A regional financial holding company based in Tulsa, Oklahoma, BOK Financial runs community banks that serve everyday customers and businesses under local names like Bank of Oklahoma, Bank of Texas, and Bank of Albuquerque. It traces its roots to 1910, when the Bank of Oklahoma opened in Tulsa, and its BOK initials simply stand for that founding bank. Today its banking, lending, and wealth-management services reach people and companies across a broad swath of the central United States.
Net interest margin stabilizes at 2.91% as a $30.9M Visa gain lifts Q2 net income 13% sequentially.
The held at 2.91%, pausing the decline that began last quarter. rose 10% to $589.4 million and climbed 26% to $176.5 million, or $2.92 per share, driven by a $30.9 million Visa share exchange gain and a $9.3 million increase in . The core earnings story is a margin that stopped shrinking, but the bottom line still leans on a non-recurring gain.
Key takeaways
was 2.91%, unchanged from the prior quarter after an 8-basis-point decline in Q1 2026, as the cost of interest-bearing liabilities and asset yields moved in tandem.
rose 13% sequentially to $176.5 million, or $2.92 per diluted share, lifted by a $30.9 million pre-tax gain on a Visa share exchange; excluding that gain and a $4.6 million repositioning loss, adjusted net income was $156.5 million, or $2.59 per share.
Section summaries
Management's Discussion and Analysis
Q2 2026 net income rose to $176.5M, driven by a $30.9M Visa share exchange gain and higher net interest income.
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was $176.5 million, or $2.92 per diluted share, up from $155.8 million, or $2.58 per share, in Q1 2026; excluding the Visa gain and AFS repositioning loss, adjusted net income was $156.5 million, or $2.59 per share.
increased $9.3 million to $351.8 million, while fees and commissions fell $7.8 million to $202.0 million as lower trading revenue was partially offset by higher fiduciary and asset management and investment banking revenue.
Period-end loans grew $896 million to $27.1 billion and deposits grew $1.2 billion to $39.9 billion, pushing the to 68%.
No was recorded for the third time in four quarters, and net charge-offs were $500,000, or 0.01% of average loans annualized.
Commercial Banking pre-tax income rose $11.4 million to $146.2 million, while Consumer Banking fell $5.6 million to $13.6 million and Wealth Management fell $2.6 million to $35.0 million.
What changed
The decline flagged in Q1 2026 — an 8-basis-point drop to 2.90% — did not continue; the margin held at 2.91% in Q2, suggesting the Q1 compression was a pause rather than the start of a new cycle.
The $758 million deposit outflow in Q1 2026 reversed: deposits grew $1.2 billion to $39.9 billion, and the remained at 68% as loan growth of $896 million absorbed the new funding.
Investment banking , which fell in Q1 on seasonality, partially recovered, contributing to a $7.8 million sequential decline in total fees and commissions that was narrower than the $33.0 million drop in other operating revenue the prior quarter.
The , which fell to 9.29% in Q1 2026 from 10.06% at year-end 2025, was not updated in this filing's MD&A, leaving the trajectory of capital ratios under balance-sheet growth an open question.
What to watch
Whether the can hold at 2.91% or resumes its decline, given that the core margin excluding trading activities fell to 3.13% from 3.15% and the Federal Reserve is cutting rates.
The trajectory of brokerage and trading after the $7.8 million sequential decline in fees and commissions, given this line's volatility over the past three years.
The pace of share repurchases under the five-million-share authorization, given the was 9.29% at Q1 and balance-sheet growth continued in Q2.
Whether the $896 million in loan growth is sustainable and whether energy loan balances, which had declined for consecutive quarters through early 2025, are now growing as part of the general business and energy-led increase noted in Q1.
increased $9.3 million to $351.8 million, with at 2.91% versus 2.90%; core net interest margin excluding trading activities fell to 3.13% from 3.15%.
Fees and commissions decreased $7.8 million to $202.0 million, as lower trading revenue was partially offset by higher fiduciary and asset management revenue and investment banking revenue.
Other gains, net, were $42.4 million versus a $216 thousand net loss, including a $30.9 million pre-tax gain from the Visa share exchange and an $8.8 million deferred compensation investment gain; AFS securities repositioning produced a $4.6 million loss.
Period-end loans grew $896 million to $27.1 billion and deposits grew $1.2 billion to $39.9 billion; no was required, with of $500 thousand, or 0.01% of average loans annualized.
Commercial Banking pre-tax income rose $11.4 million to $146.2 million, while Consumer Banking fell $5.6 million to $13.6 million and Wealth Management fell $2.6 million to $35.0 million.
There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
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There are no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.