Financial Analysis

"Commitments and Contingent Liabilities Litigation Contingencies As a member of Visa, BOK Financial is obligated for a proportionate share of certain covered litigation losses incurred by Visa under a retrospective responsibility plan. A contingent liability was recognized for the Companys share of Visas covered litigation liabilities. Visa funded an escrow account to cover litigation claims, including covered litigation losses under the retrospective responsibility plan, with proceeds from its initial public offering in 2008 and from available cash. BOK Financial currently owns 126,116 Visa Class B-2 shares (formerly Class B-1) which are convertible into 190,536 shares of Visa Class A shares after the final settlement of all covered litigation. Class B-2 shares may be diluted in the future if the escrow fund is not adequate to cover future covered litigation costs. No value has been currently assigned to the Class B-2 shares. On January 23, 2024, Visa, Inc. stockholders approved an exchange offer which provided holders of Class B-1 shares an option to convert up to 50% of its Class B-1 shares to Visa C shares and subsequently to freely transferable Visa A common shares subject to certain restrictions and holding period requirements (the ""Exchange Offer""). As a condition of participating in the Exchange Offer, the Company entered into a Makewhole Agreement with Visa that provides for cash payments to Visa to the extent, if any, that future adjustments to the conversion rati …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Other Borrowed Funds Information relating to other borrowings is summarized as follows (dollars in thousands): As of Year Ended December 31, 2025 December 31, 2025 Balance Rate Average Balance Rate Maximum Outstanding At Any Month End Funds purchased $ 970,293 3.54 % $ 679,310 3.82 % $ 1,162,990 Repurchase agreements 521,423 1.82 % 265,462 2.08 % 521,423 Other borrowings: Federal Home Loan Bank advances 2,700,000 3.91 % 4,632,535 4.47 % 4,100,000 GNMA repurchase liability 34,215 3.99 % 27,625 3.91 % 34,215 Other 11,724 4.21 % 12,187 7.90 % 20,863 Total other borrowings 2,745,939 4,672,347 4.48 % Subordinated debentures 1 396,589 6.11 % 118,108 6.26 % 396,878 Total other borrowed funds $ 4,634,244 $ 5,735,227 4.33 % 1 BOKF, NA only as of December 31, 2025. Parent Company and BOKF, NA for average for the year ended December 31, 2025. As of Year Ended December 31, 2024 December 31, 2024 Balance Rate Average Balance Rate Maximum Outstanding At Any Month End Funds purchased $ 615,809 4.21 % $ 613,294 4.66 % $ 899,447 Repurchase agreements 677,047 1.45 % 682,699 3.49 % 1,627,169 Other borrowings: Federal Home Loan Bank advances 3,000,000 4.58 % 6,181,011 5.45 % 6,700,000 GNMA repurchase liability 17,628 3.83 % 13,914 4.17 % 17,628 Other 12,495 4.78 % 13,729 6.04 % 14,800 Total other borrowings 3,030,123 6,208,654 5.45 % Subordinated debentures 2 131,200 6.43 % 131,163 7.03 % 131,200 Total other borrowed funds $ 4,454,179 $ 7,635,810 5.24 % 2 Parent Company only. As of Year Ended De …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fees and commissions revenue by reportable segment and primary service line is as follows for the year ended December 31, 2025 (in thousands): Commercial Consumer Wealth Management Funds Management and Other BOK Financial Corporation Out of Scope 1 In Scope 2 Trading revenue $ $ $ 58,966 $ $ 58,966 $ 58,966 $ Customer hedging revenue 14,519 12,335 1,432 28,286 28,286 Retail brokerage revenue 21,434 21,434 21,434 Investment banking revenue 19,496 31,560 51,056 18,947 32,109 Brokerage and trading revenue 34,015 124,295 1,432 159,742 106,199 53,543 TransFund EFT network revenue 94,703 3,082 (69) 6 97,722 97,722 Merchant services revenue 9,775 31 9,806 9,806 Corporate card revenue 8,417 1,355 380 10,152 10,152 Transaction card revenue 112,895 3,113 1,286 386 117,680 117,680 Personal trust revenue 111,364 111,364 111,364 Corporate trust revenue 45,518 45,518 45,518 Institutional trust & retirement plan services revenue 75,309 75,309 75,309 Investment management services and other 24,970 24,970 24,970 Fiduciary and asset management revenue 257,161 257,161 257,161 Commercial account service charge revenue 68,210 2,298 2,533 4 73,045 73,045 Overdraft fee revenue 121 22,574 189 (9) 22,875 22,875 Check card revenue 23,764 23,764 23,764 Automated service charge and other deposit fee revenue 1,007 4,562 278 (2) 5,845 5,845 Deposit service charges and fees 69,338 53,198 3,000 (7) 125,529 125,529 Mortgage production revenue 8,669 8,669 8,669 Mortgage servicing revenue 72,529 (3,613) 68 …

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"Share-Based Compensation Plans The shareholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chief Executive Officer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer. The Company awards restricted stock to certain officers and employees and RSUs to certain executives, (collectively ""non-vested shares""). Vesting of all non-vested shares is subject to service requirements. Additionally, vesting of certain non-vested shares is subject to performance criteria based on changes in the Company's earnings per share relative to defined peers. The following represents a summary of the non-vested shares for the three years ended December 31, 2025: Restricted Stock Restricted Stock Units Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 492,884 51,010 Granted 180,178 $ 97.56 7,275 $ 102.35 Vested (103,515) 82.85 (6,894) 77.36 Forfeited (30,557) 95.17 Non-vested at December 31, 2023 538,990 51,391 Granted 236,834 $ 83.44 1,833 $ 81.79 Vested (116,962) 73.12 (5,271) 88.25 Forfeited (34,399) 92.34 Non-vested at December 31, 2024 624,463 47,953 Granted 241,245 $ 109.80 2,037 $ 111.49 Vested (171,125) 106.47 (8,372) 103.79 Forfeited (38,302) 95.32 Non-vested at December 3 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements Fair value is defined by applicable accounting guidance as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market for the given asset or liability at the measurement date based on market conditions at that date. An orderly transaction assumes exposure to the market for a customary period for marketing activities prior to the measurement date and not a forced liquidation or distressed sale. Certain assets and liabilities are recorded in the Companys financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis. For some assets and liabilities, observable market transactions and market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. A hierarchy for fair value has been established which categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) - fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities. Significant Other Observable Inputs (Level 2) - fair value is based on significant other observable inputs which are generally determined based on a single price for each financial instrument provided to us by an applicable third-party pricing service and …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The following table presents the original cost and accumulated amortization of intangible assets (in thousands): December 31, 2025 2024 Core deposit premiums $ 103,200 $ 103,200 Less: Accumulated amortization 83,330 74,654 Net core deposit premiums 19,870 28,546 Other identifiable intangible assets 50,044 51,671 Less: Accumulated amortization 35,162 33,429 Net other identifiable intangible assets 14,882 18,242 Total intangible assets, net $ 34,752 $ 46,788 Expected amortization expense for intangible assets that will continue to be amortized (in thousands): Core Deposit Premiums Other Identifiable Intangible Assets Total 2026 $ 7,986 $ 1,521 $ 9,507 2027 6,956 1,336 8,292 2028 4,928 1,044 5,972 2029 1,010 1,010 2030 982 982 Thereafter 8,989 8,989 Total $ 19,870 $ 14,882 $ 34,752 The carrying value of goodwill by operating segment is as follows (in thousands): Commercial Banking Consumer Banking Wealth Management Funds Management and Other Total Balance, December 31, 2023 $ 910,589 $ 43,458 $ 90,702 $ $ 1,044,749 Balance, December 31, 2024 910,589 43,458 90,702 1,044,749 Balance, December 31, 2025 910,589 43,458 90,702 1,044,749 In July 2025, the Company combined its reporting units to align with its three operating segments. No reallocation of goodwill was necessary, and the goodwill of the existing reporting units was combined in the new reporting units. The reporting unit level is consistent with the level at which the CODM assesses the perfor …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Federal and State Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2025 2024 Deferred tax assets: Available-for-sale securities mark to market $ 51,019 $ 154,277 Credit loss reserves 76,937 78,016 Lease liability 53,274 58,399 Compensation and employee benefits 56,512 51,545 Loan origination fees, net 3,954 4,442 Other 20,799 25,918 Total deferred tax assets 262,495 372,597 Deferred tax liabilities: Right-of-use asset 44,323 49,249 Mortgage servicing rights 35,971 35,464 Goodwill and intangibles 19,734 20,619 Depreciation 23,038 5,878 Lease financing 4,684 9,342 Other 11,359 20,176 Total deferred tax liabilities 139,109 140,728 Net deferred tax assets $ 123,386 $ 231,869 No valuation allowance was necessary on deferred tax assets as of December 31, 2025 and 2024. The significant components of the provision for income taxes attributable to continuing operations for BOK Financial, all of which are in the United States, are shown below (in thousands): Year Ended December 31, 2025 2024 2023 Current income tax expense: Federal $ 137,146 $ 116,663 $ 152,600 State 20,269 18,148 19,298 Total current income tax expense 157,415 134,811 171,898 Deferred income tax expense (benefit): Federal 4,179 7,632 (17,973) S …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Newly Adopted and Pending Accounting Pronouncements Financial Accounting Standards Board FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The FASB issued ASU 2023-09 on December 14, 2023, which amends income tax disclosures to provide information to better assess how an entitys operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance requires the entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Adoption of ASU 2023-09 did not have a material impact on the Company's financial statements. FASB ASU 2024-01, CompensationStock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards The FASB issued ASU 2024-01 on March 21, 2024, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, CompensationStock Compensation . The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those periods. Adoption of ASU 2024-01 did not have a material impact on the Company's financial statements. FASB ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense D …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefits Employee contributions to the Thrift Plan are eligible for Company matching equal to 6% of base compensation, as defined in the Plan. The Company-provided matching contribution rates range from 50% for employees with less than 4 years of service to 200% for employees with 15 or more years of service. Additionally, a maximum Company-provided, non-elective annual contribution of up to $600 per participant is provided for employees whose annual base compensation is less than $60,000. Participants may direct the investments in their accounts to a variety of options, including but not limited to a BOK Financial common stock fund, BOKF stock, and Cavanal Hill funds. Employer contributions, which are invested in accordance with the participants investment options, vest over five years. Thrift Plan expenses were $38.1 million for 2025, $35.5 million for 2024, and $32.9 million for 2023. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"Related Parties In compliance with applicable banking regulations, the Company may extend credit to certain executive officers, directors, principal shareholders, and their affiliates (collectively referred to as ""related parties"") in the ordinary course of business. The Companys loans to related parties do not involve more than the normal credit risk. Activity in loans to related parties is summarized as follows (in thousands): Year Ended December 31, 2025 2024 Beginning balance $ 181,648 $ 204,409 Advances 1,147,686 1,110,043 Payments (1,041,582) (1,131,474) Adjustments 1 (1,142) (1,330) Ending balance $ 286,610 $ 181,648 1 Adjustments generally consist of changes in status as a related party. As defined by banking regulations, loan commitments and equity investments from the subsidiary banks to a single affiliate may not exceed 10% of unimpaired capital and surplus while loan commitments and equity investments to all affiliates may not exceed 20% of unimpaired capital and surplus. Loans to affiliates must be fully secured by eligible collateral. At December 31, 2025, loan commitments and equity investments were limited to $542 million to a single affiliate and $1.1 billion to all affiliates. The largest loan commitment and equity investment to a single affiliate was $155 million, and the aggregate loan commitments and equity investments to all affiliates were $215 million. The largest outstanding amount to a single affiliate at December 31, 2025 was $126 thousand, and t …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Fees and Commissions Revenue Fees and commissions revenue by reportable segment and primary service line is as follows for the year ended December 31, 2025 (in thousands): Commercial Consumer Wealth Management Funds Management and Other BOK Financial Corporation Out of Scope 1 In Scope 2 Trading revenue $ $ $ 58,966 $ $ 58,966 $ 58,966 $ Customer hedging revenue 14,519 12,335 1,432 28,286 28,286 Retail brokerage revenue 21,434 21,434 21,434 Investment banking revenue 19,496 31,560 51,056 18,947 32,109 Brokerage and trading revenue 34,015 124,295 1,432 159,742 106,199 53,543 TransFund EFT network revenue 94,703 3,082 (69) 6 97,722 97,722 Merchant services revenue 9,775 31 9,806 9,806 Corporate card revenue 8,417 1,355 380 10,152 10,152 Transaction card revenue 112,895 3,113 1,286 386 117,680 117,680 Personal trust revenue 111,364 111,364 111,364 Corporate trust revenue 45,518 45,518 45,518 Institutional trust & retirement plan services revenue 75,309 75,309 75,309 Investment management services and other 24,970 24,970 24,970 Fiduciary and asset management revenue 257,161 257,161 257,161 Commercial account service charge revenue 68,210 2,298 2,533 4 73,045 73,045 Overdraft fee revenue 121 22,574 189 (9) 22,875 22,875 Check card revenue 23,764 23,764 23,764 Automated service charge and other deposit fee revenue 1,007 4,562 278 (2) 5,845 5,845 Deposit service charges and fees 69,338 53,198 3,000 (7) 125,529 125,529 Mortgage production revenue 8,669 8,669 8,669 Mortgage servic …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments BOK Financial operates three principal segments: Commercial Banking, Consumer Banking, and Wealth Management, with the remaining operations recorded in Funds Management and Other. Segments are determined based on BOK Financial's organizational structure and services provided. Commercial Banking includes lending, treasury and cash management services, and customer risk management products for small businesses, middle market, and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through 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. Wealth Management also provides fiduciary services, private bank services, and investment advisory services in all markets. Insurance services were provided through November 30, 2023 when BOKF Insurance was sold. Additionally, Wealth Management underwrites state and municipal securities. In addition to its operating segments, BOK Financial has a Funds Management unit. The primary purpose of this unit is to manage overall liquidity needs and interest rate risk. Each segment borrows funds from and provide …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements of BOK Financial have been prepared in conformity with U.S. GAAP, including interpretations of U.S. GAAP issued by federal banking regulators and general practices of the banking industry. The Consolidated Financial Statements include the accounts of BOK Financial and its subsidiaries, principally BOKF, NA, BOK Financial Securities, Inc., BOK Financial Private Wealth, Inc., and Cavanal Hill Distributors, Inc. All significant intercompany transactions are eliminated in consolidation. The Consolidated Financial Statements include the assets, liabilities, non-controlling interests and results of operations of VIEs when BOK Financial is determined to be the primary beneficiary. VIEs are generally defined as entities that either do not have sufficient equity to finance their activities without support from other parties or whose equity investors lack a controlling financial interest. Determination that the Company is the primary beneficiary considers the power to direct the activities that most significantly impact the variable interest's economic performance and the obligation to absorb losses of the variable interest or the right to receive benefits of the variable interest that could be significant to the variable interest. Certain prior year amounts have been reclassified to conform to current year presentation. Nature of Operations BOK Financial, through its subsidiaries, provides a wi …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders' Equity Preferred Stock One billion shares of preferred stock with a par value of $0.00005 per share are authorized. The Series A Preferred Stock has no voting rights except as otherwise provided by Oklahoma corporate law and may be converted into one share of Common Stock for each 36 shares of Series A Preferred Stock at the option of the holder. Dividends are cumulative at an annual rate of ten percent of the $0.06 per share liquidation preference value when declared and are payable in cash. Aggregate liquidation preference is $15 million. No Series A Preferred Stock was outstanding in 2025, 2024, or 2023. Common Stock Common stock consists of 2.5 billion authorized shares with a $0.00006 par value. Holders of common shares are entitled to one vote per share at the election of the Board of Directors and on any question arising at any shareholders meeting and to receive dividends when and as declared. Additionally, regulations restrict the ability of national banks and bank holding companies to pay dividends. Accelerated Share Repurchase Program In the fourth quarter of 2025, the Company entered an ASR agreement to repurchase $250 million of its common stock. Upon execution, the Company received an initial delivery of 2,100,840 shares, which were recorded as treasury stock. The remaining portion of the ASR was accounted for as a forward contract classified in equity. The forward contract will be settled in accordance with the agreement and any additional shares …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events The Company evaluated events from the date of the Consolidated Financial Statements on December 31, 2025 through the issuance of those consolidated financial statements included in this Annual Report on Form 10-K. No events were identified requiring recognition in and/or disclosure in the Consolidated Financial Statements.

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