BOK FINANCIAL CORPORATION Exhibit 99 (b)
(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 2005 2004 2005 2004
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ASSETS
Cash and due from banks $ 505,412 $ 554,511 $ 558,472 $ 482,558
Trading securities 13,381 18,155 17,205 15,499
Funds sold 14,861 12,800 30,003 7,995
Securities:
Available for sale 4,579,980 4,677,148 4,624,110 4,594,569
Held for investment 224,425 198,679 221,694 193,929
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Total securities 4,804,405 4,875,827 4,845,804 4,788,498
Loans:
Commercial 4,590,846 4,319,665 4,521,492 4,316,205
Commercial real estate 1,717,785 1,619,225 1,691,379 1,618,109
Residential mortgage 1,259,451 1,115,952 1,240,663 1,115,213
Consumer 517,884 445,734 509,643 445,186
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Total loans 8,085,966 7,500,576 7,963,177 7,494,713
Less reserve for loan losses (108,958) (114,988) (111,955) (117,644)
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Total loans, net 7,977,008 7,385,588 7,851,222 7,377,069
Premises and equipment, net 172,118 173,079 171,852 174,040
Accrued revenue receivable 78,577 69,619 73,680 62,398
Intangible assets, net 241,057 248,660 241,809 249,794
Mortgage servicing rights, net 50,105 42,352 45,570 46,263
Real estate and other repossessed assets 3,187 5,954 3,822 6,695
Receivable on unsettled securities transactions 50,115 - 3,265 -
Bankers' acceptances 23,513 23,117 25,741 23,945
Derivative contracts 720,087 230,464 427,837 171,394
Other assets 336,080 134,836 256,632 140,704
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TOTAL ASSETS $ 14,989,906 $ 13,774,962 $ 14,552,914 $ 13,546,852
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,940,789 $ 1,921,263 $ 1,895,989 $ 1,643,638
Interest-bearing transaction 3,905,998 3,838,615 3,920,844 3,819,981
Savings 166,323 178,088 159,276 174,958
Time deposits 3,721,430 3,427,608 3,685,257 3,395,785
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Total deposits 9,734,540 9,365,574 9,661,366 9,034,362
Federal funds purchased and
repurchase agreements 1,881,559 1,480,246 1,704,327 1,675,722
Other borrowed funds 873,217 1,012,745 971,616 1,010,414
Subordinated debenture 149,117 154,027 150,752 154,175
Accrued interest, taxes, and expenses 76,904 69,415 81,310 71,807
Bankers' acceptances 23,513 23,117 25,741 23,945
Due on unsettled securities transactions - 39,100 - 57,903
Derivative contracts 735,397 231,803 438,934 172,295
Other liabilities 100,455 103,064 107,449 95,361
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TOTAL LIABILITIES 13,574,702 12,479,091 13,141,495 12,295,984
Shareholders' Equity:
Shareholders' equity 1,466,193 1,260,475 1,427,772 1,232,719
Unrealized securities gains (losses) (50,989) 35,396 (16,353) 18,149
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TOTAL SHAREHOLDERS' EQUITY 1,415,204 1,295,871 1,411,419 1,250,868
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 14,989,906 $ 13,774,962 $ 14,552,914 $ 13,546,852
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For the Quarter Ended
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March 31,
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STATEMENTS OF EARNINGS 2005 2004
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Interest revenue $ 170,304 $ 146,337
Interest expense 62,710 43,130
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Net interest revenue 107,594 103,207
Provision for credit losses 2,000 7,027
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Net interest revenue after
provision for credit losses 105,594 96,180
Other operating revenue
Brokerage and trading revenue 11,336 10,011
Transaction card revenue 16,543 14,724
Trust fees and commissions 16,016 13,709
Service charges and fees on deposit accounts 22,173 22,155
Mortgage banking revenue, net 5,578 7,744
Leasing revenue 673 887
Other revenue 6,724 6,624
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Total fees and commissions 79,043 75,854
Gain on sale of other assets 972 684
Gain (loss) on securities, net (2,637) 4,277
Gain (loss) on derivatives, net 778 (995)
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Total other operating revenue 78,156 79,820
Other operating expense
Personnel 58,439 58,209
Business promotion 4,430 3,350
Contribution of stock to BOK Charitable Foundation - 4,125
Professional fees and services 3,619 3,899
Net occupancy and equipment 12,094 11,851
Data processing and communications 15,099 14,641
Printing, postage and supplies 3,615 3,317
Net (gains) losses and operating expenses
on repossessed assets 308 114
Amortization of intangible assets 1,537 2,138
Mortgage banking costs 3,613 5,843
Provision (recovery) for impairment of mortgage
servicing rights (5,624) 3,703
Other expense 5,029 5,258
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Total other operating expense 102,159 116,448
Income before taxes 81,591 59,552
Federal and state income taxes 29,536 20,400
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Net Income $ 52,055 $ 39,152
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For the Quarter Ended
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March 31,
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FINANCIAL DATA 2005 2004
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Capital:
Average equity $ 1,411,419 $ 1,250,868
Period-end equity $ 1,415,204 $ 1,295,871
Risk-based capital ratios:
Tier 1 10.19% 9.32%
Total capital 11.78% 11.45%
Leverage ratio 8.36% 7.34%
Common stock:
Book value per share $ 23.54 $ 21.67
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Basic earnings per share $ 0.87 $ 0.66
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Diluted earnings per share $ 0.78 $ 0.59
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Period end common shares outstanding 59,488,037 59,111,440
Average shares outstanding:
Basic 59,432,812 59,051,210
Diluted 66,946,765 66,671,947
Key ratios:
Return on average assets 1.45% 1.16%
Return on average equity 14.96% 12.59%
Net interest margin 3.46% 3.46%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 49,803 $ 46,377
Real estate and other repossessed assets 3,187 5,954
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Total nonperforming assets $ 52,990 $ 52,331
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90 days past due $ 6,782 $ 16,376
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Gross charge-offs $ 5,824 $ 7,962
Recoveries 2,646 2,134
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Net charge-offs $ 3,178 $ 5,828
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Key ratios:
Reserve for loan losses to period end loans (A) 1.35% 1.55%
Combined reserves for credit losses to period end loans (A) 1.57% 1.75%
Nonperforming assets to period
end loans (A) and repossessed assets 0.66% 0.70%
Net charge-offs (annualized) to average loans (A) 0.16% 0.31%
Reserve for loan losses to nonperforming loans 218.78% 247.94%
Combined reserves for credit losses to nonperforming loans 252.88% 279.96%
(A) Excluding residential mortgage loans held for sale.
For the Quarter Ended
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March 31,
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2005 2004
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Other Data:
Average earning assets,
net of unsettled security transactions $ 12,754,728 $ 12,135,987
Average total assets $ 14,552,914 $ 13,546,852
Average equity $ 1,411,419 $ 1,250,868
Average loans $ 7,963,177 $ 7,494,713
Average total deposits $ 9,661,366 $ 9,034,362
Average demand deposits $ 1,895,989 $ 1,643,638
Loans held for sale (Period end) $ 44,429 $ 83,556
Loans held for sale (Average) $ 39,990 $ 72,089
Tax equivalent adjustment $ 1,256 $ 1,197
Preferred stock dividends - BOKF $ 375 $ 375
Period end common shares O/S 59,488,037 59,111,440
Period end fully diluted shares 67,001,990 66,732,178
Number of days in period 90 91
Tangible Book Value per Common Share $ 19.49 $ 17.46
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Stock Buy Back Program:
Stock buy back # shares 29,700 -
Stock buy back account $ 1,188,617 $ -
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Average price per share $ 40.02 $ -
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Mortgage Banking:
Mortgage servicing portfolio $ 3,883,004 $ 4,259,639
Mortgage loan fundings during quarter $ 118,749 $ 159,641
Mortgage loan refinances to total fundings 31.09% 43.15%
Trust Assets:
Total trust assets $ 25,381,814 $ 21,313,658