BOKF · CIK 875357
What BOK Financial Corporation told the SEC could break it.
BOK Financial's credit risk is doubly tied to the energy economy. Its loan portfolio is geographically concentrated in the southwest — Texas collateral was 33% of total loans at year-end 2025, Oklahoma 15% and Colorado 11% — and it has direct sector exposure, with 11% of the portfolio ($2.9 billion) lent to energy-industry borrowers, so an extended oil-and-gas price downturn would raise defaults and depress collateral across both. Operationally, it outsources much of its information systems, data management and transaction processing and is heavily reliant on a single vendor for many of those functions, concentrating operational and breach risk.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- energy / oil & gas loan exposuremedium
11% of BOK Financial's total loan portfolio is to energy-industry borrowers ($2.9B, incl. $2.2B to energy producers); extended oil and gas price downturns would raise default risk and depress collateral values.
“Extended oil and gas commodity price downturns could negatively affect BOK Financial customers. At December 31, 2025, 11% of BOK Financial's total loan portfolio was comprised of loans to borrowers in the energy industry.”
Geographic concentration
- Texas/Oklahoma/Colorado loan portfoliomedium
BOK Financial's loan portfolio is geographically concentrated in the southwest — Texas collateral was 33% of total loans, Oklahoma 15% and Colorado 11% at year-end 2025 — exposing it to those regional economies.
“At December 31, 2025, loans to businesses and individuals with collateral primarily located in Texas totaled $ 8.5 billion or 33 % of the total loan portfolio. Loans to businesses and individuals with collateral primarily located in Oklahoma totaled $ 3.9 billion or 15 % of our total loan portfolio. Loans to businesses and individuals with collateral primarily located in Colorado totaled $ 2.8 billion or 11 % of our total loan portfolio.”
SEC filing →As of 2026
Sole-source dependency
- single IT/transaction-processing vendormedium
BOK Financial outsources much of its information systems, data management and transaction processing and is heavily reliant on a single vendor for many of these functions, creating operational and breach risk.
“We outsource a significant portion of our information systems, communications, data management, and transaction processing to third parties. We are heavily reliant on a single vendor for many of these functions.”
SEC filing →As of 2026
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