Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million for Q4 2025, with an EPS of $2.89, and full-year earnings reached $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances increased by over $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][6] - Net interest income grew by $7.6 million, and the net interest margin expanded by seven basis points [14][4] Business Line Data and Key Metrics Changes - Fee income contributed $801 million to revenue, representing 38% of total revenue, with a sequential increase of 5.1% [4][11] - The Fiduciary and Asset Management and Transaction Card lines achieved record revenue for both the quarter and the full year, with AUMA surpassing $126 billion [7][12] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% [8][6] Market Data and Key Metrics Changes - Growth in Texas was particularly strong, contributing $561 million to total growth in Q4 [6] - The company outperformed the KBW Regional Banking Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51%, respectively [4] Company Strategy and Development Direction - The company aims to create long-term sustainable shareholder value while maintaining a disciplined approach to risk management [3] - Future loan growth is expected to be in the upper single digits, with net interest income projected to be between $1.44 billion and $1.48 billion for 2026 [16][17] - The company is focused on investing in growth areas while aligning its expense base with future needs [17][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the path ahead, highlighting the diverse growth across various lending types and geographies [5][21] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [10][59] - Management noted that while credit normalization is expected in the long term, the current environment remains favorable [10][59] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [7] - Total expenses decreased by $8.7 million, with personnel expenses down by $3.6 million [15] Q&A Session Summary Question: Drivers of Upper Single-Digit Loan Growth - Management highlighted diverse growth across geography and lending types, with significant contributions from the mortgage finance business [20][21] Question: Future Share Buybacks and CET1 Ratio - Management indicated that share buybacks would be opportunistic and not tied to a specific CET1 ratio [23] Question: Deposit Growth and Competition - Management noted that while competition for deposits remains high, it is at a normal level without irrational behavior in the market [30][31] Question: Fee Income Expectations - Management expects mid-single-digit growth in fee income, with trading revenue potentially shifting to net interest income due to market conditions [37][39] Question: Outlook for Expenses and Efficiency - Management anticipates a strong efficiency outlook with a target efficiency ratio of 63%-64% for 2026 [40][41] Question: Mortgage Finance Business Contribution - Management expects the mortgage finance business to reach a billion in commitments by the end of 2026, with a significant portion funded [46] Question: Capital Deployment Opportunities - Management remains open to M&A opportunities but prioritizes loan growth and is cautious about deploying capital aggressively [93][94]

Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million, or EPS of $2.89 per diluted share for Q4 2025, with full-year earnings reaching $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances expanded by more than $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][5] - Net interest income increased by $7.6 million, with net interest margin expanding by seven basis points [12][4] Business Line Data and Key Metrics Changes - The fee income engine contributed $801 million to revenue, representing 38% of total revenue, with total fee income increasing by 5.1% sequentially [4][10] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% and energy loans grew by over $200 million [6][7] - Commercial real estate loans decreased by 1.4% quarter-over-quarter but increased by 12.1% year-over-year [7] Market Data and Key Metrics Changes - The company outperformed the KBWF Regional Bank Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51% respectively [4] - The capital levels remained robust, with tangible common equity at 9.5% and CET1 at 12.9% [6] Company Strategy and Development Direction - The company aims for upper single-digit loan growth in 2026, reflecting continued growth in the existing portfolio and contributions from the new mortgage finance segment [15] - The strategy includes maintaining a disciplined approach to risk management while investing in long-term sustainable shareholder value [3][4] - The company is opportunistic regarding share buybacks and M&A opportunities, focusing on intrinsic strategic value [81][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment and capitalize on market disruptions [89] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [9][56] - Management anticipates that credit normalization will occur over the long term, but no immediate concerns are evident [9][56] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [6] - A notable pre-tax gain of $23.5 million was recognized from exiting a merchant banking investment [13] Q&A Session Questions and Answers Question: Can you provide more detail on the drivers of upper single-digit loan growth? - Management noted that loan growth has been diverse across geography and lending types, with significant contributions from various segments, including a $100 million increase from the mortgage finance business in Q4 [20] Question: How are you thinking about future share buybacks? - Management indicated that share buybacks are opportunistic and linked to the company's long history of shareholder value orientation [22] Question: Can you discuss the competition for deposits and the outlook for deposit growth? - Management described the deposit environment as competitive but rational, with expectations for loan growth to exceed deposit growth [30] Question: What are the expectations for fee income growth? - Management expects mid-single-digit growth in fee income, with a shift from fee income to net interest income anticipated due to the steepening yield curve [73] Question: How do you plan to fund the mortgage finance business as it grows? - The mortgage finance business will be funded through a mix of wholesale and core deposits, maintaining a strong funding profile [59] Question: What are the expectations for credit quality moving forward? - Management expects credit quality to remain strong in the short term, with loan growth and economic outlook being the primary drivers for provision levels [56]

Q4 Earnings Conference Call January 20, 2026 Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Legal Disclaimers This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as "anticipates," "believes," "e ...

Group 1 - The article discusses the Q4 earnings season for regional banks, specifically focusing on BOK Financial Corporation (BOKF) [1] - The analysis emphasizes the importance of regional bank performance as an indicator of broader economic trends [1] - The article highlights the expertise of Quad 7 Capital, a team of analysts known for their investment strategies and market insights [1] Group 2 - Quad 7 Capital has a track record of successful investment calls, including a notable recommendation to sell everything and go short in February 2020 [1] - The team focuses on short- and medium-term investments, income generation, and momentum trades, providing in-depth research and clear entry and exit targets [1] - The benefits of BAD BEAT Investing include educational resources for investors, access to trading tools, and weekly trade ideas [1]

Group 1 - 3M Co. is expected to report quarterly earnings of $1.80 per share on revenue of $6.01 billion, with shares slipping 0.2% to $167.45 in after-hours trading [1] - D.R. Horton Inc. is projected to post quarterly earnings of $1.93 per share on revenue of $6.60 billion, with shares falling 0.2% to $155.67 in after-hours trading [1] - BOK Financial Corp. reported better-than-expected earnings of $2.89 per share, exceeding the analyst consensus estimate of $2.18 per share, with quarterly sales of $589.563 million surpassing the estimate of $550.100 million; shares gained 0.4% to close at $128.21 [1] - United Airlines Holdings Inc. is projected to report quarterly earnings of $2.94 per share on revenue of $15.40 billion, with shares slipping 0.1% to $113.45 in after-hours trading [1] - Netflix Inc. is expected to post quarterly earnings of 55 cents per share on revenue of $11.97 billion, with shares rising 0.5% to $88.44 in after-hours trading [1]

Core Insights - BOK Financial Corporation (BOKF) reported a fourth-quarter 2025 adjusted net income per share of $2.48, exceeding the Zacks Consensus Estimate of $2.13, marking a 16.9% increase from the prior-year quarter [1][7] - The company's performance was driven by higher net interest income (NII) and total fees and commissions, alongside growth in loans and deposits, although rising operating expenses were a concern [1][11] Financial Performance - Net income attributable to shareholders for the quarter was $177.3 million, reflecting a 30.2% year-over-year increase [2] - Quarterly net revenues reached $589.6 million, a 12.7% increase year-over-year, surpassing the Zacks Consensus Estimate of $543 million [3] - Full-year revenues totaled $2.17 billion, up 7% year-over-year [3] Income and Expenses - Net interest income was reported at $345.3 million, a 10.3% increase year-over-year, with the net interest margin expanding by 23 basis points to 2.98% [3] - Total fees and commissions amounted to $214.9 million, up 3.8% year-over-year, driven by growth in nearly all components [4] - Total operating expenses were $361.1 million, also up 3.8% year-over-year, primarily due to higher personnel costs [4] Loan and Deposit Growth - As of December 31, 2025, total loans increased to $25.6 billion, a 3.2% rise from the prior quarter, mainly due to growth in commercial loans and loans to individuals [5][7] - Total deposits rose 2.4% sequentially to $39.4 billion, supported by higher interest-bearing transaction accounts, demand deposits, and savings deposits [5] Credit Quality - Non-performing assets stood at $74.5 million, or 0.29% of outstanding loans, compared to $48.9 million, or 0.20%, in the prior-year quarter [6] - The company recorded net charge-offs of $1.4 million, up from $528 thousand in the year-ago quarter [8] Capital and Profitability Ratios - As of December 31, 2025, the common equity Tier 1 capital ratio was 12.89%, down from 13.03% a year earlier [9] - Return on average equity improved to 11.80%, up from 9.71% in the prior year, while return on average assets increased to 1.36% from 1.07% [9] Share Repurchase Activity - During the reported quarter, BOK Financial repurchased 2,617,414 shares at an average price of $107.99 per share [10]

Core Viewpoint - BOK Financial Corporation reported its operating results for the fourth quarter and full year of 2025, indicating a significant financial performance review scheduled for January 20, 2026 [1] Financial Results - The fourth quarter earnings release for 2025 is available for review, providing detailed insights into the company's financial performance [1] - A conference call is set to take place on January 20, 2026, at noon central time to discuss the financial results [1]

Financial Performance - BOK Financial Corporation reported annual net income of $578 million, or $9.17 per diluted share, for 2025, compared to $523.6 million, or $8.14 per diluted share, in 2024[2]. - Fourth quarter net income was $177.3 million, or $2.89 per diluted share, an increase from $140.9 million, or $2.22 per diluted share, in the prior quarter[1]. - Net income attributable to BOK Financial Corporation shareholders for Q4 2025 was $177,301 thousand, a 30.2% increase from $136,154 thousand in Q4 2024[50]. - Net income per share for Q4 2025 was $2.89, up from $2.12 in Q4 2024, representing a growth of 36.4%[50]. - Adjusted net income for Q4 2025 was $152,134,000, resulting in adjusted earnings per share of $2.48, compared to $2.89 for net income attributable to shareholders[55]. Revenue and Income Sources - Net interest income for 2025 totaled $1.3 billion, an increase of $116.6 million from the previous year, with a net interest margin of 2.87% compared to 2.65%[2]. - Fees and commissions revenue for the fourth quarter was $214.9 million, up $10.4 million, led by growth in trading revenue and fiduciary and asset management revenue[9]. - Other operating revenue increased by 15.9% to $244.3 million in the fourth quarter, driven by a $23.5 million pre-tax gain on the sale of a merchant banking investment[12]. - Total fees and commissions for the quarter reached $214,864 thousand, up from $206,938 thousand in the previous year, indicating a growth of 3.4%[51]. Loan and Deposit Growth - Average outstanding loan balances increased by $416 million to $25.2 billion, primarily driven by growth in the commercial loan portfolio[5]. - Period end loans grew by $786 million to $25.7 billion, with nonperforming assets stable at $75 million, or 0.29% of outstanding loans[1]. - Outstanding loans increased by $786 million to $25.7 billion, primarily driven by growth in commercial loans, with unfunded loan commitments growing by $590 million[16][17]. - Period-end deposits totaled $39.4 billion, an increase of $935 million, with interest-bearing transaction accounts up by $867 million[24]. - Total loans increased to $25,651,462,000 in Q4 2025, up from $24,865,194,000 in Q3 2025, representing a growth of 3.2%[61]. Operating Expenses and Efficiency - Operating expenses decreased by $8.7 million to $361.1 million in the fourth quarter, while personnel expenses decreased by $3.6 million[1]. - Total operating expenses for Q4 2025 were $361.1 million, a decrease of $8.7 million or 2.4% from the previous quarter[13]. - The efficiency ratio improved to 60.71% in Q4 2025 from 66.66% in Q3 2025, indicating better operational efficiency[54]. - The efficiency ratio for the year ended December 31, 2025, was 65.13%, indicating the company's operational efficiency[55]. Capital and Asset Management - The company's common equity Tier 1 capital ratio was 12.89% at December 31, 2025, down from 13.60% at September 30, 2025[26]. - Total assets increased to $52.2 billion as of December 31, 2025, up from $50.2 billion at September 30, 2025[47]. - The fair value of the available-for-sale securities portfolio increased by $126 million to $13.6 billion at December 31, 2025, with a net unrealized loss of $133 million[35]. - The tangible common equity ratio decreased to 9.46% in Q4 2025 from 10.06% in Q3 2025[54]. Credit Quality and Risk Management - Nonperforming assets totaled $75 million, or 0.29% of outstanding loans, showing a slight improvement from 0.30% in the previous quarter[29]. - Net charge-offs for the fourth quarter of 2025 were $1.4 million, or 0.02% of average loans, with trailing twelve months net charge-offs at $6.7 million, or 0.03% of average loans[31]. - The combined allowance for loan losses and off-balance sheet credit risk was $327 million, or 1.28% of outstanding loans, as of December 31, 2025[33]. - The allowance for loan losses to period end loans was 1.08% as of December 31, 2025, down from 1.12% in the previous quarter, suggesting a slight improvement in loan quality[67]. Shareholder Returns and Stock Activity - The company repurchased 2,617,414 shares of common stock at an average price of $107.99 per share during the fourth quarter[1]. - Cash dividends paid in the quarter amounted to $38,042 thousand, up from $36,421 thousand in the previous year, reflecting a growth of 4.5%[52]. - Shares repurchased during the quarter totaled 2,617,414, with an amount of $282,645 thousand spent, reflecting a significant investment in share buybacks[52]. Segment Performance - Commercial Banking segment contributed $164.0 million to net income before taxes, an increase of $24.2 million from the previous quarter, with average loans rising by $249 million, or 1%[40]. - Consumer Banking segment net income before taxes was $15.1 million, with average loans increasing by $83 million, or 3%[41]. - Wealth Management segment contributed $42.7 million to net income before taxes, an increase of $6.1 million, with assets under management rising by $3.9 billion, or 3%[42].

Core Viewpoint - BOK Financial Corporation is expected to report an increase in fourth-quarter earnings and revenue compared to the previous year [1] Earnings Expectations - The company is projected to report fourth-quarter earnings of $2.16 per share, up from $2.12 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $549.37 million, an increase from $525.56 million reported last year [1] Recent Stock Performance - Shares of BOK Financial gained 2.1% to close at $127.69 [2] Analyst Ratings and Price Targets - Wells Fargo analyst Timur Braziler maintained an Equal-Weight rating and raised the price target from $105 to $115 [3] - Barclays analyst Jared Shaw maintained an Equal-Weight rating and increased the price target from $120 to $125 [3] - Hovde Group analyst Brett Rabatin downgraded the stock from Outperform to Market Perform [3] - DA Davidson analyst Peter Winter maintained a Buy rating and raised the price target from $120 to $122 [3] - Keefe, Bruyette & Woods analyst Wood Lay maintained a Market Perform rating and cut the price target from $118 to $116 [3]

Core Viewpoint - BOK Financial Corporation (NASDAQ:BOKF) is a financial holding company with a stable outlook, offering various financial products and services across multiple states, and is expected to report strong earnings growth soon [1][3][6] Group 1: Company Overview - BOK Financial operates through three main segments: Commercial Banking, Consumer Banking, and Wealth Management [1] - The company competes with mid-cap finance companies like First Financial Bankshares (NASDAQ:FFIN) [1] Group 2: Price Target Analysis - The consensus price target for BOK Financial's stock has shown slight fluctuations, remaining around $120 over the past year, with a recent increase to $121.4 [2][6] - Wells Fargo has set a lower price target of $105, indicating a more cautious outlook compared to other analysts [2] Group 3: Earnings Expectations - BOK Financial is anticipated to report earnings next week, with Wall Street expecting growth and a strong potential for an earnings beat based on past performance [3][6] - The company has consistently delivered impressive earnings surprises, suggesting a favorable outlook for the upcoming quarterly report [3] Group 4: Economic and Strategic Factors - Economic conditions such as interest rates, inflation, and regional economic growth are vital for BOK Financial's performance [4] - Strategic initiatives, including mergers, acquisitions, and market expansions, can significantly influence analysts' price targets [5][6]