Exhibit 99 (b)
BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
---------------------------------------------------
September 30, June 30, September 30,
2009 2009 2008
------------- -------------- --------------
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 1,383,244 $ 470,553 $ 669,914
Trading securities 100,898 84,548 92,588
Funds sold and resell agreements 39,465 112,128 105,594
Securities:
Available for sale 8,358,562 7,224,673 6,279,530
Investment 238,101 269,844 243,617
Mortgage trading securities 320,971 222,864 198,201
------------- -------------- --------------
Total securities 8,917,634 7,717,381 6,721,348
Residential mortgage loans held for sale 172,301 326,363 113,121
Loans:
Commercial 6,370,056 6,715,851 7,273,802
Commercial real estate 2,560,335 2,611,693 2,713,992
Residential mortgage 1,829,824 1,833,975 1,669,953
Consumer 851,349 908,409 1,022,223
------------- -------------- --------------
Total loans 11,611,564 12,069,928 12,679,970
Less reserve for loan losses (280,902) (263,309) (186,516)
------------- -------------- --------------
Loans, net of reserve 11,330,662 11,806,619 12,493,454
Premises and equipment, net 286,702 286,295 267,749
Accrued revenue receivable 68,617 118,718 118,096
Intangible assets, net 356,152 357,838 363,177
Mortgage servicing rights, net 66,689 67,413 68,680
Real estate and other repossessed assets 89,507 75,243 28,088
Bankers' acceptances 9,882 8,260 23,933
Derivative contracts 397,110 462,971 572,391
Cash surrender value of bank-owned life insurance 244,456 241,792 234,293
Receivable on unsettled securities trades - 237,200 169,494
Other assets 413,522 394,997 335,882
------------- -------------- --------------
TOTAL ASSETS $ 23,876,841 $ 22,768,319 $ 22,377,802
============= ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,462,188 $ 2,825,179 $ 3,005,163
Interest-bearing transaction 7,380,449 7,091,471 6,606,622
Savings 167,896 166,806 156,847
Time 4,084,813 4,571,933 4,817,551
------------- -------------- --------------
Total deposits 15,095,346 14,655,389 14,586,183
Funds purchased and
repurchase agreements 2,198,900 2,798,274 3,667,225
Other borrowings 3,189,948 2,152,177 1,077,450
Subordinated debentures 398,502 398,465 398,372
Accrued interest, taxes, and expense 123,409 119,003 120,280
Bankers' acceptances 9,882 8,260 23,933
Due on unsettled securities trades 133,974 - -
Derivative contracts 395,197 445,463 377,973
Other liabilities 127,689 125,126 166,597
------------- -------------- --------------
TOTAL LIABILITIES 21,672,847 20,702,157 20,418,013
Shareholders' equity:
Capital, surplus and retained earnings 2,185,776 2,149,020 2,046,752
Accumulated other comprehensive loss (763) (98,448) (106,249)
------------- -------------- --------------
TOTAL SHAREHOLDERS' EQUITY 2,185,013 2,050,572 1,940,503
Non-controlling interest 18,981 15,590 19,286
------------- -------------- --------------
TOTAL EQUITY 2,203,994 2,066,162 1,959,789
------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 23,876,841 $ 22,768,319 $ 22,377,802
============= ============== ==============
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
ASSETS
Trading securities $ 64,763 $ 112,960 $ 111,962 $ 78,840 $ 66,419
Funds sold and resell agreements 67,032 29,277 50,701 48,246 79,862
Securities:
Available for sale 7,782,254 7,242,931 6,645,086 6,409,906 5,945,220
Investment 235,967 271,068 238,562 242,503 239,655
Mortgage trading securities 267,591 365,434 453,304 237,319 126,837
------------- -------------- -------------- -------------- --------------
Total securities 8,285,812 7,879,433 7,336,952 6,889,728 6,311,712
Residential mortgage loans held for sale 176,403 286,077 201,135 121,184 116,533
Loans:
Commercial 6,521,438 6,901,057 7,182,481 7,452,799 7,228,814
Commercial real estate 2,621,176 2,684,020 2,762,789 2,716,465 2,696,503
Residential mortgage 1,873,457 1,884,023 1,841,006 1,641,023 1,655,710
Consumer 871,347 933,950 998,489 1,016,409 1,015,796
------------- -------------- -------------- -------------- --------------
Total loans 11,887,418 12,403,050 12,784,765 12,826,696 12,596,823
Less allowance for loan losses (281,289) (273,335) (252,734) (209,319) (182,844)
------------- -------------- -------------- -------------- --------------
Total loans, net 11,606,129 12,129,715 12,532,031 12,617,377 12,413,979
------------- -------------- -------------- -------------- --------------
Total earning assets 20,200,139 20,437,462 20,232,781 19,755,374 18,988,504
Cash and due from banks 828,965 638,791 661,433 534,039 499,992
Cash surrender value of bank-owned life insurance 242,715 240,199 237,805 235,195 232,465
Derivative contracts 401,887 493,448 476,091 352,083 900,777
Other assets 1,376,828 1,264,131 1,335,259 1,394,960 1,199,425
------------- -------------- -------------- -------------- --------------
TOTAL ASSETS $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163
============= ============== ============== ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,392,578 $ 3,183,338 $ 2,864,751 $ 2,712,384 $ 2,739,209
Interest-bearing transaction 7,162,477 6,854,003 6,610,805 6,116,465 6,565,935
Savings 167,677 167,813 159,537 155,784 159,856
Time 4,404,854 5,123,947 5,215,091 5,109,303 4,792,366
------------- -------------- -------------- -------------- --------------
Total deposits 15,127,586 15,329,101 14,850,184 14,093,936 14,257,366
Funds purchased and
repurchase agreements 2,284,985 2,316,990 2,562,066 3,095,054 3,061,186
Other borrowings 2,173,103 1,951,699 2,158,963 1,986,857 1,390,233
Subordinated debentures 398,484 398,456 398,425 398,392 398,361
Derivative contracts 392,277 536,232 641,974 494,778 509,057
Other liabilities 539,129 534,889 416,242 293,752 258,775
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES 20,915,564 21,067,367 21,027,854 20,362,769 19,874,978
Total equity 2,134,970 2,006,664 1,915,515 1,908,882 1,946,185
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651 $ 21,821,163
============= ============== ============== ============== ==============
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Nine Months Ended
-------------------------------- -------------------------------
September 30, September 30,
-------------------------------- -------------------------------
2009 2008 2009 2008
------------- -------------- -------------- --------------
Interest revenue $ 226,246 $ 263,358 $ 690,158 $ 799,485
Interest expense 45,785 99,010 164,272 329,070
------------- -------------- -------------- --------------
Net interest revenue 180,461 164,348 525,886 470,415
Provision for credit losses 55,120 52,711 147,280 129,592
------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 125,341 111,637 378,606 340,823
Other operating revenue
Brokerage and trading revenue 24,944 30,846 71,437 19,297
Transaction card revenue 26,264 25,632 79,225 74,976
Trust fees and commissions 16,315 20,100 49,685 61,836
Deposit service charges and fees 30,464 30,404 86,290 88,289
Mortgage banking revenue 13,197 7,145 51,577 23,382
Bank-owned life insurance 2,634 2,829 7,369 7,999
Margin asset fees 51 1,934 186 8,361
Other revenue 6,087 7,768 18,794 20,124
------------- -------------- -------------- --------------
Total fees and commissions 119,956 126,658 364,563 304,264
Gain (loss) on other assets 3,223 (841) 4,339 (1,986)
Gain (loss) on derivatives, net (294) 4,366 (2,995) 3,518
Gain (loss) on securities, net 12,266 2,103 38,845 6,787
Total other-than-temporary impairment losses (6,133) - (61,764) (5,306)
Portion of loss recognized in other comprehensive
income (2,752) - (41,839) -
------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (3,381) - (19,925) (5,306)
------------- -------------- -------------- --------------
Total other operating revenue 131,770 132,286 384,827 307,277
Other operating expense
Personnel 98,012 87,549 286,830 265,252
Business promotion 4,827 5,837 13,824 16,253
Professional fees and services 7,555 6,501 21,430 19,122
Net occupancy and equipment 15,884 15,570 48,115 45,731
Insurance 6,092 2,436 17,628 8,772
FDIC special assessment - - 11,773 -
Data processing and communications 20,413 19,911 60,171 58,327
Printing, postage and supplies 3,716 4,035 12,359 12,610
Net (gains) losses and operating expenses
of repossessed assets 3,497 (136) 6,299 13
Amortization of intangible assets 1,686 1,884 5,058 5,694
Mortgage banking costs 8,065 5,811 24,868 17,546
Change in fair value of mortgage servicing rights 2,981 5,554 (6,839) 8,083
Visa retrospective responsibility obligation - 1,700 - (1,067)
Other expense 6,004 7,638 18,780 20,626
------------- -------------- -------------- --------------
Total other operating expense 178,732 164,290 520,296 476,962
Net income before taxes 78,379 79,633 243,137 171,138
Federal and state income taxes 24,772 22,958 81,925 54,546
------------- -------------- -------------- --------------
Net income before non-controlling interest 53,607 56,675 161,212 116,592
Net income (loss) attributable to non-controlling
interest 2,947 (10) 3,405 (1,197)
------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 50,660 $ 56,685 $ 157,807 $ 117,789
============= ============== ============== ==============
Average shares outstanding:
Basic 67,392,059 67,263,317 67,351,436 67,305,916
Diluted 67,513,700 67,432,444 67,450,172 67,463,012
Net income per share:
Basic $ 0.75 $ 0.84 $ 2.33 $ 1.75
============= ============== ============== ==============
Diluted $ 0.75 $ 0.84 $ 2.33 $ 1.74
============= ============== ============== ==============
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
----------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
Capital:
Period-end shareholders' equity $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503
Risk weighted assets $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504
Risk-based capital ratios:
Tier 1 10.56% 9.86% 9.66% 9.40% 9.31%
Total capital 14.10% 13.34% 13.08% 12.81% 12.62%
Leverage ratio 8.16% 7.97% 7.85% 7.89% 7.94%
Tangible common equity ratio (A) 7.78% 7.55% 6.84% 6.64% 7.16%
Tier 1 common equity ratio (B) 10.45% 9.77% 9.58% 9.32% 9.20%
Common stock:
Book value per share $ 32.27 $ 30.30 $ 28.57 $ 27.36 $ 28.78
Market value per share:
High $ 48.10 $ 43.02 $ 40.71 $ 54.42 $ 53.94
Low $ 34.81 $ 34.46 $ 22.95 $ 38.40 $ 38.61
Cash dividends paid $ 16,280 $ 16,184 $ 15,027 $ 15,358 $ 15,170
Dividend payout ratio 32.14% 31.05% 27.31% 43.33% 26.76%
Shares outstanding, net 67,707,547 67,674,442 67,589,045 67,473,086 67,433,837
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 0.87% 0.91% 0.97% 0.63% 1.03%
Return on average equity 9.41% 10.42% 11.65% 7.39% 11.59%
Net interest margin 3.63% 3.55% 3.47% 3.57% 3.48%
Efficiency ratio 58.09% 61.02% 57.10% 54.94% 54.19%
Other data:
Gain (loss) on economic hedge of mortgage
servicing rights $ 3,560 $ (10,199) $ (2,118) $ 15,089 $ 1,186
Trust assets $ 29,945,585 $ 29,288,041 $ 28,700,791 $ 30,454,512 $ 33,242,296
Mortgage servicing portfolio $ 6,339,764 $ 6,082,501 $ 5,515,893 $ 5,256,159 $ 5,167,584
Mortgage loan fundings during the quarter $ 536,173 $ 1,023,272 $ 708,561 $ 214,521 $ 258,171
Mortgage loan refinances to total fundings 49.00% 71.00% 73.51% 34.84% 25.14%
Tax equivalent adjustment $ 1,982 $ 1,791 $ 2,105 $ 2,063 $ 1,927
Unrealized gain (loss) on available for sale
securities $ 30,898 $ (128,492) $ (261,856) $ (330,973) $ (158,652)
(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257 $ 1,940,503
Less: intangible assets, net (356,152) (357,838) (359,523) (361,209) (363,177)
------------- -------------- -------------- -------------- --------------
Tangible common equity $ 1,828,861 $ 1,692,734 $ 1,571,777 $ 1,485,048 $ 1,577,326
============= ============== ============== ============== ==============
Total assets $ 23,876,841 $ 22,768,319 $ 23,333,442 $ 22,734,648 $ 22,377,802
Less: intangible assets, net (356,152) (357,838) (359,523) (361,209) (363,177)
------------- -------------- -------------- -------------- --------------
$ 23,520,689 $ 22,410,481 $ 22,973,919 $ 22,373,439 $ 22,014,625
============= ============== ============== ============== ==============
Tangible common equity ratio 7.78% 7.55% 6.84% 6.64% 7.16%
(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital $ 1,849,254 $ 1,807,705 $ 1,773,576 $ 1,728,926 $ 1,707,390
Less: non-controlling interest (18,981) (15,590) (14,751) (13,855) (19,286)
------------- -------------- -------------- -------------- --------------
Tier 1 common equity $ 1,830,273 $ 1,792,115 $ 1,758,825 $ 1,715,071 $ 1,688,104
============= ============== ============== ============== ==============
Risk weighted assets $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051 $ 18,347,504
Tier 1 common equity ratio 10.45% 9.77% 9.58% 9.32% 9.20%
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
----------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
Interest revenue $ 226,246 $ 230,685 $ 233,227 $ 262,160 $ 263,358
Interest expense 45,785 55,105 63,382 85,713 99,010
------------- -------------- -------------- -------------- --------------
Net interest revenue 180,461 175,580 169,845 176,447 164,348
Provision for credit losses 55,120 47,120 45,040 73,001 52,711
------------- -------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 125,341 128,460 124,805 103,446 111,637
Other operating revenue
Brokerage and trading revenue 24,944 21,794 24,699 23,507 30,846
Transaction card revenue 26,264 27,533 25,428 25,177 25,632
Trust fees and commissions 16,315 16,860 16,510 17,143 20,100
Deposit service charges and fees 30,464 28,421 27,405 29,239 30,404
Mortgage banking revenue 13,197 19,882 18,498 7,217 7,145
Bank-owned life insurance 2,634 2,418 2,317 2,682 2,829
Margin asset fees 51 68 67 187 1,934
Other revenue 6,087 6,124 6,583 5,778 7,768
------------- ------------- -------------- -------------- -------------
Total fees and commissions 119,956 123,100 121,507 110,930 126,658
Gain (loss) on other assets 3,223 973 143 (7,420) (841)
Gain (loss) on derivatives, net (294) (1,037) (1,664) (2,219) 4,366
Gain (loss) on securities, net 12,266 6,471 20,108 20,156 2,103
Total other-than-temporary impairment losses (6,133) (1,263) (54,368) - -
Portion of loss recognized in other comprehensive
income (2,752) 279 (39,366) - -
------------- -------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (3,381) (1,542) (15,002) - -
------------- -------------- -------------- -------------- --------------
Total other operating revenue 131,770 127,965 125,092 121,447 132,286
Other operating expense
Personnel 98,012 96,191 92,627 87,695 87,549
Business promotion 4,827 4,569 4,428 7,283 5,837
Professional fees and services 7,555 7,363 6,512 7,923 6,501
Net occupancy and equipment 15,884 15,973 16,258 14,901 15,570
Insurance 6,092 5,898 5,638 3,216 2,436
FDIC special assessment - 11,773 - - -
Data processing and communications 20,413 20,452 19,306 19,720 19,911
Printing, postage and supplies 3,716 4,072 4,571 3,823 4,035
Net (gains) losses and operating expenses
of repossessed assets 3,497 996 1,806 1,006 (136)
Amortization of intangible assets 1,686 1,686 1,686 1,967 1,884
Mortgage banking costs 8,065 9,336 7,467 4,967 5,811
Change in fair value of mortgage servicing rights 2,981 (7,865) (1,955) 26,432 5,554
Visa retrospective responsibility obligation - - - (1,700) 1,700
Other expense 6,004 5,326 7,450 8,209 7,638
------------- -------------- -------------- -------------- --------------
Total other operating expense 178,732 175,770 165,794 185,442 164,290
Net income before taxes 78,379 80,655 84,103 39,451 79,633
Federal and state income taxes 24,772 28,315 28,838 10,363 22,958
------------- -------------- -------------- -------------- --------------
Net income before non-controlling interest 53,607 52,340 55,265 29,088 56,675
Net income (loss) attributable to non-controlling
interest 2,947 225 233 (6,355) (10)
------------- -------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 50,660 $ 52,115 $ 55,032 $ 35,443 $ 56,685
============= ============== ============== ============== ==============
Average shares outstanding:
Basic 67,392,059 67,344,577 67,315,986 67,294,069 67,263,317
Diluted 67,513,700 67,448,029 67,387,102 67,456,267 67,432,444
Net income per share:
Basic $ 0.75 $ 0.77 $ 0.81 $ 0.53 $0.84
Diluted $ 0.75 $ 0.77 $ 0.81 $ 0.52 $0.84
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Commercial $ 2,738,217 $ 2,918,478 $ 3,119,362 $ 3,356,520 $ 3,368,823
Commercial real estate 815,362 855,742 881,620 843,576 827,357
Residential mortgage 1,245,917 1,249,104 1,234,417 1,196,924 1,134,066
Consumer 483,369 521,431 562,021 579,809 580,211
------------- -------------- -------------- -------------- --------------
Total Oklahoma 5,282,865 5,544,755 5,797,420 5,976,829 5,910,457
Texas:
Commercial 2,075,379 2,182,756 2,277,186 2,353,860 2,205,169
Commercial real estate 734,742 741,199 816,830 825,769 853,653
Residential mortgage 335,797 345,780 337,044 315,438 307,655
Consumer 188,374 196,752 214,134 212,820 214,133
------------- -------------- -------------- -------------- --------------
Total Texas 3,334,292 3,466,487 3,645,194 3,707,887 3,580,610
New Mexico:
Commercial 344,910 380,378 393,180 418,732 442,644
Commercial real estate 344,988 313,190 315,511 286,574 281,061
Residential mortgage 88,271 90,944 99,805 98,018 95,165
Consumer 18,176 18,826 19,900 18,616 18,296
------------- -------------- -------------- -------------- --------------
Total New Mexico 796,345 803,338 828,396 821,940 837,166
Arkansas:
Commercial 99,559 97,676 99,955 103,446 104,630
Commercial real estate 128,984 133,026 133,227 134,015 127,925
Residential mortgage 19,128 19,015 17,145 16,875 16,941
Consumer 136,461 152,620 168,971 175,647 183,543
------------- -------------- -------------- -------------- --------------
Total Arkansas 384,132 402,337 419,298 429,983 433,039
Colorado:
Commercial 569,549 595,858 675,223 660,546 598,519
Commercial real estate 249,879 269,923 267,035 261,820 266,739
Residential mortgage 68,667 58,557 59,120 53,875 49,676
Consumer 18,272 14,097 14,599 16,141 18,328
------------- -------------- -------------- -------------- --------------
Total Colorado 906,367 938,435 1,015,977 992,382 933,262
Arizona:
Commercial 219,330 215,540 211,953 211,356 213,861
Commercial real estate 257,169 262,607 285,841 319,525 326,615
Residential mortgage 57,304 58,265 61,605 62,123 58,800
Consumer 4,826 3,229 5,261 6,075 5,551
------------- -------------- -------------- -------------- --------------
Total Arizona 538,629 539,641 564,660 599,079 604,827
Kansas:
Commercial 323,112 325,165 324,671 307,143 340,156
Commercial real estate 29,211 36,006 32,017 29,969 30,642
Residential mortgage 14,740 12,310 10,814 9,321 7,650
Consumer 1,871 1,454 1,469 1,473 2,161
------------- -------------- -------------- -------------- --------------
Total Kansas 368,934 374,935 368,971 347,906 380,609
------------- -------------- -------------- -------------- --------------
TOTAL BOK FINANCIAL $ 11,611,564 $ 12,069,928 $ 12,639,9168 $ 12,876,006 $ 12,679,970
============= ============== ============== ============== ==============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Demand $ 1,895,980 $ 1,451,057 $ 1,651,111 $ 1,683,374 $ 1,681,325
Interest-bearing:
Transaction 4,566,058 4,374,089 4,089,838 4,117,729 4,151,430
Savings 93,443 94,048 95,827 86,476 86,900
Time 1,765,980 2,033,312 2,876,313 3,104,933 3,036,297
------------- -------------- -------------- -------------- --------------
Total interest-bearing 6,425,481 6,501,449 7,061,978 7,309,138 7,274,627
------------- -------------- -------------- -------------- --------------
Total Oklahoma 8,321,461 7,952,506 8,713,089 8,992,512 8,955,952
------------- -------------- -------------- -------------- --------------
Texas:
Demand 1,138,794 1,002,266 1,021,424 1,067,456 956,846
Interest-bearing:
Transaction 1,716,460 1,660,642 1,527,399 1,460,576 1,543,974
Savings 35,724 33,992 33,867 32,071 32,400
Time 1,007,579 1,035,919 1,054,632 857,416 794,911
------------- -------------- -------------- -------------- --------------
Total interest-bearing 2,759,763 2,730,553 2,615,898 2,350,063 2,371,285
------------- -------------- -------------- -------------- --------------
Total Texas 3,898,557 3,732,819 3,637,322 3,417,519 3,328,131
------------- -------------- -------------- -------------- --------------
New Mexico:
Demand 216,330 175,033 180,308 155,345 176,477
Interest-bearing:
Transaction 424,528 434,498 401,000 397,382 376,941
Savings 18,039 18,255 17,858 16,289 16,316
Time 511,507 542,388 561,300 522,894 475,560
------------- -------------- -------------- -------------- --------------
Total interest-bearing 954,074 995,141 980,158 936,565 868,817
------------- -------------- -------------- -------------- --------------
Total New Mexico 1,170,404 1,170,174 1,160,466 1,091,910 1,045,294
------------- -------------- -------------- -------------- --------------
Arkansas:
Demand 19,077 17,261 16,503 16,293 23,565
Interest-bearing:
Transaction 85,061 73,972 63,924 38,566 19,146
Savings 1,131 1,031 1,100 1,083 865
Time 137,109 162,505 150,015 75,579 47,684
------------- -------------- -------------- -------------- --------------
Total interest-bearing 223,301 237,508 215,039 115,228 67,695
------------- -------------- -------------- -------------- --------------
Total Arkansas 242,378 254,769 231,542 131,521 91,260
------------- -------------- -------------- -------------- --------------
Colorado:
Demand 121,555 113,895 111,048 116,637 115,677
Interest-bearing:
Transaction 477,418 445,521 466,276 480,113 440,888
Savings 18,518 18,144 18,905 17,660 19,300
Time 520,906 579,709 584,971 532,475 428,872
------------- -------------- -------------- -------------- --------------
Total interest-bearing 1,016,842 1,043,374 1,070,152 1,030,248 889,060
------------- -------------- -------------- -------------- --------------
Total Colorado 1,138,397 1,157,269 1,181,200 1,146,885 1,004,737
------------- -------------- -------------- -------------- --------------
Arizona:
Demand 54,046 55,975 54,362 39,424 45,725
Interest-bearing:
Transaction 95,242 89,842 66,809 56,985 64,463
Savings 971 1,282 970 1,014 1,033
Time 56,809 59,775 54,923 34,290 14,433
------------- -------------- -------------- -------------- --------------
Total interest-bearing 153,022 150,899 122,702 92,289 79,929
------------- -------------- -------------- -------------- --------------
Total Arizona 207,068 206,874 177,064 131,713 125,654
------------- -------------- -------------- -------------- --------------
Kansas / Missouri:
Demand 16,406 9,692 16,140 3,850 5,548
Interest-bearing:
Transaction 15,682 12,907 11,976 10,999 9,780
Savings 70 54 117 42 33
Time 84,923 158,325 141,505 55,656 19,794
------------- -------------- -------------- -------------- --------------
Total interest-bearing 100,675 171,286 153,598 66,697 29,607
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Total Kansas / Missouri 117,081 180,978 169,738 70,547 35,155
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TOTAL BOK FINANCIAL $ 15,095,346 $ 14,655,389 $ 15,270,4219 $ 14,982,607 $ 14,586,183
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NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
------------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
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TAX-EQUIVALENT ASSETS YIELDS
Trading securities 4.72% 3.49% 3.69% 6.55% 5.61%
Funds sold and resell agreements 0.11% 0.19% 0.24% 0.76% 1.44%
Securities:
Taxable 4.18% 4.50% 4.90% 5.12% 5.09%
Tax-exempt 5.03% 5.69% 6.64% 6.43% 6.64%
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Total securities 4.21% 4.54% 4.96% 5.17% 5.15%
Total loans 4.67% 4.64% 4.56% 5.27% 5.69%
Less Allowance for loan losses - - - - -
------------- -------------- -------------- -------------- --------------
Total loans, net 4.78% 4.74% 4.65% 5.35% 5.77%
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Total tax-equivalent yield on earning assets 4.54% 4.65% 4.75% 5.28% 5.55%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.65% 0.78% 0.95% 1.51% 1.72%
Savings 0.48% 0.25% 0.28% 0.37% 0.37%
Time 2.20% 2.48% 2.83% 3.28% 3.39%
------------- -------------- -------------- -------------- --------------
Total interest-bearing deposits 1.23% 1.49% 1.76% 2.29% 2.39%
Funds purchased and repurchase agreements 0.32% 0.35% 0.45% 0.94% 1.98%
Other borrowings 0.38% 0.49% 0.58% 1.51% 2.56%
Subordinated debt 5.53% 5.67% 5.67% 5.48% 5.55%
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Total cost of interest-bearing liabilities 1.09% 1.31% 1.50% 2.02% 2.41%
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Tax-equivalent net interest revenue spread 3.45% 3.34% 3.25% 3.26% 3.14%
Effect of noninterest-bearing funding sources
and other 0.18% 0.21% 0.22% 0.31% 0.34%
------------- -------------- -------------- -------------- --------------
Tax-equivalent net interest margin 3.63% 3.55% 3.47% 3.57% 3.48%
============= ============== ============== ============== ==============
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
----------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------- -------------- -------------- -------------- --------------
Nonperforming assets:
Nonaccruing loans (B):
Commercial $ 128,266 $ 126,510 $ 128,501 $ 134,846 $ 105,757
Commercial real estate 212,418 189,586 175,487 137,279 78,235
Residential mortgage 38,220 35,860 34,182 27,387 27,075
Consumer 3,897 1,037 1,065 561 758
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Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
Renegotiated loans (A) 17,426 17,479 13,623 13,039 12,326
Real estate and other repossessed assets 89,507 75,243 61,383 29,179 28,088
------------- -------------- -------------- -------------- --------------
Total nonperforming assets $ 489,734 $ 445,715 $ 414,241 $ 342,291 $ 252,239
============= ============== ============== ============== ==============
Nonaccruing loans by principal market (B):
Oklahoma $ 112,610 $ 108,490 $ 105,536 $ 108,367 $ 87,885
Texas 65,911 51,582 55,225 42,934 29,141
New Mexico 35,541 29,640 18,046 16,016 12,293
Arkansas 5,911 3,888 4,078 3,263 3,386
Colorado 50,432 45,794 38,567 32,415 20,980
Arizona 108,161 106,076 111,772 80,994 54,832
Kansas 4,235 7,523 6,011 16,084 3,308
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Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
============= ============== ============== ============== ==============
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy $ 48,992 $ 53,842 $ 49,618 $ 49,364 $ 49,839
Manufacturing 17,429 16,975 18,248 7,343 6,479
Wholesale / retail 7,623 10,983 8,650 18,773 7,806
Agriculture 98 105 115 680 755
Services 30,094 24,713 30,226 36,873 26,581
Healthcare 13,758 14,222 14,288 12,118 3,300
Other 10,272 5,670 7,356 9,695 10,997
------------- -------------- -------------- -------------- --------------
Total commercial 128,266 126,510 128,501 134,846 105,757
Commercial real estate:
Land development and construction 113,868 97,425 99,922 76,082 53,624
Retail 22,254 17,474 9,893 15,625 13,011
Office 31,406 27,685 23,305 7,637 3,022
Multifamily 28,223 27,827 27,198 24,950 896
Industrial 527 527 575 6,287 390
Other commercial real estate 16,140 18,648 14,594 6,698 7,292
------------- -------------- -------------- -------------- --------------
Total commercial real estate 212,418 189,586 175,487 137,279 78,235
Residential mortgage:
Permanent mortgage 36,431 34,149 32,848 26,233 26,401
Home equity 1,789 1,711 1,334 1,154 674
------------- -------------- -------------- -------------- --------------
Total residential mortgage 38,220 35,860 34,182 27,387 27,075
Consumer 3,897 1,037 1,065 561 758
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Total nonaccruing loans $ 382,801 $ 352,993 $ 339,235 $ 300,073 $ 211,825
============= ============== ============== ============== ==============
- - - - -
Performing loans 90 days past due $ 24,238 $ 32,479 $ 46,123 $ 19,123 $ 20,213
Gross charge-offs $ 38,581 $ 37,409 $ 34,535 $ 35,681 $ 33,926
Recoveries 2,594 2,472 2,664 2,022 13,712
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Net charge-offs $ 35,987 $ 34,937 $ 31,871 $ 33,659 $ 20,214
============= ============== ============== ============== ==============
Provision for credit losses $ 55,120 $ 47,120 $ 45,040 $ 73,001 $ 52,711
Reserve for loan losses to period end loans 2.42% 2.18% 1.99% 1.81% 1.47%
Combined reserves for credit losses to period end loans 2.52% 2.27% 2.07% 1.93% 1.65%
Nonperforming assets to period end loans
and repossessed assets 4.19% 3.67% 3.26% 2.65% 1.98%
Net charge-offs (annualized) to average loans 1.21% 1.13% 1.00% 1.05% 0.64%
Reserve for loan losses to nonaccruing loans 73.38% 74.59% 73.99% 77.73% 88.05%
Combined reserves for credit losses to
nonaccruing loans 76.51% 77.55% 77.11% 82.78% 98.69%
(A) includes residential mortgage loans guaranteed by$ 11,234 $ 11,079 $ 10,514 $ 10,396 $ 9,604
agencies of the U.S. government. These loans
have been modified to extend payment terms and/or
reduce interest rates to current market.
(B) includes loans subject to First United Bank seller$ 4,173 $ 8,305 $ 11,287 $ 13,181 $ 13,262