Attached files
file | filename |
---|---|
8-K - FORM 8-K Q4/10 012611 - BOK FINANCIAL CORP | form8k_012611.htm |
EX-99.A - EXHIBIT 99 (A) TEXT OF PRESS RELEASE 012611 - BOK FINANCIAL CORP | exhibit99a_012611.htm |
Exhibit 99 (b)
BALANCE SHEETS
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands)
|
||||||||
|
Period Ended | |||||||
December 31,
|
September 30,
|
December 31,
|
||||||
2010
|
2010
|
2009
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ 1,247,946
|
$ 1,175,434
|
$ |
875,250
|
||||
Funds sold and resell agreements
|
21,458
|
20,468
|
45,966
|
|||||
Trading securities
|
55,467
|
82,247
|
65,354
|
|||||
Securities:
|
||||||||
Available for sale
|
9,311,252
|
9,560,210
|
8,872,023
|
|||||
Investment
|
339,553
|
343,748
|
240,405
|
|||||
Mortgage trading securities
|
428,021
|
475,215
|
285,950
|
|||||
Total securities
|
10,078,826
|
10,379,173
|
9,398,378
|
|||||
Residential mortgage loans held for sale
|
263,413
|
316,893
|
217,826
|
|||||
Loans:
|
||||||||
Commercial
|
5,933,996
|
5,972,008
|
6,207,840
|
|||||
Commercial real estate
|
2,277,350
|
2,323,122
|
2,491,434
|
|||||
Residential mortgage
|
1,828,248
|
1,883,908
|
1,793,622
|
|||||
Consumer
|
603,442
|
626,806
|
786,802
|
|||||
Total loans
|
10,643,036
|
10,805,844
|
11,279,698
|
|||||
Less reserve for loan losses
|
(292,971)
|
(299,154)
|
(292,095)
|
|||||
Loans, net of reserve
|
10,350,065
|
10,506,690
|
10,987,603
|
|||||
Premises and equipment, net
|
265,465
|
267,189
|
280,260
|
|||||
Accrued revenue receivable
|
148,940
|
138,234
|
108,822
|
|||||
Goodwill
|
335,601
|
335,601
|
335,601
|
|||||
Intangible assets, net
|
13,803
|
15,168
|
18,638
|
|||||
Mortgage servicing rights, net
|
115,723
|
86,333
|
73,824
|
|||||
Real estate and other repossessed assets
|
141,394
|
126,859
|
129,034
|
|||||
Bankers' acceptances
|
1,222
|
259
|
3,869
|
|||||
Derivative contracts
|
270,445
|
266,104
|
343,782
|
|||||
Cash surrender value of bank-owned life insurance
|
255,442
|
254,884
|
247,357
|
|||||
Receivable on unsettled securities trades
|
135,059
|
124,365
|
-
|
|||||
Other assets
|
241,334
|
290,051
|
385,267
|
|||||
TOTAL ASSETS
|
$ 23,941,603
|
$ 24,385,952
|
$ |
23,516,831
|
||||
LIABILITIES AND EQUITY
|
||||||||
Deposits:
|
||||||||
Demand
|
$ 4,220,764
|
$ 4,046,515
|
$ |
3,653,844
|
||||
Interest-bearing transaction
|
9,255,362
|
8,845,385
|
7,930,439
|
|||||
Savings
|
193,767
|
189,191
|
165,952
|
|||||
Time
|
3,509,168
|
3,741,500
|
3,767,993
|
|||||
Total deposits
|
17,179,061
|
16,822,591
|
15,518,228
|
|||||
Funds purchased and
|
||||||||
repurchase agreements
|
2,283,780
|
2,049,733
|
2,471,743
|
|||||
Other borrowings
|
833,578
|
1,303,591
|
2,133,357
|
|||||
Subordinated debentures
|
398,701
|
398,658
|
398,539
|
|||||
Accrued interest, taxes, and expense
|
134,107
|
132,564
|
111,880
|
|||||
Bankers' acceptances
|
1,222
|
259
|
3,869
|
|||||
Due on unsettled securities trades
|
160,425
|
756,532
|
212,335
|
|||||
Derivative contracts
|
215,420
|
218,296
|
308,360
|
|||||
Other liabilities
|
191,431
|
179,740
|
133,146
|
|||||
TOTAL LIABILITIES
|
21,397,725
|
21,861,964
|
21,291,457
|
|||||
Shareholders' equity:
|
||||||||
Capital, surplus and retained earnings
|
2,413,887
|
2,364,609
|
2,216,553
|
|||||
Accumulated other comprehensive income (loss)
|
107,839
|
139,041
|
(10,740)
|
|||||
TOTAL SHAREHOLDERS' EQUITY
|
2,521,726
|
2,503,650
|
2,205,813
|
|||||
Non-controlling interest
|
22,152
|
20,338
|
19,561
|
|||||
TOTAL EQUITY
|
2,543,878
|
2,523,988
|
2,225,374
|
|||||
TOTAL LIABILITIES AND EQUITY
|
$ 23,941,603
|
$ 24,385,952
|
$ |
23,516,831
|
||||
|
|
|
||||||
AVERAGE BALANCE SHEETS - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands)
|
||||||||
|
Quarter Ended | |||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
ASSETS
|
||||||||
Funds sold and resell agreements
|
$ 21,128
|
$ 18,882
|
$ |
22,776
|
$ 32,363
|
$ 30,358
|
||
Trading securities
|
74,084
|
69,315
|
58,722
|
70,979
|
68,027
|
|||
Securities:
|
||||||||
Available for sale
|
9,662,055
|
9,270,710
|
8,892,175
|
8,884,678
|
8,583,032
|
|||
Investment
|
341,941
|
336,455
|
335,117
|
256,003
|
238,479
|
|||
Mortgage trading securities
|
474,731
|
602,049
|
435,693
|
366,845
|
340,456
|
|||
Total securities
|
10,478,727
|
10,209,214
|
9,662,985
|
9,507,526
|
9,161,967
|
|||
Residential mortgage loans held for sale
|
282,734
|
242,559
|
183,489
|
137,404
|
194,760
|
|||
Loans:
|
||||||||
Commercial
|
5,946,960
|
6,003,159
|
6,060,642
|
6,132,889
|
6,325,580
|
|||
Commercial real estate
|
2,282,779
|
2,335,226
|
2,359,958
|
2,492,535
|
2,538,737
|
|||
Residential mortgage
|
1,832,624
|
1,893,162
|
1,848,692
|
1,833,602
|
1,827,339
|
|||
Consumer
|
604,830
|
629,968
|
702,174
|
728,294
|
801,040
|
|||
Total loans
|
10,667,193
|
10,861,515
|
10,971,466
|
11,187,320
|
11,492,696
|
|||
Less allowance for loan losses
|
(307,223)
|
(308,139)
|
(312,595)
|
(309,194)
|
(298,157)
|
|||
Total loans, net
|
10,359,970
|
10,553,376
|
10,658,871
|
10,878,126
|
11,194,539
|
|||
Total earning assets
|
21,216,643
|
21,093,346
|
20,586,843
|
20,626,398
|
20,649,651
|
|||
Cash and due from banks
|
1,092,979
|
989,782
|
903,555
|
1,089,971
|
1,095,087
|
|||
Cash surrender value of bank-owned life insurance
|
255,530
|
252,912
|
249,914
|
247,415
|
245,460
|
|||
Derivative contracts
|
249,861
|
267,952
|
288,853
|
300,865
|
352,143
|
|||
Other assets
|
1,467,938
|
1,588,298
|
1,415,642
|
1,448,098
|
1,353,393
|
|||
TOTAL ASSETS
|
$ 24,282,951
|
$ 24,192,290
|
$ |
23,444,807
|
$ 23,712,747
|
$ 23,695,734
|
||
LIABILITIES AND EQUITY
|
||||||||
Deposits:
|
||||||||
Demand
|
$ 4,171,595
|
$ 3,831,486
|
$ |
3,660,910
|
$ 3,485,504
|
$ 3,666,663
|
||
Interest-bearing transaction
|
9,325,573
|
8,699,495
|
8,287,296
|
7,963,752
|
7,734,678
|
|||
Savings
|
191,235
|
189,512
|
184,376
|
170,990
|
167,572
|
|||
Time
|
3,602,150
|
3,774,136
|
3,701,167
|
3,772,295
|
4,002,337
|
|||
Total deposits
|
17,290,553
|
16,494,629
|
15,833,749
|
15,392,541
|
15,571,250
|
|||
Funds purchased and
|
||||||||
repurchase agreements
|
1,977,380
|
2,227,088
|
2,491,084
|
2,575,286
|
2,173,476
|
|||
Other borrowings
|
829,756
|
1,465,516
|
1,619,745
|
2,249,470
|
2,380,938
|
|||
Subordinated debentures
|
398,680
|
398,638
|
398,598
|
398,559
|
398,522
|
|||
Derivative contracts
|
197,330
|
228,297
|
243,089
|
276,696
|
318,809
|
|||
Other liabilities
|
1,053,695
|
895,703
|
479,813
|
521,567
|
605,994
|
|||
TOTAL LIABILITIES
|
21,747,394
|
21,709,871
|
21,066,078
|
21,414,119
|
21,448,989
|
|||
Total equity
|
2,535,557
|
2,482,419
|
2,378,729
|
2,298,628
|
2,246,745
|
|||
TOTAL LIABILITIES AND EQUITY
|
$ 24,282,951
|
$ 24,192,290
|
$ |
23,444,807
|
$ 23,712,747
|
$ 23,695,734
|
||
-
|
-
|
-
|
-
|
-
|
||||
STATEMENTS OF EARNINGS - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands, except per share data)
|
||||||||
Quarter Ended
|
Year Ended
|
|||||||
December 31,
|
December 31,
|
|||||||
2010
|
2009
|
2010
|
2009
|
|||||
Interest revenue
|
$ 197,148
|
$ 224,411
|
$ |
851,082
|
$ 914,569
|
|||
Interest expense
|
33,498
|
39,933
|
142,030
|
204,205
|
||||
Net interest revenue
|
163,650
|
184,478
|
709,052
|
710,364
|
||||
Provision for credit losses
|
6,999
|
48,620
|
105,139
|
195,900
|
||||
Net interest revenue after
|
||||||||
provision for credit losses
|
156,651
|
135,858
|
603,913
|
514,464
|
||||
Other operating revenue
|
||||||||
Brokerage and trading revenue
|
28,610
|
20,240
|
101,471
|
91,677
|
||||
Transaction card revenue
|
29,500
|
26,292
|
112,302
|
105,517
|
||||
Trust fees and commissions
|
18,145
|
16,492
|
68,976
|
66,177
|
||||
Deposit service charges and fees
|
23,732
|
29,501
|
103,611
|
115,791
|
||||
Mortgage banking revenue
|
25,158
|
13,403
|
87,600
|
64,980
|
||||
Bank-owned life insurance
|
3,182
|
2,870
|
12,066
|
10,239
|
||||
Other revenue
|
7,648
|
7,150
|
30,368
|
26,131
|
||||
Total fees and commissions
|
135,975
|
115,948
|
516,394
|
480,512
|
||||
Gain (loss) on other assets
|
15
|
(205)
|
(1,161)
|
4,134
|
||||
Gain (loss) on derivatives, net
|
(7,286)
|
(370)
|
4,271
|
(3,365)
|
||||
Gain (loss) on securities, net
|
(10,164)
|
7,277
|
29,213
|
46,122
|
||||
Total other-than-temporary impairment losses
|
(4,768)
|
(67,390)
|
(29,960)
|
(129,154)
|
||||
Portion of loss recognized in other comprehensive income
|
1,859
|
(52,902)
|
(2,151)
|
(94,741)
|
||||
Net impairment losses recognized in earnings
|
(6,627)
|
(14,488)
|
(27,809)
|
(34,413)
|
||||
Total other operating revenue
|
111,913
|
108,162
|
520,908
|
492,990
|
||||
Other operating expense
|
||||||||
Personnel
|
106,770
|
93,687
|
401,864
|
380,517
|
||||
Business promotion
|
4,377
|
5,758
|
17,726
|
19,582
|
||||
Professional fees and services
|
9,527
|
8,813
|
30,217
|
30,243
|
||||
Net occupancy and equipment
|
16,331
|
17,600
|
63,969
|
65,715
|
||||
Insurance
|
6,139
|
6,412
|
24,320
|
24,040
|
||||
FDIC special assessment
|
-
|
-
|
-
|
11,773
|
||||
Data processing and communications
|
23,902
|
21,121
|
87,752
|
81,292
|
||||
Printing, postage and supplies
|
3,170
|
3,601
|
13,665
|
15,960
|
||||
Net losses and operating expenses
|
||||||||
of repossessed assets
|
6,966
|
5,101
|
34,483
|
11,400
|
||||
Amortization of intangible assets
|
1,365
|
1,912
|
5,336
|
6,970
|
||||
Mortgage banking costs
|
11,999
|
11,436
|
40,739
|
36,304
|
||||
Change in fair value of mortgage servicing rights
|
(25,111)
|
(5,285)
|
(3,661)
|
(12,124)
|
||||
Visa retrospective responsibility obligation
|
(1,103)
|
-
|
-
|
-
|
||||
Other expense
|
14,029
|
6,281
|
36,760
|
25,061
|
||||
Total other operating expense
|
178,361
|
176,437
|
753,170
|
696,733
|
||||
Net income before taxes
|
90,203
|
67,583
|
371,651
|
310,721
|
||||
Federal and state income taxes
|
31,097
|
24,780
|
123,357
|
106,705
|
||||
Net income
|
59,106
|
42,803
|
248,294
|
204,016
|
||||
Net income attributable to non-controlling interest
|
274
|
33
|
1,540
|
3,438
|
||||
Net income attributable to BOK Financial Corporation
|
$ 58,832
|
$ 42,770
|
$ |
246,754
|
$ 200,578
|
|||
Average shares outstanding:
|
||||||||
Basic
|
67,685,434
|
67,446,326
|
67,627,735
|
67,375,387
|
||||
Diluted
|
67,888,950
|
67,600,344
|
67,831,734
|
67,487,944
|
||||
Net income per share:
|
||||||||
Basic
|
$ 0.86
|
$ 0.63
|
$ |
3.63
|
$ 2.96
|
|||
Diluted
|
$ 0.86
|
$ 0.63
|
$ |
3.61
|
$ 2.96
|
|||
FINANCIAL HIGHLIGHTS - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands, except ratio and share data)
|
||||||||
|
Quarter Ended | |||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
Capital:
|
||||||||
Period-end shareholders' equity
|
$ 2,521,726
|
$ 2,503,650
|
$ |
2,428,738
|
$ 2,312,443
|
$ 2,205,813
|
||
Risk weighted assets
|
$ 16,368,976
|
$ 16,484,702
|
$ |
16,611,662
|
$ 16,787,566
|
$ 17,275,808
|
||
Risk-based capital ratios:
|
||||||||
Tier 1
|
12.69%
|
12.30%
|
11.90%
|
11.45%
|
10.86%
|
|||
Total capital
|
16.20%
|
15.79%
|
15.38%
|
15.09%
|
14.43%
|
|||
Leverage ratio
|
8.74%
|
8.61%
|
8.57%
|
8.25%
|
8.05%
|
|||
Tangible common equity ratio (A)
|
9.21%
|
8.96%
|
8.88%
|
8.46%
|
7.99%
|
|||
Tier 1 common equity ratio (B)
|
12.55%
|
12.17%
|
11.77%
|
11.33%
|
10.75%
|
|||
Common stock:
|
||||||||
Book value per share
|
$ 36.97
|
$ 36.77
|
$ |
35.67
|
$ 33.99
|
$ 32.53
|
||
Market value per share:
|
||||||||
High
|
$ 54.86
|
$ 50.58
|
$ |
55.60
|
$ 53.11
|
$ 47.91
|
||
Low
|
$ 44.83
|
$ 42.89
|
$ |
47.45
|
$ 45.43
|
$ 41.87
|
||
Cash dividends paid
|
$ 17,025
|
$ 16,856
|
$ |
16,834
|
$ 16,304
|
$ 16,201
|
||
Dividend payout ratio
|
28.94%
|
26.23%
|
26.50%
|
27.11%
|
37.88%
|
|||
Shares outstanding, net
|
68,207,689
|
68,091,126
|
68,080,797
|
68,042,918
|
67,802,807
|
|||
Stock buy-back program:
|
||||||||
Shares repurchased
|
-
|
-
|
-
|
-
|
-
|
|||
Amount
|
$ -
|
$ -
|
$ |
-
|
$ -
|
$ -
|
||
Average price per share
|
$ -
|
$ -
|
$ -
|
$ -
|
$ -
|
|||
Performance ratios (quarter annualized):
|
||||||||
Return on average assets
|
0.96%
|
1.05%
|
1.09%
|
1.03%
|
0.72%
|
|||
Return on average equity
|
9.21%
|
10.27%
|
10.71%
|
10.61%
|
7.55%
|
|||
Net interest margin
|
3.19%
|
3.50%
|
3.63%
|
3.68%
|
3.64%
|
|||
Efficiency ratio
|
65.60%
|
59.07%
|
59.56%
|
59.11%
|
60.02%
|
|||
Other data:
|
||||||||
Gain (loss) on economic hedge of mortgage servicing rights
|
$ (18,509)
|
$ 8,045
|
$ |
22,431
|
$ (211)
|
$ (4,440)
|
||
Trust assets
|
$ 32,751,501
|
$ 31,460,021
|
$ |
29,825,608
|
$ 30,739,254
|
$ 30,385,365
|
||
Mortgage servicing portfolio
|
$ 11,263,130
|
$ 11,190,802
|
$ |
11,057,385
|
$ 10,895,182
|
$ 6,603,132
|
||
Mortgage loans funded for sale
|
$ 821,921
|
$ 756,022
|
$ |
540,835
|
$ 383,293
|
$ 516,695
|
||
Mortgage loan refinances to total fundings
|
72%
|
64%
|
34%
|
55%
|
47%
|
|||
Tax equivalent adjustment
|
$ 2,263
|
$ 2,152
|
$ |
2,327
|
$ 2,416
|
$ 2,196
|
||
Net unrealized gain on available for sale securities
|
$ 200,203
|
$ 255,421
|
$ |
215,439
|
$ 107,754
|
$ 13,226
|
||
(A) Tangible common equity ratio is a non-GAAP measure.
|
||||||||
Reconciliation to a GAAP financial measure follows:
|
||||||||
Total shareholders' equity
|
$ 2,521,726
|
$ 2,503,650
|
$ |
2,428,738
|
$ 2,312,443
|
$ 2,205,813
|
||
Less: intangible assets, net
|
(349,404)
|
(350,769)
|
(351,592)
|
(352,916)
|
(354,239)
|
|||
Tangible common equity
|
$ 2,172,322
|
$ 2,152,881
|
$ |
2,077,146
|
$ 1,959,527
|
$ 1,851,574
|
||
Total assets
|
$ 23,941,603
|
$ 24,385,952
|
$ |
23,736,728
|
$ 23,501,976
|
$ 23,516,831
|
||
Less: intangible assets, net
|
(349,404)
|
(350,769)
|
(351,592)
|
(352,916)
|
(354,239)
|
|||
$ 23,592,199
|
$ 24,035,183
|
$ |
23,385,136
|
$ 23,149,060
|
$ 23,162,592
|
|||
Tangible common equity ratio
|
9.21%
|
8.96%
|
8.88%
|
8.46%
|
7.99%
|
|||
(B) Tier 1 common equity ratio is a non-GAAP measure.
|
||||||||
Reconciliation to a GAAP financial measure follows:
|
||||||||
Tier 1 capital
|
$ 2,076,525
|
$ 2,027,226
|
$ |
1,976,588
|
$ 1,922,783
|
$ 1,876,778
|
||
Less: non-controlling interest
|
(22,152)
|
(20,338)
|
(21,289)
|
(20,274)
|
(19,561)
|
|||
Tier 1 common equity
|
$ 2,054,373
|
$ 2,006,888
|
$ |
1,955,299
|
$ 1,902,509
|
$ 1,857,217
|
||
Risk weighted assets
|
$ 16,368,976
|
$ 16,484,702
|
$ |
16,611,662
|
$ 16,787,566
|
$ 17,275,808
|
||
Tier 1 common equity ratio
|
12.55%
|
12.17%
|
11.77%
|
11.33%
|
10.75%
|
|||
QUARTERLY EARNINGS TRENDS - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands, except ratio and per share data)
|
||||||||
|
Quarter Ended | |||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
Interest revenue
|
$ 197,148
|
$ 216,967
|
$ |
217,597
|
$ 219,370
|
$ 224,411
|
||
Interest expense
|
33,498
|
36,252
|
35,484
|
36,796
|
39,933
|
|||
Net interest revenue
|
163,650
|
180,715
|
182,113
|
182,574
|
184,478
|
|||
Provision for credit losses
|
6,999
|
20,000
|
36,040
|
42,100
|
48,620
|
|||
Net interest revenue after
|
||||||||
provision for credit losses
|
156,651
|
160,715
|
146,073
|
140,474
|
135,858
|
|||
Other operating revenue
|
||||||||
Brokerage and trading revenue
|
28,610
|
27,072
|
24,754
|
21,035
|
20,240
|
|||
Transaction card revenue
|
29,500
|
28,852
|
28,263
|
25,687
|
26,292
|
|||
Trust fees and commissions
|
18,145
|
16,774
|
17,737
|
16,320
|
16,492
|
|||
Deposit service charges and fees
|
23,732
|
24,290
|
28,797
|
26,792
|
29,501
|
|||
Mortgage banking revenue
|
25,158
|
29,236
|
18,335
|
14,871
|
13,403
|
|||
Bank-owned life insurance
|
3,182
|
3,004
|
2,908
|
2,972
|
2,870
|
|||
Other revenue
|
7,648
|
7,708
|
7,374
|
7,638
|
7,150
|
|||
Total fees and commissions
|
135,975
|
136,936
|
128,168
|
115,315
|
115,948
|
|||
Gain (loss) on other assets
|
15
|
(1,331)
|
1,545
|
(1,390)
|
(205)
|
|||
Gain (loss) on derivatives, net
|
(7,286)
|
4,626
|
7,272
|
(341)
|
(370)
|
|||
Gain (loss) on securities, net
|
(10,164)
|
11,753
|
23,100
|
4,524
|
7,277
|
|||
Total other-than-temporary impairment losses
|
(4,768)
|
(4,525)
|
(10,959)
|
(9,708)
|
(67,690)
|
|||
Portion of loss recognized in other comprehensive income
|
1,859
|
9,786
|
(8,313)
|
(5,483)
|
(52,902)
|
|||
Net impairment losses recognized in earnings
|
(6,627)
|
(14,311)
|
(2,646)
|
(4,225)
|
(14,488)
|
|||
Total other operating revenue
|
111,913
|
137,673
|
157,439
|
113,883
|
108,162
|
|||
Other operating expense
|
||||||||
Personnel
|
106,770
|
101,216
|
97,054
|
96,824
|
93,687
|
|||
Business promotion
|
4,377
|
4,426
|
4,945
|
3,978
|
5,758
|
|||
Professional fees and services
|
9,527
|
7,621
|
6,668
|
6,401
|
8,813
|
|||
Net occupancy and equipment
|
16,331
|
16,436
|
15,691
|
15,511
|
17,600
|
|||
Insurance
|
6,139
|
6,052
|
5,596
|
6,533
|
6,412
|
|||
Data processing and communications
|
23,902
|
21,601
|
21,940
|
20,309
|
21,121
|
|||
Printing, postage and supplies
|
3,170
|
3,648
|
3,525
|
3,322
|
3,601
|
|||
Net losses and operating expenses
|
||||||||
of repossessed assets
|
6,966
|
7,230
|
13,067
|
7,220
|
5,101
|
|||
Amortization of intangible assets
|
1,365
|
1,324
|
1,323
|
1,324
|
1,912
|
|||
Mortgage banking costs
|
11,999
|
9,093
|
10,380
|
9,267
|
11,436
|
|||
Change in fair value of mortgage servicing rights
|
(25,111)
|
15,924
|
19,458
|
(13,932)
|
(5,285)
|
|||
Visa retrospective responsibility obligation
|
(1,103)
|
1,103
|
-
|
-
|
-
|
|||
Other expense
|
14,029
|
9,491
|
6,265
|
6,975
|
6,281
|
|||
Total other operating expense
|
178,361
|
205,165
|
205,912
|
163,732
|
176,437
|
|||
Net income before taxes
|
90,203
|
93,223
|
97,600
|
90,625
|
67,583
|
|||
Federal and state income taxes
|
31,097
|
29,935
|
32,042
|
30,283
|
24,780
|
|||
Net income
|
59,106
|
63,288
|
65,558
|
60,342
|
42,803
|
|||
Net income (loss) attributable to non-controlling interest
|
274
|
(979)
|
2,036
|
209
|
33
|
|||
Net income attributable to BOK Financial Corporation
|
$ 58,832
|
$ 64,267
|
$ |
63,522
|
$ 60,133
|
$ 42,770
|
||
Average shares outstanding:
|
||||||||
Basic
|
67,685,434
|
67,625,378
|
67,605,807
|
67,592,315
|
67,446,326
|
|||
Diluted
|
67,888,950
|
67,765,344
|
67,880,587
|
67,790,049
|
67,600,344
|
|||
Net income per share:
|
||||||||
Basic
|
$ 0.86
|
$ 0.94
|
$ |
0.93
|
$ 0.88
|
$ 0.63
|
||
Diluted
|
$ 0.86
|
$ 0.94
|
$ |
0.93
|
$ 0.88
|
$ 0.63
|
||
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands)
|
||||||||
|
Quarter Ended | |||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
Oklahoma:
|
||||||||
Commercial
|
$ 2,581,082
|
$ 2,662,347
|
$ |
2,704,460
|
$ 2,616,086
|
$ 2,649,252
|
||
Commercial real estate
|
726,409
|
748,501
|
784,549
|
787,543
|
820,578
|
|||
Residential mortgage
|
1,253,466
|
1,293,334
|
1,257,497
|
1,235,788
|
1,228,822
|
|||
Consumer
|
336,492
|
349,720
|
395,274
|
404,570
|
451,829
|
|||
Total Oklahoma
|
4,897,449
|
5,053,902
|
5,141,780
|
5,043,987
|
5,150,481
|
|||
Texas:
|
||||||||
Commercial
|
1,888,635
|
1,876,994
|
1,902,934
|
1,935,819
|
2,017,081
|
|||
Commercial real estate
|
686,956
|
715,859
|
731,399
|
769,682
|
735,338
|
|||
Residential mortgage
|
297,027
|
309,815
|
308,496
|
307,643
|
313,113
|
|||
Consumer
|
146,986
|
151,434
|
160,377
|
160,449
|
170,062
|
|||
Total Texas
|
3,019,604
|
3,054,102
|
3,103,206
|
3,173,593
|
3,235,594
|
|||
New Mexico:
|
||||||||
Commercial
|
279,432
|
289,368
|
286,555
|
326,203
|
341,802
|
|||
Commercial real estate
|
314,781
|
314,957
|
294,425
|
298,197
|
305,061
|
|||
Residential mortgage
|
88,392
|
87,851
|
87,549
|
85,629
|
86,415
|
|||
Consumer
|
19,583
|
20,153
|
20,542
|
16,713
|
17,473
|
|||
Total New Mexico
|
702,188
|
712,329
|
689,071
|
726,742
|
750,751
|
|||
Arkansas:
|
||||||||
Commercial
|
84,775
|
91,752
|
89,376
|
86,566
|
103,443
|
|||
Commercial real estate
|
116,989
|
117,137
|
114,576
|
129,125
|
132,436
|
|||
Residential mortgage
|
13,155
|
14,937
|
15,823
|
17,071
|
16,849
|
|||
Consumer
|
72,787
|
84,869
|
96,189
|
110,123
|
124,265
|
|||
Total Arkansas
|
287,706
|
308,695
|
315,964
|
342,885
|
376,993
|
|||
Colorado:
|
||||||||
Commercial
|
470,500
|
457,421
|
484,188
|
495,916
|
545,724
|
|||
Commercial real estate
|
197,180
|
203,866
|
225,758
|
228,998
|
239,970
|
|||
Residential mortgage
|
72,310
|
75,152
|
69,325
|
68,049
|
66,504
|
|||
Consumer
|
21,409
|
15,402
|
18,548
|
17,991
|
17,362
|
|||
Total Colorado
|
761,399
|
751,841
|
797,819
|
810,954
|
869,560
|
|||
Arizona:
|
||||||||
Commercial
|
231,117
|
234,739
|
204,326
|
209,019
|
199,143
|
|||
Commercial real estate
|
201,018
|
188,943
|
163,374
|
202,192
|
227,249
|
|||
Residential mortgage
|
89,245
|
85,184
|
78,890
|
68,015
|
65,047
|
|||
Consumer
|
3,445
|
3,061
|
2,971
|
3,068
|
3,461
|
|||
Total Arizona
|
524,825
|
511,927
|
449,561
|
482,294
|
494,900
|
|||
Kansas / Missouri:
|
||||||||
Commercial
|
398,455
|
359,387
|
339,689
|
345,130
|
351,395
|
|||
Commercial real estate
|
34,017
|
33,859
|
26,828
|
28,111
|
30,802
|
|||
Residential mortgage
|
14,653
|
17,635
|
16,666
|
15,516
|
16,872
|
|||
Consumer
|
2,740
|
2,167
|
2,133
|
2,012
|
2,350
|
|||
Total Kansas / Missouri
|
449,865
|
413,048
|
385,316
|
390,769
|
401,419
|
|||
TOTAL BOK FINANCIAL
|
$ 10,643,036
|
$ 10,805,844
|
$ |
10,882,717
|
$ 10,971,224
|
$ 11,279,698
|
||
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands)
|
||||||||
Quarter Ended | ||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
Oklahoma:
|
||||||||
Demand
|
$ 2,271,375
|
$ 2,238,303
|
$ |
2,101,994
|
$ 2,062,084
|
$ 2,068,908
|
||
Interest-bearing:
|
||||||||
Transaction
|
6,061,626
|
5,609,811
|
5,562,287
|
5,237,983
|
5,134,902
|
|||
Savings
|
106,411
|
103,524
|
102,590
|
101,708
|
93,006
|
|||
Time
|
1,373,307
|
1,497,344
|
1,442,525
|
1,360,756
|
1,397,240
|
|||
Total interest-bearing
|
7,541,344
|
7,210,679
|
7,107,402
|
6,700,447
|
6,625,148
|
|||
Total Oklahoma
|
9,812,719
|
9,448,982
|
9,209,396
|
8,762,531
|
8,694,056
|
|||
Texas:
|
||||||||
Demand
|
1,389,876
|
1,238,103
|
1,150,495
|
1,068,656
|
1,108,401
|
|||
Interest-bearing:
|
||||||||
Transaction
|
1,791,810
|
1,786,979
|
1,674,519
|
1,675,759
|
1,748,319
|
|||
Savings
|
36,429
|
35,614
|
36,814
|
37,175
|
35,129
|
|||
Time
|
966,116
|
1,031,877
|
1,003,936
|
1,043,813
|
1,100,602
|
|||
Total interest-bearing
|
2,794,355
|
2,854,470
|
2,715,269
|
2,756,747
|
2,884,050
|
|||
Total Texas
|
4,184,231
|
4,092,573
|
3,865,764
|
3,825,403
|
3,992,451
|
|||
New Mexico:
|
||||||||
Demand
|
270,916
|
262,567
|
223,869
|
222,685
|
209,090
|
|||
Interest-bearing:
|
||||||||
Transaction
|
530,244
|
535,012
|
491,708
|
480,189
|
444,247
|
|||
Savings
|
28,342
|
27,906
|
30,231
|
20,036
|
17,563
|
|||
Time
|
450,177
|
469,493
|
476,155
|
495,243
|
510,202
|
|||
Total interest-bearing
|
1,008,763
|
1,032,411
|
998,094
|
995,468
|
972,012
|
|||
Total New Mexico
|
1,279,679
|
1,294,978
|
1,221,963
|
1,218,153
|
1,181,102
|
|||
Arkansas:
|
||||||||
Demand
|
15,310
|
17,604
|
14,919
|
17,599
|
21,526
|
|||
Interest-bearing:
|
||||||||
Transaction
|
129,580
|
137,797
|
108,104
|
61,398
|
50,879
|
|||
Savings
|
1,266
|
1,522
|
1,288
|
1,266
|
1,346
|
|||
Time
|
100,998
|
116,536
|
119,472
|
105,794
|
101,839
|
|||
Total interest-bearing
|
231,844
|
255,855
|
228,864
|
168,458
|
154,064
|
|||
Total Arkansas
|
247,154
|
273,459
|
243,783
|
186,057
|
175,590
|
|||
Colorado:
|
||||||||
Demand
|
157,742
|
156,685
|
143,783
|
136,048
|
146,929
|
|||
Interest-bearing:
|
||||||||
Transaction
|
522,207
|
501,405
|
441,085
|
456,508
|
448,846
|
|||
Savings
|
20,310
|
19,681
|
18,869
|
18,118
|
17,802
|
|||
Time
|
502,889
|
495,899
|
497,538
|
509,410
|
525,844
|
|||
Total interest-bearing
|
1,045,406
|
1,016,985
|
957,492
|
984,036
|
992,492
|
|||
Total Colorado
|
1,203,148
|
1,173,670
|
1,101,275
|
1,120,084
|
1,139,421
|
|||
Arizona:
|
||||||||
Demand
|
74,887
|
97,384
|
71,711
|
61,183
|
68,651
|
|||
Interest-bearing:
|
||||||||
Transaction
|
95,890
|
94,108
|
94,033
|
81,851
|
81,909
|
|||
Savings
|
809
|
812
|
1,062
|
1,105
|
958
|
|||
Time
|
52,227
|
59,678
|
63,643
|
64,592
|
60,768
|
|||
Total interest-bearing
|
148,926
|
154,598
|
158,738
|
147,548
|
143,635
|
|||
Total Arizona
|
223,813
|
251,982
|
230,449
|
208,731
|
212,286
|
|||
Kansas / Missouri:
|
||||||||
Demand
|
40,658
|
35,869
|
28,518
|
31,726
|
30,339
|
|||
Interest-bearing:
|
||||||||
Transaction
|
124,005
|
180,273
|
116,423
|
100,037
|
21,337
|
|||
Savings
|
200
|
132
|
110
|
146
|
148
|
|||
Time
|
63,454
|
70,673
|
69,819
|
74,648
|
71,498
|
|||
Total interest-bearing
|
187,659
|
251,078
|
186,352
|
174,831
|
92,983
|
|||
Total Kansas / Missouri
|
228,317
|
286,947
|
214,870
|
206,557
|
123,322
|
|||
TOTAL BOK FINANCIAL
|
$ 17,179,061
|
$ 16,822,591
|
$ |
16,087,500
|
$ 15,527,516
|
$ 15,518,228
|
||
NET INTEREST MARGIN TREND - UNAUDITED
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
|
Quarter Ended | |||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
TAX-EQUIVALENT ASSETS YIELDS
|
||||||||
Trading securities
|
4.06%
|
3.26%
|
4.51%
|
4.53%
|
5.41%
|
|||
Funds sold and resell agreements
|
0.13%
|
0.08%
|
0.14%
|
0.10%
|
0.21%
|
|||
Securities:
|
||||||||
Taxable (A)
|
2.67%
|
3.28%
|
3.56%
|
3.73%
|
3.83%
|
|||
Tax-exempt (A)
|
4.95%
|
4.87%
|
4.89%
|
5.28%
|
5.16%
|
|||
Total securities (A)
|
2.73%
|
3.32%
|
3.60%
|
3.78%
|
3.87%
|
|||
Residential mortgage loans held for sale
|
3.85%
|
4.24%
|
4.76%
|
5.16%
|
4.71%
|
|||
Loans
|
4.76%
|
4.87%
|
4.83%
|
4.81%
|
4.74%
|
|||
Less reserve for loan losses
|
-
|
-
|
-
|
-
|
-
|
|||
Loans, net of reserve
|
4.90%
|
5.01%
|
4.97%
|
4.95%
|
4.86%
|
|||
Total tax-equivalent yield on earning assets (A)
|
3.84%
|
4.19%
|
4.33%
|
4.41%
|
4.42%
|
|||
COST OF INTEREST-BEARING LIABILITIES
|
||||||||
Interest-bearing deposits:
|
||||||||
Interest-bearing transaction
|
0.37%
|
0.45%
|
0.49%
|
0.52%
|
0.57%
|
|||
Savings
|
0.35%
|
0.39%
|
0.40%
|
0.42%
|
0.47%
|
|||
Time
|
1.78%
|
1.80%
|
1.74%
|
1.86%
|
1.95%
|
|||
Total interest-bearing deposits
|
0.76%
|
0.85%
|
0.87%
|
0.94%
|
1.03%
|
|||
Funds purchased and repurchase agreements
|
0.40%
|
0.36%
|
0.36%
|
0.32%
|
0.30%
|
|||
Other borrowings
|
0.37%
|
0.36%
|
0.35%
|
0.29%
|
0.29%
|
|||
Subordinated debt
|
5.64%
|
5.64%
|
5.57%
|
5.66%
|
5.52%
|
|||
Total cost of interest-bearing liabilities
|
0.81%
|
0.86%
|
0.85%
|
0.87%
|
0.94%
|
|||
Tax-equivalent net interest revenue spread
|
3.03%
|
3.33%
|
3.48%
|
3.54%
|
3.48%
|
|||
Effect of noninterest-bearing funding sources and other
|
0.16%
|
0.17%
|
0.15%
|
0.14%
|
0.16%
|
|||
Tax-equivalent net interest margin
|
3.19%
|
3.50%
|
3.63%
|
3.68%
|
3.64%
|
|||
(A) Yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income.
|
||||||||
CREDIT QUALITY INDICATORS
|
||||||||
BOK FINANCIAL CORPORATION
|
||||||||
(In thousands, except ratios)
|
|
Quarter Ended | ||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||
2010
|
2010
|
2010
|
2010
|
2009
|
||||
Nonperforming assets:
|
||||||||
Nonaccruing loans (B):
|
||||||||
Commercial
|
$ 38,455
|
$ 49,361
|
$ |
82,775
|
$ 84,491
|
$ 101,384
|
||
Commercial real estate
|
150,366
|
177,709
|
193,698
|
219,639
|
204,924
|
|||
Residential mortgage
|
37,426
|
38,898
|
40,033
|
36,281
|
29,989
|
|||
Consumer
|
4,567
|
2,784
|
3,188
|
3,164
|
3,058
|
|||
Total nonaccruing loans
|
230,814
|
268,752
|
319,694
|
343,575
|
339,355
|
|||
Renegotiated loans (A)
|
22,261
|
25,252
|
21,327
|
17,763
|
15,906
|
|||
Real estate and other repossessed assets
|
141,394
|
126,859
|
119,908
|
121,933
|
129,034
|
|||
Total nonperforming assets
|
$ 394,469
|
$ 420,863
|
$ |
460,929
|
$ 483,271
|
$ 484,295
|
||
Nonaccruing loans by principal market (B):
|
||||||||
Oklahoma
|
$ 60,805
|
$ 72,264
|
$ |
93,898
|
$ 102,231
|
$ 83,176
|
||
Texas
|
33,157
|
36,979
|
49,695
|
58,067
|
66,892
|
|||
New Mexico
|
19,283
|
23,792
|
26,956
|
23,021
|
26,693
|
|||
Arkansas
|
7,914
|
9,990
|
10,933
|
14,652
|
13,820
|
|||
Colorado
|
49,416
|
55,631
|
66,040
|
66,883
|
60,082
|
|||
Arizona
|
60,239
|
70,038
|
72,111
|
78,656
|
84,559
|
|||
Kansas / Missouri
|
-
|
58
|
61
|
65
|
4,133
|
|||
Total nonaccruing loans
|
$ 230,814
|
$ 268,752
|
$ |
319,694
|
$ 343,575
|
$ 339,355
|
||
-
|
-
|
-
|
-
|
-
|
||||
Nonaccruing loans by loan portfolio sector (B):
|
||||||||
Commercial:
|
||||||||
Energy
|
$ 465
|
$ 8,189
|
$ |
26,259
|
$ 17,182
|
$ 22,692
|
||
Manufacturing
|
2,116
|
2,454
|
3,237
|
4,834
|
15,765
|
|||
Wholesale / retail
|
8,486
|
5,584
|
5,561
|
6,629
|
12,057
|
|||
Agriculture
|
13
|
58
|
58
|
65
|
65
|
|||
Services
|
19,262
|
23,925
|
31,062
|
35,535
|
30,926
|
|||
Healthcare
|
3,534
|
2,608
|
8,568
|
10,538
|
13,103
|
|||
Other
|
4,579
|
6,543
|
8,030
|
9,708
|
6,776
|
|||
Total commercial
|
38,455
|
49,361
|
82,775
|
84,491
|
101,384
|
|||
Commercial real estate:
|
||||||||
Land development and construction
|
99,579
|
116,252
|
132,686
|
140,508
|
109,779
|
|||
Retail
|
4,978
|
8,041
|
4,967
|
14,843
|
26,236
|
|||
Office
|
19,654
|
24,942
|
24,764
|
26,660
|
25,861
|
|||
Multifamily
|
6,725
|
6,924
|
7,253
|
15,725
|
26,540
|
|||
Industrial
|
4,087
|
4,151
|
4,223
|
-
|
279
|
|||
Other commercial real estate
|
15,343
|
17,399
|
19,805
|
21,903
|
16,229
|
|||
Total commercial real estate
|
150,366
|
177,709
|
193,698
|
219,639
|
204,924
|
|||
Residential mortgage:
|
||||||||
Permanent mortgage
|
35,426
|
36,654
|
37,978
|
34,134
|
28,314
|
|||
Home equity
|
2,000
|
2,244
|
2,055
|
2,147
|
1,675
|
|||
Total residential mortgage
|
37,426
|
38,898
|
40,033
|
36,281
|
29,989
|
|||
Consumer
|
4,567
|
2,784
|
3,188
|
3,164
|
3,058
|
|||
Total nonaccruing loans
|
$ 230,814
|
$ 268,752
|
$ |
319,694
|
$ 343,575
|
$ 339,355
|
||
|
-
|
-
|
-
|
-
|
-
|
|||
Performing loans 90 days past due
|
$ 9,961
|
$ 6,433
|
$ |
12,474
|
$ 12,915
|
$ 10,308
|
||
Gross charge-offs
|
$ 20,152
|
$ 25,340
|
$ |
38,168
|
$ 40,328
|
$ 37,974
|
||
Recoveries
|
5,939
|
5,205
|
2,614
|
5,850
|
2,950
|
|||
Net charge-offs
|
$ 14,213
|
$ 20,135
|
$ |
35,554
|
$ 34,478
|
$ 35,024
|
||
Provision for credit losses
|
$ 6,999
|
$ 20,000
|
$ |
36,040
|
$ 42,100
|
$ 48,620
|
||
Reserve for loan losses to period end loans
|
2.75%
|
2.77%
|
2.75%
|
2.73%
|
2.59%
|
|||
Combined reserves for credit losses to period end loans
|
2.89%
|
2.91%
|
2.89%
|
2.86%
|
2.72%
|
|||
Nonperforming assets to period end loans
|
||||||||
and repossessed assets
|
3.66%
|
3.85%
|
4.19%
|
4.36%
|
4.24%
|
|||
Net charge-offs (annualized) to average loans
|
0.53%
|
0.74%
|
1.30%
|
1.23%
|
1.22%
|
|||
Reserve for loan losses to nonaccruing loans
|
126.93%
|
111.31%
|
93.68%
|
87.23%
|
86.07%
|
|||
Combined reserves for credit losses to nonaccruing loans
|
133.11%
|
117.01%
|
98.40%
|
91.42%
|
90.31%
|
|||
|
||||||||
(A) includes residential mortgage loans guaranteed by
|
$ 18,551
|
$ 21,706
|
$ |
17,598
|
$ 14,083
|
$ 12,799
|
||
agencies of the U.S. government. These loans
|
||||||||
have been modified to extend payment terms and/or
|
||||||||
reduce interest rates to current market.
|
||||||||
(B) includes loans subject to First United Bank sellers escrow
|
$ -
|
$ -
|
$ |
-
|
$ 4,281
|
$ 4,311
|