BOK Financial (BOKF) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly net income of $177.3M ($2.89/share) in Q4 2025 and record annual net income of $578M ($9.17/share); adjusted Q4 net income was $152.1M ($2.48/share) excluding notable items.

• Broad-based loan growth of $1.5B (6.4%) for the year, with Q4 loan growth of $786M, primarily in commercial lending.

• Fee income contributed $801M (38% of total revenue), with strong performance in fiduciary, asset management, and transaction card businesses.

• Maintained strong capital and liquidity positions, with TCE at 9.5% and loan-to-deposit ratio at 65%.

• Outperformed the KBW Regional Banking Index in total shareholder return over 1, 3, 5, and 10 years.

Financial highlights

• Net interest income and margin expanded every quarter in 2025; Q4 net interest income was $345.3M and net interest margin reached 2.98%.

• Q4 outstanding loan balances grew $786M (3.2%) sequentially, led by Texas; deposit growth was $935M.

• Allowance for credit losses at 1.28% of loans; annualized net charge-off rate at 3 bps.

• Efficiency ratio improved to 60.7% from 66.7% in the prior quarter.

• Recognized a $23.5M pre-tax gain from exiting a merchant banking investment in Q4 and a $9.5M FDIC assessment benefit.

Outlook and guidance

• 2026 guidance projects upper single-digit loan growth, flat investment securities, and mid-single-digit revenue growth.

• Net interest income expected at $1.44–$1.48B, assuming two rate cuts and a steeper yield curve.

• Fee income expected at $800–$825M, with mid-single-digit growth in fee-based businesses.

• Expenses anticipated to grow at a low single-digit rate; efficiency ratio expected at 63–64%.

• Provision expense guidance: $25M–$45M, allowing for some credit normalization.