EX-99 4 financials.txt (B) FINANCIAL INFORMATION BOK FINANCIAL CORPORATION (In thousands, except ratio and per share data) Period End Balances Average Balances ------------------------------------- -------------------------------------- March 31, Quarter Ended March 31, ------------------------------------- -------------------------------------- BALANCE SHEETS 2003 2002 2003 2002 ---------------- ---------------- --------------- ----------------- ASSETS Cash and due from banks $ 563,674 $ 394,407 $ 459,270 $ 416,988 Trading securities 10,658 22,433 10,342 14,971 Funds sold 26,642 6,300 29,392 10,656 Securities: Available for sale 4,602,369 3,474,991 4,143,109 3,442,504 Held for investment 199,463 227,058 200,265 230,755 ---------------- ---------------- --------------- ----------------- Total securities 4,801,832 3,702,049 4,343,374 3,673,259 Loans: Commercial 3,930,850 3,655,257 3,915,425 3,605,359 Commercial real estate 1,544,148 1,370,383 1,538,089 1,351,778 Residential mortgage 1,097,507 815,667 1,093,201 804,410 Consumer 403,984 407,909 402,398 402,513 ---------------- ---------------- --------------- ----------------- Total loans 6,976,489 6,249,216 6,949,113 6,164,060 Less allowance for loan losses (119,699) (105,900) (119,959) (105,166) ---------------- ---------------- --------------- ----------------- Total loans, net 6,856,790 6,143,316 6,829,154 6,058,894 Premises and equipment, net 154,943 139,644 153,292 140,246 Accrued revenue receivable 61,935 69,375 62,241 61,555 Intangible assets, net 196,256 148,891 197,037 150,384 Mortgage servicing rights, net 37,526 102,319 35,727 93,059 Real estate and other repossessed assets 5,350 7,655 6,242 7,956 Bankers' acceptances 33,210 11,673 16,988 10,111 Derivative contracts 130,158 42,638 140,846 45,616 Other assets 83,993 75,011 82,760 73,823 ---------------- ---------------- --------------- ----------------- TOTAL ASSETS $ 12,962,967 $ 10,865,711 $ 12,366,665 $ 10,757,518 ================ ================ =============== ================= LIABILITIES AND EQUITY CAPITAL Deposits: Demand $ 1,460,436 $ 1,126,324 $ 1,292,077 $ 1,112,571 Interest-bearing transaction 3,452,180 2,725,740 3,288,874 2,666,154 Savings 175,224 166,776 168,730 160,082 Time deposits 3,546,880 2,998,119 3,399,813 2,918,473 ---------------- ---------------- --------------- ----------------- Total deposits 8,634,720 7,016,959 8,149,494 6,857,280 Federal funds purchased and repurchase agreements 1,465,907 1,280,399 1,420,781 1,571,063 Other borrowed funds 1,057,550 1,120,769 1,059,201 1,119,466 Subordinated debentures 155,198 186,081 155,304 186,189 Accrued interest, taxes, and expenses 73,200 62,551 66,427 66,488 Amount due on unsettled security transactions 233,491 241,500 198,751 2,683 Bankers' acceptances 33,210 11,673 16,988 10,111 Derivative contracts 122,253 46,823 131,764 49,193 Other liabilities 50,598 44,292 51,890 42,168 ---------------- ---------------- --------------- ----------------- TOTAL LIABILITIES 11,826,127 10,011,047 11,250,600 9,904,641 Equity Capital: Stockholders' equity 1,096,527 856,714 1,074,141 836,567 Unrealized securities gains (losses) 40,313 (2,050) 41,924 16,310 ---------------- ---------------- --------------- ----------------- TOTAL EQUITY CAPITAL 1,136,840 854,664 1,116,065 852,877 ---------------- ---------------- --------------- ----------------- TOTAL LIABILITIES AND EQUITY CAPITAL $ 12,962,967 $ 10,865,711 $ 12,366,665 $ 10,757,518 ================ ================ =============== =================
For the Quarter Ended ------------------------------------- March 31, ------------------------------------- STATEMENTS OF EARNINGS 2003 2002 ---------------- ---------------- Interest revenue $ 141,952 $ 143,730 Interest expense 46,441 52,663 ---------------- ---------------- Net interest revenue 95,511 91,067 Provision for loan losses 9,912 8,866 ---------------- ---------------- Net interest revenue after provision for loan losses 85,599 82,201 Other operating revenue Brokerage and trading revenue 8,679 6,067 Transaction card revenue 13,599 12,486 Trust fees and commissions 10,180 10,374 Service charges and fees on deposit accounts 18,984 13,855 Mortgage banking revenue, net 15,535 10,652 Leasing revenue 859 892 Other revenue 5,001 5,042 ---------------- ---------------- Total fees and commissions 72,837 59,368 Gain on sale of other assets 730 676 Gain (loss) on sales of securities, net 9,689 (7,581) Gain (loss) on derivatives (1,102) (536) ---------------- ---------------- Total other operating revenue 82,154 51,927 Other operating expense Personnel 52,632 43,332 Business promotion 3,471 2,878 Professional fees and services 3,765 2,908 Net occupancy & equipment 11,061 10,340 Data processing & communications 12,643 10,438 FDIC and other insurance 516 439 Printing, postage and supplies 3,359 3,057 Net (gains) losses and operating expenses on repossessed assets 8 47 Amortization of intangible assets 1,777 1,887 Mortgage banking costs 14,442 8,357 Provision for impairment of mortgage servicing rights (7,830) (5,278) Other expense 3,082 4,746 ---------------- ---------------- Total other operating expense 98,926 83,151 Income before taxes 68,827 50,977 Federal and state income taxes 24,640 18,045 ---------------- ---------------- Net Income $ 44,187 $ 32,932 ================ ================
For the Quarter Ended ------------------------------------- March 31, ------------------------------------- FINANCIAL DATA 2003 2002 ---------------- ---------------- Capital: Average equity $ 1,116,065 $ 852,877 Period-end equity $ 1,136,840 $ 854,664 Risk-based capital ratios: Tier 1 9.20% 8.49% Total capital 12.11% 11.99% Leverage ratio 7.03% 6.63% Common stock: Book value per share $ 20.61 $ 16.17 ================ ================ Basic earnings per share $ 0.79 $ 0.62 ================ ================ Diluted earnings per share $ 0.71 $ 0.55 ================ ================ Period end common shares outstanding 55,185,817 52,881,837 Average shares outstanding: Basic 55,154,698 52,868,907 Diluted 62,567,374 60,122,929 Key ratios: Return on average assets 1.45% 1.24% Return on average equity 16.06% 15.66% Net interest margin 3.57% 3.86% Credit Quality: Nonperforming assets: Nonaccrual loans $ 50,713 $ 41,881 Real estate and other repossessed assets 5,350 7,655 ---------------- ---------------- Total nonperforming assets $ 56,063 $ 49,536 ================ ================ 90-day past due $ 7,921 $ 13,023 ================ ================ Gross charge-offs $ 8,051 $ 6,256 Recoveries 1,768 1,385 ---------------- ---------------- Net charge-offs (recoveries) $ 6,283 $ 4,871 ================ ================ Key ratios: Reserve for loan losses to period end loans (1) 1.75% 1.72% Nonperforming assets to period end loans (1) and repossessed assets 0.82% 0.80% Net charge-offs (annualized) to average loans (1) 0.37% 0.32% Reserve for loan losses to nonperforming loans 236.03% 252.86% (1) Excluding residential mortgage loans held for sale.
For the Quarter Ended ------------------------------------- March 31, ------------------------------------- 2003 2002 ---------------- ---------------- Other Data: Average earning assets $ 11,212,262 $ 9,757,780 Average total assets $ 12,366,665 $ 10,757,518 Average equity $ 1,116,065 $ 852,877 Average loans $ 6,949,113 $ 6,164,060 Loans held for sale (Period end) $ 146,092 $ 89,439 Loans held for sale (Average) $ 122,248 $ 122,651 Tax equivalent adjustment $ 1,403 $ 1,696 Preferred stock dividends - BOKF $ 375 $ 375 Period end common shares O/S 55,185,817 52,881,837 Period end fully diluted shares 62,598,493 59,924,577 Number of days in period 90 90 Tangible Book Value per Common Share $ 17.05 $ 13.35 ================ ================ Stock Buy Back Program: Stock buy back # shares - - Stock buy back account $ - $ - ---------------- ---------------- Average price per share $ - $ - ================ ================ Mortgage Banking: Mortgage servicing portfolio $ 5,090,974 $ 6,222,509 Mortgage loan fundings during quarter $ 331,425 $ 207,679 Mortgage loan refinances to total fundings 74.40% 62.39% Trust Assets: Total trust assets $ 17,131,694 $ 18,187,855