BOK Financial Corporation: BOKF 2Q26 Review

研报英文原文证据摘录

BOK Financial Corporation: BOKF 2Q26 Review

t BVPS (USD) 98.31

and deposits, partially offset by lower loan yields and a temporary drag from energy-related Source: Bloomberg

cash margin balances. Deposit trends were encouraging with interest-bearing deposit costs

declining 4bps Q/Q to 2.67%, 3bps better than our estimate, while DDAs increased 2.2% Q/Q. Price Performance Exchange-Nasdaq

Management indicated that deposit pricing remained disciplined and funding trends continued 52 Week range USD 143.53-97.40

to improve despite strong growth. We increase our NIM outlook, with FY26/FY27/FY28 NIM

estimates moving to 2.95%/3.10%/3.20% from 2.94%/3.05%/3.19%, supported by better

funding costs and a more favorable balance sheet trajectory.

Balance Sheet: Loan growth was a strong point with total loans increasing $896MM, or 3.4%

Q/Q, versus our 2.8% forecast, led by commercial growth of 4.7% Q/Q. Mortgage finance

balances nearly doubled during the quarter and represented ~25% of total 2Q growth, while

Source: IDC

services, healthcare, and general business lending also posted strong increases. Mortgage Link to Barclays Live for interactive charting

finance commitments stood at $870MM as of 6/30 vs mgt's prior target of $1B by year-end. 2Q

was the strongest loan production quarter in company history, and while pipelines are slightly

U.S. Mid-Cap Banks

down into 3Q vs where they entered 2Q, they are still above 1Q levels and mgt feels confident

Jared Shaw

upping the loan growth guide to above 10%. Deposits increased 3.0% Q/Q with growth across +1 617 342 4101

both DDA and interest-bearing categories, keeping the loan-to-deposit ratio at a comfortable jared.shaw@barclays.com

68%, which also helps alleviate funding pressure. We raise our FY26/FY27/FY28 loan growth BCI, US