BOKF · BOK Financial Corporation

BOK Financial Corporation's first quarter 2026 results showed net income of $155.8 million or $2.58 per diluted share, down from $177.3 million or $2.89 in the prior quarter, primarily due to the absence of a $23.5 million pre-tax gain on a merchant banking investment sale and an FDIC special assessment benefit from Q4 2025. Adjusted net income excluding those items was $152.1 million or $2.48 per share. Net interest income declined $2.7 million to $342.6 million, with the net interest margin contracting 8 basis points to 2.90%, driven by a 23 basis point drop in loan yields to 6.25%, partially offset by lower funding costs at 2.92%. Core NIM excluding trading fell 7 basis points to 3.15%. Fees and commissions revenue decreased $5.1 million to $209.8 million, led by seasonal declines in investment banking revenue, though mortgage banking rose $2.0 million on higher volumes. Operating expenses fell $6.9 million to $354.2 million, with personnel costs down $11.6 million due to lower incentives and normalization of compensation; non-personnel expenses dropped $4.8 million excluding the prior FDIC adjustment. Loan balances grew $536 million to $26.2 billion, with broad-based increases in general business, energy, and multifamily CRE, pushing the loan-to-deposit ratio to 68% from 65%. Credit quality remained strong, with nonperforming assets at 0.23% and net charge-offs at 0.03% annualized. Capital ratios were solid, with tangible common equity at 9.29% and CET1 at 12.61%. CEO Stacy Kymes highlighted disciplined execution, loan growth exceeding 10% over 12 months, resilient fees, and expense discipline, positioning the company for growth. The earnings call presentation reiterated these trends and provided 2026 loan growth outlook around 10%.