BOK FINANCIAL CORP - FORM 8-K - EX-99.B - EXHIBIT 99 (B) Q4/11 FINANCIALS 020112

Attached files

file	filename
8-K - FORM 8-K Q4/11 020112 - BOK FINANCIAL CORP	form8k_020112.htm
EX-99.A - EXHIBIT 99 (A) TEXT OF PRESS RELEASE 020112 - BOK FINANCIAL CORP	exhibit99a_020112.htm

Exhibit 99 (b)

BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)

	December 31,			September 30,			December 31,
	2011			2011			2010
	(Unaudited)			(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	976,191		$	953,688		$	1,247,946
Funds sold and resell agreements		10,174			19,193			21,458
Trading securities		76,800			109,659			55,467
Investment securities		439,236			452,652			339,553
Available for sale securities		10,179,365			9,619,631			9,235,622
Fair value option securities		651,226			672,191			428,021
Residential mortgage loans held for sale		188,125			256,397			263,413
Loans:
Commercial		6,571,454			6,475,689			5,933,996
Commercial real estate		2,279,909			2,259,902			2,277,350
Residential mortgage		1,970,461			1,911,896			1,828,248
Consumer		447,919			477,082			603,442
Total loans		11,269,743			11,124,569			10,643,036
Less allowance for loan losses		(253,481	)		(271,456	)		(292,971	)
Loans, net of allowance		11,016,262			10,853,113			10,350,065
Premises and equipment, net		262,735			264,325			265,465
Receivables		123,257			111,427			148,940
Goodwill		335,601			335,601			335,601
Intangible assets, net		10,219			11,115			13,803
Mortgage servicing rights, net		86,783			87,948			115,723
Real estate and other repossessed assets		122,753			127,943			141,394
Bankers' acceptances		1,881			211			1,222
Derivative contracts		293,859			370,616			270,445
Cash surrender value of bank-owned life insurance		263,318			260,506			255,442
Receivable on unsettled securities sales		75,151			172,641			135,059
Other assets		381,010			387,408			316,964
TOTAL ASSETS	$	25,493,946		$	25,066,265		$	23,941,603


LIABILITIES AND EQUITY
Deposits:
Demand	$	5,799,785		$	5,414,284		$	4,220,764
Interest-bearing transaction		9,354,456			9,252,837			9,255,362
Savings		226,357			217,431			193,767
Time		3,381,982			3,554,470			3,509,168
Total deposits		18,762,580			18,439,022			17,179,061
Funds purchased		1,063,318			1,318,668			1,025,018
Repurchase agreements		1,233,064			1,206,793			1,258,762
Other borrowings		74,485			80,276			833,578
Subordinated debentures		398,881			398,834			398,701
Accrued interest, taxes, and expense		149,508			155,188			134,107
Bankers' acceptances		1,881			211			1,222
Due on unsettled securities purchases		653,371			218,097			160,425
Derivative contracts		236,522			341,822			215,420
Other liabilities		133,684			139,804			191,431
TOTAL LIABILITIES		22,707,294			22,298,715			21,397,725
Shareholders' equity:
Capital, surplus and retained earnings		2,621,489			2,569,021			2,413,887
Accumulated other comprehensive income		128,979			163,571			107,839
TOTAL SHAREHOLDERS' EQUITY		2,750,468			2,732,592			2,521,726
Non-controlling interest		36,184			34,958			22,152
TOTAL EQUITY		2,786,652			2,767,550			2,543,878
TOTAL LIABILITIES AND EQUITY	$	25,493,946		$	25,066,265		$	23,941,603

AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
							Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010

ASSETS
Funds sold and resell agreements	$	12,035		$	12,344		$	8,814		$	20,680		$	21,128
Trading securities		97,972			88,576			80,113			60,768			74,084
Investment securities		443,326			329,627			357,698			339,246			341,941
Available for sale securities		9,914,523			9,656,592			9,543,482			9,376,674			9,581,708
Fair value option securities		660,025			594,629			518,073			397,093			474,731
Residential mortgage loans held for sale		201,242			156,621			134,876			125,494			282,734
Loans:
Commercial		6,502,981			6,329,135			6,145,918			6,084,765			5,946,960
Commercial real estate		2,256,153			2,208,757			2,172,166			2,236,400			2,282,779
Residential mortgage		1,949,929			1,868,627			1,858,117			1,788,049			1,832,624
Consumer		443,252			466,285			504,553			544,542			604,830
Total loans		11,152,315			10,872,805			10,680,755			10,653,756			10,667,193
Less allowance for loan losses		(266,473	)		(285,570	)		(291,308	)		(295,014	)		(307,223	)
Total loans, net		10,885,842			10,587,235			10,389,447			10,358,742			10,359,970
Total earning assets		22,214,965			21,425,624			21,032,503			20,678,697			21,136,296
Cash and due from banks		1,234,312			1,045,450			764,806			1,095,910			1,092,979
Cash surrender value of bank-owned life insurance		261,496			260,505			259,337			256,456			255,530
Derivative contracts		247,411			228,466			253,163			211,895			249,861
Other assets		1,679,256			1,661,693			1,669,426			1,496,816			1,548,285
TOTAL ASSETS	$	25,637,440		$	24,621,738		$	23,979,235		$	23,739,774		$	24,282,951

LIABILITIES AND EQUITY
Deposits:
Demand	$	5,588,596		$	5,086,538		$	4,554,000		$	4,265,657		$	4,171,595
Interest-bearing transaction		9,276,608			9,310,046			9,184,141			9,632,595			9,325,573
Savings		220,236			214,979			210,707			203,638			191,235
Time		3,485,059			3,617,731			3,632,130			3,616,991			3,602,150
Total deposits		18,570,499			18,229,294			17,580,978			17,718,881			17,290,553
Funds purchased		1,197,154			994,099			1,168,670			820,969			775,620
Repurchase agreements		1,189,861			1,128,275			1,004,217			1,062,359			1,201,760
Other borrowings		88,489			128,288			187,441			144,987			829,756
Subordinated debentures		398,858			398,812			398,767			398,723			398,680
Derivative contracts		180,623			187,515			175,199			144,492			197,330
Other liabilities		1,241,469			817,049			813,074			884,566			1,053,695
TOTAL LIABILITIES		22,866,953			21,883,332			21,328,346			21,174,977			21,747,394
Total equity		2,770,487			2,738,406			2,650,889			2,564,797			2,535,557
TOTAL LIABILITIES AND EQUITY	$	25,637,440		$	24,621,738		$	23,979,235		$	23,739,774		$	24,282,951

STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
	Quarter Ended						Year Ended
	December 31,						December 31,
	2011			2010			2011			2010


Interest revenue	$	198,040		$	197,148		$	811,595		$	851,082
Interest expense		26,570			33,498			120,101			142,030
Net interest revenue		171,470			163,650			691,494			709,052
Provision for (reduction of) allowances for credit losses		(15,000	)		6,999			(6,050	)		105,139
Net interest revenue after
provision for credit losses		186,470			156,651			697,544			603,913

Other operating revenue
Brokerage and trading revenue		25,629			28,610			104,181			101,471
Transaction card revenue		25,960			29,500			116,757			112,302
Trust fees and commissions		17,865			18,145			73,290			68,976
Deposit service charges and fees		24,921			23,732			95,872			103,611
Mortgage banking revenue		25,438			25,158			91,643			87,600
Bank-owned life insurance		2,784			3,182			11,280			12,066
Other revenue		9,189			7,648			35,620			30,368
Total fees and commissions		131,786			135,975			528,643			516,394
Gain (loss) on other assets, net		1,897			15			5,885			(1,161	)
Gain (loss) on derivatives, net		(174	)		(7,286	)		2,686			4,271
Gain (loss) on fair value option securities, net		222			(11,117	)		24,413			7,331
Gain on available for sale securities, net		7,080			953			34,144			21,882
Total other-than-temporary impairment losses		(1,037	)		(4,768	)		(10,578	)		(29,960	)
Portion of loss recognized in (reclassified from)
other comprehensive income		(1,747	)		(1,859	)		(12,929	)		2,151
Net impairment losses recognized in earnings		(2,784	)		(6,627	)		(23,507	)		(27,809	)
Total other operating revenue		138,027			111,913			572,264			520,908

Other operating expense
Personnel		121,129			106,770			429,986			401,864
Business promotion		5,868			4,377			20,549			17,726
Contribution to BOKF Charitable Foundation		-			-			4,000			-
Professional fees and services		7,664			9,527			28,798			30,217
Net occupancy and equipment		16,826			16,331			64,611			63,969
Insurance		3,636			6,139			16,799			24,320
Data processing and communications		26,599			23,902			97,976			87,752
Printing, postage and supplies		3,637			3,170			14,085			13,665
Net losses and operating expenses
of repossessed assets		6,180			6,966			23,715			34,483
Amortization of intangible assets		895			1,365			3,583			5,336
Mortgage banking costs		10,154			11,999			34,942			40,739
Change in fair value of mortgage servicing rights		5,261			(25,111	)		40,447			(3,661	)
Visa retrospective responsibility obligation		-			(1,103	)		-			-
Other expense		11,348			14,029			41,982			36,760
Total other operating expense		219,197			178,361			821,473			753,170

Net income before taxes		105,300			90,203			448,335			371,651
Federal and state income taxes		37,396			31,097			158,511			123,357

Net income		67,904			59,106			289,824			248,294
Net income attributable to non-controlling interest		911			274			3,949			1,540

Net income attributable to BOK Financial Corporation	$	66,993		$	58,832		$	285,875		$	246,754

Average shares outstanding:
Basic		67,526,009			67,685,434			67,787,676			67,627,735
Diluted		67,774,721			67,888,950			68,038,763			67,831,734

Net income per share:
Basic	$	0.98		$	0.86		$	4.18		$	3.63
Diluted	$	0.98		$	0.86		$	4.17		$	3.61

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,
	2011			2011			2011			2011			2010
Capital:
Period-end shareholders' equity	$	2,750,468		$	2,732,592		$	2,667,717		$	2,576,135		$	2,521,726
Risk weighted assets	$	17,291,105		$	17,106,533		$	16,452,305		$	16,416,387		$	16,368,976
Risk-based capital ratios:
Tier 1		13.27	%		13.14	%		13.30	%		12.97	%		12.69	%
Total capital		16.49	%		16.54	%		16.80	%		16.48	%		16.20	%
Leverage ratio		9.15	%		9.37	%		9.29	%		9.13	%		8.74	%
Tangible common equity ratio (A)		9.56	%		9.65	%		9.71	%		9.54	%		9.21	%
Tier 1 common equity ratio (B)		13.06	%		12.94	%		13.15	%		12.84	%		12.55	%

Common stock:
Book value per share	$	40.36		$	40.18		$	38.97		$	37.64		$	36.97
Market value per share:
High	$	55.90		$	55.81		$	54.72		$	56.32		$	54.86
Low	$	45.68		$	44.00		$	50.13		$	50.37		$	44.83
Cash dividends paid	$	22,451		$	18,836		$	18,823		$	17,102		$	17,025
Dividend payout ratio		33.51	%		22.13	%		27.28	%		26.40	%		28.94	%
Shares outstanding, net		68,153,044			68,006,390			68,462,869			68,438,422			68,207,689
Stock buy-back program:
Shares repurchased		69,581			492,444			-			-			-
Amount	$	3,579		$	22,866		$	-		$	-		$	-
Average price per share	$	51.44		$	46.43		$	-		$	-		$	-

Performance ratios (quarter annualized):
Return on average assets		1.04	%		1.37	%		1.15	%		1.11	%		0.96	%
Return on average equity		9.59	%		12.33	%		10.44	%		10.24	%		9.21	%
Net interest margin		3.20	%		3.34	%		3.40	%		3.47	%		3.21	%
Efficiency ratio		69.73	%		60.13	%		62.23	%		61.15	%		65.60	%

Other data:
Trust assets	$	34,177,331		$	31,750,636		$	33,075,456		$	32,013,487		$	32,751,501
Mortgage servicing portfolio	$	11,300,986		$	11,249,503		$	11,283,442		$	11,202,626		$	11,263,130
Mortgage loans funded for sale	$	753,215		$	637,127		$	483,808		$	419,684		$	821,481
Mortgage loan refinances to total fundings		66	%		54	%		36	%		49	%		72	%
Tax equivalent adjustment	$	2,274		$	2,233		$	2,261		$	2,321		$	2,263
Net unrealized gain on available for sale securities	$	222,160		$	278,616		$	263,199		$	201,340		$	200,203

Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts	$	121		$	4,048		$	1,224		$	(2,419	)	$	(7,392	)
Gain (loss) on mortgage trading securities		222			17,788			9,921			(3,518	)		(11,117	)
Gain (loss) on economic hedge of mortgage servicing rights		343			21,836			11,145			(5,937	)		(18,509	)
Gain (loss) on changes in fair value of mortgage servicing rights		(5,261	)		(24,822	)		(13,493	)		3,129			25,111
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges	$	(4,918	)	$	(2,986	)	$	(2,348	)	$	(2,808	)	$	6,602
Net interest revenue on mortgage trading securities	$	4,436		$	5,036		$	5,121		$	3,058		$	4,232

Reconciliation of non-GAAP measures:
(A) Tangible common equity ratio:
Total shareholders' equity	$	2,750,468		$	2,732,592		$	2,667,717		$	2,576,135		$	2,521,726
Less: Goodwill and intangible assets, net		(345,820	)		(346,716	)		(347,611	)		(348,507	)		(349,404	)
Tangible common equity	$	2,404,648		$	2,385,876		$	2,320,106		$	2,227,628		$	2,172,322

Total assets	$	25,493,946		$	25,066,265		$	24,238,182		$	23,701,023		$	23,941,603
Less: Goodwill and intangible assets, net		(345,820	)		(346,716	)		(347,611	)		(348,507	)		(349,404	)
	$	25,148,126		$	24,719,549		$	23,890,571		$	23,352,516		$	23,592,199
Tangible common equity ratio		9.56	%		9.65	%		9.71	%		9.54	%		9.21	%

(B) Tier 1 common equity ratio:
Tier 1 capital	$	2,295,061		$	2,248,743		$	2,188,199		$	2,129,998		$	2,076,525
Less: Non-controlling interest		(36,184	)		(34,958	)		(24,457	)		(21,555	)		(22,152	)
Tier 1 common equity	$	2,258,877		$	2,213,785		$	2,163,742		$	2,108,443		$	2,054,373

Risk weighted assets	$	17,291,105		$	17,106,533		$	16,452,305		$	16,416,387		$	16,368,976

Tier 1 common equity ratio		13.06	%		12.94	%		13.15	%		12.84	%		12.55	%

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,
	2011			2011			2011			2011			2010

Interest revenue	$	198,040		$	205,749		$	205,717		$	202,089		$	197,148
Interest expense		26,570			30,365			31,716			31,450			33,498
Net interest revenue		171,470			175,384			174,001			170,639			163,650
Provision for (reduction of) allowances for credit losses		(15,000	)		-			2,700			6,250			6,999
Net interest revenue after
provision for credit losses		186,470			175,384			171,301			164,389			156,651

Other operating revenue
Brokerage and trading revenue		25,629			29,451			23,725			25,376			28,610
Transaction card revenue		25,960			31,328			31,024			28,445			29,500
Trust fees and commissions		17,865			17,853			19,150			18,422			18,145
Deposit service charges and fees		24,921			24,614			23,857			22,480			23,732
Mortgage banking revenue		25,438			29,493			19,356			17,356			25,158
Bank-owned life insurance		2,784			2,761			2,872			2,863			3,182
Other revenue		9,189			10,535			7,842			8,332			7,648
Total fees and commissions		131,786			146,035			127,826			123,274			135,975
Gain (loss) on other assets, net		1,897			712			3,344			(68	)		15
Gain (loss) on derivatives, net		(174	)		4,048			1,225			(2,413	)		(7,286	)
Gain (loss) on fair value option securities, net		222			17,788			9,921			(3,518	)		(11,117	)
Gain on available for sale securities, net		7,080			16,694			5,468			4,902			953
Total other-than-temporary impairment losses		(1,037	)		(9,467	)		(74	)		-			(4,768	)
Portion of loss recognized in (reclassified from)
other comprehensive income		(1,747	)		(1,833	)		(4,750	)		(4,599	)		(1,859	)
Net impairment losses recognized in earnings		(2,784	)		(11,300	)		(4,824	)		(4,599	)		(6,627	)
Total other operating revenue		138,027			173,977			142,960			117,578			111,913

Other operating expense
Personnel		121,129			103,260			105,603			99,994			106,770
Business promotion		5,868			5,280			4,777			4,624			4,377
Contribution to BOKF Charitable Foundation		-			4,000			-			-			-
Professional fees and services		7,664			7,418			6,258			7,458			9,527
Net occupancy and equipment		16,826			16,627			15,554			15,604			16,331
Insurance		3,636			2,206			4,771			6,186			6,139
Data processing and communications		26,599			24,446			24,428			22,503			23,902
Printing, postage and supplies		3,637			3,780			3,586			3,082			3,170
Net losses and operating expenses
of repossessed assets		6,180			5,939			5,859			6,015			6,966
Amortization of intangible assets		895			896			896			896			1,365
Mortgage banking costs		10,154			9,349			8,968			6,471			11,999
Change in fair value of mortgage servicing rights		5,261			24,822			13,493			(3,129	)		(25,111	)
Visa retrospective responsibility obligation		-			-			-			-			(1,103	)
Other expense		11,348			12,873			9,016			8,745			14,029
Total other operating expense		219,197			220,896			203,209			178,449			178,361

Net income before taxes		105,300			128,465			111,052			103,518			90,203
Federal and state income taxes		37,396			43,006			39,357			38,752			31,097

Net income		67,904			85,459			71,695			64,766			59,106
Net income (loss) attributable to non-controlling interest		911			358			2,688			(8	)		274

Net income attributable to BOK Financial Corporation	$	66,993		$	85,101		$	69,007		$	64,774		$	58,832

Average shares outstanding:
Basic		67,526,009			67,827,591			67,898,483			67,901,722			67,685,434
Diluted		67,774,721			68,037,419			68,169,485			68,176,527			67,888,950

Net income per share:
Basic	$	0.98		$	1.24		$	1.01		$	0.95		$	0.86
Diluted	$	0.98		$	1.24		$	1.00		$	0.94		$	0.86

LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
					Quarter Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2011		2011		2011		2011		2010

Oklahoma:
Commercial	$	2,697,623	$	2,807,979	$	2,594,502	$	2,618,045	$	2,581,082
Commercial real estate		600,703		624,990		619,201		661,254		726,409
Residential mortgage		1,429,069		1,366,953		1,309,110		1,219,237		1,253,466
Consumer		236,056		248,851		267,550		291,412		336,492
Total Oklahoma		4,963,451		5,048,773		4,790,363		4,789,948		4,897,449

Texas:
Commercial		2,214,462		2,069,117		2,003,847		1,916,270		1,888,635
Commercial real estate		830,831		741,984		711,906		687,817		686,956
Residential mortgage		266,050		273,025		282,934		283,925		297,027
Consumer		126,280		133,286		140,044		141,199		146,986
Total Texas		3,437,623		3,217,412		3,138,731		3,029,211		3,019,604

New Mexico:
Commercial		252,367		269,690		280,306		262,597		279,432
Commercial real estate		316,853		314,701		311,565		326,104		314,781
Residential mortgage		100,581		93,444		95,021		90,466		88,392
Consumer		18,519		18,142		18,536		19,242		19,583
Total New Mexico		688,320		695,977		705,428		698,409		702,188

Arkansas:
Commercial		86,111		89,262		74,677		75,889		84,775
Commercial real estate		127,687		124,393		121,286		124,875		116,989
Residential mortgage		14,511		14,428		13,939		14,114		13,155
Consumer		36,061		44,163		52,439		61,746		72,787
Total Arkansas		264,370		272,246		262,341		276,624		287,706

Colorado:
Commercial		559,127		508,222		515,829		514,100		470,500
Commercial real estate		153,855		188,659		167,414		172,416		197,180
Residential mortgage		64,437		65,327		66,985		67,975		72,310
Consumer		21,651		22,024		19,507		20,145		21,409
Total Colorado		799,070		784,232		769,735		774,636		761,399

Arizona:
Commercial		288,536		283,867		291,515		251,390		231,117
Commercial real estate		192,731		222,249		205,269		213,442		201,018
Residential mortgage		82,202		85,243		86,415		89,384		89,245
Consumer		5,505		6,625		6,772		5,266		3,445
Total Arizona		568,974		597,984		589,971		559,482		524,825

Kansas / Missouri:
Commercial		473,228		447,552		417,920		409,966		398,455
Commercial real estate		57,249		42,926		47,074		37,074		34,017
Residential mortgage		13,611		13,476		13,593		12,220		14,653
Consumer		3,847		3,991		2,388		2,265		2,740
Total Kansas / Missouri		547,935		507,945		480,975		461,525		449,865

TOTAL BOK FINANCIAL	$	11,269,743	$	11,124,569	$	10,737,544	$	10,589,835	$	10,643,036

DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
					Quarter Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2011		2011		2011		2011		2010

Oklahoma:
Demand	$	3,223,201	$	2,953,410	$	2,486,671	$	2,420,210	$	2,271,375
Interest-bearing:
Transaction		6,050,986		6,038,770		5,916,784		6,068,304		6,061,626
Savings		126,763		122,829		120,278		120,020		106,411
Time		1,450,571		1,489,486		1,462,137		1,465,506		1,373,307
Total interest-bearing		7,628,320		7,651,085		7,499,199		7,653,830		7,541,344
Total Oklahoma		10,851,521		10,604,495		9,985,870		10,074,040		9,812,719

Texas:
Demand		1,808,491		1,710,315		1,528,772		1,405,892		1,389,876
Interest-bearing:
Transaction		1,940,819		1,820,116		1,741,176		1,977,850		1,791,810
Savings		45,872		42,272		42,185		40,313		36,429
Time		867,664		938,200		992,366		1,015,754		966,116
Total interest-bearing		2,854,355		2,800,588		2,775,727		3,033,917		2,794,355
Total Texas		4,662,846		4,510,903		4,304,499		4,439,809		4,184,231

New Mexico:
Demand		319,269		325,612		299,305		282,708		270,916
Interest-bearing:
Transaction		491,068		480,816		483,026		498,355		530,244
Savings		27,487		26,127		24,613		24,455		28,342
Time		410,722		431,436		449,618		453,580		450,177
Total interest-bearing		929,277		938,379		957,257		976,390		1,008,763
Total New Mexico		1,248,546		1,263,991		1,256,562		1,259,098		1,279,679

Arkansas:
Demand		18,513		21,809		17,452		15,144		15,310
Interest-bearing:
Transaction		131,181		181,486		138,954		130,613		129,580
Savings		1,727		1,735		1,673		1,514		1,266
Time		61,329		74,163		82,112		94,889		100,998
Total interest-bearing		194,237		257,384		222,739		227,016		231,844
Total Arkansas		212,750		279,193		240,191		242,160		247,154

Colorado:
Demand		272,565		217,394		196,915		197,579		157,742
Interest-bearing:
Transaction		511,993		520,743		509,738		528,948		522,207
Savings		22,771		22,599		21,406		21,655		20,310
Time		523,969		547,481		563,642		546,586		502,889
Total interest-bearing		1,058,733		1,090,823		1,094,786		1,097,189		1,045,406
Total Colorado		1,331,298		1,308,217		1,291,701		1,294,768		1,203,148

Arizona:
Demand		106,741		138,971		150,194		106,880		74,887
Interest-bearing:
Transaction		104,961		101,933		107,961		102,089		95,890
Savings		1,192		1,366		1,364		984		809
Time		37,641		40,007		44,619		50,060		52,227
Total interest-bearing		143,794		143,306		153,944		153,133		148,926
Total Arizona		250,535		282,277		304,138		260,013		223,813

Kansas / Missouri:
Demand		51,004		46,773		46,668		28,774		40,658
Interest-bearing:
Transaction		123,449		108,973		115,684		222,705		124,005
Savings		545		503		358		323		200
Time		30,086		33,697		40,206		51,236		63,454
Total interest-bearing		154,080		143,173		156,248		274,264		187,659
Total Kansas / Missouri		205,084		189,946		202,916		303,038		228,317

TOTAL BOK FINANCIAL	$	18,762,580	$	18,439,022	$	17,585,877	$	17,872,926	$	17,179,061

NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
							Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
TAX-EQUIVALENT ASSETS YIELDS
Funds sold and resell agreements		0.10	%		0.16	%		0.14	%		0.08	%		0.13	%
Trading securities		2.79	%		2.85	%		2.92	%		3.84	%		4.06	%
Investment securities:
Taxable (A)		5.91	%		5.63	%		6.13	%		6.15	%		5.88	%
Tax-exempt (A)		4.81	%		4.94	%		4.82	%		4.88	%		4.77	%
Total investment securities (A)		5.59	%		5.35	%		5.49	%		5.46	%		5.28	%
Available for sale securities:
Taxable (A)		2.37	%		2.82	%		3.02	%		3.15	%		2.61	%
Tax-exempt (A)		5.14	%		4.92	%		5.12	%		5.68	%		5.41	%
Total available for sale securities (A)		2.39	%		2.83	%		3.04	%		3.17	%		2.63	%
Fair value option securities		2.98	%		3.66	%		4.42	%		3.74	%		3.43	%
Residential mortgage loans held for sale		4.01	%		4.09	%		4.48	%		4.33	%		3.85	%
Loans		4.65	%		4.71	%		4.69	%		4.75	%		4.76	%
Less allowance for loan losses		-			-			-			-			-
Loans, net of allowance		4.76	%		4.84	%		4.82	%		4.89	%		4.90	%
Total tax-equivalent yield on earning assets (A)		3.69	%		3.91	%		4.01	%		4.10	%		3.86	%
COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction		0.18	%		0.23	%		0.27	%		0.32	%		0.37	%
Savings		0.26	%		0.34	%		0.39	%		0.37	%		0.35	%
Time		1.70	%		1.84	%		1.86	%		1.82	%		1.78	%
Total interest-bearing deposits		0.59	%		0.68	%		0.71	%		0.72	%		0.76	%
Funds purchased		0.06	%		0.05	%		0.09	%		0.16	%		0.25	%
Repurchase agreements		0.13	%		0.17	%		0.20	%		0.40	%		0.49	%
Other borrowings		4.75	%		5.26	%		4.76	%		1.31	%		0.37	%
Subordinated debt		5.61	%		5.60	%		5.57	%		5.67	%		5.64	%
Total cost of interest-bearing liabilities		0.66	%		0.76	%		0.81	%		0.80	%		0.81	%
Tax-equivalent net interest revenue spread		3.03	%		3.15	%		3.20	%		3.30	%		3.05	%
Effect of noninterest-bearing funding sources and other		0.17	%		0.19	%		0.20	%		0.17	%		0.16	%
Tax-equivalent net interest margin		3.20	%		3.34	%		3.40	%		3.47	%		3.21	%

(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,
	2011			2011			2011			2011			2010

Nonperforming assets:
Nonaccruing loans:
Commercial	$	68,811		$	83,736		$	53,365		$	57,449		$	38,455
Commercial real estate		99,193			110,048			110,363			125,504			150,366
Residential mortgage		29,767			31,731			31,693			37,824			37,426
Consumer		3,515			3,960			4,749			5,185			4,567
Total nonaccruing loans		201,286			229,475			200,170			225,962			230,814
Renegotiated loans (A)		32,893			30,477			22,261			21,705			22,261
Real estate and other repossessed assets		122,753			127,943			129,026			131,420			141,394
Total nonperforming assets	$	356,932		$	387,895		$	351,457		$	379,087		$	394,469

Nonaccruing loans by principal market:
Oklahoma	$	65,261		$	73,794		$	41,411		$	49,585		$	60,805
Texas		28,083			29,783			32,385			34,404			33,157
New Mexico		15,297			17,242			17,244			17,510			19,283
Arkansas		23,450			26,831			24,842			29,769			7,914
Colorado		33,522			36,854			37,472			40,629			49,416
Arizona		35,673			44,929			43,307			54,065			60,239
Kansas / Missouri		-			42			3,509			-			-
Total nonaccruing loans	$	201,286		$	229,475		$	200,170		$	225,962		$	230,814

Nonaccruing loans by loan portfolio sector:
Commercial:
Energy	$	336		$	3,900		$	345		$	415		$	465
Manufacturing		23,051			27,691			4,366			4,545			2,116
Wholesale / retail		21,180			27,088			25,138			30,411			8,486
Integrated food services		-			-			-			6			13
Services		16,968			18,181			16,254			15,720			19,262
Healthcare		5,486			5,715			5,962			2,574			3,534
Other commercial and industrial		1,790			1,161			1,300			3,778			4,579
Total commercial		68,811			83,736			53,365			57,449			38,455
Commercial real estate:
Construction and land development		61,874			72,207			76,265			90,707			99,579
Retail		6,863			6,492			4,642			5,276			4,978
Office		11,457			11,967			11,473			14,628			19,654
Multifamily		3,513			4,036			4,717			1,900			6,725
Industrial		-			-			-			-			4,087
Other commercial real estate		15,486			15,346			13,266			12,993			15,343
Total commercial real estate		99,193			110,048			110,363			125,504			150,366
Residential mortgage:
Permanent mortgage		25,366			27,486			27,991			33,466			32,111
Home equity		4,401			4,245			3,702			4,358			5,315
Total residential mortgage		29,767			31,731			31,693			37,824			37,426
Consumer		3,515			3,960			4,749			5,185			4,567
Total nonaccruing loans	$	201,286		$	229,475		$	200,170		$	225,962		$	230,814

Performing loans 90 days past due (B)	$	2,498		$	1,401		$	2,341		$	8,043		$	7,966

Gross charge-offs	$	14,771		$	14,023		$	12,774		$	15,232		$	20,152
Recoveries		5,311			3,869			4,256			4,914			5,939
Net charge-offs	$	9,460		$	10,154		$	8,518		$	10,318		$	14,213

Provision for (reduction of) allowances for credit losses	$	(15,000	)	$	-		$	2,700		$	6,250		$	6,999

Allowance for loan losses to period end loans		2.25	%		2.44	%		2.67	%		2.73	%		2.75	%
Combined allowance for credit losses to period end loans		2.33	%		2.58	%		2.77	%		2.86	%		2.89	%
Nonperforming assets to period end loans and repossessed assets		3.13	%		3.45	%		3.23	%		3.54	%		3.66	%
Net charge-offs (annualized) to average loans		0.34	%		0.37	%		0.32	%		0.39	%		0.53	%
Allowance for loan losses to nonaccruing loans		125.93	%		118.29	%		143.18	%		128.14	%		126.93	%
Combined allowance for credit losses to nonaccruing loans		130.53	%		125.16	%		148.55	%		134.17	%		133.11	%

(A) includes residential mortgage loans guaranteed by	$	28,974		$	26,670		$	18,716		$	18,304		$	18,551
agencies of the U.S. government. These loans
have been modified to extend payment terms and/or
reduce interest rates to current market.

(B) Excludes residential mortgage loans guaranteed
agencies of the U.S. government

BOK FINANCIAL CORP - FORM 8-K - EX-99.B - EXHIBIT 99 (B) Q4/11 FINANCIALS 020112 - February 1, 2012

Attached files