BOK Financial : 1Q 2026 Investor Presentation

Published: 2026-04-20 16:31:08 ET BOKF

Published on 04/20/2026 at 04:31 pm EDT

Q1 Earnings Conference Call

April 21, 2026

Chief Executive Officer

Net income was $155.8 million, or $2.58 per diluted share, compared to $177.3 million, or $2.89 per diluted share in the prior quarter. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025*

Net interest margin declined 8 basis points to 2.90% and core net interest margin, excluding trading, declined 7 basis points to 3.15%*

Period end loans grew $536 million, or 2.1% sequentially to $26.2 billion with strong growth throughout our Commercial and Commercial Real Estate portfolios. Period end loans grew $2.5 billion

Net Income

$155.8

$140.0

$140.9

$119.8

$1.86

$2.22

$2.19

$2.58

$2.89

$177.3

or 10.5% compared to the first quarter of 2025

1Q25 2Q25 3Q25 4Q25 1Q26

Revenue Composition

Net charge-offs were 3 basis points of average loans on an annualized basis in the first quarter

Continued strong capital and liquidity position with TCE at 9.3% and a loan to deposit ratio of 68%

($Million, exc. EPS)

Q1 2026

Q4 2025

Q1 2025

Net income

$155.8

$177.3

$119.8

Diluted EPS

$2.58

$2.89

$1.86

Net income before taxes

$199.7

$228.5

$154.8

Provision for credit losses

$0.0

Pre-provision net revenue*

$199.7

$228.5

$154.8

Efficiency ratio*

* Non-GAAP measure

63.2%

60.7%

68.3%

as of 3/31/2026

12%

62%

Deposit Service Charges Mortgage Banking

Other Revenue

Period End Loans $26.2 2.1% 10.5%

($Billion) Q1 2026 Quarterly Sequential

Quarterly YOY

Period end loan balances increased $536 million, led by strong growth in our Arizona, Texas, and Oklahoma markets with broad-based growth in our Commercial and Commercial Real Estate portfolios. Average

Average Loans $25.9 2.7% 7.7%

Average Deposits $39.0 (2.5)% 1.6%

Assets Under Management or $123.6 (2.4)% 8.5% Administration

loan balances grew $683 million

Fiduciary Assets $74.4 (3.4)% 9.2%

Period End Deposits $38.7 (1.9)% 1.0%

Average deposits declined $1.0 billion in Q1. Opportunistically acquired wholesale deposits in the prior quarter were replaced with wholesale borrowings during the first quarter

The loan to deposit ratio increased to 68% at March 31 from 65% at December 31, but continues to be well below the pre-pandemic level of 79% at Dec. 31, 2019

Assets under management or administration decreased $3.0 billion to

$123.6 billion, driven by lower market valuations and normal seasonal distributions

($Million)

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Seq. Loan

Growth

YOY Loan

Growth

Energy

$ 3,005.7

$ 2,882.2

$ 2,860.3

4.3%

5.1%

Services

3,901.9

3,911.9

3,704.8

(0.3)%

5.3%

Healthcare

3,955.8

4,008.2

3,789.4

(1.3)%

4.4%

Mortgage Finance

228.2

177.8

28.4%

N/A

General Business

4,481.5

4,300.9

4,048.8

4.2%

10.7%

Total Commercial

15,573.1

15,281.1

14,403.4

1.9%

8.1%

Multifamily

$ 2,553.7

$ 2,432.3

$ 2,336.3

5.0%

9.3%

Industrial

1,418.6

1,368.4

1,163.1

3.7%

22.0%

Office

821.6

814.1

704.7

0.9%

16.6%

Retail

614.0

573.5

497.6

7.1%

23.4%

Residential Construction and Land Development

109.5

129.8

105.2

(15.6)%

4.1%

Other Commercial Real Estate

367.3

353.9

356.7

3.8%

3.0%

Total Commercial loans grew $292 million or 1.9% sequentially

Combined Services & General Business (Core C&I) balances increased $171 million or 2.1% linked quarter

Energy balances increased $123 million or 4.3%, reflecting continued reversal of the elevated payoff activity experienced in 2025

Healthcare balances decreased $52 million or 1.3% linked quarter, reflecting cyclical payoff activity

Total Commercial Real Estate

$ 5,884.7 $ 5,672.0 $ 5,163.5

3.7%

14.0%

Loans to individuals

$ 4,729.6 $ 4,698.4 $ 4,123.5

0.7%

14.7%

Total Loans

$ 26,187.4 $ 25,651.5 $ 23,690.5

2.1%

10.5%

Commercial Real Estate loan balances increased $213 million or 3.7% linked quarter, led by growth in multifamily, industrial, and retail

Credit quality continues to be strong with nonperforming assets, excluding loans guaranteed by U.S. government agencies, totaling $52 million or 0.20% of outstanding loans and repossessed assets

Trailing 12 months net charge-offs at 3 bps with net charge-offs of $1.9 million during Q1

No provision for credit losses was necessary for the quarter as the favorable impact of higher projected oil prices in our energy portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions

Combined allowance for credit losses of $323 million or 1.23% at quarter end

19.1%

18.0%

10.1%

10.3%

11.3%

12.1%

11.0%

30.0%

20.0%

10.0%

4Q18 4Q19 1Q25 2Q25 3Q25 4Q25 1Q26

Annualized

0.06%

0.02%

0.01%

0.02%

0.03%

0.20%

0.10%

0.00%

1Q25 2Q25 3Q25 4Q25 1Q26

1.75%

1.50%

1.25%

1.00%

0.75%

0.50%

0.25%

1Q26

4Q25

3Q25

2Q25

1Q25

4Q24

3Q24

2Q24

1Q24

4Q23

3Q23

2Q23

1Q23

4Q22

3Q22

2Q22

1Q22

4Q21

3Q21

2Q21

1Q21

4Q20

3Q20

2Q20

1Q20

EVP, Wealth Management Executive

Trading fee income decreased $1.6 million reflecting continued mix shift in total trading revenue from Trading fees to Trading NII*

Investment banking revenue, which includes investment banking fees and syndication fees, decreased $4.1 million, largely affected by seasonality

($Million) Q1 2026 Qtr. Seq.

Trading Fees

$ 19.3

$ (1.6)

(7.8)%

138.2%

Mortgage Servicing

17.0

(0.1)%

(0.9)%

Mortgage Production

3.9

2.0

100.0%

49.3%

Customer Hedging Fees

7.8

1.1

17.1%

(6.8)%

Brokerage Fees

6.3

0.9

16.0%

27.3%

Syndication Fees

4.5

(2.0)

(30.8)%

40.3%

Investment Banking Fees

5.7

(2.1)

(27.0)%

(11.5)%

Markets & Securities

$ 64.6

(1.8)

(2.6)%

26.9%

$ Change

Qtr. Seq.

% Change

Qtr. YOY

% Change

Mortgage production revenue increased $2.0 million related to increased production volumes and refinance activity

Total Trading Revenue $ 34.7 $ 34.1 $ 29.8 $ 30.5 $ 23.3

Trading Fees $ 19.3 $ 20.9 $ 15.5 $ 14.4 $ 8.1

($Million) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Trading NII* 15.4 13.2 14.3 16.1 15.2

* Non-GAAP measure 9

Fiduciary and asset management revenue decreased $1.9 million, primarily from higher transaction-

($Million) Q1 2026 Qtr. Seq.

Markets & Securities $ 64.6 $ (1.8) (2.6)% 26.9%

$ Change

Qtr. Seq.

% Change

Qtr. YOY

% Change

related fees recognized in the prior quarter

Assets under management or administration ("AUMA") decreased $3.0 billion during the quarter driven by lower market valuations and normal seasonal distributions

Transaction card revenue grew to

$32.0 million this quarter, marking another record quarter

Fiduciary & Asset Management 66.5 (1.9) (2.7)% 9.0%

Transaction Card 32.0 0.4 1.3% 18.0%

Deposit Service Charges & Fees 32.2 0.2 0.6% 6.4%

Other Revenue 14.5 (2.0) (12.3)% (2.3)%

Asset Management & Transactions 145.2 (3.3) (2.2)% 9.0%

Total Fees & Commissions $ 209.8 $ (5.1) (2.4)% 13.9%

EVP, Chief Financial Officer

Net Interest Income

Net interest income declined $2.7 million linked quarter, driven by seasonal declines in DDA balances,

Net Interest Income $342.6 $345.3 $316.3 (0.8)% 8.3%

($Million) Q1 2026 Q4 2025 Q1 2025 Quarterly Sequential

Quarterly YOY

shorter day count in the first quarter, and the funding of temporary margin posted on behalf of our energy customers. Core net interest income, excluding trading,

Net Interest Margin 2.90% 2.98% 2.78% (8) bps 12 bps

Yield on Loans 6.25% 6.48% 6.71% (23) bps (46) bps

decreased $4.8 million*

Net Interest Margin

8 basis point NIM decrease with core net interest margin, excluding trading,* declining 7 basis points

3.05%

3.12%

3.16%

3.22%

3.15%

2.78%

2.80%

2.91%

2.98%

2.90%

4.00%

3.50%

3.00%

2.50%

Tax-equivalent Yield on

Cost of Interest-bearing

Deposits

2.71%

2.91%

3.24%

(20) bps

(53) bps

Earning Assets

Rate on Interest-bearing Liabilities

($Million)

$15.2

$16.1

$14.3

$13.2

$15.4

$301.1

$312.0

$323.3

$332.1

$327.2

$400

$300

$200

$100

5.23% 5.36% 5.45% (13) bps (22) bps

2.92% 3.06% 3.42% (14) bps (50) bps

1Q25 2Q25 3Q25 4Q25 1Q26

* Non-GAAP measure

1Q25 2Q25 3Q25 4Q25 1Q26

($Million)

Q1 2026

Q4 2025

Q1 2025

Quarterly

Sequential

Quarterly

YOY

Total Personnel Expense

$211.2

$222.7

$214.2

(5.2)%

(1.4)%

Memo: Deferred compensation**

0.2

2.4

(0.7)

N/A

Total Personnel Expense

(Excluding Deferred Compensation)

$211.0

$220.3

$214.9

(4.2)%

(1.8)%

Non-Personnel Expense

$143.0

$138.3

$133.3

3.4%

7.2%

Total Operating Expense

$354.2

$361.1

$347.5

(1.9)%

1.9%

Efficiency Ratio*

63.2%

60.7%

68.3%

Adjusted Efficiency Ratio*

63.2%

64.9%

68.2%

Personnel expenses were down $11.6 million, primarily driven by lower incentive compensation costs

Cash-based incentive compensation decreased $7.0 million as the fourth quarter was elevated, primarily driven by strong results in both commercial and wealth production volumes

Regular compensation decreased $2.5 million, reflecting normalization of quarterly compensation expense as the majority of transitional personnel costs from talent base alignment were recognized in the prior quarter

Excluding the impact of the FDIC special assessment adjustment in the prior quarter, non-personnel expense decreased $4.8 million, primarily related to lower professional fees

**Other gains and losses, net includes deferred compensation losses of $1.8 million in Q1 2026, gains of $3.7 million in Q4 2025, and losses of $1.1 million in Q1 2025.

* Non-GAAP measure 13

Business Driver

2025 Actuals

FY '26 As of 04/21/26*

Notes

EOP Loans

$25.7 billion

10% area

Continuing our recent broad-based loan growth trends in our existing portfolio, and expansion of Mortgage Finance.

EOP Inv Securities

$15.4 billion

Flat

Net Interest Income

$1.3 billion

$1.42 to $1.45 billion

Assumes no rate cuts in 2026, consistent with market implied forwards.

Fees & Commissions

$801 million

$820 to $845 million

Reflects mid-single-digit fee growth excluding trading, as a

no-rate-cut outlook modestly shifts trading revenues toward fee income.

Total Revenue

$2.2 billion

Mid single-digit growth

rate

Expenses

$1.4 billion

Low single-digit growth

Efficiency Ratio**

65.1%

63% area

Provision Expense

$2 million

$15 to $35 million

Credit outlook is strong. Assumes near 10% loan growth and a

gradual migration toward more normal levels of credit performance.

Bold represents changes compared to the prior quarter.

*Refer to Slide #2 regarding forward looking statements, expectations above assume no change to economic environment.

**Non-GAAP measure. Refer to Form-10K furnished on February 18, 2026. 14

Chief Executive Officer

CRE limit on total committed balances is 185% of tier one capital plus reserves

Office CRE outstandings only comprise 3% of total loans

72% oil / 28% gas-weighted borrowers

Robust stress testing process with 18 petroleum engineers and analysts on staff

* '26 YTD has been annualized for comparability with prior periods.

Short duration with limited extension, current portfolio duration is 3.0 years, extending to only 3.6 years if rates increase 200 bps

RMBS portfolio is all "AAA" rated with average credit enhancement of ~18%

Portfolio runoff for Q1 2026 was $707 million

Interest Rate Risk

Approximately 76% of the total loan portfolio is variable rate or fixed rate that reprice within a year

Approximately 84% of Commercial and Commercial Real Estate portfolios are variable rate or fixed rate that reprice within a year

Sensitivity to betas - The impact of decreasing our deposit beta by 10% in a down -100 interest rate scenario is 0.13% on NII

Scenario

Δ NII %

Δ NII $

Down 200 Ramp, year 1

1.81%

$26.9 million

Down 100 Ramp, year 1

0.76%

$11.2 million

Up 100 Ramp, year 1

(0.81)%

$(12.0) million

Up 200 Ramp, year 1

(1.86)%

$(27.6) million

1% 94%

Disclaimer

BOK Financial Corporation published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 20, 2026 at 20:30 UTC.