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 2005 2004 2005 2004
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ASSETS
Cash and due from banks $ 653,047 $ 574,549 $ 552,600 $ 507,731
Trading securities 10,588 15,133 11,639 23,513
Funds sold and resell agreements 27,176 148,035 21,170 16,284
Securities:
Available for sale 4,887,966 4,572,027 4,825,706 4,667,580
Investment 220,401 205,933 220,840 200,160
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Total securities 5,108,367 4,777,960 5,046,546 4,867,740
Loans:
Commercial 4,813,921 4,333,701 4,716,278 4,347,041
Commercial real estate 1,910,535 1,589,542 1,871,830 1,594,192
Residential mortgage 1,225,061 1,159,433 1,200,340 1,163,186
Consumer 565,163 442,424 553,042 443,838
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Total loans 8,514,680 7,525,100 8,341,490 7,548,257
Less reserve for loan losses (108,885) (114,704) (111,056) (117,109)
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Total loans, net 8,405,795 7,410,396 8,230,434 7,431,148
Premises and equipment, net 174,526 173,798 173,421 173,184
Accrued revenue receivable 82,868 76,422 75,762 65,789
Intangible assets, net 260,279 246,539 259,702 247,667
Mortgage servicing rights, net 46,200 53,000 47,587 50,173
Real estate and other repossessed assets 5,062 4,776 3,171 5,876
Receivable on unsettled security transactions - 8,018 - -
Bankers' acceptances 40,949 18,783 30,176 21,713
Derivative contracts 690,015 294,900 600,341 285,311
Other assets 367,603 199,888 341,985 172,397
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TOTAL ASSETS $ 15,872,475 $ 14,002,197 $ 15,394,534 $ 13,868,526
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,749,948 $ 1,877,492 $ 1,586,248 $ 1,799,249
Interest-bearing transaction 4,277,000 3,892,166 4,323,513 3,859,706
Savings 160,328 169,826 166,426 173,566
Time 3,713,530 3,670,825 3,710,338 3,565,324
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Total deposits 9,900,806 9,610,309 9,786,525 9,397,845
Funds purchased and
repurchase agreements 2,123,589 1,497,685 2,160,031 1,565,922
Other borrowings 1,059,694 1,016,327 914,968 1,009,871
Subordinated debentures 297,882 151,538 200,038 152,799
Accrued interest, taxes, and expense 66,026 49,692 76,719 59,740
Bankers' acceptances 40,949 18,783 30,176 21,713
Due on unsettled security transactions 99,664 - 72,543 733
Derivative contracts 699,637 307,102 614,307 292,019
Other liabilities 103,253 91,686 98,969 92,776
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TOTAL LIABILITIES 14,391,500 12,743,122 13,954,276 12,593,418
Shareholders' Equity:
Shareholders' equity 1,512,012 1,307,039 1,476,106 1,277,036
Unrealized securities gains (losses) (31,037) (47,964) (35,848) (1,928)
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TOTAL SHAREHOLDERS' EQUITY 1,480,975 1,259,075 1,440,258 1,275,108
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 15,872,475 $ 14,002,197 $ 15,394,534 $ 13,868,526
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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 2005 2004 2005 2004
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Interest revenue $ 186,334 $ 147,833 $ 356,638 $ 294,170
Interest expense 73,801 42,644 136,511 85,774
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Net interest revenue 112,533 105,189 220,127 208,396
Provision for credit losses 2,015 3,987 4,015 11,014
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Net interest revenue after
provision for credit losses 110,518 101,202 216,112 197,382
Other operating revenue
Brokerage and trading revenue 10,404 11,166 21,740 21,177
Transaction card revenue 17,979 16,817 34,522 31,541
Trust fees and commissions 16,259 13,939 32,275 27,648
Service charges and fees on deposit accounts 25,347 23,928 47,520 46,083
Mortgage banking revenue 8,550 7,555 14,128 15,299
Leasing revenue 669 860 1,342 1,747
Other revenue 7,491 5,774 14,215 12,398
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Total fees and commissions 86,699 80,039 165,742 155,893
Gain on sale of assets 5,937 35 6,909 719
Gain (loss) on securities, net 2,266 (11,005) (371) (6,728)
Gain (loss) on derivatives, net (311) 201 467 (794)
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Total other operating revenue 94,591 69,270 172,747 149,090
Other operating expense
Personnel 65,333 59,810 123,772 118,019
Business promotion 3,870 3,831 8,300 7,181
Contribution of stock to BOK Charitable Foundation - - - 4,125
Professional fees and services 4,492 3,994 8,111 7,893
Net occupancy and equipment 12,650 11,732 24,744 23,583
Data processing and communications 16,381 15,270 31,480 29,911
Printing, postage and supplies 3,629 3,130 7,244 6,447
Net (gains) losses and operating expenses
on repossessed assets 316 (169) 624 (55)
Amortization of intangible assets 1,808 2,121 3,345 4,259
Mortgage banking costs 3,387 4,433 7,000 10,276
Provision (recovery) for impairment of mortgage
servicing rights 7,088 (10,865) 1,464 (7,162)
Other expense 7,056 5,705 12,085 10,963
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Total other operating expense 126,010 98,992 228,169 215,440
Income before taxes 79,099 71,480 160,690 131,032
Federal and state income tax 28,634 25,947 58,170 46,347
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Net Income $ 50,465 $ 45,533 $ 102,520 $ 84,685
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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 2005 2004 2005 2004
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Capital:
Average equity $ 1,440,258 $ 1,275,108 $ 1,425,918 $ 1,262,988
Period-end equity $ 1,480,975 $ 1,259,075 $ 1,480,975 $ 1,259,075
Risk-based capital ratios:
Tier 1 9.85% 9.79%
Total capital 12.55% 11.90%
Leverage ratio 8.07% 7.52%
Common stock:
Book value per share $ 22.29 $ 21.03 $ 22.29 $ 21.03
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Basic earnings per share $ 0.79 $ 0.76 $ 1.66 $ 1.42
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Diluted earnings per share $ 0.75 $ 0.68 $ 1.53 $ 1.27
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Period end common shares outstanding 66,454,330 59,163,047 66,454,330 59,163,047
Average shares outstanding:
Basic 63,779,343 59,146,624 61,618,602 59,098,913
Diluted 66,986,428 66,719,734 66,967,146 66,688,766
Key ratios:
Return on average assets 1.31% 1.32% 1.38% 1.24%
Return on average equity 14.05% 14.36% 14.50% 13.48%
Net interest margin 3.45% 3.46% 3.45% 3.46%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 40,527 $ 57,610
Real estate and other repossessed assets 5,062 4,776
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Total nonperforming assets $ 45,589 $ 62,386
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90 days past due $ 7,125 $ 10,280
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Gross charge-offs $ 5,044 $ 6,672 $ 10,868 $ 14,634
Recoveries 2,757 1,752 5,403 3,886
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Net charge-offs $ 2,287 $ 4,920 $ 5,465 $ 10,748
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Key ratios:
Reserve for loan losses to period end loans (A) 1.29% 1.54%
Combined reserves for credit losses to period end loans (A) 1.50% 1.73%
Nonperforming assets to period
end loans (A) and repossessed assets 0.54% 0.84%
Net charge-offs (annualized) to average loans (A) 0.11% 0.26% 0.14% 0.29%
Reserve for loan losses to nonperforming loans 268.67% 199.10%
Combined reserves for credit losses to nonperforming loans 312.81% 223.75%
(A) Excluding residential mortgage loans held for sale.
For the Quarter Ended For the Six Months Ended
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June 30, June 30,
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2005 2004 2005 2004
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Other Data:
Average earning assets,
net of unsettled security transactions $ 13,237,745 $ 12,351,479 $ 12,997,774 $ 12,243,409
Average total assets $ 15,394,534 $ 13,868,526 $ 14,982,677 $ 13,703,162
Average equity $ 1,440,258 $ 1,275,108 $ 1,425,918 $ 1,262,988
Average loans $ 8,341,490 $ 7,548,257 $ 8,153,378 $ 7,521,485
Average total deposits $ 9,786,525 $ 9,397,845 $ 9,724,292 $ 9,216,104
Average demand deposits $ 1,586,248 $ 1,799,249 $ 1,740,263 $ 1,721,443
Loans held for sale (Period end) $ 74,410 $ 79,034 $ 74,410 $ 79,034
Loans held for sale (Average) $ 47,506 $ 97,348 $ 41,476 $ 84,718
Tax equivalent adjustment $ 1,245 $ 1,089 $ 2,501 $ 2,286
Preferred stock dividends - BOKF $ - $ 375 $ 375 $ 750
Period end common shares O/S 66,454,330 59,163,047 66,454,330 59,163,047
Period end fully diluted shares 67,075,671 66,736,157 67,075,671 66,736,157
Number of days in period 91 91 181 182
Tangible Book Value per Common Share $ 18.37 $ 16.86 $ 17.53 $ 16.89
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Stock Buy Back Program:
Stock buy back # shares 30,000 - 59,700 -
Stock buy back account $ 1,250,704 $ - $ 2,439,321 $ -
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Average price per share $ 41.69 $ - $ 40.86 $ -
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Mortgage Banking:
Mortgage servicing portfolio $ 4,040,178 $ 4,127,875
Mortgage loan fundings during quarter $ 218,678 $ 197,150 $ 337,427 $ 356,791
Mortgage loan refinances to total fundings 24.08% 36.78% 26.99% 39.47%
Trust Assets:
Total trust assets $ 25,971,994 $ 22,938,606