What changed in BOK FINANCIAL CORP's 2025 10-K compared to 2024?

Across the narrative sections we track, BOK FINANCIAL CORP (BOKF) added 407 paragraphs, removed 417, and edited 328 between the 2024 and 2025 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+294/−300), Item 1A. Risk Factors (+40/−44), Item 1. Business (+36/−39).

Did BOK FINANCIAL CORP add new Risk Factors in the 2025 10-K?

Yes — Item 1A Risk Factors shows 40 new/edited paragraphs and 44 removed paragraphs versus the 2024 10-K.

What changed in BOK FINANCIAL CORP's MD&A (Item 7) in 2025?

Item 7 Management's Discussion & Analysis shows 294 new/edited paragraphs and 300 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Where does this BOKF 10-K diff come from?

The source filings are BOK FINANCIAL CORP's official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in BOK FINANCIAL CORP's 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of BOK FINANCIAL CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+407 added−417 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-19)

Top changes in BOK FINANCIAL CORP's 2025 10-K

407 paragraphs added · 417 removed · 328 edited across 6 sections

Item 7. Management's Discussion & Analysis+294 / −300 · 233 edited
Item 1A. Risk Factors+40 / −44 · 34 edited
Item 1. Business+36 / −39 · 28 edited
Item 7A. Quantitative and Qualitative Disclosures About Market Risk+29 / −28 · 27 edited
Item 5. Market for Registrant's Common Equity+7 / −5 · 5 edited

Item 1. Business

Business — how the company describes what it does

28 edited+8 added−11 removed74 unchanged

2024 filing

2025 filing

Biggest changeWhile the special assessment will be collected at a quarterly rate of 3.36 basis points for the initial eight-quarter collection period, given the update to the loss estimates and the increase in the aggregate special assessment based resulting from amendments to the reported amount of estimated uninsured deposits, the FDIC currently projects that the special assessment will be collected for an additional two quarters beyond the initial eight-quarter collection period, at a lower rate. 8 Dividends A key source of liquidity for BOK Financial is dividends from BOKF, NA, which is limited by various banking regulations to net profits, as defined, for the year plus retained profits for the preceding two years.

Biggest changeDividends A key source of liquidity for BOK Financial is dividends from BOKF, NA, which is limited by various banking regulations to net profits, as defined, for the year plus retained profits for the preceding two years. Dividends are further restricted by minimum capital requirements and the Company's internal capital policy.

Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through the retail branch network and all mortgage loan origination and servicing activities. Wealth Management engages in brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of U.S. government agency mortgage-backed securities and related derivative contracts.

Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through the consumer branch network and all mortgage loan origination and servicing activities. Wealth Management engages in brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of U.S. government agency mortgage-backed securities and related derivative contracts.

Bank Secrecy Act and USA PATRIOT Act The BSA and the PATRIOT Act impose many requirements on financial institutions in the interest of national security and law enforcement. BSA requires banks to maintain records and file suspicious activity reports that are of use to law enforcement and regulators in combating money laundering and other financial crimes.

Bank Secrecy Act and USA PATRIOT Act The BSA and the PATRIOT Act impose many requirements on financial institutions in the interest of national security and law enforcement. The BSA requires banks to maintain records and file suspicious activity reports that are of use to law enforcement and regulators in combating money laundering and other financial crimes.

BOKF, NA's dividend limitations are discussed under the heading "Liquidity and Capital" within "Management's Discussion and Analysis of Financial Condition and Results of Operations." Source of Strength Doctrine According to Federal Reserve Board policy, a bank holding company is expected to act as a source of financial strength to each subsidiary bank and to commit resources to support each such subsidiary.

BOKF, NA's dividend limitations are discussed under the heading "Liquidity and Capital" within "Management's Discussion and Analysis of Financial Condition and Results of Operations." 8 Source of Strength Doctrine According to Federal Reserve Board policy, a bank holding company is expected to act as a source of financial strength to each subsidiary bank and to commit resources to support each such subsidiary.

Our diversified base of revenue sources is designed to generate returns across a range of economic situations. Wealth management also continues to be a strategic focus. We provide liquidity to the mortgage markets through trading of U.S. government agency issued mortgage-backed securities and related derivative contracts and currently service approximately $115 billion of assets under management or administration.

Our diversified base of revenue sources is designed to generate returns across a range of economic situations. Wealth management also continues to be a strategic focus. We provide liquidity to the mortgage markets through trading of U.S. government agency issued mortgage-backed securities and related derivative contracts and currently service approximately $127 billion of assets under management or administration.

Commercial Banking includes lending, treasury and cash management services, and customer commodity risk management products for small businesses, middle market, and larger commercial customers. Commercial Banking also includes the TransFund electronic funds network.

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 electronic funds network.

The special assessment collection period began with the first quarterly assessment period of 2024, and the last of the initial eight-quarterly collection periods is the fourth quarterly assessment period of 2025.

The special assessment collection period began with the first quarterly assessment period of 2024, and the last of the eight quarterly collection periods is the fourth quarterly assessment period of 2025.

Failure to meet minimum capital requirements would be subject to regulatory restrictions on capital distributions (including but not limited to dividends and share repurchases) and executive bonus payments. 7 The FDICIA, among other things, identifies five capital categories for insured depository institutions from well capitalized to critically under-capitalized and requires the respective federal regulatory agencies to implement systems for prompt corrective action for institutions failing to meet minimum capital requirements within such categories.

Failure to meet minimum capital requirements would make BOK Financial subject to regulatory restrictions on capital distributions (including but not limited to dividends and share repurchases) and executive bonus payments. 7 The FDICIA, among other things, identifies five capital categories for insured depository institutions from well capitalized to critically under-capitalized and requires the respective federal regulatory agencies to implement systems for prompt corrective action for institutions failing to meet minimum capital requirements within such categories.

All market share information presented below is based upon share of deposits in specified areas according to the FDIC as of June 30, 2024. We are the largest financial institution in the state of Oklahoma with 14% of the state’s total deposits. We have 30% and 13% of the market share in the Tulsa and Oklahoma City areas, respectively.

All market share information presented below is based upon share of deposits in specified areas according to the FDIC as of June 30, 2025. We are the largest financial institution in the state of Oklahoma with 14% of the state’s total deposits. We have 33% and 13% of the market share in the Tulsa and Oklahoma City areas, respectively.

BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. At December 31, 2024, the Company reported total consolidated assets of $50 billion. BOKF, NA is a wholly owned subsidiary bank of BOK Financial. BOKF, NA operates TransFund and Cavanal Hill Investment Management.

BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. At December 31, 2025, the Company reported total consolidated assets of $52 billion. BOKF, NA is a wholly owned subsidiary bank of BOK Financial. BOKF, NA operates TransFund and Cavanal Hill Investment Management.

We compete against numerous financial institutions in the state of Texas, including some of the largest in the United States, and have a market share of approximately 1% in the Dallas-Fort Worth area and less than 1% in the Houston area.

BOKF, NA is organized as a national banking association under the National Banking Act, and is subject to regulation, supervision and examination by the OCC, the FDIC, the Federal Reserve Board, the CFPB, and other federal and state regulatory agencies.

Under the BHCA, BOK Financial files quarterly reports and other information with the Federal Reserve Board. BOKF, NA is organized as a national banking association under the National Banking Act, and is subject to regulation, supervision, and examination by the OCC, the FDIC, the Federal Reserve Board, the CFPB, and other federal and state regulatory agencies.

We have a 12% market share in the Albuquerque area and compete with four large national banks, some regional banks, and several locally-owned smaller community banks. Our market share is approximately 3% in the Denver area. We serve Benton and Washington counties in Arkansas with a market share of approximately 1%.

We have a 13% market share in the Albuquerque area and compete with four large national banks, some regional banks, and several locally-owned smaller community banks. Our market share is approximately 3% in the Denver area. Our market share is approximately 1% in the Kansas City, Kansas/Missouri area and approximately 1% in the Phoenix area.

None of the Company’s employees are represented by collective bargaining agreements. Management considers its employee relations to be good. Our employees are primarily distributed over our eight-state footprint, to include: Oklahoma, Texas, Arkansas, Kansas, Missouri, Colorado, New Mexico, and Arizona. 4 Supervision and Regulation BOK Financial and its subsidiaries are subject to extensive regulations under federal and state laws.

Our employees are primarily distributed over our eight-state footprint, to include: Oklahoma, Texas, Arkansas, Kansas, Missouri, Colorado, New Mexico, and Arizona. 4 Supervision and Regulation BOK Financial and its subsidiaries are subject to extensive regulations under federal and state laws.

These regulations may restrict the Company’s ability to diversify, to acquire other institutions and to pay dividends on its capital stock. These regulations also include requirements on certain programs and services offered to our customers, including restrictions on fees charged for certain services. The Company expects that its business will remain subject to extensive regulation and supervision.

These regulations also include requirements on certain programs and services offered to our customers, including restrictions on fees charged for certain services. The Company expects that its business will remain subject to extensive regulation and supervision. The following information summarizes certain existing laws and regulations that affect the Company’s operations.

Our base case economic forecast for the fourth quarter of 2024 assumed geopolitical conflicts remain isolated. Inflation continues to improve from previous peaks and reaches 2.4% by the end of 2025. There are two additional federal funds rate cuts over the forecasted horizon, bringing the federal funds rate target range to 3.75% to 4.0% at the end of 2025.

Our base case economic forecast for the fourth quarter of 2025 assumed inflation continues to normalize but remains elevated throughout 2026 and reaches 2.6% by the end of 2026. There are two additional federal funds rate cuts over the forecasted horizon, bringing the federal funds rate target range to 3.00% to 3.25% at the end of 2026.

Human Capital Management and Practices In order to continue leading the industry as a provider of financial solutions to businesses, institutions and individuals across the country, it is crucial that we attract, develop and retain top talent. At BOK Financial, we are committed to creating an inclusive workplace that offers growth and development opportunities for our employees.

Human Capital Management and Practices In order to continue leading the industry as a provider of financial solutions to businesses, institutions, and individuals across the country, it is crucial that we attract, develop, and retain top talent. We support our team with competitive compensation, comprehensive benefits, wellness programs, and development resources.

Under the CRA, each depository institution is required to help meet the credit needs of its market areas by, among other things, providing credit to low- and moderate-income individuals and communities. Depository institutions are periodically examined for compliance with the CRA and are assigned ratings.

Community Reinvestment Act The CRA requires depository institutions to assist in meeting the credit needs of their market areas consistent with safe and sound banking practices. Under the CRA, each depository institution is required to help meet the credit needs of its market areas by, among other things, providing credit to low- and moderate-income individuals and communities.

Our employees' generosity and community involvement are hallmarks of our culture and a source of pride as we live out our purpose statement: "Achieving More Together." Our talented workforce is the key to our success. At December 31, 2024, we had 5,056 full-time and part-time employees, the majority of which are full-time employees.

Additionally, we foster connections between our employees and the communities we serve. "Actively advancing the communities we serve" is a core value at BOK Financial. Our employees' generosity and community involvement are hallmarks of our culture and a source of pride as we live out our purpose statement: "Achieving More Together." Our talented workforce is the key to our success.

Failure to comply with consumer protection requirements may also damage our reputation and result in our failure to obtain any required bank regulatory approval for merger or acquisition transactions we may wish to pursue or our prohibition from engaging in such transactions even if approval is not required. 6 The CFPB has broad rule-making authority for a wide range of consumer financial laws that apply to all banks, including, among other things, the authority to prohibit "unfair, deceptive, or abusive" acts and practices.

This support may be required at times when a bank holding company may not be able to provide such support. Transactions with Affiliates The Federal Reserve Board regulates transactions between the Company and its subsidiaries.

If a bank holding company is unable to provide support, the subsidiary bank may have to seek support from other alternatives, which may not be available on favorable terms or at all. Transactions with Affiliates The Federal Reserve Board regulates transactions between the Company and its subsidiaries.

Many of these changes have occurred as a result of the Dodd-Frank Act and its implementing regulations, most of which are now in place. These regulations and others are designed to promote safety and soundness, protect consumers and ensure the stability of the banking system as a whole.

These regulations and others are designed to promote safety and soundness, protect consumers, and ensure the stability of the banking system as a whole. The purpose of these regulations is not necessarily to protect shareholders and creditors.

General As a financial holding company, BOK Financial is regulated under the BHCA and is subject to regular inspection, examination, and supervision by the Federal Reserve Board. Under the BHCA, BOK Financial files quarterly reports and other information with the Federal Reserve Board.

It does not summarize all provisions of these laws and regulations and does not include all laws and regulations that affect the Company presently or in the future. General As a financial holding company, BOK Financial is regulated under the BHCA and is subject to regular inspection, examination, and supervision by the Federal Reserve Board.

Our market share is approximately 2% in the Kansas City, Kansas/Missouri area and approximately 1% in the Phoenix area. The Company’s ability to expand into additional states remains subject to various federal and state laws.

We serve Benton and Washington counties in Arkansas with a market share of less than 1%. The Company’s ability to expand into additional states remains subject to various federal and state laws.

The purpose of these regulations is not necessarily to protect shareholders and creditors. As detailed below, these regulations require the Company and its subsidiaries to maintain certain capital balances and require the Company to provide financial support to its subsidiaries.

As detailed below, these regulations require the Company and its subsidiaries to maintain certain capital balances and require the Company to provide financial support to its subsidiaries. These regulations may restrict the Company’s ability to diversify, to acquire other institutions, and to pay dividends on its capital stock.

The CFPB can issue cease-and-desist orders against banks and other entities that violate consumer financial laws.

The CFPB can issue cease-and-desist orders against banks and other entities that violate consumer financial laws. The CFPB may also institute a civil action against an entity in violation of federal consumer financial laws in order to impose a civil penalty or injunction.

Heightened standards will also result in more rigorous supervision and examination by the OCC to ensure adherence to these heightened standards and may result in increased costs. The Company is actively monitoring BOKF, NA's asset level while proactively planning for compliance with heightened standards once the threshold is reached.

Heightened standards will also result in more rigorous supervision and examination by the OCC to ensure adherence to these heightened standards and may result in increased costs. The OCC has proposed raising the asset threshold for heightened standards from $50 billion to $700 billion, significantly narrowing the population of covered banks.

Both the scope of the laws and regulations and the intensity of the supervision to which our business is subject have increased in recent years. Regulatory enforcement and fines have also increased across the banking and financial services sector.

Both the scope of the laws and regulations and the intensity of the supervision to which our business is subject increased primarily as a result of the Dodd-Frank Act and its implementing regulations, most of which are now in place.

Removed

We support our team with competitive compensation, comprehensive benefits, wellness programs, and development resources. Additionally, we foster connections between our employees and the communities we serve. "Actively advancing the communities we serve" is a core value at BOK Financial.

Added

At December 31, 2025, we had 5,034 full-time and part-time employees, the majority of which are full-time employees. None of the Company’s employees are represented by collective bargaining agreements. Management considers its employee relations to be good.

Removed

The following information summarizes certain existing laws and regulations that affect the Company’s operations. It does not summarize all provisions of these laws and regulations and does not include all laws and regulations that affect the Company presently or in the future.

Added

The proposal would still preserve the OCC's authority to apply the standards based on complexity or risk profile, regardless of size. BOKF, NA's asset level has now met the existing $50 billion threshold, and the Company is monitoring the OCC's proposed changes to the heightened-standards threshold to assess applicability.

Removed

The CFPB has broad rule-making authority for a wide range of consumer financial laws that apply to all banks, including, among other things, the authority to prohibit "unfair, deceptive, or abusive" acts and practices.

Added

Depository institutions are periodically examined for compliance with the CRA and are assigned ratings.

Removed

The CFPB may also institute a civil action against an entity in violation of federal consumer financial laws in order to impose a civil penalty or injunction. 6 On December 12, 2024, the CFPB finalized a rule aimed at regulating overdraft fees charged by financial institutions with more than $10 billion in assets.

Added

In December 2025, the FDIC published an interim final rule proposing a reduction in the assessment rate for the eighth collection quarter from 3.36 basis points to 2.97 basis points. This adjustment ensures collections align more accurately with the most current loss estimates and reduces the risk of overcollection.

Removed

Institutions may choose one of three options to comply with the requirements: capping overdraft fees at $5, selecting a cap that covers the actual costs and losses; or treating overdraft protection as a loan covered by the Truth in Lending Act and requiring compliance with Regulation Z.

Added

The effect of future changes in such policies on the business and earnings of BOK Financial and its subsidiaries is uncertain. Reflecting the Federal Reserve's cautious confidence that inflation is moderating, the federal funds rate was reduced by 75 basis points over the last four months of 2025 to balance between inflation progress and emerging labor-market risks.

Removed

The rule has an effective date of October 1, 2025; however, the recent change in the U.S. presidential administration may alter this rule, which could include the effective date. Community Reinvestment Act The CRA requires depository institutions to assist in meeting the credit needs of their market areas consistent with safe and sound banking practices.

Added

The housing market showed some signs of recovery, with slight increases in sales and inventory. Homeownership affordability is being significantly impacted by a combination of higher mortgage interest rates and elevated home prices, which has greatly affected first-time homebuyers.

Removed

Dividends are further restricted by minimum capital requirements and the Company's internal capital policy.

Added

Consumer spending also continues to remain stable but constrained, supported by continued demand for essential services while discretionary spending softened amid elevated prices and increased budget sensitivity. Unemployment increased slightly to 4.4% for December 2025.

Removed

The effect of future changes in such policies on the business and earnings of BOK Financial and its subsidiaries is uncertain. After experiencing continued economic volatility in 2023, the U.S. economy has shown signs of stabilizing in 2024.

Added

Businesses avoid broad layoffs due to elevated expense of hiring which results in only a slight increase to the national unemployment rate. Above-average inflation is largely offset by strong wage growth and generates on-trend GDP growth. Real GDP growth is 2.0% for the next four quarters.

Removed

Due to greater confidence that inflation is moving sustainably toward the Federal Reserve's target, the Federal Funds rate was reduced by 100 basis points over the last four months of 2024. The housing market showed some signs of recovery, with slight increases in sales and inventory. However, the market remained challenged by high mortgage rates and limited supply.

Removed

Consumer spending also continues to remain steady despite the Federal Reserve's effort to decrease spending with higher rates for the majority of the year. Despite the volatility caused by the Russia-Ukraine and Israel-Hamas conflicts, oil prices have been more stable this year compared to the fluctuations experienced in 2023. Unemployment increased slightly to 4.0% for December 2024.

Removed

Job openings continue to normalize, and overall hiring levels decline, causing the national unemployment rate to modestly increase over the next four quarters. Inflation pressures ease and help stabilize real household income, while a restrictive credit environment slows economic activity resulting in below-trend GDP growth.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

34 edited+6 added−10 removed82 unchanged

2024 filing

2025 filing

Biggest changeThe development and use of emerging technologies like artificial intelligence, machine learning, and generative artificial intelligence presents risks and challenges that may adversely impact our business. We continue to evaluate and selectively deploy emerging technologies like AI, machine learning, and generative AI for incorporation into our business.

Biggest changeOur cybersecurity insurance may not provide sufficient coverage in the event of a breach or may not be available in the future on acceptable terms. 16 The development and use of emerging technologies like artificial intelligence, machine learning, and generative artificial intelligence presents risks and challenges that may adversely impact our business.

Our credit ratings are based on a number of factors such as the financial strength of BOKF and BOKF, NA and conditions generally affecting the financial services industry. Many qualitative and quantitative factors are used by the ratings agencies including capital adequacy, liquidity, asset quality, business mix, and earnings.

Our credit ratings are based on a number of factors such as the financial strength of BOK Financial and BOKF, NA and conditions generally affecting the financial services industry. Many qualitative and quantitative factors are used by the ratings agencies including capital adequacy, liquidity, asset quality, business mix, and earnings.

Kaiser's control over the election of BOK Financial's directors, he could change the composition of BOK Financial's Board of Directors so that it would not have a majority of outside directors. Possible future sales of shares by BOK Financial's principal shareholder could adversely affect the market price of BOK Financial's common stock. Mr.

Kaiser's control over the election of BOK Financial's directors, he could change the composition of BOK Financial's Board of Directors so that it would not have a majority of outside directors. 17 Possible future sales of shares by BOK Financial's principal shareholder could adversely affect the market price of BOK Financial's common stock. Mr.

Kaiser sells or transfers his shares of BOK Financial's common stock as a block, another person or entity could become BOK Financial's controlling shareholder. 17 Statutory restrictions on subsidiary dividends and other distributions and debts of BOK Financial's subsidiaries could limit amounts BOK Financial's subsidiaries may pay to BOK Financial.

Kaiser sells or transfers his shares of BOK Financial's common stock as a block, another person or entity could become BOK Financial's controlling shareholder. Statutory restrictions on subsidiary dividends and other distributions and debts of BOK Financial's subsidiaries could limit amounts BOK Financial's subsidiaries may pay to BOK Financial.

These global events may significantly affect long-term and short-term interest rates, energy prices, the value of financial assets, and ultimately economic activity in our primary markets.

These global events may significantly affect long-term and short-term interest rates, energy prices, the value of financial assets, and economic activity in our primary markets.

Changes in mortgage interest rates could adversely affect mortgage banking operations along with mortgage servicing rights as well as BOK Financial's substantial holdings of residential mortgage-backed securities, and brokerage and trading revenue. BOK Financial derives a substantial amount of revenue from mortgage banking activities, the production and sale of mortgage loans, and the servicing of mortgage loans.

Changes in mortgage interest rates could adversely affect mortgage banking operations and mortgage servicing rights, as well as BOK Financial's substantial holdings of residential mortgage-backed securities and brokerage and trading revenue. BOK Financial derives a substantial amount of revenue from mortgage banking activities, the production and sale of mortgage loans, and the servicing of mortgage loans.

General Risk Factors Our business may be adversely affected if we are unable to hire and retain qualified employees. An increasing competitive factor in the financial services industry is the ability to attract and retain talented and diverse employees across several lines of business.

General Risk Factors Our business may be adversely affected if we are unable to hire and retain qualified employees. An increasing competitive factor in the financial services industry is the ability to attract and retain qualified employees across several lines of business.

In addition to cyber attacks, there could be sudden increases in customer transaction volume, electrical or telecommunications outages, extended disruptions in operations or technology, natural disasters, pandemics, and events arising from political or social matters, including terrorist attacks.

In addition to cyberattacks, there could be sudden increases in customer transaction volume, electrical or telecommunications outages, extended disruptions in operations or technology, natural disasters, pandemics, and events arising from political or social matters, including terrorist attacks.

Third parties with whom we do business or that facilitate our business activities including exchanges, clearing houses, financial intermediaries, or vendors that provide services or security solutions for our operations, could also be sources of operational or information security risk to the Company including breakdowns or failures of their own systems, capacity constraints, or cyber attacks.

Such parties may seek to gain access to our systems directly or use equipment or security passwords belonging to employees, customers, third-party services providers, or other users of our systems. Accordingly, our operational systems and infrastructure must continue to be safeguarded and monitored for potential failures, disruptions, breakdowns, and cyber attacks.

Our success depends on our ability to respond to the threats and opportunities of financial technology innovations. Developments in "fintech" and crypto-currencies have the potential to disrupt the financial industry and change the way banks do business. Investment in new technology to stay competitive could result in significant costs and increased cybersecurity risk.

Our success depends on our ability to respond to the threats and opportunities of financial technology innovations. Developments in fintech and cryptocurrencies have the potential to disrupt the financial industry and change the way banks do business. Investment in new technology to stay competitive could result in significant costs and increased cybersecurity risk.

Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches or operational failures, there can be no assurance that we will not suffer such losses in the future. Attempts to compromise our cybersecurity are regular and frequent.

Although to date we have not experienced any material losses relating to cyberattacks or other information security breaches or operational failures, there can be no assurance that we will not suffer such losses in the future. Attempts to compromise our cybersecurity are regular and frequent.

In addition, as part of BOK Financial's mortgage banking business, BOK Financial has substantial holdings of mortgage servicing rights. Revenue generated from the production and sale of mortgage loans is affected by mortgage interest rates and government policies related to economic stimulus and home ownership.

In addition, as part of BOK Financial's mortgage banking business, BOK Financial has substantial holdings of MSR. Revenue generated from the production and sale of mortgage loans is affected by mortgage interest rates and government policies related to economic stimulus and home ownership.

We use quantitative models to assist in measuring risk and predicting changes in the value of financial instruments. The outputs of these models are used to determine hedging strategy related to mortgage servicing rights, mortgage production pipeline, and trading securities.

We use quantitative models to assist in measuring risk and predicting changes in the value of financial instruments. The outputs of these models are used to determine hedging strategy related to MSR, mortgage production pipeline, and trading securities.

BOK Financial's principal shareholder controls a majority of BOK Financial's common stock. Mr. George B. Kaiser owns approximately 60% of the outstanding shares of BOK Financial's common stock at December 31, 2024. Mr. Kaiser is able to elect all of BOK Financial's directors and effectively control the vote on all matters submitted to a vote of BOK Financial's common shareholders.

BOK Financial's principal shareholder controls a majority of BOK Financial's common stock. Mr. George B. Kaiser owns approximately 63% of the outstanding shares of BOK Financial's common stock at December 31, 2025. Mr. Kaiser is able to elect all of BOK Financial's directors and effectively control the vote on all matters submitted to a vote of BOK Financial's common shareholders.

Conversely, a decrease in interest rates could result in acceleration in the payment of loans, including loans underlying BOK Financial's holdings of residential mortgage-backed securities and termination of BOK Financial's mortgage servicing rights.

Violations of laws and regulations could limit the growth potential of BOK Financial's businesses. As we grow in asset size to above $50 billion, increases in regulatory expectations and requirements could result in additional compliance and capital costs and regulatory risk.

Violations of laws and regulations could limit the growth potential of BOK Financial's businesses. As we have grown in asset size to above $50 billion, increases in regulatory expectations and requirements could result in additional compliance costs and regulatory risk.

A regional economic downturn could also adversely affect revenue from brokerage and trading activities, mortgage loan originations, and other sources of fee-based revenue. Extended oil and gas commodity price downturns could negatively affect BOK Financial customers. At December 31, 2024, 13% of BOK Financial's total loan portfolio is comprised of loans to borrowers in the energy industry.

A regional economic downturn could also adversely affect revenue from brokerage and trading activities, mortgage loan originations, and other sources of fee-based revenue. Extended oil and gas commodity price downturns could negatively affect BOK Financial customers. At December 31, 2025, 11% of BOK Financial's total loan portfolio was comprised of loans to borrowers in the energy industry.

At December 31, 2024, loans to businesses and individuals with collateral primarily located in Texas represented approximately 32% of the total loan portfolio, loans to businesses and individuals with collateral primarily located in Oklahoma represented approximately 15% of our total loan portfolio, and loans to businesses and individuals with collateral primarily located in Colorado represented approximately 12% of our total loan portfolio.

At December 31, 2025, loans to businesses and individuals with collateral primarily located in Texas represented approximately 33% of the total loan portfolio, loans to businesses and individuals with collateral primarily located in Oklahoma represented approximately 15% of our total loan portfolio, and loans to businesses and individuals with collateral primarily located in Colorado represented approximately 11% of our total loan portfolio.

Forced shutdowns or regulations limiting business could have an adverse effect on our customers, limiting their ability to satisfy obligations and limiting growth or demand for our loans and other services, which could affect our liquidity, financial condition, and results of operations. 18

A pandemic or other health crisis could destabilize the financial markets and the general economy. Forced shutdowns or regulations limiting business could have an adverse effect on our customers, limiting their ability to satisfy obligations and limiting growth or demand for our loans and other services, which could affect our liquidity, financial condition, and results of operations.

Continuation of these, and any other geopolitical conflicts that might arise, could negatively affect our financial results. BOK Financial, its customers and counterparties may be negatively affected by the volatility and uncertainty related to inflation and the effects of inflation.

Recent developments in Iran and Venezuela highlight the susceptibility of global oil markets to geopolitical shocks. Continuation of these, and any other geopolitical conflicts that might arise, could negatively affect our financial results. BOK Financial, its customers and counterparties may be negatively affected by the volatility and uncertainty related to inflation and the effects of inflation.

However, mortgage servicing rights are assets that are carried at fair value, which are very sensitive to numerous factors with the primary factor being changes in market interest rates. Falling interest rates tend to increase loan prepayments, which may lead to a decrease in the value of related servicing rights.

However, MSR are assets that are carried at fair value, which are very sensitive to numerous factors with the primary factor being changes in market interest rates. Falling interest rates tend to increase loan prepayments, which may lead to a decrease in the value of related servicing rights. We attempt to manage this risk by maintaining an active hedging program.

The adverse effect of these events on the Company may include narrowing of the spread between interest income and interest expense, a reduction in fee income, an increase in credit losses, and a decrease in demand for loans and other products and services. 18 Our business, financial condition, liquidity, and results of operations could be adversely affected by a health pandemic or other health crisis.

Economic conditions globally could impact BOK Financial’s customers and counterparties with which we do business. Global health pandemics, such as the COVID-19 pandemic, may affect economies around the world. The Russia-Ukraine conflict and Israel-Hamas conflict resulted in volatile oil prices in 2023, which have stabilized somewhat in 2024, as well as affected other global economic factors.

Global economic conditions could impact BOK Financial’s customers and counterparties with which we do business. Global health pandemics, such as the COVID-19 pandemic, may affect economies around the world. Geopolitical tensions and conflicts in various regions have historically contributed to volatility in oil prices, as well as affected other global economic factors.

We attempt to manage this risk by maintaining an active hedging program. The primary objective of the Company's hedging program is to provide an offset to changes in the fair value of these rights due to hedgeable risks, primarily changes in market interest rates.

The primary objective of the Company's hedging program is to provide an offset to changes in the fair value of these rights due to hedgeable risks, primarily changes in market interest rates. Due to numerous unhedgeable factors, hedging strategies may not offset all changes in the fair value of the asset.

The Company's use of AI and machine learning is subject to risks that algorithms and data sets are flawed or may be insufficient or contain biased information.

Each initiative is subject to a specific internal governance process designed to assess risks related to data quality, bias, regulatory compliance, and ethical considerations. The Company's use of AI and machine learning is subject to risks that algorithms and data sets are flawed or may be insufficient or contain biased information.

Reductions in one or more of our credit ratings could adversely affect our ability to borrow funds and increase our cost of capital and limit the number of investors or counterparties willing to do business with or lend to us. This could also affect our ability to attract or retain customers, including deposits.

These ratings are subject to change at any time and we may not be able to maintain our current credit ratings. Reductions in one or more of our credit ratings could adversely affect our ability to borrow funds, increase our cost of capital, and limit the number of investors or counterparties willing to do business with or lend to us.

If the service providers encounter any of these issues, we could be exposed to disruption of service, reputation damages, and litigation risk that could be material to our business.

These third parties are sources of risk associated with operational errors, system interruptions or breaches, unauthorized disclosure of confidential information, and misuse of intellectual property. If the service providers encounter any of these issues, we could be exposed to disruption of service, reputation damages, and litigation risk that could be material to our business.

Funding costs may also increase if deposits lost are replaced with wholesale funding. Higher funding costs reduce BOK Financial’s net interest margin, net interest income, and net income.

Funding costs may also increase if deposits lost are replaced with wholesale funding. Higher funding costs reduce BOK Financial’s net interest margin, net interest income, and net income. A decrease in the supply of deposits or significant increase in competition for deposits could result in substantial increases in costs to retain and service deposits.

These changes could have a significant effect on the general economic conditions within our footprint. 12 • Reputational risk may increase with conflicting opinions of stakeholders, including shareholders, customers, and employees, on climate risk. On March 6, 2024, the SEC adopted new climate-related disclosure rules for U.S. public companies and foreign private issuers.

These changes could have a significant effect on the general economic conditions within our footprint. 12 • Reputational risk may increase with conflicting opinions of stakeholders, including shareholders, customers, and employees, on climate risk. Credit Risk Factors Adverse regional economic developments could negatively affect BOK Financial's business.

These same risks apply to our use of third-party service providers who are implementing these tools into the products or services they provide to us. 16 We depend on third parties for critical components of our infrastructure. We outsource a significant portion of our information systems, communications, data management, and transaction processing to third parties.

We depend on third parties for critical components of our infrastructure. We outsource a significant portion of our information systems, communications, data management, and transaction processing to third parties. We are heavily reliant on a single vendor for many of these functions.

These evolving laws and regulations could require changes in our implementation of these emerging technologies and increase our compliance costs and the risk of non-compliance.

These evolving laws and regulations could require changes in our implementation of these emerging technologies and increase our compliance costs and the risk of non-compliance. These same risks apply to our use of third-party service providers who are implementing these tools into the products or services they provide to us.

As an additional layer of protection, we have purchased network and privacy liability risk insurance coverage. Our cybersecurity insurance may not provide sufficient coverage in the event of a breach or may not be available in the future on acceptable terms.

As an additional layer of protection, we have purchased network and privacy liability risk insurance coverage.

In addition, if we were downgraded below investment grade, certain counterparty contracts may require renegotiation or require additional posting of collateral. 15 Operating and Transaction Risk Factors Dependence on technology increases cybersecurity, data privacy, and technology failure risk.

This could also affect our ability to attract or retain customers, including deposits. In addition, if we were downgraded below investment grade, certain counterparty contracts may require renegotiation or require additional posting of collateral.

Removed

We expect the current presidential administration will seek to implement a regulatory reform agenda that is notably different than that of the prior administration, impacting rule-making, supervision, examination, and enforcement priorities of the federal banking agencies.

Added

It is difficult to predict the legislative, executive, and regulatory changes that will result from the current Congress and Presidential Administration, which may cause broader economic changes due to various changes in the federal government's approach to regulation and administration.

Removed

These rules introduce extensive disclosure requirements, increasing reporting costs, risks, and complexity. Challenges include short compliance timelines, interpretive issues, legal liabilities, and global regulatory overlaps. In the midst of legal challenges, the SEC voluntarily stayed implementation of these rules. Credit Risk Factors Adverse regional economic developments could negatively affect BOK Financial's business.

Added

Increases in commodity prices or other reference rates in our derivative contracts may elevate margin requirements and reduce our net income, liquidity, and capital ratios Significant increases in commodity prices or other reference rates contained in our derivative contracts, as well as market volatility, could increase the margin BOK Financial is required to post on behalf of certain customers.

Removed

Due to numerous unhedgeable factors, hedging strategies may not offset all changes in the fair value of the asset.

Added

Higher margin requirements could increase funding costs, risk-weighted assets, and total assets, thereby reducing capital ratios, and reduce available liquidity. 15 Operating and Transaction Risk Factors Dependence on technology increases cybersecurity, data privacy, and technology failure risk.

Removed

Withdrawals of brokered or institutional deposits could require us to pay significantly higher interest rates on our retail deposits or on other wholesale funding sources, which would have an adverse impact on our net interest income and net income.

Added

We continue to evaluate and selectively deploy emerging technologies like AI, machine learning, and generative AI for incorporation into our business. AI refers to a broad field of computer science that enables machines to perform tasks that typically require human intelligence, such as reasoning, problem-solving, decision-making, and language understanding.

Removed

In addition, recent events impacting the banking industry, including the bank failures in March and April 2023, have resulted in significant disruption and volatility in the capital markets, reduced current valuations of bank securities, and decreased confidence in banks among depositors and other counterparties as well as investors.

Added

Machine learning is a subset of AI that uses statistical and computational methods to train algorithms so they can automatically learn patterns from data and improve performance without explicit programming. The Board receives periodic updates on our overall governance structure and risk management approach for these technologies, but does not approve individual AI capabilities.

Removed

A decrease in the supply of deposits or significant increase in competition for deposits could result in substantial increases in costs to retain and service deposits.

Added

As the industry continues to evolve toward digital delivery channels, data‑driven decisioning, automation, and cybersecurity, demand for technology professionals continues to grow. Significant competition for this talent may impair our ability to hire and retain the personnel required to support our strategic initiatives. Adverse global economic factors could have a negative effect on BOK Financial customers and counterparties.

Removed

These ratings are subject to change at any time and we may not be able to maintain our current credit ratings.

Removed

We are heavily reliant on a single vendor for many of these functions. These third parties are sources of risk associated with operational errors, system interruptions or breaches, unauthorized disclosure of confidential information, and misuse of intellectual property.

Removed

The transition by many employers to remote work and work-from-home that occurred during the COVID-19 pandemic continues to influence the competition for talent. Employers, now less constrained by physical geography, particularly those in markets with elevated employee compensation, may increasingly compete for our employees. Adverse global economic factors could have a negative effect on BOK Financial customers and counterparties.

Removed

Our business, financial condition, liquidity and results of operations could be adversely affected by a health pandemic or other health crisis. A pandemic or other health crisis could destabilize the financial markets and the general economy.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed2 unchanged

2024 filing

2025 filing

Biggest changeITEM 2. PROPERTIES BOK Financial and its subsidiaries own and lease improved real estate that is carried at $431 million, net of depreciation and amortization. The Company’s principal offices are located in leased premises in the Bank of Oklahoma Tower in Tulsa, Oklahoma.

Biggest changeITEM 2. PROPERTIES BOK Financial and its subsidiaries own and lease improved real estate that is carried at $416 million, net of depreciation and amortization. The Company’s principal offices are located in leased premises in the Bank of Oklahoma Tower in Tulsa, Oklahoma.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+2 added−0 removed0 unchanged

2024 filing

2025 filing

Biggest changeThe highest and lowest quarterly closing bid price for shares and cash dividends declared per share of BOK Financial common stock follows: First Second Third Fourth 2024: Low $ 79.77 $ 85.13 $ 87.90 $ 101.06 High 92.00 95.63 107.47 119.63 Cash dividends declared 0.55 0.55 0.55 0.57 2023: Low $ 81.54 $ 75.61 $ 78.38 $ 63.93 High 105.14 90.40 91.54 86.27 Cash dividends declared 0.54 0.54 0.54 0.55 The information set forth under the heading "Equity Compensation Plan Information" in BOK Financial's 2024 Annual Proxy Statement is incorporated herein by reference. 21 Shareholder Return Performance Graph Set forth below is a line graph comparing the change in cumulative shareholder return of the NASDAQ Composite Index and the KBW NASDAQ Regional Banking Index for the period commencing December 31, 2019 and ending December 31, 2024.* Period Ending December 31, Index 2019 2020 2021 2022 2023 2024 BOK Financial Corporation 100.00 81.03 127.69 128.44 108.86 138.45 NASDAQ Composite 100.00 144.92 177.06 119.45 172.77 223.87 KBW NASDAQ Regional Banking Index 100.00 91.29 124.74 116.10 115.64 130.90 * Graph assumes value of an investment in the Company's Common Stock for each index was $100 on December 31, 2019.

Biggest changeThe highest and lowest quarterly closing bid price for shares and cash dividends declared per share of BOK Financial common stock follows: First Second Third Fourth 2025: Low $ 98.70 $ 87.82 $ 98.52 $ 103.12 High 114.26 103.35 112.89 121.66 Cash dividends declared 0.57 0.57 0.57 0.63 2024: Low $ 79.77 $ 85.13 $ 87.90 $ 101.06 High 92.00 95.63 107.47 119.63 Cash dividends declared 0.55 0.55 0.55 0.57 The information set forth under the heading "Equity Compensation Plan Information" in BOK Financial's 2025 Annual Proxy Statement is incorporated herein by reference. 21 Shareholder Return Performance Graph Set forth below is a line graph comparing the change in cumulative shareholder return of the NASDAQ Composite Index and the KBW NASDAQ Regional Banking Index for the period commencing December 31, 2020 and ending December 31, 2025.* Period Ending December 31, Index 2020 2021 2022 2023 2024 2025 BOK Financial Corporation 100.00 157.59 158.52 134.34 170.87 194.40 NASDAQ Composite 100.00 122.18 82.43 119.22 154.48 187.14 KBW NASDAQ Regional Banking Index 100.00 136.64 127.17 126.67 143.39 152.71 * Graph assumes value of an investment in the Company's Common Stock for each index was $100 on December 31, 2020.

Cash dividends on Common Stock are assumed to have been reinvested in BOK Financial Common Stock. 22 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 December 31, 2024.

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES BOK Financial's $0.00006 par value common stock is traded on the NASDAQ Stock Market under the symbol BOKF. As of January 31, 2025, common shareholders of record numbered 592 with 64,226,062 shares outstanding.

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES BOK Financial's $0.00006 par value common stock is traded on the NASDAQ Stock Market under the symbol BOKF. As of January 31, 2026, common shareholders of record numbered 562 with 60,696,695 shares outstanding.

As of December 31, 2024, the Company had repurchased 3,457,020 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 shares from employees to cover the taxes in connection with employee equity compensation.

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. 3 Includes 2,100,840 shares acquired through an ASR agreement entered in the fourth quarter of 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 October 1, 2024 to October 31, 2024 — $ — — 1,542,980 November 1, 2024 to November 30, 2024 617 $ 105.43 — 1,542,980 December 1, 2024 to December 31, 2024 — $ — — 1,542,980 Total 617 — 1 On November 1, 2022, the Company's board of directors authorized the Company to repurchase up to five million shares of the Company's common stock.

Period Total Number of Shares Purchased 2 Average Price Paid per Share 3 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 October 1 to October 31, 2025 456,655 $ 107.78 456,574 4,177,879 November 1 to November 30, 2025 2,162,615 $ 108.03 2,160,840 2,017,039 December 1 to December 31, 2025 747 $ 116.97 — 2,017,039 Total 2,620,017 2,617,414 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.

Added

As of December 31, 2025, the Company had repurchased 2,982,961 shares under this plan.

Added

Refer to Note 15 of the Notes to Consolidated Financial Statements for additional information on share repurchases activity.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

233 edited+61 added−67 removed60 unchanged

2024 filing

2025 filing

Biggest changeThe benefit to net interest margin from earning assets funded by non-interest bearing liabilities was 85 basis points in the fourth quarter of 2024 and 90 basis points in the third quarter of 2024. 1 See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following. 33 Table 4 - Quarterly Financial Summary Consolidated Daily Average Balances, Average Yields and Rates (Dollars in thousands, except per share data) Three Months Ended December 31, 2024 September 30, 2024 Average Balance Revenue/ Expense Yield/ Rate 1 Average Balance Revenue/ Expense Yield/ Rate 1 Assets Interest-bearing cash and cash equivalents $ 546,955 $ 6,322 4.60 % $ 531,811 $ 7,131 5.33 % Trading securities 5,636,949 68,817 4.90 % 5,802,448 76,498 5.36 % Investment securities 2,037,072 7,256 1.42 % 2,094,408 7,406 1.41 % Available for sale securities 12,969,630 127,803 3.82 % 12,939,422 125,555 3.76 % Fair value option securities 18,384 183 3.70 % 19,095 189 3.69 % Restricted equity securities 338,236 6,427 7.60 % 410,800 8,426 8.20 % Residential mortgage loans held for sale 87,353 1,296 5.85 % 95,742 1,495 6.15 % Loans 24,024,544 423,487 7.01 % 24,304,884 455,995 7.47 % Allowance for loan losses (283,685) (287,227) Loans, net of allowance 23,740,859 423,487 7.10 % 24,017,657 455,995 7.55 % Total earning assets 45,375,438 641,591 5.59 % 45,911,383 682,695 5.89 % Receivable on unsettled securities sales 284,793 216,158 Cash and other assets 4,954,955 5,029,494 Total assets $ 50,615,186 $ 51,157,035 Liabilities and equity Interest-bearing deposits: Transaction $ 24,992,464 $ 214,868 3.42 % $ 23,986,697 $ 227,767 3.78 % Savings 818,210 1,213 0.59 % 820,980 1,232 0.60 % Time 3,629,882 41,643 4.56 % 3,678,964 42,129 4.56 % Total interest-bearing deposits 29,440,556 257,724 3.48 % 28,486,641 271,128 3.79 % Funds purchased and repurchase agreements 1,076,400 10,231 3.78 % 1,016,688 9,932 3.89 % Other borrowings 4,489,870 55,883 4.95 % 6,366,046 88,774 5.55 % Subordinated debentures 131,185 2,241 6.80 % 131,155 2,357 7.15 % Total interest-bearing liabilities 35,138,011 326,079 3.69 % 36,000,530 372,191 4.11 % Non-interest bearing demand deposits 8,378,558 8,273,656 Due on unsettled securities purchases 472,334 348,585 Other liabilities 1,047,983 1,084,458 Total equity 5,578,300 5,449,806 Total liabilities and equity $ 50,615,186 $ 51,157,035 Tax-equivalent net interest income $ 315,512 1.90 % $ 310,504 1.78 % Tax-equivalent net interest income to earning assets 2.75 % 2.68 % Less tax-equivalent adjustment 2,466 2,385 Net interest income 313,046 308,119 Provision for credit losses — 2,000 Other operating revenue 210,044 208,192 Other operating expense 347,656 341,025 Net income before taxes 175,434 173,286 Federal and state income taxes 39,280 33,313 Net income 136,154 139,973 Net income (loss) attributable to non-controlling interests — (26) Net income attributable to BOK Financial Corp. shareholders $ 136,154 $ 139,999 Earnings Per Average Common Share Equivalent: Basic $ 2.12 $ 2.18 Diluted $ 2.12 $ 2.18 1 Yield calculations are shown on a tax equivalent basis at the statutory federal and state rates for the periods presented.

Biggest changeThe benefit to net interest margin from assets funded by non-interest liabilities was 68 basis points, a decrease of 3 basis points. 1 See Explanation and Reconciliation of Non-GAAP Measures in "Non-GAAP Measures" section following. 32 Table 4 - Quarterly Financial Summary Consolidated Daily Average Balances, Average Yields and Rates (Dollars in thousands, except per share data) Three Months Ended December 31, 2025 September 30, 2025 Average Balance Revenue/ Expense Yield/ Rate 1 Average Balance Revenue/ Expense Yield/ Rate 1 Assets Interest-bearing cash and cash equivalents $ 546,045 $ 5,302 3.85 % $ 495,091 $ 5,482 4.39 % Trading securities 5,295,598 63,296 4.83 % 5,603,200 72,770 5.25 % Investment securities, net of allowance 1,804,984 6,381 1.41 % 1,861,565 6,560 1.41 % Available-for-sale securities 13,564,939 134,440 3.94 % 13,386,515 133,452 3.93 % Fair value option securities 72,229 913 4.83 % 105,651 1,441 5.45 % Restricted equity securities 250,430 4,522 7.22 % 337,055 6,605 7.84 % Residential mortgage loans held for sale 91,414 1,349 5.84 % 91,422 1,405 6.08 % Loans 25,242,551 412,170 6.48 % 24,826,139 419,303 6.70 % Allowance for loan losses (277,580) (277,398) Loans, net of allowance 24,964,971 412,170 6.55 % 24,548,741 419,303 6.78 % Total earning assets 46,590,610 628,373 5.36 % 46,429,240 647,018 5.53 % Receivable on unsettled securities sales 227,678 162,035 Cash and other assets 5,034,058 5,100,801 Total assets $ 51,852,346 $ 51,692,076 Liabilities and equity Interest-bearing deposits: Transaction $ 27,396,541 $ 199,008 2.88 % $ 26,076,475 $ 206,400 3.14 % Savings 852,390 1,163 0.54 % 867,939 1,197 0.55 % Time 3,729,596 34,252 3.64 % 3,641,985 34,236 3.73 % Total interest-bearing deposits 31,978,527 234,423 2.91 % 30,586,399 241,833 3.14 % Funds purchased and repurchase agreements 1,185,566 10,360 3.47 % 873,800 7,250 3.29 % Other borrowings 3,008,388 32,032 4.22 % 5,048,301 57,724 4.54 % Subordinated debentures 241,482 3,722 6.12 % — — — % Total interest-bearing liabilities 36,413,963 280,537 3.06 % 36,508,500 306,807 3.33 % Non-interest bearing demand deposits 8,009,082 7,894,847 Due on unsettled securities purchases 452,673 329,361 Other liabilities 1,015,185 996,216 Total equity 5,961,443 5,963,152 Total liabilities and equity $ 51,852,346 $ 51,692,076 Tax-equivalent net interest income $ 347,836 2.30 % $ 340,211 2.20 % Tax-equivalent net interest income to earning assets 2.98 % 2.91 % Less tax-equivalent adjustment 2,555 2,565 Net interest income 345,281 337,646 Provision for credit losses — 2,000 Other operating revenue 244,282 210,709 Other operating expense 361,054 369,770 Net income before taxes 228,509 176,585 Federal and state income taxes 51,243 35,714 Net income 177,266 140,871 Net income (loss) attributable to non-controlling interests (35) (23) Net income attributable to BOK Financial Corp. shareholders $ 177,301 $ 140,894 Earnings per share: Basic and diluted $ 2.89 $ 2.22 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.

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.

The Funds Management unit also initially recognizes accruals for loss contingencies when losses become probable. Actual losses are recognized by the 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.

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.

As more fully discussed under Customer Derivative Programs in Note 6 to the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Derivative contracts executed with customers are offset with contracts between selected counterparties and exchanges to minimize market risk from changes in commodity prices, interest rates, or foreign exchange rates.

As more fully discussed under Customer Risk Management Programs in Note 6 to the Consolidated Financial Statements, we offer commodity, interest rate, foreign exchange, and equity derivatives to our customers. Derivative contracts executed with customers are offset with contracts between selected counterparties and exchanges to minimize market risk from changes in commodity prices, interest rates, or foreign exchange rates.

Loans for which the collateral location is less relevant, such as unsecured loans, are categorized by the borrower’s primary operating 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.

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.

The Federal Reserve is forced to adopt an accommodative monetary policy and cut the federal funds rate significantly to encourage economic activity and job creation to help limit the depth of a recession.

The effects of changes in commodity prices, interest rates or foreign exchange rates are evaluated across a range of possible options 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.

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.

Additional discussion of fair value measurement and disclosure is included in Notes 7 and 19 to the Consolidated Financial Statements. Mortgage Servicing Rights We have a significant investment in MSRs. Our MSRs are primarily retained from sales in the secondary market of residential mortgage loans we have originated or purchased from correspondent lenders. MSRs may be purchased from other lenders.

Additional discussion of fair value measurement and disclosure is included in Notes 7 and 19 to the Consolidated Financial Statements. Mortgage Servicing Rights We have a significant investment in MSR. Our MSR are primarily retained from sales in the secondary market of residential mortgage loans we have originated or purchased from correspondent lenders. MSR may be purchased from other lenders.

Certain significant assumptions and estimates used in valuing MSRs are based on current market sources including projected prepayment speeds, assumed servicing costs, earnings on escrow deposits, ancillary income and discount rates. Assumptions used to value our MSRs are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to value this asset.

Certain significant assumptions and estimates used in valuing MSR are based on current market sources including projected prepayment speeds, assumed servicing costs, earnings on escrow deposits, ancillary income and discount rates. Assumptions used to value our MSR are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to value this asset.

Net charge-offs of loans to individuals include deposit account overdraft losses. 63 Nonperforming Assets As more fully described in Note 1 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.

Net charge-offs of loans to individuals include deposit account overdraft losses. 61 Nonperforming Assets As more fully described in Note 1 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.

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 segment.

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.

At least quarterly, we request estimates of fair value from outside sources to corroborate the results of the valuation model. The assumptions used in this model are primarily based on mortgage interest rates. Evaluation of the effect of a change in one assumption without considering the effect of that change on other assumptions is not meaningful.

At least annually, we request estimates of fair value from outside sources to corroborate the results of the valuation model. The assumptions used in this model are primarily based on mortgage interest rates. Evaluation of the effect of a change in one assumption without considering the effect of that change on other assumptions is not meaningful.

The discount rate is based on benchmark rates for mortgage loans plus a market spread expected by investors in servicing rights. Significant assumptions used to determine the fair value of our MSRs are presented in Note 7 to the Consolidated Financial Statements.

The discount rate is based on benchmark rates for mortgage loans plus a market spread expected by investors in servicing rights. Significant assumptions used to determine the fair value of our MSR are presented in Note 7 to the Consolidated Financial Statements.

Healthcare sector loans consist primarily 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 that serves to help diversify risks specific to a single facility.

Healthcare sector loans consist primarily 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.

We attempt to mitigate the earnings volatility caused by changes in the fair value of MSRs by designating certain financial instruments, generally U.S. government agency residential mortgage-backed securities for which we have elected the fair value option, as an economic hedge.

We attempt to mitigate the earnings volatility caused by changes in the fair value of MSR by designating certain financial instruments, generally U.S. government agency residential mortgage-backed securities for which we have elected the fair value option, as an economic hedge.

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. Net interest income in our segments reflects our internal funds transfer pricing methodology.

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. 43 Net interest income in our segments reflects our internal funds transfer pricing methodology.

See additional discussion in "Reportable Segments" section of Management's Discussion and Analysis. 37 Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs.

See additional discussion in "Reportable Segments" section of Management's Discussion and Analysis. 36 Customer hedging revenue is based primarily on realized and unrealized changes in the fair value of derivative contracts held for customer risk management programs.

We have evaluated the recoverability of our deferred tax assets based on the weight of available evidence, considering both positive and negative factors, and determined that no valuation allowance was required in 2024 or 2023.

The capital standards are also subject to qualitative judgments by the regulators. 70 A summary of minimum capital requirements and other performance ratios follows for BOK Financial on a consolidated basis in Table 31.

The capital standards are also subject to qualitative judgments by the regulators. 67 A summary of minimum capital requirements and other performance ratios follows for BOK Financial on a consolidated basis in Table 31.

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, held for investment, or available for sale. See Note 2 to the Consolidated Financial Statements for the composition of the securities portfolio as of December 31, 2024, and December 31, 2023.

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 December 31, 2025 and December 31, 2024.

Future losses or increases in required regulatory capital could also affect the subsidiary bank's ability to pay dividends to the parent company. As a result of the acquisition of CoBiz Financial, we obtained $60 million of subordinated debt issued in June 2015 that will mature on June 25, 2030.

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 December 31, 2024 follows in Table 25.

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 December 31, 2025 follows in Table 25.

The customer derivative 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 customer risk management 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.

At December 31, 2024, based on the most restrictive limitations as well as management’s internal capital policy, BOKF, NA could declare up to $660 million of dividends without regulatory approval. Dividend constraints may be alleviated through increases in retained earnings, capital issuances, or changes in risk weighted assets.

At December 31, 2025, based on the most restrictive limitations as well as management’s internal capital policy, BOKF, NA could declare up to $412 million of dividends without regulatory approval. Dividend constraints may be alleviated through increases in retained earnings, capital issuances, or changes in risk weighted assets.

Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 204% of nonaccruing loans.

Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 701% of nonaccruing loans.

Cash-based incentive compensation plans, which are either intended to provide current rewards to employees who generate long-term business opportunities for the Company based on growth in loans, deposits, customer relationships, and other measurable metrics or intended to compensate employees with commissions on completed transactions, increased $3.9 million, or 2%, compared to 2023, primarily related to higher loan volumes.

Cash-based incentive compensation plans, which are either intended to provide current rewards to employees who generate long-term business opportunities for the Company based on growth in loans, deposits, customer relationships, and other measurable metrics or intended to compensate employees with commissions on completed transactions, increased $18.5 million, or 9%, compared to 2024, primarily related to higher loan volumes.

Approximately 68% of commercial real estate loans are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 9% of the segment. All other states represent less than 5% individually.

Approximately 66% of commercial real estate loans are in our geographic footprint based on collateral location. The largest concentration of loans in this segment outside our footprint is Utah, totaling 7% of the segment. All other states represent less than 5% individually.

The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly. 64 A rollforward of nonperforming assets for the years ended December 31, 2024, and December 31, 2023 follows in Table 28.

The Company generally retains nonperforming assets to maximize potential recovery, which may cause future nonperforming assets to decrease more slowly. 62 A rollforward of nonperforming assets for the years ended December 31, 2025, and December 31, 2024 follows in Table 28.

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. The investment security portfolio is diversified among issuers. 51 Available for sale securities, which may be sold prior to maturity, are carried at fair value.

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. The investment security portfolio is diversified among issuers. 50 AFS securities, which may be sold prior to maturity, are carried at fair value.

Derivative contracts are carried at fair value. At December 31, 2024, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $242 million compared to $593 million at December 31, 2023.

Derivative contracts are carried at fair value. At December 31, 2025, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under these programs totaled $428 million compared to $242 million at December 31, 2024.

Net interest income decreased $3.1 million from growth in average assets and interest-bearing deposit balances, partially offset by lower wholesale borrowings. Table 3 shows the effects on net interest income due to changes in average balances and interest rates for the various types of earning assets and interest-bearing liabilities.

Net interest income increased $36.2 million from growth in average assets and interest-bearing deposit balances, partially offset by lower wholesale borrowings. Table 3 shows the effects on net interest income due to changes in average balances and interest rates for the various types of earning assets and interest-bearing liabilities.

Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs.

Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSR.

However, current and future economic conditions, regulatory constraints, increased competition, and saturation in our existing markets could affect the rate of future increases. Brokerage and trading revenue, which includes revenues from trading, customer hedging, retail brokerage and investment banking, decreased $22.5 million, or 9%, compared to the prior year.

The loan to deposit ratio decreased to 63% at December 31, 2024 from 70% at December 31, 2023, and continues to provide 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.

The loan to deposit ratio increased to 65% at December 31, 2025 from 63% at December 31, 2024, and continues to provide 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.

Both originated and purchased MSRs are initially recognized at fair value. We carry all MSRs at fair value. Changes in fair value are recognized in earnings as they occur. MSRs are not traded in active markets. The fair value of MSRs is determined by discounting the projected cash flows.

Both originated and purchased MSR are initially recognized at fair value. We have elected to carry all MSR at fair value. Changes in fair value are recognized in earnings as they occur. MSR are not traded in active markets. The fair value of the MSR is determined by discounting the projected cash flows.

Examples of circumstances that may result in adjustments include, but are not limited to, new lines of business, market conditions that have not been previously encountered, observed changes in credit risk that are not yet reflected in macroeconomic factors, or economic conditions that impact loss given default assumptions.

This includes current available secured capacity of $22.9 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. 69 BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold in GNMA mortgage pools.

This includes current available secured capacity of $23.4 billion from the use of programs available to U.S. banks from the Federal Home Loan Banks and Federal Reserve Banks, and an estimated $5.0 billion of other sources that could be converted into additional secured capacity. 66 BOKF, NA also has a liability related to the repurchase of certain delinquent residential mortgage loans previously sold in GNMA mortgage pools.

Included in the 2024 other gains is a $56.9 million pre-tax gain recognized in connection with the receipt and disposition of Visa C shares received as a result of the Exchange Offer announced by Visa, Inc. in the second quarter of 2024.

The prior year included a $56.9 million pre-tax gain recognized in connection with the receipt and disposition of Visa C shares received as a result of the Exchange Offer announced by Visa, Inc. in the second quarter of 2024.

A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements. No provision for credit losses was necessary for the fourth quarter of 2024. At December 31, 2024, the allowance for loan losses totaled $280 million, or 1.16% of outstanding loans.

A summary of outstanding loan balances by risk grade is included in Note 4 to the Consolidated Financial Statements. No provision for credit losses was necessary for the fourth quarter of 2025. At December 31, 2025, the allowance for loan losses totaled $276 million, or 1.08% of outstanding loans.

In addition to insured deposits, we also hold $3.7 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 $15.7 billion, or 41% of total deposits, at December 31, 2024.

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 $15.6 billion, or 40% of total deposits, at December 31, 2025.

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 $4.0 billion, or 17% of the loan portfolio, growing $263 million over December 31, 2023. Approximately 90% of loans to individuals are secured by collateral located within our geographical footprint.

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 $4.7 billion, or 18% of the loan portfolio, growing $672 million over December 31, 2024. Approximately 90% of loans to individuals are secured by collateral located within our geographical footprint.

Since the underlying fair value of the investments held in separate accounts at December 31, 2024 was below the net book value of the investments, $29 million of cash surrender value was supported by the stable value wrap. The remaining $2.1 million of fair value held in separate accounts is not supported by the stable value wrap.

Since the underlying fair value of the investments held in separate accounts at December 31, 2025 was below the net book value of the investments, $17 million of cash surrender value was supported by the stable value wrap. The remaining $2.2 million of fair value held in separate accounts is not supported by the stable value wrap.

Considering all related assumptions, we expect a 50 basis point parallel rate increase to increase the fair value of our servicing rights by $9.7 million.

Considering all related assumptions, we expect a 50 basis point parallel rate increase to increase the fair value of our servicing rights by $14.1 million.

Changes in interest rates resulted in an accumulated other comprehensive loss of $503 million at December 31, 2024, compared to an accumulated comprehensive loss of $599 million at December 31, 2023. We also repurchased $90 million of common shares during 2024. Capital is managed to maximize long-term value to the shareholders.

Changes in interest rates resulted in an accumulated other comprehensive loss of $166 million at December 31, 2025, compared to an accumulated comprehensive loss of $503 million at December 31, 2024. We also repurchased $390 million of common shares during 2025. Capital is managed to maximize long-term value to the shareholders.

Based on the average balances for 2024, approximately 72% of our funding was provided by deposit accounts, 15% from borrowed funds, less than 1% from long-term subordinated debt, and 11% from equity.

Based on the average balances for 2025, approximately 75% of our funding was provided by deposit accounts, 11% from borrowed funds, less than 1% from long-term subordinated debt, and 11% from equity.

At December 31, 2024, total derivative assets were reduced by $76 million of cash collateral received from counterparties, and total derivative liabilities were reduced by $1.4 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement.

At December 31, 2025, total derivative assets were reduced by $153 million of cash collateral received from counterparties, and total derivative liabilities were reduced by $6.1 million of cash collateral paid to counterparties related to instruments executed with the same counterparty under a master netting agreement.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Table 1 – Consolidated Selected Financial Data December 31, 2024 2023 2022 Selected Financial Data Earnings per share (based on average equivalent shares): Basic $ 8.14 $ 8.02 $ 7.68 Diluted 8.14 8.02 7.68 Percentages (based on daily averages): Return on average assets 1.03 % 1.10 % 1.11 % Return on average shareholders' equity 9.82 % 10.82 % 10.81 % Dividend payout ratio 27.20 % 27.00 % 27.65 % Allowance for loan losses to loans 1.16 % 1.16 % 1.04 % Combined allowance for credit losses to loans 1 1.38 % 1.36 % 1.31 % 1 Includes allowance for loan losses and accrual for off-balance sheet credit risk. 23 Management’s Assessment of Operations and Financial Condition Overview The following discussion is management's analysis to assist in the understanding and evaluation of the financial condition and results of operations of BOK Financial.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Table 1 – Consolidated Selected Financial Data December 31, 2025 2024 2023 Selected Financial Data Earnings per share (based on average equivalent shares): Basic and diluted $ 9.17 $ 8.14 $ 8.02 Percentages (based on daily averages): Return on average assets 1.12 % 1.03 % 1.10 % Return on average shareholders' equity 9.89 % 9.82 % 10.82 % Dividend payout ratio 25.41 % 27.20 % 27.00 % Allowance for loan losses to loans 1.08 % 1.16 % 1.16 % Combined allowance for credit losses to loans 1 1.28 % 1.38 % 1.36 % 1 Includes allowance for loan losses and accrual for off-balance sheet credit risk. 23 Management’s Assessment of Operations and Financial Condition Overview The following discussion is management's analysis to assist in the understanding and evaluation of the financial condition and results of operations of BOK Financial.

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.

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.

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.

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.

Average short-term borrowings decreased $1.1 billion. Our overall objective is to manage the Company's balance sheet for changes in interest rates as described in the Market Risk section of this report. Approximately 82% of our commercial and commercial real estate loan portfolios are either variable rate loans or fixed rate loans that will reprice within one year.

Our overall objective is to manage the Company's balance sheet for changes in interest rates as described in the Market Risk section of this report. Approximately 84% of our commercial and commercial real estate loan portfolios are either variable rate loans or fixed rate loans that will reprice within one year.

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 underlying 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.

Residential mortgage loans guaranteed by U.S. government agencies have limited credit exposure because of the underlying 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.

At December 31, 2024, the carrying value of investment (held-to-maturity) securities was $2.0 billion, including a $223 thousand allowance for expected credit losses, compared to $2.2 billion at December 31, 2023, with a $336 thousand allowance for expected credit losses. The fair value of investment securities was $1.8 billion at December 31, 2024, and $2.1 billion at December 31, 2023.

At December 31, 2025, the carrying value of investment securities was $1.8 billion, including a $202 thousand allowance for expected credit losses, compared to $2.0 billion at December 31, 2024, with a $223 thousand allowance for expected credit losses. The fair value of investment securities was $1.7 billion at December 31, 2025, and $1.8 billion at December 31, 2024.

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.

Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness.

Dept. of Veteran's Affairs 913,977 959,256 58 Customer Derivative Programs We offer programs that permit our customers to hedge various risks including fluctuations in energy, interest rates, foreign exchange rates, and other commodities. Each of these programs work essentially the same way. Derivative contracts are executed between the customers and the Company.

Dept. of Veteran's Affairs 855,182 913,977 56 Customer Risk Management 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.

Before consideration of cash margin paid to counterparties, the aggregate net fair values of derivative contracts held under these programs reported as liabilities totaled $205 million.

Before consideration of cash margin paid to counterparties, the aggregate net fair values of derivative contracts held under these programs reported as liabilities totaled $399 million compared to $205 million at December 31, 2024.

For example, compared to a 100% Base Case scenario, a 100% Downside case would result in an additional $192 million in quantitative reserve, while a 100% Upside Case would result in $24 million less in quantitative reserve at December 31, 2024.

For example, compared to a 100% base case scenario, a 100% downside case would result in an additional $189 million in quantitative reserve, while a 100% upside case would result in $13 million less in quantitative reserve at December 31, 2025.

Such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including (1) management's weighting of multiple forecasted economic scenarios in estimating expected credit losses; (2) management's predictions of future economic trends and relationships among the scenarios may differ from actual events; and (3) management's application of subjective measures to modeled results when appropriate. 27 Fair Value Measurement Certain assets and liabilities are recorded at fair value in the Consolidated Financial Statements.

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. Trading securities totaled $4.9 billion at December 31, 2024, a decrease of $294 million compared to December 31, 2023.

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. Trading securities totaled $5.4 billion at December 31, 2025, an increase of $494 million compared to December 31, 2024.

We expect a $12.0 million decrease in the fair value of our MSRs from a 50 basis point parallel rate decrease. 28 Results of Operations Net Interest Income and Net Interest Margin 2024 Net Interest Income 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.

We expect a $17.8 million decrease in the fair value of our MSR from a 50 basis point parallel rate decrease. 27 Results of Operations Net Interest Income and Net Interest Margin 2025 Net Interest Income 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.

Derivative contracts carried as assets include energy contracts with fair values of $123 million, interest rate swaps primarily sold to loan customers with fair values of $77 million and foreign exchange contracts with fair values of $42 million.

Derivative contracts carried as assets include energy contracts with fair values of $333 million, foreign exchange contracts with fair values of $61 million, and interest rate swaps primarily sold to loan customers with fair values of $34 million.

Table 31 – Capital and Performance Ratios Minimum Capital Requirement Capital Conservation Buffer Minimum Capital Requirement Including Capital Conservation Buffer December 31, 2024 2023 Capital: Common equity Tier 1 4.50 % 2.50 % 7.00 % 13.03 % 12.06 % Tier 1 capital 6.00 % 2.50 % 8.50 % 13.04 % 12.07 % Total capital 8.00 % 2.50 % 10.50 % 14.21 % 13.16 % Tier 1 Leverage 4.00 % N/A 4.00 % 9.97 % 9.45 % Average total equity to average assets 10.51 % 10.17 % Tangible common equity ratio 1 9.17 % 8.29 % Adjusted tangible common equity ratio 1 8.86 % 8.02 % Performance Ratios: Return on average equity 9.82 % 10.82 % Return on average tangible common equity 1 12.37 % 14.00 % 1 See Explanation and Reconciliation of Non-GAAP Measures following.

Table 31 – Capital and Performance Ratios Minimum Capital Requirement Capital Conservation Buffer Minimum Capital Requirement Including Capital Conservation Buffer December 31, 2025 2024 Capital: Common equity Tier 1 4.50 % 2.50 % 7.00 % 12.90 % 13.03 % Tier 1 capital 6.00 % 2.50 % 8.50 % 12.90 % 13.04 % Total capital 8.00 % 2.50 % 10.50 % 14.77 % 14.21 % Tier 1 Leverage 4.00 % N/A 4.00 % 9.86 % 9.97 % Average total equity to average assets 11.31 % 10.51 % Tangible common equity ratio 1 9.46 % 9.17 % Performance Ratios: Return on average equity 9.89 % 9.82 % Return on average tangible common equity 1 12.15 % 12.37 % 1 See Explanation and Reconciliation of Non-GAAP Measures following.

This subjective assessment of risk may not reflect actual risk of loss. • The forecast for each relevant economic loss driver and the probability weighting of economic scenarios are overseen by a senior management Economic Forecast Committee which includes members independent of the allowance process. • The Allowance Committee may increase or decrease the allowance to reflect risks not captured in the quantitative component.

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 loans totaled $3.3 billion, or 13% of total loans, at December 31, 2024.

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 loans totaled $2.9 billion, or 11% of total loans, at December 31, 2025, a $372 million decrease compared to December 31, 2024.

The adjusted tangible common equity ratio also includes unrealized gains and losses on the investment portfolio. 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.

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.

Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 701% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $332 million, or 1.38% of outstanding loans and 831% of nonaccruing loans at December 31, 2024.

Excluding residential mortgage loans guaranteed by U.S. government agencies, the allowance for loan losses was 419% of nonaccruing loans. The combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $327 million, or 1.28% of outstanding loans and 497% of nonaccruing loans at December 31, 2025.

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.

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.

Although the resulting expected credit loss estimate represents management's best estimates at the time, actual credit losses will differ from management's estimate. Portfolio composition will change over time, actual economic conditions will differ from probability-weighted assumptions, borrower-specific circumstances will change, as well as other factors. Differences between actual losses and management's estimates may materially affect the Company's results of operations.

Although the resulting expected credit loss estimate represents management’s best estimates at the time, actual credit losses will differ from management’s estimate. Portfolio composition will change over time, actual economic conditions will differ from probability-weighted assumptions, borrower-specific circumstances will change, as well as other factors.

A summary of changes in assets under management or administration for the year ended December 31, 2024, 2023, and 2022 follows: Table 8 – Changes in Assets Under Management or Administration (In thousands) Year Ended December 31, 2024 2023 2022 Beginning balance $ 104,736,999 $ 99,735,040 $ 104,917,721 Net inflows (outflows) 2,167,911 (3,105,170) 572,812 Net change in fair value 7,710,327 8,107,129 (5,755,493) Ending balance $ 114,615,237 $ 104,736,999 $ 99,735,040 Assets under management as of December 31, 2024 consist of 42% fixed income, 35% equities, 14% cash, and 9% alternative investments.

A summary of changes in assets under management or administration for the year ended December 31, 2025, 2024, and 2023 follows: Table 8 – Changes in Assets Under Management or Administration (In thousands) Year Ended December 31, 2025 2024 2023 Beginning balance $ 114,615,237 $ 104,736,999 $ 99,735,040 Net inflows (outflows) 5,923,723 2,167,911 (3,105,170) Net change in fair value 6,075,698 7,710,327 8,107,129 Ending balance $ 126,614,658 $ 114,615,237 $ 104,736,999 Assets under management as of December 31, 2025 consist of 42% fixed income, 35% equities, 15% cash, and 8% alternative investments.

See the Loans section of Management's Discussion and Analysis of Financial Condition 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 were $16.8 billion for 2024, a $1.4 billion, or 9%, increase over the prior year.

See the Loans section of Management's Discussion and Analysis of Financial Condition 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 were $18.0 billion for 2025, a $1.2 billion, or 7%, increase over the prior year.

Average interest-bearing transaction accounts for 2024 included $1.3 billion of brokered deposits, a $988 million increase over 2023. Average time deposits included $342 million of brokered deposits for 2024, a $118 million decrease compared to 2023. 67 The distribution of our period end deposit account balances among principal markets follows in Table 30.

Average interest-bearing transaction accounts for 2025 included $2.1 billion of brokered deposits, a $744 million increase over 2024. Average time deposits included $32 million of brokered deposits for 2025, a $311 million decrease compared to 2024. The distribution of our period end deposit account balances among principal markets follows in Table 30.

Real estate and other repossessed assets decreased $621 thousand compared to December 31, 2023. Liquidity and Capital BOK Financial has numerous material cash requirements in the normal course of business.

Real estate and other repossessed assets decreased $2.1 million compared to December 31, 2024. 63 Liquidity and Capital BOK Financial has numerous material cash requirements in the normal course of business.

Models incorporate base case, downside and upside macroeconomic variables such as real GDP growth, civilian unemployment rate 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. An $18.0 million provision for credit losses was recorded for the year ended December 31, 2024.

Models incorporate base case, downside, and upside macroeconomic variables such as real GDP growth, civilian unemployment rate, 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.

Table 9 – Mortgage Banking Revenue (Dollars in thousands) Year Ended December 31, 2024 2023 2022 Mortgage production revenue $ 8,739 $ (5,339) $ (1,838) Mortgage loans funded for sale $ 812,263 $ 666,391 $ 1,180,403 Add: Current year end outstanding commitments 36,590 34,783 45,492 Less: Prior year end outstanding commitments 34,783 45,492 171,412 Total mortgage production volume $ 814,070 $ 655,682 $ 1,054,483 Production revenue as a percentage of production volume 1.07 % (0.81) % (0.17) % Realized margin on funded mortgage loans 1.02 % (0.75) % 0.63 % Mortgage loan refinances to mortgage loans funded for sale 11 % 9 % 24 % Primary mortgage interest rates: Average 6.72 % 6.79 % 5.34 % Period end 6.85 % 6.42 % 6.41 % Mortgage servicing revenue $ 65,368 $ 61,037 $ 51,203 Average outstanding principal balance of mortgage loans serviced for others 21,948,659 20,779,627 17,871,306 Average mortgage servicing fee rates 0.30 % 0.29 % 0.29 % Primary rates disclosed in Table 9 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Table 9 – Mortgage Banking Revenue (Dollars in thousands) Year Ended December 31, 2025 2024 2023 Mortgage production revenue $ 8,669 $ 8,739 $ (5,339) Mortgage loans funded for sale $ 839,158 $ 812,263 $ 666,391 Add: Current year end outstanding commitments 49,048 36,590 34,783 Less: Prior year end outstanding commitments 36,590 34,783 45,492 Total mortgage production volume $ 851,616 $ 814,070 $ 655,682 Production revenue as a percentage of production volume 1.02 % 1.07 % (0.81) % Realized margin on funded mortgage loans 0.91 % 1.02 % (0.75) % Mortgage loan refinances to mortgage loans funded for sale 18 % 11 % 9 % Primary mortgage interest rates: Average 6.60 % 6.72 % 6.79 % Period end 6.18 % 6.85 % 6.42 % Mortgage servicing revenue $ 68,916 $ 65,368 $ 61,037 Average outstanding principal balance of mortgage loans serviced for others 22,482,130 21,948,659 20,779,627 Average mortgage servicing fee rates 0.31 % 0.30 % 0.29 % Primary rates disclosed in Table 9 above represent rates generally available to borrowers on 30 year conforming mortgage loans.

Based on our assessment as of December 31, 2024, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program. 60 Summary of Credit Loss Experience Table 26 – Summary of Credit Loss Experience (Dollars in thousands) Year Ended Dec. 31, 2024 Dec. 31, 2023 Allowance for loan losses: Beginning balance $ 277,123 $ 235,704 Loans charged off (18,835) (27,316) Recoveries of loans previously charged off 5,956 9,217 Net loans charged off (12,879) (18,099) Provision for credit losses 15,791 59,518 Ending balance $ 280,035 $ 277,123 Accrual for off-balance sheet credit risk from unfunded loan commitments: Beginning balance $ 48,977 60,919 Provision for credit losses 2,663 (11,942) Ending balance $ 51,640 $ 48,977 Accrual for off-balance sheet credit risk associated with mortgage banking activities: Beginning balance $ 3,492 $ 4,904 Net loans charged off (3) (58) Provision for credit losses (341) (1,354) Ending balance $ 3,148 $ 3,492 Allowance for credit losses related to held-to-maturity (investment) securities: Beginning balance $ 336 $ 558 Provision for credit losses (113) (222) Ending balance $ 223 $ 336 Total provision for credit losses $ 18,000 $ 46,000 Average loans by portfolio segment: Commercial $ 15,061,959 $ 14,320,970 Commercial real estate 5,069,162 5,163,569 Loans to individuals 4,034,660 3,640,810 Net charge-offs (annualized) to average loans 0.05 % 0.08 % Net charge-offs (annualized) to average loans by portfolio segment: Commercial 0.06 % 0.07 % Commercial real estate 0.02 % 0.10 % Loans to individuals 0.07 % 0.09 % Recoveries to gross charge-offs 31.62 % 33.74 % Provision for loan losses (annualized) to average loans 0.07 % 0.26 % Allowance for loan losses to loans outstanding at period end 1.16 % 1.16 % Accrual for unfunded loan commitments to loan commitments 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 1.38 % 1.36 % 61 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.

Based on our assessment as of December 31, 2025, changes in interest rates would not materially impact regulatory capital or liquidity needed to support this portion of our customer derivative program. 58 Summary of Credit Loss Experience Table 26 – Summary of Credit Loss Experience (Dollars in thousands) Year Ended Dec. 31, 2025 Dec. 31, 2024 Allowance for loan losses: Beginning balance $ 280,035 $ 277,123 Loans charged off (10,305) (18,835) Recoveries of loans previously charged off 3,566 5,956 Net loans charged off (6,739) (12,879) Provision for credit losses 2,564 15,791 Ending balance $ 275,860 $ 280,035 Accrual for off-balance sheet credit risk from unfunded loan commitments: Beginning balance $ 51,640 $ 48,977 Provision for credit losses (369) 2,663 Ending balance $ 51,271 $ 51,640 Accrual for off-balance sheet credit risk associated with mortgage banking activities: Beginning balance $ 3,148 $ 3,492 Net loans charged off (40) (3) Provision for credit losses (174) (341) Ending balance $ 2,934 $ 3,148 Allowance for credit losses related to investment (held-to-maturity) securities: Beginning balance $ 223 $ 336 Provision for credit losses (21) (113) Ending balance $ 202 $ 223 Total provision for credit losses $ 2,000 $ 18,000 Average loans by portfolio segment: Commercial $ 14,644,124 $ 15,061,959 Commercial real estate 5,435,587 5,069,162 Loans to individuals 4,502,552 4,034,660 Net charge-offs (annualized) to average loans 0.03 % 0.05 % Net charge-offs (annualized) to average loans by portfolio segment: Commercial 0.03 % 0.06 % Commercial real estate — % 0.02 % Loans to individuals 0.05 % 0.07 % Recoveries to gross charge-offs 34.60 % 31.62 % Provision for loan losses (annualized) to average loans 0.01 % 0.07 % Allowance for loan losses to loans outstanding at period end 1.08 % 1.16 % Accrual for unfunded loan commitments to loan commitments 0.32 % 0.35 % Combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments to loans outstanding at period end 1.28 % 1.38 % 59 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.

Income tax expense was $39.3 million, or 22.4% of net income before taxes for the fourth quarter of 2024, compared to $33.3 million, or 19.2% of net income before taxes for the third quarter of 2024. The third quarter of 2024 included the release of reserves for uncertain tax positions as the statute of limitations had expired.

Income tax expense was $51.2 million, or 22.4% of net income before taxes for the fourth quarter of 2025, compared to $35.7 million, or 20.2% of net income before taxes for the third quarter of 2025. The third quarter of 2025 included the release of reserves for uncertain tax positions as the statute of limitations had expired.

We are required to provide cash margin to certain counterparties when the net negative fair value of the contracts exceeds established limits. Also, changes in commodity prices affect the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets. These risks are modeled as part of the management of these programs.

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 the amount of regulatory capital we are required to hold as support for the fair value of our derivative assets.

Unrealized gains or losses, net of deferred taxes, are recorded as Accumulated Other Comprehensive Income (Loss) in shareholders’ equity. At December 31, 2024, the fair value of available for sale securities was $12.9 billion, an increase of $565 million compared to December 31, 2023.

Unrealized gains or losses, net of deferred taxes, are recorded as accumulated other comprehensive income (loss) in shareholders’ equity. At December 31, 2025, the fair value of AFS securities was $13.6 billion, an increase of $755 million compared to December 31, 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

27 edited+2 added−1 removed22 unchanged

2024 filing

2025 filing

Biggest changeSVaR 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.

Biggest changeSVaR 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. 73 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.

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.

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 $3.0 million market risk limit for the mortgage production pipeline, net of forward sale contracts.

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 33 indicates management’s estimation of the impact of rate changes on net interest income.

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. 71 The interest rate sensitivity in Table 33 indicates management’s estimation of the impact of rate changes on net interest income.

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.

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. 74 Model Validation Model validation staff maintain independence from both the developers and users of the models.

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 6.5%.

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.

Changes in the fair value of MSR 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 MSR increases.

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 modeled validations to access model input, processing and reporting components.

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 modeled validations to assess model input, processing, and reporting components.

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.

As primary mortgage rates fall, prepayment speeds increase and the value of our mortgage servicing rights decreases. 75 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.

As primary mortgage rates fall, prepayment speeds increase and the value of our MSR 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 MSR.

Table 36 below summarizes certain VaR- and SVaR-based measures for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

Table 36 below summarizes certain VaR- and SVaR-based measures for the three months ended December 31, 2025, September 30, 2025, December 31, 2024, and September 30, 2024.

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 (0.38)%, or ($5.1 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 0.24%, or $3.5 million, for the 100 basis point decrease scenario.

The Board has approved a $20 million market risk limit for mortgage servicing rights, net of economic hedges.

The Board has approved a $20 million market risk limit for MSR, net of economic hedges.

Deviations from the Board approved limits, which periodically occur throughout the reporting period, may require management to develop and execute plans to reduce exposure.

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.

Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 0.97%, or $12.9 million for the 100 basis point decrease scenario.

Should deposit costs be 10% more sensitive to changes in rates, the variation in net interest income over the next twelve months would be 1.48%, or $21.4 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 income would decrease approximately 5.35%, or $71.6 million.

Table 33 – Interest Rate Sensitivity (Dollars in thousands) December 31, 2024 December 31, 2023 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 $(37,900) $(8,100) $3,900 $13,200 $(36,100) $(8,900) $(7,900) $(2,900) (2.83)% (0.61)% 0.29% 0.99% (3.03)% (0.75)% (0.66)% (0.24)% Anticipated impact over months twelve through twenty-four $(12,000) $17,000 $(26,100) $(44,800) $(9,600) $15,300 $(53,700) $(84,900) (0.82)% 1.16% (1.78)% (3.05)% (0.74)% 1.18% (4.16)% (6.57)% BOK Financial is also subjected to market risk through changes in the fair value of mortgage servicing rights.

Table 33 – Interest Rate Sensitivity (Dollars in thousands) December 31, 2025 December 31, 2024 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 $(31,000) $(13,700) $12,500 $28,700 $(37,900) $(8,100) $3,900 $13,200 (2.15)% (0.95)% 0.86% 1.99% (2.83)% (0.61)% 0.29% 0.99% Anticipated impact over months twelve through twenty-four $(7,000) $5,000 $(11,100) $(17,300) $(12,000) $17,000 $(26,100) $(44,800) (0.45)% 0.32% (0.72)% (1.13)% (0.82)% 1.16% (1.78)% (3.05)% BOK Financial is also subjected to market risk through changes in the fair value of MSR.

Table 36 - VaR and SVaR Measures (In thousands) Three Months Ended Three Months Ended Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023 Sep. 30, 2023 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 $ 4,178 $ 8,122 $ 4,858 $ 8,504 $ 4,757 $ 8,154 $ 5,954 $ 6,118 Low 1,284 4,017 2,443 4,887 2,338 4,067 3,893 4,027 High 7,005 11,200 9,645 13,914 7,776 13,045 9,312 9,312 Period End 3,050 8,374 2,735 6,173 2,977 4,925 6,455 6,455 1 Average represents the simple average of each daily value observed during the reporting period.

Table 36 - VaR and SVaR Measures (In thousands) Three Months Ended Three Months Ended Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 Sep. 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 $ 3,981 $ 5,737 $ 2,720 $ 6,720 $ 4,178 $ 8,122 $ 4,858 $ 8,504 Low 2,178 4,081 1,140 3,595 1,284 4,017 2,443 4,887 High 5,616 9,117 4,815 10,003 7,005 11,200 9,645 13,914 Period End 5,118 5,118 2,758 5,571 3,050 8,374 2,735 6,173 1 Average represents the simple average of each daily value observed during the reporting period.

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.

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.

Table 34 - MSR Asset and Hedge Sensitivity Analysis (In thousands) December 31, 2024 2023 Up 50 bp Down 50 bp Up 50 bp Down 50 bp MSR Asset $ 9,730 $ (11,956) $ 7,974 $ (9,877) MSR Hedge (12,269) 12,537 (8,444) 8,606 Net Exposure $ (2,539) $ 581 $ (470) $ (1,271) Trading Activities The Company bears market risk by originating residential mortgages held for sale.

Table 34 - MSR Asset and Hedge Sensitivity Analysis (In thousands) December 31, 2025 2024 Up 50 bp Down 50 bp Up 50 bp Down 50 bp MSR Asset $ 14,145 $ (17,766) $ 9,730 $ (11,956) MSR Hedge (16,459) 16,365 (12,269) 12,537 Net Exposure $ (2,314) $ (1,401) $ (2,539) $ 581 72 Trading Activities The Company bears market risk by originating residential mortgages held for sale.

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.

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

The Board has approved an $11 million interest rate risk limit for the trading portfolio, net of economic hedges. 77 Table 37 - Trading Securities Sensitivity Analysis (In thousands) Year Ended December 31, 2024 2023 Up 50 bp Down 50 bp Up 50 bp Down 50 bp Average 1 $ (3,007) $ 4,946 $ (1,144) $ 1,881 Low 2 4,622 11,070 4,513 8,955 High 3 (8,243) (3,120) (8,223) (4,538) Period End (3,513) 5,475 (527) 1,920 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.

Table 37 - Trading Sensitivity Analysis (In thousands) Year Ended December 31, 2025 2024 Up 50 bp Down 50 bp Up 50 bp Down 50 bp Average 1 $ (1,688) $ 5,729 $ (3,007) $ 4,946 Low 2 3,602 11,375 4,622 11,070 High 3 (7,841) (379) (8,243) (3,120) Period End (4,847) 9,379 (3,513) 5,475 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.

Table 35 - Mortgage Pipeline Sensitivity Analysis (In thousands) Year Ended December 31, 2024 2023 Up 50 bp Down 50 bp Up 50 bp Down 50 bp Average 1 $ (87) $ (63) $ (61) $ (38) Low 2 93 126 49 61 High 3 (316) (241) (186) (168) Period End (96) (117) 14 (41) 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. 76 BOK Financial enters into trading activities both as an intermediary for customers and for its own account.

Table 35 - Mortgage Pipeline Sensitivity Analysis (In thousands) Year Ended December 31, 2025 2024 Up 50 bp Down 50 bp Up 50 bp Down 50 bp Average 1 $ (206) $ (97) $ (87) $ (63) Low 2 (37) 182 93 126 High 3 (566) (302) (316) (241) Period End (295) (252) (96) (117) 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.

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.

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.

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.

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.

These plans are subject to escalation to and approval by the Board. 74 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.

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.

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.

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.

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.

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.

Removed

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.

Added

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.

Added

SVaR is calculated using the same internal models as used for the VaR-based measure.

Top changes in BOK FINANCIAL CORP's 2025 10-K

Item 1. Business

Item 1A. Risk Factors

Item 2. Properties

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Other BOKF 10-K year-over-year comparisons