BOK Financial Corporation : BOK Financial Reports Quarterly Earnings of $84 Million
04/24/2012| 08:15am US/Eastern
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Commercial Loans Up 15%; Dividend to Increase 15%
BOK Financial Corporation reported net income of $83.6 million or $1.22
per diluted share, up 29% over the first quarter of 2011. Net income was
$64.8 million or $0.94 per diluted share for the first quarter of 2011
and $67.0 million or $0.98 per diluted share for the fourth quarter of
2011.
"BOK Financial is pleased to announce results for the first quarter of
2012," said President and CEO Stan Lybarger. "The year has started with
strong growth in revenues and loans. Net interest revenue and fees and
commissions revenue combined were up 8% over the previous year.
Outstanding commercial loan balances increased 15% over March 31, 2011.
In addition, net loans charged-off and nonperforming asset balances
continue to decline. The Company's sustained performance and strong
capital position allows us to increase our quarterly cash dividend. This
is the seventh consecutive annual increase since we paid our first cash
dividend in 2005."
Highlights of first quarter of 2012 included:
Net interest revenue increased to $173.6 million for the first quarter
of 2012 from $171.5 million for the fourth quarter of 2011. Net
interest margin was 3.19% for the first quarter of 2012 compared to
3.20% for the fourth quarter of 2011.
Fees and commissions revenue totaled $144.3 million, up $12.5 million
over the fourth quarter of 2011. Mortgage banking revenue increased
$7.6 million and brokerage and trading revenue increased $5.5 million.
Operating expenses, excluding changes in the fair value of mortgage
servicing rights, totaled $192.4 million, down $21.6 million compared
to the previous quarter. Personnel expenses decreased $6.4 million and
non-personnel expense decreased $15.2 million.
No provision for credit losses was recorded in the first quarter of
2012 compared to a $15.0 million negative provision for credit losses
recorded in the fourth quarter of 2011. Net charge-offs continued to
decrease and other credit quality indicators continue to improve.
The combined allowance for credit losses totaled $254 million or 2.20%
of outstanding loans at March 31, 2012 compared to $263 million or
2.33% of outstanding loans at December 31, 2011. Nonperforming assets
totaled $336 million or 2.87% of outstanding loans and repossessed
assets at March 31, 2012 and $357 million or 3.13% of outstanding
loans and repossessed assets at December 31, 2011.
Outstanding loan balances were $11.6 billion at March 31, 2012, up
$308 million over December 31, 2011. Commercial loan balances
increased $371 million over December 31, 2011. Consumer loans
decreased $38 million, commercial real estate loans decreased $16
million and residential mortgage loans decreased $9.6 million.
Period end deposits totaled $18.5 billion at March 31, 2012 compared
to $18.8 billion at December 31, 2011. Demand deposit accounts
increased $389 million offset by a $446 million decrease in
interest-bearing transaction accounts and a $216 million decrease in
time deposits.
Tangible common equity ratio was 9.75% at March 31, 2012 and 9.56% at
December 31, 2011. The tangible common equity ratio is a non-GAAP
measure of capital strength used by the Company and investors based on
shareholders' equity minus intangible assets and equity that does not
benefit common shareholders. The Company and its subsidiary bank
continue to exceed the regulatory definition of well capitalized. The
Company's Tier 1 capital ratios, as defined by banking regulations,
were 13.03% at March 31, 2012 and 13.27% at December 31, 2011.
The Company paid a cash dividend of $23 million or $0.33 per common
share during the first quarter of 2012. The Company will increase the
quarterly cash dividend to $0.38 per common share payable on or about
May 29, 2012 to shareholders of record as of May 15, 2012.
Net Interest Revenue
Net interest revenue increased $2.1 million over the fourth quarter of
2011. Net interest margin decreased 1 basis point from the prior quarter
to 3.19%.
The yield on average earning assets decreased 5 basis points compared to
the preceding quarter. The available for sale securities portfolio yield
increased 12 basis points to 2.50% due to slower prepayment speeds on
residential mortgage-backed securities. The loan portfolio yield
decreased by 15 basis points to 4.50%. The cost of interest-bearing
liabilities decreased 3 basis points from the previous quarter to 0.63%.
The effect of lower interest rates on net interest revenue was partially
offset by earning asset growth. Average earning assets increased $192
million during the first quarter of 2012. Average outstanding loans
increased $284 million due primarily to a $355 million increase in
commercial loan balances, partially offset by decreases in consumer,
commercial real estate and residential mortgage loans. The average
balance of fair value option securities decreased $105 million compared
to the fourth quarter of 2011. These securities are generally used as an
economic hedge against changes in the value of mortgage servicing rights
and the average outstanding balance can change significantly.
Average interest-bearing deposits decreased $174 million compared to the
previous quarter. Average time deposit account balances decreased $239
million and average interest-bearing transaction account balances
increased $43 million. Average demand deposits increased $259 million.
Average balances of borrowed funds increased $119 million over the
fourth quarter of 2011.
Fees and Commissions Revenue
Fees and commissions revenue increased $12.5 million over the fourth
quarter of 2011 to $144.3 million. Mortgage banking revenue increased
$7.6 million and brokerage and trading revenue increased $5.5 million.
Residential mortgage loan production revenue increased $7.7 million
compared to the previous quarter. The unpaid principal balance of
residential mortgage loans held for sale was up $53 million or 30% and
outstanding mortgage loan commitments were up $113 million or 59% over
December 31, 2011. Residential mortgage loans funded for sale totaled
$698 million for the first quarter of 2012 compared to $753 million for
the fourth quarter of 2011. Refinanced mortgage loans were 67% of loans
originated for sale in the first quarter of 2012 compared to 66% of the
loans originated for sale in the fourth quarter of 2011. Revenue from
interest rate derivatives used by our customers to hedge residential
mortgage loan production, included in brokerage and trading revenue,
increased $2.4 million.
Operating Expenses
Total operating expenses were $185.2 million for the first quarter of
2012 compared to $219.2 million for the fourth quarter of 2011.
Excluding changes in the fair value of mortgage servicing rights,
operating expenses totaled $192.4 million, down $21.6 million compared
to the fourth quarter of 2011.
Personnel costs decreased $6.4 million due primarily to decreased
incentive compensation expense. Stock-based incentive compensation
expense decreased $7.8 million, due primarily to the timing of accruals
for the BOK Financial Corporation 2011 True-Up Plan and first quarter
performance of BOK Financial stock and other investments. Approved by
shareholders on April 26, 2011, the True-Up Plan is designed to adjust
annual and long-term performance-based incentive compensation for
certain senior executives either upward or downward based on the
earnings per share performance and compensation of comparable senior
executives at peer banks.
Non-personnel expense was down $15.2 million compared to the fourth
quarter of 2011 across most non-personnel expense categories. Data
processing and communication expense decreased $4.5 million primarily
due to the favorable resolution of a dispute with a service provider.
Net losses and operating expenses of repossessed assets were down $3.9
million primarily due to decreased write-downs and net losses on sales
of repossessed assets. Mortgage banking costs were down $2.6 million due
primarily to lower foreclosure expenses on loans serviced for others.
Loans, Deposits and Capital
Loans
Outstanding loans at March 31, 2012 were $11.6 billion, up $308 million
over December 31, 2011. Growth in commercial loans was partially offset
by decreases in commercial real estate, residential mortgage and
consumer loans.
Outstanding commercial loan balances increased $371 million over
December 31, 2011 due primarily to $256 million in loans attributed to
Oklahoma and $90 million in loans attributed to Texas. Energy sector
loans increased $191 million, growing in the Oklahoma, Texas and
Colorado markets. Service sector loans increased $136 million primarily
in the Oklahoma market. Wholesale/retail sector loans increased $40
million primarily in the Oklahoma, Texas and Kansas/Missouri markets.
Unfunded energy loan commitments increased $71 million during the first
quarter to $2.0 billion. All other unfunded commercial loan commitments
totaled $3.1 billion at March 31, 2012.
Commercial real estate loans decreased $16 million compared to the
fourth quarter of 2011. Loans secured by multifamily residential
properties increased $64 million primarily related to loans in the Texas
and Colorado markets. Loans secured by retail properties decreased $28
million primarily in the Texas and Kansas/Missouri markets, partially
offset by an increase in loans attributed to the Oklahoma market. Other
real estate loans decreased $25 million primarily in the New Mexico
market. Loans secured by office buildings decreased by $20 million
primarily in the Texas and Colorado markets, partially offset by
increased loan balances attributed to the Oklahoma market. Construction
and land development loan balances continued to decline, down $16
million, primarily in the Colorado market. Unfunded commercial real
estate loan commitments totaled $450 million at March 31, 2012, up $95
million over December 31, 2011.
Residential mortgage loans decreased $9.6 million compared to December
31, 2011. Home equity loans increased $12 million. Non-guaranteed
permanent mortgage loans decreased $17 million and permanent mortgage
loans guaranteed by U.S. government agencies decreased $4.1 million.
Consumer loans decreased $38 million from December 31, 2011. Indirect
automobile loans decreased $23 million primarily due to continued runoff
related to the previously announced decision to curtail that business in
favor of a customer-focused direct approach to consumer lending.
Approximately $82 million of indirect automobile loans remain
outstanding at March 31, 2012. Other consumer loans decreased $15
million.
Deposits
Deposits totaled $18.5 billion at March 31, 2012 compared to $18.8
billion at December 31, 2011. Demand deposit balances increased $389
million, interest-bearing transaction account balances decreased $446
million and time deposits decreased $216 million. Among the lines of
business, commercial deposits decreased $223 million and wealth
management deposits decreased $36 million, partially offset by a $34
million seasonal increase in consumer deposits. The decrease in
commercial deposit balances was largely driven by seasonal decreases in
state and municipal deposits, along with lower commercial and industrial
and energy account balances.
Capital
The Company and its subsidiary bank exceeded the regulatory definition
of well capitalized at March 31, 2012. The Company's Tier 1 capital
ratio was 13.03% at March 31, 2012 and 13.27% at December 31, 2011. The
total capital ratio was 16.16% at March 31, 2012 and 16.49% at December
31, 2011. In addition, the Company's tangible common equity ratio, a
non-GAAP measure, was 9.75% at March 31, 2012 and 9.56% at December 31,
2011. Unrealized securities gains added 57 basis points to the tangible
common equity ratio at March 31, 2012. The Company repurchased 345,300
common shares at an average price of $53.38 per share during the first
quarter through a previously-announced share repurchase program.
Credit Quality
Nonperforming assets decreased $21 million during the first quarter to
$336 million or 2.87% of outstanding loans and repossessed assets at
March 31, 2012. Nonaccruing loans decreased $18 million and real estate
and other repossessed assets decreased $7.0 million. Renegotiated loans,
largely consisting of residential mortgage loans guaranteed by U.S.
government agencies, increased $3.9 million.
Nonaccruing loans totaled $183 million or 1.58% of outstanding loans at
March 31, 2012 and $201 million or 1.79% of outstanding loans at
December 31, 2011. During the first quarter of 2012, $21 million of new
nonaccruing loans were identified offset by $20 million in payments
received, $14 million in charge-offs and $8.3 million in foreclosures
and repossessions.
Nonaccruing commercial loans totaled $62 million or 0.89% of total
commercial loans at March 31, 2012, down $7.1 million since December 31,
2011. Nonaccruing manufacturing sector loans are primarily composed of a
single customer relationship in the Oklahoma market totaling $21
million. Nonaccruing wholesale/retail sector loans are primarily
composed of a single customer relationship in the Arkansas market
totaling $11 million.
Nonaccruing commercial real estate loans totaled $86 million or 3.82% of
outstanding commercial real estate loans at March 31, 2012, down $13
million from December 31, 2011. Nonaccruing commercial real estate loans
continued to be largely concentrated in land development and residential
construction loans with $52 million or 17% of all land development and
construction loans nonaccruing at March 31, 2012.
Nonaccruing residential mortgage loans decreased $2.3 million during the
first quarter of 2012 to $27 million or 1.40% of outstanding residential
mortgage loans. Principally all non-guaranteed residential mortgage
loans past due 90 days or more are nonaccruing. Residential mortgage
loans past due 30 to 89 days and still accruing interest, excluding
loans guaranteed by U.S. government agencies, totaled $15 million at
March 31, 2012 and $20 million at December 31, 2011.
The combined allowance for credit losses totaled $254 million or 2.20%
of outstanding loans and 138% of nonaccruing loans at March 31, 2012.
The allowance for loan losses was $244 million and the accrual for
off-balance sheet credit losses was $10 million. Quarterly net
charge-offs continue to decline. Net loans charged-off against the
allowance for loan loss totaled $8.5 million or 0.30% on an annualized
basis for the first quarter of 2012 compared to $9.5 million or 0.34% on
an annualized basis for the fourth quarter of 2011. Other credit factors
also continued to improve. Most economic indicators are stable or
improving in our primary markets. After evaluating all credit factors,
the Company determined that no provision for credit losses was necessary
during the first quarter of 2012.
Real estate and other repossessed assets totaled $116 million at March
31, 2012, primarily consisting of $42 million of 1-4 family residential
properties (including $20 million guaranteed by U.S. government
agencies), $36 million of developed commercial real estate properties,
$19 million of undeveloped land and $17 million of residential land and
land development properties. The distribution of real estate owned and
other repossessed assets among various markets included $32 million
attributed to Arizona, $25 million attributed to Texas, $15 million
attributed to New Mexico, $15 million attributed to Oklahoma and $11
million attributed to Colorado. Real estate and other repossessed assets
decreased by $7.0 million during the first quarter. Sales of $33 million
were partially offset by $26 million of additions. Additions included
$18 million and sales included $15 million of 1-4 family residential
properties guaranteed by U.S. government agencies. Write-downs and net
losses on sales of real estate and other repossessed assets totaled $520
thousand.
The Company also has off-balance sheet credit risk related to
residential mortgage loans sold prior to 2008 to U.S. government
agencies under various community development programs with full recourse
for the life of the loans. The outstanding principal balance of these
loans decreased to $248 million at March 31, 2012 from $259 million at
December 31, 2011. The loans are primarily to borrowers in our market
areas, including $177 million in Oklahoma. At March 31, 2012,
approximately 5% of these loans are nonperforming and 4% were past due
30 to 89 days. A separate accrual for credit risk of $19 million is
available to absorb losses on these loans.
Securities and Derivatives
The fair value of the available for sale securities portfolio totaled
$10.2 billion at March 31, 2012 and December 31, 2011. The available for
sale portfolio consisted primarily of residential mortgage-backed
securities, including $9.7 billion fully backed by U.S. government
agencies and $326 million privately issued by publicly owned financial
institutions. Privately issued mortgage-backed securities included $206
million backed by Jumbo-A residential mortgage loans and $120 million
backed by Alt-A residential mortgage loans.
Net unrealized gains on available for sale securities totaled $277
million at March 31, 2012 and $222 million at December 31, 2011. Net
unrealized gains on residential mortgage-backed securities issued by
U.S. government agencies increased $8.2 million to $299 million at March
31, 2012. Net unrealized losses on privately issued residential
mortgage-backed securities totaled $45 million at March 31, 2012 and $84
million at December 31, 2011.
The amortized cost of privately issued residential mortgage-backed
securities totaled $371 million at March 31, 2012, down $132 million
since December 31, 2011. All of these securities are rated below
investment grade by at least one nationally-recognized rating agency. In
response to price increases during the first quarter of 2012, the
Company sold $107 million of privately issued residential
mortgage-backed securities at a $7.4 million loss. The amortized cost of
these securities also decreased $21 million from cash payments received
and $3.7 million for credit-related impairment charges. Unrealized
losses on privately issued mortgage-backed securities decreased $28
million due to changes in fair value during the quarter.
The Company also recognized $11.7 million of gains on sales of $892
million of available for sale securities in the first quarter of 2012
and $7.1 million of net gains on sales of $667 million of available for
sale securities in the fourth quarter of 2011. Certain of these
securities were sold based on consideration of this price strength and
their expected potential return. Other securities were sold either
because they had reached their expected maximum potential total return
or to mitigate exposure to prepayment risk.
The Company also maintains a portfolio of residential mortgage-backed
securities issued by U.S. government agencies and interest rate
derivative contracts designated as an economic hedge of the changes in
the fair value of our mortgage servicing rights. Residential mortgage
interest rates increased during the first quarter of 2012, causing
prepayment speeds to slow and the value of our mortgage servicing rights
to increase by $7.1 million. This increase was partially offset by a
$4.8 million decrease in the value of securities and interest rate
derivative contracts held as an economic hedge.
About BOK Financial Corporation
BOK Financial is a $25 billion regional financial services company based
in Tulsa, Oklahoma. The Company's stock is publicly traded on NASDAQ
under the Global Select market listings (symbol: BOKF). BOK Financial's
holdings include BOKF, NA, BOSC, Inc. and Cavanal Hill Investment
Management, Inc. BOKF, NA operates the TransFund electronic funds
network and seven banking divisions: Bank of Albuquerque, Bank of
Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank
of Texas and Colorado State Bank and Trust. Through its subsidiaries,
the Company provides commercial and consumer banking, investment and
trust services, mortgage origination and servicing, and an electronic
funds transfer network. For more information, visit www.bokf.com.
The Company will continue to evaluate critical assumptions and
estimates, such as the adequacy of the allowance for credit losses and
asset impairment as of March 31, 2012 through the date its financial
statements are filed with the Securities and Exchange Commission and
will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about BOK Financial, the financial services industry and the
economy generally. Words such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "plans," "projects," variations of such words
and similar expressions are intended to identify such forward-looking
statements. Management judgments relating to and discussion of the
provision and allowance for credit losses involve judgments as to future
events and are inherently forward-looking statements. Assessments that
BOK Financial's acquisitions and other growth endeavors will be
profitable are necessary statements of belief as to the outcome of
future events based in part on information provided by others which BOK
Financial has not independently verified. These statements are not
guarantees of future performance and involve certain risks,
uncertainties, and assumptions which are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from what
is expected, implied or forecasted in such forward-looking statements.
Internal and external factors that might cause such a difference
include, but are not limited to (1) the ability to fully realize
expected cost savings from mergers within the expected time frames, (2)
the ability of other companies on which BOK Financial relies to provide
goods and services in a timely and accurate manner, (3) changes in
interest rates and interest rate relationships, (4) demand for products
and services, (5) the degree of competition by traditional and
nontraditional competitors, (6) changes in banking regulations, tax
laws, prices, levies and assessments, (7) the impact of technological
advances and (8) trends in consumer behavior as well as their ability to
repay loans. BOK Financial and its affiliates undertake no obligation to
update, amend or clarify forward-looking statements, whether as a result
of new information, future events, or otherwise.
BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
March 31,
December 31,
March 31,
2012
2011
2011
(Unaudited)
(Unaudited)
(Unaudited)
ASSETS
Cash and due from banks
$
691,697
$
976,191
$
805,928
Funds sold and resell agreements
14,609
10,174
2,462
Trading securities
128,376
76,800
80,719
Investment securities
427,259
439,236
343,401
Available for sale securities
10,186,597
10,179,365
9,665,901
Fair value option securities
347,952
651,226
326,624
Residential mortgage loans held for sale
247,039
188,125
127,119
Loans:
Commercial
6,942,641
6,571,454
6,048,257
Commercial real estate
2,264,103
2,279,909
2,222,982
Residential mortgage
1,960,888
1,970,461
1,777,321
Consumer
409,812
447,919
541,275
Total loans
11,577,444
11,269,743
10,589,835
Less allowance for loan losses
(244,209
)
(253,481
)
(289,549
)
Loans, net of allowance
11,333,235
11,016,262
10,300,286
Premises and equipment, net
263,579
262,735
265,532
Receivables
138,325
123,257
113,060
Goodwill
335,601
335,601
335,601
Intangible assets, net
9,645
10,219
12,906
Mortgage servicing rights, net
98,138
86,783
120,345
Real estate and other repossessed assets
115,790
122,753
131,420
Bankers' acceptances
3,493
1,881
1,884
Derivative contracts
384,996
293,859
245,124
Cash surrender value of bank-owned life insurance
266,227
263,318
258,322
Receivable on unsettled securities sales
511,288
75,151
242,828
Other assets
380,327
381,010
321,561
TOTAL ASSETS
$
25,884,173
$
25,493,946
$
23,701,023
LIABILITIES AND EQUITY
Deposits:
Demand
$
6,189,172
$
5,799,785
$
4,457,187
Interest-bearing transaction
8,908,397
9,354,456
9,528,864
Savings
259,619
226,357
209,264
Time
3,166,099
3,381,982
3,677,611
Total deposits
18,523,287
18,762,580
17,872,926
Funds purchased
1,784,940
1,063,318
466,749
Repurchase agreements
1,162,546
1,233,064
1,006,051
Other borrowings
209,230
74,485
36,864
Subordinated debentures
394,760
398,881
398,744
Accrued interest, taxes, and expense
180,840
149,508
135,486
Bankers' acceptances
3,493
1,881
1,884
Due on unsettled securities purchases
305,166
653,371
843,904
Derivative contracts
305,290
236,522
156,038
Other liabilities
144,220
133,684
184,689
TOTAL LIABILITIES
23,013,772
22,707,294
21,103,335
Shareholders' equity:
Capital, surplus and retained earnings
2,673,001
2,621,489
2,467,820
Accumulated other comprehensive income
161,418
128,979
108,313
TOTAL SHAREHOLDERS' EQUITY
2,834,419
2,750,468
2,576,133
Non-controlling interest
35,982
36,184
21,555
TOTAL EQUITY
2,870,401
2,786,652
2,597,688
TOTAL LIABILITIES AND EQUITY
$
25,884,173
$
25,493,946
$
23,701,023
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
ASSETS
Funds sold and resell agreements
$
11,385
$
12,035
$
12,344
$
8,814
$
20,680
Trading securities
95,293
97,972
88,576
80,113
60,768
Investment securities
430,890
443,326
329,627
357,698
339,246
Available for sale securities
9,947,227
9,914,523
9,656,592
9,543,482
9,376,674
Fair value option securities
555,233
660,025
594,629
518,073
397,093
Residential mortgage loans held for sale
182,372
201,242
156,621
134,876
125,494
Loans:
Commercial
6,858,308
6,502,981
6,329,135
6,145,918
6,084,765
Commercial real estate
2,236,601
2,256,153
2,208,757
2,172,166
2,236,400
Residential mortgage
1,937,069
1,949,929
1,868,627
1,858,117
1,788,049
Consumer
404,834
443,252
466,285
504,553
544,542
Total loans
11,436,811
11,152,315
10,872,805
10,680,755
10,653,756
Less allowance for loan losses
(252,538
)
(266,473
)
(285,570
)
(291,308
)
(295,014
)
Total loans, net
11,184,273
10,885,842
10,587,235
10,389,447
10,358,742
Total earning assets
22,406,673
22,214,965
21,425,624
21,032,503
20,678,697
Cash and due from banks
908,628
1,234,312
1,045,450
764,806
1,095,910
Cash surrender value of bank-owned life insurance
264,354
261,496
260,505
259,337
256,456
Derivative contracts
311,178
247,411
228,466
253,163
211,895
Other assets
1,625,750
1,679,256
1,661,693
1,669,426
1,496,816
TOTAL ASSETS
$
25,516,583
$
25,637,440
$
24,621,738
$
23,979,235
$
23,739,774
LIABILITIES AND EQUITY
Deposits:
Demand
$
5,847,682
$
5,588,596
$
5,086,538
$
4,554,000
$
4,265,657
Interest-bearing transaction
9,319,978
9,276,608
9,310,046
9,184,141
9,632,595
Savings
241,442
220,236
214,979
210,707
203,638
Time
3,246,362
3,485,059
3,617,731
3,632,130
3,616,991
Total deposits
18,655,464
18,570,499
18,229,294
17,580,978
17,718,881
Funds purchased
1,337,614
1,197,154
994,099
1,168,670
820,969
Repurchase agreements
1,183,778
1,189,861
1,128,275
1,004,217
1,062,359
Other borrowings
72,911
88,489
128,288
187,441
144,987
Subordinated debentures
397,440
398,858
398,812
398,767
398,723
Derivative contracts
207,864
180,623
187,515
175,199
144,492
Other liabilities
826,279
1,241,469
817,049
813,074
884,566
TOTAL LIABILITIES
22,681,350
22,866,953
21,883,332
21,328,346
21,174,977
Total equity
2,835,233
2,770,487
2,738,406
2,650,889
2,564,797
TOTAL LIABILITIES AND EQUITY
$
25,516,583
$
25,637,440
$
24,621,738
$
23,979,235
$
23,739,774
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended
March 31,
2012
2011
Interest revenue
$
198,208
$
202,089
Interest expense
24,639
31,450
Net interest revenue
173,569
170,639
Provision for (reduction of) allowances for credit losses
-
6,250
Net interest revenue after
provision for credit losses
173,569
164,389
Other operating revenue
Brokerage and trading revenue
31,111
25,376
Transaction card revenue
25,430
28,445
Trust fees and commissions
18,438
18,422
Deposit service charges and fees
24,379
22,480
Mortgage banking revenue
33,078
17,356
Bank-owned life insurance
2,871
2,863
Other revenue
9,027
8,332
Total fees and commissions
144,334
123,274
Gain (loss) on other assets, net
(356
)
(68
)
Gain (loss) on derivatives, net
(2,473
)
(2,413
)
Gain (loss) on fair value option securities, net
(1,733
)
(3,518
)
Gain on available for sale securities, net
4,331
4,902
Total other-than-temporary impairment losses
(505
)
-
Portion of loss recognized in (reclassified from)
other comprehensive income
(3,217
)
(4,599
)
Net impairment losses recognized in earnings
(3,722
)
(4,599
)
Total other operating revenue
140,381
117,578
Other operating expense
Personnel
114,769
99,994
Business promotion
4,388
4,624
Professional fees and services
7,599
7,458
Net occupancy and equipment
16,023
15,604
Insurance
3,866
6,186
Data processing and communications
22,144
22,503
Printing, postage and supplies
3,311
3,082
Net losses and operating expenses
of repossessed assets
2,245
6,015
Amortization of intangible assets
575
896
Mortgage banking costs
7,573
6,471
Change in fair value of mortgage servicing rights
(7,127
)
(3,129
)
Other expense
9,871
8,745
Total other operating expense
185,237
178,449
Net income before taxes
128,713
103,518
Federal and state income taxes
45,520
38,752
Net income
83,193
64,766
Net income (loss) attributable to non-controlling interest
(422
)
(8
)
Net income attributable to BOK Financial Corporation
$
83,615
$
64,774
Average shares outstanding:
Basic
67,665,300
67,901,722
Diluted
67,941,895
68,176,527
Net income per share:
Basic
$
1.22
$
0.95
Diluted
$
1.22
$
0.94
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
Capital:
Period-end shareholders' equity
$
2,834,419
$
2,750,468
$
2,732,592
$
2,667,717
$
2,576,133
Risk weighted assets
$
17,993,379
$
17,291,105
$
17,106,533
$
16,452,305
$
16,416,387
Risk-based capital ratios:
Tier 1
13.03
%
13.27
%
13.14
%
13.30
%
12.97
%
Total capital
16.16
%
16.49
%
16.54
%
16.80
%
16.48
%
Leverage ratio
9.35
%
9.15
%
9.37
%
9.29
%
9.13
%
Tangible common equity ratio (A)
9.75
%
9.56
%
9.65
%
9.71
%
9.54
%
Tier 1 common equity ratio (B)
12.83
%
13.06
%
12.94
%
13.15
%
12.84
%
Common stock:
Book value per share
$
41.61
$
40.36
$
40.18
$
38.97
$
37.64
Market value per share:
High
$
59.02
$
55.90
$
55.81
$
54.72
$
56.32
Low
$
52.56
$
45.68
$
44.00
$
50.13
$
50.37
Cash dividends paid
$
22,571
$
22,451
$
18,836
$
18,823
$
17,102
Dividend payout ratio
26.99
%
33.51
%
22.13
%
27.28
%
26.40
%
Shares outstanding, net
68,116,893
68,153,044
68,006,390
68,462,869
68,438,422
Stock buy-back program:
Shares repurchased
345,300
69,581
492,444
-
-
Amount
$
18,432
$
3,579
$
22,866
$
-
$
-
Average price per share
$
53.38
$
51.44
$
46.43
$
-
$
-
Performance ratios (quarter annualized):
Return on average assets
1.32
%
1.04
%
1.37
%
1.15
%
1.11
%
Return on average equity
11.86
%
9.59
%
12.33
%
10.44
%
10.24
%
Net interest margin
3.19
%
3.20
%
3.34
%
3.40
%
3.47
%
Efficiency ratio
59.77
%
69.73
%
60.13
%
62.23
%
61.15
%
Other data:
Trust assets
$
35,650,798
$
34,398,796
$
31,750,636
$
33,075,456
$
32,013,487
Mortgage servicing portfolio
$
11,378,806
$
11,300,986
$
11,249,503
$
11,283,442
$
11,202,626
Mortgage loans funded for sale
$
698,062
$
753,215
$
637,127
$
483,808
$
419,684
Mortgage loan refinances to total fundings
67
%
66
%
54
%
36
%
49
%
Tax equivalent adjustment
$
2,094
$
2,274
$
2,233
$
2,261
$
2,321
Net unrealized gain on available for sale securities
$
277,277
$
222,160
$
278,616
$
263,199
$
201,340
Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts
$
(2,445
)
$
121
$
4,048
$
1,224
$
(2,419
)
Gain (loss) on mortgage trading securities
(2,393
)
222
17,788
9,921
(3,518
)
Gain (loss) on economic hedge of mortgage servicing rights
(4,838
)
343
21,836
11,145
(5,937
)
Gain (loss) on changes in fair value of mortgage servicing rights
7,127
(5,261
)
(24,822
)
(13,493
)
3,129
Gain (loss) on changes in fair value of mortgage servicing
rights, net of economic hedges
$
2,289
$
(4,918
)
$
(2,986
)
$
(2,348
)
$
(2,808
)
Net interest revenue on mortgage trading securities
$
3,165
$
4,436
$
5,036
$
5,120
$
3,058
Reconciliation of non-GAAP measures:
(A) Tangible common equity ratio:
Total shareholders' equity
$
2,834,419
$
2,750,468
$
2,732,592
$
2,667,717
$
2,576,133
Less: Goodwill and intangible assets, net
(345,246
)
(345,820
)
(346,716
)
(347,611
)
(348,507
)
Tangible common equity
$
2,489,173
$
2,404,648
$
2,385,876
$
2,320,106
$
2,227,626
Total assets
$
25,884,173
$
25,493,946
$
25,066,265
$
24,238,182
$
23,701,023
Less: Goodwill and intangible assets, net
(345,246
)
(345,820
)
(346,716
)
(347,611
)
(348,507
)
$
25,538,927
$
25,148,126
$
24,719,549
$
23,890,571
$
23,352,516
Tangible common equity ratio
9.75
%
9.56
%
9.65
%
9.71
%
9.54
%
(B) Tier 1 common equity ratio:
Tier 1 capital
$
2,344,779
$
2,295,061
$
2,248,743
$
2,188,199
$
2,129,998
Less: Non-controlling interest
(35,982
)
(36,184
)
(34,958
)
(24,457
)
(21,555
)
Tier 1 common equity
$
2,308,797
$
2,258,877
$
2,213,785
$
2,163,742
$
2,108,443
Risk weighted assets
$
17,993,379
$
17,291,105
$
17,106,533
$
16,452,305
$
16,416,387
Tier 1 common equity ratio
12.83
%
13.06
%
12.94
%
13.15
%
12.84
%
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
Interest revenue
$
198,208
$
198,040
$
205,749
$
205,717
$
202,089
Interest expense
24,639
26,570
30,365
31,716
31,450
Net interest revenue
173,569
171,470
175,384
174,001
170,639
Provision for (reduction of) allowances for credit losses
-
(15,000
)
-
2,700
6,250
Net interest revenue after
provision for credit losses
173,569
186,470
175,384
171,301
164,389
Other operating revenue
Brokerage and trading revenue
31,111
25,629
29,451
23,725
25,376
Transaction card revenue
25,430
25,960
31,328
31,024
28,445
Trust fees and commissions
18,438
17,865
17,853
19,150
18,422
Deposit service charges and fees
24,379
24,921
24,614
23,857
22,480
Mortgage banking revenue
33,078
25,438
29,493
19,356
17,356
Bank-owned life insurance
2,871
2,784
2,761
2,872
2,863
Other revenue
9,027
9,189
10,535
7,842
8,332
Total fees and commissions
144,334
131,786
146,035
127,826
123,274
Gain (loss) on other assets, net
(356
)
1,897
712
3,344
(68
)
Gain (loss) on derivatives, net
(2,473
)
(174
)
4,048
1,225
(2,413
)
Gain (loss) on fair value option securities, net
(1,733
)
222
17,788
9,921
(3,518
)
Gain on available for sale securities, net
4,331
7,080
16,694
5,468
4,902
Total other-than-temporary impairment losses
(505
)
(1,037
)
(9,467
)
(74
)
-
Portion of loss recognized in (reclassified from) other
comprehensive income
(3,217
)
(1,747
)
(1,833
)
(4,750
)
(4,599
)
Net impairment losses recognized in earnings
(3,722
)
(2,784
)
(11,300
)
(4,824
)
(4,599
)
Total other operating revenue
140,381
138,027
173,977
142,960
117,578
Other operating expense
Personnel
114,769
121,129
103,260
105,603
99,994
Business promotion
4,388
5,868
5,280
4,777
4,624
Contribution to BOKF Charitable Foundation
-
-
4,000
-
-
Professional fees and services
7,599
7,664
7,418
6,258
7,458
Net occupancy and equipment
16,023
16,826
16,627
15,554
15,604
Insurance
3,866
3,636
2,206
4,771
6,186
Data processing and communications
22,144
26,599
24,446
24,428
22,503
Printing, postage and supplies
3,311
3,637
3,780
3,586
3,082
Net losses and operating expenses of repossessed assets
2,245
6,180
5,939
5,859
6,015
Amortization of intangible assets
575
895
896
896
896
Mortgage banking costs
7,573
10,154
9,349
8,968
6,471
Change in fair value of mortgage servicing rights
(7,127
)
5,261
24,822
13,493
(3,129
)
Visa retrospective responsibility obligation
-
-
-
-
-
Other expense
9,871
11,348
12,873
9,016
8,745
Total other operating expense
185,237
219,197
220,896
203,209
178,449
Net income before taxes
128,713
105,300
128,465
111,052
103,518
Federal and state income taxes
45,520
37,396
43,006
39,357
38,752
Net income
83,193
67,904
85,459
71,695
64,766
Net income (loss) attributable to non-controlling interest
(422
)
911
358
2,688
(8
)
Net income attributable to BOK Financial Corporation
$
83,615
$
66,993
$
85,101
$
69,007
$
64,774
Average shares outstanding:
Basic
67,665,300
67,526,009
67,827,591
67,898,483
67,901,722
Diluted
67,941,895
67,774,721
68,037,419
68,169,485
68,176,527
Net income per share:
Basic
$
1.22
$
0.98
$
1.24
$
1.01
$
0.95
Diluted
$
1.22
$
0.98
$
1.24
$
1.00
$
0.94
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
Oklahoma:
Commercial
$
2,953,637
$
2,697,623
$
2,807,979
$
2,594,502
$
2,618,045
Commercial real estate
667,503
600,703
624,990
619,201
661,254
Residential mortgage
1,436,766
1,429,069
1,366,953
1,309,110
1,219,237
Consumer
210,361
236,056
248,851
267,550
291,412
Total Oklahoma
5,268,267
4,963,451
5,048,773
4,790,363
4,789,948
Texas:
Commercial
2,304,162
2,214,462
2,069,117
2,003,847
1,916,270
Commercial real estate
812,209
830,831
741,984
711,906
687,817
Residential mortgage
259,173
266,050
273,025
282,934
283,925
Consumer
123,604
126,280
133,286
140,044
141,199
Total Texas
3,499,148
3,437,623
3,217,412
3,138,731
3,029,211
New Mexico:
Commercial
274,224
252,367
269,690
280,306
262,597
Commercial real estate
282,966
316,853
314,701
311,565
326,104
Residential mortgage
104,495
100,581
93,444
95,021
90,466
Consumer
18,185
18,519
18,142
18,536
19,242
Total New Mexico
679,870
688,320
695,977
705,428
698,409
Arkansas:
Commercial
74,364
86,111
89,262
74,677
75,889
Commercial real estate
129,980
127,687
124,393
121,286
124,875
Residential mortgage
13,778
14,511
14,428
13,939
14,114
Consumer
28,932
36,061
44,163
52,439
61,746
Total Arkansas
247,054
264,370
272,246
262,341
276,624
Colorado:
Commercial
555,703
559,127
508,222
515,829
514,100
Commercial real estate
143,753
153,855
188,659
167,414
172,416
Residential mortgage
60,527
64,437
65,327
66,985
67,975
Consumer
19,813
21,651
22,024
19,507
20,145
Total Colorado
779,796
799,070
784,232
769,735
774,636
Arizona:
Commercial
284,353
288,536
283,867
291,515
251,390
Commercial real estate
178,633
192,731
222,249
205,269
213,442
Residential mortgage
73,704
82,202
85,243
86,415
89,384
Consumer
5,381
5,505
6,625
6,772
5,266
Total Arizona
542,071
568,974
597,984
589,971
559,482
Kansas / Missouri:
Commercial
496,198
473,228
447,552
417,920
409,966
Commercial real estate
49,059
57,249
42,926
47,074
37,074
Residential mortgage
12,445
13,611
13,476
13,593
12,220
Consumer
3,536
3,847
3,991
2,388
2,265
Total Kansas / Missouri
561,238
547,935
507,945
480,975
461,525
TOTAL BOK FINANCIAL
$
11,577,444
$
11,269,743
$
11,124,569
$
10,737,544
$
10,589,835
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
Oklahoma:
Demand
$
3,445,424
$
3,223,201
$
2,953,410
$
2,486,671
$
2,420,210
Interest-bearing:
Transaction
5,889,625
6,050,986
6,038,770
5,916,784
6,068,304
Savings
148,556
126,763
122,829
120,278
120,020
Time
1,370,868
1,450,571
1,489,486
1,462,137
1,465,506
Total interest-bearing
7,409,049
7,628,320
7,651,085
7,499,199
7,653,830
Total Oklahoma
10,854,473
10,851,521
10,604,495
9,985,870
10,074,040
Texas:
Demand
1,876,133
1,808,491
1,710,315
1,528,772
1,405,892
Interest-bearing:
Transaction
1,734,655
1,940,819
1,820,116
1,741,176
1,977,850
Savings
50,331
45,872
42,272
42,185
40,313
Time
789,860
867,664
938,200
992,366
1,015,754
Total interest-bearing
2,574,846
2,854,355
2,800,588
2,775,727
3,033,917
Total Texas
4,450,979
4,662,846
4,510,903
4,304,499
4,439,809
New Mexico:
Demand
333,707
319,269
325,612
299,305
282,708
Interest-bearing:
Transaction
503,015
491,068
480,816
483,026
498,355
Savings
32,688
27,487
26,127
24,613
24,455
Time
392,234
410,722
431,436
449,618
453,580
Total interest-bearing
927,937
929,277
938,379
957,257
976,390
Total New Mexico
1,261,644
1,248,546
1,263,991
1,256,562
1,259,098
Arkansas:
Demand
22,843
18,513
21,809
17,452
15,144
Interest-bearing:
Transaction
151,708
131,181
181,486
138,954
130,613
Savings
2,358
1,727
1,735
1,673
1,514
Time
54,157
61,329
74,163
82,112
94,889
Total interest-bearing
208,223
194,237
257,384
222,739
227,016
Total Arkansas
231,066
212,750
279,193
240,191
242,160
Colorado:
Demand
311,057
272,565
217,394
196,915
197,579
Interest-bearing:
Transaction
476,718
511,993
520,743
509,738
528,948
Savings
23,409
22,771
22,599
21,406
21,655
Time
498,124
523,969
547,481
563,642
546,586
Total interest-bearing
998,251
1,058,733
1,090,823
1,094,786
1,097,189
Total Colorado
1,309,308
1,331,298
1,308,217
1,291,701
1,294,768
Arizona:
Demand
131,539
106,741
138,971
150,194
106,880
Interest-bearing:
Transaction
95,010
104,961
101,933
107,961
102,089
Savings
1,772
1,192
1,366
1,364
984
Time
34,199
37,641
40,007
44,619
50,060
Total interest-bearing
130,981
143,794
143,306
153,944
153,133
Total Arizona
262,520
250,535
282,277
304,138
260,013
Kansas / Missouri:
Demand
68,469
51,004
46,773
46,668
28,774
Interest-bearing:
Transaction
57,666
123,449
108,973
115,684
222,705
Savings
505
545
503
358
323
Time
26,657
30,086
33,697
40,206
51,236
Total interest-bearing
84,828
154,080
143,173
156,248
274,264
Total Kansas / Missouri
153,297
205,084
189,946
202,916
303,038
TOTAL BOK FINANCIAL
$
18,523,287
$
18,762,580
$
18,439,022
$
17,585,877
$
17,872,926
NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
TAX-EQUIVALENT ASSETS YIELDS
Funds sold and resell agreements
0.07
%
0.10
%
0.16
%
0.14
%
0.08
%
Trading securities
1.88
%
2.79
%
2.85
%
2.92
%
3.84
%
Investment securities:
Taxable (A)
5.89
%
5.91
%
5.63
%
6.13
%
6.15
%
Tax-exempt (A)
4.87
%
4.81
%
4.94
%
4.82
%
4.88
%
Total investment securities (A)
5.59
%
5.59
%
5.35
%
5.49
%
5.46
%
Available for sale securities:
Taxable (A)
2.48
%
2.36
%
2.82
%
3.02
%
3.15
%
Tax-exempt (A)
5.17
%
5.14
%
4.92
%
5.12
%
5.68
%
Total available for sale securities (A)
2.50
%
2.38
%
2.83
%
3.04
%
3.17
%
Fair value option securities
2.79
%
2.98
%
3.66
%
4.42
%
3.74
%
Residential mortgage loans held for sale
3.90
%
4.01
%
4.09
%
4.48
%
4.33
%
Loans
4.50
%
4.65
%
4.71
%
4.69
%
4.75
%
Less allowance for loan losses
-
-
-
-
-
Loans, net of allowance
4.61
%
4.76
%
4.84
%
4.82
%
4.89
%
Total tax-equivalent yield on earning assets (A)
3.64
%
3.69
%
3.91
%
4.01
%
4.10
%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction
0.17
%
0.18
%
0.23
%
0.27
%
0.32
%
Savings
0.24
%
0.26
%
0.34
%
0.39
%
0.37
%
Time
1.68
%
1.70
%
1.84
%
1.86
%
1.82
%
Total interest-bearing deposits
0.55
%
0.59
%
0.68
%
0.71
%
0.72
%
Funds purchased
0.09
%
0.06
%
0.05
%
0.09
%
0.16
%
Repurchase agreements
0.09
%
0.13
%
0.17
%
0.20
%
0.40
%
Other borrowings
5.58
%
4.75
%
5.26
%
4.76
%
1.31
%
Subordinated debt
5.62
%
5.61
%
5.60
%
5.57
%
5.67
%
Total cost of interest-bearing liabilities
0.63
%
0.66
%
0.76
%
0.81
%
0.80
%
Tax-equivalent net interest revenue spread
3.01
%
3.03
%
3.15
%
3.20
%
3.30
%
Effect of noninterest-bearing funding sources and other
0.18
%
0.17
%
0.19
%
0.20
%
0.17
%
Tax-equivalent net interest margin
3.19
%
3.20
%
3.34
%
3.40
%
3.47
%
(A) Yield calculations exclude security trades that have been
recorded on trade date with no corresponding interest income.
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In thousands, except ratios)
Quarter Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2012
2011
2011
2011
2011
Nonperforming assets:
Nonaccruing loans:
Commercial
$
61,750
$
68,811
$
83,736
$
53,365
$
57,449
Commercial real estate
86,475
99,193
110,048
110,363
125,504
Residential mortgage
27,462
29,767
31,731
31,693
37,824
Consumer
7,672
3,515
3,960
4,749
5,185
Total nonaccruing loans
183,359
201,286
229,475
200,170
225,962
Renegotiated loans (A)
36,764
32,893
30,477
22,261
21,705
Real estate and other repossessed assets
115,790
122,753
127,943
129,026
131,420
Total nonperforming assets
$
335,913
$
356,932
$
387,895
$
351,457
$
379,087
Nonaccruing loans by principal market:
Oklahoma
$
64,097
$
65,261
$
73,794
$
41,411
$
49,585
Texas
29,745
28,083
29,783
32,385
34,404
New Mexico
15,029
15,297
17,242
17,244
17,510
Arkansas
18,066
23,450
26,831
24,842
29,769
Colorado
28,990
33,522
36,854
37,472
40,629
Arizona
27,397
35,673
44,929
43,307
54,065
Kansas / Missouri
35
-
42
3,509
-
Total nonaccruing loans
$
183,359
$
201,286
$
229,475
$
200,170
$
225,962
Nonaccruing loans by loan portfolio sector:
Commercial:
Energy
$
336
$
336
$
3,900
$
345
$
415
Manufacturing
23,402
23,051
27,691
4,366
4,545
Wholesale / retail
15,388
21,180
27,088
25,138
30,411
Integrated food services
-
-
-
-
6
Services
12,890
16,968
18,181
16,254
15,720
Healthcare
7,946
5,486
5,715
5,962
2,574
Other commercial and industrial
1,788
1,790
1,161
1,300
3,778
Total commercial
61,750
68,811
83,736
53,365
57,449
Commercial real estate:
Construction and land development
52,416
61,874
72,207
76,265
90,707
Retail
6,193
6,863
6,492
4,642
5,276
Office
10,733
11,457
11,967
11,473
14,628
Multifamily
3,414
3,513
4,036
4,717
1,900
Industrial
-
-
-
-
-
Other commercial real estate
13,719
15,486
15,346
13,266
12,993
Total commercial real estate
86,475
99,193
110,048
110,363
125,504
Residential mortgage:
Permanent mortgage
22,822
25,366
27,486
27,991
33,466
Home equity
4,640
4,401
4,245
3,702
4,358
Total residential mortgage
27,462
29,767
31,731
31,693
37,824
Consumer
7,672
3,515
3,960
4,749
5,185
Total nonaccruing loans
$
183,359
$
201,286
$
229,475
$
200,170
$
225,962
Performing loans 90 days past due (B)
$
6,140
$
2,498
$
1,401
$
2,341
$
8,043
Gross charge-offs
$
13,674
$
14,771
$
14,023
$
12,774
$
15,232
Recoveries
5,189
5,311
3,869
4,256
4,914
Net charge-offs
$
8,485
$
9,460
$
10,154
$
8,518
$
10,318
Provision for (reduction of) allowances for credit losses
$
-
$
(15,000
)
$
-
$
2,700
$
6,250
Allowance for loan losses to period end loans
2.11
%
2.25
%
2.44
%
2.67
%
2.73
%
Combined allowance for credit losses to period end loans
2.20
%
2.33
%
2.58
%
2.77
%
2.86
%
Nonperforming assets to period end loans
and repossessed assets
2.87
%
3.13
%
3.45
%
3.23
%
3.54
%
Net charge-offs (annualized) to average loans
0.30
%
0.34
%
0.37
%
0.32
%
0.39
%
Allowance for loan losses to nonaccruing loans
133.19
%
125.93
%
118.29
%
143.18
%
128.14
%
Combined allowance for credit losses to nonaccruing loans
138.24
%
130.53
%
125.16
%
148.55
%
134.17
%
(A) includes residential mortgage loans guaranteed by agencies of
the U.S. government. These loans have been modified to extend
payment terms and/or reduce interest rates to current market.
$
32,770
$
28,974
$
26,670
$
18,716
$
18,304
(B) Excludes residential mortgage loans guaranteed by agencies of
the U.S. government
BOK Financial Corporation Steven Nell, 918-588-6752 Chief
Financial Officer or Andrea Myers, 918-594-7794 Corporate
Communications
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