EX-99 3 fs123108.txt (B) FINANCIAL STATEMENTS Exhibit 99 (b) BALANCE SHEETS BOK FINANCIAL CORPORATION (In thousands) Period Ended -------------------------------- December 31, December 31, 2008 2007 -------------- -------------- (Unaudited) ASSETS Cash and due from banks $ 581,133 $ 717,259 Trading securities 99,601 45,724 Funds sold and resell agreements 113,809 173,154 Securities: Available for sale 6,444,178 5,650,540 Investment 242,344 247,949 Mortgage trading securities 399,211 154,701 -------------- -------------- Total securities 7,085,733 6,053,190 Residential mortgage loans held for sale 129,246 76,677 Loans: Commercial 7,411,603 6,737,505 Commercial real estate 2,701,248 2,750,472 Residential mortgage 1,752,574 1,531,296 Consumer 1,010,581 921,297 -------------- -------------- Total loans 12,876,006 11,940,570 Less reserve for loan losses (233,236) (126,677) -------------- -------------- Loans, net of reserve 12,642,770 11,813,893 Premises and equipment, net 277,458 258,786 Accrued revenue receivable 96,673 128,350 Intangible assets, net 361,209 368,353 Mortgage servicing rights, net 42,752 70,009 Real estate and other repossessed assets 29,179 9,475 Bankers' acceptances 12,913 1,780 Derivative contracts 452,604 502,446 Cash surrender value of bank-owned life insurance 237,006 229,540 Receivable on unsettled securities trades 186,747 19,964 Other assets 385,815 199,101 -------------- -------------- TOTAL ASSETS $ 22,734,648 $ 20,667,701 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand $ 3,082,379 $ 2,768,769 Interest-bearing transaction 6,562,350 6,203,516 Savings 154,635 156,368 Time 5,183,243 4,330,638 -------------- -------------- Total deposits 14,982,607 13,459,291 Funds purchased and repurchase agreements 3,025,399 3,225,131 Other borrowings 1,522,054 1,027,564 Subordinated debentures 398,407 398,273 Accrued interest, taxes, and expense 133,220 124,029 Bankers' acceptances 12,913 1,780 Derivative contracts 667,034 341,677 Other liabilities 146,757 154,572 -------------- -------------- TOTAL LIABILITIES 20,888,391 18,732,317 Shareholders' equity: Capital, surplus and retained earnings 2,069,143 1,966,618 Accumulated other comprehensive loss (222,886) (31,234) -------------- -------------- TOTAL SHAREHOLDERS' EQUITY 1,846,257 1,935,384 -------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 22,734,648 $ 20,667,701 ============== ==============
AVERAGE BALANCE SHEETS - UNAUDITED BOK FINANCIAL CORPORATION (In thousands) Quarter Ended ----------------------------------------------------------------------------------- December 31, September 30, June 30, March 31, December 31, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- ASSETS Trading securities $ 78,840 $ 66,419 $ 74,058 $ 74,957 $ 29,303 Funds sold and resell agreements 48,246 79,862 72,444 80,735 86,948 Securities: Available for sale 6,409,906 5,945,220 5,880,844 5,438,655 5,574,417 Investment 242,503 239,655 249,723 248,974 249,350 Mortgage trading securities 237,319 126,837 155,612 201,199 138,306 -------------- -------------- ------------- -------------- -------------- Total securities 6,889,728 6,311,712 6,286,179 5,888,828 5,962,073 Residential mortgage loans held for sale 121,184 116,533 105,925 84,291 75,082 Loans: Commercial 7,452,799 7,228,814 6,976,292 6,841,006 6,619,760 Commercial real estate 2,716,465 2,696,503 2,802,292 2,784,640 2,702,449 Residential mortgage 1,641,023 1,655,710 1,606,518 1,510,238 1,504,594 Consumer 1,016,409 1,015,796 1,035,985 961,104 904,358 -------------- -------------- ------------- -------------- -------------- Total loans 12,826,696 12,596,823 12,421,087 12,096,988 11,731,161 Less allowance for loan losses (209,319) (182,844) (145,524) (131,709) (125,996) -------------- -------------- ------------- -------------- -------------- Total loans, net 12,617,377 12,413,979 12,275,563 11,965,279 11,605,165 -------------- -------------- ------------- -------------- -------------- Total earning assets 19,755,374 18,988,504 18,814,168 18,094,090 17,758,570 Cash and due from banks 534,039 499,992 524,922 543,232 546,704 Cash surrender value of bank-owned life insurance 235,195 232,465 229,731 230,283 227,810 Derivative contracts 352,083 900,777 896,569 513,696 387,876 Other assets 1,394,960 1,199,425 1,142,910 1,115,752 1,061,655 -------------- -------------- ------------- -------------- -------------- TOTAL ASSETS $ 22,271,651 $ 21,821,163 $ 21,608,300 $ 20,497,053 $ 19,982,615 ============== ============== ============= ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand $ 2,712,384 $ 2,739,209 $ 2,634,038 $ 2,443,201 $ 2,448,011 Interest-bearing transaction 6,116,465 6,565,935 6,420,291 6,267,021 5,861,544 Savings 155,784 159,856 159,798 156,953 160,170 Time 5,109,303 4,792,366 4,076,167 4,225,141 4,544,802 -------------- -------------- ------------- -------------- -------------- Total deposits 14,093,936 14,257,366 13,290,294 13,092,316 13,014,527 Funds purchased and repurchase agreements 3,095,054 3,061,186 3,126,110 3,061,783 3,158,153 Other borrowings 1,986,857 1,390,233 2,267,076 1,340,846 936,353 Subordinated debentures 398,392 398,361 398,336 398,241 398,109 Derivative contracts 494,778 509,057 239,211 297,660 276,992 Other liabilities 312,962 278,363 302,482 321,061 303,582 -------------- -------------- ------------- -------------- -------------- TOTAL LIABILITIES 20,381,979 19,894,566 19,623,509 18,511,907 18,087,716 Shareholders' equity 1,889,672 1,926,597 1,984,791 1,985,146 1,894,899 -------------- -------------- ------------- -------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 22,271,651 $ 21,821,163 $ 21,608,300 $ 20,497,053 $ 19,982,615 ============== ============== ============= ============== ==============
STATEMENTS OF EARNINGS - UNAUDITED BOK FINANCIAL CORPORATION (In thousands, except per share data) Quarter Ended Year Ended -------------------------------- ------------------------------ December 31, December 31, -------------------------------- ------------------------------ 2008 2007 2008 2007 -------------- -------------- ------------- -------------- Interest revenue $ 262,160 $ 297,096 $ 1,061,645 $ 1,160,737 Interest expense 85,713 155,807 414,783 616,252 -------------- -------------- ------------- -------------- Net interest revenue 176,447 141,289 646,862 544,485 Provision for credit losses 73,001 13,200 202,593 34,721 -------------- -------------- ------------- -------------- Net interest revenue after provision for credit losses 103,446 128,089 444,269 509,764 Other operating revenue Brokerage and trading revenue 23,507 20,402 42,804 62,542 Transaction card revenue 25,177 23,512 100,153 90,425 Trust fees and commissions 17,143 20,145 78,979 78,231 Deposit service charges and fees 29,239 29,938 117,528 109,218 Mortgage banking revenue 6,429 6,912 27,074 22,275 Bank-owned life insurance 2,682 2,614 10,681 10,058 Margin asset fees 187 2,012 8,548 4,800 Other revenue 5,503 7,819 28,233 28,073 -------------- -------------- ------------- -------------- Total fees and commissions 109,867 113,354 414,000 405,622 Gain (loss) on asset sales (2) (1,316) (660) (928) Gain (loss) on securities, net 20,156 (6,251) 21,637 (8,328) Gain (loss) on derivatives, net (2,219) 1,529 1,299 2,282 -------------- -------------- ------------- -------------- Total other operating revenue 127,802 107,316 436,276 398,648 Other operating expense Personnel 87,695 84,512 352,947 328,705 Business promotion 7,283 6,528 23,536 21,888 Professional fees and services 7,923 6,209 27,045 22,795 Net occupancy and equipment 14,901 15,466 60,632 57,284 Insurance 3,216 843 11,988 3,017 Data processing and communications 19,720 19,086 78,047 72,733 Printing, postage and supplies 3,823 4,221 16,433 16,570 Net (gains) losses and operating expenses of repossessed assets 1,006 120 1,019 691 Amortization of intangible assets 1,967 2,382 7,661 7,358 Mortgage banking costs 4,967 4,225 22,513 13,111 Change in fair value of mortgage servicing rights 26,432 3,344 34,515 2,893 Visa retrospective responsibility obligation (1,700) 2,767 (2,767) 2,767 Other expense 8,209 8,024 28,835 25,175 -------------- -------------- ------------- -------------- Total other operating expense 185,442 157,727 662,404 574,987 Income before taxes 45,806 77,678 218,141 333,425 Federal and state income taxes 10,363 26,518 64,909 115,761 -------------- -------------- ------------- -------------- Net income $ 35,443 $ 51,160 $ 153,232 $ 217,664 ============== ============== ============= ============== Average shares outstanding: Basic 67,294,069 67,051,499 67,274,457 67,083,200 Diluted 67,489,533 67,482,798 67,557,220 67,550,538 Net income (loss) per share: Basic $ 0.53 $ 0.76 $ 2.28 $ 3.24 ============== ============== ============= ============== Diluted $ 0.53 $ 0.76 $ 2.27 $ 3.22 ============== ============== ============= ==============
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, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- Capital: Period-end shareholders' equity $ 1,846,257 $ 1,940,503 $ 1,942,376 $ 1,992,570 $ 1,935,384 Risk-based capital ratios: Tier 1 9.42% 9.25% 8.69% 9.35% 9.38% Total capital 12.84% 12.55% 11.69% 12.44% 12.54% Leverage ratio 7.89% 7.94% 7.83% 8.23% 8.20% Period-end tangible common equity ratio 6.64% 7.16% 7.15% 7.83% 7.72% Common stock: Book value per share $ 27.36 $ 28.78 $ 28.78 $ 29.57 $ 28.75 Market value per share: High $ 54.42 $ 53.94 $ 60.74 $ 55.23 $ 55.43 Low $ 38.40 $ 38.61 $ 49.11 $ 46.82 $ 51.44 Cash dividends paid $ 15,358 $ 15,170 $ 15,180 $ 13,484 $ 13,438 Dividend payout ratio 43.33% 26.76% (1307.49%) 21.66% 26.27% Shares outstanding, net 67,473,086 67,433,837 67,488,388 67,383,318 67,306,380 Stock buy-back program: Shares repurchased - 75,000 - 91,114 33,583 Amount $ - $ 3,337,000 $ - $ 4,655,477 $ 1,770,368 -------------- -------------- -------------- -------------- -------------- Average price per share $ - $ 44.49 $ - $ 51.10 $ 52.72 ============== ============== ============= ============== ============== Performance ratios (quarter annualized): Return on average assets 0.63% 1.03% (0.02%) 1.22% 1.02% Return on average equity 7.46% 11.70% (0.24%) 12.62% 10.71% Net interest margin 3.57% 3.48% 3.44% 3.31% 3.22% Efficiency ratio 55.14% 54.19% 70.56% 57.60% 60.04% Other data: Gain (loss) on economic hedge of mortgage servicing rights $ 15,089 $ 1,186 $ (5,518) $ 191 $ 1,288 Trust assets $ 30,454,512 $ 33,242,296 $ 34,433,874 $ 35,524,730 $ 36,288,592 Mortgage servicing portfolio $ 5,256,159 $ 5,167,584 $ 5,075,285 $ 4,967,384 $ 4,893,011 Mortgage loan fundings during the quarter $ 214,521 $ 258,171 $ 288,937 $ 256,617 $ 239,620 Mortgage loan refinances to total fundings 34.84% 25.14% 36.76% 51.19% 35.49% Tax equivalent adjustment $ 2,063 $ 1,927 $ 2,084 $ 2,154 $ 2,502 Unrealized gain (loss) on available for sale securities $ (330,973) $ (158,652) $ (91,226) $ (28,375) $ (37,362)
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, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- Interest revenue $ 262,160 $ 263,358 $ 260,086 $ 276,041 $ 297,096 Interest expense 85,713 99,010 101,147 128,913 155,807 -------------- -------------- ------------- -------------- -------------- Net interest revenue 176,447 164,348 158,939 147,128 141,289 Provision for credit losses 73,001 52,711 59,310 17,571 13,200 -------------- -------------- ------------- -------------- -------------- Net interest revenue after provision for credit losses 103,446 111,637 99,629 129,557 128,089 Other operating revenue Brokerage and trading revenue 23,507 30,846 (35,462) 23,913 20,402 Transaction card revenue 25,177 25,632 25,786 23,558 23,512 Trust fees and commissions 17,143 20,100 20,940 20,796 20,145 Deposit service charges and fees 29,239 30,404 30,199 27,686 29,938 Mortgage banking revenue 6,429 6,230 7,198 7,217 6,912 Bank-owned life insurance 2,682 2,829 2,658 2,512 2,614 Margin asset fees 187 1,934 4,460 1,967 2,012 Other revenue 5,503 8,691 7,824 6,215 7,819 -------------- -------------- ------------- -------------- -------------- Total fees and commissions 109,867 126,666 63,603 113,864 113,354 Gain (loss) on asset sales (2) (839) 216 (35) (1,316) Gain (loss) on securities, net 20,156 2,103 (5,242) 4,620 (6,251) Gain (loss) on derivatives, net (2,219) 4,366 (2,961) 2,113 1,529 -------------- -------------- ------------- -------------- -------------- Total other operating revenue 127,802 132,296 55,616 120,562 107,316 Other operating expense Personnel 87,695 87,549 89,597 88,106 84,512 Business promotion 7,283 5,837 5,777 4,639 6,528 Professional fees and services 7,923 6,501 6,973 5,648 6,209 Net occupancy and equipment 14,901 15,570 15,100 15,061 15,466 Insurance 3,216 2,436 2,626 3,710 843 Data processing and communications 19,720 19,911 19,523 18,893 19,086 Printing, postage and supplies 3,823 4,035 4,156 4,419 4,221 Net (gains) losses and operating expenses of repossessed assets 1,006 (136) (229) 378 120 Amortization of intangible assets 1,967 1,884 1,885 1,925 2,382 Mortgage banking costs 4,967 5,811 6,054 5,681 4,225 Change in fair value of mortgage servicing rights 26,432 5,554 767 1,762 3,344 Visa retrospective responsibility obligation (1,700) 1,700 - (2,767) 2,767 Other expense 8,209 7,638 7,039 5,949 8,024 -------------- -------------- ------------- -------------- -------------- Total other operating expense 185,442 164,290 159,268 153,404 157,727 Income before taxes 45,806 79,643 (4,023) 96,715 77,678 Federal and state income taxes 10,363 22,958 (2,862) 34,450 26,518 -------------- -------------- ------------- -------------- -------------- Net income $ 35,443 $ 56,685 $ (1,161) $ 62,265 $ 51,160 ============== ============== ============= ============== ============== Average shares outstanding: Basic 67,294,069 67,263,317 67,452,181 67,202,128 67,051,499 Diluted 67,489,533 67,471,376 67,452,181 67,549,960 67,482,798 Net income (loss) per share: Basic $ 0.53 $ 0.84 $ (0.02) $ 0.93 $ 0.76 Diluted $ 0.53 $ 0.84 $ (0.02) $ 0.92 $ 0.76
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED BOK FINANCIAL CORPORATION (In thousands) Quarter Ended ----------------------------------------------------------------------------------- December 31, September 30, June 30, March 31, December 31, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- Oklahoma: Commercial $ 3,356,520 $ 3,368,823 $ 3,228,179 $ 3,248,424 $ 3,219,176 Commercial real estate 843,576 827,357 875,546 940,686 890,703 Residential mortgage 1,196,924 1,134,066 1,099,277 1,080,882 1,080,483 Consumer 579,809 580,211 601,184 586,695 576,070 -------------- -------------- ------------- -------------- -------------- Total Oklahoma 5,976,829 5,910,457 5,804,186 5,856,687 5,766,432 Texas: Commercial 2,353,860 2,205,169 2,166,925 2,124,192 1,985,645 Commercial real estate 825,769 853,653 889,364 838,781 846,303 Residential mortgage 315,438 307,655 299,996 262,305 275,533 Consumer 212,820 214,133 204,081 168,949 142,958 -------------- -------------- ------------- -------------- -------------- Total Texas 3,707,887 3,580,610 3,560,366 3,394,227 3,250,439 New Mexico: Commercial 418,732 442,644 451,225 472,543 473,262 Commercial real estate 286,574 281,061 271,177 258,731 252,884 Residential mortgage 98,018 95,165 89,469 85,834 84,336 Consumer 18,616 18,296 16,977 14,977 16,105 -------------- -------------- ------------- -------------- -------------- Total New Mexico 821,940 837,166 828,848 832,085 826,587 Arkansas: Commercial 103,446 104,630 96,775 100,489 106,328 Commercial real estate 134,015 127,925 124,049 130,956 124,317 Residential mortgage 16,875 16,941 19,527 16,621 16,393 Consumer 175,647 183,543 197,979 180,551 163,626 -------------- -------------- ------------- -------------- -------------- Total Arkansas 429,983 433,039 438,330 428,617 410,664 Colorado: Commercial 660,546 598,519 489,844 486,525 490,373 Commercial real estate 261,820 266,739 276,062 261,099 252,537 Residential mortgage 53,875 49,676 38,517 31,011 26,556 Consumer 16,141 18,328 16,367 17,552 16,457 -------------- -------------- ------------- -------------- -------------- Total Colorado 992,382 933,262 820,790 796,187 785,923 Arizona: Commercial 211,356 213,861 207,173 174,360 157,341 Commercial real estate 319,525 326,615 351,058 361,567 342,673 Residential mortgage 62,123 58,800 53,321 50,719 46,269 Consumer 6,075 5,551 5,315 6,815 5,522 -------------- -------------- ------------- -------------- -------------- Total Arizona 599,079 604,827 616,867 593,461 551,805 Kansas: Commercial 307,143 340,156 398,452 350,325 305,380 Commercial real estate 29,969 30,642 40,241 40,104 41,055 Residential mortgage 9,321 7,650 7,490 2,397 1,726 Consumer 1,473 2,161 2,468 1,665 559 -------------- -------------- ------------- -------------- -------------- Total Kansas 347,906 380,609 448,651 394,491 348,720 -------------- -------------- ------------- -------------- -------------- TOTAL BOK FINANCIAL $ 12,876,006 $ 12,679,970 $ 12,518,038 $ 12,295,755 $ 11,940,570 ============== ============== ============= ============== ==============
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED BOK FINANCIAL CORPORATION (In thousands) Quarter Ended ----------------------------------------------------------------------------------- December 31, September 30, June 30, March 31, December 31, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- Oklahoma: Demand $ 1,683,374 $ 1,681,325 $ 1,455,997 $ 1,464,258 $ 1,394,861 Interest-bearing: Transaction 4,117,729 4,151,430 3,997,136 3,659,002 3,477,208 Savings 86,476 86,900 90,100 88,141 80,467 Time 3,104,933 3,036,297 2,672,401 2,230,110 2,426,822 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 7,309,138 7,274,627 6,759,637 5,977,253 5,984,497 -------------- -------------- ------------- -------------- -------------- Total Oklahoma 8,992,512 8,955,952 8,215,634 7,441,511 7,379,358 -------------- -------------- ------------- -------------- -------------- Texas: Demand 1,067,456 956,846 1,046,651 940,141 1,035,134 Interest-bearing: Transaction 1,460,576 1,543,974 1,713,131 1,708,424 1,753,843 Savings 32,071 32,400 33,207 32,191 34,618 Time 857,416 794,911 723,146 759,892 800,460 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 2,350,063 2,371,285 2,469,484 2,500,507 2,588,921 -------------- -------------- ------------- -------------- -------------- Total Texas 3,417,519 3,328,131 3,516,135 3,440,648 3,624,055 -------------- -------------- ------------- -------------- -------------- New Mexico: Demand 155,345 176,477 168,621 169,449 151,231 Interest-bearing: Transaction 397,382 376,941 417,607 425,976 432,919 Savings 16,289 16,316 16,432 16,141 15,146 Time 522,894 475,560 445,505 455,861 486,868 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 936,565 868,817 879,544 897,978 934,933 -------------- -------------- ------------- -------------- -------------- Total New Mexico 1,091,910 1,045,294 1,048,165 1,067,427 1,086,164 -------------- -------------- ------------- -------------- -------------- Arkansas: Demand 16,293 23,565 21,142 20,493 13,247 Interest-bearing: Transaction 38,566 19,146 24,524 22,091 19,027 Savings 1,083 865 895 945 883 Time 75,579 47,684 39,305 39,803 40,692 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 115,228 67,695 64,724 62,839 60,602 -------------- -------------- ------------- -------------- -------------- Total Arkansas 131,521 91,260 85,866 83,332 73,849 -------------- -------------- ------------- -------------- -------------- Colorado: Demand 116,637 115,677 109,697 99,584 117,939 Interest-bearing: Transaction 480,113 440,888 507,260 529,771 446,427 Savings 17,660 19,300 20,245 22,233 23,806 Time 532,475 428,872 423,014 455,262 539,523 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 1,030,248 889,060 950,519 1,007,266 1,009,756 -------------- -------------- ------------- -------------- -------------- Total Colorado 1,146,885 1,004,737 1,060,216 1,106,850 1,127,695 -------------- -------------- ------------- -------------- -------------- Arizona: Demand 39,424 45,725 49,895 46,508 46,701 Interest-bearing: Transaction 56,985 64,463 73,034 84,648 65,788 Savings 1,014 1,033 1,233 878 1,435 Time 34,290 14,433 6,364 8,395 11,603 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 92,289 79,929 80,631 93,921 78,826 -------------- -------------- ------------- -------------- -------------- Total Arizona 131,713 125,654 130,526 140,429 125,527 -------------- -------------- ------------- -------------- -------------- Kansas: Demand 3,850 5,548 7,157 6,580 9,656 Interest-bearing: Transaction 10,999 9,780 10,342 8,754 8,304 Savings 42 33 26 92 13 Time 55,656 19,794 51,649 33,837 24,670 -------------- -------------- ------------- -------------- -------------- Total interest-bearing 66,697 29,607 62,017 42,683 32,987 -------------- -------------- ------------- -------------- -------------- Total Kansas 70,547 35,155 69,174 49,263 42,643 -------------- -------------- ------------- -------------- -------------- TOTAL BOK FINANCIAL $ 14,982,607 $ 14,586,183 $ 14,125,716 $ 13,329,460 $ 13,459,291 ============== ============== ============= ============== ==============
NET INTEREST MARGIN TREND - UNAUDITED BOK FINANCIAL CORPORATION Quarter Ended ----------------------------------------------------------------------------------- December 31, September 30, June 30, March 31, December 31, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- TAX-EQUIVALENT ASSETS YIELDS Trading securities 6.55% 5.61% 6.88% 7.69% 6.62% Funds sold and resell agreements 0.76% 1.44% 1.97% 4.18% 5.95% Securities: Taxable 5.12% 5.09% 5.08% 5.11% 4.86% Tax-exempt 6.43% 6.64% 6.46% 6.38% 7.19% -------------- -------------- ------------- -------------- -------------- Total securities 5.17% 5.15% 5.14% 5.17% 4.99% Total loans 5.27% 5.69% 5.79% 6.59% 7.50% Less Allowance for loan losses - - - - - -------------- -------------- ------------- -------------- -------------- Total loans, net 5.35% 5.77% 5.86% 6.66% 7.58% -------------- -------------- ------------- -------------- -------------- Total tax-equivalent yield on earning assets 5.28% 5.55% 5.61% 6.17% 6.70% COST OF INTEREST-BEARING LIABILITIES Interest-bearing deposits: Interest-bearing transaction 1.51% 1.72% 1.74% 2.71% 3.34% Savings 0.37% 0.37% 0.37% 0.61% 0.86% Time 3.28% 3.39% 3.77% 4.35% 4.68% -------------- -------------- ------------- -------------- -------------- Total interest-bearing deposits 2.29% 2.39% 2.50% 3.33% 3.88% Funds purchased and repurchase agreements 0.94% 1.98% 1.95% 3.11% 4.42% Other borrowings 1.51% 2.56% 2.49% 3.51% 4.92% Subordinated debt 5.48% 5.55% 5.88% 5.45% 5.69% -------------- -------------- ------------- -------------- -------------- Total cost of interest-bearing liabilities 2.02% 2.41% 2.47% 3.36% 4.10% -------------- -------------- ------------- -------------- -------------- Tax-equivalent net interest revenue spread 3.26% 3.14% 3.14% 2.81% 2.60% Effect of noninterest-bearing funding sources and ot0.31% 0.34% 0.30% 0.50% 0.62% -------------- -------------- ------------- -------------- -------------- Tax-equivalent net interest margin 3.57% 3.48% 3.44% 3.31% 3.22% ============== ============== ============= ============== ==============
CREDIT QUALITY INDICATORS BOK FINANCIAL CORPORATION (In thousands, except ratios) Quarter Ended ----------------------------------------------------------------------------------- December 31, September 30, June 30, March 31, December 31, 2008 2008 2008 2008 2007 -------------- -------------- ------------- -------------- -------------- Nonperforming assets: Nonaccruing loans (B): Commercial $ 134,846 $ 105,757 $ 69,679 $ 41,966 $ 42,981 Commercial real estate 137,279 78,235 60,456 40,399 25,319 Residential mortgage 27,387 27,075 17,861 15,960 15,272 Consumer 561 758 611 812 718 -------------- -------------- ------------- -------------- -------------- Total nonaccruing loans $ 300,073 $ 211,825 $ 148,607 $ 99,137 $ 84,290 Renegotiated loans (A) 13,039 12,326 11,840 11,850 10,394 Real estate and other repossessed assets 29,179 28,088 21,025 15,112 9,475 -------------- -------------- ------------- -------------- -------------- Total nonperforming assets $ 342,291 $ 252,239 $ 181,472 $ 126,099 $ 104,159 ============== ============== ============= ============== ============== Nonaccruing loans by principal market (B): Oklahoma $ 108,367 $ 87,885 $ 57,155 $ 52,211 $ 47,977 Texas 42,934 29,141 20,860 8,157 4,983 New Mexico 16,016 12,293 9,838 7,497 11,118 Arkansas 3,263 3,386 2,924 2,866 1,635 Colorado 32,415 20,980 23,812 8,101 9,222 Arizona 80,994 54,832 33,482 18,811 9,355 Kansas 16,084 3,308 536 1,494 - -------------- -------------- ------------- -------------- -------------- Total nonaccruing loans $ 300,073 $ 211,825 $ 148,607 $ 99,137 $ 84,290 ============== ============== ============= ============== ============== Nonaccruing loans by loan portfolio sector (B): Commercial: Energy $ 49,364 $ 49,839 $ 12,342 $ 475 $ 529 Manufacturing 7,343 6,479 6,731 9,274 9,915 Wholesale / retail 18,773 7,806 3,735 3,868 3,792 Agriculture 680 755 811 1,848 380 Services 36,873 26,581 30,080 23,849 25,468 Healthcare 12,118 3,300 3,791 2,079 2,301 Other 9,695 10,997 12,189 573 596 -------------- -------------- ------------- -------------- -------------- Total commercial 134,846 105,757 69,679 41,966 42,981 Commercial real estate: Land development and construction 76,082 53,624 45,291 29,439 13,466 Retail 15,625 13,011 7,591 5,258 5,259 Office 7,637 3,022 3,304 1,985 1,013 Multifamily 24,950 896 896 1,906 3,998 Industrial 6,287 390 396 - - Other commercial real estate 6,698 7,292 2,978 1,811 1,583 -------------- -------------- ------------- -------------- -------------- Total commercial real estate 137,279 78,235 60,456 40,399 25,319 Residential mortgage: Permanent mortgage 26,233 26,401 17,039 15,135 14,541 Home equity 1,154 674 822 825 731 -------------- -------------- ------------- -------------- -------------- Total residential mortgage 27,387 27,075 17,861 15,960 15,272 Consumer 561 758 611 812 718 -------------- -------------- ------------- -------------- -------------- Total nonaccruing loans $ 300,073 $ 211,825 $ 148,607 $ 99,137 $ 84,290 ============== ============== ============= ============== ============== Performing loans 90 days past due $ 19,123 $ 20,213 $ 10,683 $ 11,266 $ 5,575 Gross charge-offs $ 35,681 $ 33,926 $ 41,526 $ 11,078 $ 8,930 Recoveries 2,022 13,712 2,535 2,221 1,584 -------------- -------------- ------------- -------------- -------------- Net charge-offs $ 33,659 $ 20,214 $ 38,991 $ 8,857 $ 7,346 ============== ============== ============= ============== ============== Provision for credit losses $ 73,001 $ 52,711 $ 59,310 $ 17,571 $ 13,200 Reserve for loan losses to period end loans 1.81% 1.47% 1.23% 1.11% 1.06% Combined reserves for credit losses to period end loans 1.93% 1.65% 1.41% 1.27% 1.24% Nonperforming assets to period end loans and repossessed assets 2.65% 1.98% 1.45% 1.02% 0.87% Net charge-offs (annualized) to average loans 1.05% 0.64% 1.26% 0.29% 0.25% Reserve for loan losses to nonaccruing loans 77.73% 88.05% 103.64% 137.77% 150.29% Combined reserves for credit losses to nonaccruing loans 82.78% 98.69% 118.81% 157.60% 175.03% (A) includes residential mortgage loans guaranteed $ 10,396 $ 9,604 $ 8,638 $ 8,386 $ 7,550 by 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. $ 13,181 $ 13,262 $ 11,973 $ 8,101 $ 8,412