BOK Financial Corporation (BOKF.O): 2Q26 Review - Core Results Remain Solid Despite Softer NIM Trends

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BOK Financial Corporation (BOKF.O): 2Q26 Review - Core Results Remain Solid Despite Softer NIM Trends

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22 Jul 2026 05:00:00 ET │ 14 pages

BOK Financial Corporation (BOKF.O)

2Q26 Review - Core Results Remain Solid Despite Softer NIM Trends

CITI'S TAKE

Neutral BOKF delivered a somewhat mixed 2Q results with core NII slightly softer

than expected but better outlook on loan growth and credit. While NIM Short-Term View: Upside, expires 30-JUL-26

trend was a bit softer than expected, we believe core momentum is still on Price (21 Jul 26 16:00) US$139.98

track for producing continued EPS growth going into 2027. We increased Target price US$146.00↑

our TP to $146 (+$5) given the stronger EPS outlook, stable credit trends, from US$141.00

and improved loan growth outlook while still keeping limited expense Expected share price return 4.3%

build (low single digits). That being said, competition remain elevated in Expected dividend yield 1.5%

Texas both on the loan yield and deposit cost side, which likely pressure

Expected total return 5.8% NIM and its appetite for net loan growth into 2027 relative to our past

Market Cap US$8,506M growth assumptions for next year.

Estimate Changes — We refreshed our model for the updated guidance and this

quarter's results. We tweak our core EPS estimates for 2026 (from $9.98 to $10.30) Benjamin GerlingerAC

and 2027 (from $10.44 to $10.57), driven primarily by better AEA estimates and +1-212-816-3538

modestly higher fee income, mitigated somewhat by softer NIM trend. Credit is also benjamin.gerlinger@citi.com

better than expected, supportive of lower LLP expense (and higher EPS). We think

the core expense base continues to be well managed and revised it down modestly Kaili Wang, CFA

given recent quarter's performance trend.