BOK Financial (BOKF)

The sleeper story here isn't the record EPS, it's that BOKF funded the beat with a zero-provision quarter and a shrinking reserve ratio even as criticized assets ticked up, while the celebrated 'broad-based growth' was really a Texas growth story (71% of Q4 loan growth). The obvious headline, record $2.89 EPS and record $126.6B AUMA, is real, but a chunk of it rests on a one-time $23.5M merchant banking gain embedded in the 2026 fee comp base and deposit growth management itself admits will 'wash out'. The binding constraint into 2026 isn't demand, it's funding mix and reserve discipline: CET1 already fell 70bps on buybacks, and management is now signaling a buyback slowdown right after the Q4 ASR. The credit chief's own line says it best: 'I get teased a lot here internally about saying that credit is unsustainably good'. My view changes if 1H26 shows the allowance ratio stabilizing or rebuilding alongside loan growth, and if Texas-ex growth reaccelerates independently; if neither happens, this quarter's 'broad-based' framing was marketing, not math.