BOK FINANCIAL CORPORATION EXHIBIT 99 (b)
(In thousands, except ratio and per share data)
Period End Balances Average Balances
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December 31, Quarter Ended December 31,
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BALANCE SHEETS 2005 2004 2005 2004
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ASSETS
Cash and due from banks $ 684,857 $ 503,715 $ 540,776 $ 534,056
Trading securities 18,633 9,692 20,595 10,208
Funds sold and resell agreements 14,465 27,376 57,656 31,994
Securities:
Available for sale 4,821,575 4,593,190 4,815,296 4,708,757
Investment 245,125 221,094 244,488 220,309
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Total securities 5,066,700 4,814,284 5,059,784 4,929,066
Loans:
Commercial 5,299,935 4,575,836 5,222,316 4,544,070
Commercial real estate 1,989,902 1,621,110 1,960,507 1,610,228
Residential mortgage 1,220,997 1,239,180 1,203,141 1,230,702
Consumer 629,144 492,841 619,582 488,974
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Total loans 9,139,978 7,928,967 9,005,546 7,873,974
Less reserve for loan losses (103,876) (108,618) (108,998) (114,106)
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Total loans, net 9,036,102 7,820,349 8,896,548 7,759,868
Premises and equipment, net 179,627 172,643 177,654 172,264
Accrued revenue receivable 99,874 79,644 75,771 72,348
Intangible assets, net 263,022 242,594 261,758 243,511
Mortgage servicing rights, net 54,097 45,678 54,250 45,666
Real estate and other repossessed assets 8,476 3,763 7,713 5,684
Receivable on unsettled security transactions - 56,873 - 27,785
Bankers' acceptances 33,001 31,799 38,693 33,945
Derivative contracts 452,878 130,297 525,391 217,714
Other assets 341,175 206,953 449,041 245,962
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TOTAL ASSETS $ 16,252,907 $ 14,145,660 $ 16,165,630 $ 14,330,071
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,865,948 $ 1,927,119 $ 1,530,504 $ 1,938,205
Interest-bearing transaction 5,257,295 3,947,088 4,821,627 3,841,742
Savings 154,015 156,339 154,316 160,404
Time 4,098,060 3,643,852 4,216,625 3,662,455
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Total deposits 11,375,318 9,674,398 10,723,072 9,602,806
Funds purchased and
repurchase agreements 1,337,911 1,555,507 1,812,752 1,747,391
Other borrowings 1,054,298 1,015,000 1,049,635 1,005,679
Subordinated debentures 295,964 151,594 296,021 152,634
Accrued interest, taxes, and expense 18,057 71,062 44,640 66,876
Bankers' acceptances 33,001 31,799 38,693 33,945
Due on unsettled security transactions 8,429 - 49,849 28,554
Derivative contracts 466,669 137,538 542,000 225,505
Other liabilities 124,106 110,268 101,929 98,691
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TOTAL LIABILITIES 14,713,753 12,747,166 14,658,591 12,962,081
Shareholders' Equity:
Shareholders' equity 1,606,965 1,410,119 1,576,534 1,373,114
Unrealized securities gains (losses) (67,811) (11,625) (69,495) (5,124)
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TOTAL SHAREHOLDERS' EQUITY 1,539,154 1,398,494 1,507,039 1,367,990
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 16,252,907 $ 14,145,660 $ 16,165,630 $ 14,330,071
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For the Quarter Ended For the Year Ended
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December 31, December 31,
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STATEMENTS OF EARNINGS 2005 2004 2005 2004
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Interest revenue $ 214,240 $ 163,087 $ 769,934 $ 614,284
Interest expense 97,854 56,625 320,593 191,041
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Net interest revenue 116,386 106,462 449,341 423,243
Provision for credit losses 4,450 4,439 12,441 20,439
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Net interest revenue after
provision for credit losses 111,936 102,023 436,900 402,804
Other operating revenue
Brokerage and trading revenue 11,116 9,721 44,222 41,107
Transaction card revenue 18,988 16,598 72,036 64,816
Trust fees and commissions 16,536 14,793 65,187 57,532
Service charges and fees on deposit accounts 25,222 23,337 98,361 93,712
Mortgage banking revenue 7,018 6,284 30,681 28,189
Other revenue 10,067 7,098 35,114 27,209
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Total fees and commissions 88,947 77,831 345,601 312,565
Gain on sale of assets 71 90 7,061 887
Gain (loss) on securities, net (1,780) 967 (6,895) (3,088)
Gain (loss) on derivatives, net 106 (174) 1,179 (1,474)
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Total other operating revenue 87,344 78,714 346,946 308,890
Other operating expense
Personnel 68,666 62,118 258,971 240,661
Business promotion 5,170 4,766 17,964 15,618
Contribution of stock to BOK Charitable Foundation - 1,436 - 5,561
Professional fees and services 4,534 3,936 16,596 15,487
Net occupancy and equipment 12,864 11,973 50,195 47,289
Data processing and communications 18,054 15,196 67,026 60,025
Printing, postage and supplies 3,976 3,817 15,066 14,034
Net (gains) losses and operating expenses
on repossessed assets 335 (3,656) 572 (4,016)
Amortization of intangible assets 1,797 1,888 6,943 8,138
Mortgage banking costs 3,294 3,929 14,562 18,167
Provision (recovery) for impairment of mortgage
servicing rights (708) (305) (3,915) (1,567)
Other expense 5,921 6,484 25,126 21,827
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Total other operating expense 123,903 111,582 469,106 441,224
Income before taxes 75,377 69,155 314,740 270,470
Federal and state income tax 27,219 22,599 113,235 91,447
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Net Income $ 48,158 $ 46,556 $ 201,505 $ 179,023
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For the Quarter Ended For the Year Ended
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December 31, December 31,
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FINANCIAL DATA 2005 2004 2005 2004
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Capital:
Average equity $ 1,507,039 $ 1,367,990 $ 1,461,846 $ 1,297,557
Period-end equity $ 1,539,154 $ 1,398,494 $ 1,539,154 $ 1,398,494
Risk-based capital ratios:
Tier 1 9.84% 10.02%
Total capital 12.10% 11.67%
Leverage ratio 8.30% 7.94%
Common stock:
Book value per share $ 23.07 $ 23.28 $ 23.07 $ 23.28
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Basic earnings per share $ 0.72 $ 0.78 $ 3.14 $ 3.00
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Diluted earnings per share $ 0.72 $ 0.70 $ 3.01 $ 2.68
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Period end common shares outstanding 66,702,408 59,422,418 66,702,408 59,422,418
Average shares outstanding:
Basic 66,527,093 59,250,675 64,067,873 59,128,395
Diluted 67,146,614 66,894,505 67,047,064 66,732,496
Key ratios:
Return on average assets 1.18% 1.29% 1.29% 1.28%
Return on average equity 12.68% 13.54% 13.78% 13.80%
Net interest margin 3.34% 3.38% 3.39% 3.45%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 25,162 $ 52,660
Real estate and other repossessed assets 8,476 3,763
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Total nonperforming assets $ 33,638 $ 56,423
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90 days past due $ 8,708 $ 7,649
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Gross charge-offs $ 9,579 $ 8,172 $ 25,758 $ 29,685
Recoveries 2,164 1,742 9,544 7,727
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Net charge-offs $ 7,415 $ 6,430 $ 16,214 $ 21,958
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Key ratios:
Reserve for loan losses to period end loans (A) 1.14% 1.38%
Combined reserves for credit losses to period end loans (A) 1.37% 1.61%
Nonperforming assets to period
end loans (A) and repossessed assets 0.37% 0.71%
Net charge-offs (annualized) to average loans (A) 0.33% 0.33% 0.19% 0.29%
Reserve for loan losses to nonperforming loans 412.83% 206.26%
Combined reserves for credit losses to nonperforming loans 494.60% 241.40%
(A) Excluding residential mortgage loans held for sale.
For the Quarter Ended For the Year Ended
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December 31, December 31,
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2005 2004 2005 2004
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Other Data:
Average earning assets,
net of unsettled security transactions $ 13,978,100 $ 12,719,368 $ 13,393,230 $ 12,417,050
Average total assets $ 16,165,630 $ 14,330,071 $ 15,568,855 $ 14,026,887
Average equity $ 1,507,039 $ 1,367,990 $ 1,461,846 $ 1,297,557
Average loans $ 9,005,546 $ 7,873,974 $ 8,489,751 $ 7,644,049
Average total deposits $ 10,723,072 $ 9,602,806 $ 10,064,370 $ 9,422,886
Average demand deposits $ 1,530,504 $ 1,938,205 $ 1,607,702 $ 1,805,558
Loans held for sale (Period end) $ 51,666 $ 40,262 $ 51,666 $ 40,262
Loans held for sale (Average) $ 42,756 $ 45,413 $ 46,282 $ 50,231
Tax equivalent adjustment $ 1,392 $ 1,633 $ 5,182 $ 5,039
Preferred stock dividends - BOKF $ - $ 375 $ 375 $ 1,875
Period end common shares O/S 66,702,408 59,422,418 66,702,408 59,422,418
Period end fully diluted shares 67,321,929 67,066,248 67,321,929 67,066,248
Number of days in period 92 92 365 366
Tangible Book Value per Common Share $ 19.13 $ 19.20 $ 18.01 $ 17.43
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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 $ 4,056,427 $ 3,954,957
Mortgage loan fundings during quarter $ 211,426 $ 137,692 $ 795,898 $ 633,424
Mortgage loan refinances to total fundings 27.12% 32.38% 27.08% 34.21%
Trust Assets:
Total trust assets $ 28,464,745 $ 24,589,053