BOK FINANCIAL CORPORATION Exhibit 99 (b)
(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 2005 2004 2005 2004
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ASSETS
Cash and due from banks $ 564,987 $ 521,697 $ 542,841 $ 520,302
Trading securities 38,032 12,742 14,560 14,956
Funds sold and resell agreements 49,475 49,674 44,882 23,334
Securities:
Available for sale 4,824,098 4,695,510 4,794,958 4,653,067
Investment 243,161 218,886 236,837 214,558
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Total securities 5,067,259 4,914,396 5,031,795 4,867,625
Loans:
Commercial 5,067,690 4,498,449 4,926,685 4,424,742
Commercial real estate 1,972,624 1,621,124 1,917,996 1,594,867
Residential mortgage 1,212,865 1,202,814 1,178,777 1,182,943
Consumer 630,389 461,779 612,274 454,036
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Total loans 8,883,568 7,784,166 8,635,732 7,656,588
Less reserve for loan losses (109,622) (113,719) (109,840) (115,504)
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Total loans, net 8,773,946 7,670,447 8,525,892 7,541,084
Premises and equipment, net 177,084 171,617 175,782 172,030
Accrued revenue receivable 88,721 71,982 79,935 65,578
Intangible assets, net 258,478 244,483 259,372 245,806
Mortgage servicing rights, net 52,872 46,227 49,685 49,791
Real estate and other repossessed assets 5,069 6,038 5,215 6,317
Receivable on unsettled security transactions - 22,589 10,640 1,976
Bankers' acceptances 40,170 24,105 40,585 19,527
Derivative contracts 643,703 150,817 374,537 103,098
Other assets 579,805 217,550 432,154 215,557
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TOTAL ASSETS $ 16,339,602 $ 14,124,364 $ 15,587,875 $ 13,846,981
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,756,695 $ 1,856,432 $ 1,424,102 $ 1,839,311
Interest-bearing transaction 4,360,723 3,859,901 4,533,912 3,931,166
Savings 155,152 163,008 157,772 169,398
Time 4,126,635 3,660,100 3,958,948 3,712,161
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Total deposits 10,399,205 9,539,441 10,074,734 9,652,036
Funds purchased and
repurchase agreements 2,173,791 1,717,639 2,067,432 1,458,245
Other borrowings 1,051,228 1,022,347 1,047,423 1,003,050
Subordinated debentures 296,401 153,121 297,284 152,333
Accrued interest, taxes, and expense 70,667 57,228 84,231 60,978
Bankers' acceptances 40,170 24,105 40,585 19,527
Due on unsettled security transactions 11,198 - - -
Derivative contracts 661,253 156,467 387,051 111,979
Other liabilities 122,147 97,357 101,800 93,323
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TOTAL LIABILITIES 14,826,060 12,767,705 14,100,540 12,551,471
Shareholders' Equity:
Shareholders' equity 1,559,108 1,358,640 1,525,253 1,321,496
Unrealized securities gains (losses) (45,566) (1,981) (37,918) (25,986)
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TOTAL SHAREHOLDERS' EQUITY 1,513,542 1,356,659 1,487,335 1,295,510
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 16,339,602 $ 14,124,364 $ 15,587,875 $ 13,846,981
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For the Quarter Ended For the Nine Months Ended
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September 30, September 30,
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STATEMENTS OF EARNINGS 2005 2004 2005 2004
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Interest revenue $ 199,056 $ 157,842 $ 555,694 $ 451,197
Interest expense 86,228 49,457 222,739 134,416
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Net interest revenue 112,828 108,385 332,955 316,781
Provision for credit losses 3,976 4,986 7,991 16,000
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Net interest revenue after
provision for credit losses 108,852 103,399 324,964 300,781
Other operating revenue
Brokerage and trading revenue 11,366 10,209 33,106 31,386
Transaction card revenue 18,526 16,677 53,048 48,218
Trust fees and commissions 16,376 15,091 48,651 42,739
Service charges and fees on deposit accounts 25,619 24,292 73,139 70,375
Mortgage banking revenue 9,535 6,606 23,663 21,905
Leasing revenue 667 723 2,009 2,470
Other revenue 8,823 5,243 23,038 17,641
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Total fees and commissions 90,912 78,841 256,654 234,734
Gain on sale of assets 81 78 6,990 797
Gain (loss) on securities, net (4,744) 2,673 (5,115) (4,055)
Gain (loss) on derivatives, net 606 (506) 1,073 (1,300)
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Total other operating revenue 86,855 81,086 259,602 230,176
Other operating expense
Personnel 66,533 60,524 190,305 178,543
Business promotion 4,494 3,671 12,794 10,852
Contribution of stock to BOK Charitable
Foundation - - - 4,125
Professional fees and services 3,951 3,658 12,062 11,551
Net occupancy and equipment 12,587 11,733 37,331 35,316
Data processing and communications 17,492 14,918 48,972 44,829
Printing, postage and supplies 3,846 3,770 11,090 10,217
Net (gains) losses and operating expenses
on repossessed assets (387) (305) 237 (360)
Amortization of intangible assets 1,801 1,991 5,146 6,250
Mortgage banking costs 4,268 3,962 11,268 14,238
Provision (recovery) for impairment of
mortgage servicing rights (4,671) 5,900 (3,207) (1,262)
Other expense 7,120 4,380 19,205 15,343
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Total other operating expense 117,034 114,202 345,203 329,642
Income before taxes 78,673 70,283 239,363 201,315
Federal and state income tax 27,846 22,501 86,016 68,848
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Net Income $ 50,827 $ 47,782 $ 153,347 $ 132,467
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For the Quarter Ended For the Nine Months Ended
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September 30, September 30,
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FINANCIAL DATA 2005 2004 2005 2004
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Capital:
Average equity $ 1,487,335 $ 1,295,510 $ 1,446,616 $ 1,273,908
Period-end equity $ 1,513,542 $ 1,356,659 $ 1,513,542 $ 1,356,659
Risk-based capital ratios:
Tier 1 9.71% 9.82%
Total capital 12.04% 11.56%
Leverage ratio 8.01% 7.81%
Common stock:
Book value per share $ 22.75 $ 22.65 $ 22.75 $ 22.65
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Basic earnings per share $ 0.77 $ 0.79 $ 2.42 $ 2.21
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Diluted earnings per share $ 0.76 $ 0.72 $ 2.29 $ 1.99
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Period end common shares outstanding 66,520,927 59,236,171 66,520,927 59,236,171
Average shares outstanding:
Basic 66,427,447 59,197,676 63,239,165 59,132,074
Diluted 67,105,539 66,802,600 67,013,525 66,722,933
Key ratios:
Return on average assets 1.29% 1.37% 1.37% 1.30%
Return on average equity 13.56% 14.67% 14.17% 13.89%
Net interest margin 3.32% 3.50% 3.41% 3.47%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 37,353 $ 51,776
Real estate and other repossessed assets 5,069 6,038
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Total nonperforming assets $ 42,422 $ 57,814
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90 days past due $ 10,027 $ 9,173
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Gross charge-offs $ 5,311 $ 6,879 $ 16,179 $ 21,513
Recoveries 1,977 2,099 7,380 5,985
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Net charge-offs $ 3,334 $ 4,780 $ 8,799 $ 15,528
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Key ratios:
Reserve for loan losses to period end loans (A) 1.24% 1.48%
Combined reserves for credit losses to
period end loans (A) 1.44% 1.68%
Nonperforming assets to period
end loans (A) and repossessed assets 0.48% 0.75%
Net charge-offs (annualized) to average loans (A) 0.16% 0.25% 0.14% 0.28%
Reserve for loan losses to nonperforming loans 293.48% 219.64%
Combined reserves for credit losses to
nonperforming loans 341.11% 249.36%
(A) Excluding residential mortgage loans held for sale.
For the Quarter Ended For the Nine Months Ended
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September 30, September 30,
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2005 2004 2005 2004
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Other Data:
Average earning assets,
net of unsettled security transactions $ 13,628,267 $ 12,457,565 $ 13,196,053 $ 12,316,106
Average total assets $ 15,587,875 $ 13,846,981 $ 14,924,913 $ 13,605,160
Average equity $ 1,487,335 $ 1,295,510 $ 1,446,616 $ 1,273,908
Average loans $ 8,635,732 $ 7,656,588 $ 8,315,930 $ 7,566,848
Average total deposits $ 10,074,734 $ 9,652,036 $ 9,842,389 $ 9,362,476
Average demand deposits $ 1,424,102 $ 1,839,311 $ 1,633,718 $ 1,761,020
Loans held for sale (Period end) $ 46,306 $ 82,053 $ 46,306 $ 82,053
Loans held for sale (Average) $ 59,265 $ 71,591 $ 47,471 $ 80,311
Tax equivalent adjustment $ 1,289 $ 1,120 $ 3,790 $ 3,406
Preferred stock dividends - BOKF $ - $ 750 $ 375 $ 1,500
Period end common shares O/S 66,520,927 59,236,171 66,520,927 59,236,171
Period end fully diluted shares 67,199,019 66,841,095 67,199,019 66,841,095
Number of days in period 92 92 273 274
Tangible Book Value per Common Share $ 18.87 $ 18.52 $ 17.83 $ 17.07
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Stock Buy Back Program:
Stock buy back # shares - - 59,700 -
Stock buy back account $ - $ - $ 2,439,321 $ -
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Average price per share $ - $ - $ 40.86 $ -
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Mortgage Banking:
Mortgage servicing portfolio $ 4,053,885 $ 4,023,054
Mortgage loan fundings during quarter $ 247,045 $ 138,941 $ 584,472 $ 495,732
Mortgage loan refinances to total fundings 27.19% 23.84% 27.07% 34.74%
Trust Assets:
Total trust assets $ 27,598,958 $ 23,309,118