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1. Company Snapshot

1.a. Company Description

BOK Financial Corporation operates as the financial holding company for BOKF, NA that provides various financial products and services in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri.It operates through three segments: Commercial Banking, Consumer Banking, and Wealth Management.The Commercial Banking segment offers lending, treasury, cash management, and customer commodity risk management products for small businesses, middle market, and larger commercial customers, as well as operates TransFund electronic funds transfer network.


The Consumer Banking segment provides lending and deposit services to small business customers through consumer branch network; and engages in the mortgage loan origination and servicing activities.The Wealth Management segment offers fiduciary, private bank, insurance, and investment advisory services; and brokerage and trading services primarily related to providing liquidity to the mortgage markets through trading of U.S. government agency mortgage-backed securities and related derivative contracts, as well as underwrites state and municipal securities.The company also provides commercial loans, such as loans for working capital, facilities acquisition or expansion, purchases of equipment, and other needs of commercial customers; and service, healthcare, manufacturing, wholesale/retail, energy, and other sector loans.


In addition, it offers commercial real estate loans for the construction of buildings or other enhancements to real estate and property held by borrowers for investment purposes; and residential mortgage and personal loans.Further, the company provides automated teller machine (ATM), call center, and Internet and mobile banking services.As of December 31, 2021, it operated 2,593 TransFund ATM locations.


The company was founded in 1910 and is headquartered in Tulsa, Oklahoma.

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1.b. Last Insights on BOKF

BOK Financial Corporation's recent performance was driven by strong revenue and EPS growth, fueled by a record Q4 and full-year 2025. Sequential growth in loans and deposits signaled continued economic momentum in its Southwest and Midwest markets. A net interest margin expansion to 2.98% was supported by lower funding costs and disciplined expense control. Earnings estimates have been moving higher, indicating potential for near-term gains. The company's Q4 earnings beat estimates, driven by higher net interest income and fee income. Institutional investors, such as Capital Fund Management S.A., have been acquiring positions, with a "Hold" rating from brokerages.

1.c. Company Highlights

2. BOK Financial Corporation Delivers Record Earnings

BOK Financial Corporation reported a strong financial performance for the fourth quarter and full year 2025, with earnings reaching $177.3 million or $2.91 EPS per diluted share for the quarter, and $578 million or $9.17 per diluted share for the full year, marking a record high for both periods. The company's net interest income and fee income contributed to its robust revenue, with fee income accounting for 38% of total revenue. The actual EPS of $2.91 beat estimates of $2.16, indicating a positive surprise.

Publication Date: Jan -21

📋 Highlights
  • Record Earnings:: Q4 2025 EPS reached $2.89, with full-year EPS hitting a record $9.17.
  • Loan Expansion:: Annual loan growth of $1.5 billion (6.4%) and Q4 sequential growth of $786 million (3.2%).
  • Fee Income Leadership:: Generated $801 million, contributing 38% of total revenue, a peer-leading figure.
  • Robust Capital Position:: Tangible common equity at 9.5% and CET1 at 12.9%, with $2.6M shares repurchased at $107.99/share.
  • 2026 Growth Projections:: Loan growth expected at 7–9%, margin expansion from $700M securities repricing (60–75 bps/quarter), and fee income of $800–825 million.

Loan Growth and Credit Quality

The company achieved significant loan growth, expanding loan balances by more than $1.5 billion or 6.4% throughout the year, driven by broad-based growth across various lending segments. The loan-to-deposit ratio remained in the mid-60% range, positioning the company for future growth. Credit quality remains excellent, with a combined allowance of 1.28% of outstanding loans and an annualized net charge-off rate of three basis points.

Guidance and Outlook

For 2026, BOK Financial Corporation expects end-of-period loan growth to be in the upper single digits, driven by continued growth in existing portfolios and contributions from the new mortgage finance segment. The company anticipates total revenue growth in the mid-single-digit range and an efficiency ratio in the 63% to 64% range. Provision expense is expected to be in the $25 million to $45 million area.

Valuation and Dividend Yield

With a Price-to-Tangible Book Value (P/TBV) ratio not directly available, we can look at the 'P/B Ratio' of 1.34, which is relatively reasonable for a bank. The Dividend Yield stands at 1.8%, providing a relatively stable return for investors. The ROE of 9.79% indicates a decent return on equity. Analysts estimate next year's revenue growth at 5.4%, which is slightly higher than the expected growth rate implied by the company's guidance.

Key Drivers and Risks

The company's core margin is expected to expand into 2026, driven by fixed-rate repricing, with around $700 million of securities portfolio repricing up by 60-75 basis points per quarter, and $200 million of fixed-rate loans repricing up by over 100 basis points per quarter. The mortgage finance business is expected to grow, with potential to reach $1 billion in commitments. The trading business is also expected to grow mid-single digits, driven by market conditions.

3. NewsRoom

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Market Today: Amazon Overtakes Walmart; Blue Owl Rattles Credit; FDA Eyes Moderna Flu Shot

Feb -19

Source: gurufocus.com

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BOK Financial Announces Retirement Of Brad Vincent

Feb -19

Source: accessnewswire.com

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First Look: Walmart beat, Meta trial, FDA eyes Moderna

Feb -19

Source: gurufocus.com

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Earnings Estimates Moving Higher for BOK Financial (BOKF): Time to Buy?

Jan -29

Source: zacks.com

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Here Are Monday’s Top Wall Street Analyst Research Calls: Amazon.com, AppLovin, Cisco Systems, Cognizant Technology, Dutch Bros., Meta Platforms, Netflix, and More

Jan -26

Source: 247wallst.com

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Head-To-Head Review: PCB Bancorp (NASDAQ:PCB) and BOK Financial (NASDAQ:BOKF)

Jan -26

Source: defenseworld.net

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BOK Financial Corporation (BOKF) Q4 2025 Earnings Call Transcript

Jan -20

Source: seekingalpha.com

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BOK Financial: Continued Upside Momentum

Jan -20

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.10%)

6. Segments

Commercial

Expected Growth: 7%

BOK Financial Corporation's 7% commercial growth is driven by a strong loan portfolio, fueled by a robust Oklahoma economy, increasing energy sector activity, and strategic acquisitions. Additionally, the company's diversified revenue streams, efficient cost management, and solid credit quality contribute to its growth momentum.

Wealth Management

Expected Growth: 5%

BOK Financial Corporation's Wealth Management segment growth is driven by increasing demand for investment management services, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation, robust risk management, and strong relationships with clients contribute to its 5% growth rate.

Consumer

Expected Growth: 4%

The 4% growth of Consumer segment at BOK Financial Corporation is driven by increasing consumer spending, low unemployment rates, and rising wages. Additionally, the segment benefits from the company's strategic expansion into new markets, digital banking initiatives, and a strong brand reputation, leading to increased customer acquisition and retention.

Funds Management and Other

Expected Growth: 3%

BOK Financial Corporation's 3% growth in Funds Management and Other is driven by increasing assets under management, expansion of wealth management services, and strategic acquisitions. Additionally, growth in treasury services and mortgage banking revenue, coupled with a rise in commercial loan activity, contribute to the segment's growth.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses, including loans, credit lines, and cash management services.

Consumer Banking

Offers personal banking services, including checking and savings accounts, credit cards, and personal loans.

Wealth Management

Provides investment and wealth management services, including brokerage, trust, and investment management.

TransPay

Offers payment processing and merchant services, including credit card processing and online payment solutions.

Cattle Lending

Provides financing solutions to ranchers and farmers, including livestock and agricultural loans.

Energy Lending

Offers financing solutions to energy companies, including oil and gas exploration and production loans.

Mortgage Banking

Provides mortgage lending services, including residential and commercial mortgage loans.

8. BOK Financial Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

BOK Financial Corporation operates in a highly competitive industry, and customers have various alternatives for their financial needs. However, the company's strong brand reputation and diverse product offerings mitigate the threat of substitutes to some extent.

Bargaining Power Of Customers

BOK Financial Corporation's customers have significant bargaining power due to the availability of alternative financial institutions and online banking services. This forces the company to maintain competitive pricing and high-quality services to retain customers.

Bargaining Power Of Suppliers

BOK Financial Corporation has a diverse supplier base, and no single supplier has significant bargaining power. The company's large scale of operations also gives it negotiating power over its suppliers.

Threat Of New Entrants

The threat of new entrants in the banking industry is low due to significant regulatory barriers and high capital requirements. BOK Financial Corporation's established brand and large customer base also make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players competing for market share. BOK Financial Corporation faces intense rivalry from other banks and financial institutions, which drives innovation and competitive pricing.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.49%
Debt Cost 9.93%
Equity Weight 36.51%
Equity Cost 9.93%
WACC 9.93%
Leverage 173.92%

11. Quality Control: BOK Financial Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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BancFirst

A-Score: 6.2/10

Value: 7.5

Growth: 7.0

Quality: 7.4

Yield: 4.0

Momentum: 3.5

Volatility: 8.0

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Valley National Bank

A-Score: 6.1/10

Value: 6.1

Growth: 4.6

Quality: 5.8

Yield: 8.0

Momentum: 6.0

Volatility: 6.3

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BOK Financial

A-Score: 6.1/10

Value: 6.0

Growth: 7.3

Quality: 6.7

Yield: 4.0

Momentum: 4.5

Volatility: 8.0

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Associated Banc

A-Score: 5.7/10

Value: 5.3

Growth: 4.8

Quality: 4.1

Yield: 8.0

Momentum: 5.0

Volatility: 7.0

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Commerce Bancshares

A-Score: 5.3/10

Value: 4.4

Growth: 5.7

Quality: 7.1

Yield: 4.0

Momentum: 1.5

Volatility: 9.0

1-Year Total Return ->

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ServisFirst Bank

A-Score: 4.9/10

Value: 4.3

Growth: 7.1

Quality: 6.6

Yield: 3.0

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

134.09$

Current Price

134.09$

Potential

-0.00%

Expected Cash-Flows