Exhibit 99 (b)
BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
--------------------------------------------------
June 30, March 31, June 30,
2009 2009 2008
------------- -------------- --------------
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 470,553 $ 686,976 $ 712,324
Trading securities 84,548 128,179 62,532
Funds sold and resell agreements 112,128 27,197 52,005
Securities:
Available for sale 7,224,673 6,991,803 5,926,602
Investment 269,844 251,848 245,754
Mortgage trading securities 222,864 454,493 98,269
------------- -------------- --------------
Total securities 7,717,381 7,698,144 6,270,625
Residential mortgage loans held for sale 326,363 245,791 119,944
Loans:
Commercial 6,715,851 7,101,530 7,038,573
Commercial real estate 2,611,693 2,732,081 2,827,497
Residential mortgage 1,833,975 1,819,950 1,607,597
Consumer 908,409 986,355 1,044,371
------------- -------------- --------------
Total loans 12,069,928 12,639,916 12,518,038
Less reserve for loan losses (263,309) (251,002) (154,018)
------------- -------------- --------------
Loans, net of reserve 11,806,619 12,388,914 12,364,020
Premises and equipment, net 286,295 281,300 266,435
Accrued revenue receivable 118,718 104,205 159,066
Intangible assets, net 357,838 359,523 365,060
Mortgage servicing rights, net 67,413 50,246 72,103
Real estate and other repossessed assets 75,243 61,383 21,025
Bankers' acceptances 8,260 9,316 16,031
Derivative contracts 462,971 551,316 1,380,876
Cash surrender value of bank-owned life insurance 241,792 239,348 231,527
Receivable on unsettled securities trades 237,200 - 39,052
Other assets 394,997 501,604 303,312
------------- -------------- --------------
TOTAL ASSETS $ 22,768,319 $ 23,333,442 $ 22,435,937
============= ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 2,825,179 $ 3,050,896 $ 2,859,160
Interest-bearing transaction 7,091,471 6,627,222 6,743,034
Savings 166,806 168,644 162,138
Time 4,571,933 5,423,659 4,361,384
------------- -------------- --------------
Total deposits 14,655,389 15,270,421 14,125,716
Funds purchased and
repurchase agreements 2,798,274 2,217,081 3,101,425
Other borrowings 2,152,177 2,276,430 2,153,853
Subordinated debentures 398,465 398,443 398,340
Accrued interest, taxes, and expense 119,003 146,111 81,507
Bankers' acceptances 8,260 9,316 16,031
Due on unsettled securities trades - 311,133 -
Derivative contracts 445,463 640,275 456,379
Other liabilities 125,126 118,181 140,758
------------- -------------- --------------
TOTAL LIABILITIES 20,702,157 21,387,391 20,474,009
Shareholders' equity:
Capital, surplus and retained earnings 2,149,020 2,111,823 2,006,754
Accumulated other comprehensive loss (98,448) (180,523) (64,378)
------------- -------------- --------------
TOTAL SHAREHOLDERS' EQUITY 2,050,572 1,931,300 1,942,376
Non-controlling interest 15,590 14,751 19,552
------------- -------------- --------------
TOTAL EQUITY 2,066,162 1,946,051 1,961,928
------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 22,768,319 $ 23,333,442 $ 22,435,937
============= ============== ==============
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
ASSETS
Trading securities $ 112,960 $ 111,962 $ 78,840 $ 66,419 $ 74,058
Funds sold and resell agreements 29,277 50,701 48,246 79,862 72,444
Securities:
Available for sale 7,242,931 6,645,086 6,409,906 5,945,220 5,880,844
Investment 271,068 238,562 242,503 239,655 249,723
Mortgage trading securities 365,434 453,304 237,319 126,837 155,612
------------- -------------- -------------- -------------- --------------
Total securities 7,879,433 7,336,952 6,889,728 6,311,712 6,286,179
Residential mortgage loans held for sale 286,077 201,135 121,184 116,533 105,925
Loans:
Commercial 6,901,057 7,182,481 7,452,799 7,228,814 6,976,292
Commercial real estate 2,684,020 2,762,789 2,716,465 2,696,503 2,802,292
Residential mortgage 1,884,023 1,841,006 1,641,023 1,655,710 1,606,518
Consumer 933,950 998,489 1,016,409 1,015,796 1,035,985
------------- -------------- -------------- -------------- --------------
Total loans 12,403,050 12,784,765 12,826,696 12,596,823 12,421,087
Less allowance for loan losses (273,335) (252,734) (209,319) (182,844) (145,524)
------------- -------------- -------------- -------------- --------------
Total loans, net 12,129,715 12,532,031 12,617,377 12,413,979 12,275,563
------------- -------------- -------------- -------------- --------------
Total earning assets 20,437,462 20,232,781 19,755,374 18,988,504 18,814,168
Cash and due from banks 638,791 661,433 534,039 499,992 524,922
Cash surrender value of bank-owned life insurance 240,199 237,805 235,195 232,465 229,731
Derivative contracts 493,448 476,091 352,083 900,777 896,569
Other assets 1,264,131 1,335,259 1,394,960 1,199,425 1,142,910
------------- -------------- -------------- -------------- --------------
TOTAL ASSETS $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163 $ 21,608,300
============= ============== ============== ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,183,338 $ 2,864,751 $ 2,712,384 $ 2,739,209 $ 2,634,038
Interest-bearing transaction 6,854,003 6,610,805 6,116,465 6,565,935 6,420,291
Savings 167,813 159,537 155,784 159,856 159,798
Time 5,123,947 5,215,091 5,109,303 4,792,366 4,076,167
------------- -------------- -------------- -------------- --------------
Total deposits 15,329,101 14,850,184 14,093,936 14,257,366 13,290,294
Funds purchased and
repurchase agreements 2,316,990 2,562,066 3,095,054 3,061,186 3,126,110
Other borrowings 1,951,699 2,158,963 1,986,857 1,390,233 2,267,076
Subordinated debentures 398,456 398,425 398,392 398,361 398,336
Derivative contracts 536,232 641,974 494,778 509,057 239,211
Other liabilities 534,889 416,242 293,752 258,775 282,656
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES 21,067,367 21,027,854 20,362,769 19,874,978 19,603,683
Total equity 2,006,664 1,915,515 1,908,882 1,946,185 2,004,617
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163 $ 21,608,300
============= ============== ============== ============== ==============
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Six Months Ended
-------------------------------- -------------------------------
June 30, June 30,
-------------------------------- -------------------------------
2009 2008 2009 2008
------------- -------------- -------------- --------------
Interest revenue $ 230,685 $ 260,086 $ 463,912 $ 536,127
Interest expense 55,105 101,147 118,487 230,060
------------- -------------- -------------- --------------
Net interest revenue 175,580 158,939 345,425 306,067
Provision for credit losses 47,120 59,310 92,160 76,881
------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 128,460 99,629 253,265 229,186
Other operating revenue
Brokerage and trading revenue 21,794 (35,462) 46,493 (11,549)
Transaction card revenue 27,533 25,786 52,961 49,344
Trust fees and commissions 16,860 20,940 33,370 41,736
Deposit service charges and fees 28,421 30,199 55,826 57,885
Mortgage banking revenue 19,882 8,203 38,380 16,237
Bank-owned life insurance 2,418 2,658 4,735 5,170
Margin asset fees 68 4,460 135 6,427
Other revenue 6,124 6,965 12,707 12,356
------------- -------------- -------------- --------------
Total fees and commissions 123,100 63,749 244,607 177,606
Gain (loss) on other assets 973 (1,149) 1,116 (1,145)
Gain (loss) on derivatives, net (1,037) (2,961) (2,701) (848)
Gain (loss) on securities, net 6,471 (5,242) 26,579 4,684
Total other-than-temporary impairment losses (1,263) - (55,631) (5,306)
Portion of loss recognized in other comprehensive income279 - (39,087) -
------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (1,542) - (16,544) (5,306)
------------- -------------- -------------- --------------
Total other operating revenue 127,965 54,397 253,057 174,991
Other operating expense
Personnel 96,191 89,597 188,818 177,703
Business promotion 4,569 5,777 8,997 10,416
Professional fees and services 7,363 6,973 13,875 12,621
Net occupancy and equipment 15,973 15,100 32,231 30,161
Insurance 5,898 2,626 11,536 6,336
FDIC special assessment 11,773 - 11,773 -
Data processing and communications 20,452 19,523 39,758 38,416
Printing, postage and supplies 4,072 4,156 8,643 8,575
Net (gains) losses and operating expenses
of repossessed assets 996 (229) 2,802 149
Amortization of intangible assets 1,686 1,885 3,372 3,810
Mortgage banking costs 9,336 6,054 16,803 11,735
Change in fair value of mortgage servicing rights (7,865) 767 (9,820) 2,529
Visa retrospective responsibility obligation - - - (2,767)
Other expense 5,326 7,039 12,776 12,988
------------- -------------- -------------- --------------
Total other operating expense 175,770 159,268 341,564 312,672
Net income before taxes 80,655 (5,242) 164,758 91,505
Federal and state income taxes 28,315 (2,862) 57,153 31,588
------------- -------------- -------------- --------------
Net income before non-controlling interest 52,340 (2,380) 107,605 59,917
Non-controlling interest income (expense), net (225) 1,219 (458) 1,187
------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 52,115 $ (1,161) $ 107,147 $ 61,104
============= ============== ============== ==============
Average shares outstanding:
Basic 67,344,577 67,452,181 67,330,590 67,327,155
Diluted 67,448,029 67,452,181 67,417,874 67,690,919
Net income per share:
Basic $ 0.77 $ (0.02) $ 1.59 $ 0.91
============= ============== ============== ==============
Diluted $ 0.77 $ (0.02) $ 1.58 $ 0.90
============= ============== ============== ==============
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
---------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
Capital:
Period-end shareholders' equity $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503 $ 1,942,376
Risk weighted assets $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504 $ 18,665,121
Risk-based capital ratios:
Tier 1 9.86% 9.66% 9.40% 9.31% 8.92%
Total capital 13.34% 13.08% 12.81% 12.62% 12.00%
Leverage ratio 7.97% 7.85% 7.89% 7.94% 7.83%
Tangible common equity ratio (A) 7.55% 6.84% 6.64% 7.16% 7.15%
Tier 1 common equity ratio (B) 9.77% 9.58% 9.32% 9.20% 8.82%
Common stock:
Book value per share $ 30.30 $ 28.57 $ 27.36 $ 28.78 $ 28.78
Market value per share:
High $ 43.02 $ 40.71 $ 54.42 $ 53.94 $ 60.74
Low $ 34.46 $ 22.95 $ 38.40 $ 38.61 $ 49.11
Cash dividends paid $ 16,184 $ 15,027 $ 15,358 $ 15,170 $ 15,180
Dividend payout ratio 31.05% 27.31% 43.33% 26.76% (1307.49%)
Shares outstanding, net 67,674,442 67,589,045 67,473,086 67,433,837 67,488,388
Stock buy-back program:
Shares repurchased - - - 75,000 -
Amount $ - $ - $ - $ 3,337,000 $ -
------------- -------------- -------------- -------------- --------------
Average price per share $ - $ - $ - $ 44.49 $ -
============= ============== ============== ============== ==============
Performance ratios (quarter annualized):
Return on average assets 0.91% 0.97% 0.63% 1.03% (0.02%)
Return on average equity 10.42% 11.65% 7.39% 11.59% (0.23%)
Net interest margin 3.55% 3.47% 3.57% 3.48% 3.44%
Efficiency ratio 61.02% 57.10% 54.94% 54.19% 70.52%
Other data:
Gain (loss) on economic hedge of mortgage
servicing rights $(10,199) $ (2,118) $ 15,089 $ 1,186 $ (5,518)
Trust assets $ 29,288,041 $ 28,700,791 $ 30,454,512 $ 33,242,296 $ 34,433,874
Mortgage servicing portfolio $ 6,082,501 $ 5,515,893 $ 5,256,159 $ 5,167,584 $ 5,075,285
Mortgage loan fundings during the quarter $ 1,023,272 $ 708,561 $ 214,521 $ 258,171 $ 288,937
Mortgage loan refinances to total fundings 71.00% 73.51% 34.84% 25.14% 36.76%
Tax equivalent adjustment $ 1,791 $ 2,105 $ 2,063 $ 1,927 $ 2,084
Unrealized gain (loss) on available for sale
securities $(128,492) $ (261,856) $ (330,973) $ (158,652) $ (91,226)
(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503 $ 1,942,376
Less: intangible assets, net (357,838) (359,523) (361,209) (363,177) (365,060)
------------- -------------- -------------- -------------- --------------
Tangible common equity $ 1,692,734 $ 1,571,777 $ 1,485,048 $ 1,577,326 $ 1,577,316
============= ============== ============== ============== ==============
Total assets $ 22,768,319 $ 23,333,442 $ 22,734,648 $ 22,377,802 $ 22,435,937
Less: intangible assets, net (357,838) (359,523) (361,209) (363,177) (365,060)
------------- -------------- -------------- -------------- --------------
$ 22,410,481 $ 22,973,919 $ 22,373,439 $ 22,014,625 $ 22,070,877
============= ============== ============== ============== ==============
Tangible common equity ratio 7.55% 6.84% 6.64% 7.16% 7.15%
(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital $ 1,807,705 $ 1,773,576 $ 1,728,926 $ 1,707,390 $ 1,665,448
Less: non-controlling interest (15,590) (14,751) (13,855) (19,286) (19,552)
------------- -------------- -------------- -------------- --------------
Tier 1 common equity $ 1,792,115 $ 1,758,825 $ 1,715,071 $ 1,688,104 $ 1,645,896
============= ============== ============== ============== ==============
Risk weighted assets $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504 $ 18,665,121
Tier 1 common equity ratio 9.77% 9.58% 9.32% 9.20% 8.82%
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
----------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
Interest revenue $ 230,685 $ 233,227 $ 262,160 $ 263,358 $ 260,086
Interest expense 55,105 63,382 85,713 99,010 101,147
------------- -------------- -------------- -------------- --------------
Net interest revenue 175,580 169,845 176,447 164,348 158,939
Provision for credit losses 47,120 45,040 73,001 52,711 59,310
------------- -------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 128,460 124,805 103,446 111,637 99,629
Other operating revenue
Brokerage and trading revenue 21,794 24,699 23,507 30,846 (35,462)
Transaction card revenue 27,533 25,428 25,177 25,632 25,786
Trust fees and commissions 16,860 16,510 17,143 20,100 20,940
Deposit service charges and fees 28,421 27,405 29,239 30,404 30,199
Mortgage banking revenue 19,882 18,498 7,217 7,145 8,203
Bank-owned life insurance 2,418 2,317 2,682 2,829 2,658
Margin asset fees 68 67 187 1,934 4,460
Other revenue 6,124 6,583 5,778 7,768 6,965
------------- -------------- -------------- -------------- --------------
Total fees and commissions 123,100 121,507 110,930 126,658 63,749
Gain (loss) on other assets 973 143 (7,420) (841) (1,149)
Gain (loss) on derivatives, net (1,037) (1,664) (2,219) 4,366 (2,961)
Gain (loss) on securities, net 6,471 20,108 20,156 2,103 (5,242)
Total other-than-temporary impairment losses (1,263) (54,368) - - -
Portion of loss recognized in other comprehensive income279 (39,366) - - -
------------- -------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (1,542) (15,002) - - -
------------- -------------- -------------- -------------- --------------
Total other operating revenue 127,965 125,092 121,447 132,286 54,397
Other operating expense
Personnel 96,191 92,627 87,695 87,549 89,597
Business promotion 4,569 4,428 7,283 5,837 5,777
Professional fees and services 7,363 6,512 7,923 6,501 6,973
Net occupancy and equipment 15,973 16,258 14,901 15,570 15,100
Insurance 5,898 5,638 3,216 2,436 2,626
FDIC special assessment 11,773 - - - -
Data processing and communications 20,452 19,306 19,720 19,911 19,523
Printing, postage and supplies 4,072 4,571 3,823 4,035 4,156
Net (gains) losses and operating expenses
of repossessed assets 996 1,806 1,006 (136) (229)
Amortization of intangible assets 1,686 1,686 1,967 1,884 1,885
Mortgage banking costs 9,336 7,467 4,967 5,811 6,054
Change in fair value of mortgage servicing rights (7,865) (1,955) 26,432 5,554 767
Visa retrospective responsibility obligation - - (1,700) 1,700 -
Other expense 5,326 7,450 8,209 7,638 7,039
------------- -------------- -------------- -------------- --------------
Total other operating expense 175,770 165,794 185,442 164,290 159,268
Net income before taxes 80,655 84,103 39,451 79,633 (5,242)
Federal and state income taxes 28,315 28,838 10,363 22,958 (2,862)
------------- -------------- -------------- -------------- --------------
Net income before non-controlling interest 52,340 55,265 29,088 56,675 (2,380)
Non-controlling interest income (expense), net (225) (233) 6,355 10 1,219
------------- -------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 52,115 $ 55,032 $ 35,443 $ 56,685 $ (1,161)
============= ============== ============== ============== ==============
Average shares outstanding:
Basic 67,344,577 67,315,986 67,294,069 67,263,317 67,452,181
Diluted 67,448,029 67,387,102 67,456,267 67,432,444 67,452,181
Net income (loss) per share:
Basic $ 0.77 $ 0.81 $ 0.53 $ 0.84 $(0.02)
Diluted $ 0.77 $ 0.81 $ 0.52 $ 0.84 $(0.02)
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
----------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Commercial $ 2,918,478 $ 3,119,362 $ 3,356,520 $ 3,368,823 $ 3,228,179
Commercial real estate 855,742 881,620 843,576 827,357 875,546
Residential mortgage 1,249,104 1,234,417 1,196,924 1,134,066 1,099,277
Consumer 521,431 562,021 579,809 580,211 601,184
------------- -------------- -------------- -------------- --------------
Total Oklahoma 5,544,755 5,797,420 5,976,829 5,910,457 5,804,186
Texas:
Commercial 2,182,756 2,277,186 2,353,860 2,205,169 2,166,925
Commercial real estate 741,199 816,830 825,769 853,653 889,364
Residential mortgage 345,780 337,044 315,438 307,655 299,996
Consumer 196,752 214,134 212,820 214,133 204,081
------------- -------------- -------------- -------------- --------------
Total Texas 3,466,487 3,645,194 3,707,887 3,580,610 3,560,366
New Mexico:
Commercial 380,378 393,180 418,732 442,644 451,225
Commercial real estate 313,190 315,511 286,574 281,061 271,177
Residential mortgage 90,944 99,805 98,018 95,165 89,469
Consumer 18,826 19,900 18,616 18,296 16,977
------------- -------------- -------------- -------------- --------------
Total New Mexico 803,338 828,396 821,940 837,166 828,848
Arkansas:
Commercial 97,676 99,955 103,446 104,630 96,775
Commercial real estate 133,026 133,227 134,015 127,925 124,049
Residential mortgage 19,015 17,145 16,875 16,941 19,527
Consumer 152,620 168,971 175,647 183,543 197,979
------------- -------------- -------------- -------------- --------------
Total Arkansas 402,337 419,298 429,983 433,039 438,330
Colorado:
Commercial 595,858 675,223 660,546 598,519 489,844
Commercial real estate 269,923 267,035 261,820 266,739 276,062
Residential mortgage 58,557 59,120 53,875 49,676 38,517
Consumer 14,097 14,599 16,141 18,328 16,367
------------- -------------- -------------- -------------- --------------
Total Colorado 938,435 1,015,977 992,382 933,262 820,790
Arizona:
Commercial 215,540 211,953 211,356 213,861 207,173
Commercial real estate 262,607 285,841 319,525 326,615 351,058
Residential mortgage 58,265 61,605 62,123 58,800 53,321
Consumer 3,229 5,261 6,075 5,551 5,315
------------- -------------- -------------- -------------- --------------
Total Arizona 539,641 564,660 599,079 604,827 616,867
Kansas:
Commercial 325,165 324,671 307,143 340,156 398,452
Commercial real estate 36,006 32,017 29,969 30,642 40,241
Residential mortgage 12,310 10,814 9,321 7,650 7,490
Consumer 1,454 1,469 1,473 2,161 2,468
------------- -------------- -------------- -------------- --------------
Total Kansas 374,935 368,971 347,906 380,609 448,651
------------- -------------- -------------- -------------- --------------
TOTAL BOK FINANCIAL $ 12,069,928 $ 12,639,916 $ 12,876,0066 $ 12,679,970 $ 12,518,038
============= ============== ============== ============== ==============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
----------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Demand $ 1,451,057 $ 1,651,111 $ 1,683,374 $ 1,681,325 $ 1,455,997
Interest-bearing:
Transaction 4,374,089 4,089,838 4,117,729 4,151,430 3,997,136
Savings 94,048 95,827 86,476 86,900 90,100
Time 2,033,312 2,876,313 3,104,933 3,036,297 2,672,401
------------- -------------- -------------- -------------- --------------
Total interest-bearing 6,501,449 7,061,978 7,309,138 7,274,627 6,759,637
------------- -------------- -------------- -------------- --------------
Total Oklahoma 7,952,506 8,713,089 8,992,512 8,955,952 8,215,634
------------- -------------- -------------- -------------- --------------
Texas:
Demand 1,002,266 1,021,424 1,067,456 956,846 1,046,651
Interest-bearing:
Transaction 1,660,642 1,527,399 1,460,576 1,543,974 1,713,131
Savings 33,992 33,867 32,071 32,400 33,207
Time 1,035,919 1,054,632 857,416 794,911 723,146
------------- -------------- -------------- -------------- --------------
Total interest-bearing 2,730,553 2,615,898 2,350,063 2,371,285 2,469,484
------------- -------------- -------------- -------------- --------------
Total Texas 3,732,819 3,637,322 3,417,519 3,328,131 3,516,135
------------- -------------- -------------- -------------- --------------
New Mexico:
Demand 175,033 180,308 155,345 176,477 168,621
Interest-bearing:
Transaction 434,498 401,000 397,382 376,941 417,607
Savings 18,255 17,858 16,289 16,316 16,432
Time 542,388 561,300 522,894 475,560 445,505
------------- -------------- -------------- -------------- --------------
Total interest-bearing 995,141 980,158 936,565 868,817 879,544
------------- -------------- -------------- -------------- --------------
Total New Mexico 1,170,174 1,160,466 1,091,910 1,045,294 1,048,165
------------- -------------- -------------- -------------- --------------
Arkansas:
Demand 17,261 16,503 16,293 23,565 21,142
Interest-bearing:
Transaction 73,972 63,924 38,566 19,146 24,524
Savings 1,031 1,100 1,083 865 895
Time 162,505 150,015 75,579 47,684 39,305
------------- -------------- -------------- -------------- --------------
Total interest-bearing 237,508 215,039 115,228 67,695 64,724
------------- -------------- -------------- -------------- --------------
Total Arkansas 254,769 231,542 131,521 91,260 85,866
------------- -------------- -------------- -------------- --------------
Colorado:
Demand 113,895 111,048 116,637 115,677 109,697
Interest-bearing:
Transaction 445,521 466,276 480,113 440,888 507,260
Savings 18,144 18,905 17,660 19,300 20,245
Time 579,709 584,971 532,475 428,872 423,014
------------- -------------- -------------- -------------- --------------
Total interest-bearing 1,043,374 1,070,152 1,030,248 889,060 950,519
------------- -------------- -------------- -------------- --------------
Total Colorado 1,157,269 1,181,200 1,146,885 1,004,737 1,060,216
------------- -------------- -------------- -------------- --------------
Arizona:
Demand 55,975 54,362 39,424 45,725 49,895
Interest-bearing:
Transaction 89,842 66,809 56,985 64,463 73,034
Savings 1,282 970 1,014 1,033 1,233
Time 59,775 54,923 34,290 14,433 6,364
------------- -------------- -------------- -------------- --------------
Total interest-bearing 150,899 122,702 92,289 79,929 80,631
------------- -------------- -------------- -------------- --------------
Total Arizona 206,874 177,064 131,713 125,654 130,526
------------- -------------- -------------- -------------- --------------
Kansas / Missouri:
Demand 9,692 16,140 3,850 5,548 7,157
Interest-bearing:
Transaction 12,907 11,976 10,999 9,780 10,342
Savings 54 117 42 33 26
Time 158,325 141,505 55,656 19,794 51,649
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Total interest-bearing 171,286 153,598 66,697 29,607 62,017
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Total Kansas / Missouri 180,978 169,738 70,547 35,155 69,174
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TOTAL BOK FINANCIAL $ 14,655,389 $ 15,270,421 $ 14,982,6071 $ 14,586,183 $ 14,125,716
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NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
---------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
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TAX-EQUIVALENT ASSETS YIELDS
Trading securities 3.49% 3.69% 6.55% 5.61% 6.88%
Funds sold and resell agreements 0.19% 0.24% 0.76% 1.44% 1.97%
Securities:
Taxable 4.50% 4.90% 5.12% 5.09% 5.08%
Tax-exempt 5.69% 6.64% 6.43% 6.64% 6.46%
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Total securities 4.54% 4.96% 5.17% 5.15% 5.14%
Total loans 4.64% 4.56% 5.27% 5.69% 5.79%
Less Allowance for loan losses - - - - -
------------- ------------- -------------- -------------- --------------
Total loans, net 4.74% 4.65% 5.35% 5.77% 5.86%
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Total tax-equivalent yield on earning assets 4.65% 4.75% 5.28% 5.55% 5.61%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.78% 0.95% 1.51% 1.72% 1.74%
Savings 0.25% 0.28% 0.37% 0.37% 0.37%
Time 2.48% 2.83% 3.28% 3.39% 3.77%
------------- ------------- -------------- -------------- --------------
Total interest-bearing deposits 1.49% 1.76% 2.29% 2.39% 2.50%
Funds purchased and repurchase agreements 0.35% 0.45% 0.94% 1.98% 1.95%
Other borrowings 0.49% 0.58% 1.51% 2.56% 2.49%
Subordinated debt 5.67% 5.67% 5.48% 5.55% 5.88%
------------- ------------- -------------- -------------- --------------
Total cost of interest-bearing liabilities 1.31% 1.50% 2.02% 2.41% 2.47%
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Tax-equivalent net interest revenue spread 3.34% 3.25% 3.26% 3.14% 3.14%
Effect of noninterest-bearing funding sources
and other 0.21% 0.22% 0.31% 0.34% 0.30%
------------- ------------- -------------- -------------- --------------
Tax-equivalent net interest margin 3.55% 3.47% 3.57% 3.48% 3.44%
============= ============= ============== ============== ==============
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
----------------------------------------------------------------------------------
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
------------- -------------- -------------- -------------- --------------
Nonperforming assets:
Nonaccruing loans (B):
Commercial $ 126,510 $ 128,501 $ 134,846 $ 105,757 $ 69,679
Commercial real estate 189,586 175,487 137,279 78,235 60,456
Residential mortgage 35,860 34,182 27,387 27,075 17,861
Consumer 1,037 1,065 561 758 611
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Total nonaccruing loans $ 352,993 $ 339,235 $ 300,073 $ 211,825 $ 148,607
Renegotiated loans (A) 17,479 13,623 13,039 12,326 11,840
Real estate and other repossessed assets 75,243 61,383 29,179 28,088 21,025
------------- -------------- -------------- -------------- --------------
Total nonperforming assets $ 445,715 $ 414,241 $ 342,291 $ 252,239 $ 181,472
============= ============== ============== ============== ==============
Nonaccruing loans by principal market (B):
Oklahoma $ 108,490 $ 105,536 $ 108,367 $ 87,885 $ 57,155
Texas 51,582 55,225 42,934 29,141 20,860
New Mexico 29,640 18,046 16,016 12,293 9,838
Arkansas 3,888 4,078 3,263 3,386 2,924
Colorado 45,794 38,567 32,415 20,980 23,812
Arizona 106,076 111,772 80,994 54,832 33,482
Kansas 7,523 6,011 16,084 3,308 536
------------- -------------- -------------- -------------- --------------
Total nonaccruing loans $ 352,993 $ 339,235 $ 300,073 $ 211,825 $ 148,607
============= ============== ============== ============== ==============
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy $ 53,842 $ 49,618 $ 49,364 $ 49,839 $ 12,342
Manufacturing 16,975 18,248 7,343 6,479 6,731
Wholesale / retail 10,983 8,650 18,773 7,806 3,735
Agriculture 105 115 680 755 811
Services 24,713 30,226 36,873 26,581 30,080
Healthcare 14,222 14,288 12,118 3,300 3,791
Other 5,670 7,356 9,695 10,997 12,189
------------- -------------- -------------- -------------- --------------
Total commercial 126,510 128,501 134,846 105,757 69,679
Commercial real estate:
Land development and construction 97,425 99,922 76,082 53,624 45,291
Retail 17,474 9,893 15,625 13,011 7,591
Office 27,685 23,305 7,637 3,022 3,304
Multifamily 27,827 27,198 24,950 896 896
Industrial 527 575 6,287 390 396
Other commercial real estate 18,648 14,594 6,698 7,292 2,978
------------- -------------- -------------- -------------- --------------
Total commercial real estate 189,586 175,487 137,279 78,235 60,456
Residential mortgage:
Permanent mortgage 34,149 32,848 26,233 26,401 17,039
Home equity 1,711 1,334 1,154 674 822
------------- -------------- -------------- -------------- --------------
Total residential mortgage 35,860 34,182 27,387 27,075 17,861
Consumer 1,037 1,065 561 758 611
------------- -------------- -------------- -------------- --------------
Total nonaccruing loans $ 352,993 $ 339,235 $ 300,073 $ 211,825 $ 148,607
============= ============== ============== ============== ==============
Performing loans 90 days past due $ 32,479 $ 46,123 $ 19,123 $ 20,213 $ 10,683
Gross charge-offs $ 37,409 $ 34,535 $ 35,681 $ 33,926 $ 41,526
Recoveries 2,472 2,664 2,022 13,712 2,535
------------- -------------- -------------- -------------- --------------
Net charge-offs $ 34,937 $ 31,871 $ 33,659 $ 20,214 $ 38,991
============= ============== ============== ============== ==============
Provision for credit losses $ 47,120 $ 45,040 $ 73,001 $ 52,711 $ 59,310
Reserve for loan losses to period end loans 2.18% 1.99% 1.81% 1.47% 1.23%
Combined reserves for credit losses to period end loans 2.27% 2.07% 1.93% 1.65% 1.41%
Nonperforming assets to period end loans
and repossessed assets 3.67% 3.26% 2.65% 1.98% 1.45%
Net charge-offs (annualized) to average loans 1.13% 1.00% 1.05% 0.64% 1.26%
Reserve for loan losses to nonaccruing loans 74.59% 73.99% 77.73% 88.05% 103.64%
Combined reserves for credit losses to
nonaccruing loans 77.55% 77.11% 82.78% 98.69% 118.81%
(A) includes residential mortgage loans
guaranteed by agencies of the U.S.
government. These loans have been modified
to extend payment terms and/or reduce interest
rates to current market. $ 11,079 $ 10,514 $ 10,396 $ 9,604 $ 8,638
(B) includes loans subject to First United
Bank sellers escrow $ 8,305 $ 11,287 $ 13,181 $ 13,262 $ 11,973