BOKF 10-Q Quarterly Report Sept. 30, 2025

BOK FINANCIAL CORP ET AL

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bokf-20250930

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


☐						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. PPNR 1 , 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 activities 1 , 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 ratio 1 , 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.

- 3 -

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 activities 1 , 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.

- 4 -

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 To 1						Change Due To 1
	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.

- 5 -

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.

- 6 -

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.

- 7 -

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
	Balance 1		Revenue 2		Margin 3		Balance 1		Revenue 2		Margin 3
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
	Balance 1		Revenue 2		Margin 3		Balance 1		Revenue 2		Margin 3
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

- 8 -

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 rates 1 :
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.

- 9 -

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 securities 1	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.

- 10 -

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 ratio 1 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.

- 11 -

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.

- 13 -

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.

- 14 -

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.

- 15 -

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.

- 16 -

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.

- 17 -

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.

- 18 -

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.

- 19 -

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.

- 20 -

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

- 21 -

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.

- 22 -

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.

- 23 -

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		%

- 24 -

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 loans 1	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 loans 1	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 assets 1	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 individuals 1	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.

- 28 -

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.

- 30 -

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

- 31 -


	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 debentures 1	—		—		—	%	—		—		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.

- 33 -

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 ratio 1							10.06	%	9.63	%	9.22	%


Performance Ratios:
Return on average equity							9.38	%	9.70	%	10.22	%
Return on average tangible common equity 1							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

- 35 -


	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.

- 36 -

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)		%

- 37 -

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.

- 38 -

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
Average 1	$	(217)	$	(73)	$	(164)	$	(64)		$	(170)	$	(67)	$	(68)	$	(52)
Low 2	(38)		182		(37)		16			(37)		182		93		126
High 3	(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.

- 39 -

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
Average 1	$	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
Average 1	$	(2,151)	$	6,660	$	(545)	$	3,838		$	(1,241)	$	5,012	$	(2,680)	$	4,470
Low 2	3,454		10,647		2,982		10,934			3,602		10,934		4,622		11,070
High 3	(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."

- 40 -

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.

- 48 -

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		Value 1		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		Value 1		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 Maturity 1
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 value 2									$	1,717,351
Fair value									1,581,160
Total investment securities:
Carrying value									$	1,837,855
Fair value									1,702,225

1 Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.

2 The 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 Maturity 1
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 cost 2									$	10,206,414
Fair value									10,146,892
Total available-for-sale securities:
Amortized cost									$	13,684,712
Fair value									13,481,030

1 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.

2 The 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.

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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
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,791,627	$	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
	Notional 1		Gross Fair Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,761,850	$	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		—
Trading 1	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		—
Trading 1	( 56,644 )		—		104,613		—
Internal risk management programs	—		14,647		—		( 733 )
Total derivative contracts	$	( 35,030 )	$	14,647	$	125,128	$	( 733 )

(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-date 1	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-date 1	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 expense 1	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 allocations 2	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 expense 1	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 allocations 2	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

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 expense 1	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 allocations 2	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

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

- 76 -

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 expense 1	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 allocations 2	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

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

- 77 -

(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.

- 78 -

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 Scope 1		In Scope 2
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 Scope 1		In Scope 2
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.

- 80 -

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 Scope 1		In Scope 2
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.

- 81 -

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 Scope 1		In Scope 2
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.

- 83 -

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 sale 1	100,060		—		93,801		6,259
Mortgage servicing rights 2	326,399		—		—		326,399
Derivative contracts, net of cash collateral 3	299,215		167		299,048		—
Liabilities:
Derivative contracts, net of cash collateral 3	$	306,796	$	4,970	$	301,826	$	—

1 Residential 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.

2 A 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.

3 See 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 sale 1	77,561		—		70,564		6,997
Mortgage servicing rights 2	338,145		—		—		338,145
Derivative contracts, net of cash collateral 3	242,809		656		242,153		—
Liabilities:
Derivative contracts, net of cash collateral 3	$	237,582	$	3,391	$	234,191	$	—

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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.

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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 value 2

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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	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/ Rate 1		Average Balance		Revenue/ Expense		Yield/ Rate 1
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/ Rate 1		Average Balance		Revenue/ Expense		Yield/ Rate 1
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/ Rate 1		Average Balance		Revenue / Expense		Yield/ Rate 1
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/ Rate 1
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 Purchased 2	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1	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

1 On 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.

2 The 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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TABLE OF CONTENTS

Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Actof 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

BOKF 10-Q Quarter ended Sept. 30, 2025

Exhibits