BOK Financial is like a **regional Bank of America**, offering a full range of banking and wealth management services across the central and southwestern U.S.

Think of it as the **JPMorgan Chase of the Central and Southwest United States**, focused on strong regional operations.

• Commercial Lending: Provides loans and lines of credit to businesses of various sizes and industries.
• Commercial Deposit & Treasury Services: Offers business checking and savings accounts, along with cash management, payment processing, and liquidity solutions for corporate clients.
• Consumer Banking Products: Delivers personal checking, savings, and money market accounts, alongside consumer loans such as mortgages, auto loans, and personal loans.
• Wealth Management: Furnishes investment management, trust and estate planning, and comprehensive financial advisory services for individuals and institutions.
• Mortgage Banking: Specializes in the origination and servicing of residential mortgage loans for homeowners.
• Brokerage Services: Facilitates securities trading and provides related investment advisory services to clients.

BOK Financial (BOKF) is a financial holding company primarily operating as a regional bank. Its customer base is diverse, serving both individuals and a wide range of businesses across various segments rather than relying on a few major named corporate customers. Therefore, it primarily serves a broad spectrum of customers, which can be categorized as follows:

• Individual Consumers: This category includes everyday individuals who utilize a wide array of personal banking services such as checking and savings accounts, mortgages, credit cards, personal loans, and other consumer lending products.
• Businesses (Small, Medium, and Large): BOKF provides financial services to a broad spectrum of companies, ranging from local small and medium-sized enterprises (SMEs) to larger corporations. These services include commercial lending, treasury and cash management solutions, business checking and savings, and other corporate financial services.
• Wealth Management Clients: This segment caters to high-net-worth individuals, families, and institutional clients seeking specialized services such as private banking, investment management, trust services, financial planning, and brokerage services.

• Fiserv, Inc. (FI)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

Stacy C. Kymes, President and Chief Executive Officer

Stacy Kymes is president and CEO of BOK Financial Corporation, appointed in January 2022. He previously served as Chief Operating Officer, overseeing all revenue-generating business lines including specialized banking, regional and commercial banking, consumer banking, and wealth management. Kymes joined BOK Financial in 1996 and has held various positions, including Chief Auditor, Corporate Controller, Treasurer, and Chief Credit Officer. He began his career at KPMG LLP, where he audited public and private companies, primarily in the financial services sector. Kymes earned his bachelor's degree in accounting from Harding University.

Martin E. Grunst, Executive Vice President, Chief Financial Officer

Marty Grunst is executive vice president and chief financial officer, a role he assumed in 2023. He is responsible for accounting, finance, tax, corporate treasury, mergers and acquisitions, and investor relations. With over three decades of experience in the financial industry, Grunst joined BOK Financial in 2009, having previously served as Treasurer and Chief Risk Officer for the company. Before BOK Financial, he was Treasurer for Citizens Bank and Citizens Republic Bancorp in Michigan for six years, with additional responsibilities in corporate finance. He began his career at Busey Bank in various roles, including loan operations, mortgage secondary marketing, and asset liability management, and also worked at Bank One (now JPMorgan Chase) in treasury and corporate finance. He holds a bachelor's degree in economics from the University of Illinois.

Mindy M. Mahaney, Executive Vice President, Chief Risk Officer

Mindy Mahaney is executive vice president and chief risk officer for BOK Financial, responsible for enterprise-wide risk management and ensuring compliance with government regulations. She joined BOK Financial in July 2008. Her prior roles at the company include chief operating and administrative officer for the wealth management division and senior business group controller. Before joining BOK Financial, Mahaney served as chief financial officer for SpiritBank for six years and was an auditor with Arthur Andersen, LLP for 10 years. She is a certified public accountant.

Scott B. Grauer, Executive Vice President, Wealth Management; CEO, BOK Financial Securities, Inc.

Scott Grauer is executive vice president for wealth management at BOK Financial Corporation and CEO of the company's broker/dealer BOK Financial Securities, Inc. He leads all of the company's wealth management business lines, including institutional wealth, the private bank, and international banking, and serves as chairman of Cavanal Hill Investment Management. Grauer joined BOK Financial in 1991 following the company's acquisition of an independent retail brokerage operation. He was named manager of BOKF Financial Securities, Inc. retail in 1996 and became president and CEO of the firm in late 1999. He has a bachelor's degree in business administration from Baker University.

Marc C. Maun, Regional Banking Executive

Marc Maun is a regional banking executive, responsible for regional banks in Arizona, Colorado, Kansas, Missouri, New Mexico, and Oklahoma, and treasury services company-wide. He previously held the position of BOK Financial's chief credit officer. Maun joined BOK Financial in 1985. During his tenure, he oversaw significant business divisions such as Treasury, International Banking, Mergers and Acquisitions, Corporate Banking, and Correspondent Banking. He also led the establishment of Bank of Kansas City, which grew to over $440 million in assets under his leadership, and served as chairman and CEO of Bank of Kansas City (formerly Mobank) and Bank of Oklahoma, Oklahoma City. Maun earned a bachelor's degree in business administration from the University of Tulsa and an MBA from Washington University in St. Louis.

• Increased competition from digital-first challenger banks (neobanks) and specialized fintech companies. These entities leverage advanced technology to offer highly competitive, often lower-cost, and user-friendly banking products (e.g., checking accounts, payment services, personal loans). They are actively capturing market share, particularly from younger demographics and those seeking convenient digital experiences, directly impacting BOKF's deposit acquisition and loan origination volumes. Examples include Chime, SoFi, and numerous payment and lending platforms.
• The expanding presence of large technology companies (Big Tech) in financial services. Companies like Apple, Google, and Amazon, with their massive user bases and significant technological infrastructure, are increasingly offering banking-like products such as high-yield savings accounts (e.g., Apple's partnership with Goldman Sachs for savings), payment solutions, and credit offerings. Their ability to integrate financial services seamlessly into their existing ecosystems and scale rapidly presents a long-term threat to traditional banks by potentially disintermediating them from core customer relationships.

BOK Financial (BOKF) operates in several key financial markets across the United States. The addressable markets for its main products and services are as follows:

• Commercial Banking: The U.S. commercial banking market is estimated at approximately USD 732.5 billion in 2025. This market is forecasted to reach USD 915.45 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 4.56%.
• Wealth Management: The North American wealth management market, based on revenue, accounted for approximately $937.45 billion in 2023. Within this broader market, the U.S. private banking market alone is projected to grow from US$ 127.6 billion in 2025 to US$ 218.4 billion by 2032, at a CAGR of 8.0%.
• Mortgage Banking (Home Loans): The U.S. home loan market stood at an estimated USD 2.29 trillion in 2025, with projections to reach USD 3.02 trillion by 2030, advancing at a 5.63% CAGR.
• Treasury Management Services: The U.S. segment of the global Treasury Management Services market is projected to be approximately $2.1 billion by the end of 2025. This is derived from the global market size of $6,214.32 million in 2025, with the United States contributing 34.14% of that total.
• Investment Banking: The U.S. investment banking market is valued at USD 54.74 billion in 2025 and is projected to grow to USD 66.15 billion by 2030, at a CAGR of 3.86%.

Here are 3-5 expected drivers of future revenue growth for BOK Financial (BOKF) over the next 2-3 years:

1. Growth in Net Interest Income (NII) and Net Interest Margin (NIM): BOK Financial anticipates continued growth in net interest income, supported by the ongoing reinvestment of securities at higher current market yields and the repricing of fixed-rate portions of its loan portfolio at higher rates. The company expects these factors to drive both margin and NII growth in future quarters.
2. Expansion of the Loan Portfolio: The company has demonstrated a continuous expansion of its loan portfolio and expects mid to upper single-digit loan growth moving forward. This organic loan growth, particularly in commercial loans, is a key driver for increasing interest-earning assets and, consequently, net interest income.
3. Increase in Fee-Based Income: BOK Financial consistently highlights its robust fee income businesses as a significant contributor to total revenue, often ranking at the top among regional banks. Specific areas driving this growth include asset management revenue, which has seen increases due to growth in trust fee income and client relationships. Additionally, trading revenue, including municipal bond trading and investment banking revenue, is expected to perform well in a more stable market environment.
4. Launch and Growth of New Business Lines: The company has been investing in and expanding into new business lines, such as mortgage finance and warehouse lending, which are expected to drive future growth in fee income. This strategic diversification of service offerings aims to capture new revenue streams.

Share Repurchases

• A new share repurchase program was authorized in October 2025, allowing for buybacks of up to 5,000,000 shares.
• In the third quarter of 2025, the company repurchased 365,547 shares of common stock at an average price of $111.00 per share.
• In the second quarter of 2025, 663,298 shares of common stock were repurchased at an average price of $93.99 per share.

Share Issuance

• BOK Financial recently priced a $400 million subordinated notes offering, expected to settle on November 6, 2025, intended to reinforce its capital base and support core banking activities.
• The net proceeds from the $400 million subordinated notes offering are for general corporate purposes and are expected to qualify as Tier II regulatory capital.

Outbound Investments

• In September 2025, BOK Financial provided a $45 million acquisition loan for a 260,283-square-foot office building in Tulsa.
• BOKF Equity, an investment arm of BOK Financial, makes investments in companies within the information technology, business, and consumer products & services sectors.
• BOK Financial offers equipment leasing, providing customized and flexible financing solutions for businesses to acquire commercial titled trucks, trailers, and specialty vehicles.