BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Period End Balances Average Balances
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March 31, Quarter Ended March 31,
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BALANCE SHEETS 2003 2002 2003 2002
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ASSETS
Cash and due from banks $ 563,674 $ 394,407 $ 459,270 $ 416,988
Trading securities 10,658 22,433 10,342 14,971
Funds sold 26,642 6,300 29,392 10,656
Securities:
Available for sale 4,602,369 3,474,991 4,143,109 3,442,504
Held for investment 199,463 227,058 200,265 230,755
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Total securities 4,801,832 3,702,049 4,343,374 3,673,259
Loans:
Commercial 3,930,850 3,655,257 3,915,425 3,605,359
Commercial real estate 1,544,148 1,370,383 1,538,089 1,351,778
Residential mortgage 1,097,507 815,667 1,093,201 804,410
Consumer 403,984 407,909 402,398 402,513
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Total loans 6,976,489 6,249,216 6,949,113 6,164,060
Less allowance for loan losses (119,699) (105,900) (119,959) (105,166)
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Total loans, net 6,856,790 6,143,316 6,829,154 6,058,894
Premises and equipment, net 154,943 139,644 153,292 140,246
Accrued revenue receivable 61,935 69,375 62,241 61,555
Intangible assets, net 196,256 148,891 197,037 150,384
Mortgage servicing rights, net 37,526 102,319 35,727 93,059
Real estate and other repossessed assets 5,350 7,655 6,242 7,956
Bankers' acceptances 33,210 11,673 16,988 10,111
Derivative contracts 130,158 42,638 140,846 45,616
Other assets 83,993 75,011 82,760 73,823
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TOTAL ASSETS $ 12,962,967 $ 10,865,711 $ 12,366,665 $ 10,757,518
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LIABILITIES AND EQUITY CAPITAL
Deposits:
Demand $ 1,460,436 $ 1,126,324 $ 1,292,077 $ 1,112,571
Interest-bearing transaction 3,452,180 2,725,740 3,288,874 2,666,154
Savings 175,224 166,776 168,730 160,082
Time deposits 3,546,880 2,998,119 3,399,813 2,918,473
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Total deposits 8,634,720 7,016,959 8,149,494 6,857,280
Federal funds purchased and
repurchase agreements 1,465,907 1,280,399 1,420,781 1,571,063
Other borrowed funds 1,057,550 1,120,769 1,059,201 1,119,466
Subordinated debentures 155,198 186,081 155,304 186,189
Accrued interest, taxes, and expenses 73,200 62,551 66,427 66,488
Amount due on unsettled security transactions 233,491 241,500 198,751 2,683
Bankers' acceptances 33,210 11,673 16,988 10,111
Derivative contracts 122,253 46,823 131,764 49,193
Other liabilities 50,598 44,292 51,890 42,168
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TOTAL LIABILITIES 11,826,127 10,011,047 11,250,600 9,904,641
Equity Capital:
Stockholders' equity 1,096,527 856,714 1,074,141 836,567
Unrealized securities gains (losses) 40,313 (2,050) 41,924 16,310
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TOTAL EQUITY CAPITAL 1,136,840 854,664 1,116,065 852,877
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TOTAL LIABILITIES AND
EQUITY CAPITAL $ 12,962,967 $ 10,865,711 $ 12,366,665 $ 10,757,518
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For the Quarter Ended
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March 31,
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STATEMENTS OF EARNINGS 2003 2002
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Interest revenue $ 141,952 $ 143,730
Interest expense 46,441 52,663
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Net interest revenue 95,511 91,067
Provision for loan losses 9,912 8,866
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Net interest revenue after
provision for loan losses 85,599 82,201
Other operating revenue
Brokerage and trading revenue 8,679 6,067
Transaction card revenue 13,599 12,486
Trust fees and commissions 10,180 10,374
Service charges and fees on deposit accounts 18,984 13,855
Mortgage banking revenue, net 15,535 10,652
Leasing revenue 859 892
Other revenue 5,001 5,042
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Total fees and commissions 72,837 59,368
Gain on sale of other assets 730 676
Gain (loss) on sales of securities, net 9,689 (7,581)
Gain (loss) on derivatives (1,102) (536)
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Total other operating revenue 82,154 51,927
Other operating expense
Personnel 52,632 43,332
Business promotion 3,471 2,878
Professional fees and services 3,765 2,908
Net occupancy & equipment 11,061 10,340
Data processing & communications 12,643 10,438
FDIC and other insurance 516 439
Printing, postage and supplies 3,359 3,057
Net (gains) losses and operating expenses
on repossessed assets 8 47
Amortization of intangible assets 1,777 1,887
Mortgage banking costs 14,442 8,357
Provision for impairment of mortgage
servicing rights (7,830) (5,278)
Other expense 3,082 4,746
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Total other operating expense 98,926 83,151
Income before taxes 68,827 50,977
Federal and state income taxes 24,640 18,045
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Net Income $ 44,187 $ 32,932
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For the Quarter Ended
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March 31,
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FINANCIAL DATA 2003 2002
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Capital:
Average equity $ 1,116,065 $ 852,877
Period-end equity $ 1,136,840 $ 854,664
Risk-based capital ratios:
Tier 1 9.20% 8.49%
Total capital 12.11% 11.99%
Leverage ratio 7.03% 6.63%
Common stock:
Book value per share $ 20.61 $ 16.17
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Basic earnings per share $ 0.79 $ 0.62
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Diluted earnings per share $ 0.71 $ 0.55
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Period end common shares outstanding 55,185,817 52,881,837
Average shares outstanding:
Basic 55,154,698 52,868,907
Diluted 62,567,374 60,122,929
Key ratios:
Return on average assets 1.45% 1.24%
Return on average equity 16.06% 15.66%
Net interest margin 3.57% 3.86%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 50,713 $ 41,881
Real estate and other repossessed assets 5,350 7,655
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Total nonperforming assets $ 56,063 $ 49,536
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90-day past due $ 7,921 $ 13,023
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Gross charge-offs $ 8,051 $ 6,256
Recoveries 1,768 1,385
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Net charge-offs (recoveries) $ 6,283 $ 4,871
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Key ratios:
Reserve for loan losses to period end loans (1) 1.75% 1.72%
Nonperforming assets to period
end loans (1) and repossessed assets 0.82% 0.80%
Net charge-offs (annualized) to average loans (1) 0.37% 0.32%
Reserve for loan losses to nonperforming loans 236.03% 252.86%
(1) Excluding residential mortgage loans held for sale.
For the Quarter Ended
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March 31,
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2003 2002
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Other Data:
Average earning assets $ 11,212,262 $ 9,757,780
Average total assets $ 12,366,665 $ 10,757,518
Average equity $ 1,116,065 $ 852,877
Average loans $ 6,949,113 $ 6,164,060
Loans held for sale (Period end) $ 146,092 $ 89,439
Loans held for sale (Average) $ 122,248 $ 122,651
Tax equivalent adjustment $ 1,403 $ 1,696
Preferred stock dividends - BOKF $ 375 $ 375
Period end common shares O/S 55,185,817 52,881,837
Period end fully diluted shares 62,598,493 59,924,577
Number of days in period 90 90
Tangible Book Value per Common Share $ 17.05 $ 13.35
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Stock Buy Back Program:
Stock buy back # shares - -
Stock buy back account $ - $ -
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Average price per share $ - $ -
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Mortgage Banking:
Mortgage servicing portfolio $ 5,090,974 $ 6,222,509
Mortgage loan fundings during quarter $ 331,425 $ 207,679
Mortgage loan refinances to total fundings 74.40% 62.39%
Trust Assets:
Total trust assets $ 17,131,694 $ 18,187,855