EX-99 3 fs123104.txt (B) FINANCIAL INFORMATION BOK FINANCIAL CORPORATION Exhibit 99 (b) (In thousands, except ratio and per share data) Period End Balances Average Balances ----------------------------------- ------------------------------------- December 31, Quarter Ended December 31, ----------------------------------- ------------------------------------- BALANCE SHEETS 2004 2003 2004 2003 -------------- ---------------- ---------------- ------------------ ASSETS Cash and due from banks $ 503,715 $ 629,480 $ 534,056 $ 476,687 Trading securities 9,692 7,823 10,208 17,325 Funds sold 27,376 14,432 31,994 26,730 Securities: Available for sale 4,593,190 4,518,868 4,708,757 4,420,581 Held for investment 221,094 187,951 220,309 190,526 -------------- ---------------- ---------------- ------------------ Total securities 4,814,284 4,706,819 4,929,066 4,611,107 Loans: Commercial 4,575,836 4,336,702 4,544,070 4,264,614 Commercial real estate 1,621,110 1,630,092 1,610,228 1,602,818 Residential mortgage 1,239,180 1,072,186 1,230,702 1,054,563 Consumer 492,841 444,909 488,974 437,131 -------------- ---------------- ---------------- ------------------ Total loans 7,928,967 7,483,889 7,873,974 7,359,126 Less allowance for loan losses (108,618) (114,784) (114,106) (115,590) -------------- ---------------- ---------------- ------------------ Total loans, net 7,820,349 7,369,105 7,759,868 7,243,536 Premises and equipment, net 172,643 175,901 172,264 167,277 Accrued revenue receivable 79,644 74,980 72,348 58,543 Intangible assets, net 242,594 250,686 243,511 247,767 Mortgage servicing rights, net 45,678 48,550 45,666 49,372 Real estate and other repossessed assets 3,763 7,186 5,684 8,661 Receivable on unsettled securities transactions 56,873 - 27,785 42,691 Bankers' acceptances 31,799 30,884 33,945 40,084 Derivative contracts 380,051 149,100 477,124 110,505 Other assets 206,953 130,652 245,962 140,455 -------------- ---------------- ---------------- ------------------ TOTAL ASSETS $ 14,395,414 $ 13,595,598 $ 14,589,481 $ 13,240,740 ============== ================ ================ ================== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand $ 1,927,119 $ 1,648,600 $ 1,938,205 $ 1,370,088 Interest-bearing transaction 3,947,088 4,021,808 3,841,742 3,886,546 Savings 156,339 174,729 160,404 179,867 Time deposits 3,643,852 3,374,726 3,662,455 3,442,358 -------------- ---------------- ---------------- ------------------ Total deposits 9,674,398 9,219,863 9,602,806 8,878,859 Federal funds purchased and repurchase agreements 1,555,507 1,609,668 1,747,391 1,679,540 Other borrowed funds 1,015,000 1,016,650 1,005,679 1,031,414 Subordinated debenture 151,594 154,332 152,634 154,524 Accrued interest, taxes, and expenses 71,062 85,409 66,876 67,143 Bankers' acceptances 31,799 30,884 33,945 40,084 Due on unsettled securities transactions - 8,259 28,554 - Derivative contracts 387,292 149,326 484,915 110,001 Other liabilities 110,268 92,577 98,691 81,059 -------------- ---------------- ---------------- ------------------ TOTAL LIABILITIES 12,996,920 12,366,968 13,221,491 12,042,624 Shareholders' Equity: Shareholders' equity 1,410,119 1,220,171 1,373,114 1,192,780 Unrealized securities gains (losses) (11,625) 8,459 (5,124) 5,336 -------------- ---------------- ---------------- ------------------ TOTAL SHAREHOLDERS' EQUITY 1,398,494 1,228,630 1,367,990 1,198,116 -------------- ---------------- ---------------- ------------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 14,395,414 $ 13,595,598 $ 14,589,481 $ 13,240,740 ============== ================ ================ ================== For the Quarter Ended For the Year Ended ------------------------------------ ------------------------------------- December 31, December 31, ------------------------------------ ------------------------------------- STATEMENTS OF EARNINGS 2004 2003 2004 2003 -------------- ----------------- ---------------- ------------------ Interest revenue $ 163,087 $ 143,883 $ 614,284 $ 565,173 Interest expense 56,625 42,678 191,041 173,678 -------------- ----------------- ---------------- ------------------ Net interest revenue 106,462 101,205 423,243 391,495 Provision for credit losses 4,439 8,001 20,439 35,636 -------------- ----------------- ---------------- ------------------ Net interest revenue after provision for credit losses 102,023 93,204 402,804 355,859 Other operating revenue Brokerage and trading revenue 9,721 9,259 41,107 41,152 Transaction card revenue 16,598 14,496 64,816 55,491 Trust fees and commissions 14,793 12,976 57,532 45,763 Service charges and fees on deposit accounts 23,337 22,346 93,712 82,042 Mortgage banking revenue, net 6,284 7,457 28,189 52,336 Leasing revenue 648 905 3,118 3,508 Other revenue 6,450 6,752 24,091 24,065 -------------- ----------------- ---------------- ------------------ Total fees and commissions 77,831 74,191 312,565 304,357 Gain on sale of other assets 90 70 887 822 Gain (loss) on sales of securities, net 967 (951) (3,088) 7,188 Loss on derivatives (174) (2,259) (1,474) (9,375) -------------- ----------------- ---------------- ------------------ Total other operating revenue 78,714 71,051 308,890 302,992 Other operating expense Personnel 62,118 58,639 240,661 222,922 Business promotion 4,766 3,773 15,618 12,937 Contribution of stock to BOk Charitable Foundation 1,436 - 5,561 - Professional fees and services 3,936 4,312 15,487 17,935 Net occupancy and equipment 11,973 12,066 47,289 45,967 Data processing and communications 15,196 13,869 60,025 51,537 Printing, postage and supplies 3,817 3,589 14,034 13,930 Net (gains) losses and operating expenses on repossessed assets (3,656) (355) (4,016) 271 Amortization of intangible assets 1,888 2,588 8,138 8,101 Mortgage banking costs 3,929 6,105 18,167 40,296 Recovery for impairment of mortgage servicing rights (305) (2,260) (1,567) (22,923) Other expense 6,484 6,420 21,827 20,604 -------------- ----------------- ---------------- ------------------ Total other operating expense 111,582 108,746 441,224 411,577 Income before taxes 69,155 55,509 270,470 247,274 Federal and state income taxes 22,599 20,207 91,447 88,914 -------------- ----------------- ---------------- ------------------ Net Income $ 46,556 $ 35,302 $ 179,023 $ 158,360 ============== ================= ================ ================== For the Quarter Ended For the Year Ended ------------------------------------ ------------------------------------- December 31, December 31, ------------------------------------ ------------------------------------- FINANCIAL DATA 2004 2003 2004 2003 -------------- ----------------- ---------------- ------------------ Capital: Average equity $ 1,367,990 $ 1,198,116 $ 1,297,557 $ 1,159,556 Period-end equity $ 1,398,494 $ 1,228,630 $ 1,398,494 $ 1,228,630 Risk-based capital ratios: Tier 1 10.02% 9.15% Total capital 11.67% 11.31% Leverage ratio 7.94% 7.17% Common stock: Book value per share $ 23.28 $ 20.60 $ 23.28 $ 20.60 ============== ================= ================ ================== Basic earnings per share $ 0.78 $ 0.59 $ 3.00 $ 2.67 ============== ================= ================ ================== Diluted earnings per share $ 0.70 $ 0.53 $ 2.68 $ 2.38 ============== ================= ================ ================== Period end common shares outstanding 59,422,418 58,923,009 59,422,418 58,923,009 Average shares outstanding: Basic 59,250,675 58,850,768 59,128,395 58,699,951 Diluted 66,894,505 66,529,661 66,732,496 66,509,121 Key ratios: Return on average assets 1.27% 1.06% 1.28% 1.24% Return on average equity 13.54% 11.69% 13.80% 13.66% Net interest margin 3.38% 3.40% 3.45% 3.44% Credit Quality: Nonperforming assets: Nonaccrual loans $ 52,660 $ 52,681 Real estate and other repossessed assets 3,763 7,186 -------------- ----------------- Total nonperforming assets $ 56,423 $ 59,867 ============== ================= 90 days past due $ 7,649 $ 14,944 ============== ================= Gross charge-offs $ 8,172 $ 7,549 $ 29,685 $ 31,475 Recoveries 1,742 1,216 7,727 6,125 -------------- ----------------- ---------------- ------------------ Net charge-offs (recoveries) $ 6,430 $ 6,333 $ 21,958 $ 25,350 ============== ================= ================ ================== Key ratios: Reserve for loan losses to period end loans (A) 1.38% 1.55% Nonperforming assets to period end loans (A) and repossessed assets 0.71% 0.81% Net charge-offs (annualized) to average loans (A) 0.33% 0.35% 0.29% 0.36% Reserve for loan losses to nonperforming loans 206.26% 217.89% (A) Excluding residential mortgage loans held for sale For the Quarter Ended For the Year Ended ------------------------------------ ------------------------------------- December 31, December 31, ------------------------------------ ------------------------------------- 2004 2003 2004 2003 -------------- ----------------- ---------------- ------------------ Other Data: Average earning assets, net of unsettled security transactions $ 12,719,368 $ 11,930,572 $ 12,417,050 $ 11,530,921 Average total assets $ 14,589,481 $ 13,240,740 $ 14,026,887 $ 12,779,416 Average equity $ 1,367,990 $ 1,198,116 $ 1,297,557 $ 1,159,556 Average loans $ 7,873,974 $ 7,359,126 $ 7,644,049 $ 7,101,543 Average total deposits $ 9,602,806 $ 8,878,859 $ 9,422,886 $ 8,527,582 Average demand deposits $ 1,938,205 $ 1,370,088 $ 1,805,558 $ 1,309,744 Loans held for sale (Period end) $ 40,262 $ 56,543 $ 40,262 $ 56,543 Loans held for sale (Average) $ 45,413 $ 70,600 $ 50,231 $ 121,851 Tax equivalent adjustment $ 1,633 $ 1,184 $ 5,039 $ 5,170 Preferred stock dividends - BOKF $ 375 $ 375 $ 1,875 $ 1,500 Period end common shares O/S 59,422,418 58,923,009 59,422,418 58,923,009 Period end fully diluted shares 67,066,248 66,601,902 67,066,248 66,601,902 Number of days in period 92 92 366 365 Tangible Book Value per Common Share $ 19.20 $ 16.34 $ 17.43 $ 15.83 ============== ================= ================ ================== Stock Buy Back Program: Stock buy back # shares - - - - Stock buy back account $ - $ - $ - $ - -------------- ----------------- ---------------- ------------------ Average price per share $ - $ - $ - $ - ============== ================= ================ ================== Mortgage Banking: Mortgage servicing portfolio $ 3,954,957 $ 4,389,018 Mortgage loan fundings during quarter $ 137,692 $ 159,279 $ 633,424 $ 1,315,656 Mortgage loan refinances to total fundings 32.38% 39.99% 34.21% 65.32% Trust Assets: Total trust assets $ 24,589,053 $ 21,283,791