BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Period End Balances Average Balances
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September 30, Quarter Ended September 30,
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BALANCE SHEETS 2003 2002 2003 2002
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ASSETS
Cash and due from banks $ 584,905 $ 531,269 $ 450,266 $ 423,379
Trading securities 19,238 6,791 27,830 13,341
Funds sold 22,200 8,315 32,491 11,331
Securities:
Available for sale 4,009,524 4,120,935 4,359,948 3,781,297
Held for investment 192,877 195,643 187,219 194,483
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Total securities 4,202,401 4,316,578 4,547,167 3,975,780
Loans:
Commercial 4,180,222 3,792,462 4,083,164 3,706,079
Commercial real estate 1,572,083 1,407,329 1,535,549 1,375,274
Residential mortgage 1,111,115 985,584 1,085,425 963,135
Consumer 428,136 409,779 418,073 400,445
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Total loans 7,291,556 6,595,154 7,122,211 6,444,933
Less allowance for loan losses (126,971) (111,226) (125,966) (110,590)
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Total loans, net 7,164,585 6,483,928 6,996,245 6,334,343
Premises and equipment, net 167,813 144,389 162,395 141,076
Accrued revenue receivable 59,575 65,935 58,595 62,893
Intangible assets, net 251,470 145,940 205,849 144,880
Mortgage servicing rights, net 48,392 42,252 47,689 64,093
Real estate and other repossessed assets 7,920 6,427 6,218 5,630
Receivable on unsettled security transactions 260,961 - 28,303 -
Bankers' acceptances 45,810 28,365 39,338 28,731
Derivative contracts 111,406 54,671 133,498 50,387
Other assets 154,120 77,018 120,745 76,766
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TOTAL ASSETS $ 13,100,796 $ 11,911,878 $ 12,856,629 $ 11,332,630
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,566,376 $ 1,359,893 $ 1,323,641 $ 1,188,441
Interest-bearing transaction 3,698,527 2,821,579 3,715,035 2,795,449
Savings 180,805 164,188 170,796 164,952
Time deposits 3,481,517 3,128,317 3,423,920 3,090,272
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Total deposits 8,927,225 7,473,977 8,633,392 7,239,114
Federal funds purchased and
repurchase agreements 1,437,902 1,730,894 1,529,721 1,615,075
Other borrowed funds 1,098,647 1,098,242 1,062,734 999,140
Subordinated debentures 154,756 185,640 154,865 185,748
Accrued interest, taxes, and expenses 68,583 78,187 86,058 76,411
Due on unsettled security transactions - 243,038 - 149,712
Bankers' acceptances 45,810 28,365 39,338 28,731
Derivative contracts 109,592 44,758 130,762 45,160
Other liabilities 70,874 43,187 58,425 41,453
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TOTAL LIABILITIES 11,913,389 10,926,288 11,695,295 10,380,544
Shareholders' Equity:
Shareholders' equity 1,181,620 941,847 1,142,690 914,258
Unrealized securities gains (losses) 5,787 43,743 18,644 37,828
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TOTAL SHAREHOLDERS' EQUITY 1,187,407 985,590 1,161,334 952,086
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 13,100,796 $ 11,911,878 $ 12,856,629 $ 11,332,630
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For the Quarters Ended For the Nine Months Ended
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September 30, September 30,
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STATEMENTS OF EARNINGS 2003 2002 2003 2002
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Interest revenue $ 137,804 $ 144,430 $ 421,290 $ 431,157
Interest expense 41,633 51,861 132,041 157,240
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Net interest revenue 96,171 92,569 289,249 273,917
Provision for loan losses 8,220 8,029 27,635 23,729
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Net interest revenue after
provision for loan losses 87,951 84,540 261,614 250,188
Other operating revenue
Brokerage and trading revenue 11,588 5,359 30,299 17,725
Transaction card revenue 15,241 13,654 43,978 39,579
Trust fees and commissions 11,762 9,605 32,787 30,279
Service charges and fees on deposit accounts 21,106 18,395 59,696 48,641
Mortgage banking revenue, net 12,735 12,556 44,879 33,967
Leasing revenue 949 790 2,603 2,504
Other revenue 7,587 5,105 18,580 15,845
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Total fees and commissions 80,968 65,464 232,822 188,540
Gain on sale of other assets 14 444 752 1,127
Gain (loss) on sales of securities, net (12,007) 34,341 8,139 48,362
Gain (loss) on derivatives (4,566) 7,218 (6,789) 5,229
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Total other operating revenue 64,409 107,467 234,924 243,258
Other operating expense
Personnel 56,915 45,999 164,283 136,285
Business promotion 2,912 2,483 9,164 8,569
Professional fees and services 4,454 2,816 13,623 9,456
Net occupancy & equipment 11,600 10,578 33,901 31,217
Data processing & communications 13,989 12,138 40,651 33,792
FDIC and other insurance 589 468 1,635 1,390
Printing, postage and supplies 3,459 3,172 10,341 9,247
Net (gains) losses and operating expenses
on repossessed assets 283 108 626 811
Amortization of intangible assets 1,959 1,867 5,513 5,636
Mortgage banking costs 8,268 11,635 34,191 27,783
Provision (recovery) for impairment of
mortgage servicing rights (16,186) 29,042 (20,663) 47,538
Other expense 3,510 4,425 11,508 12,025
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Total other operating expense 91,752 124,731 304,773 323,749
Income before taxes 60,608 67,276 191,765 169,697
Federal and state income taxes 21,792 23,784 68,707 59,977
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Net Income $ 38,816 $ 43,492 $ 123,058 $ 109,720
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For the Quarters Ended For the Nine Months Ended
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September 30, September 30,
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FINANCIAL DATA 2003 2002 2003 2002
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Capital:
Average equity $ 1,161,334 $ 952,086 $ 1,147,884 $ 899,437
Period-end equity $ 1,187,407 $ 985,590 $ 1,187,407 $ 985,590
Risk-based capital ratios:
Tier 1 8.78% 9.03%
Total capital 10.96% 12.43%
Leverage ratio 6.96% 6.99%
Common stock:
Book value per share $ 20.54 $ 17.77 $ 20.54 $ 17.77
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Basic earnings per share $ 0.67 $ 0.79 $ 2.14 $ 1.99
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Diluted earnings per share $ 0.60 $ 0.70 $ 1.91 $ 1.77
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Period end common shares outstanding 57,076,817 54,627,575 57,076,817 54,627,575
Average shares outstanding:
Basic 57,059,192 54,633,692 56,940,900 54,560,045
Diluted 64,692,790 62,082,122 64,564,778 62,039,034
Key ratios:
Return on average assets 1.20% 1.52% 1.30% 1.32%
Return on average equity 13.26% 18.12% 14.33% 16.31%
Net interest margin 3.32% 3.66% 3.45% 3.76%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 50,788 $ 53,462
Real estate and other repossessed assets 7,920 6,427
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Total nonperforming assets $ 58,708 $ 59,889
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90-day past due $ 12,372 $ 10,274
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Gross charge-offs $ 8,156 $ 6,125 $ 23,926 $ 18,028
Recoveries 1,852 1,238 4,909 3,620
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Net charge-offs (recoveries) $ 6,304 $ 4,887 $ 19,017 $ 14,408
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Key ratios:
Reserve for loan losses to period end loans (A) 1.77% 1.72%
Nonperforming assets to period
end loans (A) and repossessed assets 0.82% 0.93%
Net charge-offs (annualized) to average loans (A) 0.36% 0.31% 0.37% 0.31%
Reserve for loan losses to nonperforming loans 250.00% 208.05%
(A) Excluding residential mortgage loans held for sale.
For the Quarters Ended For the Nine Months Ended
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September 30, September 30,
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2003 2002 2003 2002
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Other Data:
Average earning assets,
net of unsettled security transactions $ 11,630,201 $ 10,186,286 $ 11,376,856 $ 9,909,990
Average total assets $ 12,856,629 $ 11,332,630 $ 12,623,152 $ 11,133,068
Average equity $ 1,161,334 $ 952,086 $ 1,147,884 $ 899,437
Average loans $ 7,122,211 $ 6,444,933 $ 7,014,711 $ 6,280,195
Loans held for sale (Period end) $ 109,035 $ 136,330 $ 109,035 $ 136,330
Loans held for sale (Average) $ 161,762 $ 98,297 $ 139,122 $ 97,485
Tax equivalent adjustment $ 1,256 $ 1,387 $ 3,986 $ 4,715
Preferred stock dividends - BOKF $ 375 $ 375 $ 1,125 $ 1,125
Period end common shares O/S 57,076,817 54,627,575 57,076,817 54,627,575
Period end fully diluted shares 64,710,415 62,076,005 64,710,415 62,076,005
Number of days in period 92 92 273 273
Tangible Book Value per Common Share $ 16.14 $ 15.10 $ 16.48 $ 14.50
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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 $ 4,499,482 $ 5,791,851
Mortgage loan fundings during quarter $ 425,024 $ 264,463 $ 1,156,377 $ 657,510
Mortgage loan refinances to total fundings 65.84% 56.16% 69.27% 47.24%
Trust Assets:
Total trust assets $ 17,575,824 $ 15,104,458