BOK FINANCIAL CORPBOKF
BOK FINANCIAL CORP Segments Disclosure
Reportable Segments
BOK Financial operates three principal segments: Commercial Banking, Consumer Banking, and Wealth Management, with the remaining operations recorded in Funds Management and Other. Segments are determined based on BOK Financial's organizational structure and services provided. Commercial Banking includes lending, treasury and cash management services, and customer risk management products for small businesses, middle market, and larger commercial customers. Commercial Banking also includes the TransFund EFT network. Consumer Banking includes retail lending and deposit services, lending and deposit services to small business customers served through the consumer branch network, and all mortgage loan origination and servicing activities. Wealth Management engages in brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of U.S. government agency mortgage-backed securities and related derivative contracts. Wealth Management also provides fiduciary services, private bank services, and investment advisory services in all markets. Insurance services were provided through November 30, 2023 when BOKF Insurance was sold. Additionally, Wealth Management underwrites state and municipal securities.
In addition to its operating segments, BOK Financial has a Funds Management unit. The primary purpose of this unit is to manage overall liquidity needs and interest rate risk. Each segment borrows funds from and provides funds to the Funds Management unit as needed to support their operations. Operating results for Funds Management and Other include the effect of interest rate risk positions and risk management activities, securities gains and losses including impairment charges, the provision for credit losses in excess of net loans charged off, tax planning strategies including the elimination of tax effected activity, and certain executive compensation costs that are not attributed to the segments.
The CODM for BOK Financial is the . The CODM evaluates the performance of our segments using net income before taxes, which includes the allocation of funds and capital costs and certain indirect allocations. Segment results are tax effected to present revenue from non-taxable activities as if it had been taxable. Additionally, the CODM primarily relies on the spread between interest revenue and interest expense to assess performance and to make resource allocation decisions where the majority of the segment's revenues are from interest. Therefore, interest revenue is presented net of interest expense. The CODM also reviews budget to actual variances monthly when making decisions about the allocation of operating and capital resources to each segment. Credit costs are attributed to the segments based on net loans charged off or recovered. Modifications of management structure or allocation methodologies may result in changes to previously reported segment data; prior periods have been restated on a comparable basis.
The cost of funds borrowed from the Funds Management unit by the operating segments is transfer priced at rates that approximate market rates for funds with similar duration. Market rates are generally based on the applicable wholesale borrowing rates or interest rate swap rates adjusted for prepayment risk. This method of transfer pricing funds that support assets of the operating segments tends to insulate them from interest rate risk.
The value of funds provided by the segments to the Funds Management unit is based on rates which approximate the wholesale market rates for funds with similar duration and repricing characteristics. Market rates are generally based on a proxy of wholesale borrowing rates or interest rate swap rates. The funds credit formula applied to deposit products with indeterminate maturities is established based on their repricing characteristics reflected in a combination of the short-term wholesale funding rate and a moving average of an intermediate term swap rate, with an appropriate spread applied to both. Shorter duration products are weighted towards the short-term wholesale funding rates and longer duration products are weighted towards intermediate swap rates. The expected duration ranges from 30 days for certain rate sensitive deposits to five years.
Substantially all revenue is from domestic customers. No single external customer accounts for more than 10% of total revenue for the years ended December 31, 2025, 2024, and 2023.
Net loans charged off and provision for credit losses represents net loans charged off or recovered as attributed to the segments. The provision for credit losses in excess of net charge-offs or recoveries is attributed to Funds Management and Other.
Non-personnel expense includes other segment items comprised of business promotion, charitable contributions to BOKF Foundation, professional fees and services, net occupancy and equipment, FDIC and other insurance, data processing and communications, printing, postage, and supplies, amortization of intangible assets, mortgage banking costs, and other miscellaneous expenses. Corporate allocations include centrally managed operational and administrative expenses that are allocated to segments.
Reportable segments reconciliation to the Consolidated Financial Statements for the year ended December 31, 2025 is as follows (in thousands):
| Commercial | Consumer | Wealth Management | Segment Total | Funds Management and Other | BOK Financial Corporation | |||||||||||||||||||||||||||||||||
| Net interest income from external sources | $ | 948,465 | $ | 55,150 | $ | 69,781 | $ | 1,073,396 | $ | 253,948 | $ | 1,327,344 | ||||||||||||||||||||||||||
| Net interest income (expense) from internal sources | (234,944) | 175,830 | 107,252 | 48,138 | (48,138) | — | ||||||||||||||||||||||||||||||||
| Net interest income | 713,521 | 230,980 | 177,033 | 1,121,534 | 205,810 | 1,327,344 | ||||||||||||||||||||||||||||||||
| Net loans charged off and provision for credit losses | 3,715 | 4,892 | (25) | 8,582 | (6,582) | 2,000 | ||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 709,806 | 226,088 | 177,058 | 1,112,952 | 212,392 | 1,325,344 | ||||||||||||||||||||||||||||||||
Other operating revenue | 269,195 | 149,938 | 427,612 | 846,745 | 1,385 | 848,130 | ||||||||||||||||||||||||||||||||
| Personnel expense | 204,213 | 102,226 | 280,614 | 587,053 | 290,916 | 877,969 | ||||||||||||||||||||||||||||||||
Non-personnel expense | 120,476 | 139,296 | 112,629 | 372,401 | 182,486 | 554,887 | ||||||||||||||||||||||||||||||||
| Total other operating expense | 324,689 | 241,522 | 393,243 | 959,454 | 473,402 | 1,432,856 | ||||||||||||||||||||||||||||||||
Corporate allocations | 70,106 | 58,092 | 58,657 | 186,855 | (186,855) | — | ||||||||||||||||||||||||||||||||
| Net income before taxes | $ | 584,206 | $ | 76,412 | $ | 152,770 | $ | 813,388 | $ | (72,770) | $ | 740,618 | ||||||||||||||||||||||||||
| Average assets | $ | 21,616,765 | $ | 8,321,005 | $ | 11,369,530 | 41,307,300 | $ | 10,399,606 | $ | 51,706,906 | |||||||||||||||||||||||||||
Reportable segments reconciliation to the Consolidated Financial Statements for the year ended December 31, 2024 is as follows (in thousands):
| Commercial | Consumer | Wealth Management | Segment Total | Funds Management and Other | BOK Financial Corporation | |||||||||||||||||||||||||||||||||
| Net interest income from external sources | $ | 1,078,190 | $ | 25,946 | $ | 11,266 | $ | 1,115,402 | $ | 95,356 | $ | 1,210,758 | ||||||||||||||||||||||||||
| Net interest income (expense) from internal sources | (263,094) | 234,101 | 117,962 | 88,969 | (88,969) | — | ||||||||||||||||||||||||||||||||
| Net interest income | 815,096 | 260,047 | 129,228 | 1,204,371 | 6,387 | 1,210,758 | ||||||||||||||||||||||||||||||||
| Net loans charged off and provision for credit losses | 8,850 | 5,827 | (184) | 14,493 | 3,507 | 18,000 | ||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 806,246 | 254,220 | 129,412 | 1,189,878 | 2,880 | 1,192,758 | ||||||||||||||||||||||||||||||||
Other operating revenue | 222,584 | 140,005 | 462,679 | 825,268 | 14,373 | 839,641 | ||||||||||||||||||||||||||||||||
| Personnel expense | 191,398 | 98,667 | 263,686 | 553,751 | 257,488 | 811,239 | ||||||||||||||||||||||||||||||||
Non-personnel expense | 117,216 | 127,597 | 114,551 | 359,364 | 195,152 | 554,516 | ||||||||||||||||||||||||||||||||
| Total other operating expense | 308,614 | 226,264 | 378,237 | 913,115 | 452,640 | 1,365,755 | ||||||||||||||||||||||||||||||||
Corporate allocations | 68,970 | 55,737 | 57,073 | 181,780 | (181,780) | — | ||||||||||||||||||||||||||||||||
| Net income before taxes | $ | 651,246 | $ | 112,224 | $ | 156,781 | $ | 920,251 | $ | (253,607) | $ | 666,644 | ||||||||||||||||||||||||||
| Average assets | $ | 21,751,103 | $ | 8,112,293 | $ | 10,772,189 | 40,635,585 | $ | 10,113,913 | $ | 50,749,498 | |||||||||||||||||||||||||||
Reportable segments reconciliation to the Consolidated Financial Statements for the year ended December 31, 2023 is as follows (in thousands):
| Commercial | Consumer | Wealth Management | Segment Total | Funds Management and Other | BOK Financial Corporation | |||||||||||||||||||||||||||||||||
| Net interest income from external sources | $ | 1,178,506 | $ | 59,962 | $ | 30,020 | $ | 1,268,488 | $ | 3,692 | $ | 1,272,180 | ||||||||||||||||||||||||||
| Net interest income (expense) from internal sources | (305,107) | 207,058 | 88,998 | (9,051) | 9,051 | — | ||||||||||||||||||||||||||||||||
| Net interest income | 873,399 | 267,020 | 119,018 | 1,259,437 | 12,743 | 1,272,180 | ||||||||||||||||||||||||||||||||
| Net loans charged off and provision for credit losses | 13,967 | 5,157 | (50) | 19,074 | 26,926 | 46,000 | ||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 859,432 | 261,863 | 119,068 | 1,240,363 | (14,183) | 1,226,180 | ||||||||||||||||||||||||||||||||
Other operating revenue | 247,001 | 105,793 | 506,447 | 859,241 | (69,292) | 789,949 | ||||||||||||||||||||||||||||||||
| Personnel expense | 193,455 | 89,472 | 250,671 | 533,598 | 233,012 | 766,610 | ||||||||||||||||||||||||||||||||
Non-personnel expense | 124,926 | 122,642 | 100,796 | 348,364 | 217,907 | 566,271 | ||||||||||||||||||||||||||||||||
| Total other operating expense | 318,381 | 212,114 | 351,467 | 881,962 | 450,919 | 1,332,881 | ||||||||||||||||||||||||||||||||
Corporate allocations | 75,037 | 48,565 | 54,401 | 178,003 | (178,003) | — | ||||||||||||||||||||||||||||||||
| Net income before taxes | $ | 713,015 | $ | 106,977 | $ | 219,647 | $ | 1,039,639 | $ | (356,391) | $ | 683,248 | ||||||||||||||||||||||||||
| Average assets | $ | 21,003,551 | $ | 8,040,602 | $ | 9,883,180 | $ | 38,927,333 | $ | 9,316,821 | $ | 48,244,154 | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 23, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.