# BOK Financial Corporation (BOKF) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BOKF/thesis · /stocks/BOKF/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: BOKF
step: "04"
title: Financial Snapshot
date: 2026-05-29
---

### Step 04 — Financial Snapshot: BOK Financial Corporation (BOKF)

#### 1. Three-Year Financial Summary

| Metric | FY2025 | FY2024 | FY2023 | 3Y Trend |
|--------|--------|--------|--------|----------|
| Net Interest Income | $1,327M | $1,211M | $1,272M | ▲ recovering |
| Fee Income | $848M | $840M | $790M | ▲ steady |
| Total Revenue | $2,173M | $2,032M | $2,016M | ▲ +3.8% CAGR |
| Net Income | $578M | $524M | $531M | ▲ recovering |
| EPS (Diluted) | $9.17 | $8.14 | $8.02 | ▲ +6.9% CAGR |
| ROTCE | ~12.5%E | ~11.8%E | ~12.0%E | ≈ flat-to-up |
| NIM (FY avg) | ~2.87% | ~2.65% | ~2.68% | ▲ expanding |
| Efficiency Ratio | 65.1% | 64.3% | ~65% | ≈ stable, Q4 improving |
| CET1 Ratio | 12.9% | ~12.5% | ~12.0% | ▲ building |
| EPS Growth | +12.7% | +1.5% | +4.4% | — |

[S1] [S5] [S6] Note: ROTCE estimated from net income / tangible common equity.

#### 2. Accounting Quality Assessment

**Revenue Recognition:** Net interest income recognized on accrual basis per standard banking practice. Fee income recognized per service delivery (wealth management fees quarterly in arrears, transaction fees on execution). No identified revenue recognition concerns.

**Allowance for Credit Losses (ACL):** BOKF adopted CECL methodology. ACL at Q4 2025 was $327M (1.28% of loans), down from $330M (1.36%) in Q2 2025 [S17][S7]. The decline in ACL/loans ratio alongside loan growth and near-zero charge-offs (3 bps TTM) reflects management's expectation of continued benign credit conditions. The provision guidance for 2026 is $25–45M — conservative, implying no material credit deterioration expected [S7].

**Securities Portfolio (AOCI impact):** BOKF carries an AFS securities portfolio of ~$9.8B and HTM of ~$6B (estimated). Unrealized losses in HTM portfolio (accumulated AOCI) were a drag on tangible book value in 2022–2024 as rates rose. TCE ratio of 9.5% (Q4 2025) has recovered from lows as rates stabilize [S5]. This is a known risk for all regional banks that bought long-duration securities in 2020–2021.

**Non-Recurring Items:** Q4 2025 GAAP EPS of $2.89 vs. adjusted EPS of $2.48 [S7] — $0.41 difference likely reflects positive MSR (mortgage servicing right) mark-to-market or securities gains. Full-year adjusted basis is the appropriate basis for run-rate analysis.

**Trading Assets:** $5.7B trading asset book [S2] is primarily municipal and U.S. government securities for dealer operations and customer facilitation via BOK Financial Securities. Mark-to-market through income; adds earnings volatility.

#### 3. Adversarial Research Sweep

*Note: Transcript analysis not performed. Filings and press releases reviewed.*

**Short Reports / Short Interest:** No major activist short position identified. Short interest on BOKF is low relative to float (George Kaiser controls ~59%, leaving limited float for shorting). No published short thesis identified.

**Regulatory / Legal Actions:**
- No material regulatory enforcement actions identified in 2023–2025 period
- BOKF is subject to normal state and federal banking examination (OCC, Federal Reserve, FDIC)
- Stacy Kymes appointed to Federal Reserve Bank of Kansas City Advisory Council (May 2026) — suggests good regulatory standing [S11]

**Credit Cycle Concerns:** The primary adversarial concern is concentration in energy loans (12–15% of portfolio). In the 2015–2016 oil price downturn, BOKF experienced elevated NCOs in energy. Current energy portfolio quality is strong (NPA: $66M, 0.26% of loans [S7]) but this reflects high oil prices.

**Governance Concerns:** George Kaiser's ~59% controlling stake effectively prevents minority shareholder activism. While Kaiser has a long-term capital stewardship record, this concentration creates governance risk. No conflicts of interest or related-party transactions flagged in available public sources.

**Revenue Quality Flag:** FY2021 net income of $618M was anomalously high (31.2% margin) vs. $520–578M in subsequent years — likely reflects release of pandemic credit reserves. Normalized run rate is $520–580M, consistent with FY2022–FY2025.

#### 4. Key Financial Ratios Summary

| Ratio | BOKF FY2025 | Peer Avg | Assessment |
|-------|-------------|----------|------------|
| ROE | 10.3% | 12–14% | Below peers |
| ROA | ~1.1% | ~1.2% | Near peer |
| NIM | 2.87% (FY avg) | 3.0–3.3% | Below peers |
| Efficiency | 65.1% | 57–62% | Lags peers |
| CET1 | 12.9% | 11–12% | Above peers |
| P/E | 13.1x | 13–15x | In line |
| P/TBV | ~1.7x | 1.5–2.0x | In line |

BOKF's efficiency ratio and NIM lag is partially structural (fee businesses carry higher cost ratios; securities portfolio drag). Management's 2026 efficiency target of 63–64% would narrow this gap.

#### 5. Source Index

| ID | Source |
|----|--------|
| S1 | StockAnalysis.com income statement |
| S2 | StockAnalysis.com balance sheet |
| S5 | Yahoo Finance Q4 2025 highlights |
| S6 | Yahoo Finance Q4 2025 highlights |
| S7 | Investing.com Q4 2025 slides |
| S11 | Tavily: Stacy Kymes CEO profile |
| S17 | Yahoo Finance Q3 2025 highlights |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BOKF/fundamental

## Navigation

- Overview: /stocks/BOKF
- Financials (this page): /stocks/BOKF/financials
- Thesis: /stocks/BOKF/thesis
- Investment Memo: /stocks/BOKF/memo
- Coverage universe: /stocks