BOK Financial (BOKF) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $155.8 million ($2.58 per diluted share), down from $177.3 million in Q4 2025 but up from $119.8 million in Q1 2025; adjusted Q4 2025 net income was $152.1 million ($2.48 per share) excluding notable items.

• Loan growth exceeded 10% year-over-year and was 2.1% sequentially, with broad-based increases across sectors and geographies, notably in Commercial and Commercial Real Estate portfolios.

• Credit quality remained strong, with nonperforming assets declining and net charge-offs averaging three basis points over the last 12 months.

• Fee-based businesses performed well, with fee revenue exceeding three of the past four quarters and expenses meaningfully lower, reflecting disciplined cost management.

• Capital and liquidity remain robust, with tangible common equity at 9.3% and CET1 at 12.6%.

Financial highlights

• Net interest income was $342.6 million, down $2.7 million sequentially but up 8.3% year-over-year; net interest margin declined 8 basis points to 2.90%.

• Fee income totaled $209.8 million, down $5.1 million sequentially but above three of the past four quarters.

• Operating expenses declined $6.9 million sequentially to $354.2 million, with an efficiency ratio of 63.2%.

• Period-end loans grew by $536 million to $26.2 billion; average loan balances increased by $683 million.

• Allowance for credit losses stood at $323 million or 1.23% of loans at quarter end.

Outlook and guidance

• Loan growth expected near 10% for full year 2026, with net interest income guidance of $1.42–$1.45 billion and fee income guidance of $820–$845 million.

• Expense growth anticipated in the low single digits, with a full-year efficiency ratio around 63%.

• Provision expense for 2026 guided to $15–$35 million, allowing for some normalization later in the year.

• No provision for credit losses was necessary in Q1 2026, reflecting improved credit quality and favorable oil price projections.

• No rate cuts assumed in current forecast for 2026.