EX-99 3 fs123109.txt (B) EARNINGS RELEASE FINANCIAL TABLES 123109 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 ------------- -------------- -------------- -------------- -------------- Total Kansas / Missouri 123,322 117,081 180,978 169,738 70,547 ------------- -------------- -------------- -------------- -------------- TOTAL BOK FINANCIAL $ 15,518,228 $ 15,095,346 $ 14,655,3896 $ 15,270,421 $ 14,982,607 ============= ============== ============== ============== ==============
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 ------------- -------------- -------------- -------------- ------------- 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% ------------- -------------- -------------- -------------- ------------- 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% ------------- -------------- -------------- -------------- ------------- 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% ------------- -------------- -------------- -------------- ------------- Total cost of interest-bearing liabilities 0.94% 1.09% 1.31% 1.50% 2.02% ------------- -------------- -------------- -------------- ------------- 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 ------------- -------------- -------------- -------------- ------------- 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 ------------- -------------- -------------- -------------- ------------- 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