2Q‘26 Earnings: Solid Qtr as Loan Growth Accelerates & Updated Guide Positive

研报英文原文证据摘录

2Q‘26 Earnings: Solid Qtr as Loan Growth Accelerates & Updated Guide Positive

USA | Large-Cap & Mid-Cap Banks

BOK Financial Corp EquityJulyResearch21, 2026

TARGET CHANGE2Q'26 Earnings: Solid Qtr as Loan Growth

RATING BUYAccelerates & Updated Guide Positive

PRICE $140.47^

BOK delivered a strong quarter as record loan production drove NII upside, with

management raising its 2026 loan growth outlook to >10% from "10% area" PRICE TARGET | % TO PT $170.00 ($160.00) | +21%

previously. Loan growth accelerated to 14% ann., above our forecast, reflecting 52W HIGH-LOW $143.53 - $97.40

broad-based commercial strength and momentum in mortgage finance. IB FLOAT (%) | ADV MM (USD) 36.9% | 39.03

deposit costs declined 4 bps Q/Q which helped support a stable NIM, while MARKET CAP $8.4B

expenses are now expected to trend toward the low end of prior guidance. TICKER BOKF ^Prior trading day's closing price unless otherwise

noted.

Key trends. Core EPS of $2.59 beat our ($2.50) and consensus ($2.57) estimates and core PPNR

of $201 mn was above our estimate of $197 mn and consensus of $199 mn. Net interest income

FY (Dec) CHANGE TO JEFe JEF vs CONS

exceeded expectations, as stronger-than-expected average loan growth more than offset pressure

2026 2027 2026 2027

on asset yields, while a 4 bp decline in IB deposit costs helped support a 1 bp increase in NIM to

2.91%. Fee income was mixed, with record fiduciary and asset management revenue and stronger EPS* -1% -2% NM NM

syndication fees offset by weaker trading activity. Trading revenues were weaker due to lower client REV* <1% NM NM NM

activity amid rate volatility. Credit quality remained strong, highlighted by stable NPAs, 1 bp of net

charge-offs, and a third consecutive quarter with no provision expense. 2026 ($) Q1A Q2A Q3 Q4 FY