BOK Financial (BOKF) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $140.9 million ($2.22 per diluted share), up from $140.0 million ($2.19 per share) in Q2, with strong asset quality and capital ratios.

• Loan balances increased $573 million (2.4%) to $24.9 billion, with broad-based growth in core C&I, commercial real estate, and loans to individuals.

• Fee income grew 3.6% sequentially to $204.4 million, led by record investment banking and municipal underwriting revenue; AUMA reached $122.7 billion.

• Credit quality remains robust, with non-performing assets at 0.27%–0.30% of loans and net charge-offs at $3.6 million (0.06% of average loans annualized).

• Capital and liquidity positions are strong, with tangible common equity at 10.06%–10.1%, CET1 at 13.6%, and loan-to-deposit ratio at 65%.

Financial highlights

• Net interest income for Q3 2025 was $337.6 million, up $9.5 million sequentially; net interest margin expanded 11 basis points to 2.91%.

• Fees and commissions revenue was $204.4 million, up $7.1 million, with trading revenue at $29.8 million and investment banking at a record $16.1 million.

• Total operating expenses increased $15.3 million to $369.8 million, mainly due to higher personnel and mortgage banking costs.

• Provision for credit losses was $2.0 million, reflecting loan growth and improved economic assumptions.

• Allowance for credit losses stands at $328 million or 1.32% of loans.

Outlook and guidance

• Full-year 2025 loan growth projected at 5%–7%, with net interest income expected between $1.325–$1.35 billion and fees/commissions at $775–$810 million.

• Total revenue anticipated to grow mid-single digits year-over-year; efficiency ratio guided to 65%–66%.

• Provision expense for 2025 expected to be well below 2024 levels, with charge-offs remaining low.

• Economic scenario weighting unchanged; base case assumes three rate cuts over the next year, with GDP growth of 1.6% and unemployment at 4.5% by Q4 2025.

• Downside scenario projects a recession with GDP contracting 2.0% and unemployment rising to 6.6%; upside scenario forecasts GDP growth of 2.0% and unemployment at 4.2%.