BOK Financial Corporation · Earnings release · 8-K Exhibit 99

BOK Financial Corporation reports quarterly earnings of $156 million, or $2.58 per share, in the first quarter.

First quarter 2026 financial highlights1

Net Income

Net income was $155.8 million, or $2.58 per diluted share, compared to $177.3 million, or $2.89 per diluted share. Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025.2

Net Interest Income & Margin

Net interest income totaled $342.6 million, a decrease of $2.7 million. T1Net interest margin was 2.90% for the first quarter compared to 2.98% in the prior quarter.

Fees & Commissions Revenue

T2Fees and commissions revenue was $209.8 million, a decrease of $5.1 million, led by lower investment banking revenue due to seasonality and volume of transactions.

Operating Expense

Operating expense decreased $6.9 million to $354.2 million. Excluding the FDIC special assessment benefit from the fourth quarter of 2025, operating expense decreased $16.4 million. Personnel expense decreased $11.6 million and non-personnel expense decreased $4.8 million, reflecting our continued focus on managing our core cost structure.

Loans

T3Period end loans grew by $536 million, to $26.2 billion, with broad-based growth across the loan portfolio, led by general business, energy, and multifamily commercial real estate loans. Average outstanding loan balances were $25.9 billion, a $683 million increase.

Credit Quality

T4Nonperforming assets declined to $60 million, or 0.23% of outstanding loans and repossessed assets, at March 31, 2026, from $75 million, or 0.29%, at December 31, 2025. Net charge-offs for the first quarter were $1.9 million, or 0.03% of average loans on an annualized basis.

Deposits

T5Period end deposits decreased $758 million to $38.7 billion and average deposits decreased $1.0 billion to $39.0 billion. Average interest-bearing deposits decreased $692 million and average demand deposits decreased by $315 million. The loan to deposit ratio was 68% at March 31, 2026, compared to 65% at December 31, 2025.

Capital

Tangible common equity ratio2 was 9.29% compared to 9.46% at December 31, 2025. Tier 1 capital ratio was 12.61%, common equity Tier 1 capital ratio was 12.61%, and total capital ratio was 14.39%. No shares of common stock were repurchased in the first quarter of 2026.

p

3 bps

LOAN GROWTH

NET CHARGE-OFFS (TTM)

AUMA

CEO Commentary

Stacy Kymes, President and CEO, stated, “Our first quarter performance reflects disciplined execution and exceptional teamwork across the organization, driven by core operating results. Loan growth exceeded 10% over the last 12 months with diverse growth across sectors and geographies, while credit quality remained excellent. During the quarter, our fee‑based businesses demonstrated resilience in a volatile market environment, with fee revenue exceeding three of the past four quarters. Expenses declined meaningfully, reflecting our continued focus on managing our core cost structure. We’re off to a strong start and well positioned for growth as the year progresses."

1 Comparisons are to the prior quarter unless otherwise noted.

2 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.

BOK Financial Corporation quarterly earnings release

Net Interest Income

(Dollars in thousands)

Change

% Change

Tax-equivalent interest revenue

Interest-bearing cash and cash equivalents

$

$

$

%

Trading securities

%

Investment securities

%

Available-for-sale securities

%

Fair value option securities

%

Restricted equity securities

%

Residential mortgage loans held for sale

%

Loans

%

Total tax-equivalent interest revenue

$

$

$

%

Interest expense

Interest-bearing deposits:

Transaction

$

$

$

%

Savings

(1)

%

Time

%

Total interest-bearing deposits

%

Funds purchased and repurchase agreements

%

Other borrowings

%

Subordinated debentures

%

Total interest expense

%

Tax-equivalent net interest income

%

Less: Tax-equivalent adjustment

%

Net interest income

$

$

$

%

Net interest margin

%

%

%

N/A

Average earning assets

$

$

$

%

Average trading securities

%

Average investment securities

%

Average available-for-sale securities

%

Average fair value option securities

%

Average restricted equity securities

%

Average loans balance

%

Average interest-bearing deposits

%

Average funds purchased and repurchase agreements

%

Average other borrowings

%

Average subordinated debentures

%

Net interest income was $342.6 million for the first quarter of 2026, a decrease of $2.7 million compared to the prior quarter. Net interest margin declined to 2.90% from 2.98%. For the first quarter of 2026, our core net interest margin excluding trading activities1, a non-GAAP measure, decreased 7 basis points to 3.15% compared to 3.22% in the prior quarter.

1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.

2

BOK Financial Corporation quarterly earnings release

Average earning assets increased $1.2 billion. Average loan balances increased $683 million, with broad-based growth across the loan portfolio. Average trading securities increased $322 million and restricted equity securities increased $111 million. Average interest-bearing deposits decreased $692 million, primarily from interest-bearing transaction accounts. Average funds purchased and repurchase agreements decreased $261 million, while average other borrowings increased $2.3 billion. Average subordinate debentures increased $155 million, driven by the full quarter impact of the subordinated debt issued in the fourth quarter.

The yield on average earning assets was 5.23%, a 13 basis point decrease compared to the prior quarter. The loan portfolio yield decreased 23 basis points to 6.25%. The yield on trading securities decreased 19 basis points to 4.64%, while the yield on restricted equity securities increased 17 basis points to 7.39%.

Funding costs were 2.92%, down 14 basis points. The cost of interest-bearing deposits decreased 20 basis points to 2.71%. The cost of funds purchased and repurchase agreements decreased 57 basis points to 2.90%, while the cost of other borrowings decreased 32 basis points to 3.90%. The benefit to net interest margin from assets funded by non-interest bearing liabilities was 59 basis points, a decrease of 9 basis points.

Other Operating Revenue

(Dollars in thousands)

Change

% Change

Brokerage and trading revenue

$

$

$

%

Transaction card revenue

%

Fiduciary and asset management revenue

%

Deposit service charges and fees

%

Mortgage banking revenue

%

Other revenue

%

Total fees and commissions

%

Other gains (losses), net

N/A

Loss on derivatives, net

N/A

Gain (loss) on fair value option securities, net

N/A

Change in fair value of mortgage servicing rights

N/A

Gain on available-for-sale securities, net

—

N/A

Total other operating revenue

$

$

$

%

Fees and commissions revenue totaled $209.8 million for the first quarter of 2026, decreasing $5.1 million compared to the prior quarter.

Brokerage and trading revenue decreased $3.7 million to $43.6 million. Investment banking revenue decreased $4.1 million driven by lower syndication fees and municipal underwriting activity, primarily due to seasonality and volume of transactions. Trading fees and commissions revenue decreased $1.6 million, primarily due to a shift from fee revenue to net interest income on trading securities. Customer hedging revenue grew $1.1 million, as our energy customers increased hedging activity in response to the rapid rise in crude oil prices during the quarter.

Other revenue decreased $2.0 million, largely due to a reduction in fees earned on derivative counterparty margin.

Fiduciary and asset management revenue decreased $1.9 million as the prior quarter included transaction-related fees that did not recur in the current quarter.

Mortgage banking revenue increased $2.0 million due to an increase in mortgage production volumes and higher refinancing activity.

Transaction card revenue and deposit service charges and fees were both consistent with the prior quarter.

Other gains (losses), net, were a net loss of $216 thousand compared to a net gain of $28.1 million in the prior quarter. The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment. The current quarter included a net loss on investments related to deferred compensation of $1.8 million compared to a net gain of $3.7 million in the prior quarter.

3

BOK Financial Corporation quarterly earnings release

Operating Expense

(Dollars in thousands)

Change

% Change

Personnel

$

$

$

%

Business promotion

%

Professional fees and services

%

Net occupancy and equipment

%

FDIC and other insurance

%

FDIC special assessment

—

N/A

Data processing and communications

%

Printing, postage, and supplies

%

Amortization of intangible assets

%

Mortgage banking costs

%

Other expense

%

Total operating expense

$

$

$

%

Total operating expense was $354.2 million for the first quarter of 2026, a decrease of $6.9 million compared to the prior quarter.

Personnel expense was $211.2 million, a decrease of $11.6 million. Cash-based incentive compensation decreased $7.0 million. The fourth quarter included higher incentive compensation expenses, primarily driven by strong results in both commercial and wealth production volumes. Regular compensation decreased $2.5 million to $122.2 million, reflecting normalization of quarterly compensation expense as the majority of transitional personnel costs from talent base alignment were recognized in the prior quarter. Deferred compensation expense was $182 thousand, a decrease of $2.2 million compared to the prior quarter. Employee benefits expense increased $1.5 million due to a seasonal increase in payroll taxes, partially offset by lower employee healthcare costs.

Excluding the impact of the FDIC special assessment adjustment in the prior quarter, non-personnel expense decreased $4.8 million. Professional fees and services decreased $4.1 million, primarily driven by lower project costs. Business promotion expense decreased $2.3 million due to lower travel and advertising costs. Mortgage banking costs increased $1.1 million due to increased payoff activity.

4

BOK Financial Corporation quarterly earnings release

Loans

(Dollars in thousands)

Change

% Change

Commercial:

Healthcare

$

$

$

Services

Energy

Mortgage finance

General business

Total commercial

Commercial real estate:

Multifamily

Industrial

Office

Retail

Residential construction and land development

Other commercial real estate

Total commercial real estate

Loans to individuals:

Residential mortgage

Residential mortgage guaranteed by U.S. government agencies

Personal

Total loans to individuals

Total loans

$

$

$

Outstanding loans were $26.2 billion at March 31, 2026, an increase of $536 million over December 31, 2025, with broad-based growth across the loan portfolio led by general business, energy, and multifamily commercial real estate loans. Unfunded loan commitments grew by $319 million over the fourth quarter of 2025 to $16.2 billion at March 31, 2026.

Outstanding commercial loan balances, which includes healthcare, services, energy, mortgage finance, and general business loans, increased $292 million over the prior quarter.

General business loans increased $181 million to $4.5 billion, or 17% of total loans. General business loans include $2.9 billion of wholesale/retail loans and $1.6 billion of loans from other commercial industries.

Energy loan balances grew by $123 million to $3.0 billion, or 11% of total loans. The majority of this portfolio is first lien, senior secured, reserve-based lending to oil and gas producers, which we believe is the lowest risk form of energy lending. Approximately 72% of committed production loans are secured by properties primarily producing oil. The remaining 28% are secured by properties primarily producing natural gas. Unfunded energy loan commitments were $4.5 billion at March 31, 2026, a $52 million increase over December 31, 2025.

The Company launched the residential mortgage finance line of business in the third quarter of 2025, growing loans by $50 million during the quarter to $228 million, or 1% of total loans.

Services sector loan balances were largely unchanged compared to the prior quarter at $3.9 billion, or 15% of total loans. Services loans consist of a large number of loans to a variety of businesses, including state and local municipal government entities, Native American tribal government and casino operations, foundations and not-for-profit organizations, educational services, and specialty trade contractors.

5

BOK Financial Corporation quarterly earnings release

Healthcare sector loan balances decreased $52 million and totaled $4.0 billion, or 15% of total loans. Our healthcare sector loans primarily consist of $3.2 billion of senior housing and care facilities, including independent living, assisted living, and skilled nursing. Generally, we loan to borrowers with a portfolio of multiple facilities, which serves to help diversify risks specific to a single facility.

Commercial real estate loan balances increased $213 million to $5.9 billion, representing 22% of total loans. Loans secured by multifamily properties increased $121 million. Loans secured by industrial facilities increased $50 million and loans secured by retail facilities increased $41 million, while residential construction and land development loans decreased by $20 million. Unfunded commercial real estate loan commitments were $2.1 billion at March 31, 2026, a $66 million decrease compared to December 31, 2025. We take a disciplined approach to managing our concentration of commercial real estate loan commitments as a percentage of capital.

Loans to individuals were up $31 million over the prior quarter to $4.7 billion and represent 18% of total loans. Residential mortgage loans increased $55 million, while personal loans decreased $23 million. Personal loans consist primarily of loans to Wealth Management clients secured by the cash surrender value of insurance policies or marketable securities. Personal loans also include direct loans secured by and for the purchase of automobiles, recreational and marine equipment, as well as unsecured loans.

Period End & Average Deposits

(Dollars in thousands)

Change

% Change

Period end deposits

Demand

$

$

$

%

Interest-bearing transaction

%

Savings

%

Time

%

Total deposits

$

$

$

%

Average deposits

Demand

$

$

$

%

Interest-bearing transaction

%

Savings

%

Time

%

Total average deposits

$

$

$

%

Our funding sources, which primarily include deposits and wholesale borrowings, provide adequate liquidity to meet our needs. The loan to deposit ratio was 68% at March 31, 2026, compared to 65% at December 31, 2025, providing significant on-balance sheet liquidity to meet future loan demand and contractual obligations.

Period end deposits totaled $38.7 billion at March 31, 2026, a $758 million decrease. Interest-bearing transaction accounts decreased $498 million and demand deposits decreased $388 million, while time deposits increased $88 million.

Average deposits were $39.0 billion during the first quarter, a $1.0 billion decrease. Average interest-bearing transaction accounts decreased $689 million, average demand deposit balances decreased $315 million, and average time deposits decreased $29 million.

Average Commercial Banking deposits decreased $186 million to $18.3 billion, or 47% of total deposits. Our commercial deposit portfolio is highly diversified across industries and customers. The highest concentration by industry within our commercial deposit portfolio is with our energy customers representing 8% of our total deposits. Average Consumer Banking deposits increased $43 million to $8.4 billion, or 22% of total deposits. Average Wealth Management deposits increased by $79 million to $10.8 billion, or 28% of total deposits. Average Funds Management and Other deposits decreased $943 million to $1.5 billion, or 4% of total deposits, as funds opportunistically placed into wholesale deposits in the prior quarter were replaced with wholesale borrowings during the first quarter.

6

BOK Financial Corporation quarterly earnings release

Capital

Minimum Capital Requirement

Capital Conservation Buffer

Minimum Capital Requirement Including Capital Conservation Buffer

Common equity Tier 1

%

%

%

%

%

Tier 1 capital

%

%

%

%

%

Total capital

%

%

%

%

%

Tier 1 leverage

%

N/A

%

%

%

Tangible common equity ratio1

%

%

Common stock repurchased (shares)

—

Average price per share repurchased

$

—

$

The company's common equity Tier 1 capital ratio was 12.61% at March 31, 2026. In addition, the company's Tier 1 capital ratio was 12.61%, total capital ratio was 14.39%, and leverage ratio was 9.85% at March 31, 2026. At December 31, 2025, the company's common equity Tier 1 capital ratio was 12.90%, Tier 1 capital ratio was 12.90%, total capital ratio was 14.77%, and leverage ratio was 9.86%.

The company's tangible common equity ratio1, a non-GAAP measure, was 9.29% at March 31, 2026, and 9.46% at December 31, 2025. The tangible common equity ratio is primarily based on total shareholders' equity, which includes unrealized gains and losses on available-for-sale securities.

No shares of common stock were repurchased in the first quarter of 2026. The company repurchased 2,617,414 shares of common stock at an average price paid of $107.99 per share in the fourth quarter of 2025. We view buybacks opportunistically, but within the context of maintaining our strong capital position.

Credit Quality

Nonperforming assets totaled $60 million, or 0.23% of outstanding loans and repossessed assets, at March 31, 2026, compared to $75 million, or 0.29%, at December 31, 2025. Excluding loans guaranteed by U.S. government agencies, nonperforming assets totaled $52 million, or 0.20% of outstanding loans and repossessed assets, at March 31, 2026, compared to $66 million, or 0.26%, at December 31, 2025.

Nonaccruing loans decreased $14 million compared to December 31, 2025. New nonaccruing loans identified in the first quarter totaled $8.1 million, offset by $5.8 million in payments received, $4.7 million in foreclosures of other real estate owned, $4.4 million in loans that returned to accrual status, and $3.2 million in charge-offs. Nonaccruing services loans decreased $4.9 million, nonaccruing general business loans decreased $3.6 million, nonaccruing loans to individuals decreased $3.4 million, and nonaccruing healthcare loans decreased $2.4 million.

Net charge-offs were $1.9 million, or 0.03% of average loans on an annualized basis, in the first quarter. At March 31, 2026, net charge-offs for the trailing twelve months were $7.5 million, or 0.03% of average loans. Net charge-offs were $1.4 million, or 0.02% of average loans on an annualized basis, in the fourth quarter of 2025.

No provision for expected credit losses was necessary for the first quarter of 2026. The favorable impact of higher projected oil prices on our energy loan portfolio and improved credit quality was offset by loan growth and a slight downward revision to economic forecast assumptions compared to the prior quarter.

At March 31, 2026, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $323 million, or 1.23% of outstanding loans and 618% of nonaccruing loans, excluding residential mortgage loans guaranteed by U.S. government agencies. At December 31, 2025, the combined allowance for loan losses and accrual for off-balance sheet credit risk from unfunded loan commitments was $327 million, or 1.28% of outstanding loans and 497% of nonaccruing loans.

1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.

7

BOK Financial Corporation quarterly earnings release

Securities & Derivatives

The fair value of the available-for-sale securities portfolio totaled $13.5 billion at March 31, 2026, a $67 million decrease compared to December 31, 2025. At March 31, 2026, the available-for-sale securities portfolio consisted primarily of $9.6 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $3.0 billion of commercial mortgage-backed securities fully backed by U.S. government agencies. At March 31, 2026, the available-for-sale securities portfolio had a net unrealized loss of $217 million, compared to $133 million at December 31, 2025.

We hold an inventory of trading securities in support of sales to a variety of customers. At March 31, 2026, the trading securities portfolio totaled $5.7 billion, compared to $5.4 billion at December 31, 2025.

The company also maintains a portfolio of residential mortgage-backed and commercial mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. This portfolio of fair value option securities increased $76.0 million to $178 million at March 31, 2026.

Derivative contracts are carried at fair value. At March 31, 2026, the net fair values of derivative contracts, before consideration of cash margin, reported as assets under our customer risk management programs totaled $748 million, compared to $428 million at December 31, 2025. The aggregate net fair value of derivative contracts, before consideration of cash margin, held under these programs reported as liabilities totaled $734 million at March 31, 2026, and $399 million at December 31, 2025.

The net benefit of the changes in the fair value of mortgage servicing rights and related economic hedges was $2.0 million during the first quarter of 2026, including an $8.2 million increase in the fair value of mortgage servicing rights, a $6.3 million decrease in the fair value of securities and derivative contracts held as an economic hedge, and $86 thousand of related net interest income.

First Quarter 2026 Segment Highlights

Commercial Banking

Consumer Banking

Wealth Management

(In thousands)

Net interest income and fee revenue

$

$

$

$

$

$

Net loans charged-off (recovered)

(7)

Personnel expense

Non-personnel expense

Net income before taxes

Average loans

$

$

$

$

$

$

Average deposits

Assets under management or administration

$

$

Commercial Banking contributed $134.8 million to net income before taxes in the first quarter of 2026, a decrease of $27.4 million compared to the fourth quarter of 2025. Combined net interest income and fee revenue totaled $232.5 million, a decrease of $10.3 million. Net interest income decreased $7.5 million from lower deposit spreads and demand deposit balances, slightly offset by increased loan volumes. Investment banking revenue decreased $2.2 million due to lower loan syndication fees. Other operating expenses decreased $5.9 million, primarily attributable to decreased incentive compensation costs and lower project related costs. Other gains, net, were $1.2 million for the first quarter of 2026, compared to $25.6 million in the fourth quarter of 2025.

The fourth quarter included a $23.5 million pre-tax gain on the sale of a merchant banking investment. Average loans increased $582 million, or 3%, to $21.2 billion. Average deposits were $18.3 billion, a decrease of $186 million, or 1%.

8

BOK Financial Corporation quarterly earnings release

Consumer Banking contributed $19.2 million to net income before taxes in the first quarter of 2026, an increase of $4.1 million. Combined net interest income and fee revenue increased $2.2 million, driven by stronger mortgage production performance and higher card-network incentives, partially offset by changes in deposit spreads. The net benefit of the change in the fair value of mortgage servicing rights and the related economic hedges was $2.0 million, compared to a cost of $579 thousand in the prior quarter. Personnel expense was consistent with the prior quarter. Non-personnel expense decreased $1.6 million due to lower business promotion expenses and professional fees, partially offset by higher mortgage banking costs from increased payoff activity. Corporate expense allocations increased $1.4 million. Average loans increased $68 million, or 3%, to $2.6 billion. Average deposits were relatively consistent with the prior quarter at $8.4 billion.

Wealth Management contributed $37.5 million to net income before taxes in the first quarter of 2026, a decrease of $5.1 million compared to the fourth quarter of 2025. Combined net interest income and fee revenue decreased $6.8 million due to reduced margins on deposits, lower fiduciary and asset management revenue as the prior quarter included transaction-related fees that did not recur, and decreased other revenue. Other operating expenses decreased $4.6 million, driven by lower regular and incentive compensation costs during the quarter. Corporate expense allocations increased $2.4 million. Average loans increased $37 million, or 2%, to $2.4 billion. Average deposits were largely unchanged at $10.8 billion. Assets under management or administration were $123.6 billion, a decrease of $3.0 billion, or 2%.

9

BOK Financial Corporation quarterly earnings release

Conference Call & Webcast

The company will host a conference call at noon Central time on Tuesday, April 21, 2026, to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at bokf.com. The conference call can also be accessed by dialing 1-800-715-9871 toll free, or 1-646-307-1963, conference ID: 6617678. A webcast replay will also be available shortly after the conclusion of the live call at bokf.com or by dialing 1-800-770-2030 and referencing replay PIN: 6617678.

About BOK Financial Corporation

BOK Financial Corporation is a $54 billion regional financial services company headquartered in Tulsa, Oklahoma with $124 billion in assets under management or administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

The company will continue to evaluate critical assumptions and estimates, such as the appropriateness of the allowance for credit losses and asset impairment as of March 31, 2026 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “outlook,” “projects,” “will,” “intends,” “may,” “could,” “should,” “would,” “potential,” “continue,” “seek,” “target,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses, allowance for uncertain tax positions, accruals for loss contingencies and valuation of mortgage servicing rights involve judgments as to expected events and are inherently forward-looking statements.

Assessments that acquisitions and growth endeavors will be profitable are statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified and for which BOK Financial assumes no responsibility for the accuracy or completeness. These various forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. All statements other than statements of historical fact are forward-looking statements. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements.

Internal and external factors that might cause such a difference include, but are not limited to: changes in government; changes in governmental economic policy, including tariffs; changes in commodity prices; interest rates and interest rate relationships; inflation; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulations; tax laws; prices, levies and assessments; the impact of technological advances; trends in customer behavior as well as their ability to repay loans; credit quality deterioration; cybersecurity incidents and data breaches; operational failures or interruptions; liquidity risks; capital adequacy requirements; litigation and regulatory enforcement actions; and other risks detailed in BOK Financial Corporation’s filings with the Securities and Exchange Commission. BOK Financial Corporation and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

BOK Financial Corporation Quarterly Earnings Release

BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

(In thousands)

Assets

Cash and due from banks

$

$

Interest-bearing cash and cash equivalents

Trading securities

Investment securities, net of allowance

Available-for-sale securities

Fair value option securities

Restricted equity securities

Residential mortgage loans held for sale

Loans:

Commercial

Commercial real estate

Loans to individuals

Total loans

Allowance for loan losses

Loans, net of allowance

Premises and equipment, net

Receivables

Goodwill

Intangible assets, net

Mortgage servicing rights

Real estate and other repossessed assets, net of allowance

Derivative contracts, net

Cash surrender value of bank-owned life insurance

Receivable on unsettled securities sales

Other assets

Total assets

$

$

Liabilities

Deposits:

Demand

$

$

Interest-bearing transaction

Savings

Time

Total deposits

Funds purchased and repurchase agreements

Other borrowings

Subordinated debentures

Accrued interest, taxes, and expense

Due on unsettled securities purchases

Derivative contracts, net

Other liabilities

Total liabilities

Shareholders' equity

Capital, surplus, and retained earnings

Accumulated other comprehensive loss

Total shareholders’ equity

Non-controlling interests

Total equity

Total liabilities and equity

$

$

BOK Financial Corporation Quarterly Earnings Release

AVERAGE BALANCE SHEETS – UNAUDITED

BOK FINANCIAL CORPORATION

Three Months Ended

(In thousands)

Assets

Interest-bearing cash and cash equivalents

$

$

$

$

$

Trading securities

Investment securities, net of allowance

Available-for-sale securities

Fair value option securities

Restricted equity securities

Residential mortgage loans held for sale

Loans:

Commercial

Commercial real estate

Loans to individuals

Total loans

Allowance for loan losses

Loans, net of allowance

Total earning assets

Cash and due from banks

Derivative contracts, net

Cash surrender value of bank-owned life insurance

Receivable on unsettled securities sales

Other assets

Total assets

$

$

$

$

$

Liabilities

Deposits:

Demand

$

$

$

$

$

Interest-bearing transaction

Savings

Time

Total deposits

Funds purchased and repurchase agreements

Other borrowings

Subordinated debentures

—

Derivative contracts, net

Due on unsettled securities purchases

Other liabilities

Total liabilities

Total equity

Total liabilities and equity

$

$

$

$

$

BOK Financial Corporation Quarterly Earnings Release

STATEMENTS OF EARNINGS – UNAUDITED

BOK FINANCIAL CORPORATION

Three Months Ended

(In thousands, except share and per share data)

Interest revenue

$

$

Interest expense

Net interest income

Provision for credit losses

—

—

Net interest income after provision for credit losses

Other operating revenue:

Brokerage and trading revenue

Transaction card revenue

Fiduciary and asset management revenue

Deposit service charges and fees

Mortgage banking revenue

Other revenue

Total fees and commissions

Other losses, net

Gain (loss) on derivatives, net

Gain (loss) on fair value option securities, net

Change in fair value of mortgage servicing rights

Total other operating revenue

Other operating expense:

Personnel

Business promotion

Professional fees and services

Net occupancy and equipment

FDIC and other insurance

FDIC special assessment

—

Data processing and communications

Printing, postage, and supplies

Amortization of intangible assets

Mortgage banking costs

Other expense

Total other operating expense

Net income before taxes

Federal and state income taxes

Net income

Net loss attributable to non-controlling interests

(6)

Net income attributable to BOK Financial Corporation shareholders

$

$

Average shares outstanding:

Basic and diluted

Net income per share:

Basic and diluted

$

$

BOK Financial Corporation Quarterly Earnings Release

QUARTERLY EARNINGS TREND – UNAUDITED

BOK FINANCIAL CORPORATION

Three Months Ended

(In thousands, except share, and per share data)

Interest revenue

$

$

$

$

$

Interest expense

Net interest income

Provision for credit losses

—

—

—

—

Net interest income after provision for credit losses

Other operating revenue:

Brokerage and trading revenue

Transaction card revenue

Fiduciary and asset management revenue

Deposit service charges and fees

Mortgage banking revenue

Other revenue

Total fees and commissions

Other gains (losses), net

Gain (loss) on derivatives, net

Gain (loss) on fair value option securities, net

Change in fair value of mortgage servicing rights

Gain on available-for-sale securities, net

—

—

—

Total other operating revenue

Other operating expense:

Personnel

Business promotion

Professional fees and services

Net occupancy and equipment

FDIC and other insurance

FDIC special assessment

—

Data processing and communications

Printing, postage, and supplies

Amortization of intangible assets

Mortgage banking costs

Other expense

Total other operating expense

Net income before taxes

Federal and state income taxes

Net income

Net income (loss) attributable to non-controlling interests

(6)

Net income attributable to BOK Financial Corporation shareholders

$

$

$

$

$

Average shares outstanding:

Basic and diluted

Net income per share:

Basic and diluted

$

$

$

$

$

BOK Financial Corporation Quarterly Earnings Release

FINANCIAL HIGHLIGHTS – UNAUDITED

BOK FINANCIAL CORPORATION

Three Months Ended

(In thousands, except ratio, share, and per share data)

Capital:

Period end shareholders' equity

$

$

$

$

$

Risk-weighted assets

$

$

$

$

$

Risk-based capital ratios:

Common equity Tier 1

%

%

%

%

%

Tier 1

%

%

%

%

%

Total capital

%

%

%

%

%

Leverage ratio

%

%

%

%

%

Tangible common equity ratio1

%

%

%

%

%

Common stock:

Book value per share

$

$

$

$

$

Tangible book value per share

$

$

$

$

$

Market value per share:

High

$

$

$

$

$

Low

$

$

$

$

$

Cash dividends paid

$

$

$

$

$

Dividend payout ratio

%

%

%

%

%

Shares outstanding, net

Stock buy-back program:

Shares repurchased

—

Amount

$

—

$

$

$

$

Average price paid per share2

$

—

$

$

$

$

Performance ratios (quarter annualized):

Return on average assets

%

%

%

%

%

Return on average equity

%

%

%

%

%

Return on average tangible common equity1

%

%

%

%

%

Net interest margin

%

%

%

%

%

Efficiency ratio1

%

%

%

%

%

Adjusted efficiency ratio1

%

%

%

%

%

Other data:

Tax-equivalent interest

$

$

$

$

$

Net unrealized loss on available-for-sale securities

$

$

$

$

$

1 See Explanation and Reconciliation of Non-GAAP Measures - Unaudited section following.

2 Excludes 1% excise tax on corporate stock repurchases.

3 Actual interest earned on fair value option securities less internal transfer-priced cost of funds. 15

BOK Financial Corporation Quarterly Earnings Release

Three Months Ended

(In thousands, except ratio, share, and per share data)

Mortgage banking:

Mortgage production revenue

$

$

$

$

$

Mortgage loans funded for sale

$

$

$

$

$

Add: Current period end outstanding commitments

Less: Prior period end outstanding commitments

Total mortgage production volume

$

$

$

$

$

Mortgage loan refinances to mortgage loans funded for sale

%

%

%

%

%

Realized margin on funded mortgage loans

%

%

%

%

%

Production revenue as a percentage of production volume

%

%

%

%

%

Mortgage servicing revenue

$

$

$

$

$

Average outstanding principal balance of mortgage loans serviced for others

$

$

$

$