Watch for the impact of rising long-term rates on fee-based revenue (trading, mortgage) in Q4. The maintained NII guidance of $1.43-$1.44B implies continued margin expansion, but the AOCI-driven TCE erosion bears monitoring if rates keep rising. The 11.5% YoY loan growth trajectory supports the bullish loan story, but the 70% loan-to-deposit ratio suggests less balance-sheet liquidity than peers.
Price Chart
Executive Summary
BOK Financial reported Q3 2026 net income of $159.9 million ($2.64 EPS), a 1.6% beat vs consensus of $2.60, driven by strong loan growth (+11.5% YoY) and net interest margin expansion to 3.00%. However, fee income declined 6.9% sequentially due to a challenging rate environment impacting trading and mortgage banking, and the tangible common equity ratio slipped to 9.16% from 9.61% as AOCI losses widened. The company maintained its full-year guidance for mid-single-digit revenue growth and ~62% efficiency ratio, signaling confidence in core operations despite market headwinds.
Key Financial Metrics
Key Facts
- Net income of $159.9M ($2.64 diluted EPS) vs consensus $2.60 — a 1.6% beat
- Net interest income rose 5.2% QoQ to $370.0M; NIM expanded 9 bps to 3.00%
- Period-end loans grew $646M (2.4% QoQ) to $27.7B, led by energy and industrial CRE
- Fees & commissions fell 6.9% QoQ to $188.0M, driven by a 40% drop in brokerage/trading revenue
- Net charge-offs were just $886K (0.01% annualized); no provision for credit losses taken
- Tangible common equity ratio declined to 9.16% from 9.61% due to higher AOCI losses
- Full-year 2026 guidance maintained: NII $1.43-$1.44B, fees >$800M, expenses ~1% growth
Financial Impact
EPS beat by $0.04 (1.6%) on consensus $2.60; net interest income up $18.1M QoQ; fee income down $14.0M QoQ
Risk Factors
- Rising interest rates are compressing mortgage banking and fixed-income trading revenue
- Tangible common equity ratio declining on AOCI losses could limit capital return flexibility
- Energy loan concentration (12% of total loans) exposes the bank to commodity price volatility
- Nonperforming assets ticked up slightly to 0.24% from 0.23% QoQ
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000875357-26-000054 |
| Document: bokf-20261019.htm | 0000875357-26-000054 |
| Document: a20260930bokfearningscal.htm | 0000875357-26-000054 |
| Document: 0000875357-26-000054-index-headers.html | 0000875357-26-000054 |
| Document: 0000875357-26-000054-index.html | 0000875357-26-000054 |
| Document: 0000875357-26-000054.txt | 0000875357-26-000054 |
| 8-K Data (Synthetic) | 0000875357-26-000054 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 8-K | $126.46 | awaiting T+60 | — | $129.03 (+2.03%) |
Aug 31, 2026 8w ago | 8-K | $136.08 | awaiting T+60 | — | $129.03 (−5.18%) |
Aug 12, 2026 10w ago | Insider Cluster | $144.78 | awaiting T+60 | — | $129.03 (−10.88%) |
May 11, 2026 24w ago | 8-K | $129.89 | awaiting T+60 | — | $129.03 (−0.66%) |
May 7, 2026 24w ago | Insider Cluster | $133.45 $143.78 | ▲ +7.74% | ▲ +3.91% | $129.03 (−3.31%) |
Apr 20, 2026 27w ago | 8-K | $134.13 $143.11 | ▼ −6.70% | ▲ +0.20% | $129.03 (+3.80%) |
US Market Status
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