399
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses						2,000						18,000
Change in fair value of mortgage servicing rights due to market assumption changes						14,634						2,023
Change in the fair value of mortgage servicing rights due to principal payments						20,702						21,508
Net unrealized (gains) losses from derivative contracts						86,876						(123,979)
Share-based compensation						17,456						18,379
Depreciation and amortization						82,692						78,408
Net amortization of discounts and premiums						(38,996)						(31,633)
Net losses (gains) on financial instruments and other losses (gains), net						(15,892)						(29,012)
Net loss (gain) on mortgage loans held for sale						(6,359)						(6,508)
Mortgage loans originated for sale						(608,782)						(603,963)
Proceeds from sale of mortgage loans held for sale						592,989						572,861
Capitalized mortgage servicing rights						(8,975)						(10,812)
Charitable contributions to BOKF Foundation						—						13,610
Change in trading and fair value option securities						556,474						55,270
Change in receivables						(47,029)						219,583
Change in other assets						55,431						97,074
Change in other liabilities						(126,430)						211,240
Net cash provided by (used in) operating activities						977,503						889,448
Cash Flows From Investing Activities:
Proceeds from maturities or redemptions of investment securities						177,815						172,086
Proceeds from maturities or redemptions of available-for-sale securities						1,618,118						1,531,719
Purchases of available-for-sale securities						(2,048,792)						(2,807,115)
Proceeds from sales of available-for-sale securities						171,345						839,352
Change in amount receivable on unsettled available-for-sale securities transactions						(20,429)						91,132
Loans originated, net of principal collected						(720,286)						(79,038)
Net proceeds from derivative asset contracts						(34,296)						(13,870)
Net change in restricted equity securities						157,573						33,764
Proceeds from disposition of assets						22,681						18,029
Purchases of assets						(106,117)						(124,451)
Net cash provided by (used in) investing activities						(782,388)						(338,392)
Cash Flows From Financing Activities:
Net change in demand deposits, transaction deposits and savings accounts						81,320						2,381,483
Net change in time deposits						227,468						825,934
Net change in other borrowed funds						(146,702)						(3,363,116)
Repayment of subordinated debentures						(132,166)						—
Net payments on derivative liability contracts						6,630						14,294
Net change in derivative margin accounts						(11,506)						37,060
Change in amount due on unsettled available-for-sale securities transactions						(8,478)						(119,332)
Issuance of common and treasury stock, net						(6,275)						(3,700)
Repurchase of common stock						(104,776)						(89,779)
Dividends paid						(109,288)						(106,125)
Net cash provided by (used in) financing activities						(203,773)						(423,281)
Net increase (decrease) in cash and cash equivalents						(8,658)						127,775
Cash and cash equivalents at beginning of period						1,434,701						1,348,265
Cash and cash equivalents at end of period						$	1,426,043					$	1,476,040
Supplemental Cash Flow Information:
Cash paid for interest						$	940,376					$	1,097,666
Cash paid for taxes						72,959						67,803
Net loans and bank premises transferred to repossessed real estate and other assets						156						440
Residential mortgage loans guaranteed by U.S. government agencies that became eligible for repurchase during the period						34,180						12,599
Conveyance of other real estate owned guaranteed by U.S. government agencies						3,168						2,912
Right-of-use assets obtained in exchange for operating lease liabilities						4,273						20,100

See accompanying notes to consolidated financial statements.

- 47 -

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., and BOK Financial Private Wealth, Inc. Operating divisions of BOKF, NA include Bank of Albuquerque, Bank of Oklahoma, Bank of Texas, BOK Financial in Arizona, Arkansas, Colorado, and Kansas/Missouri, BOK Financial Mortgage, and the TransFund electronic funds network.

Certain reclassifications have been made to conform to the current period presentation.

The financial information should be read in conjunction with BOK Financial's 2024 Form 10-K filed with the Securities and Exchange Commission, which contains audited financial statements. Amounts presented as of December 31, 2024, have been derived from the audited financial statements included in BOK Financial's 2024 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 nine-month period ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Newly Adopted and Pending Accounting Policies

Financial Accounting Standards Board

FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The FASB issued ASU 2023-09 on December 14, 2023, which amends income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance requires the entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact ASU 2023-09 will have on its income tax disclosures.

FASB ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards

The FASB issued ASU 2024-01 on March 21, 2024, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those annual periods. Adoption of ASU 2024-01 did not have a material effect on the Company's financial statements.

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.

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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. The Company is currently assessing the impact ASU 2025-05 will have on its disclosures.

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.

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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):

						September 30, 2025												December 31, 2024
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
U.S. government securities						$	4,821					$	9					$	21,275					$	(60)
Residential agency mortgage-backed securities						4,133,011						20,064						4,792,695						(37,439)
Municipal securities						74,613						(55)						62,230						(566)
Other trading securities						43,287						90						22,890						33
Total trading securities						$	4,255,732					$	20,108					$	4,899,090					$	(38,032)

Investment Securities

The amortized cost and fair values of investment securities are as follows (in thousands):

						September 30, 2025
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	88,525					$	88,525					$	90,285					$	1,831					$	(71)
Mortgage-backed securities:
Residential agency						1,807,835						1,717,351						1,581,160						93						(136,284)
Commercial agency						17,257						16,441						16,023						—						(418)
Other debt securities						15,538						15,538						14,757						—						(781)
Total investment securities						1,929,155						1,837,855						1,702,225						1,924						(137,554)
Allowance for credit losses						(208)						(208)						—						—						—
Investment securities, net of allowance						$	1,928,947					$	1,837,647					$	1,702,225					$	1,924					$	(137,554)

1    Carrying value includes $91 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, 2024
						Amortized						Carrying						Fair						Gross Unrealized
						Cost						Value1						Value						Gain						Loss
Municipal securities						$	104,467					$	104,467					$	106,489					$	2,370					$	(348)
Mortgage-backed securities:
Residential agency						1,998,017						1,880,473						1,680,800						81						(199,754)
Commercial agency						17,257						16,220						15,357						—						(863)
Other debt securities						16,288						16,288						15,283						—						(1,005)
Total investment securities						2,136,029						2,017,448						1,817,929						2,451						(201,970)
Allowance for credit losses						(223)						(223)						—						—						—
Investment securities, net of allowance						$	2,135,806					$	2,017,225					$	1,817,929					$	2,451					$	(201,970)

1    Carrying value includes $119 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 September 30, 2025, 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						$	47,685					$	58,873					$	13,933					$	13					$	120,504					2.25
Fair value						48,723						59,162						13,167						13						121,065
Residential mortgage-backed securities:
Carrying value2																														$	1,717,351
Fair value																														1,581,160
Total investment securities:
Carrying value																														$	1,837,855
Fair value																														1,702,225

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 4.4 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities

(Dollars in thousands):

						September 30, 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						5						$	—					$	—					$	3,625					$	71					$	3,625					$	71
Mortgage-backed securities:
Residential agency						115						—						—						1,580,047						136,284						1,580,047						136,284
Commercial agency						2						—						—						16,023						418						16,023						418
Other debt securities						2						—						—						9,245						781						9,245						781
Total investment securities						124						$	—					$	—					$	1,608,940					$	137,554					$	1,608,940					$	137,554

						December 31, 2024
						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						20						$	14,485					$	65					$	7,107					$	283					$	21,592					$	348
Mortgage-backed securities:
Residential agency						116						—						—						1,679,889						199,754						1,679,889						199,754
Commercial agency						2						—						—						15,357						863						15,357						863
Other debt securities						3						—						—						9,271						1,005						9,271						1,005
Total investment securities						141						$	14,485					$	65					$	1,711,624					$	201,905					$	1,726,109					$	201,970

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Available-for-Sale Securities 

The amortized cost and fair value of available-for-sale securities are as follows (in thousands):

						September 30, 2025
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	972					$	—					$	(28)
Municipal securities						196,937						188,921						—						(8,016)
Mortgage-backed securities:
Residential agency						9,448,172						9,406,920						98,015						(139,267)
Residential non-agency						758,242						739,972						12,168						(30,438)
Commercial agency						3,279,861						3,143,772						6,662						(142,751)
Other debt securities						500						473						—						(27)
Total available-for-sale securities						$	13,684,712					$	13,481,030					$	116,845					$	(320,527)

						December 31, 2024
						Amortized						Fair						Gross Unrealized
						Cost						Value						Gain						Loss
U.S. Treasury						$	1,000					$	945					$	—					$	(55)
Municipal securities						240,528						225,568						2						(14,962)
Mortgage-backed securities:
Residential agency						8,895,900						8,639,389						17,936						(274,447)
Residential non-agency						814,542						781,209						11,247						(44,580)
Commercial agency						3,436,465						3,204,016						726						(233,175)
Other debt securities						500						473						—						(27)
Total available-for-sale securities						$	13,388,935					$	12,851,600					$	29,911					$	(567,246)

The amortized cost and fair values of available-for-sale securities at September 30, 2025, 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			$	450,706					$	2,213,053					$	392,697					$	421,842					$	3,478,298					4.69
Fair value			443,022						2,100,852						376,871						413,393						3,334,138
Residential mortgage-backed securities:
Amortized cost2																											$	10,206,414
Fair value																											10,146,892
Total available-for-sale securities:
Amortized cost																											$	13,684,712
Fair value																											13,481,030

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 4.1 years based upon current prepayment assumptions.

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Sales of available-for-sale securities resulted in gains and losses as follows (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Proceeds			$	171,345					$	101,522					$	171,345					$	839,352
Gross realized gains			630						1,802						630						2,257
Gross realized losses			(417)						(2,493)						(417)						(48,085)
Related federal and state income tax expense (benefit)			50						(163)						50						(10,779)

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 $10.3 billion at September 30, 2025 and $9.9 billion at December 31, 2024. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available-for-Sale Securities

(Dollars in thousands)

						September 30, 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						$	—					$	—					$	972					$	28					$	972					$	28
Municipal securities						89						1,035						1						186,386						8,015						187,421						8,016
Mortgage-backed securities:
Residential agency						606						456,786						1,936						2,919,538						137,331						3,376,324						139,267
Residential non-agency						33						44,977						84						442,525						30,354						487,502						30,438
Commercial agency						204						100,493						227						2,617,362						142,524						2,717,855						142,751
Other debt securities						1						—						—						473						27						473						27
Total available-for-sale securities						934						$	603,291					$	2,248					$	6,167,256					$	318,279					$	6,770,547					$	320,527

						December 31, 2024
						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						$	—					$	—					$	945					$	55					$	945					$	55
Municipal securities						113						1,041						13						222,432						14,949						223,473						14,962
Mortgage-backed securities:
Residential agency						831						3,561,318						50,102						2,880,641						224,345						6,441,959						274,447
Residential non-agency						36						93,113						1,124						457,701						43,456						550,814						44,580
Commercial agency						220						190,718						1,878						2,819,206						231,297						3,009,924						233,175
Other debt securities						1						—						—						473						27						473						27
Total available-for-sale securities						1,202						$	3,846,190					$	53,117					$	6,381,398					$	514,129					$	10,227,588					$	567,246

Based on evaluations of impaired securities as of September 30, 2025, 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.

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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 securities are held as an economic hedge of the mortgage servicing rights. 

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

						September 30, 2025												December 31, 2024
						Fair Value						Net Unrealized Gain (Loss)						Fair Value						Net Unrealized Gain (Loss)
Residential agency mortgage-backed securities						$	104,688					$	405					$	17,876					$	(1,662)

(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 reduce 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 to permit its customers to manage various risks, including fluctuations in energy, 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 the risk of 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 change in the fair value of mortgage servicing rights. 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 mortgage servicing rights are included in Other operating revenue – Gain (loss) on derivatives, net in the Consolidated Statements of Earnings.

- 54 -

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.

The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at September 30, 2025 (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						$	2,791,627					$	55,557					$	(18,378)					$	37,179					$	(18,966)					$	18,213
Energy contracts						6,351,889						545,474						(327,340)						218,134						(20,384)						197,750
Foreign exchange contracts						81,876						61,286						(55)						61,231						(778)						60,453
Equity option contracts						1,593						234						—						234						(50)						184
Total customer risk management programs						9,226,985						662,551						(345,773)						316,778						(40,178)						276,600
Trading						22,147,710						74,304						(47,776)						26,528						(4,902)						21,626
Internal risk management programs						82,935						989						—						989						—						989
Total derivative contracts						$	31,457,630					$	737,844					$	(393,549)					$	344,295					$	(45,080)					$	299,215
						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						$	2,761,850					$	55,722					$	(18,378)					$	37,344					$	(270)					$	37,074
Energy contracts						6,350,981						522,548						(327,340)						195,208						(4,030)						191,178
Foreign exchange contracts						81,616						61,011						(55)						60,956						—						60,956
Equity option contracts						1,593						234						—						234						—						234
Total customer risk management programs						9,196,040						639,515						(345,773)						293,742						(4,300)						289,442
Trading						21,300,664						74,160						(47,776)						26,384						(15,555)						10,829
Internal risk management programs						671,261						6,525						—						6,525						—						6,525
Total derivative contracts						$	31,167,965					$	720,200					$	(393,549)					$	326,651					$	(19,855)					$	306,796

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" assets and liabilities in the balance sheet at December 31, 2024 (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						$	3,064,418					$	82,191					$	(5,369)					$	76,822					$	(71,485)					$	5,337
Energy contracts						7,169,926						521,032						(398,457)						122,575						(3,816)						118,759
Foreign exchange contracts						80,510						42,792						(395)						42,397						(434)						41,963
Equity option contracts						1,593						208						—						208						(50)						158
Total customer risk management programs						10,316,447						646,223						(404,221)						242,002						(75,785)						166,217
Trading						19,577,362						132,581						(56,764)						75,817						(242)						75,575
Internal risk management programs						168						1,017						—						1,017						—						1,017
Total derivative contracts						$	29,893,977					$	779,821					$	(460,985)					$	318,836					$	(76,027)					$	242,809
						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						$	3,064,418					$	82,141					$	(5,369)					$	76,772					$	—					$	76,772
Energy contracts						7,076,929						488,113						(398,457)						89,656						(1,020)						88,636
Foreign exchange contracts						76,906						39,253						(395)						38,858						(380)						38,478
Equity option contracts						1,593						208						—						208						—						208
Total customer risk management programs						10,219,846						609,715						(404,221)						205,494						(1,400)						204,094
Trading						14,196,406						87,082						(56,764)						30,318						(1,292)						29,026
Internal risk management programs						602,176						4,462						—						4,462						—						4,462
Total derivative contracts						$	25,018,428					$	701,259					$	(460,985)					$	240,274					$	(2,692)					$	237,582

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 income statement (in thousands):

						Three Months Ended
						September 30, 2025												September 30, 2024
						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						$	1,339					$	—					$	1,606					$	—
Energy contracts						4,351						—						5,612						—
Foreign exchange contracts						25						—						207						—
Equity option contracts						—						—						—						—
Total customer risk management programs						5,715						—						7,425						—
Trading1						43,755						—						(11,669)						—
Internal risk management programs						—						(453)						—						8,991
Total derivative contracts						$	49,470					$	(453)					$	(4,244)					$	8,991

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.

						Nine Months Ended
						September 30, 2025												September 30, 2024
						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						2,975						—						4,613						—
Energy contracts						18,551						—						15,589						—
Foreign exchange contracts						88						—						313						—
Equity option contracts						—						—						—						—
Total customer risk management programs						21,614						—						20,515						—
Trading1						(56,644)						—						104,613						—
Internal risk management programs						—						14,647						—						(733)
Total derivative contracts						$	(35,030)					$	14,647					$	125,128					$	(733)

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:

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Interest is accrued at the applicable interest rate on the principal amount outstanding. 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 more than 90 days 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 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 current collateral value, debt service ratio, and other underwriting standards. Nonaccruing loans may be renewed and will remain classified as nonaccruing. 

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 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 based on 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. 

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Portfolio segments of the loan portfolio are as follows (in thousands):

						September 30, 2025																								December 31, 2024
						Fixed Rate						Variable Rate						Non-accrual						Total						Fixed Rate						Variable Rate						Non-accrual						Total
Commercial						$	3,400,985					$	11,079,685					$	32,270					$	14,512,940					$	3,450,238					$	11,565,251					$	14,647					$	15,030,136
Commercial real estate						659,296						5,086,502						6,809						5,752,607						668,532						4,380,015						9,905						5,058,452
Loans to individuals						2,906,281						1,660,051						33,315						4,599,647						2,620,936						1,383,027						22,173						4,026,136
Total						$	6,966,562					$	17,826,238					$	72,394					$	24,865,194					$	6,739,706					$	17,328,293					$	46,725					$	24,114,724

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 September 30, 2025, outstanding commitments totaled $15.3 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 September 30, 2025, outstanding standby letters of credit totaled $643 million. 

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 that 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.

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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 is 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.

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.

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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 can not 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
						September 30, 2025
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	144,398					$	85,107											$	47,544											$	277,049
Provision for loan losses						(4,262)						4,055												4,477												4,270
Loans charged off						(3,157)						—												(1,191)												(4,348)
Recoveries of loans previously charged off						79						81												561												721
Ending balance						$	137,058					$	89,243											$	51,391											$	277,692
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	16,995					$	33,558											$	2,439											$	52,992
Provision for off-balance sheet credit risk						1,839						(3,081)												(966)												(2,208)
Ending balance						$	18,834					$	30,477											$	1,473											$	50,784

						Nine Months Ended
						September 30, 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						(4,373)						(1,979)												9,302												2,950
Loans charged off						(4,277)						(126)												(3,549)												(7,952)
Recoveries of loans previously charged off						555						276												1,828												2,659
Ending balance						$	137,058					$	89,243											$	51,391											$	277,692
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						788						(1,482)												(162)												(856)
Ending balance						$	18,834					$	30,477											$	1,473											$	50,784

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						Three Months Ended
						September 30, 2024
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	150,737					$	96,256											$	40,833											$	287,826
Provision for loan losses						918						(4,944)												602												(3,424)
Loans charged off						(856)						—												(1,640)												(2,496)
Recoveries of loans previously charged off						1,562						226												762												2,550
Ending balance						$	152,361					$	91,538											$	40,557											$	284,456
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	17,316					$	23,314											$	1,706											$	42,336
Provision for off-balance sheet credit risk						357						5,058												15												5,430
Ending balance						$	17,673					$	28,372											$	1,721											$	47,766

						Nine Months Ended
						September 30, 2024
						Commercial						Commercial Real Estate												Loans to Individuals												Total
Allowance for loan losses:
Beginning balance						$	141,232					$	94,718											$	41,173											$	277,123
Provision for loan losses						19,670						(1,991)												2,005												19,684
Loans charged off						(11,487)						(1,455)												(4,554)												(17,496)
Recoveries of loans previously charged off						2,946						266												1,933												5,145
Ending balance						$	152,361					$	91,538											$	40,557											$	284,456
Allowance for off-balance sheet credit risk from unfunded loan commitments:
Beginning balance						$	19,762					$	27,439											$	1,776											$	48,977
Provision for off-balance sheet credit risk						(2,089)						933												(55)												(1,211)
Ending balance						$	17,673					$	28,372											$	1,721											$	47,766

A $2.0 million provision for credit losses was necessary for the third quarter of 2025, reflecting the impact of loan growth during the quarter, partially offset by a slight improvement in economic forecast scenarios.

The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at September 30, 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						$	14,480,670					$	134,908					$	32,270					$	2,150					$	14,512,940					$	137,058
Commercial real estate						5,745,798						87,048						6,809						2,195						5,752,607						89,243
Loans to individuals						4,566,332						51,391						33,315						—						4,599,647						51,391
Total						$	24,792,800					$	273,347					$	72,394					$	4,345					$	24,865,194					$	277,692

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The allowance for loan losses and recorded investment of the related loans by portfolio segment for each measurement method at December 31, 2024, 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						$	15,015,489					$	144,877					$	14,647					$	276					$	15,030,136					$	145,153
Commercial real estate						5,048,547						91,072						9,905						—						5,058,452						91,072
Loans to individuals						4,003,963						43,810						22,173						—						4,026,136						43,810
Total						$	24,067,999					$	279,759					$	46,725					$	276					$	24,114,724					$	280,035

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.

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 days 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 September 30, 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			$	633,845		$	492,224		$	471,134		$	725,177		$	452,204		$	701,112		$	182,468		$	11		$	3,658,175
Special Mention			—			—			—			43,817			99			—			215			—			44,131
Accruing Substandard			—			9,633			37,655			4,178			5,192			89,055			6,017			—			151,730
Nonaccrual			—			—			15,080			83			377			8,788			179			—			24,507
Total healthcare			633,845			501,857			523,869			773,255			457,872			798,955			188,879			11			3,878,543
Services
Pass			421,853			497,289			563,115			390,330			291,597			650,606			838,852			163			3,653,805
Special Mention			57			1,425			389			2,179			—			15,991			1,356			—			21,397
Accruing Substandard			4,621			226			10,800			1,440			2,263			7,929			515			—			27,794
Nonaccrual			414			29			42			879			183			146			5,954			—			7,647
Total services			426,945			498,969			574,346			394,828			294,043			674,672			846,677			163			3,710,643
Loans charged off, year-to-date			—			—			—			—			—			—			3,242			21			3,263
Energy
Pass			125,265			70,851			46,400			10,977			2,383			21,235			2,382,659			—			2,659,770
Accruing Substandard			—			—			—			—			—			—			21,711			—			21,711
Nonaccrual			—			—			—			—			—			31			—			—			31
Total energy			125,265			70,851			46,400			10,977			2,383			21,266			2,404,370			—			2,681,512
Loans charged off, year-to-date			—			—			—			—			—			—			94			—			94
General business
Pass			709,654			464,843			420,590			207,485			156,634			334,999			1,826,400			1,643			4,122,248
Special Mention			3,488			1,745			1,152			2,368			—			551			43,252			48			52,604
Accruing Substandard			871			5,406			7,497			34,105			1,745			10,557			7,124			—			67,305
Nonaccrual			—			—			—			—			—			48			—			37			85
Total general business			714,013			471,994			429,239			243,958			158,379			346,155			1,876,776			1,728			4,242,242
Loans charged off, year-to-date			8			—			132			—			—			—			751			29			920
Total commercial			1,900,068			1,543,671			1,573,854			1,423,018			912,677			1,841,048			5,316,702			1,902			14,512,940
Commercial real estate:
Pass			738,423			815,271			531,581			1,898,991			725,665			859,915			104,375			—			5,674,221
Special Mention			—			—			—			—			—			3,129			—			—			3,129
Accruing Substandard			—			486			—			4,977			29,324			33,661			—			—			68,448
Nonaccrual			—			—			—			—			—			6,809			—			—			6,809
Total commercial real estate			738,423			815,757			531,581			1,903,968			754,989			903,514			104,375			—			5,752,607
Loans charged off, year-to-date			—			—			—			126			—			—			—			—			126

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			Origination Year
			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Loans to individuals:
Residential mortgage
Pass			446,478			431,184			283,185			259,320			287,695			472,200			440,835			25,256			2,646,153
Special Mention			—			211			55			212			87			5,579			1,059			1,233			8,436
Accruing Substandard			—			169			84			—			—			86			183			—			522
Nonaccrual			16			694			2,278			2,053			1,276			9,668			4,462			808			21,255
Total residential mortgage			446,494			432,258			285,602			261,585			289,058			487,533			446,539			27,297			2,676,366
Loans charged off, year-to-date			—			—			48			—			—			56			178			—			282
Residential mortgage guaranteed by U.S. government agencies
Pass			—			2,504			7,145			8,339			3,512			122,794			—			—			144,294
Nonaccrual			—			—			—			—			—			7,348			—			—			7,348
Total residential mortgage guaranteed by U.S. government agencies			—			2,504			7,145			8,339			3,512			130,142			—			—			151,642
Personal
Pass			367,936			232,742			198,942			148,235			101,747			213,229			482,518			344			1,745,693
Special Mention			37			48			50			10			20			5			1,212			—			1,382
Accruing Substandard			6,703			21			—			—			—			128			13,000			—			19,852
Nonaccrual			7			41			4,636			12			14			2			—			—			4,712
Total personal			374,683			232,852			203,628			148,257			101,781			213,364			496,730			344			1,771,639
Loans charged off, year-to-date1			3,130			66			22			19			—			5			25			—			3,267
Total loans to individuals			821,177			667,614			496,375			418,181			394,351			831,039			943,269			27,641			4,599,647
Total loans			$	3,459,668		$	3,027,042		$	2,601,810		$	3,745,167		$	2,062,017		$	3,575,601		$	6,364,346		$	29,543		$	24,865,194

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, 2024, by the risk grade categories and vintage (in thousands): 

			Origination Year
			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Commercial:
Healthcare
Pass			$	539,305		$	544,103		$	896,042		$	481,816		$	344,609		$	644,441		$	249,793		$	10		$	3,700,119
Special Mention			—			15,000			64,895			110			—			32,555			255			—			112,815
Accruing Substandard			—			38,180			5,253			15,529			51,134			29,151			1,635			—			140,882
Nonaccrual			—			—			96			463			—			13,158			—			—			13,717
Total healthcare			539,305			597,283			966,286			497,918			395,743			719,305			251,683			10			3,967,533
Loans charged off, year-to-date			—			—			—			—			—			7,240			—			—			7,240
Services
Pass			629,978			625,969			422,015			404,949			187,324			570,775			745,853			379			3,587,242
Special Mention			—			3,324			123			1,537			—			11,796			17,923			—			34,703
Accruing Substandard			—			675			9,030			20			1,217			7,750			1,399			400			20,491
Nonaccrual			—			—			—			—			—			—			767			—			767
Total services			629,978			629,968			431,168			406,506			188,541			590,321			765,942			779			3,643,203
Loans charged off, year-to-date			—			—			—			—			22			80			9			—			111
Energy
Pass			148,972			46,094			39,050			2,621			6,488			16,989			2,985,161			—			3,245,375
Accruing Substandard			—			—			—			—			—			—			9,300			—			9,300
Nonaccrual			—			—			—			—			—			49			—			—			49
Total energy			148,972			46,094			39,050			2,621			6,488			17,038			2,994,461			—			3,254,724
Loans charged off, year-to-date			—			—			—			—			—			—			226			—			226
General business
Pass			740,440			571,897			267,528			176,468			117,755			319,986			1,862,643			1,938			4,058,655
Special Mention			4,399			5,749			4,285			7,002			224			1,736			3,037			—			26,432
Accruing Substandard			3,980			15,872			43,300			4,764			992			4,708			5,859			—			79,475
Nonaccrual			—			32			—			—			—			23			—			59			114
Total general business			748,819			593,550			315,113			188,234			118,971			326,453			1,871,539			1,997			4,164,676
Loans charged off, year-to-date			—			27			1,465			—			—			166			2,425			103			4,186
Total commercial			2,067,074			1,866,895			1,751,617			1,095,279			709,743			1,653,117			5,883,625			2,786			15,030,136
Commercial real estate:
Pass			436,206			512,614			2,004,558			793,161			233,619			810,497			141,307			—			4,931,962
Special Mention			—			313			14,907			32,131			—			—			—			—			47,351
Accruing Substandard			—			—			36,981			—			—			32,253			—			—			69,234
Nonaccrual			—			—			—			—			—			9,905			—			—			9,905
Total commercial real estate			436,206			512,927			2,056,446			825,292			233,619			852,655			141,307			—			5,058,452
Loans charged off, year-to-date			—			—			—			—			—			1,455			—			—			1,455

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			Origination Year
			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term Loans			Total
Loans to individuals:
Residential mortgage
Pass			530,186			338,187			286,865			318,935			314,814			210,251			395,943			22,929			2,418,110
Special Mention			—			167			148			219			—			113			1,767			—			2,414
Accruing Substandard			—			—			163			—			—			45			898			67			1,173
Nonaccrual			245			1,758			990			522			583			7,420			3,221			522			15,261
Total residential mortgage			530,431			340,112			288,166			319,676			315,397			217,829			401,829			23,518			2,436,958
Loans charged off, year-to-date			—			43			—			—			—			18			10			—			71
Residential mortgage guaranteed by U.S. government agencies
Pass			462			4,337			6,618			2,432			3,506			112,491			—			—			129,846
Nonaccrual			—			—			—			—			280			6,523			—			—			6,803
Total residential mortgage guaranteed by U.S. government agencies			462			4,337			6,618			2,432			3,786			119,014			—			—			136,649
Personal
Pass			245,737			149,572			167,272			115,710			107,291			151,030			510,147			2,619			1,449,378
Special Mention			18			17			30			825			8			—			8			—			906
Accruing Substandard			16			—			—			—			1			129			1,990			—			2,136
Nonaccrual			31			3			30			13			4			5			23			—			109
Total personal			245,802			149,592			167,332			116,548			107,304			151,164			512,168			2,619			1,452,529
Loans charged off, year-to-date1			5,269			69			101			52			9			—			26			20			5,546
Total loans to individuals			776,695			494,041			462,116			438,656			426,487			488,007			913,997			26,137			4,026,136
Total loans			$	3,279,975		$	2,873,863		$	4,270,179		$	2,359,227		$	1,369,849		$	2,993,779		$	6,938,929		$	28,923		$	24,114,724

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 September 30, 2025, follows (in thousands): 

			As of September 30, 2025
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	24,507					$	19,405					$	5,102					$	200
Services			7,647						1,849						5,798						1,950
Energy			31						31						—						—
General business			85						85						—						—
Total commercial			32,270						21,370						10,900						2,150
Commercial real estate			6,809						—						6,809						2,195
Loans to individuals:
Residential mortgage			21,255						21,255						—						—
Residential mortgage guaranteed by U.S. government agencies			7,348						7,348						—						—
Personal			4,712						4,712						—						—
Total loans to individuals			33,315						33,315						—						—
Total			$	72,394					$	54,685					$	17,709					$	4,345

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, 2024, follows (in thousands): 

			As of December 31, 2024
			Total						With No Allowance						With Allowance						Related Allowance
Commercial:
Healthcare			$	13,717					$	13,717					$	—					$	—
Services			767						491						276						276
Energy			49						49						—						—
General business			114						114						—						—
Total commercial			14,647						14,371						276						276
Commercial real estate			9,905						9,905						—						—
Loans to individuals:
Residential mortgage			15,261						15,261						—						—
Residential mortgage guaranteed by U.S. government agencies			6,803						6,803						—						—
Personal			109						109						—						—
Total loans to individuals			22,173						22,173						—						—
Total			$	46,725					$	46,449					$	276					$	276

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Loan Modifications to Borrowers Experiencing Financial Difficulty

For the nine months ended September 30, 2025, the Company had $76 million of loan modifications to borrowers experiencing financial difficulty including $32 million of healthcare loans, $15 million of general business loans, $11 million of residential mortgage loans guaranteed by U.S government agencies, and $18 million of commercial real estate loans. Modifications generally consist of interest rate reductions, an other than insignificant payment delay, term extension, or a combination. Approximately $48 million of the modifications were term extensions of commercial loans, and $11 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the nine months ended September 30, 2025, $14 million of loans that were modified in the previous twelve months defaulted. Approximately $7.1 million of these defaults were related to combination modifications to residential mortgage loans guaranteed by U.S. government agencies, and $5.2 million of these defaults were related to term extensions of healthcare loans. A payment default is defined as being 30 or more days past due after modification.

For the nine months ended September 30, 2024, the Company had $147 million of loan modifications to borrowers experiencing financial difficulty, including $90 million of healthcare loans and $43 million of energy loans. Approximately $141 million of the modifications were term extensions of commercial loans, and $5.9 million were combination modifications to residential mortgage loans guaranteed by U.S. government agencies. During the nine months ended September 30, 2024, $32 million of loans that were modified in the previous twelve months defaulted. Approximately $28 million of these defaults were related to term extensions of commercial loans, and $4.3 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 September 30, 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						$	3,854,648					$	15,107					$	—					$	8,788					$	3,878,543					$	—
Services						3,710,413						201						29						—						3,710,643						—
Energy						2,681,512						—						—						—						2,681,512						—
General business						4,238,920						3,081						54						187						4,242,242						187
Total commercial						14,485,493						18,389						83						8,975						14,512,940						187
Commercial real estate						5,745,609						—						233						6,765						5,752,607						—
Loans to individuals:
Residential mortgage						2,651,541						14,281						2,864						7,680						2,676,366						148
Residential mortgage guaranteed by U.S. government agencies						53,712						17,701						13,677						66,552						151,642						61,791
Personal						1,750,804						15,327						77						5,431						1,771,639						800
Total loans to individuals						4,456,057						47,309						16,618						79,663						4,599,647						62,739
Total						$	24,687,159					$	65,698					$	16,934					$	95,403					$	24,865,194					$	62,926

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A summary of loans currently performing and past due as of December 31, 2024, 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						$	3,932,142					$	25,778					$	—					$	9,613					$	3,967,533					$	—
Services						3,642,436						—						767						—						3,643,203						—
Energy						3,254,724						—						—						—						3,254,724						—
General business						4,161,510						3,067						70						29						4,164,676						—
Total commercial						14,990,812						28,845						837						9,642						15,030,136						—
Commercial real estate						5,048,667						—						—						9,785						5,058,452						—
Loans to individuals:
Residential mortgage						2,416,633						10,930						5,622						3,773						2,436,958						—
Residential mortgage guaranteed by U.S. government agencies						45,910						18,514						15,268						56,957						136,649						52,504
Personal						1,451,397						1,061						48						23						1,452,529						—
Total loans to individuals						3,913,940						30,505						20,938						60,753						4,026,136						52,504
Total						$	23,953,419					$	59,350					$	21,775					$	80,180					$	24,114,724					$	52,504

(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 residential mortgage loans held for sale, 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):

						September 30, 2025												December 31, 2024
						Unpaid Principal Balance/ Notional						Fair Value						Unpaid Principal Balance/ Notional						Fair Value
Residential mortgage loans held for sale						$	97,977					$	98,121					$	77,080					$	75,969
Residential mortgage loan commitments						67,842						2,072						36,590						1,119
Forward sales contracts						107,000						(133)						82,000						473
												$	100,060											$	77,561

No residential mortgage loans held for sale were 90 days or more past due or considered impaired as of September 30, 2025, or December 31, 2024. No credit losses were recognized on residential mortgage loans held for sale for the nine month period ended September 30, 2025, and 2024.

Mortgage banking revenue was as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Production revenue:
Net realized gains on sale of mortgage loans						$	2,202					$	2,085					$	5,104					$	6,449
Net change in unrealized gain (loss) on mortgage loans held for sale						(154)						(190)						1,255						59
Net change in the fair value of mortgage loan commitments						(345)						13						953						579
Net change in the fair value of forward sales contracts						667						(345)						(606)						370
Total mortgage production revenue						2,370						1,563						6,706						7,457
Servicing revenue						17,394						16,809						51,866						48,510
Total mortgage banking revenue						$	19,764					$	18,372					$	58,572					$	55,967

Production revenue includes gain (loss) on residential mortgage loans held for sale and changes in the fair value of derivative contracts not designated as hedging instruments for accounting purposes 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 mortgage servicing rights are initially recognized at fair value. The Company has elected to carry all mortgage servicing rights 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):

						September 30, 2025						December 31, 2024
Number of residential mortgage loans serviced for others						124,909						125,728
Outstanding principal balance of residential mortgage loans serviced for others						$	22,145,687					$	22,269,513
Weighted average interest rate						3.82		%				3.73		%
Remaining term (in months)						272						276

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

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Beginning Balance						$	334,644					$	333,246					$	338,145					$	293,884
Additions						3,403						3,842						8,975						10,812
Acquisitions						—						3,334						14,615						34,755
Change in fair value due to principal payments						(9,273)						(8,049)						(20,702)						(21,508)
Change in fair value due to market assumption changes						(2,375)						(16,453)						(14,634)						(2,023)
Ending Balance						$	326,399					$	315,920					$	326,399					$	315,920

Changes in the fair value of mortgage servicing rights 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. 

Mortgage servicing rights 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:

						September 30, 2025						December 31, 2024
Discount rate – risk-free rate plus a market premium						9.21%						9.60%
Prepayment rate – based upon loan interest rate, original term, and loan type						7.10%						7.09%
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						3.58%						4.44%
Primary/secondary mortgage rate spread						128 bps						115 bps
Delinquency rate						2.24%						2.19%

Changes in primary residential mortgage interest rates directly affect the prepayment speeds used in valuing our mortgage servicing rights. 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

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. The action remains stayed with no current deadlines pending.

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

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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.

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 September 30, 2025, the Company had $432 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 $132 million of unfunded commitments included in Other liabilities on the Consolidated Balance Sheets.

(7) Shareholders' Equity

On October 28, 2025, the Company declared a quarterly cash dividend of $0.63 per common share payable on or about November 26, 2025, to shareholders of record as of November 12, 2025.

Dividends declared were $0.57 and $1.71 per share during the three and nine months ended September 30, 2025, and $0.55 and $1.65 per share during the three and nine months ended September 30, 2024.

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.

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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, 2023						$	(473,212)					$	(125,888)																	$	(599,100)
Net change in unrealized gain (loss)						263,436						—																		263,436
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						—						35,641																		35,641
Loss on available-for-sale securities, net						45,828						—																		45,828
Other comprehensive income (loss), before income taxes						309,264						35,641																		344,905
Federal and state income taxes						72,711						8,383																		81,094
Other comprehensive income (loss), net of income taxes						236,553						27,258																		263,811
Balance, September 30, 2024						$	(236,659)					$	(98,630)																	$	(335,289)
Balance, Dec. 31, 2024						$	(412,348)					$	(90,692)																	$	(503,040)
Net change in unrealized gain (loss)						333,866						—																		333,866
Reclassification adjustments included in earnings:
Interest revenue, Investment securities						—						27,280																		27,280
Gain on available-for-sale securities, net						(213)						—																		(213)
Other comprehensive income (loss), before income taxes						333,653						27,280																		360,933
Federal and state income taxes						78,244						6,313																		84,557
Other comprehensive income (loss), net of income taxes						255,409						20,967																		276,376
Balance, September 30, 2025						$	(156,939)					$	(69,725)																	$	(226,664)

(8) Earnings Per Share

(In thousands, except share and per share amounts)						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Numerator:
Net income attributable to BOK Financial Corp. shareholders						$	140,894					$	139,999					$	400,689					$	387,415
Less: Earnings allocated to participating securities						1,524						1,383						4,298						3,660
Numerator for basic earnings per share – income available to common shareholders						139,370						138,616						396,391						383,755
Add: Effect of reallocating undistributed earnings of participating securities						—						—						—						—
Numerator for diluted earnings per share – income available to common shareholders						$	139,370					$	138,616					$	396,391					$	383,755
Denominator:
Weighted average shares outstanding						63,527,696						64,122,351						63,880,864						64,425,159
Less: Participating securities included in weighted average shares outstanding						687,426						632,770						684,821						594,971
Denominator for basic earnings per common share						62,840,270						63,489,581						63,196,043						63,830,188
Add: Dilutive effect of employee stock compensation plans						—						—						—						—
Denominator for diluted earnings per common share						62,840,270						63,489,581						63,196,043						63,830,188
Basic earnings per share						$	2.22					$	2.18					$	6.27					$	6.01
Diluted earnings per share						$	2.22					$	2.18					$	6.27					$	6.01

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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. 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 September 30, 2025 is as follows (in thousands):

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Corporation
Net interest income from external sources						$	239,835					$	16,141					$	16,256					$	272,232					$	65,414					$	337,646
Net interest income (expense) from internal sources						(60,638)						42,310						27,370						9,042						(9,042)						—
Net interest income						179,197						58,451						43,626						281,274						56,372						337,646
Net loans charged off and provision for credit losses						2,609						1,413						(3)						4,019						(2,019)						2,000
Net interest income after provision for credit losses						176,588						57,038						43,629						277,255						58,391						335,646
Other operating revenue						61,745						35,820						111,516						209,081						1,628						210,709
Personnel expense						51,638						25,681						73,032						150,351						75,996						226,347
Non-personnel expense1						29,601						38,361						29,939						97,901						45,522						143,423
Total other operating expense						81,239						64,042						102,971						248,252						121,518						369,770
Corporate allocations2						17,277						14,326						15,568						47,171						(47,171)						—
Net income before taxes						$	139,817					$	14,490					$	36,606					$	190,913					$	(14,328)					$	176,585
Average assets						$	21,722,491					$	8,372,125					$	11,265,485					$	41,360,101					$	10,331,975					$	51,692,076

1     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.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2025 is as follows (in thousands):

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	707,023					$	38,344					$	55,852					$	801,219					$	180,844					$	982,063
Net interest income (expense) from internal sources						(173,742)						135,473						77,120						38,851						(38,851)						—
Net interest income						533,281						173,817						132,972						840,070						141,993						982,063
Net loans charged off and provision for credit losses						2,786						3,948						(18)						6,716						(4,716)						2,000
Net interest income after provision for credit losses						530,495						169,869						132,990						833,354						146,709						980,063
Other operating revenue						181,698						113,043						311,502						606,243						(2,395)						603,848
Personnel expense						150,621						77,045						206,586						434,252						220,991						655,243
Non-personnel expense1						87,899						99,709						83,932						271,540						145,019						416,559
Total other operating expense						238,520						176,754						290,518						705,792						366,010						1,071,802
Corporate allocations2						53,492						44,800						43,893						142,185						(142,185)						—
Net income before taxes						$	420,181					$	61,358					$	110,081					$	591,620					$	(79,511)					$	512,109
Average assets						$	21,481,669					$	8,295,564					$	11,400,995					$	41,178,228					$	10,479,666					$	51,657,894

1     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.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

Reportable segments reconciliation to the Consolidated Financial Statements for the three months ended September 30, 2024 is as follows (in thousands):

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Corporation
Net interest income from external sources						$	273,934					$	5,955					$	5,693					$	285,582					$	22,537					$	308,119
Net interest income (expense) from internal sources						(66,324)						59,308						27,492						20,476						(20,476)						—
Net interest income						207,610						65,263						33,185						306,058						2,061						308,119
Net loans charged off and provision for credit losses						(1,329)						1,779						(159)						291						1,709						2,000
Net interest income after provision for credit losses						208,939						63,484						33,344						305,767						352						306,119
Other operating revenue						59,482						32,367						112,457						204,306						3,886						208,192
Personnel expense						48,740						24,616						66,524						139,880						66,941						206,821
Non-personnel expense1						30,490						33,163						27,015						90,668						43,536						134,204
Total other operating expense						79,230						57,779						93,539						230,548						110,477						341,025
Corporate allocations2						17,010						13,298						13,458						43,766						(43,766)						—
Net income before taxes						$	172,181					$	24,774					$	38,804					$	235,759					$	(62,473)					$	173,286
Average assets						$	21,881,574					$	8,172,256					$	10,566,503					$	40,620,333					$	10,536,702					$	51,157,035

1     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.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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Reportable segments reconciliation to the Consolidated Financial Statements for the nine months ended September 30, 2024 is as follows (in thousands):

						Commercial						Consumer						Wealth Management						Segment Total						Funds Management and Other						BOK Financial Consolidated
Net interest income from external sources						$	834,275					$	19,291					$	4,571					$	858,137					$	39,575					$	897,712
Net interest income (expense) from internal sources						(218,914)						175,271						86,513						42,870						(42,870)						—
Net interest income						615,361						194,562						91,084						901,007						(3,295)						897,712
Net loans charged off and provision for credit losses						8,965						4,834						(174)						13,625						4,375						18,000
Net interest income after provision for credit losses						606,396						189,728						91,258						887,382						(7,670)						879,712
Other operating revenue						164,359						106,132						344,369						614,860						14,737						629,597
Personnel expense						141,401						73,868						193,742						409,011						191,553						600,564
Non-personnel expense1						85,745						92,486						89,299						267,530						150,005						417,535
Total other operating expense						227,146						166,354						283,041						676,541						341,558						1,018,099
Corporate allocations2						52,519						40,862						44,721						138,102						(138,102)						—
Net income before taxes						$	491,090					$	88,644					$	107,865					$	687,599					$	(196,389)					$	491,210
Average assets						$	21,831,765					$	8,069,881					$	10,770,995					40,672,641						$	10,121,955					$	50,794,596

1     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.

2     Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.

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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 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. Insurance brokerage revenues represent fees and commissions earned on the placement of insurance products with carriers for property and casualty and health coverage.

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 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 residential mortgage loans held for sale. 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 September 30, 2025 (in thousands):

			Commercial						Consumer						Wealth Management						Funds Management & Other						BOK Financial Corporation						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	15,494					$	—					$	15,494					$	15,494					$	—
Customer hedging revenue			3,031						—						2,189						495						5,715						5,715						—
Retail brokerage revenue			—						—						5,920						—						5,920						—						5,920
Investment banking revenue			4,247						—						11,863						—						16,110						4,237						11,873
Brokerage and trading revenue			7,278						—						35,466						495						43,239						25,446						17,793
TransFund EFT network revenue			23,733						737						(18)						5						24,457						—						24,457
Merchant services revenue			2,513						8						—						—						2,521						—						2,521
Corporate card revenue			2,142						—						256						87						2,485						—						2,485
Transaction card revenue			28,388						745						238						92						29,463						—						29,463
Personal trust revenue			—						—						27,187						—						27,187						—						27,187
Corporate trust revenue			—						—						11,087						—						11,087						—						11,087
Institutional trust & retirement plan services revenue			—						—						19,110						—						19,110						—						19,110
Investment management services and other revenue			—						—						6,494						—						6,494						—						6,494
Fiduciary and asset management revenue			—						—						63,878						—						63,878						—						63,878
Commercial account service charge revenue			17,376						566						635						—						18,577						—						18,577
Overdraft fee revenue			31						5,787						45						3						5,866						—						5,866
Check card revenue			—						6,053						—						—						6,053						—						6,053
Automated service charge and other deposit fee revenue			268						1,079						53						—						1,400						—						1,400
Deposit service charges and fees			17,675						13,485						733						3						31,896						—						31,896
Mortgage production revenue			—						2,370						—						—						2,370						2,370						—
Mortgage servicing revenue			—						18,333						—						(939)						17,394						17,394						—
Mortgage banking revenue			—						20,703						—						(939)						19,764						19,764						—
Other revenue			4,196						3,138						11,201						(2,345)						16,190						9,519						6,671
Total fees and commissions revenue			$	57,537					$	38,071					$	111,516					$	(2,694)					$	204,430					$	54,729					$	149,701

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 nine months ended September 30, 2025 (in thousands):

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	38,027					$	—					$	38,027					$	38,027					$	—
Customer hedging revenue			10,988						—						9,630						996						21,614						21,614						—
Retail brokerage revenue			—						—						15,992						—						15,992						—						15,992
Investment banking revenue			12,822						—						23,977						—						36,799						12,478						24,321
Brokerage and trading revenue			23,810						—						87,626						996						112,432						72,119						40,313
TransFund EFT network revenue			69,713						2,168						(52)						5						71,834						—						71,834
Merchant services revenue			7,300						24						—						—						7,324						—						7,324
Corporate card revenue			6,099						—						567						292						6,958						—						6,958
Transaction card revenue			83,112						2,192						515						297						86,116						—						86,116
Personal trust revenue			—						—						80,761						—						80,761						—						80,761
Corporate trust revenue			—						—						33,901						—						33,901						—						33,901
Institutional trust & retirement plan services revenue			—						—						55,991						—						55,991						—						55,991
Investment management services and other revenue			—						—						18,161						—						18,161						—						18,161
Fiduciary and asset management revenue			—						—						188,814						—						188,814						—						188,814
Commercial account service charge revenue			51,136						1,725						1,889						—						54,750						—						54,750
Overdraft fee revenue			89						16,436						150						(12)						16,663						—						16,663
Check card revenue			—						17,721						—						—						17,721						—						17,721
Automated service charge and other deposit fee revenue			765						3,375						216						—						4,356						—						4,356
Deposit service charges and fees			51,990						39,257						2,255						(12)						93,490						—						93,490
Mortgage production revenue			—						6,706						—						—						6,706						6,706						—
Mortgage servicing revenue			—						54,483						—						(2,617)						51,866						51,866						—
Mortgage banking revenue			—						61,189						—						(2,617)						58,572						58,572						—
Other revenue			12,182						9,017						32,292						(7,039)						46,452						26,088						20,364
Total fees and commissions revenue			$	171,094					$	111,655					$	311,502					$	(8,375)					$	585,876					$	156,779					$	429,097

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 September 30, 2024 (in thousands):

			Commercial						Consumer						Wealth Management						Funds Management & Other						BOK Financial Corporation						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	23,642					$	—					$	23,642					$	23,642					$	—
Customer hedging revenue			3,835						—						2,812						780						7,427						7,427						—
Retail brokerage revenue			—						—						4,924						—						4,924						—						4,924
Investment banking revenue			3,988						—						10,410						—						14,398						3,630						10,768
Brokerage and trading revenue			7,823						—						41,788						780						50,391						34,699						15,692
TransFund EFT network revenue			23,111						779						(21)						5						23,874						—						23,874
Merchant services revenue			2,461						8						—						—						2,469						—						2,469
Corporate card revenue			1,927						—						134						91						2,152						—						2,152
Transaction card revenue			27,499						787						113						96						28,495						—						28,495
Personal trust revenue			—						—						25,014						—						25,014						—						25,014
Corporate trust revenue			—						—						9,091						—						9,091						—						9,091
Institutional trust & retirement plan services revenue			—						—						17,057						(1)						17,056						—						17,056
Investment management services and other revenue			—						—						6,223						—						6,223						—						6,223
Fiduciary and asset management revenue			—						—						57,385						(1)						57,384						—						57,384
Commercial account service charge revenue			15,768						550						578						—						16,896						—						16,896
Overdraft fee revenue			30						5,805						41						—						5,876						—						5,876
Check card revenue			—						6,154						—						—						6,154						—						6,154
Automated service charge and other deposit fee revenue			257						1,187						80						—						1,524						—						1,524
Deposit service charges and fees			16,055						13,696						699						—						30,450						—						30,450
Mortgage production revenue			—						1,563						—						—						1,563						1,563						—
Mortgage servicing revenue			—						17,573						—						(764)						16,809						16,809						—
Mortgage banking revenue			—						19,136						—						(764)						18,372						18,372						—
Other revenue			4,488						3,080						12,472						(2,638)						17,402						10,382						7,020
Total fees and commissions revenue			$	55,865					$	36,699					$	112,457					$	(2,527)					$	202,494					$	63,453					$	139,041

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 nine months ended September 30, 2024 (in thousands):

			Commercial						Consumer						Wealth Management						Funds Management & Other						Consolidated						Out of Scope1						In Scope2
Trading revenue			$	—					$	—					$	88,794					$	—					$	88,794					$	88,794					$	—
Customer hedging revenue			10,986						—						7,879						1,652						20,517						20,517						—
Retail brokerage revenue			—						—						14,455						—						14,455						—						14,455
Investment banking revenue			11,913						—						26,908						—						38,821						10,666						28,155
Brokerage and trading revenue			22,899						—						138,036						1,652						162,587						119,977						42,610
TransFund EFT network revenue			65,460						2,381						(58)						5						67,788						—						67,788
Merchant services revenue			7,143						25						—						—						7,168						—						7,168
Corporate card revenue			5,533						—						474						271						6,278						—						6,278
Transaction card revenue			78,136						2,406						416						276						81,234						—						81,234
Personal trust revenue			—						—						76,129						—						76,129						—						76,129
Corporate trust revenue			—						—						26,997						—						26,997						—						26,997
Institutional trust & retirement plan services revenue			—						—						49,723						—						49,723						—						49,723
Investment management services and other revenue			—						—						17,416						—						17,416						—						17,416
Fiduciary and asset management revenue			—						—						170,265						—						170,265						—						170,265
Commercial account service charge revenue			46,063						1,633						1,727						—						49,423						—						49,423
Overdraft fee revenue			93						16,573						103						—						16,769						—						16,769
Check card revenue			—						17,873						—						—						17,873						—						17,873
Automated service charge and other deposit fee revenue			785						3,612						245						—						4,642						—						4,642
Deposit service charges and fees			46,941						39,691						2,075						—						88,707						—						88,707
Mortgage production revenue			—						7,457						—						—						7,457						7,457						—
Mortgage servicing revenue			—						50,652						—						(2,142)						48,510						48,510						—
Mortgage banking revenue			—						58,109						—						(2,142)						55,967						55,967						—
Other revenue			12,239						8,952						33,577						(10,443)						44,325						26,695						17,630
Total fees and commissions revenue			$	160,215					$	109,158					$	344,369					$	(10,657)					$	603,085					$	202,639					$	400,446

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 and nine months ended September 30, 2025, and 2024, respectively. Transfers between significant other observable inputs and significant unobservable inputs during the three and nine months ended September 30, 2025, and 2024 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 September 30, 2025, or December 31, 2024.

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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 September 30, 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						$	4,821					$	—					$	4,821					$	—
Residential agency mortgage-backed securities						4,133,011						—						4,133,011						—
Municipal securities						74,613						—						74,613						—
Other trading securities						43,287						—						43,287						—
Total trading securities						4,255,732						—						4,255,732						—
Available-for-sale securities:
U.S. Treasury						972						972						—						—
Municipal securities						188,921						—						188,921						—
Residential agency mortgage-backed securities						9,406,920						—						9,406,920						—
Residential non-agency mortgage-backed securities						739,972						—						739,972						—
Commercial agency mortgage-backed securities						3,143,772						—						3,143,772						—
Other debt securities						473						—						—						473
Total available-for-sale securities						13,481,030						972						13,479,585						473
Fair value option securities — Residential agency mortgage-backed securities						104,688						—						104,688						—
Residential mortgage loans held for sale1						100,060						—						93,801						6,259
Mortgage servicing rights2						326,399						—						—						326,399
Derivative contracts, net of cash collateral3						299,215						167						299,048						—
Liabilities:
Derivative contracts, net of cash collateral3						$	306,796					$	4,970					$	301,826					$	—

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 81.74% 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.

- 84 -

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2024 (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						$	21,275					$	1,494					$	19,781					$	—
Residential agency mortgage-backed securities						4,792,695						—						4,792,695						—
Municipal securities						62,230						—						62,230						—
Other trading securities						22,890						—						22,890						—
Total trading securities						4,899,090						1,494						4,897,596						—
Available-for-sale securities:
U.S. Treasury						945						945						—						—
Municipal securities						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						—						3,204,016						—
Other debt securities						473						—						—						473
Total available-for-sale securities						12,851,600						945						12,850,182						473
Fair value option securities — Residential agency mortgage-backed securities						17,876						—						17,876						—
Residential mortgage loans held for sale1						77,561						—						70,564						6,997
Mortgage servicing rights2						338,145						—						—						338,145
Derivative contracts, net of cash collateral3						242,809						656						242,153						—
Liabilities:
Derivative contracts, net of cash collateral3						$	237,582					$	3,391					$	234,191					$	—

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 81.11% 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 mortgage servicing rights at fair value with changes in the fair value recognized in earnings.

The fair value of certain AFS 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 references 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 would 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 residential mortgage loans held for sale 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.

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 September 30, 2025, for which the fair value was adjusted during the nine months ended September 30, 2025 (in thousands):

																					Fair Value Adjustments for the
			Carrying Value at September 30, 2025																		Three Months Ended Sep. 30, 2025 Recognized in:												Nine Months Ended Sep. 30, 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						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	—					$	5,811					$	2,762					$	—					$	2,762					$	—
Real estate and other repossessed assets			$	—					$	—					$	1,582					$	—					$	—					$	—					$	(356)

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 September 30, 2024, for which the fair value was adjusted during the nine months ended September 30, 2024 (in thousands):

																					Fair Value Adjustments for the
			Carrying Value at September 30, 2024																		Three Months Ended Sep. 30, 2024 Recognized in:												Nine Months Ended Sep. 30, 2024 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						Gross charge-offs against allowance for loan losses						Other gains (losses), net
Nonaccruing loans			$	—					$	62					$	5,100					$	400					$	—					$	6,743					$	—
Real estate and other repossessed assets			—						23						—						—						(5)						—						(5)

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 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.

- 87 -

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of September 30, 2025 follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

5,811

Discounted cash flows

Management knowledge of industry and non-real estate collateral

33% - 68% (68%)1

Real estate and other repossessed assets

1,582

Discounted cash flows

Marketability adjustments off appraised value2

98% - 98% (98%)

1    Represents fair value as a percentage of the unpaid principal balance.

2    Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.

A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of September 30, 2024 follows (dollars in thousands):

Fair Value

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Nonaccruing loans

$

5,100

Discounted cash flows

Management knowledge of industry and non-real estate collateral

36% - 36% (36%)1

1    Represents fair value as a percentage of the unpaid principal balance.

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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 September 30, 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						$	880,721					$	880,721					$	880,721					$	—					$	—
Interest-bearing cash and cash equivalents						545,322						545,322						545,322						—						—
Trading securities:
U.S. government securities						4,821						4,821						—						4,821						—
Residential agency mortgage-backed securities						4,133,011						4,133,011						—						4,133,011						—
Municipal securities						74,613						74,613						—						74,613						—
Other trading securities						43,287						43,287						—						43,287						—
Total trading securities						4,255,732						4,255,732						—						4,255,732						—
Investment securities:
Municipal securities						88,525						90,285						—						11,288						78,997
Residential agency mortgage-backed securities						1,717,351						1,581,160						—						1,581,160						—
Commercial agency mortgage-backed securities						16,441						16,023						—						16,023						—
Other debt securities						15,538						14,757						—						14,757						—
Total investment securities						1,837,855						1,702,225						—						1,623,228						78,997
Allowance for credit losses						(208)						—						—						—						—
Investment securities, net of allowance						1,837,647						1,702,225						—						1,623,228						78,997
Available-for-sale securities:
U.S. Treasury						972						972						972						—						—
Municipal securities						188,921						188,921						—						188,921						—
Residential agency mortgage-backed securities						9,406,920						9,406,920						—						9,406,920						—
Residential non-agency mortgage-backed securities						739,972						739,972						—						739,972						—
Commercial agency mortgage-backed securities						3,143,772						3,143,772						—						3,143,772						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						13,481,030						13,481,030						972						13,479,585						473
Fair value option securities — Residential agency mortgage-backed securities						104,688						104,688						—						104,688						—
Residential mortgage loans held for sale						100,060						100,060						—						93,801						6,259
Loans:
Commercial						14,512,940						14,533,675						—						—						14,533,675
Commercial real estate						5,752,607						5,676,057						—						—						5,676,057
Loans to individuals						4,599,647						4,483,505						—						—						4,483,505
Total loans						24,865,194						24,693,237						—						—						24,693,237
Allowance for loan losses						(277,692)						—						—						—						—
Loans, net of allowance						24,587,502						24,693,237						—						—						24,693,237
Mortgage servicing rights						326,399						326,399						—						—						326,399
Derivative instruments with positive fair value, net of cash collateral						299,215						299,215						167						299,048						—
Deposits with no stated maturity						34,737,140						34,737,140						—						—						34,737,140
Time deposits						3,762,878						3,750,005						—						—						3,750,005
Other borrowed funds						4,210,457						4,210,486						—						—						4,210,486
Subordinated debentures						—						—						—						—						—
Derivative instruments with negative fair value, net of cash collateral						306,796						306,796						4,970						301,826						—

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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, 2024 (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						$	1,043,969					$	1,043,969					$	1,043,969					$	—					$	—
Interest-bearing cash and cash equivalents						390,732						390,732						390,732						—						—
Trading securities:
U.S. government securities						21,275						21,275						1,494						19,781						—
Residential agency mortgage-backed securities						4,792,695						4,792,695						—						4,792,695						—
Municipal securities						62,230						62,230						—						62,230						—
Other trading securities						22,890						22,890						—						22,890						—
Total trading securities						4,899,090						4,899,090						1,494						4,897,596						—
Investment securities:
Municipal securities						104,467						106,489						—						11,674						94,815
Residential agency mortgage-backed securities						1,880,473						1,680,800						—						1,680,800						—
Commercial agency mortgage-backed securities						16,220						15,357						—						15,357						—
Other debt securities						16,288						15,283						—						15,283						—
Total investment securities						2,017,448						1,817,929						—						1,723,114						94,815
Allowance for credit losses						(223)						—						—						—						—
Investment securities, net of allowance						2,017,225						1,817,929						—						1,723,114						94,815
Available-for-sale securities:
U.S. Treasury						945						945						945						—						—
Municipal securities						225,568						225,568						—						225,568						—
Residential agency mortgage-backed securities						8,639,389						8,639,389						—						8,639,389						—
Residential non-agency mortgage-backed securities						781,209						781,209						—						781,209						—
Commercial agency mortgage-backed securities						3,204,016						3,204,016						—						3,204,016						—
Other debt securities						473						473						—						—						473
Total available-for-sale securities						12,851,600						12,851,600						945						12,850,182						473
Fair value option securities — Residential agency mortgage-backed securities						17,876						17,876						—						17,876						—
Residential mortgage loans held for sale						77,561						77,561						—						70,564						6,997
Loans:
Commercial						15,030,136						14,903,851						—						—						14,903,851
Commercial real estate						5,058,452						4,933,396						—						—						4,933,396
Loans to individuals						4,026,136						3,872,299						—						—						3,872,299
Total loans						24,114,724						23,709,546						—						—						23,709,546
Allowance for loan losses						(280,035)						—						—						—						—
Loans, net of allowance						23,834,689						23,709,546						—						—						23,709,546
Mortgage servicing rights						338,145						338,145						—						—						338,145
Derivative instruments with positive fair value, net of cash collateral						242,809						242,809						656						242,153						—
Deposits with no stated maturity						34,655,820						34,655,820						—						—						34,655,820
Time deposits						3,535,410						3,522,242						—						—						3,522,242
Other borrowed funds						4,322,979						4,323,174						—						—						4,323,174
Subordinated debentures						131,200						121,057						—						121,057						—
Derivative instruments with negative fair value, net of cash collateral						237,582						237,582						3,391						234,191						—

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 September 30, 2025, through the issuance of those consolidated financial statements included in this Quarterly Report on Form 10-Q. No events were identified requiring recognition in and/or disclosure in the consolidated financial statements.

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Nine-Month Financial Summary – Unaudited

Consolidated Daily Average Balances, Average Yields and Rates

(In thousands, except per share data)						Nine Months Ended
						September 30, 2025																		September 30, 2024
						Average Balance						Revenue/ Expense						Yield/ Rate1						Average Balance						Revenue/ Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	521,559					$	17,337					4.44		%				$	544,371					$	21,912					5.38		%
Trading securities						6,119,640						233,129						5.12		%				5,699,227						219,654						5.18		%
Investment securities						1,919,746						20,330						1.41		%				2,151,633						22,849						1.42		%
Available-for-sale securities						13,190,857						392,385						3.88		%				12,745,134						363,064						3.65		%
Fair value option securities						70,848						2,938						5.46		%				19,447						578						3.65		%
Restricted equity securities						358,463						20,691						7.70		%				425,440						26,476						8.30		%
Residential mortgage loans held for sale						80,546						3,726						6.08		%				78,236						3,766						6.29		%
Loans						24,359,748						1,222,595						6.71		%				24,213,204						1,345,721						7.42		%
Allowance for loan losses						(278,515)																		(282,990)
Loans, net of allowance						24,081,233						1,222,595						6.79		%				23,930,214						1,345,721						7.51		%
Total earning assets						46,342,892						1,913,131						5.48		%				45,593,702						2,004,020						5.81		%
Receivable on unsettled securities sales						191,769																		231,574
Cash and other assets						5,123,233																		4,969,320
Total assets						$	51,657,894																	$	50,794,596
Liabilities and equity
Interest-bearing deposits:
Transaction						$	25,932,641					$	615,137					3.17		%				$	23,089,008					$	646,670					3.74		%
Savings						855,377						3,520						0.55		%				832,199						3,632						0.58		%
Time						3,535,915						102,691						3.88		%				3,465,276						117,703						4.54		%
Total interest-bearing deposits						30,323,933						721,348						3.18		%				27,386,483						768,005						3.75		%
Funds purchased and repurchase agreements						863,625						21,098						3.27		%				1,369,725						42,140						4.11		%
Other borrowings						5,233,095						177,269						4.53		%				6,785,766						282,507						5.56		%
Subordinated debentures						76,531						3,672						6.41		%				131,155						6,975						7.10		%
Total interest-bearing liabilities						36,497,184						923,387						3.38		%				35,673,129						1,099,627						4.12		%
Non-interest bearing demand deposits						8,002,194																		8,430,111
Due on unsettled securities purchases						418,950																		399,719
Other liabilities						932,582																		1,039,441
Total equity						5,806,984																		5,252,196
Total liabilities and equity						$	51,657,894																	$	50,794,596
Tax-equivalent net interest income												$	989,744					2.10		%										$	904,393					1.69		%
Tax-equivalent net interest income to earning assets																		2.83		%																2.62		%
Less tax-equivalent adjustment												7,681																		6,681
Net interest income												982,063																		897,712
Provision for credit losses												2,000																		18,000
Other operating revenue												603,848																		629,597
Other operating expense												1,071,802																		1,018,099
Net income before taxes												512,109																		491,210
Federal and state income taxes												111,397																		103,811
Net income												400,712																		387,399
Net income (loss) attributable to non-controlling interests												23																		(16)
Net income attributable to BOK Financial Corporation shareholders												$	400,689																	$	387,415
Earnings per share:
Basic												$	6.27																	$	6.01
Diluted												$	6.27																	$	6.01

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 Financial Summary – Unaudited

Consolidated Daily Average Balances, Average Yields and Rates

(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												$	2.22																	$	2.19
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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(In thousands, except per share data)						Three Months Ended
						March 31, 2025																		December 31, 2024
						Average Balance						Revenue /Expense						Yield/ Rate1						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	564,014					$	6,229					4.48		%				$	546,955					$	6,322					4.60		%
Trading securities						5,881,997						73,871						5.07		%				5,636,949						68,817						4.90		%
Investment securities, net of allowance						1,980,005						7,008						1.42		%				2,037,072						7,256						1.42		%
Available-for-sale securities						12,962,830						127,573						3.82		%				12,969,630						127,803						3.82		%
Fair value option securities						17,603						178						3.72		%				18,384						183						3.70		%
Restricted equity securities						348,266						6,541						7.51		%				338,236						6,427						7.60		%
Residential mortgage loans held for sale						63,365						975						6.03		%				87,353						1,296						5.85		%
Loans						24,068,227						398,737						6.71		%				24,024,544						423,487						7.01		%
Allowance for loan losses						(279,983)																		(283,685)
Loans, net of allowance						23,788,244						398,737						6.79		%				23,740,859						423,487						7.10		%
Total earning assets						45,606,324						621,112						5.45		%				45,375,438						641,591						5.59		%
Receivable on unsettled securities sales						184,960																		284,793
Cash and other assets						5,195,619																		4,954,955
Total assets						$	50,986,903																	$	50,615,186
Liabilities and equity
Interest-bearing deposits:
Transaction						$	25,859,733					$	204,521					3.21		%				$	24,992,464					$	214,868					3.42		%
Savings						844,875						1,168						0.56		%				818,210						1,213						0.59		%
Time						3,498,401						35,383						4.10		%				3,629,882						41,643						4.56		%
Total interest-bearing deposits						30,203,009						241,072						3.24		%				29,440,556						257,724						3.48		%
Funds purchased and repurchase agreements						935,716						7,028						3.05		%				1,076,400						10,231						3.78		%
Other borrowings						4,626,402						52,135						4.57		%				4,489,870						55,883						4.95		%
Subordinated debentures						131,188						2,084						6.44		%				131,185						2,241						6.80		%
Total interest-bearing liabilities						35,896,315						302,319						3.42		%				35,138,011						326,079						3.69		%
Non-interest bearing demand deposits						8,156,069																		8,378,558
Due on unsettled securities purchases						425,050																		472,334
Other liabilities						848,797																		1,047,983
Total equity						5,660,672																		5,578,300
Total liabilities and equity						$	50,986,903																	$	50,615,186
Tax-equivalent net interest income												$	318,793					2.03		%										$	315,512					1.90		%
Tax-equivalent net interest income to earning assets																		2.78		%																2.75		%
Less tax-equivalent adjustment												2,542																		2,466
Net interest income												316,251																		313,046
Provision for credit losses												—																		—
Other operating revenue												186,041																		210,044
Other operating expense												347,529																		347,656
Net income before taxes												154,763																		175,434
Federal and state income taxes												34,992																		39,280
Net income												119,771																		136,154
Net income (loss) attributable to non-controlling interests												(6)																		—
Net income attributable to BOK Financial Corporation shareholders												$	119,777																	$	136,154
Earnings per share:
Basic												$	1.86																	$	2.12
Diluted												$	1.86																	$	2.12

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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(In thousands, except per share data)						Three Months Ended
						September 30, 2024
						Average Balance						Revenue / Expense						Yield/ Rate1
Assets
Interest-bearing cash and cash equivalents						$	531,811					$	7,131					5.33		%
Trading securities						5,802,448						76,498						5.36		%
Investment securities, net of allowance						2,094,408						7,406						1.41		%
Available-for-sale securities						12,939,422						125,555						3.76		%
Fair value option securities						19,095						189						3.69		%
Restricted equity securities						410,800						8,426						8.20		%
Residential mortgage loans held for sale						95,742						1,495						6.15		%
Loans						24,304,884						455,995						7.47		%
Allowance for loan losses						(287,227)
Loans, net of allowance						24,017,657						455,995						7.55		%
Total earning assets						45,911,383						682,695						5.89		%
Receivable on unsettled securities sales						216,158
Cash and other assets						5,029,494
Total assets						$	51,157,035
Liabilities and equity
Interest-bearing deposits:
Transaction						$	23,986,697					$	227,767					3.78		%
Savings						820,980						1,232						0.60		%
Time						3,678,964						42,129						4.56		%
Total interest-bearing deposits						28,486,641						271,128						3.79		%
Funds purchased and repurchase agreements						1,016,688						9,932						3.89		%
Other borrowings						6,366,046						88,774						5.55		%
Subordinated debentures						131,155						2,357						7.15		%
Total interest-bearing liabilities						36,000,530						372,191						4.11		%
Non-interest bearing demand deposits						8,273,656
Due on unsettled securities purchases						348,585
Other liabilities						1,084,458
Total equity						5,449,806
Total liabilities and equity						$	51,157,035
Tax-equivalent net interest income												$	310,504					1.78		%
Tax-equivalent net interest income to earning assets																		2.68		%
Less tax-equivalent adjustment												2,385
Net interest income												308,119
Provision for credit losses												2,000
Other operating revenue												208,192
Other operating expense												341,025
Net income before taxes												173,286
Federal and state income taxes												33,313
Net income												139,973
Net income (loss) attributable to non-controlling interests												(26)
Net income attributable to BOK Financial Corporation shareholders												$	139,999
Earnings per share:
Basic												$	2.18
Diluted												$	2.18

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
						Sep. 30, 2025						June 30, 2025						Mar. 31, 2025						Dec. 31, 2024						Sep. 30, 2024
Interest revenue						$	644,453					$	642,427					$	618,570					$	639,125					$	680,310
Interest expense						306,807						314,261						302,319						326,079						372,191
Net interest income						337,646						328,166						316,251						313,046						308,119
Provision for credit losses						2,000						—						—						—						2,000
Net interest income after provision for credit losses						335,646						328,166						316,251						313,046						306,119
Other operating revenue
Brokerage and trading revenue						43,239						38,125						31,068						55,505						50,391
Transaction card revenue						29,463						29,561						27,092						27,631						28,495
Fiduciary and asset management revenue						63,878						63,964						60,972						60,595						57,384
Deposit service charges and fees						31,896						31,319						30,275						30,038						30,450
Mortgage banking revenue						19,764						18,993						19,815						18,140						18,372
Other revenue						16,190						15,368						14,894						15,029						17,402
Total fees and commissions						204,430						197,330						184,116						206,938						202,494
Other gains (losses), net						8,264						8,140						(725)						4,995						13,087
Gain (loss) on derivatives, net						(453)						5,535						9,565						(21,728)						8,991
Gain (loss) on fair value option securities, net						630						1,112						325						(621)						764
Change in fair value of mortgage servicing rights						(2,375)						(5,019)						(7,240)						20,460						(16,453)
Gain (loss) on available-for-sale securities, net						213						—						—						—						(691)
Total other operating revenue						210,709						207,098						186,041						210,044						208,192
Other operating expense
Personnel						226,347						214,711						214,185						210,675						206,821
Business promotion						9,960						9,139						8,818						9,365						7,681
Professional fees and services						15,137						15,402						13,269						15,175						13,405
Net occupancy and equipment						33,040						32,657						32,992						32,713						32,077
FDIC and other insurance						7,302						6,439						6,587						6,862						8,186
FDIC special assessment						(1,209)						(523)						523						(686)						(1,437)
Data processing and communications						50,062						49,597						47,578						48,024						47,554
Printing, postage and supplies						4,036						4,067						3,639						3,699						3,594
Amortization of intangible assets						2,656						2,656						2,652						2,855						2,856
Mortgage banking costs						10,668						6,711						7,689						10,692						9,059
Other expense						11,771						13,647						9,597						8,282						11,229
Total other operating expense						369,770						354,503						347,529						347,656						341,025
Net income before taxes						176,585						180,761						154,763						175,434						173,286
Federal and state income taxes						35,714						40,691						34,992						39,280						33,313
Net income						140,871						140,070						119,771						136,154						139,973
Net income (loss) attributable to non-controlling interests						(23)						52						(6)						—						(26)
Net income attributable to BOK Financial Corporation shareholders						$	140,894					$	140,018					$	119,777					$	136,154					$	139,999
Earnings per share:
Basic						$2.22						$2.19						$1.86						$2.12						$2.18
Diluted						$2.22						$2.19						$1.86						$2.12						$2.18
Average shares used in computation:
Basic						62,840,270						63,208,027						63,547,510						63,491,458						63,489,581
Diluted						62,840,270						63,208,027						63,547,510						63,491,458						63,489,581

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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, 2024.

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 September 30, 2025.

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
July 1 to July 31, 2025						445						$	102.96					—						5,000,000
August 1 to August 31, 2025						64,294						$	109.59					64,000						4,936,000
September 1 to September 30, 2025						301,764						$	111.29					301,547						4,634,453
Total						366,503												365,547

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 September 30, 2025, the Company had repurchased 365,547 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.

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 third quarter of 2025.

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

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:        October 29, 2025           

/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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