third quarter 2026
Filed Oct 19, 2026BOK Financial Corporation reported third-quarter 2026 net income attributable to BOK Financial Corporation shareholders of $159,853 thousand, or $2.64 per diluted share, as net interest income increased to $369,975 thousand and net interest margin expanded to 3.00%.
Loan growth, expanding net interest income and margin, and no provision for credit losses supported results, while lower brokerage and trading revenue, lower mortgage banking revenue, a sharp decline in other gains, and a lower tangible common equity ratio constrained sequential earnings.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to BOK Financial Corporation shareholders, three months ended September 30, 2026GAAP | $159.9M | – | – |
| Net income, three months ended September 30, 2026GAAP | $159.9M | – | – |
| Basic and diluted earnings per share, three months ended September 30, 2026GAAP | $ 2.64 | – | – |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $159.9M | – | – |
| Adjusted earnings per share, three months ended September 30, 2026non-GAAP | $ 2.64 | – | – |
| Net interest income, three months ended September 30, 2026GAAP | $370.0M | 5.2 % | – |
| Tax-equivalent net interest income, three months ended September 30, 2026other | $372.7M | 5.1 % | – |
| Net interest margin, three months ended September 30, 2026GAAP | 3.00 % | 0.09 % | – |
| Net interest income excluding trading activities, three months ended September 30, 2026non-GAAP | 348,638 | – | – |
| Net interest margin on average interest-earning assets excluding trading activities, three months ended September 30, 2026non-GAAP | 3.21 % | – | – |
| Total fees and commissions, three months ended September 30, 2026GAAP | 187,955 | (6.9) % | – |
| Total other operating revenue, three months ended September 30, 2026GAAP | 191,471 | (19.4) % | – |
| Brokerage and trading revenue, three months ended September 30, 2026GAAP | 19,451 | (40.1) % | – |
| Transaction card revenue, three months ended September 30, 2026GAAP | 32,205 | 1.9 % | – |
| Fiduciary and asset management revenue, three months ended September 30, 2026GAAP | 69,863 | (1.6) % | – |
| Deposit service charges and fees, three months ended September 30, 2026GAAP | 34,140 | 2.4 % | – |
| Mortgage banking revenue, three months ended September 30, 2026GAAP | 16,740 | (11.8) % | – |
| Other revenue, three months ended September 30, 2026GAAP | 15,556 | 6.4 % | – |
| Other gains, net, three months ended September 30, 2026GAAP | 5,693 | – | – |
| Loss on derivatives, net, three months ended September 30, 2026GAAP | (19,282) | – | – |
| Change in fair value of mortgage servicing rights, three months ended September 30, 2026GAAP | 18,256 | – | – |
| Total other operating expense, three months ended September 30, 2026GAAP | 360,661 | (0.3) % | – |
| Provision for credit losses, three months ended September 30, 2026GAAP | — | – | – |
| Net income before taxes, three months ended September 30, 2026GAAP | 200,785 | – | – |
| Federal and state income taxes, three months ended September 30, 2026GAAP | 40,910 | – | – |
| Total loans, period endGAAP | $27.73B | 2.4% | – |
| Average loans, three months ended September 30, 2026GAAP | 27,237,703 | 1.7 % | – |
| Total deposits, period endGAAP | $39.53B | (0.8) % | – |
| Total average deposits, three months ended September 30, 2026GAAP | $39.53B | 0.8 % | – |
| Nonperforming assets, period endGAAP | $66.58M | – | – |
| Nonperforming assets to period end loans and repossessed assetsGAAP | 0.24 % | – | – |
| Net charge-offs, three months ended September 30, 2026GAAP | $886K | – | – |
| Net charge-offs (annualized) to average loansGAAP | 0.01 % | – | – |
| Total assets, period endGAAP | $54.08B | – | – |
| Total shareholders' equity, period endGAAP | $5.91B | – | – |
| Common equity Tier 1 capital ratioGAAP | 12.73 % | – | – |
| Total capital ratioGAAP | 14.43 % | – | – |
| Tangible common equity rationon-GAAP | 9.16 % | – | – |
| Return on average assetsGAAP | 1.15 % | – | – |
| Return on average equityGAAP | 10.43 % | – | – |
| Efficiency rationon-GAAP | 63.52 % | – | – |
| Pre-provision net revenue, three months ended September 30, 2026non-GAAP | $200.8M | – | – |
| Net income attributable to BOK Financial Corporation shareholders, nine months ended September 30, 2026GAAP | $492.2M | – | – |
| Basic and diluted earnings per share, nine months ended September 30, 2026GAAP | $ 8.14 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Commercial BankingNet interest income increased $2.9 million due to increased loan volumes, while investment banking revenue decreased $4.3 million due to lower loan syndication fees. | $241.2M | 0.3 % | 1.8 % |
| Consumer BankingCombined net interest income and fee revenue was consistent with the prior quarter; personnel expense increased $1.4 million and was fully offset by lower corporate expense allocations. | $95.78M | — % | (0.8) % |
| Wealth ManagementTotal revenue from trading activities decreased $9.9 million reflecting an unfavorable rate environment and lower fixed-income trading volumes, partially offset by a $5.2 million increase in investment banking revenue from higher municipal underwriting and financial advisory fees. | $141.1M | (3.6) % | (9.0) % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- No shares of common stock were repurchased during the third quarter of 2026.
- Cash dividends paid were $ 38,123.
- Shares outstanding, net were 60,758,773.
- The company repurchased 2,519 shares of common stock at an average price of $129.89 per share in the second quarter of 2026.
What drove it
- Net interest income increased $18.1 million over the prior quarter, benefiting from loan growth and fixed-rate asset repricing.
- Average loan balances increased $468 million, while period-end loans increased $646 million, led by energy loans, loans secured by industrial facilities, and mortgage finance loans.
- Net interest margin expanded to 3.00% from 2.91%; the yield on average earning assets was 5.37%, and total cost of interest-bearing liabilities was 2.96%.
- Average deposits increased $304 million, driven by interest-bearing transaction accounts, time deposits, and demand deposits.
- No provision for expected credit losses was necessary because improved economic forecast assumptions were offset by loan growth.
Concerns
- Brokerage and trading revenue decreased $13.0 million to $19.5 million due to an unfavorable rate environment and lower fixed-income trading volumes.
- Mortgage banking revenue decreased $2.2 million, driven by lower mortgage production volume and spreads due to rising mortgage interest rates.
- Other gains, net, declined to a net gain of $5.7 million from a net gain of $42.4 million, as the prior quarter included a $30.9 million pre-tax gain related to the Visa B shares exchange.
- Nonperforming assets increased to $67 million, or 0.24% of outstanding loans and repossessed assets, from $63 million, or 0.23%.
- The tangible common equity ratio declined to 9.16% from 9.61%, and the available-for-sale securities portfolio's net unrealized loss increased to $650 million from $256 million.
What to watch
- Sustainability of net interest margin expansion following the increase to 3.00% from 2.91%.
- Loan growth in energy, industrial commercial real estate, and mortgage finance lending.
- Fixed-income trading volumes and mortgage production activity amid the rate environment.
- Credit performance in healthcare loans and loans to individuals, where nonaccruing balances increased during the quarter.
- The tangible common equity ratio and unrealized losses on available-for-sale securities.
Balance sheet and cash flow
- Cash and due from banks were $ 878,300 at September 30, 2026, compared to $ 975,769 at June 30, 2026.
- Interest-bearing cash and cash equivalents were $ 387,089 at September 30, 2026, compared to $ 545,597 at June 30, 2026.
- Funds purchased and repurchase agreements were $ 1,838,395 at September 30, 2026, compared to $ 1,503,916 at June 30, 2026.
- Other borrowings were $ 3,769,253 at September 30, 2026, compared to $ 3,073,995 at June 30, 2026.
- Subordinated debentures were $ 396,697 at September 30, 2026, compared to $ 396,661 at June 30, 2026.
- The loan to deposit ratio was 70% at September 30, 2026, compared to 68% at June 30, 2026.
- The fair value of the available-for-sale securities portfolio totaled $13.9 billion at September 30, 2026, and had a net unrealized loss of $650 million, compared to $256 million at June 30, 2026.
Analysis
BOK Financial reported $159,853 thousand of net income attributable to shareholders, or $2.64 per diluted share, for the third quarter of 2026. GAAP earnings were below $176,539 thousand, or $2.92 per share, in the prior quarter, but above $140,894 thousand, or $2.22 per share, in the prior-year quarter. The sequential comparison was affected by the prior quarter's Visa B shares exchange gain and available-for-sale securities repositioning loss; adjusted net income was $159,853 thousand in the current quarter compared with $156,482 thousand in the prior quarter.
Core balance-sheet earnings improved. Net interest income rose to $369,975 thousand from $351,830 thousand, while net interest margin expanded to 3.00% from 2.91%. Management attributed the improvement to loan growth and fixed-rate asset repricing. Average loans increased to 27,237,703 and period-end loans increased to $27,729,504, with energy, industrial commercial real estate, and mortgage finance providing the principal growth. Average deposits increased to $39,534,137, although period-end deposits declined to $39,531,379.
Noninterest results weakened sequentially. Total fees and commissions fell to 187,955 from 201,992, led by a decline in brokerage and trading revenue to 19,451 from 32,450 and a decline in mortgage banking revenue to 16,740 from 18,985. Total other operating revenue was 191,471 versus 237,572, as other gains, net fell to 5,693 from 42,415. Operating expense was stable at 360,661 compared with 361,679, though data processing and communications expense increased and management cited investments in talent and higher software costs.
Credit indicators remained low, with net charge-offs of $886 and no provision for credit losses. However, nonperforming assets increased to $66,580 from $62,650 and the ratio increased to 0.24% from 0.23%. Capital ratios remained above stated minimum requirements, but tangible common equity declined to 9.16% from 9.61%. The available-for-sale securities portfolio's net unrealized loss widened to $649,774 from $256,458, which coincided with the decline in total shareholders' equity to $5,914,491 from $6,083,106.
Commercial Banking generated combined net interest income and fee revenue of $241,184, up 0.3% sequentially, while Wealth Management revenue declined 3.6% as lower trading activity outweighed higher investment banking revenue. Consumer Banking revenue was unchanged sequentially at $95,784. The filing gave no forward financial guidance, leaving future results dependent on the trajectory of loan growth, asset yields and funding costs, securities valuation effects, and the recovery or further pressure in rate-sensitive trading and mortgage banking activities.
Management, verbatim
We delivered another strong quarter, with $646 million of loan growth, 11.5% year-over-year loan growth, continued expansion in core net interest income, and peer-leading credit outcomes.
Stacy Kymes, President and CEO
Higher rates created headwinds for mortgage banking and fixed-income trading this quarter, but we view those businesses through the cycle, where they provide an important source of diversification to our overall earnings profile.
Stacy Kymes, President and CEO
Not in the filing
stated, not guessed- Forward revenue, expense, margin, tax-rate, earnings, capital, credit, or other financial guidance was not provided.
- Prior-outlook comparison was not provided because no previous outlook section was supplied.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Gross margin was not reported.
- A total revenue line was not reported.
- A reported tax rate was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.