Bok Financial Corp (NASDAQ: BOKF)

BOK Financial is a financial holding company incorporated in the state of Oklahoma in 1990 whose activities are governed by the Bank Holding Company Act as amended by the Gramm Leach Bliley Act and the Dodd Frank Act. The company offers full service banking in Oklahoma Texas New Mexico Northwest Arkansas Colorado Arizona and Kansas Missouri. At December 31 2025 BOK Financial reported total consolidated assets of fifty two billion dollars. BOKF NA is a wholly owned subsidiary bank of BOK Financial. BOKF NA operates banking divisions across eight states including Bank of Albuquerque Bank of Oklahoma Bank of Texas and BOK Financial in Arizona Arkansas Colorado Kansas and Missouri as well as limited purpose offices in Nebraska Wisconsin Connecticut and Tennessee. Other wholly owned subsidiaries include BOK Financial Securities Inc a broker dealer that primarily engages in retail and institutional securities sales and municipal bond underwriting and BOK Financial Private Wealth Inc an investment adviser to high net worth clients. The company’s primary focus is to provide a comprehensive range of nationally competitive financial products and services in a personalized and responsive manner. Its overall strategic objective emphasizes growth in long term value by building on its leadership position in Oklahoma through expansion into other high growth markets in contiguous states. The acquisition strategy targets fairly priced quality organizations with demonstrated solid growth that would supplement its principal lines of business. Additional growth is pursued by hiring talent to enhance competitiveness adding locations and broadening product offerings. The operating philosophy embraces local decision making in each geographic market while adhering to common company standards.

The company generates revenue primarily through interest income earned on its loan portfolio and fees associated with deposit accounts. Interest income is derived from commercial loans consumer loans residential mortgages and other extensions of credit. Fee based revenue comes from cash management services fiduciary services mortgage banking activities and brokerage and trading operations. Wealth management contributes revenue through investment advisory fees private bank services and the underwriting of state and municipal securities. Trading of U S government agency mortgage backed securities and related derivative contracts also provides income to the wealth management segment. The diversified mix of interest based and fee based income is intended to produce returns across various economic conditions. In addition the company earns commissions from the sale of insurance products and from the execution of securities trades for institutional clients. Revenue from mortgage banking includes gains on the sale of loans servicing fees and income from the securitization of mortgage assets.

The company operates through the following segments: Commercial Banking Consumer Banking and Wealth Management. These segments are defined based on the nature of the products and services they provide and are used for internal reporting and performance assessment.

• Commercial Banking includes lending treasury and cash management services and customer risk management products for small businesses middle market and larger commercial customers and also includes the TransFund electronic funds network which provides electronic payment processing and information services to financial institutions and businesses.

• Consumer Banking includes retail lending and deposit services lending and deposit services to small business customers served through the consumer branch network and all mortgage loan origination and servicing activities including residential home loans home equity lines of credit and loan portfolio management.

• Wealth Management engages in brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of U S government agency mortgage backed securities and related derivative contracts and also provides fiduciary services private bank services and investment advisory services in all markets and underwrites state and municipal securities including general obligation bonds revenue bonds and other municipal debt instruments.

BOK Financial holds the largest deposit share in the state of Oklahoma with fourteen percent of total deposits and holds thirty three percent of the Tulsa market and thirteen percent of the Oklahoma City market. In the Dallas Fort Worth area the company’s market share is approximately one percent while in the Houston and San Antonio areas it is less than one percent. The company enjoys a thirteen percent share in the Albuquerque market approximately three percent in the Denver market and about one percent each in the Kansas City and Phoenix markets. In Benton and Washington counties in Arkansas the market share is less than one percent. The company competes with other banks thrifts credit unions investment banking firms investment advisory firms brokerage firms investment companies financial technology firms government agencies mortgage brokers and insurance companies. Competitive advantages stem from its emphasis on customer service interest rates on loans and deposits lending limits and customer convenience as well as its local decision making approach relationship based credit culture energy financing expertise and diversified sources of revenue. The company’s size and regional focus allow it to offer tailored solutions while benefiting from economies of scale in technology and operations. Its long standing presence in the Midwest and Southwest regions contributes to strong brand recognition and customer loyalty.

The company serves middle market businesses financial institutions and consumers across its footprint. Its retail branch network provides lending and deposit services to individual consumers and to small business customers. The wealth management unit works with high net worth clients offering investment advisory private banking and fiduciary services. Additionally the company supports mortgage market participants through its trading of agency mortgage backed securities and related derivative contracts and through its mortgage loan origination and servicing activities. Corporate clients rely on the commercial banking division for working capital loans equipment financing and treasury management solutions. Institutional investors engage with the brokerage arm for equity and fixed income trading and for underwriting of municipal securities. The company also serves non profit organizations and public entities with specialized banking and investment services.