BALANCE SHEETS Exhibit 99 (b)
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
-------------------------------
December 31, December 31,
2007 2006
-------------- ---------------
(Unaudited)
ASSETS
Cash and due from banks $ 700,504 $ 775,376
Trading securities 45,724 37,076
Funds sold and resell agreements 189,909 21,950
Securities:
Available for sale 5,650,540 4,655,061
Investment 247,949 248,689
Mortgage trading securities 154,701 162,837
-------------- ---------------
Total securities 6,053,190 5,066,587
Loans:
Commercial 6,737,505 6,208,884
Commercial real estate 2,750,472 2,446,540
Residential mortgage 1,531,296 1,256,259
Residential mortgage held for sale 76,677 64,625
Consumer 921,297 739,495
-------------- ---------------
Total loans 12,017,247 10,715,803
Less reserve for loan losses (126,677) (109,497)
-------------- ---------------
Loans, net of reserve 11,890,570 10,606,306
Premises and equipment, net 258,786 188,041
Accrued revenue receivable 138,243 118,236
Intangible assets, net 368,353 258,060
Mortgage servicing rights, net 70,009 65,946
Real estate and other repossessed assets 9,475 8,486
Bankers' acceptances 1,780 43,613
Derivative contracts 502,446 284,239
Cash surrender value of bank-owned life insurance 229,540 212,230
Receivable on unsettled securities trades 10,071 -
Other assets 371,264 373,478
-------------- ---------------
TOTAL ASSETS $ 20,839,864 $ 18,059,624
============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,875,946 $ 1,780,059
Interest-bearing transaction 7,096,339 5,996,970
Savings 156,368 139,130
Time 4,330,638 4,470,546
-------------- ---------------
Total deposits 13,459,291 12,386,705
Funds purchased and
repurchase agreements 3,225,131 2,348,516
Other borrowings 1,027,564 593,731
Subordinated debentures 398,273 297,800
Accrued interest, taxes, and expense 124,029 104,752
Bankers' acceptances 1,780 43,613
Due on unsettled securities trades - 107,420
Derivative contracts 513,840 298,679
Other liabilities 154,572 157,386
-------------- ---------------
TOTAL LIABILITIES 18,904,480 16,338,602
Shareholders' equity:
Capital, surplus and retained earnings 1,966,618 1,794,466
Accumulated other comprehensive loss (31,234) (73,444)
-------------- ---------------
TOTAL SHAREHOLDERS' EQUITY 1,935,384 1,721,022
-------------- ---------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 20,839,864 $ 18,059,624
============== ===============
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
ASSETS
Trading securities $ 29,303 $ 24,413 $ 32,897 $ 29,613 $ 22,668
Funds sold and resell agreements 86,948 101,281 67,057 55,674 39,665
Securities:
Available for sale 5,574,417 5,183,056 4,967,974 4,750,643 4,670,470
Investment 249,350 246,273 261,518 242,622 248,692
Mortgage trading securities 138,306 137,863 139,695 131,705 145,426
-------------- --------------- ------------- --------------- --------------
Total securities 5,962,073 5,567,192 5,369,187 5,124,970 5,064,588
Loans:
Commercial 6,619,760 6,487,139 6,347,091 6,297,338 6,028,240
Commercial real estate 2,702,449 2,775,184 2,705,280 2,493,445 2,352,289
Residential mortgage 1,504,594 1,472,537 1,375,620 1,291,827 1,209,115
Residential mortgage held for sale 75,082 93,042 93,804 69,818 61,328
Consumer 904,358 881,736 816,346 740,735 710,869
-------------- --------------- ------------- --------------- --------------
Total loans 11,806,242 11,709,638 11,338,140 10,893,163 10,361,841
Less allowance for loan losses (125,996) (123,059) (118,505) (113,379) (108,377)
-------------- --------------- ------------- --------------- --------------
Total loans, net 11,680,246 11,586,579 11,219,635 10,779,784 10,253,464
-------------- --------------- ------------- --------------- --------------
Total earning assets 17,758,570 17,279,465 16,688,776 15,990,041 15,380,385
Cash and due from banks 546,704 529,282 534,385 564,588 619,236
Cash surrender value of bank-owned life insurance 227,810 225,206 218,007 213,128 210,777
Other assets 1,575,342 1,375,225 1,188,294 1,172,201 1,328,634
-------------- --------------- ------------- --------------- --------------
TOTAL ASSETS $ 20,108,426 $ 19,409,178 $ 18,629,462 $ 17,939,958 $ 17,539,032
============== =============== ============= =============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,293,419 $ 1,300,280 $ 1,295,930 $ 1,397,874 $ 1,481,455
Interest-bearing transaction 7,016,136 6,683,056 6,414,014 6,100,117 5,768,216
Savings 160,170 200,362 158,718 143,101 139,796
Time 4,544,802 4,798,812 4,507,053 4,420,390 4,417,427
-------------- --------------- ------------- --------------- --------------
Total deposits 13,014,527 12,982,510 12,375,715 12,061,482 11,806,894
Funds purchased and
repurchase agreements 3,158,153 2,603,372 2,627,230 2,640,485 2,584,354
Other borrowings 936,353 880,894 866,096 668,078 586,743
Subordinated debentures 398,109 471,458 410,883 297,806 298,427
Other liabilities 706,385 649,964 558,792 530,659 566,128
-------------- --------------- ------------- --------------- --------------
TOTAL LIABILITIES 18,213,527 17,588,198 16,838,716 16,198,510 15,842,546
Shareholders' equity 1,894,899 1,820,980 1,790,746 1,741,448 1,696,486
-------------- --------------- ------------- --------------- --------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 20,108,426 $ 19,409,178 $ 18,629,462 $ 17,939,958 $ 17,539,032
============== =============== ============= =============== ==============
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Year Ended
--------------------------------- -------------------------------
December 31, December 31,
--------------------------------- -------------------------------
2007 2006 2007 2006
-------------- --------------- ------------- ---------------
Interest revenue $ 297,096 $ 266,924 $ 1,160,737 $ 986,429
Interest expense 155,807 142,646 616,252 499,741
-------------- --------------- ------------- ---------------
Net interest revenue 141,289 124,278 544,485 486,688
Provision for credit losses 13,200 5,953 34,721 18,402
-------------- --------------- ------------- ---------------
Net interest revenue after
provision for credit losses 128,089 118,325 509,764 468,286
Other operating revenue
Brokerage and trading revenue 20,402 14,382 62,542 53,413
Transaction card revenue 23,512 20,224 90,425 78,622
Trust fees and commissions 20,145 18,240 78,231 71,037
Deposit service charges and fees 29,938 25,787 109,218 102,436
Mortgage banking revenue 6,912 6,077 22,275 26,996
Bank-owned life insurance 2,614 2,346 10,058 2,558
Other revenue 9,831 7,799 32,873 36,634
-------------- --------------- ------------- ---------------
Total fees and commissions 113,354 94,855 405,622 371,696
Gain (loss) on asset sales (1,316) 252 (928) 1,499
Gain (loss) on securities, net (6,251) (864) (8,328) (950)
Gain (loss) on derivatives, net 1,529 (520) 2,282 (622)
-------------- --------------- ------------- ---------------
Total other operating revenue 107,316 93,723 398,648 371,623
Other operating expense
Personnel 84,512 78,054 328,705 296,260
Business promotion 6,528 5,345 21,888 19,351
Professional fees and services 6,209 4,734 22,795 17,744
Net occupancy and equipment 15,466 12,741 57,284 52,188
Data processing and communications 19,086 16,843 72,733 66,926
Printing, postage and supplies 4,221 3,774 16,570 15,862
Net (gains) losses and operating expenses
of repossessed assets 120 167 691 474
Amortization of intangible assets 2,382 1,299 7,358 5,327
Mortgage banking costs 3,086 3,034 12,018 11,829
Change in fair value of mortgage servicing rights 3,344 (236) 2,893 (3,009)
Other expense 12,773 8,236 32,052 29,355
-------------- --------------- ------------- ---------------
Total other operating expense 157,727 133,991 574,987 512,307
Income before taxes 77,678 78,057 333,425 327,602
Federal and state income taxes 26,518 27,472 115,761 114,625
-------------- --------------- ------------- ---------------
Net income $ 51,160 $ 50,585 $ 217,664 $ 212,977
============== =============== ============= ===============
Average shares outstanding:
Basic 67,051,499 66,813,519 67,083,200 66,759,384
Diluted 67,482,798 67,359,208 67,550,538 67,310,005
Earnings per share:
Basic $ 0.76 $ 0.76 $ 3.24 $ 3.19
============== =============== ============= ===============
Diluted $ 0.76 $ 0.75 $ 3.22 $ 3.16
============== =============== ============= ===============
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
---------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
Capital:
Period-end shareholders' equity $ 1,935,384 $ 1,868,563 $ 1,795,908 $ 1,785,948 $ 1,721,022
Risk-based capital ratios:
Tier 1 9.38% 9.30% 9.12% 9.97% 9.78%
Total capital 12.54% 12.53% 12.36% 11.76% 11.58%
Leverage ratio 8.20% 8.17% 8.30% 8.95% 8.79%
Period-end tangible capital ratio 7.65% 7.64% 7.47% 8.54% 8.22%
Common stock:
Book value per share $ 28.75 $ 27.86 $ 26.69 $ 26.57 $ 25.66
Market value per share:
High $ 55.43 $ 54.20 $ 55.12 $ 55.43 $ 54.98
Low $ 51.44 $ 47.37 $ 48.58 $ 49.37 $ 50.40
Cash dividends paid $ 13,438 $ 13,445 $ 13,452 $ 10,081 $ 10,037
Dividend payout ratio 26.27% 22.47% 24.97% 19.10% 19.84%
Shares outstanding, net 67,306,380 67,062,517 67,280,107 67,227,050 67,067,750
Stock buy-back program:
Shares repurchased 33,583 261,916 18,783 25,000 7,500
Amount $ 1,770,368 $ 13,359,753 $ 967,122 $ 1,256,000 $ 380,998
-------------- --------------- ------------- --------------- --------------
Average price per share $ 52.72 $ 51.01 $ 51.49 $ 50.24 $ 50.80
============== =============== ============= =============== ==============
Performance ratios:
Return on average assets 1.01% 1.22% 1.16% 1.19% 1.14%
Return on average equity 10.71% 13.04% 12.06% 12.29% 11.83%
Net interest margin 3.22% 3.27% 3.31% 3.32% 3.25%
Efficiency ratio 60.04% 60.08% 59.50% 58.85% 60.71%
Other data:
Gain (loss) on economic hedge of mortgage
servicing rights $ 1,288 $ 3,654 $ (5,682) $ 254 $ (465)
Trust assets $ 36,288,592 $ 34,875,758 $ 33,711,040 $ 33,113,964 $ 31,704,091
Mortgage servicing portfolio $ 4,893,011 $ 4,824,420 $ 4,644,724 $ 4,525,719 $ 4,526,508
Mortgage loan fundings during the quarter$ 239,620 $ 246,097 $ 257,074 $ 177,032 $ 179,139
Mortgage loan refinances to total fundings 35.49% 26.51% 23.88% 34.72% 39.19%
Tax equivalent adjustment $ 2,502 $ 2,464 $ 2,069 $ 2,085 $ 1,965
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
---------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
Interest revenue $ 297,096 $ 300,380 $ 288,685 $ 274,576 $ 266,924
Interest expense 155,807 160,935 153,772 145,738 142,646
-------------- --------------- ------------- --------------- --------------
Net interest revenue 141,289 139,445 134,913 128,838 124,278
Provision for credit losses 13,200 7,201 7,820 6,500 5,953
-------------- --------------- ------------- --------------- --------------
Net interest revenue after
provision for credit losses 128,089 132,244 127,093 122,338 118,325
Other operating revenue
Brokerage and trading revenue 20,402 15,541 13,317 13,282 14,382
Transaction card revenue 23,512 23,812 22,917 20,184 20,224
Trust fees and commissions 20,145 19,633 19,458 18,995 18,240
Deposit service charges and fees 29,938 27,885 26,797 24,598 25,787
Mortgage banking revenue 6,912 5,809 4,034 5,520 6,077
Bank-owned life insurance 2,614 2,520 2,525 2,399 2,346
Other revenue 9,831 8,517 7,916 6,609 7,799
-------------- --------------- ------------- --------------- --------------
Total fees and commissions 113,354 103,717 96,964 91,587 94,855
Gain (loss) on asset sales (1,316) 42 (348) 694 252
Gain (loss) on securities, net (6,251) 4,748 (6,262) (563) (864)
Gain (loss) on derivatives, net 1,529 865 (183) 71 (520)
-------------- --------------- ------------- --------------- --------------
Total other operating revenue 107,316 109,372 90,171 91,789 93,723
Other operating expense
Personnel 84,512 85,811 80,054 78,328 78,054
Business promotion 6,528 5,399 5,391 4,570 5,345
Professional fees and services 6,209 5,749 5,963 4,874 4,734
Net occupancy and equipment 15,466 14,752 13,860 13,206 12,741
Data processing and communications 19,086 18,271 18,402 16,974 16,843
Printing, postage and supplies 4,221 4,201 4,179 3,969 3,774
Net (gains) losses and operating expenses -
of repossessed assets 120 172 192 207 167
Amortization of intangible assets 2,382 2,397 1,443 1,136 1,299
Mortgage banking costs 3,086 3,001 2,987 2,944 3,034
Change in fair value of mortgage servicing rights3,344 3,446 (5,061) 1,164 (236)
Other expense 12,773 7,819 6,721 4,739 8,236
-------------- --------------- ------------- --------------- --------------
Total other operating expense 157,727 151,018 134,131 132,111 133,991
Income before taxes 77,678 90,598 83,133 82,016 78,057
Federal and state income taxes 26,518 30,750 29,270 29,223 27,472
-------------- --------------- ------------- --------------- --------------
Net income $ 51,160 $ 59,848 $ 53,863 $ 52,793 $ 50,585
============== =============== ============= =============== ==============
Average shares outstanding:
Basic 67,051,499 67,078,378 67,116,902 67,085,310 66,813,519
Diluted 67,482,798 67,537,643 67,606,330 67,574,671 67,359,208
Earnings per share:
Basic $ 0.76 $ 0.89 $ 0.80 $ 0.79 $ 0.76
Diluted $ 0.76 $ 0.89 $ 0.80 $ 0.78 $ 0.75
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
Oklahoma:
Commercial $ 3,219,176 $ 3,113,412 $ 3,317,877 $ 3,294,873 $ 3,186,085
Commercial real estate 907,034 875,135 897,838 895,585 979,251
Residential mortgage 1,080,483 1,058,142 971,692 945,147 896,567
Residential mortgage held for sale 76,677 73,488 112,596 75,011 64,625
Consumer 576,070 562,631 540,986 509,787 512,032
-------------- --------------- ------------- --------------- --------------
Total Oklahoma 5,859,440 5,682,808 5,840,989 5,720,403 5,638,560
Texas:
Commercial 1,985,645 1,941,731 1,856,049 1,797,262 1,722,627
Commercial real estate 846,303 913,910 888,118 721,207 670,635
Residential mortgage 275,533 266,850 263,344 216,087 213,801
Consumer 142,958 133,391 135,659 105,604 95,652
-------------- --------------- ------------- --------------- --------------
Total Texas 3,250,439 3,255,882 3,143,170 2,840,160 2,702,715
New Mexico:
Commercial 473,262 446,573 434,394 424,539 411,272
Commercial real estate 261,056 256,994 263,342 279,203 257,079
Residential mortgage 84,336 83,274 81,521 77,800 75,159
Consumer 16,105 15,769 13,225 11,493 13,256
-------------- --------------- ------------- --------------- --------------
Total New Mexico 834,759 802,610 792,482 793,035 756,766
Arkansas:
Commercial 106,328 117,993 103,534 96,084 95,483
Commercial real estate 124,317 107,588 102,537 97,190 94,395
Residential mortgage 16,393 18,411 22,508 21,825 23,076
Consumer 163,626 148,404 129,431 103,662 86,017
-------------- --------------- ------------- --------------- --------------
Total Arkansas 410,664 392,396 358,010 318,761 298,971
Colorado:
Commercial 490,373 491,204 480,097 457,758 451,046
Commercial real estate 252,537 247,802 274,610 199,736 193,747
Residential mortgage 26,556 26,322 18,516 15,501 15,812
Consumer 16,457 18,623 18,470 17,746 26,591
-------------- --------------- ------------- --------------- --------------
Total Colorado 785,923 783,951 791,693 690,741 687,196
Arizona:
Commercial 157,341 147,103 124,765 120,351 96,453
Commercial real estate 318,170 349,840 326,951 316,661 207,035
Residential mortgage 46,269 43,510 43,192 41,731 31,280
Consumer 5,522 5,491 4,683 8,654 5,947
-------------- --------------- ------------- --------------- --------------
Total Arizona 527,302 545,944 499,591 487,397 340,715
Kansas:
Commercial 305,380 252,345 232,116 251,489 245,918
Commercial real estate 41,055 33,766 38,584 41,065 44,398
Residential mortgage 1,726 1,059 2,525 200 564
Consumer 559 403 222 43 -
-------------- --------------- ------------- --------------- --------------
Total Kansas 348,720 287,573 273,447 292,797 290,880
-------------- --------------- ------------- --------------- --------------
TOTAL BOK FINANCIAL $ 12,017,247 $ 11,751,164 $ 11,699,382 $ 11,143,294 $ 10,715,803
============== =============== ============= =============== ==============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
---------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
Oklahoma:
Demand $ 936,160 $ 717,478 $ 876,671 $ 877,623 $ 915,101
Interest-bearing:
Transaction 3,935,909 3,473,547 3,470,896 3,481,859 3,456,322
Savings 80,467 83,139 88,133 92,678 83,017
Time 2,426,822 2,725,992 2,798,719 2,556,423 2,595,890
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 6,443,198 6,282,678 6,357,748 6,130,960 6,135,229
-------------- --------------- ------------- --------------- --------------
Total Oklahoma 7,379,358 7,000,156 7,234,419 7,008,583 7,050,330
-------------- --------------- ------------- --------------- --------------
Texas:
Demand 738,105 597,534 626,193 602,315 640,159
Interest-bearing:
Transaction 2,050,872 1,978,920 2,019,311 1,701,382 1,688,131
Savings 34,618 35,310 36,989 24,558 24,074
Time 800,460 893,018 804,877 682,292 829,255
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 2,885,950 2,907,248 2,861,177 2,408,232 2,541,460
-------------- --------------- ------------- --------------- --------------
Total Texas 3,624,055 3,504,782 3,487,370 3,010,547 3,181,619
-------------- --------------- ------------- --------------- --------------
New Mexico:
Demand 93,923 109,854 113,579 126,111 124,088
Interest-bearing:
Transaction 490,227 479,204 521,154 464,569 432,342
Savings 15,146 16,437 17,662 17,972 16,417
Time 486,868 512,497 500,443 485,662 490,460
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 992,241 1,008,138 1,039,259 968,203 939,219
-------------- --------------- ------------- --------------- --------------
Total New Mexico 1,086,164 1,117,992 1,152,838 1,094,314 1,063,307
-------------- --------------- ------------- --------------- --------------
Arkansas:
Demand 9,755 10,225 11,030 10,980 12,589
Interest-bearing:
Transaction 22,519 22,401 22,096 21,762 17,905
Savings 883 993 1,011 1,029 1,010
Time 40,692 43,401 46,597 54,687 57,446
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 64,094 66,795 69,704 77,478 76,361
-------------- --------------- ------------- --------------- --------------
Total Arkansas 73,849 77,020 80,734 88,458 88,950
-------------- --------------- ------------- --------------- --------------
Colorado:
Demand 60,250 42,194 42,006 39,821 48,756
Interest-bearing:
Transaction 504,116 432,188 426,031 314,506 328,254
Savings 23,806 27,143 35,152 12,092 12,632
Time 539,523 608,962 549,676 502,880 485,200
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 1,067,445 1,068,293 1,010,859 829,478 826,086
-------------- --------------- ------------- --------------- --------------
Total Colorado 1,127,695 1,110,487 1,052,865 869,299 874,842
-------------- --------------- ------------- --------------- --------------
Arizona:
Demand 29,807 25,295 31,196 29,461 39,352
Interest-bearing:
Transaction 82,682 98,611 74,892 67,364 73,729
Savings 1,435 1,269 1,233 1,367 1,978
Time 11,603 13,314 11,563 10,018 6,574
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 95,720 113,194 87,688 78,749 82,281
-------------- --------------- ------------- --------------- --------------
Total Arizona 125,527 138,489 118,884 108,210 121,633
-------------- --------------- ------------- --------------- --------------
Kansas:
Demand 7,946 7,849 1,081 325 14
Interest-bearing:
Transaction 10,014 3,169 1,356 670 287
Savings 13 15 12 11 2
Time 24,670 23,119 32,695 28,166 5,721
-------------- --------------- ------------- --------------- --------------
Total interest-bearing 34,697 26,303 34,063 28,847 6,010
-------------- --------------- ------------- --------------- --------------
Total Kansas 42,643 34,152 35,144 29,172 6,024
-------------- --------------- ------------- --------------- --------------
TOTAL BOK FINANCIAL $ 13,459,291 $ 12,983,078 $ 13,162,254 $ 12,208,583 $ 12,386,705
============== =============== ============= =============== ==============
NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
--------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- --------------- --------------
TAX-EQUIVALENT ASSETS YIELDS
Trading securities 6.63% 7.46% 5.86% 7.11% 5.64%
Funds sold and resell agreements 5.95% 6.22% 5.53% 4.84% 5.46%
Securities:
Taxable 4.94% 4.92% 4.85% 4.86% 4.69%
Tax-exempt 5.88% 5.30% 5.73% 6.09% 5.52%
-------------- --------------- ------------- --------------- --------------
Total securities 4.99% 4.95% 4.90% 4.93% 4.74%
Total loans 7.50% 7.88% 7.94% 7.93% 7.94%
Less Allowance for loan losses - - - - -
-------------- --------------- ------------- --------------- --------------
Total loans, net 7.58% 7.96% 8.03% 8.02% 8.02%
-------------- --------------- ------------- --------------- --------------
Total tax-equivalent yield on earning assets 6.70% 6.99% 7.00% 7.02% 6.93%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 2.79% 3.01% 3.02% 3.08% 2.99%
Savings 0.86% 0.81% 0.95% 1.03% 1.04%
Time 4.68% 4.83% 4.76% 4.69% 4.65%
-------------- --------------- ------------- --------------- --------------
Total interest-bearing deposits 3.50% 3.72% 3.69% 3.72% 3.67%
Funds purchased and repurchase agreements 4.42% 4.95% 5.06% 5.16% 5.18%
Other borrowings 4.92% 5.31% 5.45% 5.52% 5.50%
Subordinated debt 5.69% 6.03% 6.66% 7.09% 6.95%
-------------- --------------- ------------- --------------- --------------
Total cost of interest-bearing liabilities 3.81% 4.08% 4.12% 4.14% 4.10%
-------------- --------------- ------------- --------------- --------------
Tax-equivalent net interest revenue spread 2.89% 2.91% 2.88% 2.88% 2.83%
Effect of noninterest-bearing funding sources
and other 0.33% 0.36% 0.43% 0.44% 0.42%
-------------- --------------- ------------- --------------- --------------
Tax-equivalent net interest margin 3.22% 3.27% 3.31% 3.32% 3.25%
============== =============== ============= =============== ==============
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
--------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2007 2007 2007 2007 2006
-------------- --------------- ------------- -------------- --------------
Nonperforming assets:
Nonaccruing loans:
Commercial $ 42,981 $ 21,168 $ 20,456 $ 14,218 $ 10,737
Commercial real estate 25,319 11,355 19,470 6,832 4,771
Residential mortgage 15,272 11,469 11,418 9,920 10,325
Consumer 718 705 675 364 222
-------------- --------------- ------------- -------------- --------------
Total nonaccruing loans $ 84,290 $ 44,697 $ 52,019 $ 31,334 $ 26,055
Renegotiated loans (B) 10,703 10,752 10,113 9,947 9,802
Real estate and other repossessed assets 9,475 10,627 7,664 8,414 8,486
-------------- --------------- ------------- -------------- --------------
Total nonperforming assets $ 104,468 $ 66,076 $ 69,796 $ 49,695 $ 44,343
============== =============== ============= ============== ==============
Nonaccruing loans by principal market:
Oklahoma $ 47,977 $ 24,628 $ 26,529 $ 22,803 $ 17,683
Texas 4,983 4,921 6,176 5,462 6,096
New Mexico 11,118 6,542 7,025 943 871
Arkansas 1,635 843 816 814 267
Colorado (C) 9,222 5,688 8,067 1,127 1,138
Arizona 9,355 2,075 3,406 185 -
Kansas - - - - -
-------------- --------------- ------------- -------------- --------------
Total nonaccruing loans $ 84,290 $ 44,697 $ 52,019 $ 31,334 $ 26,055
============== =============== ============= ============== ==============
Nonaccruing loans by loan portfolio sector:
Commercial:
Energy $ 529 $ 536 $ 542 $ 535 $ 535
Manufacturing 9,915 8,858 8,705 100 101
Wholesale / retail 3,792 3,850 2,838 4,176 2,457
Agriculture 380 540 769 1,752 93
Services 25,468 5,987 6,843 5,851 5,759
Healthcare 2,301 963 509 1,647 1,600
Other 596 434 250 157 192
-------------- --------------- ------------- -------------- --------------
Total commercial 42,981 21,168 20,456 14,218 10,737
Commercial real estate:
Land development and construction 13,466 7,289 9,333 4,120 2,031
Multifamily 3,998 1,238 2,233 311 320
Other commercial real estate 7,855 2,828 7,904 2,401 2,420
-------------- --------------- ------------- -------------- --------------
Total commercial real estate 25,319 11,355 19,470 6,832 4,771
Residential mortgage 15,272 11,469 11,418 9,920 10,325
Consumer 718 705 675 364 222
-------------- --------------- ------------- -------------- --------------
Total nonaccruing loans $ 84,290 $ 44,697 $ 52,019 $ 31,334 $ 26,055
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Performing loans 90 days past due $ 6,516 $ 3,986 $ 4,215 $ 20,623 $ 5,945
Gross charge-offs $ 8,930 $ 7,489 $ 8,811 $ 6,387 $ 5,867
Recoveries 1,584 2,620 3,039 3,268 3,079
-------------- --------------- ------------- -------------- --------------
Net charge-offs $ 7,346 $ 4,869 $ 5,772 $ 3,119 $ 2,788
============== =============== ============= ============== ==============
Provision for credit losses $ 13,200 $ 7,201 $ 7,820 $ 6,500 $ 5,953
Reserve for loan losses to period end loans (A) 1.06% 1.04% 1.03% 1.03% 1.03%
Combined reserves for credit losses to period end loans 1.24% 1.21% 1.20% 1.21% 1.22%
Nonperforming assets to period end loans (A)
and repossessed assets 0.87% 0.57% 0.60% 0.45% 0.42%
Net charge-offs (annualized) to average loans (A) 0.25% 0.17% 0.21% 0.12% 0.11%
Reserve for loan losses to nonaccruing loans 150.29% 272.80% 230.22% 365.01% 420.25%
Combined reserves for credit losses to nonaccruing
loans 175.03% 316.97% 267.99% 426.91% 500.43%
(A) excluding residential mortgage loans held for sale
(B) includes residential mortgage loans guaranteed by $ 7,550 $ 7,083 $ 6,430 $ 6,030 $ 5,747
agencies of the U.S. government. These loans
have been modified to extend payment terms and/or
reduce interest rates to current market. Borrowers
are performing in accordance with the modified terms
of the loans.
(C) Includes loans subject to First United Bank sellers
escrow $ 8,412 $ 4,677 $ 6,944 $ - $ -