Company: BOKF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000875357-25-000045
Chunk: 0

Company: BOK FINANCIAL CORP
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 0
---
Management's Discussion and Analysis of Financial Condition and Results of Operations

Performance Summary

BOK Financial reported net income of $140.0 million, or $2.19 per diluted share, for the second quarter of 2025 compared to $119.8 million, or $1.86 per diluted share, for the first quarter of 2025. PPNR1, a non-GAAP measure, was $180.7 million for the second quarter of 2025, compared to $154.8 million in the first quarter of 2025.

Highlights of the second quarter of 2025 compared to the first quarter of 2025 included:

• Net interest income totaled $328.2 million, an increase of $11.9 million over the prior quarter. Net interest margin expanded to 2.80% for the second quarter of 2025, compared to 2.78% for the prior quarter. For the second quarter of 2025, our core net interest margin excluding trading activities1, a non-GAAP measure, was 3.12% compared to 3.05% in the prior quarter.

• Fees and commissions revenue totaled $197.3 million, an increase of $13.2 million over the prior quarter with broad-based growth across our fee income lines. Brokerage and trading revenue increased $7.1 million, fiduciary and asset management revenue grew $3.0 million, and transaction card revenue increased $2.5 million.

• Other operating expense totaled $354.5 million, an increase of $7.0 million compared to the prior quarter. Personnel expense was relatively unchanged and non-personnel expense increased $6.4 million, led by higher operational losses combined with increased costs related to ongoing technology projects.

• Other gains (losses), net, were a net gain of $8.1 million for the second quarter of 2025, compared to a net loss of $725 thousand in the first quarter of 2025. Net gains on merchant banking investments were $5.2 million and net gains on investments related to deferred compensation were $3.4 million for the second quarter of 2025. The prior quarter included net gains on merchant banking investments of $678 thousand and net losses of $1.1 million on investments related to deferred compensation.

• Period end outstanding loan balances totaled $24.3 billion at June 30, 2025, an increase of $602 million compared to March 31, 2025. Growth in commercial