BOK Financial Corporation (BOKF) Q1 2025 Earnings Report

Revenue overview: QQ1 2025 revenue of $797.6 million with gross margin of 62.1% and operating income of $154.8 million (operating margin ~19.4%). Net income of $119.8 million and EPS of $1.86. EBITDA of $182.0 million with an EBITDA margin of ~22.8%. Net interest income rose by $3.2 million and NIM expanded by 3 bps (headlined by trading-related NII growth); core NIM ex-trading declined ~4 bps due to mix and pricing dynamics. Total fee income decreased by $22.8 million QoQ to $184.1 million as trading volatility compressed activity; in contrast, mortgage banking revenue grew $1.7 million QoQ to $19.8 million. Asset management and transactions remained solid at $133.2 million, with diversification across fixed income 43%, equities 34%, and cash 15%. Credit quality remained exceptional: NPA at $79 million, NPA ratio 33 bps; allowance for credit losses at $331 million (1.4% of loans). Provisioning implied a reserve level that supports a cautious but favorable view on credit, with expected net charge-offs below historical norms. Capital and liquidity metrics remain robust: TCE 9.5%, CET1 13.3%, loan-to-deposit ratio 62%, and cash position of ~$1.4167 billion at period end. Management emphasized a disciplined cost base, with personnel up $3.5 million and non-personnel costs down $3.6 million QoQ. Guidance for full year 2025 remains intact, with flexibility to adjust for market conditions and a widened fee guidance range given trading volatility.