BOK FINANCIAL CORPORATION 22-Jan-03
(In thousands, except ratio and per share data) 11:09 AM
Period End Balances Average Balances
December 31, Quarter Ended December 31,
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BALANCE SHEETS 2002 2001 2002 2001
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ASSETS
Cash and due from banks $ 604,680 $ 643,938 $ 469,227 $ 436,678
Trading securities 5,110 10,327 8,639 22,508
Funds sold 19,535 3,400 24,856 14,362
Securities:
Available for sale 3,933,343 3,449,549 4,007,777 3,174,362
Held for investment 197,950 241,113 211,100 242,003
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Total securities 4,131,293 3,690,662 4,218,877 3,416,365
Loans:
Commercial 3,989,798 3,674,750 3,909,155 3,620,370
Commercial real estate 1,435,838 1,341,775 1,406,816 1,321,968
Residential mortgage 1,063,180 869,173 1,041,691 856,085
Consumer 412,167 409,680 403,836 405,089
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Total loans 6,900,983 6,295,378 6,761,498 6,203,512
Less allowance for loan losses (116,070) (101,905) (114,711) (99,541)
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Total loans, net 6,784,913 6,193,473 6,646,787 6,103,971
Premises and equipment 151,715 141,425 149,230 139,804
Accrued revenue receivable 72,018 68,728 63,217 63,003
Intangible assets, net 197,868 152,076 184,165 154,511
Mortgage servicing rights 37,288 98,796 43,369 84,448
Real estate and other repossessed assets 6,719 7,141 6,764 8,270
Bankers' acceptances 3,728 15,393 12,453 21,882
Other assets 164,783 116,243 104,335 115,647
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TOTAL ASSETS $ 12,179,650 $ 11,141,602 $ 11,931,919 $ 10,581,449
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LIABILITIES AND EQUITY CAPITAL
Deposits:
Demand $ 1,531,694 $ 1,366,690 $ 1,310,932 $ 1,150,498
Interest-bearing transaction 3,164,102 2,559,714 2,988,986 2,429,978
Savings 164,738 158,234 173,286 158,040
Time deposits 3,267,991 2,821,106 3,248,364 2,839,770
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Total deposits 8,128,525 6,905,744 7,721,568 6,578,286
Federal funds purchased and
repurchase agreements 1,567,686 1,601,989 1,523,923 1,701,655
Other borrowed funds 1,088,022 1,220,948 1,084,616 1,088,792
Subordinated debenture 155,419 186,302 169,874 186,409
Net amount due (receivable)
on unsettled security transactions (65,395) 231,660 194,097 2,518
Accrued interest, taxes, and expenses 74,043 67,014 81,572 86,393
Bankers' acceptances 3,728 15,393 12,453 21,882
Other liabilities 134,065 84,069 92,082 80,230
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TOTAL LIABILITIES 11,086,093 10,313,119 10,880,185 9,746,165
Equity Capital:
Stockholders' equity 1,050,469 822,691 1,011,288 803,557
Unrealized securities gains (losses) 43,088 5,792 40,446 31,727
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TOTAL EQUITY CAPITAL 1,093,557 828,483 1,051,734 835,284
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TOTAL LIABILITIES AND
EQUITY CAPITAL $ 12,179,650 $ 11,141,602 $ 11,931,919 $ 10,581,449
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For the Quarters Ended For the Twelve Months Ended
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December 31, December 31,
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STATEMENTS OF EARNINGS 2002 2001 2002 2001
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Interest revenue $ 143,756 $ 148,222 $ 574,913 $ 654,633
Interest expense 49,472 60,503 206,712 325,681
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Net interest revenue 94,284 87,719 368,201 328,952
Provision for loan losses 10,001 10,517 33,730 37,610
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Net interest revenue after
provision for loan losses 84,283 77,202 334,471 291,342
Other operating revenue
Brokerage and trading revenue 6,725 5,226 24,450 19,644
Transaction card revenue 13,973 11,489 53,552 44,481
Trust fees and commissions 9,813 9,740 40,092 40,567
Service charges and fees on deposit accounts 18,991 13,741 67,632 51,284
Mortgage banking revenue, net 14,943 14,923 48,910 50,155
Leasing revenue 826 915 3,330 3,745
Other revenue 4,431 5,578 20,276 20,087
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Total fees and commissions 69,702 61,612 258,242 229,963
Gain on sale of assets 30 18 1,157 557
Gain (loss) on sales of securities, net 10,342 (3,770) 58,704 30,640
Gain (loss) on derivatives 665 (3,300) 5,894 (4,062)
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Total other operating revenue 80,739 54,560 323,997 257,098
Other operating expense
Personnel 50,134 42,575 183,314 163,835
Business promotion 2,798 2,798 11,367 10,658
Professional fees and services 3,531 4,189 12,987 13,391
Net occupancy & equipment 11,130 10,637 42,347 42,764
Data processing & communications 13,459 10,486 47,251 40,013
FDIC and other insurance 513 388 1,903 1,717
Printing, postage and supplies 3,418 3,132 12,665 12,329
Net gains and operating expenses
on repossessed assets 203 239 1,014 1,401
Amortization of intangible assets 2,002 5,014 7,638 20,113
Mortgage banking costs 14,488 9,512 42,271 30,261
Provision for impairment of mortgage
servicing rights (1,615) (8,861) 45,923 15,551
Other expense 4,932 4,692 16,957 16,729
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Total other operating expense 104,993 84,801 425,637 368,762
Income before taxes 60,029 46,961 232,831 179,678
Federal and state income taxes 21,250 16,829 82,422 63,612
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Income before cumulative effect of a change
in accounting principle, net of tax 38,779 30,132 150,409 116,066
Transition adjustment of adoption of FAS 133 - - - 236
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NET INCOME $ 38,779 $ 30,132 $ 150,409 $ 116,302
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For the Quarters Ended For the Twelve Months Ended
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December 31, December 31,
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FINANCIAL DATA 2002 2001 2002 2001
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Capital:
Average equity $ 1,051,734 $ 835,284 $ 935,853 $ 778,844
Period-end equity $ 1,093,557 $ 828,483 $ 1,093,557 $ 828,483
Risk-based capital ratios:
Tier 1 9.04% 8.08%
Total capital 12.03% 11.56%
Leverage ratio 6.88% 6.38%
Common stock:
Book value per share $ 19.86 $ 15.71
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Basic earnings per share $ 0.70 $ 0.56 $ 2.79 $ 2.18
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Diluted earnings per share $ 0.63 $ 0.50 $ 2.48 $ 1.95
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Proforma effect of FAS 142 and 147 implementation
on diluted earnings per share in prior years - $ 0.53 - $ 2.06
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Average shares outstanding:
Basic 54,507,223 52,720,771 53,341,294 52,550,525
Diluted 61,904,650 59,995,980 60,636,863 59,724,364
Key ratios:
Return on average assets 1.29% 1.13% 1.33% 1.14%
Return on average equity 14.63% 14.31% 16.07% 14.93%
Net interest margin 3.55% 3.72% 3.70% 3.66%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 49,855 $ 43,540
Real estate and other repossessed assets 6,719 7,141
Renegotiated loans - 27
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Total nonperforming assets $ 56,574 $ 50,708
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90-day past due and restructured loans $ 8,117 $ 8,108
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Gross charge-offs $ 7,877 $ 5,960 $ 25,905 $ 25,248
Recoveries 1,356 1,297 4,976 4,588
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Net charge-offs (recoveries) $ 6,521 $ 4,663 $ 20,929 $ $ 20,660
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Key ratios:
Reserve for loan losses to period end loans (1) 1.72% 1.66%
Nonperforming assets to period
end loans (1) and repossessed assets 0.84% 0.83%
Net charge-offs (annualized) to average loans (1) 0.39% 0.31% 0.33% 0.35%
Reserve for loan losses to nonperforming loans 232.82% 233.90%
(1) Excluding residential mortgage loans held for sale.
For the Quarters Ended For the Twelve Months Ended
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December 31, December 31,
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2002 2001 2002 2001
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Other Data:
Average earning assets $ 10,899,159 $ 9,557,206 $ 10,286,933 $ 9,201,031
Average total assets $ 11,931,919 $ 10,581,449 $ 11,290,525 $ 10,239,411
Average equity $ 1,051,734 $ 835,284 $ 935,853 $ 778,844
Average loans $ 6,761,498 $ 6,203,512 $ 6,401,510 $ 5,989,224
Loans held for sale (Period end) $ 133,421 $ 166,093 $ 133,421 $ 166,093
Loans held for sale (Average) $ 141,111 $ 121,693 $ 108,481 $ 91,089
Proforma net income with FAS 142 and 147
on prior years n/a $ 31,795 n/a $ 122,910
Tax equivalent adjustment $ 1,404 $ 1,802 $ 6,119 $ 8,045
Preferred stock dividends - BOKF $ 375 $ 375 $ 1,500 $ 1,500
Period end common shares O/S 55,066,629 52,731,791 55,066,629 52,731,791
Period end fully diluted shares 62,464,056 60,007,000 62,464,056 60,007,000
Number of days in period 92 92 365 365
Tangible Book Value per Share $ 16.27 $ 12.83
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Mortgage Banking:
Mortgage servicing portfolio $ 5,411,297 $ 6,276,101
Mortgage loan fundings during quarter $ 407,167 $ 359,685
Mortgage loan refinances to total fundings 72.86% 66.62%
Trust Assets $ 17,141,301 $ 18,216,179