BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
---------------------------------------------------
March 31, December 31, March 31,
2006 2005 2005
-------------- --------------- -------------
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 610,563 $ 684,857 $ 505,412
Trading securities 26,055 18,633 13,381
Funds sold and resell agreements 25,720 14,465 14,861
Securities:
Available for sale 4,771,401 4,821,575 4,579,980
Investment 237,224 245,125 224,425
Mortgage trading securities 64,704 - -
-------------- --------------- -------------
Total securities 5,073,329 5,066,700 4,804,405
Loans:
Commercial 5,238,821 5,299,935 4,590,846
Commercial real estate 2,104,960 1,989,902 1,717,785
Residential mortgage 1,177,337 1,169,331 1,215,022
Residential mortgage held for sale 40,299 51,666 44,429
Consumer 640,542 629,144 517,884
-------------- --------------- -------------
Total loans 9,201,959 9,139,978 8,085,966
Less reserve for loan losses (104,143) (103,876) (108,958)
-------------- --------------- -------------
Loans, net of reserve 9,097,816 9,036,102 7,977,008
Premises and equipment, net 177,959 179,627 172,118
Accrued revenue receivable 102,759 99,874 78,577
Intangible assets, net 261,652 263,022 241,057
Mortgage servicing rights, net 68,608 54,097 50,105
Real estate and other repossessed assets 8,196 8,476 3,187
Receivable on unsettled securities trades - - 50,115
Bankers' acceptances 35,315 33,001 23,513
Derivative contracts 401,444 452,878 341,269
Other assets 411,353 341,175 336,080
-------------- --------------- -------------
TOTAL ASSETS $ 16,300,769 $ 16,252,907 $ 14,611,088
============== =============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,784,587 $ 1,865,948 $ 1,940,789
Interest-bearing transaction 5,144,120 5,257,295 3,905,998
Savings 159,471 154,015 166,323
Time 4,220,068 4,098,060 3,721,430
-------------- --------------- -------------
Total deposits 11,308,246 11,375,318 9,734,540
Funds purchased and
repurchase agreements 1,622,185 1,337,911 1,881,559
Other borrowings 833,114 1,054,298 873,217
Subordinated debentures 294,130 295,964 149,117
Accrued interest, taxes, and expense 92,495 18,057 76,904
Bankers' acceptances 35,315 33,001 23,513
Due on unsettled securities trades 2,142 8,429 -
Derivative contracts 419,776 466,669 356,579
Other liabilities 127,931 124,106 100,455
-------------- --------------- -------------
TOTAL LIABILITIES 14,735,334 14,713,753 13,195,884
Shareholders' equity:
Capital, surplus and retained earnings 1,659,716 1,606,965 1,466,193
Accumulated other comprehensive income (loss) (94,281) (67,811) (50,989)
-------------- --------------- -------------
TOTAL SHAREHOLDERS' EQUITY 1,565,435 1,539,154 1,415,204
-------------- --------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 16,300,769 $ 16,252,907 $ 14,611,088
============== =============== =============
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
ASSETS
Trading securities $ 16,722 $ 20,595 $ 14,560 $ 11,639 $ 17,205
Funds sold and resell agreements 21,181 57,656 44,882 21,170 30,003
Securities:
Available for sale 4,887,484 4,815,296 4,794,958 4,825,706 4,624,110
Investment 236,953 244,488 236,837 220,840 221,694
-------------- --------------- ------------- --------------- -------------
Total securities 5,124,437 5,059,784 5,031,795 5,046,546 4,845,804
Loans:
Commercial 5,217,467 5,222,316 4,926,685 4,716,278 4,521,492
Commercial real estate 2,096,885 1,960,507 1,917,996 1,871,830 1,691,379
Residential mortgage 1,166,509 1,160,385 1,119,512 1,152,834 1,200,673
Residential mortgage held for sale 45,983 42,756 59,265 47,506 39,990
Consumer 637,863 619,582 612,274 553,042 509,643
-------------- --------------- ------------- --------------- -------------
Total loans 9,164,706 9,005,546 8,635,732 8,341,490 7,963,177
Less allowance for loan losses (105,135) (108,998) (109,840) (111,056) (111,955)
-------------- --------------- ------------- --------------- -------------
Total loans, net 9,059,571 8,896,548 8,525,892 8,230,434 7,851,222
-------------- --------------- ------------- --------------- -------------
Total earning assets 14,221,911 14,034,583 13,617,129 13,309,789 12,744,234
Cash and due from banks 584,508 540,776 542,841 552,600 558,472
Other assets 1,463,820 1,590,271 1,427,905 1,198,086 916,149
-------------- --------------- ------------- --------------- -------------
TOTAL ASSETS $ 16,270,239 $ 16,165,630 $ 15,587,875 $ 15,060,475 $ 14,218,855
============== =============== ============= =============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,485,398 $ 1,530,504 $ 1,424,102 $ 1,586,248 $ 1,895,989
Interest-bearing transaction 5,327,004 4,821,627 4,533,912 4,323,513 3,920,844
Savings 155,554 154,316 157,772 166,426 159,276
Time 4,162,952 4,216,625 3,958,948 3,710,338 3,685,257
-------------- --------------- ------------- --------------- -------------
Total deposits 11,130,908 10,723,072 10,074,734 9,786,525 9,661,366
Funds purchased and
repurchase agreements 1,731,983 1,812,752 2,067,432 2,160,031 1,704,327
Other borrowings 882,878 1,049,635 1,047,423 914,968 971,616
Subordinated debentures 295,792 296,021 297,284 200,038 150,752
Other liabilities 680,897 777,111 613,667 558,655 319,375
-------------- --------------- ------------- --------------- -------------
TOTAL LIABILITIES 14,722,458 14,658,591 14,100,540 13,620,217 12,807,436
Shareholders' equity 1,547,781 1,507,039 1,487,335 1,440,258 1,411,419
-------------- --------------- ------------- --------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 16,270,239 $ 16,165,630 $ 15,587,875 $ 15,060,475 $ 14,218,855
============== =============== ============= =============== =============
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended
---------------------------------
March 31,
---------------------------------
2006 2005
-------------- ---------------
Interest revenue $ 223,585 $ 170,304
Interest expense 106,259 62,710
-------------- ---------------
Net interest revenue 117,326 107,594
Provision for credit losses 3,400 2,000
-------------- ---------------
Net interest revenue after
provision for credit losses 113,926 105,594
Other operating revenue
Brokerage and trading revenue 12,010 11,336
Transaction card revenue 18,508 16,543
Trust fees and commissions 17,945 16,016
Deposit service charges and fees 23,986 22,173
Mortgage banking revenue 6,789 5,578
Other revenue 10,811 7,397
-------------- ---------------
Total fees and commissions 90,049 79,043
Gain on asset sales 918 972
Loss on securities, net (1,221) (2,637)
Gain (loss) on derivatives, net (309) 778
-------------- ---------------
Total other operating revenue 89,437 78,156
Other operating expense
Personnel 71,232 58,439
Business promotion 4,803 4,430
Professional fees and services 3,914 3,619
Net occupancy and equipment 13,026 12,094
Data processing and communications 16,995 15,099
Printing, postage and supplies 3,905 3,615
Net (gains) losses and operating expenses
of repossessed assets 219 308
Amortization of intangible assets 1,370 1,537
Mortgage banking costs 3,087 3,613
Change in fair value of mortgage servicing rights (7,081) -
Recovery for impairment of mortgage servicing rights - (5,624)
Other expense 5,909 5,029
-------------- ---------------
Total other operating expense 117,379 102,159
Income before taxes 85,984 81,591
Federal and state income taxes 31,236 29,536
-------------- ---------------
Net income $ 54,748 $ 52,055
============== ===============
Average shares outstanding:
Basic 66,715,396 59,432,812
Diluted 67,260,659 66,946,765
Earnings per share:
Basic $ 0.82 $ 0.87
============== ===============
Diluted $ 0.81 $ 0.78
============== ===============
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
Capital:
Period-end shareholders' equity $ 1,565,435 $ 1,539,154 $ 1,513,542 $ 1,480,975 $ 1,415,204
Risk-based capital ratios:
Tier 1 10.16% 9.84% 9.71% 9.85% 10.19%
Total capital 12.41% 12.10% 12.04% 12.55% 11.78%
Leverage ratio 8.60% 8.30% 8.01% 8.07% 8.36%
Common stock:
Book value per share $ 23.41 $ 23.07 $ 22.75 $ 22.29 $ 23.54
Market value per share:
High $ 47.65 $ 48.53 $ 49.30 $ 46.02 $ 48.97
Low $ 44.40 $ 43.54 $ 45.26 $ 40.09 $ 39.79
Cash dividends paid $ 6,694 $ 6,664 $ 6,656 $ 6,649 $ -
Dividend payout ratio 12.23% 13.84% 13.10% 13.18% 0.00%
Shares outstanding, net 66,883,037 66,702,408 66,520,927 66,454,330 59,488,037
Stock buy-back program:
Shares repurchased 61,408 - - 30,000 29,700
Amount $ 2,759,075 $ - $ - $ 1,250,704 $ 1,188,617
-------------- --------------- ------------- --------------- -------------
Average price per share $ 44.93 $ - $ - $ 41.69 $ 40.02
============== =============== ============= =============== =============
Performance ratios:
Return on average assets 1.36% 1.18% 1.29% 1.34% 1.48%
Return on average equity 14.35% 12.68% 13.56% 14.05% 14.96%
Net interest margin 3.39% 3.34% 3.32% 3.45% 3.46%
Efficiency ratio 59.58% 60.28% 59.36% 59.32% 57.36%
Other data:
Trust assets $ 29,091,040 $ 28,464,745 $ 27,598,958 $ 25,971,994 $ 25,381,814
Mortgage servicing portfolio $ 4,520,976 $ 4,056,427 $ 4,053,885 $ 4,040,178 $ 3,883,004
* Excludes Series A convertible preferred stock, which was exchanged for
6,920,666 common shares in the second quarter of 2005. Book value per share
would have been $21.31 if the conversion was effective on March 31, 2005.
QUARTERLY EARNINGS TRENDS - UNAUDITED BOK FINANCIAL CORPORATION (In thousands,
except ratio and per share data)
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
Interest revenue $ 223,585 $ 214,240 $ 199,056 $ 186,334 $ 170,304
Interest expense 106,259 97,854 86,228 73,801 62,710
-------------- --------------- ------------- --------------- -------------
Net interest revenue 117,326 116,386 112,828 112,533 107,594
Provision for credit losses 3,400 4,450 3,976 2,015 2,000
-------------- --------------- ------------- --------------- -------------
Net interest revenue after
provision for credit losses 113,926 111,936 108,852 110,518 105,594
Other operating revenue
Brokerage and trading revenue 12,010 11,116 11,366 10,404 11,336
Transaction card revenue 18,508 18,988 18,526 17,979 16,543
Trust fees and commissions 17,945 16,536 16,376 16,259 16,016
Deposit service charges and fees 23,986 25,222 25,619 25,347 22,173
Mortgage banking revenue 6,789 7,018 9,535 8,550 5,578
Other revenue 10,811 10,067 9,490 8,160 7,397
-------------- --------------- ------------- --------------- -------------
Total fees and commissions 90,049 88,947 90,912 86,699 79,043
Gain on asset sales 918 71 81 5,937 972
Loss on securities, net (1,221) (1,780) (4,744) 2,266 (2,637)
Gain (loss) on derivatives, net (309) 106 606 (311) 778
-------------- --------------- ------------- --------------- -------------
Total other operating revenue 89,437 87,344 86,855 94,591 78,156
Other operating expense
Personnel 71,232 68,666 66,533 65,333 58,439
Business promotion 4,803 5,170 4,494 3,870 4,430
Professional fees and services 3,914 4,534 3,951 4,492 3,619
Net occupancy and equipment 13,026 12,864 12,587 12,650 12,094
Data processing and communications 16,995 18,054 17,492 16,381 15,099
Printing, postage and supplies 3,905 3,976 3,846 3,629 3,615
Net (gains) losses and operating
expenses of repossessed assets 219 335 (387) 316 308
Amortization of intangible assets 1,370 1,797 1,801 1,808 1,537
Mortgage banking costs 3,087 3,294 4,268 3,387 3,613
Change in fair value of mortgage
servicing rights (7,081) - - - -
Recovery for impairment of mortgage
servicing rights - (708) (4,671) 7,088 (5,624)
Other expense 5,909 5,921 7,120 7,056 5,029
-------------- --------------- ------------- --------------- -------------
Total other operating expense 117,379 123,903 117,034 126,010 102,159
Income before taxes 85,984 75,377 78,673 79,099 81,591
Federal and state income taxes 31,236 27,219 27,846 28,634 29,536
-------------- --------------- ------------- --------------- -------------
Net income $ 54,748 $ 48,158 $ 50,827 $ 50,465 $ 52,055
============== =============== ============= =============== =============
Average shares outstanding:
Basic 66,715,396 66,527,093 66,427,447 63,779,343 59,432,812
Diluted 67,260,659 67,146,614 67,105,539 66,986,428 66,946,765
Earnings per share:
Basic $ 0.82 $ 0.72 $ 0.77 $ 0.79 $.0.87
Diluted $ 0.81 $ 0.72 $ 0.76 $ 0.75 $.0.78
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
Oklahoma:
Commercial $ 3,074,406 $ 3,159,683 $ 3,101,209 $ 3,026,311 $ 2,871,566
Commercial real estate 936,030 862,700 890,737 856,617 791,816
Residential mortgage 847,848 842,757 839,344 827,431 936,375
Residential mortgage held for sale 40,299 51,666 46,306 74,410 44,429
Consumer 468,920 466,180 472,899 425,318 389,571
-------------- --------------- ------------- --------------- -------------
Total Oklahoma 5,367,503 5,382,986 5,350,495 5,210,087 5,033,757
Texas:
Commercial 1,420,860 1,356,611 1,294,606 1,182,307 1,135,509
Commercial real estate 604,413 569,921 537,576 509,472 477,487
Residential mortgage 200,957 199,726 196,593 196,457 177,919
Consumer 87,669 89,017 89,329 90,245 85,626
-------------- --------------- ------------- --------------- -------------
Total Texas 2,313,899 2,215,275 2,118,104 1,978,481 1,876,541
New Mexico:
Commercial 348,930 383,325 354,087 340,378 325,069
Commercial real estate 228,955 232,564 223,236 219,175 218,357
Residential mortgage 68,810 65,784 65,203 63,821 62,015
Consumer 13,820 15,137 15,195 15,813 12,306
-------------- --------------- ------------- --------------- -------------
Total New Mexico 660,515 696,810 657,721 639,187 617,747
Arkansas:
Commercial 74,423 79,719 54,703 54,703 51,026
Commercial real estate 80,529 75,483 85,600 76,803 75,024
Residential mortgage 13,069 13,044 12,097 11,674 10,771
Consumer 33,548 25,659 20,397 4,560 3,599
-------------- --------------- ------------- --------------- -------------
Total Arkansas 201,569 193,905 172,797 147,740 140,420
Colorado:
Commercial 267,928 270,108 219,208 210,142 207,676
Commercial real estate 134,771 133,537 132,741 125,120 120,844
Residential mortgage 20,383 21,918 26,186 27,292 27,942
Consumer 31,487 27,871 26,126 27,996 26,782
-------------- --------------- ------------- --------------- -------------
Total Colorado 454,569 453,434 404,261 390,550 383,244
Arizona:
Commercial 52,274 50,489 43,877 45,938 -
Commercial real estate 120,262 115,697 102,734 74,672 34,257
Residential mortgage 26,270 26,102 27,136 24,999 -
Consumer 5,098 5,280 6,443 3,026 -
-------------- --------------- ------------- --------------- -------------
Total Arizona 203,904 197,568 180,190 148,635 34,257
-------------- --------------- ------------- --------------- -------------
TOTAL BOK FINANCIAL $ 9,201,959 $ 9,139,978 $ 8,883,568 $ 8,514,680 $ 8,085,966
============== =============== ============= =============== =============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
Oklahoma:
Demand $ 950,582 $ 1,003,284 $ 959,169 $ 1,028,640 $ 1,091,132
Interest-bearing:
Transaction 2,937,228 3,002,610 2,411,175 2,367,511 2,235,950
Savings 93,093 85,837 86,220 89,972 93,655
Time 2,623,352 2,564,337 2,728,224 2,450,730 2,511,465
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 5,653,673 5,652,784 5,225,619 4,908,213 4,841,070
-------------- --------------- ------------- --------------- -------------
Total Oklahoma $ 6,604,255 $ 6,656,068 $ 6,184,788 $ 5,936,853 $ 5,932,202
-------------- --------------- ------------- --------------- -------------
Texas:
Demand $ 551,411 $ 615,732 $ 533,475 $ 478,855 $ 628,043
Interest-bearing:
Transaction 1,455,856 1,535,570 1,299,279 1,292,938 1,111,808
Savings 27,827 27,398 29,620 29,635 30,695
Time 726,530 735,731 633,785 606,528 601,397
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 2,210,213 2,298,699 1,962,684 1,929,101 1,743,900
-------------- --------------- ------------- --------------- -------------
Total Texas $ 2,761,624 $ 2,914,431 $ 2,496,159 $ 2,407,956 $ 2,371,943
-------------- --------------- ------------- --------------- -------------
New Mexico:
Demand $ 159,125 $ 129,289 $ 155,517 $ 139,107 $ 133,309
Interest-bearing:
Transaction 408,160 381,099 338,706 306,230 314,067
Savings 17,805 17,839 17,614 17,875 18,428
Time 483,428 453,314 454,561 449,180 434,131
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 909,393 852,252 810,881 773,285 766,626
-------------- --------------- ------------- --------------- -------------
Total New Mexico $ 1,068,518 $ 981,541 $ 966,398 $ 912,392 $ 899,935
-------------- --------------- ------------- --------------- -------------
Arkansas:
Demand $ 11,629 $ 10,429 $ 13,772 $ 10,890 $ 14,922
Interest-bearing:
Transaction 26,675 22,354 23,335 24,816 23,555
Savings 1,051 1,058 1,268 1,284 1,405
Time 73,082 75,034 81,510 83,388 88,031
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 100,808 98,446 106,113 109,488 112,991
-------------- --------------- ------------- --------------- -------------
Total Arkansas $ 112,437 $ 108,875 $ 119,885 $ 120,378 $ 127,913
-------------- --------------- ------------- --------------- -------------
Colorado:
Demand $ 56,419 $ 61,647 $ 51,978 $ 32,044 $ 73,383
Interest-bearing:
Transaction 258,801 258,668 216,718 228,881 220,618
Savings 16,315 17,772 16,568 16,791 22,140
Time 309,068 264,020 221,753 117,130 86,406
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 584,184 540,460 455,039 362,802 329,164
-------------- --------------- ------------- --------------- -------------
Total Colorado $ 640,603 $ 602,107 $ 507,017 $ 394,846 $ 402,547
-------------- --------------- ------------- --------------- -------------
Arizona:
Demand $ 55,421 $ 45,567 $ 42,784 $ 60,412 $ -
Interest-bearing:
Transaction 57,400 56,994 71,510 56,624 -
Savings 3,380 4,111 3,862 4,771 -
Time 4,608 5,624 6,802 6,574 -
-------------- --------------- ------------- --------------- -------------
Total interest-bearing 65,388 66,729 82,174 67,969 -
-------------- --------------- ------------- --------------- -------------
Total Arizona $ 120,809 $ 112,296 $ 124,958 $ 128,381 $ -
-------------- --------------- ------------- --------------- -------------
TOTAL BOK FINANCIAL $ 11,308,246 $ 11,375,318 $ 10,399,205 $ 9,900,806 $ 9,734,540
============== =============== ============= =============== =============
NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
--------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
TAX-EQUIVALENT ASSETS YIELDS
Trading securities 5.07% 4.68% 4.66% 5.69% 4.50%
Funds sold and resell agreements 4.58% 4.00% 3.41% 2.96% 2.22%
Securities:
Taxable 4.60% 4.44% 4.28% 4.32% 4.32%
Tax-exempt 5.36% 5.05% 4.96% 5.23% 5.30%
-------------- --------------- ------------- --------------- -------------
Total securities 4.64% 4.47% 4.31% 4.36% 4.36%
Total loans 7.35% 6.98% 6.66% 6.40% 6.06%
Less Allowance for loan losses - - - - -
-------------- --------------- ------------- --------------- -------------
Total loans, net 7.44% 7.06% 6.75% 6.49% 6.15%
-------------- --------------- ------------- --------------- -------------
Total tax-equivalent yield on
earning assets 6.42% 6.12% 5.83% 5.68% 5.46%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction 2.37% 1.98% 1.66% 1.49% 1.41%
Savings 0.86% 0.75% 0.70% 0.69% 0.63%
Time 4.03% 3.77% 3.53% 3.41% 3.27%
-------------- --------------- ------------- --------------- -------------
Total interest-bearing deposits 3.06% 2.78% 2.50% 2.34% 2.28%
Funds purchased and repurchase agreements 4.33% 3.92% 3.40% 2.93% 2.42%
Other borrowings 4.57% 4.08% 3.60% 3.17% 2.79%
Subordinated debt 6.83% 6.28% 5.97% 5.98% 5.99%
-------------- --------------- ------------- --------------- -------------
Total cost of interest-bearing liabilities 3.43% 3.14% 2.84% 2.58% 2.40%
-------------- --------------- ------------- --------------- -------------
Tax-equivalent net interest revenue spread 2.99% 2.98% 2.99% 3.10% 3.06%
Effect of noninterest-bearing funding
sources and other 0.40% 0.36% 0.33% 0.35% 0.40%
-------------- --------------- ------------- --------------- -------------
Tax-equivalent net interest margin 3.39% 3.34% 3.32% 3.45% 3.46%
============== =============== ============= =============== =============
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
----------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2006 2005 2005 2005 2005
-------------- --------------- ------------- --------------- -------------
Nonperforming assets:
Nonaccruing loans $ 32,229 $ 25,162 $ 37,353 $ 40,527 $ 49,803
Real estate and other repossessed assets 8,196 8,476 5,069 5,062 3,187
-------------- --------------- ------------- --------------- -------------
Total nonperforming assets $ 40,425 $ 33,638 $ 42,422 $ 45,589 $ 52,990
============== =============== ============= =============== =============
Performing loans 90 days past due $ 3,919 $ 8,708 $ 10,027 $ 7,125 $ 6,782
Gross charge-offs $ 4,149 $ 9,579 $ 5,311 $ 5,044 $ 5,824
Recoveries 2,564 2,164 1,977 2,757 2,646
-------------- --------------- ------------- --------------- -------------
Net charge-offs $ 1,585 $ 7,415 $ 3,334 $ 2,287 $ 3,178
============== =============== ============= =============== =============
Provision for credit losses $ 3,400 $ 4,450 $ 3,976 $ 2,015 $ 2,000
Reserve for loan losses to period end loans (A) 1.14% 1.14% 1.24% 1.29% 1.35%
Combined reserves for credit losses to
period end loans 1.38% 1.37% 1.44% 1.50% 1.57%
Nonperforming assets to period end loans (A)
and repossessed assets 0.44% 0.37% 0.48% 0.54% 0.66%
Net charge-offs (annualized) to average loans (A) 0.07% 0.33% 0.16% 0.11% 0.16%
Reserve for loan losses to nonaccruing loans 323.13% 412.83% 293.48% 268.67% 218.78%
Combined reserves for credit losses to
nonaccruing loans 391.77% 494.60% 341.11% 312.81% 252.88%
(A) excluding residential mortgage loans held for sale