October 20, 2026
Stacy Kymes Chief Executive Officer3
Net Income | |||||||
• | Net income was $159.9 million, or $2.64 per diluted share, compared to $176.5 million, or $2.92 per diluted share in the prior quarter. Prior quarter net income would have been $156.5 million, or $2.59 per diluted share, excluding the net gain related to the exchange of Visa B shares and the loss from repositioning of the available-for-sale securities portfolio* | Attributable to shareholders Per share (diluted) $177.3 $140.9 | $155.8 | $176.5 | $159.9 | ||
• | Net interest margin increased 9 basis points to 3.00% and core net interest margin, excluding trading, expanded 8 basis points to 3.21%*. Core margin benefitted from loan growth and fixed-rate asset repricing | $2.89 | $2.58 | $2.92 | $2.64 | ||
• | Period end loans grew $646 million, or 2.4% sequentially to $27.7 billion with broad-based growth across our portfolio and footprint. Period end loans grew $2.9 billion, or 11.5%, compared to the third quarter of 2025 | $2.22 | |||||
Net charge-offs were $886 thousand during the quarter averaging 2 basis points over the last twelve months
Continued strong capital and liquidity position with TCE* at 9.2% and a loan to deposit ratio of 70%
3Q25 4Q25 1Q26 2Q26 3Q26
Revenue Composition
13%
3%
as of 9/30/2026
66%
($Million, exc. EPS)
Q3 2026
Q2 2026
Q3 2025
Net income
$159.9
$176.5
$140.9
6%
Diluted EPS
$2.64
$2.92
$2.22
3%
Net income before taxes
$200.8
$227.7
$176.6
3%
Provision for credit losses
$0.0
$0.0
$2.0
Net Interest Income
Deposit Service Charges
6%
Pre-provision net revenue*
$200.8
$227.7
$178.6
Efficiency ratio*
63.5%
60.2%
66.7%
Adjusted efficiency ratio*
63.5%
63.5%
66.9%
* Non-GAAP measure
Trading & Brokerage
Fiduciary & Asset Management Transaction Card
Mortgage Banking Other Revenue
4
Additional DetailsQ3 2026 Quarterly
Quarterly
Sequential
YOY
million, with broad-based growth across our
portfolio and geographic footprint. Average
Period end loan balances increased $646
($Billion)
Assets Under Management or Administration
$129.3 0% 5.4%
loan balances grew $468 million
Period End Loans
$27.7
2.4%
11.5%
Average Loans
$27.2
1.7%
9.7%
Period End Deposits
$39.5
(0.8)%
2.7%
Average Deposits
$39.5
0.8%
2.7%
Fiduciary Assets
$78.1
(1.0)%
5.8%
Average deposits grew $304 million in Q3, with growth in interest-bearing transaction accounts, time deposits, and demand deposits
The loan to deposit ratio was 70% at September 30, up from 68% in the prior quarter. This continues to be well below the pre-pandemic level of 79% at Dec. 31, 2019
Assets under management or administration were stable at $129.3 billion
5
Loan Portfolio($Million) | Sep 30, 2026 | June 30, 2026 | Sep. 30, 2025 | Seq. Loan Growth | YOY Loan Growth |
Energy | $ 3,316.6 | $ 3,052.7 | $ 2,681.5 | 8.6% | 23.7% |
Services | 4,071.3 | 4,099.9 | 3,710.6 | (0.7)% | 9.7% |
Healthcare | 4,025.2 | 4,083.8 | 3,878.5 | (1.4)% | 3.8% |
Mortgage Finance | 589.0 | 451.8 | 84.3 | 30.4% | N/A |
General Business | 4,653.2 | 4,609.3 | 4,158.0 | 1.0% | 11.9% |
Total Commercial | $ 16,655.2 | $ 16,297.4 | $ 14,512.9 | 2.2% | 14.8% |
Multifamily | $ 2,550.1 | $ 2,570.2 | $ 2,500.3 | (0.8)% | 2.0% |
Industrial | 1,449.0 | 1,283.3 | 1,396.8 | 12.9% | 3.7% |
Office | 840.9 | 852.7 | 811.6 | (1.4)% | 3.6% |
Retail | 706.8 | 670.9 | 593.8 | 5.3% | 19.0% |
Residential Construction and Land Development | 112.1 | 111.7 | 122.0 | 0.4% | (8.1)% |
Other Commercial Real Estate | 474.5 | 396.5 | 328.0 | 19.7% | 44.7% |
Total Commercial loans grew $358 million or 2.2% sequentially, led by growth in the energy and mortgage finance portfolios
Combined Services & General Business (Core C&I) balances increased $15 million or 0.2% linked quarter
Energy balances increased $264 million or 8.6% driven by both higher utilization across existing relationships and solid new production
Healthcare balances decreased $59 million or 1.4% linked quarter
Total Commercial Real Estate
$ 6,133.3 $
5,885.3 $
5,752.6
4.2%
6.6%
Loans to individuals
$ 4,941.0 $
4,900.9 $
4,599.6
0.8%
7.4%
Total Loans
$ 27,729.5 $
27,083.7 $
24,865.2
2.4%
11.5%
Commercial Real Estate loans increased $248 million or 4.2% as commitments from the prior few quarters begin to fund
6
Credit Quality MetricsCredit quality continues to be strong with nonperforming assets, excluding loans guaranteed by U.S. government agencies, totaling $58 million or 0.21% of outstanding loans and repossessed assets
Trailing 12 months net charge-offs at 2 bps with net charge-offs of $886 thousand during Q3
No provision for credit losses was necessary for the quarter as an improvement in economic forecast assumptions were offset by the impact of loan growth during the quarter
Combined allowance for credit losses of $322 million or 1.16% at quarter end
Committed Criticized Assets / Tier 1 Capital & Reserves19.1%
18.0%
11.3%
12.1%
11.0%
10.3%
11.2%
30.0%
20.0%
10.0%
-%
4Q18 4Q19 3Q25 4Q25 1Q26 2Q26 3Q26
Net Charge-Offs to Average LoansAnnualized
0.06%
0.02%
0.03%
0.01%
0.01%
0.20%
0.10%
0.00%
3Q25 4Q25 1Q26 2Q26 3Q26
NPA (ex Govt. Guaranteed) as % of Total Loans1.75%
1.50%
1.25%
1.00%
0.75%
0.50%
0.25%
3Q26
2Q26
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
4Q23
3Q23
2Q23
1Q23
4Q22
3Q22
2Q22
1Q22
4Q21
3Q21
2Q21
1Q21
4Q20
3Q20
2Q20
1Q20
-%
7
Scott Grauer EVP, Wealth Management Executive8
Fee Income - Markets & SecuritiesTrading Fees
Total Trading revenue, which includes trading related net interest income,
($Million) Q3 2026 Qtr. Seq.
A
Trading Fees $ (6.3) $ (13.0) (194.8)% (140.7)%
$ Change
Qtr. Seq.
% Change
Qtr. YOY
% Change
decreased $10.0 million to $15.0 million. Trading fee income decreased, reflecting reduced fixed-income trading activity due to a rise in longer-term rates. However, this was partially offset by higher Trading NII
Investment Banking Fees
Investment Banking fees increased $4.3 million, largely driven by municipal bond underwriting activity
Syndication Fees
Syndication fees decreased $3.4 million to more normal levels, following a very strong second quarter
Mortgage Production Revenue
Mortgage production revenue decreased
$2.1 million driven by lower production volumes and compressed margins
Mortgage Servicing 16.6 (0.2) (1.1)% (4.4)%
Mortgage Production 0.1 (2.1) (94.5)% (95.0)%
Customer Hedging Fees 5.8 (0.9) (14.0)% 0.9%
Brokerage Fees 5.7 - 0.1% (3.1)%
Syndication Fees 4.0 (3.4) (45.9)% (4.5)%
Investment Banking Fees 10.2 4.3 73.6% (14.1)%
Markets & Securities $ 36.2 (15.2) (29.6)% (42.6)%
Total Trading RevenueB
A
Total Trading Revenue $ 15.0 $ 25.0 $ 34.7 $ 34.1 $ 29.8
A
Trading Fees $ (6.3) $ 6.7 $ 19.3 $ 20.9 $ 15.5
($Million) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025
Trading NII 21.3 18.3 15.4 13.2 14.3
B
+
9
Fee Income - Asset Management & TransactionsFiduciary and asset management revenue decreased $1.1 million. The second quarter included
($Million) Q3 2026 Qtr. Seq.
1
Markets & Securities $ 36.2 $ (15.2) (29.6)% (42.6)%
$ Change
Qtr. Seq.
% Change
Qtr. YOY
% Change
seasonal tax preparation fees of approximately $1.7 million.
Excluding these fees, core fiduciary and asset management revenue grew linked quarter
Assets under management or administration ("AUMA") were stable during the quarter
Transaction card revenue contributed $32.2 million to revenue during the third quarter, representing record quarterly revenue for the business line
Fiduciary & Asset Management 69.9 (1.1) (1.6)% 9.4%
Transaction Card 32.2 0.6 1.9% 9.3%
Deposit Service Charges & Fees 34.1 0.8 2.4% 7.0%
Other Revenue 15.6 0.9 6.4% (3.9)%
2
Asset Management & Transactions 151.8 1.2 0.8% 7.3%
Total Fees & Commissions $ 188.0 $ (14.0) (6.9)% (8.1)%
2
1
+
10
Marty Grunst EVP, Chief Financial Officer11
Yields, Rate & Margin Net Interest Income
Net interest income grew $18.1 million linked quarter while core net interest income, excluding
Net Interest Income $370.0 $351.8 $337.6 5.2% 9.6%
($Million) Q3 2026 Q2 2026 Q3 2025 Quarterly Sequential
Quarterly YOY
Yield on Loans 6.24% 6.20% 6.70% 4 bps (46) bps
trading, increased $15.1 million*
Net Interest Margin 3.00% 2.91% 2.91% 9 bps 9 bps
Net Interest Margin9 basis point NIM increase with core net interest margin, excluding trading,* expanding 8 basis points. Core margin benefitted from loan growth and fixed-rate asset repricing
3.16% | 3.22% | 3.15% | 3.13% | 3.21% |
2.91% | 2.98% | 2.90% | 2.91% | 3.00% |
4.00%
3.50%
3.00%
2.50%
Tax-equivalent Yield on Earning Assets
Cost of Interest-bearing
Deposits
2.70%
2.67%
3.14%
3 bps
(44) bps
Rate on Interest-bearing Liabilities
Net Interest Income($Million)
$348.6
$21.3
$333.5
$18.3
$327.2
$15.4
$332.1
$13.2
$323.3
$14.3
$400
$300
$200
$100
5.37% 5.27% 5.53% 10 bps (16) bps
2.96% 2.93% 3.33% 3 bps (37) bps
3Q25 4Q25 1Q26 2Q26 3Q26
Reported NIM NIM excl. Trading*
* Non-GAAP measure
$0
3Q25 4Q25 1Q26 2Q26 3Q26
NII excl. Trading* Trading NII
12
($Million) | Q3 2026 | Q2 2026 | Q3 2025 | Quarterly Sequential | Quarterly YOY |
Total Personnel Expense | $213.3 | $214.1 | $226.3 | (0.4)% | (5.8)% |
Memo: Deferred compensation** | 1.7 | 9.1 | 5.8 | N/A | N/A |
Total Personnel Expense (Excluding Deferred Compensation) | $211.5 | $205.0 | $220.5 | 3.2% | (4.1)% |
Non-Personnel Expense | $147.4 | $147.6 | $143.4 | (0.1)% | 2.8% |
Total Operating Expense | $360.7 | $361.7 | $369.8 | (0.3)% | (2.5)% |
Efficiency Ratio* | 63.5% | 60.2% | 66.7% | ||
Adjusted Efficiency Ratio* | 63.5% | 63.5% | 66.9% |
Personnel expenses were relatively consistent with the prior quarter. Deferred compensation costs, which are offset in Other gains and losses, decreased $7.4 million. Excluding deferred compensation, personnel expenses increased $6.5 million
Regular compensation increased $3.2 million, largely reflecting strategic investments in talent for revenue producers
Cash-based incentive compensation increased $1.2 million, primarily related to higher loan production during the quarter
Employee benefit costs increased
$1.1 million. Higher employee healthcare costs were partially offset by seasonal decreases in payroll taxes
**Other gains and losses, net includes deferred compensation gains of $1.8 million in Q3 2026, gains of $8.8 million in Q2 2026, and gains of $4.5 million in Q3 2025.
* Non-GAAP measure 13
2026 Full Year OutlookBusiness Driver | 2025 Actuals | FY '26 As of 10/20/26* | Notes |
EOP Loans | $25.7 billion | Over 10% | |
EOP Inv Securities | $15.4 billion | Flat | |
Net Interest Income | $1.3 billion | $1.43 to $1.44 billion | Reflects one Fed Funds increase through year-end 2026 and longer-term rates consistent with the current market-implied forward curve |
Fees & Commissions | $801 million | Over $800 million | Reflects impact of the rate environment on our market-sensitive businesses |
Total Revenue | $2.2 billion | Mid single-digit growth rate | |
Expenses | $1.4 billion | ~1% growth | |
Efficiency Ratio** | 65.1% | ~62% | Adjusted to exclude Visa Class B gain, the efficiency ratio guidance would be ~63% |
Provision Expense | $2 million | Below $10 million |
Bold represents changes compared to the prior quarter.
*Refer to Slide #2 regarding forward looking statements, expectations above assume no change to economic environment.
**Non-GAAP measure. Refer to Form-10K furnished on February 18, 2026. 14
Question & Answer Session15
Stacy Kymes Chief Executive Officer16
Appendix17
Credit Resilience Disciplined Credit ConcentrationCRE limit on total committed balances is 185% of tier one capital plus reserves
Office CRE outstandings only comprise 3% of total loans
100 year history in energy lending and a tested playbook72% oil / 28% gas-weighted borrowers
Robust stress testing process with 18 petroleum engineers and analysts on staff
* '26 YTD has been annualized for comparability with prior periods.
18
Securities and Interest Rate Risk Position Securities PortfolioShort duration with limited extension, current portfolio duration is 3.4 years, extending to only 3.8 years if rates increase 200 bps
RMBS portfolio is all "AAA" rated with average credit enhancement of ~18%
Portfolio runoff for Q3 2026 was $770 million
BOKF Securities by Guarantee Type 09/30/2026 Interest Rate RiskApproximately 77% of the total loan portfolio is variable rate or fixed rate that reprice within a year
Approximately 85% of Commercial and Commercial Real Estate portfolios are variable rate or fixed rate that reprice within a year
Sensitivity to betas - The impact of decreasing our deposit beta by 10% in a down -100 interest rate scenario is 0.18% on NII
Scenario | ∆ NII % | ∆ NII $ |
Down 200 Ramp, year 1 | 1.80% | $28.7 million |
Down 100 Ramp, year 1 | 0.76% | $12.2 million |
Up 100 Ramp, year 1 | (0.35)% | $(5.7) million |
Up 200 Ramp, year 1 | (1.80)% | $(28.8) million |
1% 94%
5%
Govt/GSE Guaranteed RMBS Muni
19
Quarterly Financial Summary20
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