Oklahoma | 73-1373454 | |
(State or other jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
Bank of Oklahoma Tower | ||
Boston Avenue at Second Street | ||
Tulsa, Oklahoma | 74192 | |
(Address of Principal Executive Offices) | (Zip Code) |
(a) | Exhibits |
99 | Text of Press Release, dated January 27, 2016 titled "BOK Financial Reports Annual and Quarterly Earnings for 2015" and Financial Information for the Three Months and Year Ended December 31, 2015 |
• | Net interest revenue totaled $181.3 million for the fourth quarter of 2015, up $2.6 million over the third quarter of 2015. Net interest margin increased to 2.64 percent, compared to 2.61 percent. Average earning assets increased $256 million over the prior quarter. |
• | Fees and commissions revenue totaled $155.8 million for the fourth quarter of 2015, compared to $164.7 million for the third quarter of 2015. Mortgage banking revenue decreased $8.1 million due primarily to lower loan production volume. |
• | Change in fair value of mortgage servicing rights, net of economic hedges increased pre-tax net income in the fourth quarter of 2015 by $2.6 million and decreased pre-tax net income in the third quarter of 2015 by $4.4 million. |
• | Operating expenses were $232.6 million for the fourth quarter, an increase of $7.9 million over the previous quarter. Personnel expense increased $4.1 million and non-personnel expense increased $3.8 million. |
• | A $22.5 million provision for credit losses was recorded in the fourth quarter, compared to $7.5 million for the third quarter of 2015. The additional provision reflects continued credit migration and increased impairment in our energy loan portfolio. Net loans charged off were $3.0 million for the fourth quarter of 2015, compared to $1.8 million in the third quarter. |
• | The combined allowance for credit losses totaled $227 million or 1.43 percent of outstanding loans at December 31, 2015, compared to $208 million or 1.35 percent of outstanding loans at September 30, 2015. The portion of the combined allowance attributed to the energy portfolio totaled 2.89 percent of outstanding energy loans at December 31, an increase from 2.05 percent of outstanding energy loans at September 30. |
• | Nonperforming assets that are not guaranteed by U.S. government agencies totaled $156 million or 0.99 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2015 and $119 million or 0.78 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at September 30, 2015. The increase over the prior quarter was primarily due to a single energy credit. |
• | Average loans increased $395 million over the previous quarter due primarily to growth in commercial loans, partially offset by a decrease in commercial real estate loans. Period-end outstanding loan balances were $15.9 billion at December 31, 2015, an increase of $574 million over September 30, 2015. Commercial loan balances grew $455 million over the prior quarter. |
• | Average deposits increased $12 million over the previous quarter. Growth in demand deposit balances was partially offset by lower interest-bearing transaction and time deposits compared to the prior quarter. Period end deposits grew by $469 million over September 30, 2015 to $21.1 billion at December 31, 2015. |
• | The common equity Tier 1 capital ratio was 12.13 percent at December 31. In addition, the Company's Tier 1 capital ratio was 12.13 percent, total capital ratio was 13.30 percent and leverage ratio was 9.25 percent. At September 30, 2015, the common equity Tier 1 capital ratio was 12.78 percent, the Tier 1 capital ratio was 12.78 percent, total capital ratio was 13.89 percent and leverage ratio was 9.55 percent. The decrease in capital ratios was primarily due to share repurchases during the fourth quarter. The company repurchased 1,874,074 common shares at an average price of $63.91 per share. |
• | The company paid a regular quarterly cash dividend of $29 million or $0.43 per common share during the fourth quarter of 2015. On January 26, 2016, the board of directors approved a quarterly cash dividend of $0.43 per common share payable on or about February 26, 2016 to shareholders of record as of February 12, 2016. |
BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | ||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | Dec. 31, 2014 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 573,699 | $ | 489,268 | $ | 550,576 | ||||||
Interest-bearing cash and cash equivalents | 2,069,900 | 1,830,105 | 1,925,266 | |||||||||
Trading securities | 122,404 | 181,131 | 188,700 | |||||||||
Investment securities | 597,836 | 612,384 | 652,360 | |||||||||
Available for sale securities | 9,042,733 | 8,801,089 | 8,978,945 | |||||||||
Fair value option securities | 444,217 | 427,760 | 311,597 | |||||||||
Restricted equity securities | 273,684 | 263,587 | 141,494 | |||||||||
Residential mortgage loans held for sale | 308,439 | 357,414 | 304,182 | |||||||||
Loans: | ||||||||||||
Commercial | 10,252,531 | 9,797,422 | 9,095,670 | |||||||||
Commercial real estate | 3,259,033 | 3,235,067 | 2,728,150 | |||||||||
Residential mortgage | 1,876,893 | 1,868,995 | 1,949,512 | |||||||||
Personal | 552,697 | 465,957 | 434,705 | |||||||||
Total loans | 15,941,154 | 15,367,441 | 14,208,037 | |||||||||
Allowance for loan losses | (225,524 | ) | (204,116 | ) | (189,056 | ) | ||||||
Loans, net of allowance | 15,715,630 | 15,163,325 | 14,018,981 | |||||||||
Premises and equipment, net | 306,490 | 294,669 | 273,833 | |||||||||
Receivables | 163,480 | 151,451 | 132,408 | |||||||||
Goodwill | 385,461 | 385,461 | 377,780 | |||||||||
Intangible assets, net | 43,909 | 44,999 | 34,376 | |||||||||
Mortgage servicing rights, net | 218,605 | 200,049 | 171,976 | |||||||||
Real estate and other repossessed assets, net | 30,731 | 33,116 | 101,861 | |||||||||
Derivative contracts, net | 586,270 | 726,159 | 361,874 | |||||||||
Cash surrender value of bank-owned life insurance | 303,335 | 300,981 | 293,978 | |||||||||
Receivable on unsettled securities sales | 40,193 | 30,009 | 74,259 | |||||||||
Other assets | 249,112 | 273,948 | 195,252 | |||||||||
TOTAL ASSETS | $ | 31,476,128 | $ | 30,566,905 | $ | 29,089,698 | ||||||
LIABILITIES AND EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 8,296,888 | $ | 8,041,767 | $ | 8,066,357 | ||||||
Interest-bearing transaction | 9,998,954 | 9,698,849 | 10,114,355 | |||||||||
Savings | 386,252 | 380,296 | 351,431 | |||||||||
Time | 2,406,064 | 2,498,531 | 2,608,716 | |||||||||
Total deposits | 21,088,158 | 20,619,443 | 21,140,859 | |||||||||
Funds purchased | 491,192 | 62,297 | 57,031 | |||||||||
Repurchase agreements | 722,444 | 555,677 | 1,187,489 | |||||||||
Other borrowings | 4,837,879 | 4,635,150 | 2,133,774 | |||||||||
Subordinated debentures | 226,350 | 226,314 | 347,983 | |||||||||
Accrued interest, taxes, and expense | 119,584 | 158,048 | 120,211 | |||||||||
Due on unsettled securities purchases | 16,897 | 98,351 | 290,540 | |||||||||
Derivative contracts, net | 581,701 | 636,115 | 354,554 | |||||||||
Other liabilities | 124,284 | 159,348 | 121,051 | |||||||||
TOTAL LIABILITIES | 28,208,489 | 27,150,743 | 25,753,492 | |||||||||
Shareholders' equity: | ||||||||||||
Capital, surplus and retained earnings | 3,208,969 | 3,291,450 | 3,245,506 | |||||||||
Accumulated other comprehensive income | 21,587 | 85,776 | 56,673 | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 3,230,556 | 3,377,226 | 3,302,179 | |||||||||
Non-controlling interests | 37,083 | 38,936 | 34,027 | |||||||||
TOTAL EQUITY | 3,267,639 | 3,416,162 | 3,336,206 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 31,476,128 | $ | 30,566,905 | $ | 29,089,698 |
AVERAGE BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
ASSETS | |||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 1,995,945 | $ | 2,038,611 | $ | 2,002,456 | $ | 2,089,546 | $ | 2,090,176 | |||||||||
Trading securities | 150,402 | 179,098 | 127,391 | 140,968 | 164,502 | ||||||||||||||
Investment securities | 602,369 | 616,091 | 628,489 | 642,825 | 650,911 | ||||||||||||||
Available for sale securities | 8,971,090 | 8,942,261 | 9,063,006 | 9,101,464 | 9,161,901 | ||||||||||||||
Fair value option securities | 435,449 | 429,951 | 435,294 | 404,775 | 221,773 | ||||||||||||||
Restricted equity securities | 262,461 | 255,610 | 221,911 | 179,385 | 182,737 | ||||||||||||||
Residential mortgage loans held for sale | 310,425 | 401,359 | 464,269 | 348,054 | 321,746 | ||||||||||||||
Loans: | |||||||||||||||||||
Commercial | 10,024,756 | 9,685,768 | 9,634,306 | 9,308,307 | 8,886,952 | ||||||||||||||
Commercial real estate | 3,186,629 | 3,198,200 | 2,989,615 | 2,909,565 | 2,665,547 | ||||||||||||||
Residential mortgage | 1,835,195 | 1,847,696 | 1,857,464 | 1,909,998 | 1,904,777 | ||||||||||||||
Personal | 540,418 | 460,647 | 423,967 | 426,712 | 424,729 | ||||||||||||||
Total loans | 15,586,998 | 15,192,311 | 14,905,352 | 14,554,582 | 13,882,005 | ||||||||||||||
Allowance for loan losses | (207,156 | ) | (202,829 | ) | (198,400 | ) | (194,948 | ) | (190,787 | ) | |||||||||
Total loans, net | 15,379,842 | 14,989,482 | 14,706,952 | 14,359,634 | 13,691,218 | ||||||||||||||
Total earning assets | 28,107,983 | 27,852,463 | 27,649,768 | 27,266,651 | 26,484,964 | ||||||||||||||
Cash and due from banks | 514,629 | 487,283 | 492,737 | 513,734 | 528,595 | ||||||||||||||
Derivative contracts, net | 657,780 | 669,264 | 475,687 | 447,565 | 352,565 | ||||||||||||||
Cash surrender value of bank-owned life insurance | 301,793 | 299,424 | 297,022 | 294,803 | 292,411 | ||||||||||||||
Receivable on unsettled securities sales | 62,228 | 64,591 | 94,374 | 99,706 | 69,109 | ||||||||||||||
Other assets | 1,435,763 | 1,396,708 | 1,454,484 | 1,348,245 | 1,404,553 | ||||||||||||||
TOTAL ASSETS | $ | 31,080,176 | $ | 30,769,733 | $ | 30,464,072 | $ | 29,970,704 | $ | 29,132,197 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 8,312,961 | $ | 7,994,607 | $ | 7,996,717 | $ | 7,885,485 | $ | 7,974,165 | |||||||||
Interest-bearing transaction | 9,527,491 | 9,760,839 | 10,063,589 | 10,338,396 | 9,730,564 | ||||||||||||||
Savings | 382,284 | 379,828 | 381,833 | 365,835 | 346,132 | ||||||||||||||
Time | 2,482,714 | 2,557,874 | 2,651,820 | 2,659,323 | 2,647,147 | ||||||||||||||
Total deposits | 20,705,450 | 20,693,148 | 21,093,959 | 21,249,039 | 20,698,008 | ||||||||||||||
Funds purchased | 73,220 | 70,281 | 63,312 | 69,730 | 71,728 | ||||||||||||||
Repurchase agreements | 623,921 | 672,085 | 773,977 | 1,000,839 | 996,308 | ||||||||||||||
Other borrowings | 4,957,175 | 4,779,981 | 4,001,479 | 3,084,214 | 3,021,094 | ||||||||||||||
Subordinated debentures | 226,332 | 226,296 | 307,903 | 348,007 | 347,960 | ||||||||||||||
Derivative contracts, net | 632,699 | 597,908 | 455,431 | 418,848 | 321,367 | ||||||||||||||
Due on unsettled securities purchases | 248,811 | 90,135 | 151,369 | 205,096 | 137,566 | ||||||||||||||
Other liabilities | 251,953 | 240,704 | 235,173 | 243,370 | 228,021 | ||||||||||||||
TOTAL LIABILITIES | 27,719,561 | 27,370,538 | 27,082,603 | 26,619,143 | 25,822,052 | ||||||||||||||
Total equity | 3,360,615 | 3,399,195 | 3,381,469 | 3,351,561 | 3,310,145 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 31,080,176 | $ | 30,769,733 | $ | 30,464,072 | $ | 29,970,704 | $ | 29,132,197 |
STATEMENTS OF EARNINGS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
Dec. 31, | Dec. 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest revenue | $ | 196,782 | $ | 186,620 | $ | 766,828 | $ | 732,239 | |||||||
Interest expense | 15,521 | 16,956 | 63,474 | 67,045 | |||||||||||
Net interest revenue | 181,261 | 169,664 | 703,354 | 665,194 | |||||||||||
Provision for credit losses | 22,500 | — | 34,000 | — | |||||||||||
Net interest revenue after provision for credit losses | 158,761 | 169,664 | 669,354 | 665,194 | |||||||||||
Other operating revenue: | |||||||||||||||
Brokerage and trading revenue | 30,255 | 30,602 | 129,556 | 134,437 | |||||||||||
Transaction card revenue | 32,319 | 31,467 | 128,621 | 123,689 | |||||||||||
Fiduciary and asset management revenue | 31,165 | 30,649 | 126,153 | 115,652 | |||||||||||
Deposit service charges and fees | 22,813 | 22,581 | 90,431 | 90,911 | |||||||||||
Mortgage banking revenue | 25,039 | 30,105 | 134,375 | 109,093 | |||||||||||
Bank-owned life insurance | 2,348 | 2,380 | 9,304 | 9,086 | |||||||||||
Other revenue | 11,885 | 10,071 | 40,579 | 38,451 | |||||||||||
Total fees and commissions | 155,824 | 157,855 | 659,019 | 621,319 | |||||||||||
Gain on other assets, net | 2,329 | 338 | 5,702 | 2,953 | |||||||||||
Gain (loss) on derivatives, net | (732 | ) | 1,070 | 430 | 2,776 | ||||||||||
Gain (loss) on fair value option securities, net | (4,127 | ) | 3,685 | (3,684 | ) | 10,189 | |||||||||
Change in fair value of mortgage servicing rights | 7,416 | (10,821 | ) | (4,853 | ) | (16,445 | ) | ||||||||
Gain on available for sale securities, net | 2,132 | 149 | 12,058 | 1,539 | |||||||||||
Total other-than-temporary impairment losses | (2,114 | ) | (373 | ) | (2,895 | ) | (373 | ) | |||||||
Portion of loss recognized in (reclassified from) other comprehensive income | 387 | — | 1,076 | — | |||||||||||
Net impairment losses recognized in earnings | (1,727 | ) | (373 | ) | (1,819 | ) | (373 | ) | |||||||
Total other operating revenue | 161,115 | 151,903 | 666,853 | 621,958 | |||||||||||
Other operating expense: | |||||||||||||||
Personnel | 133,182 | 125,741 | 523,487 | 476,931 | |||||||||||
Business promotion | 8,416 | 7,498 | 27,851 | 26,649 | |||||||||||
Charitable contributions to BOKF Foundation | — | 1,847 | 796 | 4,267 | |||||||||||
Professional fees and services | 10,357 | 11,058 | 40,123 | 44,440 | |||||||||||
Net occupancy and equipment | 19,356 | 22,655 | 76,016 | 77,232 | |||||||||||
Insurance | 5,415 | 4,777 | 20,375 | 18,578 | |||||||||||
Data processing and communications | 31,248 | 30,259 | 122,383 | 115,225 | |||||||||||
Printing, postage and supplies | 3,108 | 3,168 | 13,498 | 13,518 | |||||||||||
Net losses (gains) and operating expenses of repossessed assets | 343 | (1,497 | ) | 1,446 | 6,019 | ||||||||||
Amortization of intangible assets | 1,090 | 1,100 | 4,359 | 3,965 | |||||||||||
Mortgage banking costs | 11,496 | 11,166 | 38,997 | 31,705 | |||||||||||
Other expense | 8,547 | 8,105 | 35,233 | 28,993 | |||||||||||
Total other operating expense | 232,558 | 225,877 | 904,564 | 847,522 | |||||||||||
Net income before taxes | 87,318 | 95,690 | 431,643 | 439,630 | |||||||||||
Federal and state income taxes | 26,242 | 30,109 | 139,384 | 144,151 | |||||||||||
Net income | 61,076 | 65,581 | 292,259 | 295,479 | |||||||||||
Net income attributable to non-controlling interests | 1,475 | 1,263 | 3,694 | 3,044 | |||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 59,601 | $ | 64,318 | $ | 288,565 | $ | 292,435 | |||||||
Average shares outstanding: | |||||||||||||||
Basic | 66,378,380 | 68,481,630 | 67,594,689 | 68,394,194 | |||||||||||
Diluted | 66,467,729 | 68,615,808 | 67,691,658 | 68,544,770 | |||||||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.89 | $ | 0.93 | $ | 4.22 | $ | 4.23 | |||||||
Diluted | $ | 0.89 | $ | 0.93 | $ | 4.21 | $ | 4.22 |
FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Capital: | |||||||||||||||||||
Period-end shareholders' equity | $ | 3,230,556 | $ | 3,377,226 | $ | 3,375,632 | $ | 3,357,161 | $ | 3,302,179 | |||||||||
Risk weighted assets | $ | 23,429,897 | $ | 22,706,537 | $ | 22,533,295 | $ | 22,053,246 | $ | 21,290,908 | |||||||||
Risk-based capital ratios1: | |||||||||||||||||||
Common equity tier 1 | 12.13 | % | 12.78 | % | 13.01 | % | 13.07 | % | N/A | ||||||||||
Tier 1 | 12.13 | % | 12.78 | % | 13.01 | % | 13.07 | % | 13.33 | % | |||||||||
Total capital | 13.30 | % | 13.89 | % | 14.11 | % | 14.39 | % | 14.66 | % | |||||||||
Leverage ratio | 9.25 | % | 9.55 | % | 9.75 | % | 9.74 | % | 9.96 | % | |||||||||
Tangible common equity ratio2 | 9.02 | % | 9.78 | % | 9.72 | % | 9.86 | % | 10.08 | % | |||||||||
Common stock: | |||||||||||||||||||
Book value per share | $ | 49.03 | $ | 49.88 | $ | 48.96 | $ | 48.71 | $ | 47.78 | |||||||||
Market value per share: | |||||||||||||||||||
High | $ | 74.73 | $ | 70.26 | $ | 71.66 | $ | 61.78 | $ | 68.69 | |||||||||
Low | $ | 58.25 | $ | 57.04 | $ | 59.59 | $ | 52.63 | $ | 56.87 | |||||||||
Cash dividends paid | $ | 28,967 | $ | 28,766 | $ | 28,841 | $ | 28,952 | $ | 29,114 | |||||||||
Dividend payout ratio | 48.60 | % | 38.41 | % | 36.40 | % | 38.68 | % | 45.27 | % | |||||||||
Shares outstanding, net | 65,894,032 | 67,713,031 | 68,945,139 | 68,922,314 | 69,113,736 | ||||||||||||||
Stock buy-back program: | |||||||||||||||||||
Shares repurchased | 1,874,074 | 1,258,348 | — | 502,156 | 200,000 | ||||||||||||||
Amount | $ | 119,780 | $ | 80,276 | $ | — | $ | 29,484 | $ | 12,337 | |||||||||
Average price per share | $ | 63.91 | $ | 63.79 | $ | — | $ | 58.71 | $ | 61.68 | |||||||||
Performance ratios (quarter annualized): | |||||||||||||||||||
Return on average assets | 0.76 | % | 0.97 | % | 1.04 | % | 1.01 | % | 0.88 | % | |||||||||
Return on average equity | 7.12 | % | 8.84 | % | 9.50 | % | 9.15 | % | 7.79 | % | |||||||||
Net interest margin | 2.64 | % | 2.61 | % | 2.61 | % | 2.55 | % | 2.61 | % | |||||||||
Efficiency ratio | 67.93 | % | 64.34 | % | 64.21 | % | 64.91 | % | 67.95 | % | |||||||||
1 Risk-based capital ratios March 31, 2015 and thereafter calculated under revised regulatory capital rules issued July 2013 and effective for the Company January 1, 2015. Previous risk-based capital ratios presented are calculated in accordance with then current regulatory capital rules. | |||||||||||||||||||
Reconciliation of non-GAAP measures: | |||||||||||||||||||
2 Tangible common equity ratio: | |||||||||||||||||||
Total shareholders' equity | $ | 3,230,556 | $ | 3,377,226 | $ | 3,375,632 | $ | 3,357,161 | $ | 3,302,179 | |||||||||
Less: Goodwill and intangible assets, net | 429,370 | 430,460 | 431,515 | 411,066 | 412,156 | ||||||||||||||
Tangible common equity | $ | 2,801,186 | $ | 2,946,766 | $ | 2,944,117 | $ | 2,946,095 | $ | 2,890,023 | |||||||||
Total assets | $ | 31,476,128 | $ | 30,566,905 | $ | 30,725,563 | $ | 30,299,978 | $ | 29,089,698 | |||||||||
Less: Goodwill and intangible assets, net | 429,370 | 430,460 | 431,515 | 411,066 | 412,156 | ||||||||||||||
Tangible assets | $ | 31,046,758 | $ | 30,136,445 | $ | 30,294,048 | $ | 29,888,912 | $ | 28,677,542 | |||||||||
Tangible common equity ratio | 9.02 | % | 9.78 | % | 9.72 | % | 9.86 | % | 10.08 | % | |||||||||
FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Other data: | |||||||||||||||||||
Fiduciary assets | $ | 38,333,638 | $ | 37,780,669 | $ | 38,772,018 | $ | 37,511,746 | $ | 35,997,877 | |||||||||
Tax equivalent adjustment | $ | 3,222 | $ | 3,244 | $ | 3,035 | $ | 2,956 | $ | 2,859 | |||||||||
Net unrealized gain on available for sale securities | $ | 38,109 | $ | 144,884 | $ | 89,158 | $ | 152,107 | $ | 96,955 | |||||||||
Mortgage banking: | |||||||||||||||||||
Mortgage servicing portfolio | $ | 19,678,226 | $ | 18,928,726 | $ | 17,979,623 | $ | 16,937,128 | $ | 16,162,887 | |||||||||
Mortgage commitments | $ | 601,147 | $ | 742,742 | $ | 849,619 | $ | 824,036 | $ | 627,505 | |||||||||
Mortgage loans funded for sale | $ | 1,365,431 | $ | 1,614,225 | $ | 1,828,230 | $ | 1,565,016 | $ | 1,264,269 | |||||||||
Mortgage loan refinances to total fundings | 41 | % | 30 | % | 40 | % | 56 | % | 37 | % | |||||||||
Mortgage loans sold | $ | 1,424,527 | $ | 1,778,099 | $ | 1,861,968 | $ | 1,382,042 | $ | 1,350,529 | |||||||||
Net realized gains on mortgage loans sold | $ | 15,705 | $ | 18,968 | $ | 23,856 | $ | 17,251 | $ | 17,671 | |||||||||
Change in net unrealized gain on mortgage loans held for sale | (5,615 | ) | (251 | ) | (743 | ) | 8,789 | (482 | ) | ||||||||||
Total production revenue | 10,090 | 18,717 | 23,113 | 26,040 | 17,189 | ||||||||||||||
Servicing revenue | 14,949 | 14,453 | 13,733 | 13,280 | 12,916 | ||||||||||||||
Total mortgage banking revenue | $ | 25,039 | $ | 33,170 | $ | 36,846 | $ | 39,320 | $ | 30,105 | |||||||||
Gain (loss) on mortgage servicing rights, net of economic hedge: | |||||||||||||||||||
Gain (loss) on mortgage hedge derivative contracts, net | $ | (732 | ) | $ | 1,460 | $ | (1,005 | ) | $ | 911 | $ | 1,070 | |||||||
Gain (loss) on fair value option securities, net | (4,127 | ) | 5,926 | (8,130 | ) | 2,647 | 3,685 | ||||||||||||
Gain (loss) on economic hedge of mortgage servicing rights | (4,859 | ) | 7,386 | (9,135 | ) | 3,558 | 4,755 | ||||||||||||
Gain (loss) on changes in fair value of mortgage servicing rights | 7,416 | (11,757 | ) | 8,010 | (8,522 | ) | (10,821 | ) | |||||||||||
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges | $ | 2,557 | $ | (4,371 | ) | $ | (1,125 | ) | $ | (4,964 | ) | $ | (6,066 | ) | |||||
Net interest revenue on fair value option securities | $ | 2,137 | $ | 2,140 | $ | 1,985 | $ | 1,739 | $ | 912 |
QUARTERLY EARNINGS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Interest revenue | $ | 196,782 | $ | 193,664 | $ | 191,813 | $ | 184,569 | $ | 186,620 | |||||||||
Interest expense | 15,521 | 15,028 | 16,082 | 16,843 | 16,956 | ||||||||||||||
Net interest revenue | 181,261 | 178,636 | 175,731 | 167,726 | 169,664 | ||||||||||||||
Provision for credit losses | 22,500 | 7,500 | 4,000 | — | — | ||||||||||||||
Net interest revenue after provision for credit losses | 158,761 | 171,136 | 171,731 | 167,726 | 169,664 | ||||||||||||||
Other operating revenue: | |||||||||||||||||||
Brokerage and trading revenue | 30,255 | 31,582 | 36,012 | 31,707 | 30,602 | ||||||||||||||
Transaction card revenue | 32,319 | 32,514 | 32,778 | 31,010 | 31,467 | ||||||||||||||
Fiduciary and asset management revenue | 31,165 | 30,807 | 32,712 | 31,469 | 30,649 | ||||||||||||||
Deposit service charges and fees | 22,813 | 23,606 | 22,328 | 21,684 | 22,581 | ||||||||||||||
Mortgage banking revenue | 25,039 | 33,170 | 36,846 | 39,320 | 30,105 | ||||||||||||||
Bank-owned life insurance | 2,348 | 2,360 | 2,398 | 2,198 | 2,380 | ||||||||||||||
Other revenue | 11,885 | 10,618 | 9,473 | 8,603 | 10,071 | ||||||||||||||
Total fees and commissions | 155,824 | 164,657 | 172,547 | 165,991 | 157,855 | ||||||||||||||
Gain on other assets, net | 2,329 | 1,161 | 1,457 | 755 | 338 | ||||||||||||||
Gain (loss) on derivatives, net | (732 | ) | 1,283 | (1,032 | ) | 911 | 1,070 | ||||||||||||
Gain (loss) on fair value option securities, net | (4,127 | ) | 5,926 | (8,130 | ) | 2,647 | 3,685 | ||||||||||||
Change in fair value of mortgage servicing rights | 7,416 | (11,757 | ) | 8,010 | (8,522 | ) | (10,821 | ) | |||||||||||
Gain on available for sale securities, net | 2,132 | 2,166 | 3,433 | 4,327 | 149 | ||||||||||||||
Total other-than-temporary impairment losses | (2,114 | ) | — | — | (781 | ) | (373 | ) | |||||||||||
Portion of loss recognized in (reclassified from) other comprehensive income | 387 | — | — | 689 | — | ||||||||||||||
Net impairment losses recognized in earnings | (1,727 | ) | — | — | (92 | ) | (373 | ) | |||||||||||
Total other operating revenue | 161,115 | 163,436 | 176,285 | 166,017 | 151,903 | ||||||||||||||
Other operating expense: | |||||||||||||||||||
Personnel | 133,182 | 129,062 | 132,695 | 128,548 | 125,741 | ||||||||||||||
Business promotion | 8,416 | 5,922 | 7,765 | 5,748 | 7,498 | ||||||||||||||
Contribution to BOKF Foundation | — | 796 | — | — | 1,847 | ||||||||||||||
Professional fees and services | 10,357 | 10,147 | 9,560 | 10,059 | 11,058 | ||||||||||||||
Net occupancy and equipment | 19,356 | 18,689 | 18,927 | 19,044 | 22,655 | ||||||||||||||
Insurance | 5,415 | 4,864 | 5,116 | 4,980 | 4,777 | ||||||||||||||
Data processing and communications | 31,248 | 30,708 | 30,655 | 29,772 | 30,259 | ||||||||||||||
Printing, postage and supplies | 3,108 | 3,376 | 3,553 | 3,461 | 3,168 | ||||||||||||||
Net losses (gains) and operating expenses of repossessed assets | 343 | 267 | 223 | 613 | (1,497 | ) | |||||||||||||
Amortization of intangible assets | 1,090 | 1,089 | 1,090 | 1,090 | 1,100 | ||||||||||||||
Mortgage banking costs | 11,496 | 9,107 | 8,227 | 10,167 | 11,166 | ||||||||||||||
Other expense | 8,547 | 10,601 | 9,302 | 6,783 | 8,105 | ||||||||||||||
Total other operating expense | 232,558 | 224,628 | 227,113 | 220,265 | 225,877 | ||||||||||||||
Net income before taxes | 87,318 | 109,944 | 120,903 | 113,478 | 95,690 | ||||||||||||||
Federal and state income taxes | 26,242 | 34,128 | 40,630 | 38,384 | 30,109 | ||||||||||||||
Net income | 61,076 | 75,816 | 80,273 | 75,094 | 65,581 | ||||||||||||||
Net income attributable to non-controlling interests | 1,475 | 925 | 1,043 | 251 | 1,263 | ||||||||||||||
Net income attributable to BOK Financial Corporation shareholders | $ | 59,601 | $ | 74,891 | $ | 79,230 | $ | 74,843 | $ | 64,318 | |||||||||
Average shares outstanding: | |||||||||||||||||||
Basic | 66,378,380 | 67,668,076 | 68,096,341 | 68,254,780 | 68,481,630 | ||||||||||||||
Diluted | 66,467,729 | 67,762,483 | 68,210,353 | 68,344,886 | 68,615,808 | ||||||||||||||
Net income per share: | |||||||||||||||||||
Basic | $ | 0.89 | $ | 1.09 | $ | 1.15 | $ | 1.08 | $ | 0.93 | |||||||||
Diluted | $ | 0.89 | $ | 1.09 | $ | 1.15 | $ | 1.08 | $ | 0.93 |
LOANS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands) | ||||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | ||||||||||||||||
Commercial: | ||||||||||||||||||||
Energy | $ | 3,097,328 | $ | 2,838,167 | $ | 2,902,143 | $ | 2,902,994 | $ | 2,860,428 | ||||||||||
Services | 2,784,276 | 2,706,624 | 2,681,126 | 2,592,876 | 2,391,530 | |||||||||||||||
Healthcare | 1,883,380 | 1,741,680 | 1,646,025 | 1,511,177 | 1,454,969 | |||||||||||||||
Wholesale/retail | 1,422,064 | 1,461,936 | 1,533,730 | 1,405,800 | 1,440,015 | |||||||||||||||
Manufacturing | 556,729 | 555,677 | 579,549 | 560,925 | 532,594 | |||||||||||||||
Other commercial and industrial | 508,754 | 493,338 | 433,148 | 417,391 | 416,134 | |||||||||||||||
Total commercial | 10,252,531 | 9,797,422 | 9,775,721 | 9,391,163 | 9,095,670 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Retail | 796,499 | 769,449 | 688,447 | 658,860 | 666,889 | |||||||||||||||
Multifamily | 751,085 | 758,658 | 711,333 | 749,986 | 704,298 | |||||||||||||||
Office | 637,707 | 626,151 | 563,085 | 513,862 | 415,544 | |||||||||||||||
Industrial | 563,169 | 563,871 | 488,054 | 478,584 | 428,817 | |||||||||||||||
Residential construction and land development | 160,426 | 153,510 | 148,574 | 139,152 | 143,591 | |||||||||||||||
Other real estate | 350,147 | 363,428 | 434,004 | 395,020 | 369,011 | |||||||||||||||
Total commercial real estate | 3,259,033 | 3,235,067 | 3,033,497 | 2,935,464 | 2,728,150 | |||||||||||||||
Residential mortgage: | ||||||||||||||||||||
Permanent mortgage | 945,336 | 937,664 | 946,324 | 964,264 | 969,951 | |||||||||||||||
Permanent mortgages guaranteed by U.S. government agencies | 196,937 | 192,712 | 190,839 | 200,179 | 205,950 | |||||||||||||||
Home equity | 734,620 | 738,619 | 747,565 | 762,556 | 773,611 | |||||||||||||||
Total residential mortgage | 1,876,893 | 1,868,995 | 1,884,728 | 1,926,999 | 1,949,512 | |||||||||||||||
Personal | 552,697 | 465,957 | 430,190 | 430,510 | 434,705 | |||||||||||||||
Total | $ | 15,941,154 | $ | 15,367,441 | $ | 15,124,136 | $ | 14,684,136 | $ | 14,208,037 |
LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Bank of Oklahoma: | |||||||||||||||||||
Commercial | $ | 3,782,687 | $ | 3,514,391 | $ | 3,529,406 | $ | 3,276,553 | $ | 3,142,689 | |||||||||
Commercial real estate | 739,829 | 677,372 | 614,995 | 612,639 | 603,610 | ||||||||||||||
Residential mortgage | 1,409,114 | 1,405,235 | 1,413,690 | 1,442,340 | 1,467,096 | ||||||||||||||
Personal | 255,387 | 185,463 | 190,909 | 205,496 | 206,115 | ||||||||||||||
Total Bank of Oklahoma | 6,187,017 | 5,782,461 | 5,749,000 | 5,537,028 | 5,419,510 | ||||||||||||||
Bank of Texas: | |||||||||||||||||||
Commercial | 3,908,425 | 3,752,193 | 3,738,742 | 3,709,467 | 3,549,128 | ||||||||||||||
Commercial real estate | 1,204,202 | 1,257,741 | 1,158,056 | 1,130,973 | 1,027,817 | ||||||||||||||
Residential mortgage | 219,126 | 222,395 | 228,683 | 237,985 | 235,948 | ||||||||||||||
Personal | 203,496 | 194,051 | 156,260 | 149,827 | 154,363 | ||||||||||||||
Total Bank of Texas | 5,535,249 | 5,426,380 | 5,281,741 | 5,228,252 | 4,967,256 | ||||||||||||||
Bank of Albuquerque: | |||||||||||||||||||
Commercial | 375,839 | 368,027 | 392,362 | 388,005 | 383,439 | ||||||||||||||
Commercial real estate | 313,422 | 312,953 | 291,953 | 296,696 | 296,358 | ||||||||||||||
Residential mortgage | 120,507 | 121,232 | 123,376 | 127,326 | 127,999 | ||||||||||||||
Personal | 11,557 | 10,477 | 11,939 | 12,095 | 10,899 | ||||||||||||||
Total Bank of Albuquerque | 821,325 | 812,689 | 819,630 | 824,122 | 818,695 | ||||||||||||||
Bank of Arkansas: | |||||||||||||||||||
Commercial | 92,359 | 76,044 | 99,086 | 91,485 | 95,510 | ||||||||||||||
Commercial real estate | 69,320 | 82,225 | 85,997 | 87,034 | 88,301 | ||||||||||||||
Residential mortgage | 8,169 | 8,063 | 6,999 | 6,807 | 7,261 | ||||||||||||||
Personal | 819 | 4,921 | 5,189 | 5,114 | 5,169 | ||||||||||||||
Total Bank of Arkansas | 170,667 | 171,253 | 197,271 | 190,440 | 196,241 | ||||||||||||||
Colorado State Bank & Trust: | |||||||||||||||||||
Commercial | 987,076 | 1,029,694 | 1,019,454 | 1,008,316 | 977,961 | ||||||||||||||
Commercial real estate | 223,946 | 229,835 | 229,721 | 209,272 | 194,553 | ||||||||||||||
Residential mortgage | 53,782 | 50,138 | 54,135 | 55,925 | 57,119 | ||||||||||||||
Personal | 23,384 | 30,683 | 30,373 | 27,792 | 27,918 | ||||||||||||||
Total Colorado State Bank & Trust | 1,288,188 | 1,340,350 | 1,333,683 | 1,301,305 | 1,257,551 | ||||||||||||||
Bank of Arizona: | |||||||||||||||||||
Commercial | 606,733 | 608,235 | 572,477 | 519,767 | 547,524 | ||||||||||||||
Commercial real estate | 507,523 | 482,918 | 472,061 | 432,269 | 355,140 | ||||||||||||||
Residential mortgage | 44,047 | 41,722 | 37,493 | 36,161 | 35,872 | ||||||||||||||
Personal | 31,060 | 17,609 | 12,875 | 12,394 | 12,883 | ||||||||||||||
Total Bank of Arizona | 1,189,363 | 1,150,484 | 1,094,906 | 1,000,591 | 951,419 | ||||||||||||||
Bank of Kansas City: | |||||||||||||||||||
Commercial | 499,412 | 448,838 | 424,194 | 397,570 | 399,419 | ||||||||||||||
Commercial real estate | 200,791 | 192,023 | 180,714 | 166,581 | 162,371 | ||||||||||||||
Residential mortgage | 22,148 | 20,210 | 20,352 | 20,455 | 18,217 | ||||||||||||||
Personal | 26,994 | 22,753 | 22,645 | 17,792 | 17,358 | ||||||||||||||
Total Bank of Kansas City | 749,345 | 683,824 | 647,905 | 602,398 | 597,365 | ||||||||||||||
TOTAL BOK FINANCIAL | $ | 15,941,154 | $ | 15,367,441 | $ | 15,124,136 | $ | 14,684,136 | $ | 14,208,037 |
DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Bank of Oklahoma: | |||||||||||||||||||
Demand | $ | 4,133,520 | $ | 3,834,145 | $ | 4,068,088 | $ | 3,982,534 | $ | 3,828,819 | |||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 5,971,819 | 5,783,258 | 6,018,381 | 6,199,468 | 6,117,886 | ||||||||||||||
Savings | 226,733 | 225,580 | 225,694 | 227,855 | 206,357 | ||||||||||||||
Time | 1,202,274 | 1,253,137 | 1,380,566 | 1,372,250 | 1,301,194 | ||||||||||||||
Total interest-bearing | 7,400,826 | 7,261,975 | 7,624,641 | 7,799,573 | 7,625,437 | ||||||||||||||
Total Bank of Oklahoma | 11,534,346 | 11,096,120 | 11,692,729 | 11,782,107 | 11,454,256 | ||||||||||||||
Bank of Texas: | |||||||||||||||||||
Demand | 2,627,764 | 2,689,493 | 2,565,234 | 2,511,032 | 2,639,732 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 2,132,099 | 1,996,223 | 2,020,817 | 2,062,063 | 2,065,723 | ||||||||||||||
Savings | 77,902 | 74,674 | 74,373 | 76,128 | 72,037 | ||||||||||||||
Time | 549,740 | 554,106 | 536,844 | 547,371 | 547,316 | ||||||||||||||
Total interest-bearing | 2,759,741 | 2,625,003 | 2,632,034 | 2,685,562 | 2,685,076 | ||||||||||||||
Total Bank of Texas | 5,387,505 | 5,314,496 | 5,197,268 | 5,196,594 | 5,324,808 | ||||||||||||||
Bank of Albuquerque: | |||||||||||||||||||
Demand | 487,286 | 520,785 | 508,224 | 537,466 | 487,819 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 563,723 | 529,862 | 537,156 | 535,791 | 519,544 | ||||||||||||||
Savings | 43,672 | 41,380 | 41,802 | 42,088 | 37,471 | ||||||||||||||
Time | 267,821 | 281,426 | 285,890 | 290,706 | 295,798 | ||||||||||||||
Total interest-bearing | 875,216 | 852,668 | 864,848 | 868,585 | 852,813 | ||||||||||||||
Total Bank of Albuquerque | 1,362,502 | 1,373,453 | 1,373,072 | 1,406,051 | 1,340,632 | ||||||||||||||
Bank of Arkansas: | |||||||||||||||||||
Demand | 27,252 | 25,397 | 19,731 | 31,002 | 35,996 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 202,857 | 290,728 | 284,349 | 253,691 | 158,115 | ||||||||||||||
Savings | 1,747 | 1,573 | 1,712 | 1,677 | 1,936 | ||||||||||||||
Time | 24,983 | 26,203 | 28,220 | 28,277 | 28,520 | ||||||||||||||
Total interest-bearing | 229,587 | 318,504 | 314,281 | 283,645 | 188,571 | ||||||||||||||
Total Bank of Arkansas | 256,839 | 343,901 | 334,012 | 314,647 | 224,567 | ||||||||||||||
Colorado State Bank & Trust: | |||||||||||||||||||
Demand | 497,318 | 430,675 | 403,491 | 412,532 | 445,755 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 616,697 | 655,206 | 601,741 | 604,665 | 631,874 | ||||||||||||||
Savings | 31,927 | 31,398 | 31,285 | 31,524 | 29,811 | ||||||||||||||
Time | 296,224 | 320,279 | 322,432 | 340,006 | 353,998 | ||||||||||||||
Total interest-bearing | 944,848 | 1,006,883 | 955,458 | 976,195 | 1,015,683 | ||||||||||||||
Total Colorado State Bank & Trust | 1,442,166 | 1,437,558 | 1,358,949 | 1,388,727 | 1,461,438 | ||||||||||||||
DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands) | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Bank of Arizona: | |||||||||||||||||||
Demand | 326,324 | 306,425 | 352,024 | 271,091 | 369,115 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 358,556 | 293,319 | 298,073 | 295,480 | 347,214 | ||||||||||||||
Savings | 2,893 | 4,121 | 2,726 | 2,900 | 2,545 | ||||||||||||||
Time | 29,498 | 26,750 | 28,165 | 28,086 | 36,680 | ||||||||||||||
Total interest-bearing | 390,947 | 324,190 | 328,964 | 326,466 | 386,439 | ||||||||||||||
Total Bank of Arizona | 717,271 | 630,615 | 680,988 | 597,557 | 755,554 | ||||||||||||||
Bank of Kansas City: | |||||||||||||||||||
Demand | 197,424 | 234,847 | 239,609 | 263,920 | 259,121 | ||||||||||||||
Interest-bearing: | |||||||||||||||||||
Transaction | 153,203 | 150,253 | 139,260 | 157,044 | 273,999 | ||||||||||||||
Savings | 1,378 | 1,570 | 1,580 | 1,618 | 1,274 | ||||||||||||||
Time | 35,524 | 36,630 | 42,262 | 45,082 | 45,210 | ||||||||||||||
Total interest-bearing | 190,105 | 188,453 | 183,102 | 203,744 | 320,483 | ||||||||||||||
Total Bank of Kansas City | 387,529 | 423,300 | 422,711 | 467,664 | 579,604 | ||||||||||||||
TOTAL BOK FINANCIAL | $ | 21,088,158 | $ | 20,619,443 | $ | 21,059,729 | $ | 21,153,347 | $ | 21,140,859 |
NET INTEREST MARGIN TREND -- UNAUDITED BOK FINANCIAL CORPORATION | ||||||||||||||
Three Months Ended | ||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | ||||||||||
TAX-EQUIVALENT ASSETS YIELDS | ||||||||||||||
Interest-bearing cash and cash equivalents | 0.29 | % | 0.28 | % | 0.25 | % | 0.27 | % | 0.28 | % | ||||
Trading securities | 2.86 | % | 2.70 | % | 1.85 | % | 2.55 | % | 2.48 | % | ||||
Investment securities: | ||||||||||||||
Taxable | 5.41 | % | 5.49 | % | 5.49 | % | 5.51 | % | 5.68 | % | ||||
Tax-exempt | 1.53 | % | 1.54 | % | 1.56 | % | 1.56 | % | 1.56 | % | ||||
Total investment securities | 3.03 | % | 3.04 | % | 3.05 | % | 3.04 | % | 3.11 | % | ||||
Available for sale securities: | ||||||||||||||
Taxable | 2.02 | % | 1.99 | % | 1.92 | % | 1.95 | % | 1.97 | % | ||||
Tax-exempt | 4.22 | % | 4.15 | % | 4.21 | % | 4.40 | % | 4.23 | % | ||||
Total available for sale securities | 2.04 | % | 2.01 | % | 1.94 | % | 1.98 | % | 1.99 | % | ||||
Fair value option securities | 2.32 | % | 2.30 | % | 2.17 | % | 2.28 | % | 2.18 | % | ||||
Restricted equity securities | 5.95 | % | 5.95 | % | 5.82 | % | 5.79 | % | 5.77 | % | ||||
Residential mortgage loans held for sale | 3.85 | % | 3.79 | % | 3.37 | % | 3.41 | % | 3.87 | % | ||||
Loans | 3.55 | % | 3.54 | % | 3.65 | % | 3.59 | % | 3.73 | % | ||||
Allowance for loan losses | ||||||||||||||
Loans, net of allowance | 3.60 | % | 3.59 | % | 3.70 | % | 3.64 | % | 3.78 | % | ||||
Total tax-equivalent yield on earning assets | 2.86 | % | 2.83 | % | 2.84 | % | 2.80 | % | 2.86 | % | ||||
COST OF INTEREST-BEARING LIABILITIES | ||||||||||||||
Interest-bearing deposits: | ||||||||||||||
Interest-bearing transaction | 0.09 | % | 0.08 | % | 0.09 | % | 0.10 | % | 0.09 | % | ||||
Savings | 0.09 | % | 0.10 | % | 0.11 | % | 0.10 | % | 0.11 | % | ||||
Time | 1.26 | % | 1.33 | % | 1.36 | % | 1.46 | % | 1.47 | % | ||||
Total interest-bearing deposits | 0.32 | % | 0.34 | % | 0.35 | % | 0.37 | % | 0.38 | % | ||||
Funds purchased | 0.11 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.08 | % | ||||
Repurchase agreements | 0.04 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.04 | % | ||||
Other borrowings | 0.38 | % | 0.30 | % | 0.31 | % | 0.32 | % | 0.32 | % | ||||
Subordinated debt | 1.13 | % | 1.04 | % | 2.21 | % | 2.52 | % | 2.50 | % | ||||
Total cost of interest-bearing liabilities | 0.34 | % | 0.32 | % | 0.35 | % | 0.38 | % | 0.39 | % | ||||
Tax-equivalent net interest revenue spread | 2.52 | % | 2.51 | % | 2.49 | % | 2.42 | % | 2.47 | % | ||||
Effect of noninterest-bearing funding sources and other | 0.12 | % | 0.10 | % | 0.12 | % | 0.13 | % | 0.14 | % | ||||
Tax-equivalent net interest margin | 2.64 | % | 2.61 | % | 2.61 | % | 2.55 | % | 2.61 | % |
CREDIT QUALITY INDICATORS BOK FINANCIAL CORPORATION (in thousands, except ratios) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Nonperforming assets: | |||||||||||||||||||
Nonaccruing loans: | |||||||||||||||||||
Commercial | $ | 76,424 | $ | 33,798 | $ | 24,233 | $ | 13,880 | $ | 13,527 | |||||||||
Commercial real estate | 9,001 | 10,956 | 20,139 | 19,902 | 18,557 | ||||||||||||||
Residential mortgage | 61,240 | 44,099 | 45,969 | 46,487 | 48,121 | ||||||||||||||
Personal | 463 | 494 | 550 | 464 | 566 | ||||||||||||||
Total nonaccruing loans | 147,128 | 89,347 | 90,891 | 80,733 | 80,771 | ||||||||||||||
Accruing renegotiated loans guaranteed by U.S. government agencies | 74,049 | 81,598 | 82,368 | 80,287 | 73,985 | ||||||||||||||
Real estate and other repossessed assets: | |||||||||||||||||||
Guaranteed by U.S. government agencies1 | — | — | — | — | 49,898 | ||||||||||||||
Other | 30,731 | 33,116 | 35,499 | 45,551 | 51,963 | ||||||||||||||
Total real estate and other repossessed assets | 30,731 | 33,116 | 35,499 | 45,551 | 101,861 | ||||||||||||||
Total nonperforming assets | $ | 251,908 | $ | 204,061 | $ | 208,758 | $ | 206,571 | $ | 256,617 | |||||||||
Total nonperforming assets excluding those guaranteed by U.S. government agencies | $ | 155,959 | $ | 118,578 | $ | 122,673 | $ | 123,028 | $ | 129,022 | |||||||||
Nonaccruing loans by loan portfolio sector: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Energy | $ | 61,189 | $ | 17,880 | $ | 6,841 | $ | 1,875 | $ | 1,416 | |||||||||
Services | 10,290 | 10,692 | 10,944 | 4,744 | 5,201 | ||||||||||||||
Healthcare | 1,072 | 1,218 | 1,278 | 1,558 | 1,380 | ||||||||||||||
Wholesale/retail | 2,919 | 3,058 | 4,166 | 4,401 | 4,149 | ||||||||||||||
Manufacturing | 331 | 352 | 379 | 417 | 450 | ||||||||||||||
Other commercial and industrial | 623 | 598 | 625 | 885 | 931 | ||||||||||||||
Total commercial | 76,424 | 33,798 | 24,233 | 13,880 | 13,527 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Retail | 1,319 | 1,648 | 3,826 | 3,857 | 3,926 | ||||||||||||||
Multifamily | 274 | 185 | 195 | — | — | ||||||||||||||
Office | 651 | 684 | 2,360 | 2,410 | 3,420 | ||||||||||||||
Industrial | 76 | 76 | 76 | 76 | — | ||||||||||||||
Residential construction and land development | 4,409 | 4,748 | 9,367 | 9,598 | 5,299 | ||||||||||||||
Other commercial real estate | 2,272 | 3,615 | 4,315 | 3,961 | 5,912 | ||||||||||||||
Total commercial real estate | 9,001 | 10,956 | 20,139 | 19,902 | 18,557 | ||||||||||||||
Residential mortgage: | |||||||||||||||||||
Permanent mortgage | 28,984 | 30,660 | 32,187 | 33,365 | 34,845 | ||||||||||||||
Permanent mortgage guaranteed by U.S. government agencies | 21,900 | 3,885 | 3,717 | 3,256 | 3,712 | ||||||||||||||
Home equity | 10,356 | 9,554 | 10,065 | 9,866 | 9,564 | ||||||||||||||
Total residential mortgage | 61,240 | 44,099 | 45,969 | 46,487 | 48,121 | ||||||||||||||
Personal | 463 | 494 | 550 | 464 | 566 | ||||||||||||||
Total nonaccruing loans | $ | 147,128 | $ | 89,347 | $ | 90,891 | $ | 80,733 | $ | 80,771 | |||||||||
CREDIT QUALITY INDICATORS BOK FINANCIAL CORPORATION (in thousands, except ratios) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sept. 30, 2015 | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||
Performing loans 90 days past due2 | $ | 1,207 | $ | 101 | $ | 99 | $ | 523 | $ | 125 | |||||||||
Gross charge-offs | $ | (4,851 | ) | $ | (5,274 | ) | $ | (2,877 | ) | $ | (2,169 | ) | $ | (7,224 | ) | ||||
Recoveries | 1,870 | 3,521 | 2,206 | 10,523 | 5,036 | ||||||||||||||
Net recoveries (charge-offs) | $ | (2,981 | ) | $ | (1,753 | ) | $ | (671 | ) | $ | 8,354 | $ | (2,188 | ) | |||||
Provision for credit losses | $ | 22,500 | $ | 7,500 | $ | 4,000 | $ | — | $ | — | |||||||||
Allowance for loan losses to period end loans | 1.41 | % | 1.33 | % | 1.33 | % | 1.35 | % | 1.33 | % | |||||||||
Combined allowance for credit losses to period end loans | 1.43 | % | 1.35 | % | 1.34 | % | 1.35 | % | 1.34 | % | |||||||||
Nonperforming assets to period end loans and repossessed assets | 1.58 | % | 1.33 | % | 1.38 | % | 1.40 | % | 1.79 | % | |||||||||
Net charge-offs (annualized) to average loans | 0.08 | % | 0.05 | % | 0.02 | % | (0.23 | )% | 0.06 | % | |||||||||
Allowance for loan losses to nonaccruing loans2 | 180.09 | % | 238.84 | % | 230.67 | % | 255.15 | % | 245.34 | % | |||||||||
Combined allowance for credit losses to nonaccruing loans2 | 181.46 | % | 243.05 | % | 231.68 | % | 256.39 | % | 246.94 | % | |||||||||
1 Approximately $50 million was reclassified from Real estate and other repossessed assets to Receivables on the balance sheet on January 1, 2015 with the adoption of Financial Accounting Standards Board Update No. 2014-14, Classification of Certain Government Guaranteed Mortgage Loans Upon Foreclosure ("ASU 2014-14"). Upon foreclosure of loans for which the loan balance is expected to be recovered from the guarantee by a U.S. government agency, the loan balance will be directly reclassified to other receivables without including such foreclosed assets in real estate and other repossessed assets. | |||||||||||||||||||
2 Excludes residential mortgage loans guaranteed by agencies of the U.S. government. |
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