form8k_012611.htm

0000875357-11-000002.txt : 20110126 0000875357-11-000002.hdr.sgml : 20110126 20110126162925 ACCESSION NUMBER: 0000875357-11-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110126 DATE AS OF CHANGE: 20110126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOK FINANCIAL CORP ET AL CENTRAL INDEX KEY: 0000875357 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 731373454 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19341 FILM NUMBER: 11549708 BUSINESS ADDRESS: STREET 1: BANK OF OKLAHOMA TOWER STREET 2: PO BOX 2300 CITY: TULSA STATE: OK ZIP: 74192 BUSINESS PHONE: 9185953025 MAIL ADDRESS: STREET 1: BANK OF OKLAHOMA TOWER STREET 2: P O BOX 2300 CITY: TULSA STATE: OK ZIP: 74192 8-K 1 form8k_012611.htm FORM 8-K Q4/10 012611 form8k_012611.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

January 26, 2011

BOK FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Oklahoma & #160; 000-19341 73-1373454

-------- & #160; --------- ----------

(State or other jurisdiction (Commission ; (IRS Employer

of incorporation) File Number) 60; Identification No.)

Bank of Oklahoma Tower, Boston Avenue at Second Street, Tulsa, Oklahoma 74172

(Address of principal executive offices)

Registrant's telephone number, including area code:

(918) 588-6000

_____________________N/A___________________________

(Former name or former address, if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. Results of Operations and Financial Condition.

On January 26, 2011, BOK Financial Corporation (“BOK Financial”) issued a press release announcing its financial results for the three and twelve months ended December 31, 2010 (“Press Release”). The full text of the Press Release is attached as Exhibit 99(a) to this report and is incorporated herein by reference. On January 26, 2011, in connection with issuance of the Press Release, BOK Financial released financial information related to the three and twelve months ended December 31, 2010 (“Financial Information”), which includes certain historical financial information relating to BOK Financial. The Financial Information is attached as Exhibit 99(b) to this report and is incorporated herein by reference.

ITEM 9.01. Financial Statements and Exhibits.

(c)

Exhibits

99(a)

Text of Press Release, dated January 26, 2011 titled “BOK Financial Reports Record Earnings for 2010 of $247 Million – Fourth Quarter Earnings Total $59 Million”

99(b)

Financial Information for the Three and Twelve Months Ended December 31, 2010

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BOK FINANCIAL CORPORATION

By: /s/ Steven E. Nell

Steven E. Nell

Executive Vice President

Chief Financial Officer

Date: January 26, 2011

EX-99.A 2 exhibit99a_012611.htm EXHIBIT 99 (A) TEXT OF PRESS RELEASE 012611 exhibit99a_012611.htm

Exhibit 99 (a)

BOK Financial Reports Record Earnings for 2010 of $247 Million

Fourth Quarter Earnings Total $59 Million

TULSA, Okla. (Wednesday January 26, 2011) – BOK Financial Corporation reported record net income for 2010 of $246.8 million or $3.61 per diluted share, up 23% over 2009 on diversified fee income growth and improved credit quality. Net income was up 15% over last year excluding a $6.5 million or $0.10 per share day-one gain from the purchase of the rights to service $4.2 billion of residential mortgage loans on favorable terms in 2010 and a $7.7 million or $0.11 per share special assessment charge by the FDIC in 2009.

Net income for the fourth quarter of 2010 totaled $58.8 million or $0.86 per diluted share, up $16.1 million or 38% over the fourth quarter of 2009. Net income for the third quarter of 2010 totaled $64.3 million or $0.94 per share.

“We are proud to report record earnings of $247 million in our Company’s 100th year,” said President and CEO Stan Lybarger. “Diversified sources of fee and commission revenue grew $36 million over last year. Our mortgage banking division originated nearly $2.8 billion in new loans in 2010 and our portfolio of mortgage loans serviced grew by $4.7 billion, more than 70% over last year. Improved credit quality and lower non-performing assets reduced the provision for credit losses by $91 million.”

“Fourth quarter net income of $59 million finished a year of strong performance for BOK Financial,” said Lybarger. “Low interest rates and continued soft commercial loan demand did challenge net interest revenue during the quarter, but our fee-based business lines continued to grow. We exited 2010 with annual earnings in excess of levels seen before the recession and with strong capital resources to take advantage of an improving economy in 2011.”

Highlights of fourth quarter of 2010 included:

Net interest revenue totaled $163.7 million for the fourth quarter of 2010 and $180.7 million for the third quarter of 2010. Net interest margin was 3.19% for the fourth quarter of 2010 and 3.50% for the third quarter of 2010. Net interest revenue decreased as cash flows from the securities portfolio increased during the third and fourth quarters. Prepayments spiked as interest rates declined, resulting in portfolio reinvestment at lower rates.

·	Fees and commissions revenue totaled $136.0 million, essentially unchanged from the third quarter of 2010. Mortgage banking revenue decreased $4.1 million. Brokerage and trading revenue grew $1.5 million and trust fees and commissions grew $1.4 million.

·	Changes in the fair value of mortgage servicing rights, net of economic hedge, increased fourth quarter pre-tax net income by $6.6 million and decreased pre-tax net income $7.9 million in the third quarter of 2010.

·	Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $203.5 million, up $14.2 million over the prior quarter. Personnel expenses increased $5.6 million due primarily to increased incentive compensation expense.

·	Provision for credit losses totaled $7.0 million for the fourth quarter of 2010, down $13.0 million from the previous quarter. Net loans charged off decreased to $14.2 million for the fourth quarter of 2010 from $20.1 million for the third quarter of 2010.

Combined allowance for credit losses totaled $307 million or 2.89% of outstanding loans at December 31, 2010 and $314 million or 2.91% of outstanding loans at September 30, 2010. Nonperforming assets totaled $394 million or 3.66% of outstanding loans and repossessed assets at December 31, 2010 compared to $421 million or 3.85% of outstanding loans and repossessed assets at September 30, 2010.

·	Outstanding loan balances were $10.6 billion at December 31, 2010, down $163 million since September 30, 2010. All major loan categories decreased during the fourth quarter. Unfunded commercial loans increased $237 million during the fourth quarter to $4.6 billion.

·	Total period end deposits increased $356 million during the fourth quarter of 2010 to $17.2 billion due primarily to growth in interest-bearing transaction and demand deposits, partially offset by a decrease in higher costing time deposits.

Tangible common equity ratio increased to 9.21% at December 31, 2010 from 8.96% at September 30, 2010, due to retained earnings growth. The tangible common equity ratio is a non-GAAP measure of capital strength used by the Company and investors based on shareholders’ equity minus intangible assets and equity that does not benefit common shareholders, such as equity provided by the U.S. Treasury’s Asset Relief Program. BOK Financial chose not to participate in the TARP Capital Purchase Program. The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 12.69% at December 31, 2010 and 12.30% at September 30, 2010.

The Company paid a cash dividend of $17.0 million or $0.25 per common share during the fourth quarter of 2010. On January 25, 2011, the board of directors approved a quarterly cash dividend of $0.25 per common share payable on or about February 25, 2011 to shareholders of record as of February 11, 2011.

Net Interest Revenue

Net interest revenue decreased $17.1 million from the third quarter of 2010. Net interest margin decreased 31 basis points to 3.19% compared to the previous quarter. Average earning assets increased $123 million.

The decrease in net interest margin from the previous quarter resulted from a lower yield on average earning assets. The yield on average earning assets decreased 35 basis points primarily due to a 59 basis point decrease in securities portfolio yield. Extremely low intermediate and long-term interest rates seen in the late third quarter and early fourth quarter increased actual and projected prepayment speeds which reduced security portfolio yields through accelerated premium amortization and lower reinvestment rates. Approximately $800 million that had been yielding 3.15% was reinvested during the quarter at yields of 2.20%. The recent 100 basis point increase in interest rates should support a partial recovery of the securities portfolio yield as premium amortization slows and reinvestment ra tes improve. In addition, the loan portfolio yield decreased 11 basis points and the cost of interest-bearing liabilities decreased 5 basis points.

The average balance of the securities portfolio increased $270 million. Available for sale securities increased $391 million. Mortgage trading securities held as an economic hedge of mortgage servicing rights decreased $127 million. Average outstanding loans decreased $194 million. All major loan categories were lower compared to the prior quarter.

Average deposits increased $796 million compared to the previous quarter. Interest-bearing transaction account balances increased $626 million and demand deposit account balances increased $340 million. Time deposit account balances decreased $172 million. Average balances of borrowed funds decreased $885 million from the previous quarter.

Fees and Commissions Revenue

Fees and commissions revenue decreased $961 thousand to $136.0 million for the fourth quarter of 2010. Mortgage banking revenue decreased $4.1 million. Brokerage and trading revenue increased $1.5 million and trust fees and commissions increased $1.4 million.

The decrease in mortgage banking revenue was due to lower net gains on loans sold during the quarter. Mortgage loan servicing revenue was unchanged from the previous quarter. Brokerage and trading revenue increased primarily on increased loan syndication fees and retail brokerage activity, partially offset by a decrease in securities trading revenue. Trust fees and commission revenue increased $1.4 million over the prior quarter primarily due to an increase in the fair value of trust assets.

Operating Expenses

Total operating expenses were $178.4 million for the fourth quarter of 2010, compared to $205.2 million for the third quarter of 2010. Excluding changes in the fair value of mortgage servicing rights, operating expenses totaled $203.5 million, up $14.2 million.

Personnel costs increased $5.6 million over the prior quarter, primarily from higher incentive compensation. Cash-based incentive compensation increased $2.5 million. Deferred compensation expense, which is directly linked to changes in the market value of Company stock and performance of other investments, increased $2.0 million.

Non-personnel expenses were up $8.7 million, including $4.4 million of increased depreciation expense on assets used in our leasing business. The benefit of this leasing activity is largely recognized through credits which reduce federal and state income tax expense.

Credit Quality

Nonperforming assets decreased $26 million during the fourth quarter of 2010 to $394 million or 3.66% of outstanding loans and repossessed assets at December 31, 2010. Nonaccruing loans decreased $38 million and renegotiated residential mortgage loans decreased $3 million. Repossessed assets increased $15 million.

Nonaccruing loans totaled $231 million or 2.17% of outstanding loans at December 31, 2010 compared to $269 million or 2.49% of outstanding loans at September 30, 2010. During the fourth quarter of 2010, $30 million of new nonaccruing loans were identified offset by $28 million in payments received, $20 million in charge-offs and $22 million in foreclosures and repossessions.

Nonaccruing commercial loans totaled $38 million or 0.65% of total commercial loans at December 31, 2010. Nonaccruing loans in the services sector totaled $19 million or 1.22% of total services sector loans. Nonaccruing commercial loans decreased $11 million since September 30, 2010 primarily from $7.7 million of net cash payments on energy sector loans. Newly identified nonaccruing commercial loans totaled $7.5 million, offset by $13 million in payments, and $4.8 million in charge-offs.

Nonaccruing commercial real estate loans totaled $150 million or 6.60% of outstanding commercial real estate loans at December 31, 2010, down $27 million from September 30, 2010. Nonaccruing commercial real estate loans attributed to various markets included $51 million or 25% of total commercial real estate loans in Arizona and $41 million or 21% of total commercial real estate loans in Colorado. Nonaccruing commercial real estate loans continued to be largely concentrated in land development and residential construction loans with $100 million or 22% of all land development and construction loans nonaccruing at December 31, 2010. Newly identified nonaccruing commercial real estate loans totaled $14 million, offset by $14 million of cash payments received, $9.5 million of charge-offs and $17 million of fo reclosures.

Nonaccruing residential mortgage loans totaled $37 million or 2.05% of outstanding residential mortgage loans at December 31, 2010, a $1.5 million decrease from September 30, 2010. Residential mortgage loans past due 90 days or more and still accruing interest totaled $2.0 million, up from $1.0 million at September 30, 2010. Residential mortgage loans past due 30 to 89 days totaled $19 million, down $7.2 million from September 30, 2010.

The combined allowance for credit losses totaled $307 million or 2.89% of outstanding loans and 133% of nonaccruing loans at December 31, 2010. The allowance for loan losses was $293 million and the allowance for off-balance sheet credit losses was $14 million. Approximately $75 million of impaired loans, which consist primarily of nonaccruing commercial and commercial real estate loans, have been charged-down to the amount management expects to recover and accordingly have no allowance for loan loss attributed to them. The remaining $132 million of impaired loans have $7.3 million of the allowance for loan losses attributed to them.

Real estate and other repossessed assets totaled $141 million at December 31, 2010 consisting of $59 million of 1-4 family residential properties and residential land development properties, $42 million of developed commercial real estate properties, $22 million of undeveloped land, $12 million of equity interest received in partial satisfaction of debts, $3 million of ownership interests in oil and gas properties, $2 million of equipment and $1 million of automobiles. The distribution of real estate owned and other repossessed assets among various markets included $46 million attributed to Arizona, $36 million attributed to Texas, $25 million attributed to Oklahoma, $11 million attributed to Colorado, $8 million attributed to New Mexico, $7 million attributed to Arkansas, and $7 million attributed to Kansas/Missouri. 0;Real estate and other repossessed assets increased by $15 million during the fourth quarter due to additions of $22 million partially offset by $6.3 million in sales and $2.4 million in write-downs and losses.

The Company also has off-balance sheet obligations related to certain community development residential mortgage loans sold to U.S. government agencies with recourse. These mortgage loans were underwritten to standards approved by the agencies, including full documentation and originated under programs available only for owner-occupied properties. The outstanding principal balance of these loans totaled $289 million at December 31, 2010, down from $300 million at September 30, 2010. The loans are primarily to borrowers in our primary market areas, including $204 million in Oklahoma, $30 million in Arkansas, $17 million in New Mexico, $15 million in Kansas/Missouri and $13 million in Texas. At December 31, 2010, approximately 6% of these loans are nonperforming and 6% were past due 30 to 89 days. A separate allowance for credit risk of $17 million is available for losses on these loans.

Securities and Derivatives

The fair value of available for sale securities totaled $9.3 billion at December 31, 2010, a $249 million decrease from September 30, 2010. The available for sale portfolio consisted primarily of residential mortgage-backed securities, including $8.4 billion fully backed by U.S. government agencies and $644 million privately issued by publicly owned financial institutions. The portfolio does not hold any securities backed by sub-prime mortgage loans, collateralized debt obligations or collateralized loan obligations.

Net unrealized gains on available for sale securities decreased to $200 million at December 31, 2010 from $255 million at September 30, 2010 due primarily to higher interest rates. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies decreased $63 million to $253 million at December 31, 2010. Net unrealized losses on privately-issued residential mortgage-backed securities decreased $8 million to $70 million at December 31, 2010.

The amortized cost of privately issued residential mortgage-backed securities totaled $714 million at December 31, 2010, down $73 million since September 30, 2010 due primarily to cash received. Approximately $522 million of the privately issued residential mortgage-backed securities were rated below investment grade by at least one nationally-recognized rating agency. Cash received during the fourth quarter reduced the amortized cost of privately issued residential mortgage-backed securities rated below investment grade by $26 million. Amortized cost of these securities was also reduced by $6.3 million for credit-related impairment charges during the fourth quarter. Aggregate unrealized losses on privately-issued residential mortgage-backed securities rated below investment grade totaled $62 million at December 31, 2010. Aggregate unrealized losses on these same below investment grade securities were $72 million at September 30, 2010.

The Company recognized $953 thousand of net gains on the sale of $536 million of available for sale securities in the fourth quarter of 2010 and $8.4 million of gains on the sale of $596 million of available for sale securities in the third quarter of 2010. Securities were sold either to mitigate extension exposure from rising interest rates or because they had reached their expected maximum potential total return.

Certain residential mortgage-backed securities and derivative contracts are held by the Company as an economic hedge against the changes in the fair value of the mortgage servicing rights that fluctuates due to changes in prepayment speeds and other assumptions. Changes in the fair value of mortgage servicing rights, net of economic hedge increased pre-tax net income by $6.6 million in the fourth quarter of 2010 and decreased net income by $7.9 million in the third quarter of 2010.

	Three Months Ended
	Dec. 31, 2010			Sept. 30, 2010			Dec. 31, 2009

Gain on mortgage hedge derivative contracts	$	(7,392	)	$	4,676		$	–
Gain (loss) on mortgage trading securities		(11,117	)		3,369			(4,440	)
Total gain (loss) on financial instruments held as an economic hedge of mortgage servicing rights		(18,509	)		8,045			(4,440	)
Gain (loss) on change in fair value of mortgage servicing rights		25,111			(15,924	)		5,285
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges	$	6,602		$	(7,879	)	$	845

Net interest revenue on mortgage trading securities	$	4,232		$	5,710		$	3,401

Loans, Deposits and Capital

Loans

Outstanding loans at December 31, 2010 were $10.6 billion, down $163 million from September 30, 2010. All segments of the loan portfolio decreased during the fourth quarter.

Outstanding commercial loans totaled $5.9 billion at December 31, 2010, down $38 million from September 30, 2010. Energy sector loans decreased $51 million due to cash flow available to this sector of the economy and soft loan demand. Unfunded energy loan commitments increased $67 million to $2.0 billion. The outstanding balances in all other sectors of the commercial loan portfolio combined were up $13 million. Unfunded commercial loan commitments, excluding the energy sector of the portfolio, increased $170 million to $2.6 billion at December 31, 2010.

Commercial real estate loans totaled $2.3 billion at December 31, 2010, down $46 million from September 30, 2010. Residential construction and land development loans continued to decrease, down $55 million during the fourth quarter. The outstanding balance of all other commercial real estate loans combined increased $9 million. The decrease in commercial real estate loans was largely concentrated in the Texas and Oklahoma markets, partially offset by an increase in the Arizona market. Unfunded commercial real estate loan commitments increased $66 million during the fourth quarter to $237 million.

Residential mortgage loans decreased $56 million from the prior quarter. Permanent residential mortgage loans decreased $81 million. The residential mortgage loan portfolio generally represents variable rate jumbo mortgage loans that exceed the maximum principal balances set by government sponsored agency standards, but otherwise generally conform to those standards. Low interest rates during the fourth quarter increased demand to refinance these mortgage loans into long-term fixed rate loans. Generally we do not offer this type of loan because of excessive future interest rate risk. Additionally, home equity loans increased $26 million.

Consumer loans decreased $23 million compared to the prior quarter primarily due to $45 million in continued runoff of indirect automobile loans related to the previously announced decision to curtail that business in favor of a customer-focused direct approach to consumer lending. The outstanding balance of other consumer loans increased $22 million.

Deposits

Total deposits increased $356 million during the fourth quarter to $17.2 billion at December 31, 2010. Interest-bearing transaction account balances increased $410 million and demand deposit balances increased $174 million. Higher-costing time deposits decreased $232 million. Among the lines of business, commercial deposits increased $387 million and wealth management deposits increased $111 million, partially offset by a $39 million decrease in consumer deposits. Growth in commercial deposit balances was largely driven by energy customers.

Capital

The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized at December 31, 2010. The Company’s Tier 1 and total capital ratios were 12.69% and 16.20%, respectively, at December 31, 2010. Tier 1 and total capital ratios were 12.30% and 15.79%, respectively, at September 30, 2010. In addition the Company’s tangible common equity ratio, a non-GAAP measure, was 9.21% at December 31, 2010 and 8.96% at September 30, 2010. Unrealized securities gains added 52 basis points to the tangible common equity ratio at December 31, 2010.

Effective January 1, 2011, the Company combined each of its subsidiary banks into a newly-named entity, BOKF, NA. Divisions of BOKF, NA will continue to operate in each market under established bank trade names. Regulatory capital ratios for BOKF, NA will be more closely aligned with consolidated regulatory capital ratios for BOK Financial Corporation.

About BOK Financial Corporation

BOK Financial is a regional financial services company that provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. Holdings include BOKF, NA, BOSC, Inc., Cavanal Hill Investment Management, Inc., and Southwest Trust Company, N.A. Operating divisions of BOKF, N.A. include Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Oklahoma, Bank of Texas, Colorado State Bank and Trust, Bank of Kansas City and the TransFund electronic funds network. Shares of BOK Financial are traded on the NASDAQ under the symbol BOKF. For more information, visit www.bokf.com.

The Company will continue to evaluate critical assumptions and estimates, such as the adequacy of the allowance for credit losses and asset impairment as of December 31, 2010 through the date its financial statements are filed with the Securities and Exchange Commission and will adjust amounts reported if necessary.

This news release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about BOK Financial, the financial services industry and the economy generally. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “plans,” “projects,” variations of such words and similar expressions are intended to identify such forward-looking statements. Management judgments relating to and discussion of the provision and allowance for credit losses involve judgments as to future events and are inherently forward-looking statements. Assessments that BOK Financial’s acquisitions and other growth endeavors will be profit able are necessary statements of belief as to the outcome of future events based in part on information provided by others which BOK Financial has not independently verified. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what is expected, implied or forecasted in such forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to (1) the ability to fully realize expected cost savings from mergers within the expected time frames, (2) the ability of other companies on which BOK Financial relies to provide goods and services in a timely and accurate manner, (3) changes in interest rates and interest rate relationships, (4) demand for products and services, (5) the degree of competition b y traditional and nontraditional competitors, (6) changes in banking regulations, tax laws, prices, levies and assessments, (7) the impact of technological advances and (8) trends in consumer behavior as well as their ability to repay loans. BOK Financial and its affiliates undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

EX-99.B 3 exhibit99b_012611.htm EXHIBIT 99 (B) Q4/10 FINANCIALS 012611 exhibit99b_012611.htm

Exhibit 99 (b)

BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
		Period Ended
	December 31,	September 30,		December 31,
	2010	2010		2009
	(Unaudited)	(Unaudited)
ASSETS
Cash and due from banks	$ 1,247,946	$ 1,175,434	$	875,250
Funds sold and resell agreements	21,458	20,468		45,966
Trading securities	55,467	82,247		65,354
Securities:
Available for sale	9,311,252	9,560,210		8,872,023
Investment	339,553	343,748		240,405
Mortgage trading securities	428,021	475,215		285,950
Total securities	10,078,826	10,379,173		9,398,378
Residential mortgage loans held for sale	263,413	316,893		217,826
Loans:
Commercial	5,933,996	5,972,008		6,207,840
Commercial real estate	2,277,350	2,323,122		2,491,434
Residential mortgage	1,828,248	1,883,908		1,793,622
Consumer	603,442	626,806		786,802
Total loans	10,643,036	10,805,844		11,279,698
Less reserve for loan losses	(292,971)	(299,154)		(292,095)
Loans, net of reserve	10,350,065	10,506,690		10,987,603
Premises and equipment, net	265,465	267,189		280,260
Accrued revenue receivable	148,940	138,234		108,822
Goodwill	335,601	335,601		335,601
Intangible assets, net	13,803	15,168		18,638
Mortgage servicing rights, net	115,723	86,333		73,824
Real estate and other repossessed assets	141,394	126,859		129,034
Bankers' acceptances	1,222	259		3,869
Derivative contracts	270,445	266,104		343,782
Cash surrender value of bank-owned life insurance	255,442	254,884		247,357
Receivable on unsettled securities trades	135,059	124,365		-
Other assets	241,334	290,051		385,267
TOTAL ASSETS	$ 23,941,603	$ 24,385,952	$	23,516,831



LIABILITIES AND EQUITY
Deposits:
Demand	$ 4,220,764	$ 4,046,515	$	3,653,844
Interest-bearing transaction	9,255,362	8,845,385		7,930,439
Savings	193,767	189,191		165,952
Time	3,509,168	3,741,500		3,767,993
Total deposits	17,179,061	16,822,591		15,518,228
Funds purchased and
repurchase agreements	2,283,780	2,049,733		2,471,743
Other borrowings	833,578	1,303,591		2,133,357
Subordinated debentures	398,701	398,658		398,539
Accrued interest, taxes, and expense	134,107	132,564		111,880
Bankers' acceptances	1,222	259		3,869
Due on unsettled securities trades	160,425	756,532		212,335
Derivative contracts	215,420	218,296		308,360
Other liabilities	191,431	179,740		133,146
TOTAL LIABILITIES	21,397,725	21,861,964		21,291,457
Shareholders' equity:
Capital, surplus and retained earnings	2,413,887	2,364,609		2,216,553
Accumulated other comprehensive income (loss)	107,839	139,041		(10,740)
TOTAL SHAREHOLDERS' EQUITY	2,521,726	2,503,650		2,205,813
Non-controlling interest	22,152	20,338		19,561
TOTAL EQUITY	2,543,878	2,523,988		2,225,374
TOTAL LIABILITIES AND EQUITY	$ 23,941,603	$ 24,385,952	$	23,516,831



AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
				Quarter Ended
	December 31,	September 30,		June 30,	March 31,	December 31,
	2010	2010		2010	2010	2009

ASSETS
Funds sold and resell agreements	$ 21,128	$ 18,882	$	22,776	$ 32,363	$ 30,358
Trading securities	74,084	69,315		58,722	70,979	68,027
Securities:
Available for sale	9,662,055	9,270,710		8,892,175	8,884,678	8,583,032
Investment	341,941	336,455		335,117	256,003	238,479
Mortgage trading securities	474,731	602,049		435,693	366,845	340,456
Total securities	10,478,727	10,209,214		9,662,985	9,507,526	9,161,967
Residential mortgage loans held for sale	282,734	242,559		183,489	137,404	194,760
Loans:
Commercial	5,946,960	6,003,159		6,060,642	6,132,889	6,325,580
Commercial real estate	2,282,779	2,335,226		2,359,958	2,492,535	2,538,737
Residential mortgage	1,832,624	1,893,162		1,848,692	1,833,602	1,827,339
Consumer	604,830	629,968		702,174	728,294	801,040
Total loans	10,667,193	10,861,515		10,971,466	11,187,320	11,492,696
Less allowance for loan losses	(307,223)	(308,139)		(312,595)	(309,194)	(298,157)
Total loans, net	10,359,970	10,553,376		10,658,871	10,878,126	11,194,539
Total earning assets	21,216,643	21,093,346		20,586,843	20,626,398	20,649,651
Cash and due from banks	1,092,979	989,782		903,555	1,089,971	1,095,087
Cash surrender value of bank-owned life insurance	255,530	252,912		249,914	247,415	245,460
Derivative contracts	249,861	267,952		288,853	300,865	352,143
Other assets	1,467,938	1,588,298		1,415,642	1,448,098	1,353,393
TOTAL ASSETS	$ 24,282,951	$ 24,192,290	$	23,444,807	$ 23,712,747	$ 23,695,734

LIABILITIES AND EQUITY
Deposits:
Demand	$ 4,171,595	$ 3,831,486	$	3,660,910	$ 3,485,504	$ 3,666,663
Interest-bearing transaction	9,325,573	8,699,495		8,287,296	7,963,752	7,734,678
Savings	191,235	189,512		184,376	170,990	167,572
Time	3,602,150	3,774,136		3,701,167	3,772,295	4,002,337
Total deposits	17,290,553	16,494,629		15,833,749	15,392,541	15,571,250
Funds purchased and
repurchase agreements	1,977,380	2,227,088		2,491,084	2,575,286	2,173,476
Other borrowings	829,756	1,465,516		1,619,745	2,249,470	2,380,938
Subordinated debentures	398,680	398,638		398,598	398,559	398,522
Derivative contracts	197,330	228,297		243,089	276,696	318,809
Other liabilities	1,053,695	895,703		479,813	521,567	605,994
TOTAL LIABILITIES	21,747,394	21,709,871		21,066,078	21,414,119	21,448,989
Total equity	2,535,557	2,482,419		2,378,729	2,298,628	2,246,745
TOTAL LIABILITIES AND EQUITY	$ 24,282,951	$ 24,192,290	$	23,444,807	$ 23,712,747	$ 23,695,734
	-	-		-	-	-

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
	Quarter Ended			Year Ended
	December 31,			December 31,
	2010	2009		2010	2009


Interest revenue	$ 197,148	$ 224,411	$	851,082	$ 914,569
Interest expense	33,498	39,933		142,030	204,205
Net interest revenue	163,650	184,478		709,052	710,364
Provision for credit losses	6,999	48,620		105,139	195,900
Net interest revenue after
provision for credit losses	156,651	135,858		603,913	514,464

Other operating revenue
Brokerage and trading revenue	28,610	20,240		101,471	91,677
Transaction card revenue	29,500	26,292		112,302	105,517
Trust fees and commissions	18,145	16,492		68,976	66,177
Deposit service charges and fees	23,732	29,501		103,611	115,791
Mortgage banking revenue	25,158	13,403		87,600	64,980
Bank-owned life insurance	3,182	2,870		12,066	10,239
Other revenue	7,648	7,150		30,368	26,131
Total fees and commissions	135,975	115,948		516,394	480,512
Gain (loss) on other assets	15	(205)		(1,161)	4,134
Gain (loss) on derivatives, net	(7,286)	(370)		4,271	(3,365)
Gain (loss) on securities, net	(10,164)	7,277		29,213	46,122
Total other-than-temporary impairment losses	(4,768)	(67,390)		(29,960)	(129,154)
Portion of loss recognized in other comprehensive income	1,859	(52,902)		(2,151)	(94,741)
Net impairment losses recognized in earnings	(6,627)	(14,488)		(27,809)	(34,413)
Total other operating revenue	111,913	108,162		520,908	492,990

Other operating expense
Personnel	106,770	93,687		401,864	380,517
Business promotion	4,377	5,758		17,726	19,582
Professional fees and services	9,527	8,813		30,217	30,243
Net occupancy and equipment	16,331	17,600		63,969	65,715
Insurance	6,139	6,412		24,320	24,040
FDIC special assessment	-	-		-	11,773
Data processing and communications	23,902	21,121		87,752	81,292
Printing, postage and supplies	3,170	3,601		13,665	15,960
Net losses and operating expenses
of repossessed assets	6,966	5,101		34,483	11,400
Amortization of intangible assets	1,365	1,912		5,336	6,970
Mortgage banking costs	11,999	11,436		40,739	36,304
Change in fair value of mortgage servicing rights	(25,111)	(5,285)		(3,661)	(12,124)
Visa retrospective responsibility obligation	(1,103)	-		-	-
Other expense	14,029	6,281		36,760	25,061
Total other operating expense	178,361	176,437		753,170	696,733

Net income before taxes	90,203	67,583		371,651	310,721
Federal and state income taxes	31,097	24,780		123,357	106,705

Net income	59,106	42,803		248,294	204,016
Net income attributable to non-controlling interest	274	33		1,540	3,438

Net income attributable to BOK Financial Corporation	$ 58,832	$ 42,770	$	246,754	$ 200,578

Average shares outstanding:
Basic	67,685,434	67,446,326		67,627,735	67,375,387
Diluted	67,888,950	67,600,344		67,831,734	67,487,944

Net income per share:
Basic	$ 0.86	$ 0.63	$	3.63	$ 2.96
Diluted	$ 0.86	$ 0.63	$	3.61	$ 2.96





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,
	2010	2010		2010	2010	2009

Capital:
Period-end shareholders' equity	$ 2,521,726	$ 2,503,650	$	2,428,738	$ 2,312,443	$ 2,205,813
Risk weighted assets	$ 16,368,976	$ 16,484,702	$	16,611,662	$ 16,787,566	$ 17,275,808
Risk-based capital ratios:
Tier 1	12.69%	12.30%		11.90%	11.45%	10.86%
Total capital	16.20%	15.79%		15.38%	15.09%	14.43%
Leverage ratio	8.74%	8.61%		8.57%	8.25%	8.05%
Tangible common equity ratio (A)	9.21%	8.96%		8.88%	8.46%	7.99%
Tier 1 common equity ratio (B)	12.55%	12.17%		11.77%	11.33%	10.75%

Common stock:
Book value per share	$ 36.97	$ 36.77	$	35.67	$ 33.99	$ 32.53

Market value per share:
High	$ 54.86	$ 50.58	$	55.60	$ 53.11	$ 47.91
Low	$ 44.83	$ 42.89	$	47.45	$ 45.43	$ 41.87

Cash dividends paid	$ 17,025	$ 16,856	$	16,834	$ 16,304	$ 16,201
Dividend payout ratio	28.94%	26.23%		26.50%	27.11%	37.88%
Shares outstanding, net	68,207,689	68,091,126		68,080,797	68,042,918	67,802,807
Stock buy-back program:
Shares repurchased	-	-		-	-	-
Amount	$ -	$ -	$	-	$ -	$ -
Average price per share	$ -	$ -		$ -	$ -	$ -

Performance ratios (quarter annualized):
Return on average assets	0.96%	1.05%		1.09%	1.03%	0.72%
Return on average equity	9.21%	10.27%		10.71%	10.61%	7.55%
Net interest margin	3.19%	3.50%		3.63%	3.68%	3.64%
Efficiency ratio	65.60%	59.07%		59.56%	59.11%	60.02%

Other data:
Gain (loss) on economic hedge of mortgage servicing rights	$ (18,509)	$ 8,045	$	22,431	$ (211)	$ (4,440)
Trust assets	$ 32,751,501	$ 31,460,021	$	29,825,608	$ 30,739,254	$ 30,385,365
Mortgage servicing portfolio	$ 11,263,130	$ 11,190,802	$	11,057,385	$ 10,895,182	$ 6,603,132
Mortgage loans funded for sale	$ 821,921	$ 756,022	$	540,835	$ 383,293	$ 516,695
Mortgage loan refinances to total fundings	72%	64%		34%	55%	47%
Tax equivalent adjustment	$ 2,263	$ 2,152	$	2,327	$ 2,416	$ 2,196
Net unrealized gain on available for sale securities	$ 200,203	$ 255,421	$	215,439	$ 107,754	$ 13,226

(A) Tangible common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Total shareholders' equity	$ 2,521,726	$ 2,503,650	$	2,428,738	$ 2,312,443	$ 2,205,813
Less: intangible assets, net	(349,404)	(350,769)		(351,592)	(352,916)	(354,239)
Tangible common equity	$ 2,172,322	$ 2,152,881	$	2,077,146	$ 1,959,527	$ 1,851,574

Total assets	$ 23,941,603	$ 24,385,952	$	23,736,728	$ 23,501,976	$ 23,516,831
Less: intangible assets, net	(349,404)	(350,769)		(351,592)	(352,916)	(354,239)
	$ 23,592,199	$ 24,035,183	$	23,385,136	$ 23,149,060	$ 23,162,592

Tangible common equity ratio	9.21%	8.96%		8.88%	8.46%	7.99%

(B) Tier 1 common equity ratio is a non-GAAP measure.
Reconciliation to a GAAP financial measure follows:
Tier 1 capital	$ 2,076,525	$ 2,027,226	$	1,976,588	$ 1,922,783	$ 1,876,778
Less: non-controlling interest	(22,152)	(20,338)		(21,289)	(20,274)	(19,561)
Tier 1 common equity	$ 2,054,373	$ 2,006,888	$	1,955,299	$ 1,902,509	$ 1,857,217

Risk weighted assets	$ 16,368,976	$ 16,484,702	$	16,611,662	$ 16,787,566	$ 17,275,808

Tier 1 common equity ratio	12.55%	12.17%		11.77%	11.33%	10.75%

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,
	2010	2010		2010	2010	2009

Interest revenue	$ 197,148	$ 216,967	$	217,597	$ 219,370	$ 224,411
Interest expense	33,498	36,252		35,484	36,796	39,933
Net interest revenue	163,650	180,715		182,113	182,574	184,478
Provision for credit losses	6,999	20,000		36,040	42,100	48,620
Net interest revenue after
provision for credit losses	156,651	160,715		146,073	140,474	135,858

Other operating revenue
Brokerage and trading revenue	28,610	27,072		24,754	21,035	20,240
Transaction card revenue	29,500	28,852		28,263	25,687	26,292
Trust fees and commissions	18,145	16,774		17,737	16,320	16,492
Deposit service charges and fees	23,732	24,290		28,797	26,792	29,501
Mortgage banking revenue	25,158	29,236		18,335	14,871	13,403
Bank-owned life insurance	3,182	3,004		2,908	2,972	2,870
Other revenue	7,648	7,708		7,374	7,638	7,150
Total fees and commissions	135,975	136,936		128,168	115,315	115,948
Gain (loss) on other assets	15	(1,331)		1,545	(1,390)	(205)
Gain (loss) on derivatives, net	(7,286)	4,626		7,272	(341)	(370)
Gain (loss) on securities, net	(10,164)	11,753		23,100	4,524	7,277
Total other-than-temporary impairment losses	(4,768)	(4,525)		(10,959)	(9,708)	(67,690)
Portion of loss recognized in other comprehensive income	1,859	9,786		(8,313)	(5,483)	(52,902)
Net impairment losses recognized in earnings	(6,627)	(14,311)		(2,646)	(4,225)	(14,488)
Total other operating revenue	111,913	137,673		157,439	113,883	108,162

Other operating expense
Personnel	106,770	101,216		97,054	96,824	93,687
Business promotion	4,377	4,426		4,945	3,978	5,758
Professional fees and services	9,527	7,621		6,668	6,401	8,813
Net occupancy and equipment	16,331	16,436		15,691	15,511	17,600
Insurance	6,139	6,052		5,596	6,533	6,412
Data processing and communications	23,902	21,601		21,940	20,309	21,121
Printing, postage and supplies	3,170	3,648		3,525	3,322	3,601
Net losses and operating expenses
of repossessed assets	6,966	7,230		13,067	7,220	5,101
Amortization of intangible assets	1,365	1,324		1,323	1,324	1,912
Mortgage banking costs	11,999	9,093		10,380	9,267	11,436
Change in fair value of mortgage servicing rights	(25,111)	15,924		19,458	(13,932)	(5,285)
Visa retrospective responsibility obligation	(1,103)	1,103		-	-	-
Other expense	14,029	9,491		6,265	6,975	6,281
Total other operating expense	178,361	205,165		205,912	163,732	176,437

Net income before taxes	90,203	93,223		97,600	90,625	67,583
Federal and state income taxes	31,097	29,935		32,042	30,283	24,780

Net income	59,106	63,288		65,558	60,342	42,803
Net income (loss) attributable to non-controlling interest	274	(979)		2,036	209	33

Net income attributable to BOK Financial Corporation	$ 58,832	$ 64,267	$	63,522	$ 60,133	$ 42,770

Average shares outstanding:
Basic	67,685,434	67,625,378		67,605,807	67,592,315	67,446,326
Diluted	67,888,950	67,765,344		67,880,587	67,790,049	67,600,344

Net income per share:
Basic	$ 0.86	$ 0.94	$	0.93	$ 0.88	$ 0.63
Diluted	$ 0.86	$ 0.94	$	0.93	$ 0.88	$ 0.63


LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
				Quarter Ended
	December 31,	September 30,		June 30,	March 31,	December 31,
	2010	2010		2010	2010	2009

Oklahoma:
Commercial	$ 2,581,082	$ 2,662,347	$	2,704,460	$ 2,616,086	$ 2,649,252
Commercial real estate	726,409	748,501		784,549	787,543	820,578
Residential mortgage	1,253,466	1,293,334		1,257,497	1,235,788	1,228,822
Consumer	336,492	349,720		395,274	404,570	451,829
Total Oklahoma	4,897,449	5,053,902		5,141,780	5,043,987	5,150,481

Texas:
Commercial	1,888,635	1,876,994		1,902,934	1,935,819	2,017,081
Commercial real estate	686,956	715,859		731,399	769,682	735,338
Residential mortgage	297,027	309,815		308,496	307,643	313,113
Consumer	146,986	151,434		160,377	160,449	170,062
Total Texas	3,019,604	3,054,102		3,103,206	3,173,593	3,235,594

New Mexico:
Commercial	279,432	289,368		286,555	326,203	341,802
Commercial real estate	314,781	314,957		294,425	298,197	305,061
Residential mortgage	88,392	87,851		87,549	85,629	86,415
Consumer	19,583	20,153		20,542	16,713	17,473
Total New Mexico	702,188	712,329		689,071	726,742	750,751

Arkansas:
Commercial	84,775	91,752		89,376	86,566	103,443
Commercial real estate	116,989	117,137		114,576	129,125	132,436
Residential mortgage	13,155	14,937		15,823	17,071	16,849
Consumer	72,787	84,869		96,189	110,123	124,265
Total Arkansas	287,706	308,695		315,964	342,885	376,993

Colorado:
Commercial	470,500	457,421		484,188	495,916	545,724
Commercial real estate	197,180	203,866		225,758	228,998	239,970
Residential mortgage	72,310	75,152		69,325	68,049	66,504
Consumer	21,409	15,402		18,548	17,991	17,362
Total Colorado	761,399	751,841		797,819	810,954	869,560

Arizona:
Commercial	231,117	234,739		204,326	209,019	199,143
Commercial real estate	201,018	188,943		163,374	202,192	227,249
Residential mortgage	89,245	85,184		78,890	68,015	65,047
Consumer	3,445	3,061		2,971	3,068	3,461
Total Arizona	524,825	511,927		449,561	482,294	494,900

Kansas / Missouri:
Commercial	398,455	359,387		339,689	345,130	351,395
Commercial real estate	34,017	33,859		26,828	28,111	30,802
Residential mortgage	14,653	17,635		16,666	15,516	16,872
Consumer	2,740	2,167		2,133	2,012	2,350
Total Kansas / Missouri	449,865	413,048		385,316	390,769	401,419

TOTAL BOK FINANCIAL	$ 10,643,036	$ 10,805,844	$	10,882,717	$ 10,971,224	$ 11,279,698

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
				Quarter Ended
	December 31,	September 30,		June 30,	March 31,	December 31,
	2010	2010		2010	2010	2009

Oklahoma:
Demand	$ 2,271,375	$ 2,238,303	$	2,101,994	$ 2,062,084	$ 2,068,908
Interest-bearing:
Transaction	6,061,626	5,609,811		5,562,287	5,237,983	5,134,902
Savings	106,411	103,524		102,590	101,708	93,006
Time	1,373,307	1,497,344		1,442,525	1,360,756	1,397,240
Total interest-bearing	7,541,344	7,210,679		7,107,402	6,700,447	6,625,148
Total Oklahoma	9,812,719	9,448,982		9,209,396	8,762,531	8,694,056

Texas:
Demand	1,389,876	1,238,103		1,150,495	1,068,656	1,108,401
Interest-bearing:
Transaction	1,791,810	1,786,979		1,674,519	1,675,759	1,748,319
Savings	36,429	35,614		36,814	37,175	35,129
Time	966,116	1,031,877		1,003,936	1,043,813	1,100,602
Total interest-bearing	2,794,355	2,854,470		2,715,269	2,756,747	2,884,050
Total Texas	4,184,231	4,092,573		3,865,764	3,825,403	3,992,451

New Mexico:
Demand	270,916	262,567		223,869	222,685	209,090
Interest-bearing:
Transaction	530,244	535,012		491,708	480,189	444,247
Savings	28,342	27,906		30,231	20,036	17,563
Time	450,177	469,493		476,155	495,243	510,202
Total interest-bearing	1,008,763	1,032,411		998,094	995,468	972,012
Total New Mexico	1,279,679	1,294,978		1,221,963	1,218,153	1,181,102

Arkansas:
Demand	15,310	17,604		14,919	17,599	21,526
Interest-bearing:
Transaction	129,580	137,797		108,104	61,398	50,879
Savings	1,266	1,522		1,288	1,266	1,346
Time	100,998	116,536		119,472	105,794	101,839
Total interest-bearing	231,844	255,855		228,864	168,458	154,064
Total Arkansas	247,154	273,459		243,783	186,057	175,590

Colorado:
Demand	157,742	156,685		143,783	136,048	146,929
Interest-bearing:
Transaction	522,207	501,405		441,085	456,508	448,846
Savings	20,310	19,681		18,869	18,118	17,802
Time	502,889	495,899		497,538	509,410	525,844
Total interest-bearing	1,045,406	1,016,985		957,492	984,036	992,492
Total Colorado	1,203,148	1,173,670		1,101,275	1,120,084	1,139,421

Arizona:
Demand	74,887	97,384		71,711	61,183	68,651
Interest-bearing:
Transaction	95,890	94,108		94,033	81,851	81,909
Savings	809	812		1,062	1,105	958
Time	52,227	59,678		63,643	64,592	60,768
Total interest-bearing	148,926	154,598		158,738	147,548	143,635
Total Arizona	223,813	251,982		230,449	208,731	212,286

Kansas / Missouri:
Demand	40,658	35,869		28,518	31,726	30,339
Interest-bearing:
Transaction	124,005	180,273		116,423	100,037	21,337
Savings	200	132		110	146	148
Time	63,454	70,673		69,819	74,648	71,498
Total interest-bearing	187,659	251,078		186,352	174,831	92,983
Total Kansas / Missouri	228,317	286,947		214,870	206,557	123,322

TOTAL BOK FINANCIAL	$ 17,179,061	$ 16,822,591	$	16,087,500	$ 15,527,516	$ 15,518,228

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
				Quarter Ended
	December 31,	September 30,		June 30,	March 31,	December 31,
	2010	2010		2010	2010	2009
TAX-EQUIVALENT ASSETS YIELDS
Trading securities	4.06%	3.26%		4.51%	4.53%	5.41%
Funds sold and resell agreements	0.13%	0.08%		0.14%	0.10%	0.21%
Securities:
Taxable (A)	2.67%	3.28%		3.56%	3.73%	3.83%
Tax-exempt (A)	4.95%	4.87%		4.89%	5.28%	5.16%
Total securities (A)	2.73%	3.32%		3.60%	3.78%	3.87%
Residential mortgage loans held for sale	3.85%	4.24%		4.76%	5.16%	4.71%
Loans	4.76%	4.87%		4.83%	4.81%	4.74%
Less reserve for loan losses	-	-		-	-	-
Loans, net of reserve	4.90%	5.01%		4.97%	4.95%	4.86%
Total tax-equivalent yield on earning assets (A)	3.84%	4.19%		4.33%	4.41%	4.42%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.37%	0.45%		0.49%	0.52%	0.57%
Savings	0.35%	0.39%		0.40%	0.42%	0.47%
Time	1.78%	1.80%		1.74%	1.86%	1.95%
Total interest-bearing deposits	0.76%	0.85%		0.87%	0.94%	1.03%
Funds purchased and repurchase agreements	0.40%	0.36%		0.36%	0.32%	0.30%
Other borrowings	0.37%	0.36%		0.35%	0.29%	0.29%
Subordinated debt	5.64%	5.64%		5.57%	5.66%	5.52%
Total cost of interest-bearing liabilities	0.81%	0.86%		0.85%	0.87%	0.94%
Tax-equivalent net interest revenue spread	3.03%	3.33%		3.48%	3.54%	3.48%
Effect of noninterest-bearing funding sources and other	0.16%	0.17%		0.15%	0.14%	0.16%
Tax-equivalent net interest margin	3.19%	3.50%		3.63%	3.68%	3.64%

(A) Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.

CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)				Quarter Ended
	December 31,	September 30,		June 30,	March 31,	December 31,
	2010	2010		2010	2010	2009

Nonperforming assets:
Nonaccruing loans (B):
Commercial	$ 38,455	$ 49,361	$	82,775	$ 84,491	$ 101,384
Commercial real estate	150,366	177,709		193,698	219,639	204,924
Residential mortgage	37,426	38,898		40,033	36,281	29,989
Consumer	4,567	2,784		3,188	3,164	3,058
Total nonaccruing loans	230,814	268,752		319,694	343,575	339,355
Renegotiated loans (A)	22,261	25,252		21,327	17,763	15,906
Real estate and other repossessed assets	141,394	126,859		119,908	121,933	129,034
Total nonperforming assets	$ 394,469	$ 420,863	$	460,929	$ 483,271	$ 484,295

Nonaccruing loans by principal market (B):
Oklahoma	$ 60,805	$ 72,264	$	93,898	$ 102,231	$ 83,176
Texas	33,157	36,979		49,695	58,067	66,892
New Mexico	19,283	23,792		26,956	23,021	26,693
Arkansas	7,914	9,990		10,933	14,652	13,820
Colorado	49,416	55,631		66,040	66,883	60,082
Arizona	60,239	70,038		72,111	78,656	84,559
Kansas / Missouri	-	58		61	65	4,133
Total nonaccruing loans	$ 230,814	$ 268,752	$	319,694	$ 343,575	$ 339,355
	-	-		-	-	-
Nonaccruing loans by loan portfolio sector (B):
Commercial:
Energy	$ 465	$ 8,189	$	26,259	$ 17,182	$ 22,692
Manufacturing	2,116	2,454		3,237	4,834	15,765
Wholesale / retail	8,486	5,584		5,561	6,629	12,057
Agriculture	13	58		58	65	65
Services	19,262	23,925		31,062	35,535	30,926
Healthcare	3,534	2,608		8,568	10,538	13,103
Other	4,579	6,543		8,030	9,708	6,776
Total commercial	38,455	49,361		82,775	84,491	101,384
Commercial real estate:
Land development and construction	99,579	116,252		132,686	140,508	109,779
Retail	4,978	8,041		4,967	14,843	26,236
Office	19,654	24,942		24,764	26,660	25,861
Multifamily	6,725	6,924		7,253	15,725	26,540
Industrial	4,087	4,151		4,223	-	279
Other commercial real estate	15,343	17,399		19,805	21,903	16,229
Total commercial real estate	150,366	177,709		193,698	219,639	204,924
Residential mortgage:
Permanent mortgage	35,426	36,654		37,978	34,134	28,314
Home equity	2,000	2,244		2,055	2,147	1,675
Total residential mortgage	37,426	38,898		40,033	36,281	29,989
Consumer	4,567	2,784		3,188	3,164	3,058
Total nonaccruing loans	$ 230,814	$ 268,752	$	319,694	$ 343,575	$ 339,355
	-	-		-	-	-
Performing loans 90 days past due	$ 9,961	$ 6,433	$	12,474	$ 12,915	$ 10,308

Gross charge-offs	$ 20,152	$ 25,340	$	38,168	$ 40,328	$ 37,974
Recoveries	5,939	5,205		2,614	5,850	2,950
Net charge-offs	$ 14,213	$ 20,135	$	35,554	$ 34,478	$ 35,024

Provision for credit losses	$ 6,999	$ 20,000	$	36,040	$ 42,100	$ 48,620

Reserve for loan losses to period end loans	2.75%	2.77%		2.75%	2.73%	2.59%
Combined reserves for credit losses to period end loans	2.89%	2.91%		2.89%	2.86%	2.72%
Nonperforming assets to period end loans
and repossessed assets	3.66%	3.85%		4.19%	4.36%	4.24%
Net charge-offs (annualized) to average loans	0.53%	0.74%		1.30%	1.23%	1.22%
Reserve for loan losses to nonaccruing loans	126.93%	111.31%		93.68%	87.23%	86.07%
Combined reserves for credit losses to nonaccruing loans	133.11%	117.01%		98.40%	91.42%	90.31%

(A) includes residential mortgage loans guaranteed by	$ 18,551	$ 21,706	$	17,598	$ 14,083	$ 12,799
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	$ -	$ -	$	-	$ 4,281	$ 4,311