The 5 Most Interesting Analyst Questions From BOK Financial’s Q4 Earnings Call

What Happened?

Shares of regional banking company BOK Financial jumped 4.3% in the afternoon session after the company reported record fourth-quarter and full-year 2025 earnings that significantly surpassed analyst expectations and provided an optimistic outlook for 2026. 

BOK Financial announced fourth-quarter earnings of $2.89 per share, comfortably beating the consensus forecast of $2.17. For the full year 2025, earnings reached a record high of $9.17 per share. The strong results were driven by broad-based growth across the company. Key financial metrics showed improvement, with the net interest margin expanding and period-end loans growing by 3.2%. Fee-based revenue also saw a nearly 5% sequential increase, with the asset management and transaction card businesses delivering record quarters. Assets under management climbed to a record $126.6 billion. Looking ahead, the bank guided to higher net interest income and upper single-digit loan growth for 2026. In response to the strong performance, Barclays raised its price target on the stock to $135.

After the initial pop the shares cooled down to $135.41, up 4.3% from previous close.

What Is The Market Telling Us

BOK Financial’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 5 months ago when the stock gained 4.4% on the news that the major indices rebounded, as Fed Chair Jerome Powell delivered dovish remarks at the much-awaited Jackson Hole symposium. 

Powell suggested that with inflation risks moderating and unemployment remaining low, the Federal Reserve might consider a shift in its monetary policy stance, including potential interest rate cuts. This outlook eased market concerns about prolonged high interest rates and their impact on economic growth. The prospect of lower borrowing costs bolstered investor confidence, particularly in sectors that have lagged, leading to a broad rally across the market.

BOK Financial is up 14.1% since the beginning of the year, and at $135.41 per share, has set a new 52-week high. Investors who bought $1,000 worth of BOK Financial’s shares 5 years ago would now be looking at an investment worth $1,731.

Regional banking company BOK Financial reported revenue ahead of Wall Streets expectations in Q4 CY2025, with sales up 12.7% year on year to $592.1 million. Its non-GAAP profit of $2.48 per share was 14.8% above analysts’ consensus estimates.

BOK Financial (BOKF) Q4 CY2025 Highlights:

• Revenue: $592.1 million vs analyst estimates of $550.3 million (12.7% year-on-year growth, 7.6% beat)
• Adjusted EPS: $2.48 vs analyst estimates of $2.16 (14.8% beat)
• Adjusted Operating Income: $231.1 million vs analyst estimates of $183.2 million (39% margin, 26.1% beat)
• Market Capitalization: $7.77 billion

StockStory’s Take

BOK Financial’s fourth quarter results reflected broad-based momentum in both loan growth and fee-based income, outpacing Wall Street expectations. Management pointed to strong performances across core commercial and industrial lending, healthcare, and energy portfolios, with Texas emerging as a particularly strong market. CEO Stacy Kymes highlighted, “The growth was broad-based as our core C&I portfolio and our healthcare and energy portfolios all posted strong results this quarter.” Fee income also saw notable gains, led by record quarters in fiduciary, asset management, and transaction card services, reinforcing BOK Financial’s diversified revenue base.

Looking forward, management’s guidance is driven by expectations for continued upper single-digit loan growth and mid-single-digit expansion in fee-based businesses, supported by new investments such as the mortgage finance segment. CFO Martin Grunst emphasized that a steeper yield curve and ongoing fixed-rate asset repricing should provide tailwinds for net interest income, while operating efficiency improvements are targeted through disciplined expense management. “We expect net interest income to be $1.44 billion to $1.48 billion, which assumes two cuts in the latter half of 2026 and a slightly steeper curve,” Grunst explained, underscoring a focus on balancing growth with risk management.

Key Insights from Management’s Remarks

Management attributed the quarter’s results to strong geographic and portfolio diversification, robust fee income, and disciplined risk control, with broad-based contributions from multiple lending and fee-generating businesses.

• Diverse loan growth: The company saw sequential loan growth across core commercial and industrial, healthcare, and energy portfolios, with no single segment dominating results. Texas was a standout, contributing $561 million in new loans, while healthcare and energy both benefited from increased origination and utilization.

• Fee income resilience: Fee-based businesses, which make up a peer-leading 38% of total revenue, posted record results. Notably, fiduciary and asset management as well as transaction card services drove substantial growth, attributed to customer expansion, increased market valuations, and higher transaction volumes.

• Net interest margin expansion: The net interest margin improved seven basis points, reflecting the benefit of fixed-rate asset repricing, deposit growth, and tactical use of wholesale deposits. Management expects these trends to continue, especially as rate cuts and a steeper yield curve take hold.

• Expense discipline and efficiency: Operating expenses declined, driven by lower personnel costs and a one-time FDIC assessment adjustment. Management highlighted targeted investments in growth areas like San Antonio and mortgage finance, with anticipated efficiency gains as these investments mature.

• Credit quality remains strong: Credit metrics remained favorable, with net charge-offs at three basis points and a healthy allowance for credit losses. Management noted the absence of emerging risk patterns and expects any credit normalization to be gradual, supported by a strong balance sheet.

Drivers of Future Performance

Management’s outlook centers on sustaining diversified loan and fee income growth, while leveraging investments in new business segments and adapting to changes in the interest rate environment.

• Mortgage finance and market expansion: The newly established mortgage finance business is expected to be a significant growth driver in 2026, with management projecting commitments could reach $1 billion. Results will depend on the pace of client onboarding and broader market conditions, particularly in Texas and other growth regions.

• Yield curve and margin sensitivity: Net interest income guidance assumes a steeper yield curve and continued repricing of fixed-rate assets and loans, providing a tailwind for margins. Management highlighted that loan growth should outpace deposit growth, with wholesale funding used opportunistically to support asset expansion.

• Expense management and efficiency targets: The company aims for a full-year efficiency ratio of 63–64%, supported by moderate expense growth and revenue gains from maturing investments. However, potential hiring opportunities due to industry M&A or market disruption may adjust this trajectory if attractive talent becomes available.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will be closely monitoring (1) the pace of expansion in the mortgage finance segment and its contributions to loan growth, (2) the sustainability of fee income gains across fiduciary, asset management, and transaction card businesses, and (3) the impact of interest rate changes on both net interest margin and deposit mix. The evolution of expense management and credit quality will also serve as important indicators of BOK Financial’s execution and resilience.

BOK Financial currently trades at $129.28, in line with $128.21 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

Regional banking company BOK Financial reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 12.2% year on year to $589.6 million. Its GAAP profit of $2.89 per share was 33.3% above analysts’ consensus estimates.

BOK Financial (BOKF) Q4 CY2025 Highlights:

• Net Interest Income: $345.3 million vs analyst estimates of $345.1 million (10.3% year-on-year growth, in line)
• Net Interest Margin: 3% vs analyst estimates of 2.9% (4 basis point beat)
• Revenue: $589.6 million vs analyst estimates of $550.3 million (12.2% year-on-year growth, 7.1% beat)
• Efficiency Ratio: 60.7% vs analyst estimates of 66.9% (620.3 basis point beat)
• EPS (GAAP): $2.89 vs analyst estimates of $2.17 (33.3% beat)
• Tangible Book Value per Share: $79.83 vs analyst estimates of $79.87 (14.9% year-on-year growth, in line)
• Market Capitalization: $8.08 billion

Company Overview

Tracing its roots back to 1910 when Oklahoma was still a young state, BOK Financial is a regional bank holding company that provides commercial banking, consumer banking, and wealth management services across eight states in the central and southwestern US.

Sales Growth

Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Unfortunately, BOK Financial’s 2.2% annualized revenue growth over the last five years was sluggish. This was below our standards and is a rough starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. BOK Financial’s annualized revenue growth of 2.7% over the last two years aligns with its five-year trend, suggesting its demand was consistently weak.

This quarter, BOK Financial reported year-on-year revenue growth of 12.2%, and its $589.6 million of revenue exceeded Wall Street’s estimates by 7.1%.

Net interest income made up 61.3% of the company’s total revenue during the last five years, meaning lending operations are BOK Financial’s largest source of revenue.

Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.

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Tangible Book Value Per Share (TBVPS)

Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.

This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

BOK Financial’s TBVPS grew at a solid 6.3% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 13.3% annually over the last two years from $62.15 to $79.83 per share.

Over the next 12 months, Consensus estimates call for BOK Financial’s TBVPS to grow by 8.6% to $86.71, paltry growth rate.

Key Takeaways from BOK Financial’s Q4 Results

It was good to see BOK Financial beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 2% to $130.62 immediately after reporting.

BOK Financial put up rock-solid earnings, but one quarter doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).

Regional banking company BOK Financial will be announcing earnings results this Friday after market close. Here’s what to expect.

BOK Financial beat analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $550.9 million, up 6.2% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ revenue estimates but a narrow beat of analysts’ EPS estimates.

Is BOK Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting BOK Financial’s revenue to grow 4.7% year on year to $550.3 million, in line with the 4.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.16 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. BOK Financial has missed Wall Street’s revenue estimates twice over the last two years.

Looking at BOK Financial’s peers in the banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. United Community Banks posted flat year-on-year revenue, beating analysts’ expectations by 14,738%, and Home Bancshares reported revenues up 7.6%, topping estimates by 2.9%. United Community Banks traded up 900% following the results.

Read our full analysis of United Community Banks’s results here and Home Bancshares’s results here.

Investors in the banks segment have had steady hands going into earnings, with share prices flat over the last month. BOK Financial is up 3.4% during the same time and is heading into earnings with an average analyst price target of $124.50 (compared to the current share price of $125.11).

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at regional banks stocks, starting with Bank OZK .

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 100 regional banks stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.1%.

Thankfully, share prices of the companies have been resilient as they are up 8.9% on average since the latest earnings results.

Bank OZK

Founded in 1903 and rebranded from Bank of the Ozarks in 2018, Bank OZK is a commercial bank that specializes in real estate lending while offering a full range of banking services to individuals and businesses.

Bank OZK reported revenues of $392.8 million, up 6.8% year on year. This print fell short of analysts’ expectations by 7.2%. Overall, it was a slower quarter for the company with a significant miss of analysts’ revenue estimates and a narrow beat of analysts’ EPS estimates.

George Gleason, Chairman and Chief Executive Officer, stated, “One of our goals for 2025 is to improve on our record 2024 net income and EPS. Our strong results for the first half of the year put us in a great position to achieve that goal. Our talented, entrepreneurial and veteran team is well suited for the very dynamic environment in which we operate today. Our excellent results for the quarter included record net income, record EPS, record net interest income, excellent growth in loans and deposits, and solid asset quality. These results demonstrate our team’s ability to proactively and effectively manage the various challenges of this environment while capitalizing on numerous opportunities.”

The stock is down 8.5% since reporting and currently trades at $47.47.

Read our full report on Bank OZK here, it’s free for active Edge members.

Best Q2: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 17.8% since reporting. It currently trades at $77.19.

Weakest Q2: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and net interest income estimates.

As expected, the stock is down 9.8% since the results and currently trades at $69.64.

Read our full analysis of The Bancorp’s results here.

SouthState

With roots dating back to the Great Depression era of 1933, SouthState is a financial holding company that provides banking services, wealth management, and correspondent banking services across six southeastern states.

SouthState reported revenues of $698.8 million, up 63.9% year on year. This print topped analysts’ expectations by 6.6%. It was a stunning quarter as it also recorded a solid beat of analysts’ net interest income estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 3% since reporting and currently trades at $96.71.

Read our full, actionable report on SouthState here, it’s free for active Edge members.

BOK Financial

Tracing its roots back to 1910 when Oklahoma was still a young state, BOK Financial is a regional bank holding company that provides commercial banking, consumer banking, and wealth management services across eight states in the central and southwestern US.

BOK Financial reported revenues of $550.9 million, up 6.2% year on year. This number surpassed analysts’ expectations by 1.9%. More broadly, it was a mixed quarter as it also recorded a decent beat of analysts’ revenue estimates but a narrow beat of analysts’ EPS estimates.

The stock is up 11.2% since reporting and currently trades at $122.24.

Read our full, actionable report on BOK Financial here, it’s free for active Edge members.