Exhibit 99 (b)
BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
---------------------------------------------------
December 31, September 30, December 31,
2009 2009 2008
------------- -------------- --------------
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 875,250 $ 1,383,244 $ 581,133
Trading securities 65,354 100,898 99,601
Funds sold and resell agreements 45,966 39,465 113,809
Securities:
Available for sale 8,872,023 8,358,562 6,391,451
Investment 240,405 238,101 242,344
Mortgage trading securities 285,950 320,971 399,211
------------- -------------- --------------
Total securities 9,398,378 8,917,634 7,033,006
Residential mortgage loans held for sale 217,826 172,301 129,246
Loans:
Commercial 6,207,840 6,370,056 7,411,603
Commercial real estate 2,491,434 2,560,335 2,701,248
Residential mortgage 1,793,622 1,829,824 1,752,574
Consumer 786,802 851,349 1,010,581
------------- -------------- --------------
Total loans 11,279,698 11,611,564 12,876,006
Less reserve for loan losses (292,095) (280,902) (233,236)
------------- -------------- --------------
Loans, net of reserve 10,987,603 11,330,662 12,642,770
Premises and equipment, net 280,260 286,702 277,458
Accrued revenue receivable 108,822 68,617 96,673
Intangible assets, net 354,239 356,152 361,209
Mortgage servicing rights, net 73,824 66,689 42,752
Real estate and other repossessed assets 129,034 89,507 29,179
Bankers' acceptances 3,869 9,882 12,913
Derivative contracts 343,782 397,110 452,604
Cash surrender value of bank-owned life insurance 247,357 244,456 237,006
Receivable on unsettled securities trades - - 239,474
Other assets 385,267 413,522 385,815
------------- -------------- --------------
TOTAL ASSETS $ 23,516,831 $ 23,876,841 $ 22,734,648
============= ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,653,844 $ 3,462,188 $ 3,082,379
Interest-bearing transaction 7,930,439 7,380,449 6,562,350
Savings 165,952 167,896 154,635
Time 3,767,993 4,084,813 5,183,243
------------- -------------- --------------
Total deposits 15,518,228 15,095,346 14,982,607
Funds purchased and
repurchase agreements 2,471,743 2,198,900 3,025,399
Other borrowings 2,133,357 3,189,948 1,522,054
Subordinated debentures 398,539 398,502 398,407
Accrued interest, taxes, and expense 111,880 123,409 133,220
Bankers' acceptances 3,869 9,882 12,913
Due on unsettled securities trades 212,335 133,974 -
Derivative contracts 308,360 395,197 667,034
Other liabilities 133,146 127,689 132,902
------------- -------------- --------------
TOTAL LIABILITIES 21,291,457 21,672,847 20,874,536
Shareholders' equity:
Capital, surplus and retained earnings 2,216,553 2,185,776 2,069,143
Accumulated other comprehensive loss (10,740) (763) (222,886)
------------- -------------- --------------
TOTAL SHAREHOLDERS' EQUITY 2,205,813 2,185,013 1,846,257
Non-controlling interest 19,561 18,981 13,855
------------- -------------- --------------
TOTAL EQUITY 2,225,374 2,203,994 1,860,112
------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 23,516,831 $ 23,876,841 $ 22,734,648
============= ============== ==============
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
----------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- --------------
ASSETS
Trading securities $ 68,027 $ 64,763 $ 112,960 $ 111,962 $ 78,840
Funds sold and resell agreements 30,358 67,032 29,277 50,701 48,246
Securities:
Available for sale 8,583,032 7,782,254 7,242,931 6,645,086 6,409,906
Investment 238,479 235,967 271,068 238,562 242,503
Mortgage trading securities 340,456 267,591 365,434 453,304 237,319
------------- -------------- -------------- -------------- --------------
Total securities 9,161,967 8,285,812 7,879,433 7,336,952 6,889,728
Residential mortgage loans held for sale 194,760 176,403 286,077 201,135 121,184
Loans:
Commercial 6,325,580 6,521,438 6,901,057 7,182,481 7,452,799
Commercial real estate 2,538,737 2,621,176 2,684,020 2,762,789 2,716,465
Residential mortgage 1,827,339 1,873,457 1,884,023 1,841,006 1,641,023
Consumer 801,040 871,347 933,950 998,489 1,016,409
------------- -------------- -------------- -------------- --------------
Total loans 11,492,696 11,887,418 12,403,050 12,784,765 12,826,696
Less allowance for loan losses (298,157) (281,289) (273,335) (252,734) (209,319)
------------- -------------- -------------- -------------- --------------
Total loans, net 11,194,539 11,606,129 12,129,715 12,532,031 12,617,377
------------- -------------- -------------- -------------- --------------
Total earning assets 20,649,651 20,200,139 20,437,462 20,232,781 19,755,374
Cash and due from banks 1,095,087 828,965 638,791 661,433 534,039
Cash surrender value of bank-owned life insurance 245,460 242,715 240,199 237,805 235,195
Derivative contracts 352,143 401,887 493,448 476,091 352,083
Other assets 1,353,393 1,376,828 1,264,131 1,335,259 1,394,960
------------- -------------- -------------- -------------- --------------
TOTAL ASSETS $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651
============= ============== ============== ============== ==============
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,666,663 $ 3,392,578 $ 3,183,338 $ 2,864,751 $ 2,712,384
Interest-bearing transaction 7,734,678 7,162,477 6,854,003 6,610,805 6,116,465
Savings 167,572 167,677 167,813 159,537 155,784
Time 4,002,337 4,404,854 5,123,947 5,215,091 5,109,303
------------- -------------- -------------- -------------- --------------
Total deposits 15,571,250 15,127,586 15,329,101 14,850,184 14,093,936
Funds purchased and
repurchase agreements 2,173,476 2,284,985 2,316,990 2,562,066 3,095,054
Other borrowings 2,380,938 2,173,103 1,951,699 2,158,963 1,986,857
Subordinated debentures 398,522 398,484 398,456 398,425 398,392
Derivative contracts 318,809 392,277 536,232 641,974 494,778
Other liabilities 605,994 539,129 534,889 416,242 293,752
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES 21,448,989 20,915,564 21,067,367 21,027,854 20,362,769
Total equity 2,246,745 2,134,970 2,006,664 1,915,515 1,908,882
------------- -------------- -------------- -------------- --------------
TOTAL LIABILITIES AND EQUITY $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651
============= ============== ============== ============== ==============
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Year Ended
-------------------------------- -------------------------------
December 31, December 31,
-------------------------------- -------------------------------
2009 2008 2009 2008
------------- -------------- -------------- --------------
Interest revenue $ 224,411 $ 262,160 $ 914,569 $ 1,061,645
Interest expense 39,933 85,713 204,205 414,783
------------- -------------- -------------- --------------
Net interest revenue 184,478 176,447 710,364 646,862
Provision for credit losses 48,620 73,001 195,900 202,593
------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 135,858 103,446 514,464 444,269
Other operating revenue
Brokerage and trading revenue 20,240 23,507 91,677 42,804
Transaction card revenue 26,292 25,177 105,517 100,153
Trust fees and commissions 16,492 17,143 66,177 78,979
Deposit service charges and fees 29,501 29,239 115,791 117,528
Mortgage banking revenue 13,403 7,217 64,980 30,599
Bank-owned life insurance 2,870 2,682 10,239 10,681
Margin asset fees 50 187 236 8,548
Other revenue 7,101 5,778 25,895 25,902
------------- -------------- -------------- --------------
Total fees and commissions 115,949 110,930 480,512 415,194
Gain (loss) on other assets (205) (7,420) 4,134 (9,406)
Gain (loss) on derivatives, net (370) (2,219) (3,365) 1,299
Gain (loss) on securities, net 7,277 20,156 46,122 26,943
Total other-than-temporary impairment losses (67,390) - (129,154) (5,306)
Portion of loss recognized in other comprehensive
income (52,902) - (94,741) -
------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (14,488) - (34,413) (5,306)
------------- -------------- -------------- --------------
Total other operating revenue 108,163 121,447 492,990 428,724
Other operating expense
Personnel 93,687 87,695 380,517 352,947
Business promotion 5,758 7,283 19,582 23,536
Professional fees and services 8,813 7,923 30,243 27,045
Net occupancy and equipment 17,600 14,901 65,715 60,632
Insurance 6,412 3,216 24,040 11,988
FDIC special assessment - - 11,773 -
Data processing and communications 21,121 19,720 81,292 78,047
Printing, postage and supplies 3,601 3,823 15,960 16,433
Net (gains) losses and operating expenses
of repossessed assets 5,101 1,006 11,400 1,019
Amortization of intangible assets 1,912 1,967 6,970 7,661
Mortgage banking costs 11,436 4,967 36,304 22,513
Change in fair value of mortgage servicing rights (5,285) 26,432 (12,124) 34,515
Visa retrospective responsibility obligation - (1,700) - (2,767)
Other expense 6,281 8,209 25,061 28,835
------------- -------------- -------------- --------------
Total other operating expense 176,437 185,442 696,733 662,404
Net income before taxes 67,584 39,451 310,721 210,589
Federal and state income taxes 24,780 10,363 106,705 64,909
------------- -------------- -------------- --------------
Net income before non-controlling interest 42,804 29,088 204,016 145,680
Net income (loss) attributable to
non-controlling interest 33 (6,355) 3,438 (7,552)
------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 42,771 $ 35,443 $ 200,578 $ 153,232
============= ============== ============== ==============
Average shares outstanding:
Basic 67,446,326 67,294,069 67,375,387 67,302,990
Diluted 67,600,344 67,456,267 67,487,944 67,461,361
Net income per share:
Basic $ 0.63 $ 0.53 $ 2.96 $ 2.27
============= ============== ============== ==============
Diluted $ 0.63 $ 0.52 $ 2.96 $ 2.27
============= ============== ============== ==============
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,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- --------------
Capital:
Period-end shareholders' equity $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
Risk weighted assets $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051
Risk-based capital ratios:
Tier 1 10.86% 10.56% 9.86% 9.66% 9.40%
Total capital 14.43% 14.10% 13.34% 13.08% 12.81%
Leverage ratio 8.05% 8.16% 7.97% 7.85% 7.89%
Tangible common equity ratio (A) 7.99% 7.78% 7.55% 6.84% 6.64%
Tier 1 common equity ratio (B) 10.75% 10.45% 9.77% 9.58% 9.32%
Common stock:
Book value per share $ 32.53 $ 32.27 $ 30.30 $ 28.57 $ 27.36
Market value per share:
High $ 47.91 $ 48.10 $ 43.02 $ 40.71 $ 54.42
Low $ 41.87 $ 34.81 $ 34.46 $ 22.95 $ 38.40
Cash dividends paid $ 16,461 $ 16,280 $ 16,184 $ 15,027 $ 15,358
Dividend payout ratio 38.49% 32.14% 31.05% 27.31% 43.33%
Shares outstanding, net 67,802,807 67,707,547 67,674,442 67,589,045 67,473,086
Stock buy-back program:
Shares repurchased - - - - -
Amount $ - $ - $ - $ - $ -
------------- ---------------- --------------- -------------- --------------
Average price per share $ - $ - $ - $ - $ -
============= ================ =============== ============== ==============
Performance ratios (quarter annualized):
Return on average assets 0.72% 0.87% 0.91% 0.97% 0.63%
Return on average equity 7.55% 9.41% 10.42% 11.65% 7.39%
Net interest margin 3.64% 3.63% 3.55% 3.47% 3.57%
Efficiency ratio 60.02% 58.09% 61.02% 57.10% 54.94%
Other data:
Gain (loss) on economic hedge of mortgage
servicing rights $ (4,440) $ 3,560 $ (10,199) $ (2,118) $ 15,089
Trust assets $ 30,385,365 $ 29,945,585 $ 29,288,041 $ 28,700,791 $ 30,454,512
Mortgage servicing portfolio $ 6,603,132 $ 6,339,764 $ 6,082,501 $ 5,515,893 $ 5,256,159
Mortgage loan fundings during the quarter $ 560,254 $ 536,173 $ 1,023,272 $ 708,561 $ 214,521
Mortgage loan refinances to total fundings 47.00% 49.00% 71.00% 73.51% 34.84%
Tax equivalent adjustment $ 2,196 $ 1,982 $ 1,791 $ 2,105 $ 2,063
Unrealized gain (loss) on available for sale
securities $ 13,226 $ 30,898 $ (128,492) $ (261,856) $ (330,973)
(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
Less: intangible assets, net (354,239) (356,152) (357,838) (359,523) (361,209)
------------- -------------- -------------- -------------- --------------
Tangible common equity $ 1,851,574 $ 1,828,861 $ 1,692,734 $ 1,571,777 $ 1,485,048
============= ============== ============== ============== ==============
Total assets $ 23,516,831 $ 23,876,841 $ 22,768,319 $ 23,333,442 $ 22,734,648
Less: intangible assets, net (354,239) (356,152) (357,838) (359,523) (361,209)
------------- -------------- -------------- -------------- --------------
$ 23,162,592 $ 23,520,689 $ 22,410,481 $ 22,973,919 $ 22,373,439
============= ============== ============== ============== ==============
Tangible common equity ratio 7.99% 7.78% 7.55% 6.84% 6.64%
(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital $ 1,876,778 $ 1,849,254 $ 1,807,705 $ 1,773,576 $ 1,728,926
Less: non-controlling interest (19,561) (18,981) (15,590) (14,751) (13,855)
------------- -------------- -------------- -------------- --------------
Tier 1 common equity $ 1,857,217 $ 1,830,273 $ 1,792,115 $ 1,758,825 $ 1,715,071
============= ============== ============== ============== ==============
Risk weighted assets $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051
Tier 1 common equity ratio 10.75% 10.45% 9.77% 9.58% 9.32%
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,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- --------------
Interest revenue $ 224,411 $ 226,246 $ 230,685 $ 233,227 $ 262,160
Interest expense 39,933 45,785 55,105 63,382 85,713
------------- -------------- -------------- -------------- --------------
Net interest revenue 184,478 180,461 175,580 169,845 176,447
Provision for credit losses 48,620 55,120 47,120 45,040 73,001
------------- -------------- -------------- -------------- --------------
Net interest revenue after
provision for credit losses 135,858 125,341 128,460 124,805 103,446
Other operating revenue
Brokerage and trading revenue 20,240 24,944 21,794 24,699 23,507
Transaction card revenue 26,292 26,264 27,533 25,428 25,177
Trust fees and commissions 16,492 16,315 16,860 16,510 17,143
Deposit service charges and fees 29,501 30,464 28,421 27,405 29,239
Mortgage banking revenue 13,403 13,197 19,882 18,498 7,217
Bank-owned life insurance 2,870 2,634 2,418 2,317 2,682
Margin asset fees 50 51 68 67 187
Other revenue 7,101 6,087 6,124 6,583 5,778
------------- -------------- -------------- -------------- --------------
Total fees and commissions 115,949 119,956 123,100 121,507 110,930
Gain (loss) on other assets (205) 3,223 973 143 (7,420)
Gain (loss) on derivatives, net (370) (294) (1,037) (1,664) (2,219)
Gain (loss) on securities, net 7,277 12,266 6,471 20,108 20,156
Total other-than-temporary impairment losses (67,390) (6,133) (1,263) (54,368) -
Portion of loss recognized in other comprehensive
income (52,902) (2,752) 279 (39,366) -
------------- -------------- -------------- -------------- --------------
Net impairment losses recognized in earnings (14,488) (3,381) (1,542) (15,002) -
------------- -------------- -------------- -------------- --------------
Total other operating revenue 108,163 131,770 127,965 125,092 121,447
Other operating expense
Personnel 93,687 98,012 96,191 92,627 87,695
Business promotion 5,758 4,827 4,569 4,428 7,283
Professional fees and services 8,813 7,555 7,363 6,512 7,923
Net occupancy and equipment 17,600 15,884 15,973 16,258 14,901
Insurance 6,412 6,092 5,898 5,638 3,216
FDIC special assessment - - 11,773 - -
Data processing and communications 21,121 20,413 20,452 19,306 19,720
Printing, postage and supplies 3,601 3,716 4,072 4,571 3,823
Net (gains) losses and operating expenses
of repossessed assets 5,101 3,497 996 1,806 1,006
Amortization of intangible assets 1,912 1,686 1,686 1,686 1,967
Mortgage banking costs 11,436 8,065 9,336 7,467 4,967
Change in fair value of mortgage servicing rights (5,285) 2,981 (7,865) (1,955) 26,432
Visa retrospective responsibility obligation - - - - (1,700)
Other expense 6,281 6,004 5,326 7,450 8,209
------------- -------------- -------------- -------------- --------------
Total other operating expense 176,437 178,732 175,770 165,794 185,442
Net income before taxes 67,584 78,379 80,655 84,103 39,451
Federal and state income taxes 24,780 24,772 28,315 28,838 10,363
------------- -------------- -------------- -------------- --------------
Net income before non-controlling interest 42,804 53,607 52,340 55,265 29,088
Net income (loss) attributable to non-controlling interest 33 2,947 225 233 (6,355)
------------- -------------- -------------- -------------- --------------
Net income attributable to BOK Financial Corporation $ 42,771 $ 50,660 $ 52,115 $ 55,032 $ 35,443
============= ============== ============== ============== ==============
Average shares outstanding:
Basic 67,446,326 67,392,059 67,344,577 67,315,986 67,294,069
Diluted 67,600,344 67,513,700 67,448,029 67,387,102 67,456,267
Net income per share:
Basic $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.53
Diluted $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.52
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Commercial $ 2,649,252 $ 2,738,217 $ 2,918,478 $ 3,119,362 $ 3,356,520
Commercial real estate 820,578 815,362 855,742 881,620 843,576
Residential mortgage 1,228,822 1,245,917 1,249,104 1,234,417 1,196,924
Consumer 451,829 483,369 521,431 562,021 579,809
------------- -------------- -------------- -------------- --------------
Total Oklahoma 5,150,481 5,282,865 5,544,755 5,797,420 5,976,829
Texas:
Commercial 2,017,081 2,075,379 2,182,756 2,277,186 2,353,860
Commercial real estate 735,338 734,742 741,199 816,830 825,769
Residential mortgage 313,113 335,797 345,780 337,044 315,438
Consumer 170,062 188,374 196,752 214,134 212,820
------------- -------------- -------------- -------------- --------------
Total Texas 3,235,594 3,334,292 3,466,487 3,645,194 3,707,887
New Mexico:
Commercial 341,802 344,910 380,378 393,180 418,732
Commercial real estate 305,061 344,988 313,190 315,511 286,574
Residential mortgage 86,415 88,271 90,944 99,805 98,018
Consumer 17,473 18,176 18,826 19,900 18,616
------------- -------------- -------------- -------------- --------------
Total New Mexico 750,751 796,345 803,338 828,396 821,940
Arkansas:
Commercial 103,443 99,559 97,676 99,955 103,446
Commercial real estate 132,436 128,984 133,026 133,227 134,015
Residential mortgage 16,849 19,128 19,015 17,145 16,875
Consumer 124,265 136,461 152,620 168,971 175,647
------------- -------------- -------------- -------------- --------------
Total Arkansas 376,993 384,132 402,337 419,298 429,983
Colorado:
Commercial 545,724 569,549 595,858 675,223 660,546
Commercial real estate 239,970 249,879 269,923 267,035 261,820
Residential mortgage 66,504 68,667 58,557 59,120 53,875
Consumer 17,362 18,272 14,097 14,599 16,141
------------- -------------- -------------- -------------- --------------
Total Colorado 869,560 906,367 938,435 1,015,977 992,382
Arizona:
Commercial 199,143 219,330 215,540 211,953 211,356
Commercial real estate 227,249 257,169 262,607 285,841 319,525
Residential mortgage 65,047 57,304 58,265 61,605 62,123
Consumer 3,461 4,826 3,229 5,261 6,075
------------- -------------- -------------- -------------- --------------
Total Arizona 494,900 538,629 539,641 564,660 599,079
Kansas:
Commercial 351,395 323,112 325,165 324,671 307,143
Commercial real estate 30,802 29,211 36,006 32,017 29,969
Residential mortgage 16,872 14,740 12,310 10,814 9,321
Consumer 2,350 1,871 1,454 1,469 1,473
------------- -------------- -------------- -------------- --------------
Total Kansas 401,419 368,934 374,935 368,971 347,906
------------- -------------- -------------- -------------- --------------
TOTAL BOK FINANCIAL $ 11,279,698 $ 11,611,564 $ 12,069,9284 $ 12,639,916 $ 12,876,006
============= ============== ============== ============== ==============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
-------------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- --------------
Oklahoma:
Demand $ 2,068,908 $ 1,895,980 $ 1,451,057 $ 1,651,111 $ 1,683,374
Interest-bearing:
Transaction 5,134,902 4,566,058 4,374,089 4,089,838 4,117,729
Savings 93,006 93,443 94,048 95,827 86,476
Time 1,397,240 1,765,980 2,033,312 2,876,313 3,104,933
------------- -------------- -------------- -------------- --------------
Total interest-bearing 6,625,148 6,425,481 6,501,449 7,061,978 7,309,138
------------- -------------- -------------- -------------- --------------
Total Oklahoma 8,694,056 8,321,461 7,952,506 8,713,089 8,992,512
------------- -------------- -------------- -------------- --------------
Texas:
Demand 1,108,401 1,138,794 1,002,266 1,021,424 1,067,456
Interest-bearing:
Transaction 1,748,319 1,716,460 1,660,642 1,527,399 1,460,576
Savings 35,129 35,724 33,992 33,867 32,071
Time 1,100,602 1,007,579 1,035,919 1,054,632 857,416
------------- -------------- -------------- -------------- --------------
Total interest-bearing 2,884,050 2,759,763 2,730,553 2,615,898 2,350,063
------------- -------------- -------------- -------------- --------------
Total Texas 3,992,451 3,898,557 3,732,819 3,637,322 3,417,519
------------- -------------- -------------- -------------- --------------
New Mexico:
Demand 209,090 216,330 175,033 180,308 155,345
Interest-bearing:
Transaction 444,247 424,528 434,498 401,000 397,382
Savings 17,563 18,039 18,255 17,858 16,289
Time 510,202 511,507 542,388 561,300 522,894
------------- -------------- -------------- -------------- --------------
Total interest-bearing 972,012 954,074 995,141 980,158 936,565
------------- -------------- -------------- -------------- --------------
Total New Mexico 1,181,102 1,170,404 1,170,174 1,160,466 1,091,910
------------- -------------- -------------- -------------- --------------
Arkansas:
Demand 21,526 19,077 17,261 16,503 16,293
Interest-bearing:
Transaction 50,879 85,061 73,972 63,924 38,566
Savings 1,346 1,131 1,031 1,100 1,083
Time 101,839 137,109 162,505 150,015 75,579
------------- -------------- -------------- -------------- --------------
Total interest-bearing 154,064 223,301 237,508 215,039 115,228
------------- -------------- -------------- -------------- --------------
Total Arkansas 175,590 242,378 254,769 231,542 131,521
------------- -------------- -------------- -------------- --------------
Colorado:
Demand 146,929 121,555 113,895 111,048 116,637
Interest-bearing:
Transaction 448,846 477,418 445,521 466,276 480,113
Savings 17,802 18,518 18,144 18,905 17,660
Time 525,844 520,906 579,709 584,971 532,475
------------- -------------- -------------- -------------- --------------
Total interest-bearing 992,492 1,016,842 1,043,374 1,070,152 1,030,248
------------- -------------- -------------- -------------- --------------
Total Colorado 1,139,421 1,138,397 1,157,269 1,181,200 1,146,885
------------- -------------- -------------- -------------- --------------
Arizona:
Demand 68,651 54,046 55,975 54,362 39,424
Interest-bearing:
Transaction 81,909 95,242 89,842 66,809 56,985
Savings 958 971 1,282 970 1,014
Time 60,768 56,809 59,775 54,923 34,290
------------- -------------- -------------- -------------- --------------
Total interest-bearing 143,635 153,022 150,899 122,702 92,289
------------- -------------- -------------- -------------- --------------
Total Arizona 212,286 207,068 206,874 177,064 131,713
------------- -------------- -------------- -------------- --------------
Kansas / Missouri:
Demand 30,339 16,406 9,692 16,140 3,850
Interest-bearing:
Transaction 21,337 15,682 12,907 11,976 10,999
Savings 148 70 54 117 42
Time 71,498 84,923 158,325 141,505 55,656
------------- -------------- -------------- -------------- --------------
Total interest-bearing 92,983 100,675 171,286 153,598 66,697
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Total Kansas / Missouri 123,322 117,081 180,978 169,738 70,547
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TOTAL BOK FINANCIAL $ 15,518,228 $ 15,095,346 $ 14,655,3896 $ 15,270,421 $ 14,982,607
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NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
---------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
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TAX-EQUIVALENT ASSETS YIELDS
Trading securities 5.41% 4.72% 3.49% 3.69% 6.55%
Funds sold and resell agreements 0.21% 0.11% 0.19% 0.24% 0.76%
Securities:
Taxable 3.83% 4.18% 4.50% 4.90% 5.12%
Tax-exempt 5.16% 5.03% 5.69% 6.64% 6.43%
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Total securities 3.87% 4.21% 4.54% 4.96% 5.17%
Total loans 4.70% 4.67% 4.64% 4.56% 5.27%
Less Allowance for loan losses - - - - -
------------- -------------- -------------- -------------- -------------
Total loans, net 4.82% 4.78% 4.74% 4.65% 5.35%
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Total tax-equivalent yield on earning assets 4.42% 4.54% 4.65% 4.75% 5.28%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 0.57% 0.65% 0.78% 0.95% 1.51%
Savings 0.47% 0.48% 0.25% 0.28% 0.37%
Time 1.95% 2.20% 2.48% 2.83% 3.28%
------------- -------------- -------------- -------------- -------------
Total interest-bearing deposits 1.03% 1.23% 1.49% 1.76% 2.29%
Funds purchased and repurchase agreements 0.30% 0.32% 0.35% 0.45% 0.94%
Other borrowings 0.29% 0.38% 0.49% 0.58% 1.51%
Subordinated debt 5.52% 5.53% 5.67% 5.67% 5.48%
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Total cost of interest-bearing liabilities 0.94% 1.09% 1.31% 1.50% 2.02%
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Tax-equivalent net interest revenue spread 3.48% 3.45% 3.34% 3.25% 3.26%
Effect of noninterest-bearing funding sources
and other 0.16% 0.18% 0.21% 0.22% 0.31%
------------- -------------- -------------- -------------- -------------
Tax-equivalent net interest margin 3.64% 3.63% 3.55% 3.47% 3.57%
============= ============== ============== ============== =============
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios) Quarter Ended
----------------------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
------------- -------------- -------------- -------------- -------------
Nonperforming assets:
Nonaccruing loans (B):
Commercial $ 101,384 $ 128,266 $ 126,510 $ 128,501 $ 134,846
Commercial real estate 204,924 212,418 189,586 175,487 137,279
Residential mortgage 29,989 38,220 35,860 34,182 27,387
Consumer 3,058 3,897 1,037 1,065 561
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Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
Renegotiated loans (A) 15,906 17,426 17,479 13,623 13,039
Real estate and other repossessed assets 129,034 89,507 75,243 61,383 29,179
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Total nonperforming assets $ 484,295 $ 489,734 $ 445,715 $ 414,241 $ 342,291
============= ============== ============== ============== =============
Nonaccruing loans by principal market (B):
Oklahoma $ 83,176 $ 112,610 $ 108,490 $ 105,536 $ 108,367
Texas 66,892 65,911 51,582 55,225 42,934
New Mexico 26,693 35,541 29,640 18,046 16,016
Arkansas 13,820 5,911 3,888 4,078 3,263
Colorado 60,082 50,432 45,794 38,567 32,415
Arizona 84,559 108,161 106,076 111,772 80,994
Kansas 4,133 4,235 7,523 6,011 16,084
------------- -------------- -------------- -------------- -------------
Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
============= ============== ============== ============== =============
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy $ 22,692 $ 48,992 $ 53,842 $ 49,618 $ 49,364
Manufacturing 15,765 17,429 16,975 18,248 7,343
Wholesale / retail 12,057 7,623 10,983 8,650 18,773
Agriculture 65 98 105 115 680
Services 30,926 30,094 24,713 30,226 36,873
Healthcare 13,103 13,758 14,222 14,288 12,118
Other 6,776 10,272 5,670 7,356 9,695
------------- -------------- -------------- -------------- -------------
Total commercial 101,384 128,266 126,510 128,501 134,846
Commercial real estate:
Land development and construction 109,779 113,868 97,425 99,922 76,082
Retail 26,236 22,254 17,474 9,893 15,625
Office 25,861 31,406 27,685 23,305 7,637
Multifamily 26,540 28,223 27,827 27,198 24,950
Industrial 279 527 527 575 6,287
Other commercial real estate 16,229 16,140 18,648 14,594 6,698
------------- -------------- -------------- -------------- -------------
Total commercial real estate 204,924 212,418 189,586 175,487 137,279
Residential mortgage:
Permanent mortgage 28,314 36,431 34,149 32,848 26,233
Home equity 1,675 1,789 1,711 1,334 1,154
------------- -------------- -------------- -------------- -------------
Total residential mortgage 29,989 38,220 35,860 34,182 27,387
Consumer 3,058 3,897 1,037 1,065 561
------------- -------------- -------------- -------------- -------------
Total nonaccruing loans $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
============= ============== ============== ============== =============
- - - - -
Performing loans 90 days past due $ 10,308 $ 24,238 $ 32,479 $ 46,123 $ 19,123
Gross charge-offs $ 37,974 $ 38,581 $ 37,409 $ 34,535 $ 35,681
Recoveries 2,950 2,594 2,472 2,664 2,022
------------- -------------- -------------- -------------- -------------
Net charge-offs $ 35,024 $ 35,987 $ 34,937 $ 31,871 $ 33,659
============= ============== ============== ============== =============
Provision for credit losses $ 48,620 $ 55,120 $ 47,120 $ 45,040 $ 73,001
Reserve for loan losses to period end loans 2.59% 2.42% 2.18% 1.99% 1.81%
Combined reserves for credit losses to period end loans 2.72% 2.52% 2.27% 2.07% 1.93%
Nonperforming assets to period end loans
and repossessed assets 4.24% 4.19% 3.67% 3.26% 2.65%
Net charge-offs (annualized) to average loans 1.22% 1.21% 1.13% 1.00% 1.05%
Reserve for loan losses to nonaccruing loans 86.07% 73.38% 74.59% 73.99% 77.73%
Combined reserves for credit losses to
nonaccruing loans 90.31% 76.51% 77.55% 77.11% 82.78%
(A) includes residential mortgage loans guaranteed by$ 12,799 $ 11,234 $ 11,079 $ 10,514 $ 10,396
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
sellers escrow $ 4,311 $ 4,173 $ 8,305 $ 11,287 $ 13,181