Oklahoma 000-19341 73-1373454
-------- --------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
|
(c)
|
Exhibits
|
|
99(a)
|
Text of Press Release, dated October 26, 2011 titled “BOK Financial Reports Record Quarterly Earnings of $85 Million – Board Approves Dividend Increase”
|
|
99(b)
|
Financial Information for the Three and Nine Months Ended September 30, 2011
|
·
|
Fees and commissions revenue grew to $146.0 million for the third quarter of 2011, compared to $127.8 million for the second quarter of 2011. Mortgage banking revenue increased $10.1 million and brokerage and trading revenue increased $5.7 million.
|
·
|
Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $196.1 million, up $6.4 million over the prior quarter. The Company accrued $5.0 million for exposure to on-going litigation and made a $4.0 million discretionary contribution to the BOKF Charitable Foundation during the third quarter.
|
·
|
No provision for credit losses was recorded in the third quarter of 2011, compared to a provision for credit losses of $2.7 million for the second quarter of 2011. Net loans charged off totaled $10.2 million or 0.37% of average loans on an annualized basis for the third quarter of 2011 compared to $8.5 million or 0.32% on an annualized basis for the previous quarter.
|
·
|
The combined allowance for credit losses totaled $287 million or 2.58% of outstanding loans at September 30, 2011 compared to $297 million or 2.77% of outstanding loans at June 30, 2011. Nonperforming assets totaled $388 million or 3.45% of outstanding loans and repossessed assets at September 30, 2011 and $351 million or 3.23% of outstanding loans and repossessed assets at June 30, 2011.
|
·
|
Outstanding loan balances were $11.1 billion at September 30, 2011 compared to $10.7 billion at June 30, 2011. Commercial loan balances continued to grow in the third quarter of 2011, increasing $297 million over June 30, 2011. Commercial real estate loans increased $76 million and residential mortgage loans increased $44 million. Consumer loans decreased $30 million.
|
·
|
Period end deposits totaled $18.4 billion at September 30, 2011 compared to $17.6 billion at June 30, 2011. Demand deposit accounts increased $688 million and interest-bearing transaction accounts increased $240 million. Time deposits decreased $80 million.
|
·
|
Tangible common equity ratio was 9.65% at September 30, 2011 and 9.71% at June 30, 2011. 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. The Company and its subsidiary bank continue to exceed the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 13.14% at September 30, 2011 and 13.30% at June 30, 2011.
|
·
|
The Company paid a cash dividend of $19 million or $0.275 per common share during the third quarter of 2011. On October 25, 2011, the board of directors approved an increase in the quarterly cash dividend to $0.33 per common share payable on or about November 30, 2011 to shareholders of record as of November 16, 2011.
|
BALANCE SHEETS
|
|||||
BOK FINANCIAL CORPORATION
|
|||||
(In thousands)
|
|||||
September 30,
|
June 30,
|
September 30,
|
|||
2011
|
2011
|
2010
|
|||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||
ASSETS
|
|||||
Cash and due from banks
|
$ 953,688
|
$ 1,098,721
|
$ 1,175,434
|
||
Funds sold and resell agreements
|
19,193
|
12,040
|
20,468
|
||
Trading securities
|
109,659
|
99,846
|
82,247
|
||
Investment securities
|
452,652
|
349,583
|
343,748
|
||
Available for sale securities
|
9,619,631
|
9,567,008
|
9,450,271
|
||
Mortgage trading securities
|
672,191
|
553,231
|
475,215
|
||
Residential mortgage loans held for sale
|
256,397
|
169,609
|
316,893
|
||
Loans:
|
|||||
Commercial
|
6,475,689
|
6,178,596
|
5,972,008
|
||
Commercial real estate
|
2,259,902
|
2,183,715
|
2,323,122
|
||
Residential mortgage
|
1,911,896
|
1,867,997
|
1,883,908
|
||
Consumer
|
477,082
|
507,236
|
626,806
|
||
Total loans
|
11,124,569
|
10,737,544
|
10,805,844
|
||
Less allowance for loan losses
|
(271,456)
|
(286,611)
|
(299,154)
|
||
Loans, net of allowance
|
10,853,113
|
10,450,933
|
10,506,690
|
||
Premises and equipment, net
|
264,325
|
265,057
|
267,189
|
||
Receivables
|
111,427
|
129,944
|
138,234
|
||
Goodwill
|
335,601
|
335,601
|
335,601
|
||
Intangible assets, net
|
11,115
|
12,010
|
15,168
|
||
Mortgage servicing rights, net
|
87,948
|
109,192
|
86,333
|
||
Real estate and other repossessed assets
|
127,943
|
129,026
|
126,859
|
||
Bankers' acceptances
|
211
|
1,661
|
259
|
||
Derivative contracts
|
370,616
|
229,887
|
266,104
|
||
Cash surrender value of bank-owned life insurance
|
260,506
|
261,203
|
254,884
|
||
Receivable on unsettled securities sales
|
172,641
|
170,600
|
124,365
|
||
Other assets
|
387,408
|
293,030
|
399,990
|
||
TOTAL ASSETS
|
$ 25,066,265
|
$ 24,238,182
|
$ 24,385,952
|
||
LIABILITIES AND EQUITY
|
|||||
Deposits:
|
|||||
Demand
|
$ 5,414,284
|
$ 4,725,977
|
$ 4,046,515
|
||
Interest-bearing transaction
|
9,252,837
|
9,013,323
|
8,845,385
|
||
Savings
|
217,431
|
211,877
|
189,191
|
||
Time
|
3,554,470
|
3,634,700
|
3,741,500
|
||
Total deposits
|
18,439,022
|
17,585,877
|
16,822,591
|
||
Funds purchased
|
1,318,668
|
1,706,893
|
923,879
|
||
Repurchase agreements
|
1,206,793
|
1,106,163
|
1,125,854
|
||
Other borrowings
|
80,276
|
149,703
|
1,303,591
|
||
Subordinated debentures
|
398,834
|
398,788
|
398,658
|
||
Accrued interest, taxes, and expense
|
155,188
|
104,493
|
132,564
|
||
Bankers' acceptances
|
211
|
1,661
|
259
|
||
Due on unsettled securities purchases
|
218,097
|
166,607
|
756,532
|
||
Derivative contracts
|
341,822
|
173,917
|
218,296
|
||
Other liabilities
|
139,804
|
151,906
|
179,740
|
||
TOTAL LIABILITIES
|
22,298,715
|
21,546,008
|
21,861,964
|
||
Shareholders' equity:
|
|||||
Capital, surplus and retained earnings
|
2,569,021
|
2,521,462
|
2,364,609
|
||
Accumulated other comprehensive income
|
163,571
|
146,255
|
139,041
|
||
TOTAL SHAREHOLDERS' EQUITY
|
2,732,592
|
2,667,717
|
2,503,650
|
||
Non-controlling interest
|
34,958
|
24,457
|
20,338
|
||
TOTAL EQUITY
|
2,767,550
|
2,692,174
|
2,523,988
|
||
TOTAL LIABILITIES AND EQUITY
|
$ 25,066,265
|
$ 24,238,182
|
$ 24,385,952
|
AVERAGE BALANCE SHEETS - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
(In thousands)
|
|||||||||
|
Quarter Ended | ||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
ASSETS
|
|||||||||
Funds sold and resell agreements
|
$ 12,344
|
$ 8,814
|
$ 20,680
|
$ 21,128
|
$ 18,882
|
||||
Trading securities
|
88,576
|
80,113
|
60,768
|
74,084
|
69,315
|
||||
Investment securities
|
329,627
|
357,698
|
339,246
|
341,941
|
336,455
|
||||
Available for sale securities
|
9,656,592
|
9,543,482
|
9,376,674
|
9,581,708
|
9,152,111
|
||||
Mortgage trading securities
|
594,629
|
518,073
|
397,093
|
474,731
|
602,049
|
||||
Residential mortgage loans held for sale
|
156,621
|
134,876
|
125,494
|
282,734
|
242,559
|
||||
Loans:
|
|||||||||
Commercial
|
6,329,135
|
6,145,918
|
6,084,765
|
5,946,960
|
6,003,159
|
||||
Commercial real estate
|
2,208,757
|
2,172,166
|
2,236,400
|
2,282,779
|
2,335,226
|
||||
Residential mortgage
|
1,868,627
|
1,858,117
|
1,788,049
|
1,832,624
|
1,893,162
|
||||
Consumer
|
466,285
|
504,553
|
544,542
|
604,830
|
629,968
|
||||
Total loans
|
10,872,805
|
10,680,755
|
10,653,756
|
10,667,193
|
10,861,515
|
||||
Less allowance for loan losses
|
(285,570)
|
(291,308)
|
(295,014)
|
(307,223)
|
(308,139)
|
||||
Total loans, net
|
10,587,235
|
10,389,447
|
10,358,742
|
10,359,970
|
10,553,376
|
||||
Total earning assets
|
21,425,624
|
21,032,503
|
20,678,697
|
21,136,296
|
20,974,747
|
||||
Cash and due from banks
|
1,045,450
|
764,806
|
1,095,910
|
1,092,979
|
989,782
|
||||
Cash surrender value of bank-owned life insurance
|
260,505
|
259,337
|
256,456
|
255,530
|
252,912
|
||||
Derivative contracts
|
228,466
|
253,163
|
211,895
|
249,861
|
267,952
|
||||
Other assets
|
1,661,693
|
1,669,426
|
1,496,816
|
1,548,285
|
1,706,897
|
||||
TOTAL ASSETS
|
$ 24,621,738
|
$ 23,979,235
|
$ 23,739,774
|
$ 24,282,951
|
$ 24,192,290
|
||||
LIABILITIES AND EQUITY
|
|||||||||
Deposits:
|
|||||||||
Demand
|
$ 5,086,538
|
$ 4,554,000
|
$ 4,265,657
|
$ 4,171,595
|
$ 3,831,486
|
||||
Interest-bearing transaction
|
9,310,046
|
9,184,141
|
9,632,595
|
9,325,573
|
8,699,495
|
||||
Savings
|
214,979
|
210,707
|
203,638
|
191,235
|
189,512
|
||||
Time
|
3,617,731
|
3,632,130
|
3,616,991
|
3,602,150
|
3,774,136
|
||||
Total deposits
|
18,229,294
|
17,580,978
|
17,718,881
|
17,290,553
|
16,494,629
|
||||
Funds purchased
|
994,099
|
1,168,670
|
820,969
|
775,620
|
1,096,873
|
||||
Repurchase agreements
|
1,128,275
|
1,004,217
|
1,062,359
|
1,201,760
|
1,130,215
|
||||
Other borrowings
|
128,288
|
187,441
|
144,987
|
829,756
|
1,465,516
|
||||
Subordinated debentures
|
398,812
|
398,767
|
398,723
|
398,680
|
398,638
|
||||
Derivative contracts
|
187,515
|
175,199
|
144,492
|
197,330
|
228,297
|
||||
Other liabilities
|
817,049
|
813,074
|
884,566
|
1,053,695
|
895,703
|
||||
TOTAL LIABILITIES
|
21,883,332
|
21,328,346
|
21,174,977
|
21,747,394
|
21,709,871
|
||||
Total equity
|
2,738,406
|
2,650,889
|
2,564,797
|
2,535,557
|
2,482,419
|
||||
TOTAL LIABILITIES AND EQUITY
|
$ 24,621,738
|
$ 23,979,235
|
$ 23,739,774
|
$ 24,282,951
|
$ 24,192,290
|
STATEMENTS OF EARNINGS - UNAUDITED
|
|||||||
BOK FINANCIAL CORPORATION
|
|||||||
(In thousands, except per share data)
|
|||||||
Quarter Ended
|
Nine Months Ended
|
||||||
September 30,
|
September 30,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Interest revenue
|
$ 205,749
|
$ 216,967
|
$ 613,555
|
$ 653,934
|
|||
Interest expense
|
30,365
|
36,252
|
93,531
|
108,532
|
|||
Net interest revenue
|
175,384
|
180,715
|
520,024
|
545,402
|
|||
Provision for credit losses
|
-
|
20,000
|
8,950
|
98,140
|
|||
Net interest revenue after
|
|||||||
provision for credit losses
|
175,384
|
160,715
|
511,074
|
447,262
|
|||
Other operating revenue
|
|||||||
Brokerage and trading revenue
|
29,451
|
27,072
|
78,552
|
72,861
|
|||
Transaction card revenue
|
31,328
|
28,852
|
90,797
|
82,802
|
|||
Trust fees and commissions
|
17,853
|
16,774
|
55,425
|
50,831
|
|||
Deposit service charges and fees
|
24,614
|
24,290
|
70,951
|
79,879
|
|||
Mortgage banking revenue
|
29,493
|
29,236
|
66,205
|
62,442
|
|||
Bank-owned life insurance
|
2,761
|
3,004
|
8,496
|
8,884
|
|||
Other revenue
|
10,535
|
7,708
|
26,709
|
22,720
|
|||
Total fees and commissions
|
146,035
|
136,936
|
397,135
|
380,419
|
|||
Gain on other assets, net
|
712
|
(1,331)
|
3,988
|
(1,176)
|
|||
Gain (loss) on derivatives, net
|
4,048
|
4,626
|
2,860
|
11,557
|
|||
Gain on mortgage trading securities, net
|
17,788
|
3,369
|
24,191
|
18,448
|
|||
Gain on available for sale securities, net
|
16,694
|
8,384
|
27,064
|
20,929
|
|||
Total other-than-temporary impairment losses
|
(9,467)
|
(4,525)
|
(9,541)
|
(25,192)
|
|||
Portion of loss recognized in (reclassified from)
|
|||||||
other comprehensive income
|
(1,833)
|
(9,786)
|
(11,182)
|
4,010
|
|||
Net impairment losses recognized in earnings
|
(11,300)
|
(14,311)
|
(20,723)
|
(21,182)
|
|||
Total other operating revenue
|
173,977
|
137,673
|
434,515
|
408,995
|
|||
Other operating expense
|
|||||||
Personnel
|
103,260
|
101,216
|
308,857
|
295,094
|
|||
Business promotion
|
5,280
|
4,426
|
14,681
|
13,349
|
|||
Contribution to BOKF Charitable Foundation
|
4,000
|
-
|
4,000
|
-
|
|||
Professional fees and services
|
7,418
|
7,621
|
21,134
|
20,690
|
|||
Net occupancy and equipment
|
16,627
|
16,436
|
47,785
|
47,638
|
|||
Insurance
|
2,206
|
6,052
|
13,163
|
18,181
|
|||
Data processing and communications
|
24,446
|
21,601
|
71,377
|
63,850
|
|||
Printing, postage and supplies
|
3,780
|
3,648
|
10,448
|
10,495
|
|||
Net losses and operating expenses
|
|||||||
of repossessed assets
|
5,939
|
7,230
|
17,813
|
27,517
|
|||
Amortization of intangible assets
|
896
|
1,324
|
2,688
|
3,971
|
|||
Mortgage banking costs
|
9,349
|
9,093
|
24,788
|
28,740
|
|||
Change in fair value of mortgage servicing rights
|
24,822
|
15,924
|
35,186
|
21,450
|
|||
Visa retrospective responsibility obligation
|
-
|
1,103
|
-
|
1,103
|
|||
Other expense
|
12,873
|
9,491
|
30,634
|
22,731
|
|||
Total other operating expense
|
220,896
|
205,165
|
602,554
|
574,809
|
|||
Net income before taxes
|
128,465
|
93,223
|
343,035
|
281,448
|
|||
Federal and state income taxes
|
43,006
|
29,935
|
121,115
|
92,260
|
|||
Net income
|
85,459
|
63,288
|
221,920
|
189,188
|
|||
Net income (loss) attributable to non-controlling interest
|
358
|
(979)
|
3,038
|
1,266
|
|||
Net income attributable to BOK Financial Corporation
|
$ 85,101
|
$ 64,267
|
$ 218,882
|
$ 187,922
|
|||
Average shares outstanding:
|
|||||||
Basic
|
67,827,591
|
67,625,378
|
67,875,875
|
67,608,277
|
|||
Diluted
|
68,037,419
|
67,765,344
|
68,127,754
|
67,812,436
|
|||
Net income per share:
|
|||||||
Basic
|
$ 1.24
|
$ 0.94
|
$ 3.20
|
$ 2.76
|
|||
Diluted
|
$ 1.24
|
$ 0.94
|
$ 3.19
|
$ 2.75
|
FINANCIAL HIGHLIGHTS - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
(In thousands, except ratio and share data)
|
|||||||||
Quarter Ended | |||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
Capital:
|
|||||||||
Period-end shareholders' equity
|
$ 2,732,592
|
$ 2,667,717
|
$ 2,576,135
|
$ 2,521,726
|
$ 2,503,650
|
||||
Risk weighted assets
|
$ 17,106,533
|
$ 16,452,305
|
$ 16,416,387
|
$ 16,368,976
|
$ 16,484,702
|
||||
Risk-based capital ratios:
|
|||||||||
Tier 1
|
13.14%
|
13.30%
|
12.97%
|
12.69%
|
12.30%
|
||||
Total capital
|
16.54%
|
16.80%
|
16.48%
|
16.20%
|
15.79%
|
||||
Leverage ratio
|
9.37%
|
9.29%
|
9.13%
|
8.74%
|
8.61%
|
||||
Tangible common equity ratio (A)
|
9.65%
|
9.71%
|
9.54%
|
9.21%
|
8.96%
|
||||
Tier 1 common equity ratio (B)
|
12.94%
|
13.15%
|
12.84%
|
12.55%
|
12.17%
|
||||
Common stock:
|
|||||||||
Book value per share
|
$ 40.18
|
$ 38.97
|
$ 37.64
|
$ 36.97
|
$ 36.77
|
||||
Market value per share:
|
|||||||||
High
|
$ 55.81
|
$ 54.72
|
$ 56.32
|
$ 54.86
|
$ 50.58
|
||||
Low
|
$ 44.00
|
$ 50.13
|
$ 50.37
|
$ 44.83
|
$ 42.89
|
||||
Cash dividends paid
|
$ 18,836
|
$ 18,823
|
$ 17,102
|
$ 17,025
|
$ 16,856
|
||||
Dividend payout ratio
|
22.13%
|
27.28%
|
26.40%
|
28.94%
|
26.23%
|
||||
Shares outstanding, net
|
68,006,390
|
68,462,869
|
68,438,422
|
68,207,689
|
68,091,126
|
||||
Stock buy-back program:
|
|||||||||
Shares repurchased
|
492,444
|
-
|
-
|
-
|
-
|
||||
Amount
|
$ 22,866
|
$ -
|
$ -
|
$ -
|
$ -
|
||||
Average price per share
|
$ 46.43
|
$ -
|
$ -
|
$ -
|
$ -
|
||||
Performance ratios (quarter annualized):
|
|||||||||
Return on average assets
|
1.37%
|
1.15%
|
1.11%
|
0.96%
|
1.05%
|
||||
Return on average equity
|
12.33%
|
10.44%
|
10.24%
|
9.21%
|
10.27%
|
||||
Net interest margin
|
3.34%
|
3.40%
|
3.47%
|
3.21%
|
3.52%
|
||||
Efficiency ratio
|
60.13%
|
62.23%
|
61.15%
|
65.60%
|
59.07%
|
||||
Other data:
|
|||||||||
Trust assets
|
$ 31,750,636
|
$ 33,075,456
|
$ 32,013,487
|
$ 32,751,501
|
$ 31,460,021
|
||||
Mortgage servicing portfolio
|
$ 11,249,503
|
$ 11,283,442
|
$ 11,202,626
|
$ 11,263,130
|
$ 11,190,802
|
||||
Mortgage loans funded for sale
|
$ 637,127
|
$ 483,808
|
$ 419,684
|
$ 821,481
|
$ 756,060
|
||||
Mortgage loan refinances to total fundings
|
54%
|
36%
|
49%
|
72%
|
64%
|
||||
Tax equivalent adjustment
|
$ 2,233
|
$ 2,261
|
$ 2,321
|
$ 2,263
|
$ 2,152
|
||||
Net unrealized gain on available for sale securities
|
$ 278,616
|
$ 263,199
|
$ 201,340
|
$ 200,203
|
$ 255,421
|
||||
Gain (loss) on mortgage servicing rights, net of economic hedge:
|
|||||||||
Gain (loss) on mortgage hedge derivative contracts
|
$ 4,048
|
$ 1,224
|
$ (2,419)
|
$ (7,392)
|
$ 4,676
|
||||
Gain (loss) on mortgage trading securities
|
17,788
|
9,921
|
(3,518)
|
(11,117)
|
3,369
|
||||
Gain (loss) on economic hedge of mortgage servicing rights
|
21,836
|
11,145
|
(5,937)
|
(18,509)
|
8,045
|
||||
Gain (loss) on changes in fair value of mortgage servicing rights
|
(24,822)
|
(13,493)
|
3,129
|
25,111
|
(15,924)
|
||||
Gain (loss) on changes in fair value of mortgage servicing
rights, net of economic hedges
|
$ (2,986)
|
$ (2,348)
|
$ (2,808)
|
$ 6,602
|
$ (7,879)
|
||||
Net interest revenue on mortgage trading securities
|
$ 5,036
|
$ 5,121
|
$ 3,058
|
$ 4,232
|
$ 5,710
|
||||
Reconciliation of non-GAAP measures:
|
|||||||||
(A) Tangible common equity ratio:
|
|||||||||
Total shareholders' equity
|
$ 2,732,592
|
$ 2,667,717
|
$ 2,576,135
|
$ 2,521,726
|
$ 2,503,650
|
||||
Less: Goodwill and intangible assets, net
|
(346,716)
|
(347,611)
|
(348,507)
|
(349,404)
|
(350,769)
|
||||
Tangible common equity
|
$ 2,385,876
|
$ 2,320,106
|
$ 2,227,628
|
$ 2,172,322
|
$ 2,152,881
|
||||
Total assets
|
$ 25,066,265
|
$ 24,238,182
|
$ 23,701,023
|
$ 23,941,603
|
$ 24,385,952
|
||||
Less: Goodwill and intangible assets, net
|
(346,716)
|
(347,611)
|
#
|
(348,507)
|
(349,404)
|
(350,769)
|
|||
$ 24,719,549
|
$ 23,890,571
|
$ 23,352,516
|
$ 23,592,199
|
$ 24,035,183
|
|||||
Tangible common equity ratio
|
9.65%
|
9.71%
|
9.54%
|
9.21%
|
8.96%
|
||||
(B) Tier 1 common equity ratio:
|
|||||||||
Tier 1 capital
|
$ 2,248,743
|
$ 2,188,199
|
$ 2,129,998
|
$ 2,076,525
|
$ 2,027,226
|
||||
Less: Non-controlling interest
|
(34,958)
|
(24,457)
|
(21,555)
|
(22,152)
|
(20,338)
|
||||
Tier 1 common equity
|
$ 2,213,785
|
$ 2,163,742
|
$ 2,108,443
|
$ 2,054,373
|
$ 2,006,888
|
||||
Risk weighted assets
|
$ 17,106,533
|
$ 16,452,305
|
$ 16,416,387
|
$ 16,368,976
|
$ 16,484,702
|
||||
Tier 1 common equity ratio
|
12.94%
|
13.15%
|
12.84%
|
12.55%
|
12.17%
|
QUARTERLY EARNINGS TRENDS - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
(In thousands, except ratio and per share data)
|
|||||||||
|
Quarter Ended | ||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
Interest revenue
|
$ 205,749
|
$ 205,717
|
$ 202,089
|
$ 197,148
|
$ 216,967
|
||||
Interest expense
|
30,365
|
31,716
|
31,450
|
33,498
|
36,252
|
||||
Net interest revenue
|
175,384
|
174,001
|
170,639
|
163,650
|
180,715
|
||||
Provision for credit losses
|
-
|
2,700
|
6,250
|
6,999
|
20,000
|
||||
Net interest revenue after
|
|||||||||
provision for credit losses
|
175,384
|
171,301
|
164,389
|
156,651
|
160,715
|
||||
Other operating revenue
|
|||||||||
Brokerage and trading revenue
|
29,451
|
23,725
|
25,376
|
28,610
|
27,072
|
||||
Transaction card revenue
|
31,328
|
31,024
|
28,445
|
29,500
|
28,852
|
||||
Trust fees and commissions
|
17,853
|
19,150
|
18,422
|
18,145
|
16,774
|
||||
Deposit service charges and fees
|
24,614
|
23,857
|
22,480
|
23,732
|
24,290
|
||||
Mortgage banking revenue
|
29,493
|
19,356
|
17,356
|
25,158
|
29,236
|
||||
Bank-owned life insurance
|
2,761
|
2,872
|
2,863
|
3,182
|
3,004
|
||||
Other revenue
|
10,535
|
7,842
|
8,332
|
7,648
|
7,708
|
||||
Total fees and commissions
|
146,035
|
127,826
|
123,274
|
135,975
|
136,936
|
||||
Gain (loss) on other assets, net
|
712
|
3,344
|
(68)
|
15
|
(1,331)
|
||||
Gain (loss) on derivatives, net
|
4,048
|
1,225
|
(2,413)
|
(7,286)
|
4,626
|
||||
Gain (loss) on mortgage trading securities
|
17,788
|
9,921
|
(3,518)
|
(11,117)
|
3,369
|
||||
Gain on available for sale securities, net
|
16,694
|
5,468
|
4,902
|
953
|
8,384
|
||||
Total other-than-temporary impairment losses
|
(9,467)
|
(74)
|
-
|
(4,768)
|
(4,525)
|
||||
Portion of loss recognized in (reclassified from)
|
|||||||||
other comprehensive income
|
(1,833)
|
(4,750)
|
(4,599)
|
(1,859)
|
(9,786)
|
||||
Net impairment losses recognized in earnings
|
(11,300)
|
(4,824)
|
(4,599)
|
(6,627)
|
(14,311)
|
||||
Total other operating revenue
|
173,977
|
142,960
|
117,578
|
111,913
|
137,673
|
||||
Other operating expense
|
|||||||||
Personnel
|
103,260
|
105,603
|
99,994
|
106,770
|
101,216
|
||||
Business promotion
|
5,280
|
4,777
|
4,624
|
4,377
|
4,426
|
||||
Contribution to BOKF Charitable Foundation
|
4,000
|
-
|
-
|
-
|
-
|
||||
Professional fees and services
|
7,418
|
6,258
|
7,458
|
9,527
|
7,621
|
||||
Net occupancy and equipment
|
16,627
|
15,554
|
15,604
|
16,331
|
16,436
|
||||
Insurance
|
2,206
|
4,771
|
6,186
|
6,139
|
6,052
|
||||
Data processing and communications
|
24,446
|
24,428
|
22,503
|
23,902
|
21,601
|
||||
Printing, postage and supplies
|
3,780
|
3,586
|
3,082
|
3,170
|
3,648
|
||||
Net losses and operating expenses
|
|||||||||
of repossessed assets
|
5,939
|
5,859
|
6,015
|
6,966
|
7,230
|
||||
Amortization of intangible assets
|
896
|
896
|
896
|
1,365
|
1,324
|
||||
Mortgage banking costs
|
9,349
|
8,968
|
6,471
|
11,999
|
9,093
|
||||
Change in fair value of mortgage servicing rights
|
24,822
|
13,493
|
(3,129)
|
(25,111)
|
15,924
|
||||
Visa retrospective responsibility obligation
|
-
|
-
|
-
|
(1,103)
|
1,103
|
||||
Other expense
|
12,873
|
9,016
|
8,745
|
14,029
|
9,491
|
||||
Total other operating expense
|
220,896
|
203,209
|
178,449
|
178,361
|
205,165
|
||||
Net income before taxes
|
128,465
|
111,052
|
103,518
|
90,203
|
93,223
|
||||
Federal and state income taxes
|
43,006
|
39,357
|
38,752
|
31,097
|
29,935
|
||||
Net income
|
85,459
|
71,695
|
64,766
|
59,106
|
63,288
|
||||
Net income (loss) attributable to non-controlling interest
|
358
|
2,688
|
(8)
|
274
|
(979)
|
||||
Net income attributable to BOK Financial Corporation
|
$ 85,101
|
$ 69,007
|
$ 64,774
|
$ 58,832
|
$ 64,267
|
||||
Average shares outstanding:
|
|||||||||
Basic
|
67,827,591
|
67,898,483
|
67,901,722
|
67,685,434
|
67,625,378
|
||||
Diluted
|
68,037,419
|
68,169,485
|
68,176,527
|
67,888,950
|
67,765,344
|
||||
Net income per share:
|
|||||||||
Basic
|
$ 1.24
|
$ 1.01
|
$ 0.95
|
$ 0.86
|
$ 0.94
|
||||
Diluted
|
$ 1.24
|
$ 1.00
|
$ 0.94
|
$ 0.86
|
$ 0.94
|
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
(In thousands)
|
|||||||||
|
Quarter Ended | ||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
Oklahoma:
|
|||||||||
Commercial
|
$ 2,807,979
|
$ 2,594,502
|
$ 2,618,045
|
$ 2,581,082
|
$ 2,662,347
|
||||
Commercial real estate
|
624,990
|
619,201
|
661,254
|
726,409
|
748,501
|
||||
Residential mortgage
|
1,366,953
|
1,309,110
|
1,219,237
|
1,253,466
|
1,293,334
|
||||
Consumer
|
248,851
|
267,550
|
291,412
|
336,492
|
349,720
|
||||
Total Oklahoma
|
5,048,773
|
4,790,363
|
4,789,948
|
4,897,449
|
5,053,902
|
||||
Texas:
|
|||||||||
Commercial
|
2,069,117
|
2,003,847
|
1,916,270
|
1,888,635
|
1,876,994
|
||||
Commercial real estate
|
741,984
|
711,906
|
687,817
|
686,956
|
715,859
|
||||
Residential mortgage
|
273,025
|
282,934
|
283,925
|
297,027
|
309,815
|
||||
Consumer
|
133,286
|
140,044
|
141,199
|
146,986
|
151,434
|
||||
Total Texas
|
3,217,412
|
3,138,731
|
3,029,211
|
3,019,604
|
3,054,102
|
||||
New Mexico:
|
|||||||||
Commercial
|
269,690
|
280,306
|
262,597
|
279,432
|
289,368
|
||||
Commercial real estate
|
314,701
|
311,565
|
326,104
|
314,781
|
314,957
|
||||
Residential mortgage
|
93,444
|
95,021
|
90,466
|
88,392
|
87,851
|
||||
Consumer
|
18,142
|
18,536
|
19,242
|
19,583
|
20,153
|
||||
Total New Mexico
|
695,977
|
705,428
|
698,409
|
702,188
|
712,329
|
||||
Arkansas:
|
|||||||||
Commercial
|
89,262
|
74,677
|
75,889
|
84,775
|
91,752
|
||||
Commercial real estate
|
124,393
|
121,286
|
124,875
|
116,989
|
117,137
|
||||
Residential mortgage
|
14,428
|
13,939
|
14,114
|
13,155
|
14,937
|
||||
Consumer
|
44,163
|
52,439
|
61,746
|
72,787
|
84,869
|
||||
Total Arkansas
|
272,246
|
262,341
|
276,624
|
287,706
|
308,695
|
||||
Colorado:
|
|||||||||
Commercial
|
508,222
|
515,829
|
514,100
|
470,500
|
457,421
|
||||
Commercial real estate
|
188,659
|
167,414
|
172,416
|
197,180
|
203,866
|
||||
Residential mortgage
|
65,327
|
66,985
|
67,975
|
72,310
|
75,152
|
||||
Consumer
|
22,024
|
19,507
|
20,145
|
21,409
|
15,402
|
||||
Total Colorado
|
784,232
|
769,735
|
774,636
|
761,399
|
751,841
|
||||
Arizona:
|
|||||||||
Commercial
|
283,867
|
291,515
|
251,390
|
231,117
|
234,739
|
||||
Commercial real estate
|
222,249
|
205,269
|
213,442
|
201,018
|
188,943
|
||||
Residential mortgage
|
85,243
|
86,415
|
89,384
|
89,245
|
85,184
|
||||
Consumer
|
6,625
|
6,772
|
5,266
|
3,445
|
3,061
|
||||
Total Arizona
|
597,984
|
589,971
|
559,482
|
524,825
|
511,927
|
||||
Kansas / Missouri:
|
|||||||||
Commercial
|
447,552
|
417,920
|
409,966
|
398,455
|
359,387
|
||||
Commercial real estate
|
42,926
|
47,074
|
37,074
|
34,017
|
33,859
|
||||
Residential mortgage
|
13,476
|
13,593
|
12,220
|
14,653
|
17,635
|
||||
Consumer
|
3,991
|
2,388
|
2,265
|
2,740
|
2,167
|
||||
Total Kansas / Missouri
|
507,945
|
480,975
|
461,525
|
449,865
|
413,048
|
||||
TOTAL BOK FINANCIAL
|
$ 11,124,569
|
$ 10,737,544
|
$ 10,589,835
|
$ 10,643,036
|
$ 10,805,844
|
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
(In thousands)
|
|||||||||
|
Quarter Ended | ||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
Oklahoma:
|
|||||||||
Demand
|
$ 2,953,410
|
$ 2,486,671
|
$ 2,420,210
|
$ 2,271,375
|
$ 2,238,303
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
6,038,770
|
5,916,784
|
6,068,304
|
6,061,626
|
5,609,811
|
||||
Savings
|
122,829
|
120,278
|
120,020
|
106,411
|
103,524
|
||||
Time
|
1,489,486
|
1,462,137
|
1,465,506
|
1,373,307
|
1,497,344
|
||||
Total interest-bearing
|
7,651,085
|
7,499,199
|
7,653,830
|
7,541,344
|
7,210,679
|
||||
Total Oklahoma
|
10,604,495
|
9,985,870
|
10,074,040
|
9,812,719
|
9,448,982
|
||||
Texas:
|
|||||||||
Demand
|
1,710,315
|
1,528,772
|
1,405,892
|
1,389,876
|
1,238,103
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
1,820,116
|
1,741,176
|
1,977,850
|
1,791,810
|
1,786,979
|
||||
Savings
|
42,272
|
42,185
|
40,313
|
36,429
|
35,614
|
||||
Time
|
938,200
|
992,366
|
1,015,754
|
966,116
|
1,031,877
|
||||
Total interest-bearing
|
2,800,588
|
2,775,727
|
3,033,917
|
2,794,355
|
2,854,470
|
||||
Total Texas
|
4,510,903
|
4,304,499
|
4,439,809
|
4,184,231
|
4,092,573
|
||||
New Mexico:
|
|||||||||
Demand
|
325,612
|
299,305
|
282,708
|
270,916
|
262,567
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
480,816
|
483,026
|
498,355
|
530,244
|
535,012
|
||||
Savings
|
26,127
|
24,613
|
24,455
|
28,342
|
27,906
|
||||
Time
|
431,436
|
449,618
|
453,580
|
450,177
|
469,493
|
||||
Total interest-bearing
|
938,379
|
957,257
|
976,390
|
1,008,763
|
1,032,411
|
||||
Total New Mexico
|
1,263,991
|
1,256,562
|
1,259,098
|
1,279,679
|
1,294,978
|
||||
Arkansas:
|
|||||||||
Demand
|
21,809
|
17,452
|
15,144
|
15,310
|
17,604
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
181,486
|
138,954
|
130,613
|
129,580
|
137,797
|
||||
Savings
|
1,735
|
1,673
|
1,514
|
1,266
|
1,522
|
||||
Time
|
74,163
|
82,112
|
94,889
|
100,998
|
116,536
|
||||
Total interest-bearing
|
257,384
|
222,739
|
227,016
|
231,844
|
255,855
|
||||
Total Arkansas
|
279,193
|
240,191
|
242,160
|
247,154
|
273,459
|
||||
Colorado:
|
|||||||||
Demand
|
217,394
|
196,915
|
197,579
|
157,742
|
156,685
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
520,743
|
509,738
|
528,948
|
522,207
|
501,405
|
||||
Savings
|
22,599
|
21,406
|
21,655
|
20,310
|
19,681
|
||||
Time
|
547,481
|
563,642
|
546,586
|
502,889
|
495,899
|
||||
Total interest-bearing
|
1,090,823
|
1,094,786
|
1,097,189
|
1,045,406
|
1,016,985
|
||||
Total Colorado
|
1,308,217
|
1,291,701
|
1,294,768
|
1,203,148
|
1,173,670
|
||||
Arizona:
|
|||||||||
Demand
|
138,971
|
150,194
|
106,880
|
74,887
|
97,384
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
101,933
|
107,961
|
102,089
|
95,890
|
94,108
|
||||
Savings
|
1,366
|
1,364
|
984
|
809
|
812
|
||||
Time
|
40,007
|
44,619
|
50,060
|
52,227
|
59,678
|
||||
Total interest-bearing
|
143,306
|
153,944
|
153,133
|
148,926
|
154,598
|
||||
Total Arizona
|
282,277
|
304,138
|
260,013
|
223,813
|
251,982
|
||||
Kansas / Missouri:
|
|||||||||
Demand
|
46,773
|
46,668
|
28,774
|
40,658
|
35,869
|
||||
Interest-bearing:
|
|||||||||
Transaction
|
108,973
|
115,684
|
222,705
|
124,005
|
180,273
|
||||
Savings
|
503
|
358
|
323
|
200
|
132
|
||||
Time
|
33,697
|
40,206
|
51,236
|
63,454
|
70,673
|
||||
Total interest-bearing
|
143,173
|
156,248
|
274,264
|
187,659
|
251,078
|
||||
Total Kansas / Missouri
|
189,946
|
202,916
|
303,038
|
228,317
|
286,947
|
||||
TOTAL BOK FINANCIAL
|
$ 18,439,022
|
$ 17,585,877
|
$ 17,872,926
|
$ 17,179,061
|
$ 16,822,591
|
NET INTEREST MARGIN TREND - UNAUDITED
|
|||||||||
BOK FINANCIAL CORPORATION
|
|||||||||
|
Quarter Ended | ||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
TAX-EQUIVALENT ASSETS YIELDS
|
|||||||||
Funds sold and resell agreements
|
0.16%
|
0.14%
|
0.08%
|
0.13%
|
0.08%
|
||||
Trading securities
|
2.85%
|
2.92%
|
3.84%
|
4.06%
|
3.26%
|
||||
Investment securities:
|
|||||||||
Taxable (A)
|
5.63%
|
6.13%
|
6.15%
|
6.01%
|
5.72%
|
||||
Tax-exempt (A)
|
4.94%
|
4.82%
|
4.88%
|
4.88%
|
4.78%
|
||||
Total investment securities (A)
|
5.35%
|
5.49%
|
5.46%
|
5.39%
|
5.20%
|
||||
Available for sale securities:
|
|||||||||
Taxable (A)
|
2.82%
|
3.02%
|
3.15%
|
2.61%
|
3.25%
|
||||
Tax-exempt (A)
|
4.92%
|
5.12%
|
5.68%
|
5.42%
|
5.13%
|
||||
Total available for sale securities (A)
|
2.83%
|
3.04%
|
3.17%
|
2.63%
|
3.27%
|
||||
Mortgage trading securities
|
3.66%
|
4.42%
|
3.74%
|
3.43%
|
4.14%
|
||||
Residential mortgage loans held for sale
|
4.09%
|
4.48%
|
4.33%
|
3.85%
|
4.24%
|
||||
Loans
|
4.71%
|
4.69%
|
4.75%
|
4.76%
|
4.87%
|
||||
Less allowance for loan losses
|
-
|
-
|
-
|
-
|
-
|
||||
Loans, net of allowance
|
4.84%
|
4.82%
|
4.89%
|
4.90%
|
5.01%
|
||||
Total tax-equivalent yield on earning assets (A)
|
3.91%
|
4.01%
|
4.10%
|
3.86%
|
4.22%
|
||||
COST OF INTEREST-BEARING LIABILITIES
|
|||||||||
Interest-bearing deposits:
|
|||||||||
Interest-bearing transaction
|
0.23%
|
0.27%
|
0.32%
|
0.37%
|
0.45%
|
||||
Savings
|
0.34%
|
0.39%
|
0.37%
|
0.35%
|
0.39%
|
||||
Time
|
1.84%
|
1.86%
|
1.82%
|
1.78%
|
1.80%
|
||||
Total interest-bearing deposits
|
0.68%
|
0.71%
|
0.72%
|
0.76%
|
0.85%
|
||||
Funds purchased
|
0.05%
|
0.09%
|
0.16%
|
0.25%
|
0.19%
|
||||
Repurchase agreements
|
0.17%
|
0.20%
|
0.40%
|
0.49%
|
0.52%
|
||||
Other borrowings
|
5.26%
|
4.76%
|
1.31%
|
0.37%
|
0.36%
|
||||
Subordinated debt
|
5.60%
|
5.57%
|
5.67%
|
5.64%
|
5.64%
|
||||
Total cost of interest-bearing liabilities
|
0.76%
|
0.81%
|
0.80%
|
0.81%
|
0.86%
|
||||
Tax-equivalent net interest revenue spread
|
3.15%
|
3.20%
|
3.30%
|
3.05%
|
3.36%
|
||||
Effect of noninterest-bearing funding sources and other
|
0.19%
|
0.20%
|
0.17%
|
0.16%
|
0.16%
|
||||
Tax-equivalent net interest margin
|
3.34%
|
3.40%
|
3.47%
|
3.21%
|
3.52%
|
||||
(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 | |||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||
Nonperforming assets:
|
|||||||||
Nonaccruing loans:
|
|||||||||
Commercial
|
$ 83,736
|
$ 53,365
|
$ 57,449
|
$ 38,455
|
$ 49,361
|
||||
Commercial real estate
|
110,048
|
110,363
|
125,504
|
150,366
|
177,709
|
||||
Residential mortgage
|
31,731
|
31,693
|
37,824
|
37,426
|
38,898
|
||||
Consumer
|
3,960
|
4,749
|
5,185
|
4,567
|
2,784
|
||||
Total nonaccruing loans
|
229,475
|
200,170
|
225,962
|
230,814
|
268,752
|
||||
Renegotiated loans (A)
|
30,477
|
22,261
|
21,705
|
22,261
|
25,252
|
||||
Real estate and other repossessed assets
|
127,943
|
129,026
|
131,420
|
141,394
|
126,859
|
||||
Total nonperforming assets
|
$ 387,895
|
$ 351,457
|
$ 379,087
|
$ 394,469
|
$ 420,863
|
||||
Nonaccruing loans by principal market:
|
|||||||||
Oklahoma
|
$ 73,794
|
$ 41,411
|
$ 49,585
|
$ 60,805
|
$ 72,264
|
||||
Texas
|
29,783
|
32,385
|
34,404
|
33,157
|
36,979
|
||||
New Mexico
|
17,242
|
17,244
|
17,510
|
19,283
|
23,792
|
||||
Arkansas
|
26,831
|
24,842
|
29,769
|
7,914
|
9,990
|
||||
Colorado
|
36,854
|
37,472
|
40,629
|
49,416
|
55,631
|
||||
Arizona
|
44,929
|
43,307
|
54,065
|
60,239
|
70,038
|
||||
Kansas / Missouri
|
42
|
3,509
|
-
|
-
|
58
|
||||
Total nonaccruing loans
|
$ 229,475
|
$ 200,170
|
$ 225,962
|
$ 230,814
|
$ 268,752
|
||||
|
|
|
|
|
|||||
Nonaccruing loans by loan portfolio sector:
|
|||||||||
Commercial:
|
|||||||||
Energy
|
$ 3,900
|
$ 345
|
$ 415
|
$ 465
|
$ 8,189
|
||||
Manufacturing
|
27,691
|
4,366
|
4,545
|
2,116
|
2,454
|
||||
Wholesale / retail
|
27,088
|
25,138
|
30,411
|
8,486
|
5,584
|
||||
Integrated food services
|
-
|
-
|
6
|
13
|
58
|
||||
Services
|
18,181
|
16,254
|
15,720
|
19,262
|
23,925
|
||||
Healthcare
|
5,715
|
5,962
|
2,574
|
3,534
|
2,608
|
||||
Other commercial and industrial
|
1,161
|
1,300
|
3,778
|
4,579
|
6,543
|
||||
Total commercial
|
83,736
|
53,365
|
57,449
|
38,455
|
49,361
|
||||
Commercial real estate:
|
|||||||||
Construction and land development
|
72,207
|
76,265
|
90,707
|
99,579
|
116,252
|
||||
Retail
|
6,492
|
4,642
|
5,276
|
4,978
|
8,041
|
||||
Office
|
11,967
|
11,473
|
14,628
|
19,654
|
24,942
|
||||
Multifamily
|
4,036
|
4,717
|
1,900
|
6,725
|
6,924
|
||||
Industrial
|
-
|
-
|
-
|
4,087
|
4,151
|
||||
Other commercial real estate
|
15,346
|
13,266
|
12,993
|
15,343
|
17,399
|
||||
Total commercial real estate
|
110,048
|
110,363
|
125,504
|
150,366
|
177,709
|
||||
Residential mortgage:
|
|||||||||
Permanent mortgage
|
27,486
|
27,991
|
33,466
|
32,111
|
36,654
|
||||
Home equity
|
4,245
|
3,702
|
4,358
|
5,315
|
2,244
|
||||
Total residential mortgage
|
31,731
|
31,693
|
37,824
|
37,426
|
38,898
|
||||
Consumer
|
3,960
|
4,749
|
5,185
|
4,567
|
2,784
|
||||
Total nonaccruing loans
|
$ 229,475
|
$ 200,170
|
$ 225,962
|
$ 230,814
|
$ 268,752
|
||||
|
-
|
-
|
-
|
-
|
-
|
||||
Performing loans 90 days past due (B)
|
$ 1,401
|
$ 2,341
|
$ 8,043
|
$ 7,966
|
$ 5,579
|
||||
Gross charge-offs
|
$ 14,023
|
$ 12,774
|
$ 15,232
|
$ 20,152
|
$ 25,340
|
||||
Recoveries
|
3,869
|
4,256
|
4,914
|
5,939
|
5,205
|
||||
Net charge-offs
|
$ 10,154
|
$ 8,518
|
$ 10,318
|
$ 14,213
|
$ 20,135
|
||||
Provision for credit losses
|
$ -
|
$ 2,700
|
$ 6,250
|
$ 6,999
|
$ 20,000
|
||||
Allowance for loan losses to period end loans
|
2.44%
|
2.67%
|
2.73%
|
2.75%
|
2.77%
|
||||
Combined allowance for credit losses to period end loans
|
2.58%
|
2.77%
|
2.86%
|
2.89%
|
2.91%
|
||||
Nonperforming assets to period end loans
and repossessed assets
|
3.45%
|
3.23%
|
3.54%
|
3.66%
|
3.85%
|
||||
Net charge-offs (annualized) to average loans
|
0.37%
|
0.32%
|
0.39%
|
0.53%
|
0.74%
|
||||
Allowance for loan losses to nonaccruing loans
|
118.29%
|
143.18%
|
128.14%
|
126.93%
|
111.31%
|
||||
Combined allowance for credit losses to nonaccruing loans
|
125.16%
|
148.55%
|
134.17%
|
133.11%
|
117.01%
|
||||
|
|||||||||
(A) includes residential mortgage loans guaranteed by
|
$ 26,670
|
$ 18,716
|
$ 18,304
|
$ 18,551
|
$ 21,706
|
||||
agencies of the U.S. government. These loans
|
|||||||||
have been modified to extend payment terms and/or
|
|||||||||
reduce interest rates to current market.
|
|||||||||
(B) Excludes residential mortgage loans guaranteed
|
|||||||||
agencies of the U.S. government
|