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CLOSED · 03:25 ET
Market ClerkRecap
Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

BOKF

BOK FINANCIAL CORP
NASDAQ · FINANCIALS · NATIONAL COMMERCIAL BANKS
128.61
−0.48 −0.37%
USD · close Oct 23
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Work order
50
WATCH · shorts 50
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $7.8BP/E 12.1DIV YIELD 1.91%FCF YIELD 17.06%REV TTM —NET INCOME $650.5M +21.4%NET DEBT $1.8B52W 103.16 – 146.07SEC XBRL · TTM TO Invalid Date

How BOKF rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
76%
of sentences unchanged
Added
30
new sentences
Dropped
29
sentences removed
Length
+38
words, now 5,893

New in FY2025

  • Developments in fintech and cryptocurrencies have the potential to disrupt the financial industry and change the way banks do business.
  • As we have grown in asset size to above $50 billion, increases in regulatory expectations and requirements could result in additional compliance costs and regulatory risk.
  • It is difficult to predict the legislative, executive, and regulatory changes that will result from the current Congress and Presidential Administration, which may cause broader economic changes due to various changes in the federal government's approach to regulation and administration.
  • At December 31, 2025, loans to businesses and individuals with collateral primarily located in Texas represented approximately 33% of the total loan portfolio, loans to businesses and individuals with collateral primarily located in Oklahoma represented approximately 15% of our total loan portfolio, and loans to businesses and individuals with collateral primarily located in Colorado represented approximately 11% of our total loan portfolio.
  • At December 31, 2025, 11% of BOK Financial's total loan portfolio was comprised of loans to borrowers in the energy industry.
  • Conversely, a decrease in interest rates could result in acceleration in the payment of loans, including loans underlying BOK Financial's holdings of residential mortgage-backed securities and termination of BOK Financial's MSR.
  • Changes in mortgage interest rates could adversely affect mortgage banking operations and mortgage servicing rights, as well as BOK Financial's substantial holdings of residential mortgage-backed securities and brokerage and trading revenue.
  • In addition, as part of BOK Financial's mortgage banking business, BOK Financial has substantial holdings of MSR.
  • However, MSR are assets that are carried at fair value, which are very sensitive to numerous factors with the primary factor being changes in market interest rates.
  • The outputs of these models are used to determine hedging strategy related to MSR, mortgage production pipeline, and trading securities.
  • Our credit ratings are based on a number of factors such as the financial strength of BOK Financial and BOKF, NA and conditions generally affecting the financial services industry.
  • Reductions in one or more of our credit ratings could adversely affect our ability to borrow funds, increase our cost of capital, and limit the number of investors or counterparties willing to do business with or lend to us.
  • Increases in commodity prices or other reference rates in our derivative contracts may elevate margin requirements and reduce our net income, liquidity, and capital ratios Significant increases in commodity prices or other reference rates contained in our derivative contracts, as well as market volatility, could increase the margin BOK Financial is required to post on behalf of certain customers.
  • Higher margin requirements could increase funding costs, risk-weighted assets, and total assets, thereby reducing capital ratios, and reduce available liquidity.
  • Accordingly, our operational systems and infrastructure must continue to be safeguarded and monitored for potential failures, disruptions, breakdowns, and cyberattacks.
  • In addition to cyberattacks, there could be sudden increases in customer transaction volume, electrical or telecommunications outages, extended disruptions in operations or technology, natural disasters, pandemics, and events arising from political or social matters, including terrorist attacks.
  • Third parties with whom we do business or that facilitate our business activities including exchanges, clearing houses, financial intermediaries, or vendors that provide services or security solutions for our operations, could also be sources of operational or information security risk to the Company including breakdowns or failures of their own systems, capacity constraints, or cyberattacks.
  • Although to date we have not experienced any material losses relating to cyberattacks or other information security breaches or operational failures, there can be no assurance that we will not suffer such losses in the future.
  • AI refers to a broad field of computer science that enables machines to perform tasks that typically require human intelligence, such as reasoning, problem-solving, decision-making, and language understanding.
  • Machine learning is a subset of AI that uses statistical and computational methods to train algorithms so they can automatically learn patterns from data and improve performance without explicit programming.
  • The Board receives periodic updates on our overall governance structure and risk management approach for these technologies, but does not approve individual AI capabilities.
  • Each initiative is subject to a specific internal governance process designed to assess risks related to data quality, bias, regulatory compliance, and ethical considerations.
  • Kaiser owns approximately 63% of the outstanding shares of BOK Financial's common stock at December 31, 2025.
  • An increasing competitive factor in the financial services industry is the ability to attract and retain qualified employees across several lines of business.
  • As the industry continues to evolve toward digital delivery channels, data‑driven decisioning, automation, and cybersecurity, demand for technology professionals continues to grow.
  • Significant competition for this talent may impair our ability to hire and retain the personnel required to support our strategic initiatives.
  • Global economic conditions could impact BOK Financial’s customers and counterparties with which we do business.
  • Geopolitical tensions and conflicts in various regions have historically contributed to volatility in oil prices, as well as affected other global economic factors.
  • Recent developments in Iran and Venezuela highlight the susceptibility of global oil markets to geopolitical shocks.
  • These global events may significantly affect long-term and short-term interest rates, energy prices, the value of financial assets, and economic activity in our primary markets.

Gone since FY2024

  • Developments in "fintech" and crypto-currencies have the potential to disrupt the financial industry and change the way banks do business.
  • As we grow in asset size to above $50 billion, increases in regulatory expectations and requirements could result in additional compliance and capital costs and regulatory risk.
  • We expect the current presidential administration will seek to implement a regulatory reform agenda that is notably different than that of the prior administration, impacting rule-making, supervision, examination, and enforcement priorities of the federal banking agencies.
  • On March 6, 2024, the SEC adopted new climate-related disclosure rules for U.S. public companies and foreign private issuers.
  • These rules introduce extensive disclosure requirements, increasing reporting costs, risks, and complexity.
  • Challenges include short compliance timelines, interpretive issues, legal liabilities, and global regulatory overlaps.
  • In the midst of legal challenges, the SEC voluntarily stayed implementation of these rules.
  • At December 31, 2024, loans to businesses and individuals with collateral primarily located in Texas represented approximately 32% of the total loan portfolio, loans to businesses and individuals with collateral primarily located in Oklahoma represented approximately 15% of our total loan portfolio, and loans to businesses and individuals with collateral primarily located in Colorado represented approximately 12% of our total loan portfolio.
  • At December 31, 2024, 13% of BOK Financial's total loan portfolio is comprised of loans to borrowers in the energy industry.
  • Conversely, a decrease in interest rates could result in acceleration in the payment of loans, including loans underlying BOK Financial's holdings of residential mortgage-backed securities and termination of BOK Financial's mortgage servicing rights.
  • Changes in mortgage interest rates could adversely affect mortgage banking operations along with mortgage servicing rights as well as BOK Financial's substantial holdings of residential mortgage-backed securities, and brokerage and trading revenue.
  • In addition, as part of BOK Financial's mortgage banking business, BOK Financial has substantial holdings of mortgage servicing rights.
  • However, mortgage servicing rights are assets that are carried at fair value, which are very sensitive to numerous factors with the primary factor being changes in market interest rates.
  • The outputs of these models are used to determine hedging strategy related to mortgage servicing rights, mortgage production pipeline, and trading securities.
  • Withdrawals of brokered or institutional deposits could require us to pay significantly higher interest rates on our retail deposits or on other wholesale funding sources, which would have an adverse impact on our net interest income and net income.
  • In addition, recent events impacting the banking industry, including the bank failures in March and April 2023, have resulted in significant disruption and volatility in the capital markets, reduced current valuations of bank securities, and decreased confidence in banks among depositors and other counterparties as well as investors.
  • Our credit ratings are based on a number of factors such as the financial strength of BOKF and BOKF, NA and conditions generally affecting the financial services industry.
  • Reductions in one or more of our credit ratings could adversely affect our ability to borrow funds and increase our cost of capital and limit the number of investors or counterparties willing to do business with or lend to us.
  • Accordingly, our operational systems and infrastructure must continue to be safeguarded and monitored for potential failures, disruptions, breakdowns, and cyber attacks.
  • In addition to cyber attacks, there could be sudden increases in customer transaction volume, electrical or telecommunications outages, extended disruptions in operations or technology, natural disasters, pandemics, and events arising from political or social matters, including terrorist attacks.
  • Third parties with whom we do business or that facilitate our business activities including exchanges, clearing houses, financial intermediaries, or vendors that provide services or security solutions for our operations, could also be sources of operational or information security risk to the Company including breakdowns or failures of their own systems, capacity constraints, or cyber attacks.
  • Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches or operational failures, there can be no assurance that we will not suffer such losses in the future.
  • Kaiser owns approximately 60% of the outstanding shares of BOK Financial's common stock at December 31, 2024.
  • An increasing competitive factor in the financial services industry is the ability to attract and retain talented and diverse employees across several lines of business.
  • The transition by many employers to remote work and work-from-home that occurred during the COVID-19 pandemic continues to influence the competition for talent.
  • Employers, now less constrained by physical geography, particularly those in markets with elevated employee compensation, may increasingly compete for our employees.
  • Economic conditions globally could impact BOK Financial’s customers and counterparties with which we do business.
  • The Russia-Ukraine conflict and Israel-Hamas conflict resulted in volatile oil prices in 2023, which have stabilized somewhat in 2024, as well as affected other global economic factors.
  • These global events may significantly affect long-term and short-term interest rates, energy prices, the value of financial assets, and ultimately economic activity in our primary markets.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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