BOK Financial Corporation (BOKF) Business Profile

What it does

BOK Financial Corporation is a financial holding company headquartered in Tulsa, Oklahoma. Founded in 1910 and incorporated in Oklahoma in 1990, it provides banking and other financial services to businesses, financial institutions and consumers. Its wholly owned bank, BOKF, NA, operates banking divisions across eight states.

The company accepts deposits and makes loans. It also helps businesses manage cash and offers products customers can use to manage commodity-price risks. For individuals, its services include mortgages, private banking, brokerage and investment advice. Its wealth businesses also provide fiduciary services, which involve managing assets on clients’ behalf.

BOK Financial operates through three principal segments: Commercial Banking, Consumer Banking and Wealth Management. Commercial Banking serves small businesses, middle-market companies and larger commercial customers. Consumer Banking handles retail deposits and lending, small-business customers served through branches, and mortgage origination and servicing. Wealth Management includes investment and advisory services, securities underwriting, and trading in mortgage-backed securities and related derivatives.

The bank also operates the TransFund electronic funds network and Cavanal Hill Investment Management. Other subsidiaries include a securities broker-dealer and an investment adviser serving high-net-worth clients. BOK Financial had 5,034 full-time and part-time employees at December 31, 2025, most of whom worked full time. It reported $52 billion in total consolidated assets at that date.

How it makes money

BOK Financial earns net interest income from its banking activities and collects fees and commissions across services including wealth management, trading, transaction cards and deposit services. Net interest income reflects the interest earned on assets, such as loans and securities, relative to interest expense on funding. The company’s net interest margin was 2.87% for 2025, compared with 2.65% for 2024. The change reflected a funding shift from wholesale borrowings to interest-bearing deposits and improving yields on available-for-sale securities.

Commercial Banking makes loans and provides treasury, cash management and risk-management products. It also includes TransFund. Consumer Banking provides loans and deposit accounts through its branch network and originates and services mortgages. Wealth Management provides investment advice, fiduciary and private banking services, underwrites state and municipal securities, and trades government agency mortgage-backed securities and related derivatives.

These activities produce several ongoing sources of income, including interest income, trust fees and deposit service charges. Trading and securities activities can also produce gains or losses. In 2025, brokerage and trading revenue decreased partly because revenue shifted from trading fees to net interest income on trading securities. Fiduciary and asset management revenue increased, led by trust fees associated with higher market valuations and growth in client relationships.

Net interest income totaled $1.3 billion for 2025, and fees and commissions revenue was $800.7 million for 2025. Net income was $578.0 million for the year ended December 31, 2025, and $177.3 million for the fourth quarter of 2025.

The company’s Funds Management unit manages overall liquidity and interest-rate risk. The business segments borrow from or provide funds to the unit as needed, with interest income and expense allocated internally using a funds transfer pricing process.

Customers and how it sells

BOK Financial serves middle-market businesses, financial institutions and consumers, as well as small and larger commercial customers. Its consumer branch network serves individuals and small businesses; its wealth operations serve private banking and investment clients. The company also provides commodity derivatives that customers can use to manage risk.

Full-service banking is offered in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. The company operates primarily in metropolitan areas including Tulsa and Oklahoma City; Dallas, Fort Worth, Houston and San Antonio; Albuquerque; Denver; Phoenix; and Kansas City. Its bank also has limited-purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. BOK Financial does not operate in foreign countries or lend to foreign governments.

BOKF, NA uses the Bank of Oklahoma, Bank of Texas and Bank of Albuquerque names, as well as BOK Financial in other markets. The company’s operating philosophy emphasizes local decision-making within common company standards.

The highest industry concentration in its commercial deposit portfolio is energy customers, who represented 9% of total average deposits in 2025. Assets under management or administration totaled $126.6 billion at December 31, 2025. Average deposits were $38.7 billion for 2025.

Suppliers and costs

BOK Financial’s primary funding sources include customer deposits and borrowings from the Federal Home Loan Banks. Based on average balances for 2025, approximately 75% of its funding was provided by deposit accounts and 11% by borrowed funds. The company pays interest on interest-bearing deposits and other funding; changes in its funding mix affect net interest income.

The company also has contractual obligations for services such as data processing, alongside leased premises and commitments to extend credit and purchase securities and derivative contracts. Its non-personnel expenses include data processing and communications, professional services, occupancy and equipment, insurance, business promotion and mortgage banking costs.

Other operating expense increased to $1.4 billion in 2025. Personnel expense grew $66.7 million, reflecting annual merit increases, salary adjustments and business expansion. Non-personnel expense was consistent with the prior year, with higher data processing, professional services, promotion, occupancy and equipment costs offsetting other decreases.

Substantially all deposits held by the subsidiary banks are insured up to applicable limits and are subject to deposit insurance assessments. The company also pays for the personnel and systems needed to operate and meet regulatory requirements.

Competitive position

BOK Financial competes with banks, thrifts and credit unions, as well as investment firms, brokerages, financial technology firms, mortgage brokers, insurers and other non-bank institutions. Competition centers on customer service, interest rates on loans and deposits, lending limits and convenience. Some competitors in particular operating segments face fewer regulatory capital requirements and restrictions than banks.

As of June 30, 2025, BOK Financial had 14% of Oklahoma deposits and deposit market shares of 33% in Tulsa and 13% in Oklahoma City. It competes there with nationwide banks and with regional and locally owned banks. In Albuquerque, its deposit market share was 13%; it also competes with national, regional and community banks there.

Its deposit market share was approximately 1% in Dallas-Fort Worth and less than 1% in the Houston and San Antonio areas. The company reported approximately 3% in Denver, approximately 1% in Kansas City and approximately 1% in Phoenix. No competing company is named in the available evidence.

Our reading: The Oklahoma deposit position supports a local competitive advantage, though the company faces nationwide banks with greater access to lower-cost funds, lending capacity and technology. Our reading: Local decision-making and a broad range of services support customer relationships, but competition across banking and non-bank services limits the strength of those advantages outside its established markets.

Growth opportunities

BOK Financial’s strategy is to build on its Oklahoma position while expanding into other markets in contiguous states. It seeks acquisition candidates that would supplement its principal businesses, and it also identifies hiring, adding locations and broadening products as growth opportunities. The company says wealth management continues to be a strategic focus.

Commercial Banking serves businesses ranging from small companies to larger commercial customers, with lending, cash management and risk-management products. The company also offers commodity derivatives using its energy-financing expertise. Consumer Banking includes mortgage origination and servicing, while Wealth Management offers private banking, investment advice and fiduciary services across its markets.

Average outstanding loans were $24.6 billion in 2025, growing $416 million over the prior year. Average loans to individuals and commercial real estate loans increased, while average commercial loans decreased. Period-end loan balances increased to $25.7 billion at December 31, 2025.

Average deposits increased to $38.7 billion in 2025. Average interest-bearing deposits rose, while average demand deposits fell. The company also reported growth in fiduciary and asset management revenue, led by higher market valuations and continued growth in client relationships.

Assets under management or administration totaled $126.6 billion at December 31, 2025, increasing $12.0 billion from December 31, 2024. The increase was driven primarily by improvements in equity markets and growth in customer relationships. Expansion into additional states remains subject to federal and state laws.

Structural risks

• Credit and regional economies. Deterioration in asset quality or economic conditions in the company’s core markets could affect its business. The allowance for credit losses depends on estimates of default, loss severity and future economic conditions; actual losses can differ materially from those estimates.

• Interest rates and funding. Changes in prevailing rates, Federal Reserve policy and depositor behavior can affect lending, funding and net interest margins. The company’s subsidiary bank depends on interest income, and the effect of future monetary-policy changes on earnings is uncertain.

• Regulation and capital. Banking rules require capital and may restrict acquisitions, diversification and dividends. BOKF, NA has met the existing asset threshold for heightened OCC standards; those standards can bring more rigorous supervision and increased costs. The company is monitoring proposed changes to the threshold.

• Technology and security. A security breach or failure involving BOK Financial’s systems or those of third-party providers could disrupt the business. Dependence on technology increases cybersecurity, data privacy and technology-failure risk.

• Derivatives and market volatility. Increases in commodity prices or other reference rates in derivative contracts, as well as market volatility, could increase the margin the company must post on behalf of customers. That could reduce net income, liquidity and capital ratios.

• Expenses and competition. An inability to control non-interest expenses or increase non-interest income, as well as increased competition, could affect the company’s ability to execute its operating strategy.

Bottom line

Our reading

BOK Financial combines regional deposit-taking and lending with wealth management, payments and securities activities. Our reading: Its Oklahoma deposit position and range of services support customer relationships, while expansion markets are more competitive and generally have smaller deposit shares. Our reading: Earnings depend on both interest-sensitive banking and fee-producing services, leaving the business exposed to funding costs, credit conditions, markets and regulatory demands.