-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RpqSgO7DN238aS2QeHqx4JCuR4UVNfcm4qDBeK4h3KGP6SPP+PZgV+ZMMJPZ+7an PB3rLwFDI+dAjNkgWBsk+w== 0000875357-97-000012.txt : 19970520 0000875357-97-000012.hdr.sgml : 19970520 ACCESSION NUMBER: 0000875357-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19341 FILM NUMBER: 97607395 BUSINESS ADDRESS: STREET 1: BANK OF OKLAHOMA TOWER STREET 2: PO BOX 2300 CITY: TULSA STATE: OK ZIP: 74192 BUSINESS PHONE: 9185886000 MAIL ADDRESS: STREET 1: BANK OF OKLAHOMA TOWER STREET 2: P O BOX 2300 CITY: TULSA STATE: OK ZIP: 74192 10-Q 1 As filed with the Securities and Exchange Commission on May 15, 1997 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 1997 Commission File No. 0-19341 BOK FINANCIAL CORPORATION Incorporated in the State of Oklahoma I.R.S. Employer Identification No. 73-1373454 Bank of Oklahoma Tower P.O. Box 2300 Tulsa, Oklahoma 74192 Registrant's Telephone Number, Including Area Code (918) 588-6000 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: (NONE) SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: COMMON STOCK ($.00006 Par Value) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: 21,211,270 shares of common stock ($.00006 par value) as of April 30, 1997. ================================================================================ 2 BOK Financial Corporation Form 10-Q Quarter Ended March 31, 1997 Index Part I. Financial Information Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Report of Management on Consolidated Financial Statements 12 Consolidated Statements of Earnings 13 Consolidated Balance Sheets 15 Consolidated Statements of Changes in Shareholders' Equity 17 Consolidated Statements of Cash Flows 18 Notes to Consolidated Financial Statements 20 Financial Summaries - Unaudited 24 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 28 Signature 28 MANAGEMENT'S DISCUSSION AND ANALYSIS HIGHLIGHTS BOK Financial Corporation ("BOK Financial") recorded net income of $15.3 million or $0.63 per fully diluted common share for the first quarter of 1997 compared to $13.0 million or $0.54 per fully diluted common share for the first quarter of 1996. Returns on average assets and equity were 1.30% and 16.92%, respectively. This is compared to returns on average assets and equity of 1.25% and 16.84%, respectively, for the same period of 1996. BOK Financial completed the previously announced acquisitions of First National Bank of Park Cities ("Park Cities") and First Texas Bank ("First Texas"). These acquisitions, which added total assets of $438 million, furthers the development of BOK Financial's niche strategy of serving small-business and middle-market customers in complement to existing trust operations and energy lending in North Texas. Subsequent to March 31, BOK Financial received approval from the federal banking regulators to begin securities underwriting through its subsidiary, Alliance Securities Corp. Management intends to focus on underwriting municipal revenue bonds and to perform related financial advisory services for communities in Oklahoma and surrounding states. 3 RESULTS OF OPERATIONS Net interest revenue on a tax-equivalent basis was $37.5 million for the first quarter of 1997 compared to $32.7 for the first quarter of 1996, an increase of $4.8 million or 14.6%. Average earning assets increased by $518 million, including $162 million from the Park Cities and First Texas acquisitions while average interest bearing liabilities increased by $434 million. Demand deposit accounts and equity funded the growth of earning assets in excess of interest bearing liabilities. This improvement in the volume of total earning assets as compared to interest bearing liabilities contributed $4.4 million to the increase in net interest revenue. The combined effect of decreased yields on earning assets and decreased costs of interest bearing liabilities contributed $428 thousand. TABLE 1 - VOLUME/RATE ANALYSIS (In thousands) Three months ended March 31, 1997/1996 ----------------------------------------------- ------Due to------ Yield Change Volume /Rate ----------------------------------------------- Tax-equivalent interest revenue: Securities $ 4,869 $ 4,291 $ 578 Trading securities (37) (35) (2) Loans 3,580 4,554 (974) Funds sold 309 333 (24) - -------------------------------------------------------------------------------- Total 8,721 9,143 (422) - -------------------------------------------------------------------------------- Interest expense: Interest bearing transaction deposits 1600 1,436 164 Savings deposits (65) (4) (61) Time deposits (372) 355 (727) Other borrowings 2,675 2,901 (226) Subordinated debenture 96 96 - - -------------------------------------------------------------------------------- Total 3,934 4,784 (850) - -------------------------------------------------------------------------------- Tax-equivalent net interest revenue $ 4,787 $ 4,359 $ 428 Change in tax-equivalent adjustment (527) - -------------------------------------------------------------------------------- Net interest revenue $ 4,260 ================================================================================ (1) Changes attributable to both volume and yield are allocated to both volume and yield/rate on an equal basis. 4 Since its inception, BOK Financial has followed a strategy of utilizing its capital resources by borrowing funds in the capital markets to supplement deposit growth and investing in securities. This strategy frequently results in a net interest margin which falls below those normally seen in the commercial banking industry even though it provides positive net interest revenue because of a relatively larger proportion of securities in earning assets. As more fully discussed in the subsequent Interest Rate Sensitivity and Liquidity section, management employs various techniques to control, within established parameters, the interest rate and liquidity risk which results from this strategy. Net interest margin, the ratio of net interest revenue to average earning assets was 3.58% for the first quarter of 1997. This is compared to 3.53% for the first quarter of 1996 and 3.45% for the fourth quarter of 1996. This increase in net interest margin is primarily due to lower costs of interest deposits and borrowed funds. The overall rates paid on interest bearing liabilities was 4.86% compared to 4.97% for both the first quarter of 1996 and the fourth quarter of 1996. Additionally, the yield on earning assets increased by 4 basis points to 7.76% compared to the previous quarter. TABLE 2 - OTHER OPERATING REVENUE (In thousands) Three Months Ended ---------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 ---------------------------------------------------- Brokerage and trading revenue $ 2,240 $ 1,964 $ 2,031 $ 1,823 $ 2,078 TransFund network revenue 2,543 2,310 2,236 2,153 2,096 Securities gains (losses), net 262 (622) - (1,967) (18) Trust fees and commissions 5,278 5,324 5,317 5,528 5,469 Service charges and fees on deposit accounts 6,714 6,506 6,027 5,732 5,839 Mortgage banking revenue 6,948 7,206 7,103 6,056 5,869 Other revenue 6,467 4,846 4,514 4,641 5,251 - -------------------------------------------------------------------------------- Total $ 30,452 $ 27,534 $ 27,228 $ 23,966 $ 26,584 ================================================================================ Other operating revenue increased $3.9 million or 14.6% compared to the same quarter of 1996. This increase was primarily due to a $1.0 million or 17.0% increase in servicing revenue on mortgage loans, a $929 thousand increase in revenue from leasing activities, and an $875 thousand or 15% increase in deposit fees. The increase in mortgage servicing revenue reflected the growth in the volume of mortgage loans serviced by BOK Financial to $6.0 billion at March 31, 1997 compared to $5.4 billion at March 31, 1996. Revenue from leasing activities, which is included in other revenue, increased to $1.3 million for the first quarter of 1997 compared to $371 thousand for the same period of 1996. The increase in deposit fees was consistent with the overall expansion of economic activity in BOK Financial's primary market areas. Other operating revenue for the first quarter of 1997 included a gain on the sale of student loans of $1.1 million compared to a $1.0 million gain in the first quarter of 1996. 5 TABLE 3 - OTHER OPERATING EXPENSE (In thousands) Three Months Ended -------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 -------------------------------------------------- Personnel $ 19,294 $ 18,380 $ 17,759 $ 18,059 $ 17,747 Business promotion 1,950 1,459 1,618 1,801 1,494 Professional fees/services 1,496 1,286 1,458 1,420 1,242 Net occupancy, equipment and data processing 8,320 8,029 7,799 7,845 7,158 FDIC and other insurance 333 89 4,377 555 539 Printing, postage and supplies 1,825 1,769 1,683 1,763 1,577 Net gains and operating expenses on repossessed assets (412) (703) (2,706) (946) (197) Amortization of intangible assets 1,728 1,241 1,238 5,288 1,465 Mortgage banking costs 4,217 4,354 4,089 3,646 3,745 Other expense 2,975 2,411 2,982 3,343 2,872 - -------------------------------------------------------------------------------- Total $ 41,726 $ 38,315 $ 40,297 $ 42,774 $ 37,642 ================================================================================ Operating expenses for the first quarter of 1997 increased $4.1 million or 10.8% compared to the first quarter of 1996. Approximately $1.4 million of this increase is due to operating expenses of Park Cities and First Texas. Other notable increases included $1.0 million or 5.7% in personnel costs and $696 thousand or 24.2% in data processing costs. The increase in processing expense is consistent with the increased volume of transactions between the two quarters. Additionally, BOK Financial has increased its business promotion activities to further capitalize on disruptions in banking relationships due to recently announced mergers in Oklahoma. Control over the growth in operating expenses relative to the increase in tax-equivalent revenue resulted in an efficiency ratio of 62.3%, compared to 63.9% for the first quarter of 1996. 6 Income tax expense increased to $7.4 million or 32.6% of pre-tax income for the first quarter of 1997 compared to $5.8 million or 31% for the same period of 1996. The increase in the effective tax rate is due to an increase in non-deductible expenses, primarily amortization expenses from the Park Cities and First Texas acquisitions. TABLE 4 - OTHER OPERATING EXPENSE, EXCLUDING SIGNIFICANT OR NONRECURRING ITEMS (In thousands) Three Months Ended -------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 ------------------------------------------------- Total Other Operating Expense $ 41,726 $ 38,315 $ 40,297 $ 42,774 $ 37,642 FDIC Insurance premium reduction, net of costs - - (3,820) - - Net gains and operating costs from repossessed assets 412 703 2,706 946 197 Asset valuation charges - - - (4,071) (500) Item processing conversion and other related charges - - - (750) - - ------------------------------------------------------------------------------- Total $ 42,138 $ 39,018 $ 39,183 $ 38,899 $ 37,339 ================================================================================ RISK ELEMENTS The aggregate loan portfolio at March 31, 1997 increased by $300 million to $2.5 billion compared to March 31, 1996, and by $105 million since December 31, 1996. The year-to-date change in the loan portfolio includes increases of $79 million and $59 million due to the acquisitions of Park Cities and First Texas, respectively, partially offset by a $33 million decrease in the loan portfolios of Bank of Oklahoma, N.A. and Bank of Arkansas, N.A. (formerly Citizens Bank of Northwest Arkansas, N.A.). The largest decreases in outstanding loans were in residential mortgage loans held for sale which decreased by $28 million, and commercial real estate loans which decreased $16 million due to the payoff of several multifamily real estate loans. These were partially offset by a $30 million increase in commercial loans, which was distributed across all loan groups. 7 Although the acquisitions of Park Cities and First Texas enhance the geographic diversity of the loan portfolio, a substantial portion of the commercial and consumer loans continues to be concentrated in Oklahoma and Northwest Arkansas. This concentration subjects the portfolio to the general economic conditions within BOK Financial's primary market area. Major segments of the commercial loan portfolio are presented in Table 5. Commercial real estate loans are secured primarily by properties located in the Tulsa or Oklahoma City metropolitan areas. TABLE 5 - LOANS (In thousands) March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 ------------------------------------------------------- Commercial: Energy $ 230,447 $ 217,056 $ 185,972 $ 176,685 $ 156,230 Manufacturing 163,312 137,529 126,356 139,509 148,068 Wholesale/retail 184,488 166,075 177,351 179,458 156,261 Agricultural 119,055 109,324 95,973 88,036 89,080 Loans for purchasing or carrying securities 15,437 13,604 14,728 8,587 7,613 Other commercial and industrial 346,785 340,602 341,352 287,339 288,518 Commercial real estate: Construction and land development 186,982 165,784 140,189 151,032 143,476 Other real estate loans 505,371 509,874 496,356 493,107 473,110 Residential mortgage: Secured by 1-4 family residential property 465,432 429,405 434,789 424,766 419,135 Residential mortgages held for resale 67,192 95,332 66,310 73,335 102,836 - -------------------------------------------------------------------------------- Total $2,499,613 $2,394,580 $2,319,844 $2,244,698 $2,199,161 ================================================================================ Nonperforming assets totaled $44.2 million at March 31, 1997 compared to $42.2 million at December 31, 1996. The increase was due primarily to a $1.6 million increase in nonaccruing residential mortgage loans and a $1.4 million increase in real estate owned. The increase in real estate owned was due to the First Texas acquisition. BOK Financial monitors loan performance on a portfolio and individual loan basis. Nonperforming loans, which include all loans classified as doubtful or loss, are reviewed at least quarterly. The loan review process involves evaluating the credit worthiness of customers and their ability, based upon current and anticipated economic conditions, to meet future principal and interest payments. Loans may be identified which possess more than the normal amount of risk due to deterioration in the financial condition of the borrower or the value of the collateral. Because the borrowers are performing in accordance with the original terms of the loan agreements and no loss of principal or interest is anticipated, such loans are not included in the nonperforming assets totals. These loans are assigned to various risk categories in order to focus management's attention on the loans with higher risk of loss. Loans assigned to the substandard category totaled $46 million at March 31, 1997 compared to $40 million at December 31, 1996. Special mention loans increased to $105 million at March 31, 1997. The majority of the $43 million increase since December 31, 1996 was attributable to less than satisfactory results from several large borrowers in the energy, agriculture, and manufacturing industries. These 8 changes in performance are concentrated in a few specific credits and, in the opinion of management, does not indicate a trend of increasing future levels of special mention loans. The balance of the special mention increase is due to a strategic decision in which BOK Financial made, on a limited and strategically selective basis, certain new loans which were classified as special mention at inception. These loans were to borrowers whose banking relationships were being displaced by merger activity in BOK Financial's primary markets. Generally, criteria for such loans included a long-term, stable operating history with only temporary credit deficiencies. Management expects to build a long-term banking relationship with these customers by meeting their credit needs at this time. Approximately $15 million of such loans were added during the first quarter of 1997 and up to $15 million are being considered for the second quarter of 1997. Subsequent to March 31, 1997, a $15 million loan was downgraded from pass to special mention based upon the borrower's decision not to pursue additional equity financing and BOK Financial's assessment that the collateral value did not exceed the outstanding loan balance by an adequate amount. Although this loan continues to perform in accordance with its contractual terms and no loss of principal or interest is expected, management will closely monitor the loan in the future. TABLE 6 - NONPERFORMING ASSETS (In thousands) March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 ------------------------------------------------ Nonperforming assets: Nonperforming loans: Nonaccrual loans: Commercial $ 9,332 $ 9,589 $10,844 $ 11,418 $ 12,399 Commercial real estate 5,418 5,306 4,323 8,528 10,138 Residential mortgage 4,138 2,580 3,333 3,001 3,136 Consumer 1,366 1,360 1,114 1,037 1,178 - -------------------------------------------------------------------------------- Total nonaccrual loans 20,254 18,835 19,614 23,984 26,851 Loans past due (90 days)(1) 17,838 18,816 17,379 17,424 15,023 - -------------------------------------------------------------------------------- Total nonperforming loans(1) 38,092 37,651 36,993 41,408 41,874 - -------------------------------------------------------------------------------- Other nonperforming assets: Commercial real estate 2,710 2,586 4,158 3,342 2,949 Other 3,381 1,990 926 481 526 - -------------------------------------------------------------------------------- Total other nonperforming assets 6,091 4,576 5,084 3,823 3,475 - -------------------------------------------------------------------------------- Total nonperforming assets $44,183 $42,227 $ 42,077 $ 45,231 $ 45,349 - -------------------------------------------------------------------------------- Ratios: Reserve for loan losses to nonperforming loans 127.37% 119.91% 121.53% 103.38% 94.48% Nonperforming loans(1) to period-end loans(2) 1.57 1.64 1.64 1.91 2.00 - -------------------------------------------------------------------------------- (1) Includes 1-4 family loans guaranteed by agencies of the U.S. government $15,083 $13,932 $ 13,741 $12,456 $12,165 (2) Excludes residential mortgage loans held for sale ================================================================================ 9 The allowance for loan losses, which is available to absorb losses inherent in the loan portfolio, totaled $49 million at March 31, 1997 compared to $45 million at December 31, 1996 or 1.99% and 1.96%, respectively, of total loans, excluding loans held for sale. Losses on loans held for sale, principally fixed-rate residential mortgage loans accumulated for placement in securitized pools, are charged to earnings through adjustments in carrying value to the lower of cost or market value in accordance with accounting standards applicable to mortgage banking. Table 7 presents statistical information regarding the reserve for loan losses. TABLE 7 - SUMMARY OF LOAN LOSS EXPERIENCE (In thousands) Three Months Ended -------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 -------------------------------------------------- Beginning balance $ 45,148 $ 44,959 $ 42,807 $ 39,561 $ 38,287 Loans charged-off: Commercial 199 224 1,475 222 397 Commercial real estate 1 - 335 106 82 Residential mortgage 89 46 97 1 Consumer 951 1,214 663 820 735 - -------------------------------------------------------------------------------- Total 1,240 1,484 2,570 1,228 1,228 - -------------------------------------------------------------------------------- Recoveries of loans previously charged-off: Commercial 367 821 1,670 449 807 Commercial real estate 148 162 2,747 741 463 Residential mortgage 64 67 21 44 130 Consumer 479 266 222 303 191 - -------------------------------------------------------------------------------- Total 1,058 1,316 4,660 1,537 1,591 - -------------------------------------------------------------------------------- Net loans charged-off (recoveries) 182 168 (2,090) (309) (363) Provision for loan losses 1,026 357 62 2,937 911 Addition due to acquisition 2,525 - - - - - -------------------------------------------------------------------------------- Ending balance $ 48,517 $ 45,148 $ 44,959 $ 42,807 $ 39,561 - -------------------------------------------------------------------------------- Reserve to loans outstanding at period-end(1) 1.99 1.96 2.00 1.97 1.89 Net loan losses (recoveries) (annualized) to average loans(1) 0.03 0.06 (0.39) (0.06) (.07) - -------------------------------------------------------------------------------- (1) Excludes residential mortgage loans held for sale ================================================================================ The adequacy of the allowance for loan losses is assessed by management based upon an evaluation of the current risk characteristics of the loan portfolio including current economic conditions, historical experience, collateral valuation, changes in the composition of the portfolio and other relevant factors. A provision for loan losses is charged against earnings in amounts necessary to maintain the adequacy of the 10 allowance for loan losses. The provision for loan losses totaled $1.0 million for the first quarter of 1997 compared to $911 thousand for the first quarter of 1996. Management believes that the allowance for loan losses is adequate for each period presented based upon the evaluation criteria and information available at that time. Other assets included at March 31, 1997, $16.2 million of natural gas compression and other equipment which is being leased to various customers. These leases are generally designed to be operating leases where both legal and economic ownership remains with BOK Financial. Lease payments are recorded as income when earned. The equipment is being depreciated over estimated useful lives. The lease terms are generally much shorter than the estimated useful lives of the related equipment. As each lease expires, the remaining net book value of the equipment is evaluated for impairment based upon current market values, re-leasing opportunities and other relevant factors. INTEREST RATE SENSITIVITY AND LIQUIDITY BOK Financial's asset / liability management policy addresses several complementary goals: assuring adequate liquidity, maintaining an appropriate balance between interest sensitive assets and liabilities, and maximizing net interest revenue. The responsibility for attaining these goals rests with the Asset / Liability Committee which operates under policy guidelines which have been established by the Board of Directors. These guidelines limit the negative acceptable variation in net interest revenue and economic value of equity due to a 200 basis point rate increase or decrease to + / - 10%, establish maximum levels for short-term assets, and public and brokered deposits, and establish minimum levels for unpledged assets, among other things. Compliance with these guidelines is reviewed monthly. At March 31, 1997, BOK Financial is within all guidelines established under these policies. Interest rate sensitivity, the risk associated with changes in interest rates, is of primary importance within the banking industry. Management has established strategies and procedures to protect net interest revenue against significant changes in interest rates. Generally, these strategies are designed to achieve an acceptable level of net interest revenue based upon management's projections of future changes in interest rates.. Management simulates the potential effect of changes in interest rates through computer modeling which incorporates both the current gap position and the expected magnitude of the repricing of specific types of assets and liabilities. This modeling is performed assuming expected interest rates over the next twelve months based on both a Amost likely@ rate scenario and on two Ashock test@ rate scenarios, the first assuming a 200 basis point increase and the second assuming a 200 basis point decrease over the next twelve months. An independent source is used to determine the most likely interest rates for the next year. The estimated impact of changes in interest rates on net interest revenue is projected not to exceed a 0.3% decrease within the + / - 200 basis point range of assumptions. However, this modeling indicates that under the 200 basis point decrease scenario the after-tax value of BOK Financial=s capitalized mortgage servicing rights, net of mortgage loan refinancing income, would decrease by approximately $6.6 million. While this decrease in value would largely be offset by an increase in the value of the securities portfolio, current accounting principles require that the net decreased value of mortgage loan servicing rights would be charged to earnings while the increased value of available for sale securities would be credited to shareholders= equity. The result is an estimated decrease in net income of 10.4%. Additionally, a 200 basis point increase in interest rates would decrease the economic value of equity by 7.6% due primarily to the decrease in value of the securities portfolio. This decrease is compared against the applicable policy which limits the negative impact of a 200 basis point change in interest rates on the economic value of equity to 10%.. These simulations are based on numerous assumptions regarding the timing and extent of repricing characteristics. Actual results may differ significantly. 11 BOK Financial uses interest rate swaps, a form of off-balance sheet derivative product, in managing its interest rate sensitivity. These swaps are used primarily to more closely match the interest paid on certain long-term, fixed rate certificates of deposit with earning assets. Swaps allow BOK Financial to offer these deposits to its customers without altering the desired repricing characteristics. BOK Financial accrues and periodically receives amounts from the counter parties to these swaps and accrues and periodically makes payments to the counterparties. During the first quarter of 1997, income from these swaps exceeded costs of the swaps by $183 thousand. Credit risk from these swaps is closely monitored and counterparties to these contracts are selected on the basis of their credit worthiness among other factors. Derivative products are not used for speculative purposes. TABLE 8 - INTEREST RATE SWAPS (In thousands) Notional Pay Receive Amount Rate Rate --------------------------------------------------------- Expiration: 1998 63,000 5.47 - 5.78%(1) 6.64 - 7.96% 1999 22,000 5.51 (1) 6.80 - 7.68 2006 16,500 7.26 5.56 (1) - -------------------------------------------------------------------------------- (1) Rates are variable based on LIBOR and reset quarterly or semiannually. ================================================================================ The best measure of liquidity is the ability to obtain funds to meet cash requirements. Liquidity is achieved through maturities of earning assets, securities available for sale and loans held for sale. On the liability side, liquidity depends on the availability of deposits and short-term borrowings in both the local and national markets for the subsidiary banks. Cash provided by operating activities totaled $56 million for the first quarter of 1997 ($27 million excluding the net change in mortgage loans held for sale) compared to cash used by operating activities of $11 million (or cash provided of $19 million excluding the net change in mortgage loans held for sale) in the same period of 1996. Investing activities used $202 million, primarily for the purchase of available for sale securities. These securities were primarily funded by an increase in borrowed funds. 12 TABLE 9 - CAPITAL RATIOS March 31, Dec. 31, Sept. 30, June 30, March 31, 1997 1996 1996 1996 1996 -------------------------------------------------- to average assets Risk-based capital Tier 1 capital 8.96% 10.49% 10.26% 10.43% 10.08% Total capital 10.81 11.74 11.52 11.69 11.33 Leverage 6.34 7.46 7.34 7.09 6.80 ================================================================================ REPORT OF MANAGEMENT ON CONSOLIDATED FINANCIAL STATEMENTS Management is responsible for the consolidated financial statements which have been prepared in accordance with generally accepted accounting principles. In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial condition, results of operations and cash flows of BOK Financial and its subsidiaries at the dates and for the periods presented. The financial information included in this interim report has been prepared by management without audit by independent public accountants and should be read in conjunction with BOK Financial's 1996 Form 10-K to the Securities and Exchange Commission which contains audited financial statements. 13 CONSOLIDATED STATEMENTS OF EARNINGS (In Thousands Except Share Data) For Three months ended March 31, -------------------------------- 1997 1996 -------------------------------- INTEREST REVENUE Loans $ 51,355 $ 47,866 Taxable securities 22,567 20,251 Tax-exempt securities 4,119 2,002 - -------------------------------------------------------------------------------- Total securities 26,686 22,253 - -------------------------------------------------------------------------------- Trading securities 58 95 Funds sold 711 402 - -------------------------------------------------------------------------------- Total interest revenue 78,810 70,616 - -------------------------------------------------------------------------------- INTEREST EXPENSE Deposits 29,984 28,821 Other borrowings 13,668 10,993 Subordinated debenture 96 - - -------------------------------------------------------------------------------- Total interest expense 43,748 39,814 - -------------------------------------------------------------------------------- NET INTEREST REVENUE 35,062 30,802 PROVISION FOR LOAN LOSSES 1,026 911 - -------------------------------------------------------------------------------- NET INTEREST REVENUE AFTER PROVISION FOR LOAN LOSSES 34,036 29,891 - -------------------------------------------------------------------------------- OTHER OPERATING REVENUE Brokerage and trading revenue 2,240 2,078 TransFund network revenue 2,543 2,096 Securities gains (losses), net 262 (18) Trust fees and commissions 5,278 5,469 Service charges and fees on deposit accounts 6,714 5,839 Mortgage banking revenue, net 6,948 5,869 Other revenue 6,467 5,251 - -------------------------------------------------------------------------------- Total other operating revenue 30,452 26,584 - -------------------------------------------------------------------------------- OTHER OPERATING EXPENSE Personnel 19,294 17,747 Business promotion 1,950 1,494 Professional fees and services 1,496 1,242 Net occupancy, equipment and data processing 8,320 7,158 FDIC and other insurance 333 539 Printing postage and supplies 1,825 1,577 Net gains and operating expenses on repossessed assets (412) (197) 14 Amortization of intangible assets 1,728 1,465 Mortgage banking costs 4,217 3,745 Other expense 2,975 2,872 - -------------------------------------------------------------------------------- Total other operating expense 41,726 37,642 - -------------------------------------------------------------------------------- INCOME BEFORE TAXES 22,762 18,833 Federal and state income tax 7,415 5,838 - -------------------------------------------------------------------------------- NET INCOME $ 15,347 $ 12,995 ================================================================================ EARNINGS PER SHARE: Net income Primary $ 0.70 $ 0.60 - -------------------------------------------------------------------------------- Fully diluted $ 0.63 $ 0.54 - -------------------------------------------------------------------------------- AVERAGE SHARES USED IN COMPUTATION: Primary 21,493,730 21,187,219 - -------------------------------------------------------------------------------- Fully diluted 24,310,945 24,017,812 ================================================================================ See accompanying notes to consolidated financial statements. 15 CONSOLIDATED BALANCE SHEETS (In Thousands Except Share Data) March 31, December 31, March 31, 1997 1996 1996 ------------------------------------ ASSETS Cash and due from banks $ 342,913 $ 322,791 $ 270,364 Funds sold 76,387 44,760 36,000 Trading securities 3,887 6,454 6,753 Securities: Available for sale 1,787,637 1,459,122 1,367,894 Investment (fair value: March 31, 1997 - $202,325; December 31, 1996 - $199,549; March 31, 1996 - $192,572) 202,750 198,408 192,481 - -------------------------------------------------------------------------------- Total securities 1,990,387 1,657,530 1,560,375 - -------------------------------------------------------------------------------- Loans 2,499,613 2,394,580 2,199,161 Less reserve for loan losses 48,517 45,148 39,561 - -------------------------------------------------------------------------------- Net loans 2,451,096 2,349,432 2,159,600 - -------------------------------------------------------------------------------- Premises and equipment, net 62,039 47,479 48,032 Accrued revenue receivable 49,566 46,020 45,324 Excess cost over fair value of net assets acquired and core deposit premiums (net of accumulated amortization: March 31, 1997 - $32,486; December 31, 1996 - $30,758; March 31, 1996 - $22,991) 74,926 28,276 36,043 Mortgage servicing rights 67,005 61,544 50,895 Real estate and other repossessed assets 6,091 4,576 3,475 Other assets 60,215 51,838 45,054 - -------------------------------------------------------------------------------- Total assets $5,184,512 $4,620,700 $4,261,915 ================================================================================ 16 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing demand deposit $ 822,984 $ 696,853 $ 632,720 Interest-bearing deposits: Transaction 1,046,562 954,546 826,865 Savings 112,292 97,019 104,176 Time 1,616,860 1,508,337 1,629,254 - -------------------------------------------------------------------------------- Total deposits 3,598,698 3,256,755 3,193,015 - -------------------------------------------------------------------------------- Funds purchased and repurchase agreements 802,990 669,176 522,108 Other borrowings 325,530 277,128 182,831 Accrued interest, taxes and expense 50,332 46,047 46,667 Other liabilities 15,786 11,628 11,325 Subordinated debenture 20,000 - - -------------------------------------------------------------------------------- Total liabilities 4,813,336 4,260,734 3,955,946 - -------------------------------------------------------------------------------- Stockholders' equity: Preferred stock 23 23 23 Common stock ($.00006 par value; 2,500,000,000 shares authorized; shares issued and outstanding: March 31, 1997 - 21,193,453; December 31, 1996 - 21,148,729; March 31, 1996 - 20,436,431) 1 1 1 Capital surplus 176,982 176,093 157,844 Retained earnings 197,864 182,892 159,347 Treasury stock (shares at cost: March 31, 1997 - 30,512; December 31, 1996 - 16,834) (844) (428) - Unrealized gain/ (loss) on securities available for sale (2,845) 1,472 (11,102) Less notes receivable from exercise of stock options (5) (87) (144) - -------------------------------------------------------------------------------- Total shareholders' equity 371,176 359,966 305,969 - -------------------------------------------------------------------------------- Total liabilities and shareholders' equity $5,184,512 $4,620,700 $4,261,915 ================================================================================ See accompanying notes to consolidated financial statements. 17 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (In Thousands) PreferredStock Common Stock Capital Retained Treasury Stock Unrealized Notes Shares Amount Shares Amount Surplus Earnings Shares Amount Gain/(loss) Receivable Total -------------------------------------------------------------------------------------------------- Balances at December 31, 1995 250,102 $ 23 20,416 $ 1 $157,395 $146,727 - $ - $ (2,427) $(154) $301,565 Net income - - - - - 12,995 - - - - 12,995 Exercise of stock options - - 2 - 34 - - - - - 34 Payments on stock option notes receivable - - - - - - - - - 10 10 Preferred dividends paid in shares of common stock - - 16 - 375 (375) - - - - - Director retainer shares - - 2 - 40 - - - - - 40 Change in unrealized net gain(loss) on securities available for sale - - - - - - - - (8,675) - (8,675) - ------------------------------------------------------------------------------------------------------------------------- Balances at March 31, 1996 250,102 $ 23 20,436 $ 1 $157,844 $159,347 - $ - $(11,102) $(144) $305,969 ========================================================================================================================= Balances at December 31, 1996 250,102 $ 23 21,149 $ 1 $176,093 $182,892 17 $(428) $ 1,472 $ (87) $359,966 Net income - - - - - 15,347 - - - - 15,347 Exercise of stock options - - 25 - 469 - 14 (416) - - 53 Payments on stock option notes receivable - - - - - - - - - 82 82 Preferred dividends paid in shares of common stock - - 17 - 375 (375) - - - - - Director retainer shares - - 2 - 45 - - - - - 45 Change in unrealized net gain(loss) on securities available for sale - - - - - - - - (4,317) - (4,317) - ------------------------------------------------------------------------------------------------------------------------- Balances at March 31, 1997 250,102 $ 23 21,193 $ 1 $176,982 $197,864 31 $(844) $ (2,845) $ (5) $371,176 ========================================================================================================================= See accompanying notes to consolidated financial statements.
18 CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands Except Share Data) Three Months Ended March 31, --------------------- 1997 1996 --------------------- CASH FLOW FROM OPERATING ACTIVITIES: Net income $ 15,347 $ 12,995 Adjustments to reconcile net income to net cash provided/(used) by operating activities: Provisions for loan losses 1,026 912 Depreciation and amortization 6,577 5,583 Net amortization of investment security discounts and premiums 790 697 Net gain on sales of assets (2,339) (1,862) Mortgage loans originated for resale (180,488) (194,294) Proceeds from sale of mortgage loans held for resale 209,336 164,483 Change in trading securities 2,567 1,024 Change in accrued revenue receivable 2,071 (4,203) Change in other assets (4,312) (2,476) Change in accrued interest, taxes and expense 5,568 4,922 Change in other liabilities (304) 1,370 - -------------------------------------------------------------------------------- Net cash provided/(used) by operating activities 55,839 (10,849) - -------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities of investment securities 4,822 6,959 Proceeds from maturities of available for sale securities 59,084 107,179 Purchases of investment securities (9,187) (20,404) Purchases of available for sale securities (317,023) (159,472) Proceeds from sales of available for sale securities 75,508 36,193 Loans originated or acquired net or principal collected 2,748 975 Proceeds from sales of assets 2,978 26,334 Purchases of assets (20,239) (4,813) Cash and cash equivalents of branches & subsidiaries acquired and sold, net (1,240) (200) - -------------------------------------------------------------------------------- Net cash used by investing activities (202,549) (7,249) - -------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in demand deposits, transaction deposits, money market deposits, and savings accounts (4,053) 26,696 Net change in certificates of deposit 406 228,610 Net change in other borrowings 181,926 (242,867) Issuance of subordinated debenture 20,000 - Issuance of preferred, common and treasury stock, net 98 74 19 Payments on stock option notes receivable 82 10 - -------------------------------------------------------------------------------- Net cash provided by financing activities 198,459 12,523 - -------------------------------------------------------------------------------- Net change in cash and cash equivalents 51,749 (5,575) Cash and cash equivalents at beginning of period 367,551 311,939 - -------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 419,300 $ 306,364 ================================================================================ CASH PAID FOR INTEREST $ 42,118 $ 38,876 ================================================================================ CASH PAID FOR TAXES $ 385 $ 253 ================================================================================ NET LOANS TRANSFERRED TO REPOSSESSED REAL ESTATE AND OTHER ASSETS $ 694 $ 223 ================================================================================ PAYMENT OF PREFERRED STOCK DIVIDENDS IN COMMON STOCK $ 375 $ 375 ================================================================================ See accompanying notes to consolidated financial statements . 20 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) BASIS OF PRESENTATION The accounting and reporting policies of BOK Financial Corporation conform to generally accepted accounting principles and to generally accepted practices within the banking industry. The Consolidated Financial Statements of BOK Financial include the accounts of BOK Financial and its subsidiaries, primarily Bank of Oklahoma, N.A. ("BOk"), Bank of Arkansas N.A. (formerly Citizens Bank of Northwest Arkansas, N.A.), First National Bank of Park Cities, and First Texas Bank. Certain prior period balances have been reclassified to conform with the current period presentation. (2) MORTGAGE BANKING ACTIVITIES At March 31, 1997, BOk owned the rights to service 83,330 mortgage loans with outstanding principal balances of $6.0 billion, including $234 million serviced for BOk. The weighted average interest rate and remaining term was 7.70% and 280 months, respectively. Activity in capitalized mortgage servicing rights and related valuation allowance during the current period is as follows: Capitalized Mortgage Servicing Rights ------------------------------------------------------ Valuation Purchased Originated Total Allowance Net ------------------------------------------------------ Balance at December 31, 1996 $ 57,256 $ 5,188 $ 62,444 $ (900) $ 61,544 Additions 7,079 935 8,014 - 8,014 Amortization expense (2,253) (300) (2,553) - (2,553) ------------------------------------------------------ Balance at March 31, 1997 $ 62,082 $ 5,823 $ 67,905 $ (900) $ 67,005 ====================================================== Estimated fair value of mortgage servicing rights (1) $ 85,013 $ 10,936 $ 95,949 $ - $ 95,949 ====================================================== (1) Excludes approximately $16.0 million of loan servicing rights on mortgage loans originated prior to the adoption of FAS 122. 21 (3) DISPOSAL OF AVAILABLE FOR SALE SECURITIES Sales of available for sale securities for the three months ending March 31, 1997 resulted in gains and losses as follows (in thousands): Proceeds 75,508 Gross realized gains 435 Gross realized losses 173 Related federal and state income tax expense (benefit) 85 (4) ACQUISITIONS During the first quarter of 1997, BOK Financial completed the acquisitions of Park Cities Bancshares, Inc. and its subsidiary, First National Bank of Park Cities, Dallas, Texas (collectively "Park Cities") and First Texcorp, Inc. and its subsidiary First Texas Bank, Dallas, Texas (collectively "First Texas"). 22 On February 12, 1997, BOK Financial issued notes totaling $10.9 million and $40.0 million in cash to acquire all outstanding common shares of Park Cities and on March 4, 1997, BOK Financial paid $39.3 million to acquire all outstanding common shares of First Texas. Both of these acquisitions were accounted for by the purchase method of accounting. Preliminary allocation of the purchase price to the net assets acquired is as follows: Park First Cities Texas ---------- ---------- Cash and cash equivalents $ 59,417 $ 32,164 Securities 102,505 45,967 Loans 79,124 58,714 Less allowance for loan losses (1,081) (1,444) -------- --------- Loans, net 78,043 57,270 Premises and equipment 3,357 1,784 Core deposit premium 6,544 4,565 Other assets 4,864 4,518 -------- --------- Total assets acquired 254,730 146,268 -------- --------- Deposits: Noninterest bearing 67,275 56,441 Interest bearing 158,352 62,664 -------- --------- Total deposits 225,627 119,105 Borrowed funds 290 333 Other liabilities 955 1,838 --------- --------- Total liabilities assumed 226,872 121,276 --------- --------- Net assets acquired (27,858) (24,992) Purchase price 50,855 39,263 --------- --------- Goodwill $ 22,997 $ 14,271 ========= ========= In conjunction with these acquisitions, BOK Financial issued a $20.0 subordinated debenture to an affiliate of its principal shareholder, George B. Kaiser. The terms of this debt provide for quarterly interest payments based upon the 30 day LIBOR rate plus 70 basis points. Principal payment is due on March 4, 2004. 23 (5) EARNINGS PER SHARE In February 1997, the Financial Accounting Standards Board issued Statement No. 128, Earnings Per Share, which is required to be adopted on December 31, 1997. At that time, BOKF will be required to change the method currently used to compute earnings per share and to restate for all periods presented. This new standard requires the disclosure of basic earnings per share and diluted earnings per share in place of primary and fully diluted earnings per share. The pro forma results of applying FAS 128 to the first quarter of 1997 are basic earnings per share of $0.71 and diluted earnings per share of $0.63. (6) CONTINGENT LIABILITIES In the ordinary course of business, BOK Financial and its subsidiaries are subject to legal actions and complaints. Management believes, based upon the opinion of counsel, that the actions and liability or loss, if any, resulting from the final outcomes of the proceedings, will not be material in the aggregate. 24 QUARTERLY FINANCIAL SUMMARY - UNAUDITED Consolidated Daily Average Balances, Average Yields and Rates (In Thousands Except Share Data) For Three months ended ----------------------------------------------------------- March 31, 1997 December 31, 1996 ----------------------------------------------------------- Average Revenue/ Yield Average Revenue/ Yield Balance Expense(1) /Rate Balance Expense(1) /Rate ----------------------------------------------------------- ASSETS Taxable securities $ 1,484,137 $ 22,861 6.25% $ 1,326,104 $ 20,042 6.01% Tax-exempt securities(1) 339,542 6,135 7.33 330,195 6,129 7.38 - -------------------------------------------------------------------------------------------- Total securities 1,823,679 28,996 6.45 1,656,299 26,171 6.29 - -------------------------------------------------------------------------------------------- Trading securities 3,790 58 6.21 3,870 72 7.40 Funds sold 50,967 711 5.66 24,949 356 5.68 Loans(2) 2,414,234 51,446 8.64 2,329,981 50,414 8.61 Less reserve for loan losses 46,771 -- -- 45,455 -- -- - -------------------------------------------------------------------------------------------- Loans, net of reserve 2,367,463 51,446 8.81 2,284,526 50,414 8.78 - -------------------------------------------------------------------------------------------- Total earning assets 4,245,899 81,211 7.76 3,969,644 77,013 7.72 - -------------------------------------------------------------------------------------------- Cash and other assets 532,386 475,824 - -------------------------------------------------------------------------------------------- Total assets $ 4,778,285 $ 4,445,468 ============================================================================================ LIABILITIES AND SHAREHOLDERS' EQUITY Transaction deposits $ 988,110 7,987 3.28 $ 891,053 7,678 3.43 Savings deposits 103,542 564 2.21 96,609 595 2.45 Other time deposits 1,565,153 21,433 5.55 1,533,447 21,582 5.60 - -------------------------------------------------------------------------------------------- Total interest-bearing deposits 2,656,805 29,984 4.58 2,521,109 29,855 4.71 - -------------------------------------------------------------------------------------------- Other borrowings 990,278 13,668 5.60 887,502 12,707 5.70 Subordinated debenture 6,666 96 5.84 -- -- -- - -------------------------------------------------------------------------------------------- Total interest-bearing liabilities 3,653,749 43,748 4.86 3,408,611 42,562 4.97 - -------------------------------------------------------------------------------------------- Demand deposits 688,440 633,441 Other liabilities 68,159 60,023 Shareholders' equity 367,937 343,393 - -------------------------------------------------------------------------------------------- 25 Total liabilities and shareholders' equity $ 4,778,285 $ 4,445,468 - -------------------------------------------------------------------------------------------- TAX-EQUIVALENT NET INTEREST REVENUE(1) 37,463 2.90 34,451 2.75 TAX-EQUIVALENT NET INTEREST REVENUE(1) TO EARNING ASSETS 3.58 3.45 Less tax-equivalent adjustment(1) 2,401 2,207 - -------------------------------------------------------------------------------------------- NET INTEREST REVENUE 35,062 32,244 Provision for loan losses 1,026 357 Other operating revenue 30,452 27,534 Other operating expense 41,726 38,315 - -------------------------------------------------------------------------------------------- INCOME BEFORE TAXES 22,762 21,106 Federal and state income tax 7,415 6,540 - -------------------------------------------------------------------------------------------- NET INCOME $ 15,347 $ 14,566 - -------------------------------------------------------------------------------------------- EARNINGS PER SHARE: NET INCOME Primary $ 0.70 $ 0.66 - -------------------------------------------------------------------------------------------- Fully Diluted $ 0.63 $ 0.60 ============================================================================================ (1) Tax - equivalent at the statutory federal and state rates for all periods presented. The taxable equivalent adjustments shown above are for comparative purposes. (2) The loan averages include loans on which the accrual of interest has been discontinued and are stated net of unearned income.
26 For Three months ended - --------------------------------------------------------------------------------------------------------------- September 30, 1996 June 30, 1996 March 31, 1996 - --------------------------------------------------------------------------------------------------------------- Average Revenue/ Yield Average Revenue/ Yield Average Revenue/ Yield Balance Expense(1) /Rate Balance Expense(1) /Rate Balance Expense(1) /Rate - --------------------------------------------------------------------------------------------------------------- $ 1,281,588 $ 19,610 6.09% $ 1,258,382 $ 18,841 6.02% $ 1,274,853 $ 19,095 6.02% 315,844 5,920 7.46 304,450 5,720 7.56 269,115 5,032 7.52 - --------------------------------------------------------------------------------------------------------------- 1,597,432 25,530 6.36 1,562,832 24,561 6.32 1,543,968 24,127 6.28 - --------------------------------------------------------------------------------------------------------------- 4,116 73 7.06 6,416 100 6.27 6,005 95 6.36 21,040 298 5.63 43,274 574 5.33 27,409 402 5.90 2,254,863 49,173 8.68 2,233,711 49,085 8.84 2,189,423 47,866 8.79 43,510 -- -- 40,311 -- -- 38,966 -- -- - --------------------------------------------------------------------------------------------------------------- 2,211,353 49,173 8.85 2,193,400 49,085 9.00 2,150,457 47,866 8.95 - --------------------------------------------------------------------------------------------------------------- 3,833,941 75,074 7.79 3,805,922 74,320 7.85 3,727,839 72,490 7.82 - --------------------------------------------------------------------------------------------------------------- 469,575 468,001 454,281 - --------------------------------------------------------------------------------------------------------------- $ 4,303,516 $ 4,273,923 $ 4,182,120 =============================================================================================================== $ 864,904 7,411 3.41 $ 832,127 6,860 3.32 $ 804,723 6,387 3.19 101,328 616 2.42 103,274 624 2.43 103,931 629 2.43 1,548,832 21,757 5.59 1,605,179 22,122 5.54 1,533,143 21,805 5.72 - --------------------------------------------------------------------------------------------------------------- 2,515,064 29,784 4.71 2,540,580 29,606 4.69 2,441,797 28,821 4.75 - --------------------------------------------------------------------------------------------------------------- 780,037 11,160 5.69 732,122 10,167 5.59 778,343 10,993 5.68 -- -- -- -- -- -- -- -- -- - --------------------------------------------------------------------------------------------------------------- 3,295,101 40,944 4.94 3,272,702 39,773 4.89 3,220,140 39,814 4.97 - --------------------------------------------------------------------------------------------------------------- 631,981 629,973 588,624 53,609 58,979 63,065 322,825 312,269 310,291 - --------------------------------------------------------------------------------------------------------------- 27 $ 4,303,516 $ 4,273,923 $ 4,182,120 =============================================================================================================== 34,130 2.85 34,547 2.96 32,676 2.85 3.54 3.65 3.53 2,184 2,100 1,874 - --------------------------------------------------------------------------------------------------------------- 31,946 32,447 30,802 62 2,937 911 27,228 23,966 26,584 40,297 42,774 37,642 - --------------------------------------------------------------------------------------------------------------- 18,815 10,702 18,833 5,840 (2,889) 5,838 - --------------------------------------------------------------------------------------------------------------- $ 12,975 $ 13,591 $ 12,995 =============================================================================================================== $ 0.59 $ 0.62 $ 0.60 - --------------------------------------------------------------------------------------------------------------- $ 0.54 $ 0.57 $ 0.54 ===============================================================================================================
28 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K (A) Exhibits: No. 27 Financial Data Schedule filed herewith electronically. (B) Reports on Form 8-K: No reports on Form 8-K were filed during the three months ended March 31, 1997. SIGNATURES 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 thereunto duly authorized. BOK FINANCIAL CORPORATION ------------------------- (Registrant) Date: April 15, 1997 /s/ James A. White --------------- ------------------- James A. White Executive Vice President and Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
9 This schedule contains summary financial information extracted from the BOK Financial Corporation's 10-Q for the period ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1997 MAR-31-1997 342,913 100 76,387 3,887 1,787,637 202,750 202,325 2,499,613 48,517 5,184,512 3,598,698 1,025,367 66,118 123,153 0 23 1 371,176 5,184,512 51,355 26,686 769 78,810 29,984 43,748 35,062 1,026 262 41,726 22,762 15,347 0 0 15,347 .70 .63 3.58 20,254 17,838 0 45,519 45,148 1,240 1,058 48,517 48,517 0 0
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