BOK FINANCIAL CORPORATION EXHIBIT 99 (b)
(In thousands, except ratio and per share data)
Period End Balances Average Balances
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June 30, Quarter Ended June 30,
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BALANCE SHEETS 2004 2003 2004 2003
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ASSETS
Cash and due from banks $ 574,549 $ 718,497 $ 507,731 $ 441,063
Trading securities 15,133 38,143 23,513 12,207
Funds sold 148,035 10,395 16,284 16,669
Securities:
Available for sale 4,572,027 5,000,436 4,667,580 4,381,671
Held for investment 205,933 192,185 200,160 192,970
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Total securities 4,777,960 5,192,621 4,867,740 4,574,641
Loans:
Commercial 4,333,701 4,089,988 4,347,041 4,048,702
Commercial real estate 1,589,542 1,463,851 1,594,192 1,448,554
Residential mortgage 1,159,433 1,066,210 1,163,186 1,055,395
Consumer 442,424 422,839 443,838 418,254
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Total loans 7,525,100 7,042,888 7,548,257 6,970,905
Less allowance for loan losses (128,905) (122,772) (131,310) (123,095)
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Total loans, net 7,396,195 6,920,116 7,416,947 6,847,810
Premises and equipment, net 173,798 160,474 173,184 156,740
Accrued revenue receivable 76,422 66,689 65,789 62,493
Intangible assets, net 246,539 194,478 247,667 195,351
Mortgage servicing rights, net 53,000 31,141 50,173 31,873
Real estate and other repossessed assets 4,776 5,713 5,876 5,848
Receivable on unsettled security transactions 8,018 - - -
Bankers' acceptances 18,783 33,857 21,713 35,868
Derivative contracts 294,900 142,605 285,311 166,850
Other assets 199,888 116,527 172,397 111,604
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TOTAL ASSETS $ 13,987,996 $ 13,631,256 $ 13,854,325 $ 12,659,017
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,877,492 $ 1,746,666 $ 1,799,249 $ 1,252,076
Interest-bearing transaction 3,892,166 3,435,287 3,859,706 3,523,932
Savings 169,826 169,540 173,566 172,258
Time deposits 3,670,825 3,339,689 3,565,324 3,491,055
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Total deposits 9,610,309 8,691,182 9,397,845 8,439,321
Federal funds purchased and
repurchase agreements 1,497,685 1,723,711 1,565,922 1,515,597
Other borrowed funds 1,016,327 1,057,476 1,009,871 1,053,573
Subordinated debentures 151,538 154,977 152,799 155,078
Accrued interest, taxes, and expenses 49,692 65,316 59,740 63,200
Due on unsettled security transactions - 518,782 733 16,924
Bankers' acceptances 18,783 33,857 21,713 35,868
Derivative contracts 307,102 136,485 292,019 158,382
Other liabilities 77,485 64,280 78,575 58,056
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TOTAL LIABILITIES 12,728,921 12,446,066 12,579,217 11,495,999
Shareholders' Equity:
Shareholders' equity 1,307,039 1,141,677 1,277,036 1,117,061
Unrealized securities gains (47,964) 43,513 (1,928) 45,957
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TOTAL SHAREHOLDERS' EQUITY 1,259,075 1,185,190 1,275,108 1,163,018
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 13,987,996 $ 13,631,256 $ 13,854,325 $ 12,659,017
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For the Quarter Ended For the Six Months Ended
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June 30, June 30,
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STATEMENTS OF EARNINGS 2004 2003 2004 2003
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Interest revenue $ 147,349 $ 141,534 $ 293,355 $ 283,486
Interest expense 42,160 43,597 84,959 89,728
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Net interest revenue 105,189 97,937 208,396 193,758
Provision for loan losses 3,987 9,503 11,014 19,415
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Net interest revenue after
provision for loan losses 101,202 88,434 197,382 174,343
Other operating revenue
Brokerage and trading revenue 11,166 10,459 21,177 19,673
Transaction card revenue 16,817 14,059 31,541 26,735
Trust fees and commissions 13,939 10,845 27,648 21,025
Service charges and fees on deposit accounts 23,928 19,606 46,083 38,590
Mortgage banking revenue, net 7,555 16,609 15,299 32,144
Leasing revenue 860 795 1,747 1,654
Other revenue 5,774 5,555 12,398 10,215
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Total fees and commissions 80,039 77,928 155,893 150,036
Gain on sale of other assets 35 8 719 738
Gain (loss) on sales of securities, net (11,005) 10,457 (6,728) 20,146
Gain (loss) on derivatives 201 (1,111) (794) (2,407)
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Total other operating revenue 69,270 87,282 149,090 168,513
Other operating expense
Personnel 59,810 53,584 118,019 107,368
Business promotion 3,831 2,781 7,181 6,252
Contribution of stock to BOk Charitable Foundation - - 4,125 -
Professional fees and services 3,994 5,404 7,893 9,169
Net occupancy and equipment 11,732 11,240 23,583 22,301
Data processing and communications 15,270 12,940 29,911 24,660
FDIC and other insurance 667 530 1,271 1,046
Printing, postage and supplies 3,130 3,523 6,447 6,882
Net (gains) losses and operating expenses
on repossessed assets (169) 335 (55) 343
Amortization of intangible assets 2,121 1,777 4,259 3,554
Mortgage banking costs 4,433 11,481 10,276 25,923
Provision (recovery) for impairment of
mortgage servicing rights (10,865) 3,353 (7,162) (4,477)
Other expense 5,038 5,286 9,692 8,678
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Total other operating expense 98,992 112,234 215,440 211,699
Income before taxes 71,480 63,482 131,032 131,157
Federal and state income taxes 25,947 22,707 46,347 46,915
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Net Income $ 45,533 $ 40,775 $ 84,685 $ 84,242
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For the Quarter Ended For the Six Months Ended
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June 30, June 30,
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FINANCIAL DATA 2004 2003 2004 2003
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Capital:
Average equity $ 1,275,108 $ 1,163,018 $ 1,262,988 $ 1,139,671
Period-end equity $ 1,259,075 $ 1,185,190 $ 1,259,075 $ 1,185,190
Risk-based capital ratios:
Tier 1 9.79% 9.32%
Total capital 11.90% 11.85%
Leverage ratio 7.52% 7.21%
Common stock:
Book value per share $ 21.03 $ 19.92 $ 21.03 $ 19.92
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Basic earnings per share $ 0.76 $ 0.69 $ 1.42 $ 1.43
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Diluted earnings per share $ 0.68 $ 0.61 $ 1.27 $ 1.27
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Period end common shares outstanding 59,163,047 58,743,260 59,163,047 58,743,260
Average shares outstanding:
Basic 59,146,624 58,647,952 59,098,913 58,587,197
Diluted 66,719,734 66,506,486 66,688,766 66,434,786
Key ratios:
Return on average assets 1.32% 1.29% 1.24% 1.36%
Return on average equity 14.36% 14.06% 13.48% 14.91%
Net interest margin 3.46% 3.48% 3.46% 3.53%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 57,610 $ 55,619
Real estate and other repossessed assets 4,776 5,713
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Total nonperforming assets $ 62,386 $ 61,332
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90-day past due $ 10,280 $ 6,996
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Gross charge-offs $ 6,672 $ 7,719 $ 14,634 $ 15,770
Recoveries 1,752 1,289 3,886 3,057
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Net charge-offs (recoveries) $ 4,920 $ 6,430 $ 10,748 $ 12,713
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Key ratios:
Reserve for loan losses to period end loans (A) 1.73% 1.78%
Nonperforming assets to period
end loans (A) and repossessed assets 0.84% 0.89%
Net charge-offs (annualized) to average loans (A) 0.26% 0.38% 0.29% 0.38%
Reserve for loan losses to nonperforming loans 223.75% 220.74%
(A) Excluding residential mortgage loans held for sal
For the Quarter Ended For the Six Months Ended
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June 30, June 30,
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2004 2003 2004 2003
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Other Data:
Average earning assets,
net of unsettled security transactions $ 12,337,278 $ 11,434,403 $ 12,229,208 $ 11,225,120
Average total assets $ 13,854,325 $ 12,659,017 $ 13,703,162 $ 12,467,323
Average equity $ 1,275,108 $ 1,163,018 $ 1,262,988 $ 1,139,671
Average loans $ 7,548,257 $ 6,970,905 $ 7,521,485 $ 6,960,069
Loans held for sale (Period end) $ 79,034 $ 144,890 $ 79,034 $ 144,890
Loans held for sale (Average) $ 97,348 $ 132,922 $ 84,718 $ 127,614
Tax equivalent adjustment $ 1,089 $ 1,327 $ 2,286 $ 2,730
Preferred stock dividends - BOKF $ 375 $ 375 $ 750 $ 750
Period end common shares O/S 59,163,047 58,743,260 59,163,047 58,743,260
Period end fully diluted shares 66,736,157 66,601,794 66,736,157 66,601,794
Number of days in period 91 91 182 181
Tangible Book Value per Common Share $ 16.86 $ 16.61 $ 17.11 $ 16.22
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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 $ 4,127,875 $ 4,803,824
Mortgage loan fundings during quarter $ 197,150 $ 399,928 $ 356,791 $ 731,353
Mortgage loan refinances to total fundings 36.78% 68.70% 39.47% 71.27%
Trust Assets:
Total trust assets $ 22,938,606 $ 17,232,446