BOK Financial (BOKF) 8-K Results of Operations and Financial Condition

Exhibit 99 (b)

BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
	March 31,			December 31,			March 31,
	2012			2011			2011
	(Unaudited)			(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	691,697		$	976,191		$	805,928
Funds sold and resell agreements		14,609			10,174			2,462
Trading securities		128,376			76,800			80,719
Investment securities		427,259			439,236			343,401
Available for sale securities		10,186,597			10,179,365			9,665,901
Fair value option securities		347,952			651,226			326,624
Residential mortgage loans held for sale		247,039			188,125			127,119
Loans:
Commercial		6,942,641			6,571,454			6,048,257
Commercial real estate		2,264,103			2,279,909			2,222,982
Residential mortgage		1,960,888			1,970,461			1,777,321
Consumer		409,812			447,919			541,275
Total loans		11,577,444			11,269,743			10,589,835
Less allowance for loan losses		(244,209	)		(253,481	)		(289,549	)
Loans, net of allowance		11,333,235			11,016,262			10,300,286
Premises and equipment, net		263,579			262,735			265,532
Receivables		138,325			123,257			113,060
Goodwill		335,601			335,601			335,601
Intangible assets, net		9,645			10,219			12,906
Mortgage servicing rights, net		98,138			86,783			120,345
Real estate and other repossessed assets		115,790			122,753			131,420
Bankers' acceptances		3,493			1,881			1,884
Derivative contracts		384,996			293,859			245,124
Cash surrender value of bank-owned life insurance		266,227			263,318			258,322
Receivable on unsettled securities sales		511,288			75,151			242,828
Other assets		380,327			381,010			321,561
TOTAL ASSETS	$	25,884,173		$	25,493,946		$	23,701,023
LIABILITIES AND EQUITY
Deposits:
Demand	$	6,189,172		$	5,799,785		$	4,457,187
Interest-bearing transaction		8,908,397			9,354,456			9,528,864
Savings		259,619			226,357			209,264
Time		3,166,099			3,381,982			3,677,611
Total deposits		18,523,287			18,762,580			17,872,926
Funds purchased		1,784,940			1,063,318			466,749
Repurchase agreements		1,162,546			1,233,064			1,006,051
Other borrowings		209,230			74,485			36,864
Subordinated debentures		394,760			398,881			398,744
Accrued interest, taxes, and expense		180,840			149,508			135,486
Bankers' acceptances		3,493			1,881			1,884
Due on unsettled securities purchases		305,166			653,371			843,904
Derivative contracts		305,290			236,522			156,038
Other liabilities		144,220			133,684			184,689
TOTAL LIABILITIES		23,013,772			22,707,294			21,103,335
Shareholders' equity:
Capital, surplus and retained earnings		2,673,001			2,621,489			2,467,820
Accumulated other comprehensive income		161,418			128,979			108,313
TOTAL SHAREHOLDERS' EQUITY		2,834,419			2,750,468			2,576,133
Non-controlling interest		35,982			36,184			21,555
TOTAL EQUITY		2,870,401			2,786,652			2,597,688
TOTAL LIABILITIES AND EQUITY	$	25,884,173		$	25,493,946		$	23,701,023

AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
							Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
ASSETS
Funds sold and resell agreements	$	11,385		$	12,035		$	12,344		$	8,814		$	20,680
Trading securities		95,293			97,972			88,576			80,113			60,768
Investment securities		430,890			443,326			329,627			357,698			339,246
Available for sale securities		9,947,227			9,914,523			9,656,592			9,543,482			9,376,674
Fair value option securities		555,233			660,025			594,629			518,073			397,093
Residential mortgage loans held for sale		182,372			201,242			156,621			134,876			125,494
Loans:
Commercial		6,858,308			6,502,981			6,329,135			6,145,918			6,084,765
Commercial real estate		2,236,601			2,256,153			2,208,757			2,172,166			2,236,400
Residential mortgage		1,937,069			1,949,929			1,868,627			1,858,117			1,788,049
Consumer		404,834			443,252			466,285			504,553			544,542
Total loans		11,436,811			11,152,315			10,872,805			10,680,755			10,653,756
Less allowance for loan losses		(252,538	)		(266,473	)		(285,570	)		(291,308	)		(295,014	)
Total loans, net		11,184,273			10,885,842			10,587,235			10,389,447			10,358,742
Total earning assets		22,406,673			22,214,965			21,425,624			21,032,503			20,678,697
Cash and due from banks		908,628			1,234,312			1,045,450			764,806			1,095,910
Cash surrender value of bank-owned life insurance		264,354			261,496			260,505			259,337			256,456
Derivative contracts		311,178			247,411			228,466			253,163			211,895
Other assets		1,625,750			1,679,256			1,661,693			1,669,426			1,496,816
TOTAL ASSETS	$	25,516,583		$	25,637,440		$	24,621,738		$	23,979,235		$	23,739,774
LIABILITIES AND EQUITY
Deposits:
Demand	$	5,847,682		$	5,588,596		$	5,086,538		$	4,554,000		$	4,265,657
Interest-bearing transaction		9,319,978			9,276,608			9,310,046			9,184,141			9,632,595
Savings		241,442			220,236			214,979			210,707			203,638
Time		3,246,362			3,485,059			3,617,731			3,632,130			3,616,991
Total deposits		18,655,464			18,570,499			18,229,294			17,580,978			17,718,881
Funds purchased		1,337,614			1,197,154			994,099			1,168,670			820,969
Repurchase agreements		1,183,778			1,189,861			1,128,275			1,004,217			1,062,359
Other borrowings		72,911			88,489			128,288			187,441			144,987
Subordinated debentures		397,440			398,858			398,812			398,767			398,723
Derivative contracts		207,864			180,623			187,515			175,199			144,492
Other liabilities		826,279			1,241,469			817,049			813,074			884,566
TOTAL LIABILITIES		22,681,350			22,866,953			21,883,332			21,328,346			21,174,977
Total equity		2,835,233			2,770,487			2,738,406			2,650,889			2,564,797
TOTAL LIABILITIES AND EQUITY	$	25,516,583		$	25,637,440		$	24,621,738		$	23,979,235		$	23,739,774

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
	Quarter Ended
	March 31,
	2012			2011
Interest revenue	$	198,208		$	202,089
Interest expense		24,639			31,450
Net interest revenue		173,569			170,639
Provision for (reduction of) allowances for credit losses		–			6,250
Net interest revenue after
provision for credit losses		173,569			164,389
Other operating revenue
Brokerage and trading revenue		31,111			25,376
Transaction card revenue		25,430			28,445
Trust fees and commissions		18,438			18,422
Deposit service charges and fees		24,379			22,480
Mortgage banking revenue		33,078			17,356
Bank-owned life insurance		2,871			2,863
Other revenue		9,027			8,332
Total fees and commissions		144,334			123,274
Gain (loss) on other assets, net		(356	)		(68	)
Gain (loss) on derivatives, net		(2,473	)		(2,413	)
Gain (loss) on fair value option securities, net		(1,733	)		(3,518	)
Gain on available for sale securities, net		4,331			4,902
Total other-than-temporary impairment losses		(505	)		–
Portion of loss recognized in (reclassified from)
other comprehensive income		(3,217	)		(4,599	)
Net impairment losses recognized in earnings		(3,722	)		(4,599	)
Total other operating revenue		140,381			117,578
Other operating expense
Personnel		114,769			99,994
Business promotion		4,388			4,624
Professional fees and services		7,599			7,458
Net occupancy and equipment		16,023			15,604
Insurance		3,866			6,186
Data processing and communications		22,144			22,503
Printing, postage and supplies		3,311			3,082
Net losses and operating expenses
of repossessed assets		2,245			6,015
Amortization of intangible assets		575			896
Mortgage banking costs		7,573			6,471
Change in fair value of mortgage servicing rights		(7,127	)		(3,129	)
Other expense		9,871			8,745
Total other operating expense		185,237			178,449
Net income before taxes		128,713			103,518
Federal and state income taxes		45,520			38,752
Net income		83,193			64,766
Net income (loss) attributable to non-controlling interest		(422	)		(8	)
Net income attributable to BOK Financial Corporation	$	83,615		$	64,774
Average shares outstanding:
Basic		67,665,300			67,901,722
Diluted		67,941,895			68,176,527
Net income per share:
Basic	$	1.22		$	0.95
Diluted	$	1.22		$	0.94

FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
							Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
Capital:
Period-end shareholders' equity	$	2,834,419		$	2,750,468		$	2,732,592		$	2,667,717		$	2,576,133
Risk weighted assets	$	17,993,379		$	17,291,105		$	17,106,533		$	16,452,305		$	16,416,387
Risk-based capital ratios:
Tier 1		13.03	%		13.27	%		13.14	%		13.30	%		12.97	%
Total capital		16.16	%		16.49	%		16.54	%		16.80	%		16.48	%
Leverage ratio		9.35	%		9.15	%		9.37	%		9.29	%		9.13	%
Tangible common equity ratio (A)		9.75	%		9.56	%		9.65	%		9.71	%		9.54	%
Tier 1 common equity ratio (B)		12.83	%		13.06	%		12.94	%		13.15	%		12.84	%
Common stock:
Book value per share	$	41.61		$	40.36		$	40.18		$	38.97		$	37.64
Market value per share:
High	$	59.02		$	55.90		$	55.81		$	54.72		$	56.32
Low	$	52.56		$	45.68		$	44.00		$	50.13		$	50.37
Cash dividends paid	$	22,571		$	22,451		$	18,836		$	18,823		$	17,102
Dividend payout ratio		26.99	%		33.51	%		22.13	%		27.28	%		26.40	%
Shares outstanding, net		68,116,893			68,153,044			68,006,390			68,462,869			68,438,422
Stock buy-back program:
Shares repurchased		345,300			69,581			492,444			–			–
Amount	$	18,432		$	3,579		$	22,866		$	–		$	–
Average price per share	$	53.38		$	51.44		$	46.43		$	–		$	–
Performance ratios (quarter annualized):
Return on average assets		1.32	%		1.04	%		1.37	%		1.15	%		1.11	%
Return on average equity		11.86	%		9.59	%		12.33	%		10.44	%		10.24	%
Net interest margin		3.19	%		3.20	%		3.34	%		3.40	%		3.47	%
Efficiency ratio		59.77	%		69.73	%		60.13	%		62.23	%		61.15	%
Other data:
Trust assets	$	35,650,798		$	34,398,796		$	31,750,636		$	33,075,456		$	32,013,487
Mortgage servicing portfolio	$	11,378,806		$	11,300,986		$	11,249,503		$	11,283,442		$	11,202,626
Mortgage loans funded for sale	$	698,062		$	753,215		$	637,127		$	483,808		$	419,684
Mortgage loan refinances to total fundings		67	%		66	%		54	%		36	%		49	%
Tax equivalent adjustment	$	2,094		$	2,274		$	2,233		$	2,261		$	2,321
Net unrealized gain on available for sale securities	$	277,277		$	222,160		$	278,616		$	263,199		$	201,340
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts	$	(2,445	)	$	121		$	4,048		$	1,224		$	(2,419	)
Gain (loss) on mortgage trading securities		(2,393	)		222			17,788			9,921			(3,518	)
Gain (loss) on economic hedge of mortgage servicing rights		(4,838	)		343			21,836			11,145			(5,937	)
Gain (loss) on changes in fair value of mortgage servicing rights		7,127			(5,261	)		(24,822	)		(13,493	)		3,129
Gain (loss) on changes in fair value of mortgage servicing        rights, net of economic hedges	$	2,289		$	(4,918	)	$	(2,986	)	$	(2,348	)	$	(2,808	)
Net interest revenue on mortgage trading securities	$	3,165		$	4,436		$	5,036		$	5,120		$	3,058
Reconciliation of non-GAAP measures:
(A) Tangible common equity ratio:
Total shareholders' equity	$	2,834,419		$	2,750,468		$	2,732,592		$	2,667,717		$	2,576,133
Less:  Goodwill and intangible assets, net		(345,246	)		(345,820	)		(346,716	)		(347,611	)		(348,507	)
Tangible common equity	$	2,489,173		$	2,404,648		$	2,385,876		$	2,320,106		$	2,227,626
Total assets	$	25,884,173		$	25,493,946		$	25,066,265		$	24,238,182		$	23,701,023
Less:  Goodwill and intangible assets, net		(345,246	)		(345,820	)		(346,716	)		(347,611	)		(348,507	)
	$	25,538,927		$	25,148,126		$	24,719,549		$	23,890,571		$	23,352,516
Tangible common equity ratio		9.75	%		9.56	%		9.65	%		9.71	%		9.54	%
(B) Tier 1 common equity ratio:
Tier 1 capital	$	2,344,779		$	2,295,061		$	2,248,743		$	2,188,199		$	2,129,998
Less:  Non-controlling interest		(35,982	)		(36,184	)		(34,958	)		(24,457	)		(21,555	)
Tier 1 common equity	$	2,308,797		$	2,258,877		$	2,213,785		$	2,163,742		$	2,108,443
Risk weighted assets	$	17,993,379		$	17,291,105		$	17,106,533		$	16,452,305		$	16,416,387
Tier 1 common equity ratio		12.83	%		13.06	%		12.94	%		13.15	%		12.84	%

QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
							Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
Interest revenue	$	198,208		$	198,040		$	205,749		$	205,717		$	202,089
Interest expense		24,639			26,570			30,365			31,716			31,450
Net interest revenue		173,569			171,470			175,384			174,001			170,639
Provision for (reduction of) allowances for credit losses		–			(15,000	)		–			2,700			6,250
Net interest revenue after
provision for credit losses		173,569			186,470			175,384			171,301			164,389
Other operating revenue
Brokerage and trading revenue		31,111			25,629			29,451			23,725			25,376
Transaction card revenue		25,430			25,960			31,328			31,024			28,445
Trust fees and commissions		18,438			17,865			17,853			19,150			18,422
Deposit service charges and fees		24,379			24,921			24,614			23,857			22,480
Mortgage banking revenue		33,078			25,438			29,493			19,356			17,356
Bank-owned life insurance		2,871			2,784			2,761			2,872			2,863
Other revenue		9,027			9,189			10,535			7,842			8,332
Total fees and commissions		144,334			131,786			146,035			127,826			123,274
Gain (loss) on other assets, net		(356	)		1,897			712			3,344			(68	)
Gain (loss) on derivatives, net		(2,473	)		(174	)		4,048			1,225			(2,413	)
Gain (loss) on fair value option securities, net		(1,733	)		222			17,788			9,921			(3,518	)
Gain on available for sale securities, net		4,331			7,080			16,694			5,468			4,902
Total other-than-temporary impairment losses		(505	)		(1,037	)		(9,467	)		(74	)		–
Portion of loss recognized in (reclassified from)
other comprehensive income		(3,217	)		(1,747	)		(1,833	)		(4,750	)		(4,599	)
Net impairment losses recognized in earnings		(3,722	)		(2,784	)		(11,300	)		(4,824	)		(4,599	)
Total other operating revenue		140,381			138,027			173,977			142,960			117,578
Other operating expense
Personnel		114,769			121,129			103,260			105,603			99,994
Business promotion		4,388			5,868			5,280			4,777			4,624
Contribution to BOKF Charitable Foundation		–			–			4,000			–			–
Professional fees and services		7,599			7,664			7,418			6,258			7,458
Net occupancy and equipment		16,023			16,826			16,627			15,554			15,604
Insurance		3,866			3,636			2,206			4,771			6,186
Data processing and communications		22,144			26,599			24,446			24,428			22,503
Printing, postage and supplies		3,311			3,637			3,780			3,586			3,082
Net losses and operating expenses
of repossessed assets		2,245			6,180			5,939			5,859			6,015
Amortization of intangible assets		575			895			896			896			896
Mortgage banking costs		7,573			10,154			9,349			8,968			6,471
Change in fair value of mortgage servicing rights		(7,127	)		5,261			24,822			13,493			(3,129	)
Visa retrospective responsibility obligation		-			-			-			-			-
Other expense		9,871			11,348			12,873			9,016			8,745
Total other operating expense		185,237			219,197			220,896			203,209			178,449
Net income before taxes		128,713			105,300			128,465			111,052			103,518
Federal and state income taxes		45,520			37,396			43,006			39,357			38,752
Net income		83,193			67,904			85,459			71,695			64,766
Net income (loss) attributable to non-controlling interest		(422	)		911			358			2,688			(8	)
Net income attributable to BOK Financial Corporation	$	83,615		$	66,993		$	85,101		$	69,007		$	64,774
Average shares outstanding:
Basic		67,665,300			67,526,009			67,827,591			67,898,483			67,901,722
Diluted		67,941,895			67,774,721			68,037,419			68,169,485			68,176,527
Net income per share:
Basic	$	1.22		$	0.98		$	1.24		$	1.01		$	0.95
Diluted	$	1.22		$	0.98		$	1.24		$	1.00		$	0.94

LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
					Quarter Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2012		2011		2011		2011		2011
Oklahoma:
Commercial	$	2,953,637	$	2,697,623	$	2,807,979	$	2,594,502	$	2,618,045
Commercial real estate		667,503		600,703		624,990		619,201		661,254
Residential mortgage		1,436,766		1,429,069		1,366,953		1,309,110		1,219,237
Consumer		210,361		236,056		248,851		267,550		291,412
Total Oklahoma		5,268,267		4,963,451		5,048,773		4,790,363		4,789,948
Texas:
Commercial		2,304,162		2,214,462		2,069,117		2,003,847		1,916,270
Commercial real estate		812,209		830,831		741,984		711,906		687,817
Residential mortgage		259,173		266,050		273,025		282,934		283,925
Consumer		123,604		126,280		133,286		140,044		141,199
Total Texas		3,499,148		3,437,623		3,217,412		3,138,731		3,029,211
New Mexico:
Commercial		274,224		252,367		269,690		280,306		262,597
Commercial real estate		282,966		316,853		314,701		311,565		326,104
Residential mortgage		104,495		100,581		93,444		95,021		90,466
Consumer		18,185		18,519		18,142		18,536		19,242
Total New Mexico		679,870		688,320		695,977		705,428		698,409
Arkansas:
Commercial		74,364		86,111		89,262		74,677		75,889
Commercial real estate		129,980		127,687		124,393		121,286		124,875
Residential mortgage		13,778		14,511		14,428		13,939		14,114
Consumer		28,932		36,061		44,163		52,439		61,746
Total Arkansas		247,054		264,370		272,246		262,341		276,624
Colorado:
Commercial		555,703		559,127		508,222		515,829		514,100
Commercial real estate		143,753		153,855		188,659		167,414		172,416
Residential mortgage		60,527		64,437		65,327		66,985		67,975
Consumer		19,813		21,651		22,024		19,507		20,145
Total Colorado		779,796		799,070		784,232		769,735		774,636
Arizona:
Commercial		284,353		288,536		283,867		291,515		251,390
Commercial real estate		178,633		192,731		222,249		205,269		213,442
Residential mortgage		73,704		82,202		85,243		86,415		89,384
Consumer		5,381		5,505		6,625		6,772		5,266
Total Arizona		542,071		568,974		597,984		589,971		559,482
Kansas / Missouri:
Commercial		496,198		473,228		447,552		417,920		409,966
Commercial real estate		49,059		57,249		42,926		47,074		37,074
Residential mortgage		12,445		13,611		13,476		13,593		12,220
Consumer		3,536		3,847		3,991		2,388		2,265
Total Kansas / Missouri		561,238		547,935		507,945		480,975		461,525
TOTAL BOK FINANCIAL	$	11,577,444	$	11,269,743	$	11,124,569	$	10,737,544	$	10,589,835

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
					Quarter Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2012		2011		2011		2011		2011
Oklahoma:
Demand	$	3,445,424	$	3,223,201	$	2,953,410	$	2,486,671	$	2,420,210
Interest-bearing:
Transaction		5,889,625		6,050,986		6,038,770		5,916,784		6,068,304
Savings		148,556		126,763		122,829		120,278		120,020
Time		1,370,868		1,450,571		1,489,486		1,462,137		1,465,506
Total interest-bearing		7,409,049		7,628,320		7,651,085		7,499,199		7,653,830
Total Oklahoma		10,854,473		10,851,521		10,604,495		9,985,870		10,074,040
Texas:
Demand		1,876,133		1,808,491		1,710,315		1,528,772		1,405,892
Interest-bearing:
Transaction		1,734,655		1,940,819		1,820,116		1,741,176		1,977,850
Savings		50,331		45,872		42,272		42,185		40,313
Time		789,860		867,664		938,200		992,366		1,015,754
Total interest-bearing		2,574,846		2,854,355		2,800,588		2,775,727		3,033,917
Total Texas		4,450,979		4,662,846		4,510,903		4,304,499		4,439,809
New Mexico:
Demand		333,707		319,269		325,612		299,305		282,708
Interest-bearing:
Transaction		503,015		491,068		480,816		483,026		498,355
Savings		32,688		27,487		26,127		24,613		24,455
Time		392,234		410,722		431,436		449,618		453,580
Total interest-bearing		927,937		929,277		938,379		957,257		976,390
Total New Mexico		1,261,644		1,248,546		1,263,991		1,256,562		1,259,098
Arkansas:
Demand		22,843		18,513		21,809		17,452		15,144
Interest-bearing:
Transaction		151,708		131,181		181,486		138,954		130,613
Savings		2,358		1,727		1,735		1,673		1,514
Time		54,157		61,329		74,163		82,112		94,889
Total interest-bearing		208,223		194,237		257,384		222,739		227,016
Total Arkansas		231,066		212,750		279,193		240,191		242,160
Colorado:
Demand		311,057		272,565		217,394		196,915		197,579
Interest-bearing:
Transaction		476,718		511,993		520,743		509,738		528,948
Savings		23,409		22,771		22,599		21,406		21,655
Time		498,124		523,969		547,481		563,642		546,586
Total interest-bearing		998,251		1,058,733		1,090,823		1,094,786		1,097,189
Total Colorado		1,309,308		1,331,298		1,308,217		1,291,701		1,294,768
Arizona:
Demand		131,539		106,741		138,971		150,194		106,880
Interest-bearing:
Transaction		95,010		104,961		101,933		107,961		102,089
Savings		1,772		1,192		1,366		1,364		984
Time		34,199		37,641		40,007		44,619		50,060
Total interest-bearing		130,981		143,794		143,306		153,944		153,133
Total Arizona		262,520		250,535		282,277		304,138		260,013
Kansas / Missouri:
Demand		68,469		51,004		46,773		46,668		28,774
Interest-bearing:
Transaction		57,666		123,449		108,973		115,684		222,705
Savings		505		545		503		358		323
Time		26,657		30,086		33,697		40,206		51,236
Total interest-bearing		84,828		154,080		143,173		156,248		274,264
Total Kansas / Missouri		153,297		205,084		189,946		202,916		303,038
TOTAL BOK FINANCIAL	$	18,523,287	$	18,762,580	$	18,439,022	$	17,585,877	$	17,872,926

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
			Quarter Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
	2012	2011	2011	2011	2011
TAX-EQUIVALENT ASSETS YIELDS
Funds sold and resell agreements	0.07%	0.10%	0.16%	0.14%	0.08%
Trading securities	1.88%	2.79%	2.85%	2.92%	3.84%
Investment securities:
Taxable (A)	5.89%	5.91%	5.63%	6.13%	6.15%
Tax-exempt (A)	4.87%	4.81%	4.94%	4.82%	4.88%
Total investment securities (A)	5.59%	5.59%	5.35%	5.49%	5.46%
Available for sale securities:
Taxable (A)	2.48%	2.36%	2.82%	3.02%	3.15%
Tax-exempt (A)	5.17%	5.14%	4.92%	5.12%	5.68%
Total available for sale securities (A)	2.50%	2.38%	2.83%	3.04%	3.17%
Fair value option securities	2.79%	2.98%	3.66%	4.42%	3.74%
Residential mortgage loans held for sale	3.90%	4.01%	4.09%	4.48%	4.33%
Loans	4.50%	4.65%	4.71%	4.69%	4.75%
Less allowance for loan losses	–	–	–	–	–
Loans, net of allowance	4.61%	4.76%	4.84%	4.82%	4.89%
Total tax-equivalent yield on earning assets (A)	3.64%	3.69%	3.91%	4.01%	4.10%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.17%	0.18%	0.23%	0.27%	0.32%
Savings	0.24%	0.26%	0.34%	0.39%	0.37%
Time	1.68%	1.70%	1.84%	1.86%	1.82%
Total interest-bearing deposits	0.55%	0.59%	0.68%	0.71%	0.72%
Funds purchased	0.09%	0.06%	0.05%	0.09%	0.16%
Repurchase agreements	0.09%	0.13%	0.17%	0.20%	0.40%
Other borrowings	5.58%	4.75%	5.26%	4.76%	1.31%
Subordinated debt	5.62%	5.61%	5.60%	5.57%	5.67%
Total cost of interest-bearing liabilities	0.63%	0.66%	0.76%	0.81%	0.80%
Tax-equivalent net interest revenue spread	3.01%	3.03%	3.15%	3.20%	3.30%
Effect of noninterest-bearing funding sources and other	0.18%	0.17%	0.19%	0.20%	0.17%
Tax-equivalent net interest margin	3.19%	3.20%	3.34%	3.40%	3.47%
(A) Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)							Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
Nonperforming assets:
Nonaccruing loans:
Commercial	$	61,750		$	68,811		$	83,736		$	53,365		$	57,449
Commercial real estate		86,475			99,193			110,048			110,363			125,504
Residential mortgage		27,462			29,767			31,731			31,693			37,824
Consumer		7,672			3,515			3,960			4,749			5,185
Total nonaccruing loans		183,359			201,286			229,475			200,170			225,962
Renegotiated loans (A)		36,764			32,893			30,477			22,261			21,705
Real estate and other repossessed assets		115,790			122,753			127,943			129,026			131,420
Total nonperforming assets	$	335,913		$	356,932		$	387,895		$	351,457		$	379,087
Nonaccruing loans by principal market:
Oklahoma	$	64,097		$	65,261		$	73,794		$	41,411		$	49,585
Texas		29,745			28,083			29,783			32,385			34,404
New Mexico		15,029			15,297			17,242			17,244			17,510
Arkansas		18,066			23,450			26,831			24,842			29,769
Colorado		28,990			33,522			36,854			37,472			40,629
Arizona		27,397			35,673			44,929			43,307			54,065
Kansas / Missouri		35			-			42			3,509			-
Total nonaccruing loans	$	183,359		$	201,286		$	229,475		$	200,170		$	225,962
Nonaccruing loans by loan portfolio sector:
Commercial:
Energy	$	336		$	336		$	3,900		$	345		$	415
Manufacturing		23,402			23,051			27,691			4,366			4,545
Wholesale / retail		15,388			21,180			27,088			25,138			30,411
Integrated food services		–			–			–			–			6
Services		12,890			16,968			18,181			16,254			15,720
Healthcare		7,946			5,486			5,715			5,962			2,574
Other commercial and industrial		1,788			1,790			1,161			1,300			3,778
Total commercial		61,750			68,811			83,736			53,365			57,449
Commercial real estate:
Construction and land development		52,416			61,874			72,207			76,265			90,707
Retail		6,193			6,863			6,492			4,642			5,276
Office		10,733			11,457			11,967			11,473			14,628
Multifamily		3,414			3,513			4,036			4,717			1,900
Industrial		–			–			–			–			–
Other commercial real estate		13,719			15,486			15,346			13,266			12,993
Total commercial real estate		86,475			99,193			110,048			110,363			125,504
Residential mortgage:
Permanent mortgage		22,822			25,366			27,486			27,991			33,466
Home equity		4,640			4,401			4,245			3,702			4,358
Total residential mortgage		27,462			29,767			31,731			31,693			37,824
Consumer		7,672			3,515			3,960			4,749			5,185
Total nonaccruing loans	$	183,359		$	201,286		$	229,475		$	200,170		$	225,962
Performing loans 90 days past due (B)	$	6,140		$	2,498		$	1,401		$	2,341		$	8,043
Gross charge-offs	$	13,674		$	14,771		$	14,023		$	12,774		$	15,232
Recoveries		5,189			5,311			3,869			4,256			4,914
Net charge-offs	$	8,485		$	9,460		$	10,154		$	8,518		$	10,318
Provision for (reduction of) allowances for credit losses	$	–		$	(15,000	)	$	–		$	2,700		$	6,250
Allowance for loan losses to period end loans		2.11	%		2.25	%		2.44	%		2.67	%		2.73	%
Combined allowance for credit losses to period end loans		2.20	%		2.33	%		2.58	%		2.77	%		2.86	%
Nonperforming assets to period end loans     and repossessed assets		2.87	%		3.13	%		3.45	%		3.23	%		3.54	%
Net charge-offs (annualized) to average loans		0.30	%		0.34	%		0.37	%		0.32	%		0.39	%
Allowance for loan losses to nonaccruing loans		133.19	%		125.93	%		118.29	%		143.18	%		128.14	%
Combined allowance for credit losses to nonaccruing loans		138.24	%		130.53	%		125.16	%		148.55	%		134.17	%
(A) includes residential mortgage loans guaranteed by	$	32,770		$	28,974		$	26,670		$	18,716		$	18,304
agencies of the U.S. government.  These loans
have been modified to extend payment terms and/or
reduce interest rates to current market.
(B) Excludes residential mortgage loans guaranteed by
agencies of the U.S. government