BOK Financial Beats Q3 Estimates With EPS of $2.64, Up 19%
BOK Financial ($BOKF) beat Q3 earnings expectations, reporting EPS of $2.64 versus $2.53 estimated, up 19% year-over-year, with net income of $159.9 million.
BOK Financial (BOKF) beat third-quarter earnings expectations, reporting earnings of $2.64 a share against an estimate of $2.53, up 19% from $2.22 a year earlier. Net income was $159.9 million. Lending income and credit quality were strong, but mortgage banking and fixed-income trading were hurt by higher interest rates, and book value per share missed the estimate.
The quarter in numbers
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Diluted EPS | $2.64 | $2.22 |
| Net income | $159.9M | $140.9M |
| Net interest income | $370.0M | $337.6M |
| Fees and commissions | $188.0M | $204.4M |
| Net interest margin | 3.00% | 2.91% |
| Provision for credit losses | None | $2.0M |
Net income rose about 13.5% from a year earlier, while EPS rose about 19%. By our calculation the difference implies a lower share count. Net interest income, the spread between what the bank earns on loans and pays on deposits, rose about 10% from a year earlier. Fees and commissions fell about 8%. Year-ago and prior-quarter comparisons come from the company's earnings release.
Credit quality
Net charge-offs were just $886,000, or 0.01% of loans on an annualized basis, and the bank recorded no provision for expected credit losses. A year earlier it set aside $2.0 million. Clean credit helped earnings, since the bank did not have to build reserves for loan losses.
Balance sheet and capital
| Measure | Q3 2026 | Q2 2026 |
|---|---|---|
| Period-end loans | $27.7B | About $27.1B |
| Period-end deposits | $39.5B | About $39.8B |
| CET1 capital ratio | 12.73% | 12.89% |
| Book value per share | $97.34 | $100.11 |
| Assets under management or administration | $129.3B | About flat |
Loans grew about 2.4% from the second quarter, while deposits slipped about $324 million. The CET1 ratio, a measure of the bank's highest-quality capital against its risk-weighted assets, eased to 12.73% but remains well above typical regulatory minimums. Book value fell about 2.8% from the second quarter and came in roughly 4.6% below the $102.01 estimate. Higher rates reduce the value of securities the bank holds, which weighs on book value. No shares were repurchased during the quarter.
Where higher rates hurt
Management cited higher interest rates as a drag on mortgage banking and fixed-income trading. According to the release, mortgage banking revenue fell 11.8% from the second quarter to $16.7 million on lower production volume and spreads. Brokerage and trading revenue fell 40.1% to $19.5 million, with the bank pointing to a roughly 80 basis point rise in the 10-year Treasury yield that reduced customer demand. We covered the rate backdrop in our reports on September CPI and the 10-year Treasury yield.
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