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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 Q1 2026: Solid Growth, Tight Costs, and a Strong Dividend Outlook

First‑quarter 2026 results show BOK Financial delivering a $2.58 EPS that eclipses analyst estimates of $2.30, driven by a $536 million loan growth and a 2.1% sequential rise in fee income. Net interest income fell by $2.7 million, with the net interest margin slipping eight basis points, yet the bank maintains a robust 12.6% CET1 ratio and a tangible common equity of 9.3%. Revenue is projected to rise in the mid‑single digits, aligning with the 5.4% revenue growth forecast, while expenses are expected to climb only in the low single digits, keeping the efficiency ratio near 63%.

Publication Date: Apr -22

📋 Highlights
  • Loan Growth:: Sequential loan growth of $536 million (2.1%), driven by core C&I loans (2.1%), energy loans (4.3%), and commercial real estate loans (3.7%).
  • Expense Reduction:: Total expenses declined $6.9 million, achieving an efficiency ratio of 63.2%, reflecting disciplined cost management.
  • Capital Strength:: Tangible common equity at 9.3% and CET1 capital at 12.6%, maintaining robust capital levels despite net interest income dropping $2.7 million.
  • Credit Quality:: Nonperforming assets fell to $52 million, net charge-offs averaged 3 basis points, and provision expense guidance set at $15–$35 million for 2026.
  • Fee Income Resilience:: Despite a $5.1 million sequential decline in fees, customer hedging revenue rose $1.1 million, and trading revenue reached $34.7 million.

Loan Growth and Portfolio Health

Core commercial & industrial (C&I) loans expanded 2.1% sequentially, energy loans surged 4.3%, and commercial real estate loans grew 3.7%. Nonperforming assets dipped to $52 million and net charge‑offs averaged just three basis points, underscoring a resilient credit quality that should keep provisioning modest.

Fee Income Amid Market Volatility

Despite a $5.1 million drop in fees, trading revenue edged up to $34.7 million. Customer hedging revenue rose $1.1 million, especially in the energy sector, offsetting a $4.1 million decline in investment banking earnings due to seasonality.

Cost Management and Efficiency

Total expenses fell $6.9 million, delivering an efficiency ratio of 63.2%. The bank’s focus on core cost control is evident, and the CFO highlighted confidence in maintaining this ratio, citing strategic CECL modeling that mitigates potential catch‑up provisions.

Capital Position and Shareholder Returns

Capital remains strong with a tangible common equity of 9.3% and CET1 of 12.6%. The newly launched Visa Class B program is expected to generate a Q2 gain that could fund share repurchases or debt reduction, enhancing shareholder value.

Deposits, Funding Strategy, and Liquidity

DDA deposits were stable last year, with a seasonal rebound anticipated in the second half. The bank capitalized on lower wholesale funding rates in Q4, but those deposits tapered in Q1, showcasing flexibility in its funding mix without compromising liquidity.

Guidance and Market Outlook

Full‑year guidance calls for 10% loan growth, mid‑single‑digit revenue expansion, and low‑single‑digit expense growth. The bank’s NIM decline is modest, and the dividend yield of 0.94% reflects a commitment to returning capital to investors while maintaining a solid balance sheet.

Valuation Snapshot

At a P/E of 13.11 and a P/B of 1.35, BOK Financial trades at a modest premium to tangible book value, while its 16.76 EV/EBITDA ratio positions it attractively among regional banks. The 20.98% free cash flow yield and 10.32% ROE further underline its disciplined financial stewardship.

3. NewsRoom

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BOK Financial Corporation (BOKF) Q1 2026 Earnings Call Transcript

Apr -21

Source: seekingalpha.com

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BOK Financial Q1 Earnings Beat Estimates as NII & Fee Income Rise Y/Y

Apr -21

Source: zacks.com

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BOK Financial (BOKF) Q1 Earnings and Revenues Top Estimates

Apr -20

Source: zacks.com

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BOK Financial Corporation Announces First Quarter 2026 Earnings

Apr -20

Source: accessnewswire.com

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Oklahoma And Texas Could Boost The Q1 Performance For BOK Financial

Apr -15

Source: seekingalpha.com

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BOK Financial (BOKF) Expected to Announce Earnings on Monday

Apr -13

Source: defenseworld.net

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Scott Andrews Has Been Named Head of Specialized Industries For BOK Financial

Mar -31

Source: accessnewswire.com

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BOKF vs. FHN: Which Bank Stock Has Better Growth Potential?

Mar -24

Source: zacks.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

133.79$

Current Price

133.79$

Potential

-0.00%

Expected Cash-Flows