BOK FINANCIAL CORP - FORM 8-K - EX-99 - EXHIBIT 99

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8-K - 8-K - BOK FINANCIAL CORP	bokf-20150331x8xk.htm

Exhibit 99 (a)

NASD: BOKF

For Further Information Contact:

Joseph Crivelli Andrea Myers

Investor Relations Corporate Communications

(918) 595-3027 (918) 594-7794

BOK Financial Reports Quarterly Earnings of $75 Million

Loan Portfolio Grows 13 percent on Annualized Basis;

Record Quarter for Fees and Commissions Revenue

TULSA, Okla. (Wednesday, April 29, 2015) - BOK Financial Corporation reported net income of $74.8 million or $1.08 per diluted share for the first quarter of 2015. Net income was $64.3 million or $0.93 per diluted share for the fourth quarter of 2014 and $76.6 million or $1.11 per diluted share for the first quarter of 2014. Net income for the first quarter of 2014 included a $10.2 million or $0.15 per diluted share benefit from the reversal of accrued executive compensation costs.

Steven G. Bradshaw, president and chief executive officer, stated, "The year is off to an excellent start, with continued double-digit annualized loan growth and a record quarter from our fee-generating businesses, combined with careful expense controls. Our mortgage business posted its best quarter in two years with revenue up 31 percent sequentially, driven by increased refinancing activity in the current low-rate environment. Brokerage and trading and fiduciary and asset management were also up nicely on a sequential basis, and transaction processing posted a strong year-over-year revenue increase."

"We continue to see robust economic activity across our footprint despite the recent decrease in energy prices and reduction of drilling activity in Texas and Oklahoma. The Arizona market reached a new milestone with $1 billion in loans outstanding, and nearly all of our markets posted strong sequential growth. In addition, credit quality is holding up extremely well and our capital base is sound. We believe we are well-positioned to deliver a strong year in 2015, and reflecting this belief, during the first quarter we bought back more than 500,000 shares of our publicly-traded stock in the open market."

Highlights of first quarter of 2015 included:


•	Net interest revenue totaled $167.7 million for the first quarter of 2015, compared to $169.7 million the fourth quarter of 2014. Net interest margin was 2.55 percent for the first quarter of 2015 and 2.61 percent for the fourth quarter of 2014. Average earning assets increased $782 million during the first quarter of 2015, primarily related to a $673 million increase in average loan balances.


•	Fees and commissions revenue totaled $166.0 million for the first quarter of 2015, an increase of $8.1 million over the prior quarter, primarily due to a $9.2 million increase in mortgage banking revenue.


•	Changes in fair value of mortgage servicing rights, net of economic hedges, decreased pre-tax net income by $5.0 million in the first quarter of 2015 and $6.1 million in the fourth quarter of 2014.


•	Operating expense was $220.3 million for the first quarter, a decrease of $5.6 million compared to the previous quarter. The fourth quarter of 2014 included $4.9 million of branch closure costs.


•	No provision for credit losses was recorded in the first quarter of 2015 or fourth quarter of 2014. Net recoveries totaled $8.4 million in the first quarter of 2015 compared to net loans charged off of $2.2 million in the previous quarter.

•

The combined allowance for credit losses totaled $199 million or 1.35 percent of outstanding loans at March 31, 2015 compared to $190 million or 1.34 percent of outstanding loans at December 31, 2014. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $123 million or 0.85 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2015 and $129 million or 0.92 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2014.

•

Average loans increased by $673 million over the previous quarter due primarily to growth in commercial and commercial real estate loans. Average commercial loans were up $421 million and average commercial real estate loans increased $244 million. Period-end outstanding loan balances were $14.7 billion at March 31, 2015, a $476 million increase over December 31, 2014. Commercial loan balances increased $295 million and commercial real estate loans increased $207 million.


•	Average deposits increased $551 million over the previous quarter, primarily due to an increase in interest-bearing transaction accounts. Average demand deposit and time deposit balances were largely unchanged compared to the prior quarter. Period-end deposits were $21.2 billion at March 31, 2015, largely unchanged compared to December 31, 2014.

•

The company and its subsidiary bank exceeded the regulatory definitions of well capitalized at March 31, 2015. New regulatory capital rules, which were effective for BOK Financial on January 1, 2015, establish a 7 percent threshold for the common equity Tier 1 ratio. The common equity Tier 1 ratio at March 31 was 13.07 percent. Other ratios measured under now current regulatory capital rules were Tier 1 capital ratio, 13.07 percent, total capital ratio, 14.39 percent and leverage ratio, 9.74 percent. Under then current regulatory capital rules, the Tier 1 capital ratio was 13.33 percent, total capital ratio was 14.66 percent, and leverage ratio was 9.96 percent at December 31, 2014.


•	The company paid a regular quarterly cash dividend of $29 million or $0.42 per common share during the first quarter of 2015. On April 28, 2015, the board of directors approved a quarterly cash dividend of $0.42 per common share payable on or about May 29, 2015 to shareholders of record as of May 15, 2015.


•	The company repurchased 502,156 common shares at an average price of $58.71 per share during the first quarter of 2015 and repurchased 200,000 common shares at an average price of $61.68 per share during the fourth quarter of 2014.

Net Interest Revenue

Net interest revenue was $167.7 million for the first quarter of 2015, compared to $169.7 million for the fourth quarter of 2014. The first quarter of 2015 had two less days than the fourth quarter of 2014. In addition, the fourth quarter of 2014 included $2.4 million of interest recoveries, whereas there were no interest recoveries in the first quarter of 2015.

Net interest margin was 2.55 percent for the first quarter of 2015, a decrease of 6 basis points compared to the fourth quarter of 2014. The yield on average earning assets was 2.80 percent, a decrease of 6 basis points compared to the prior quarter. The loan portfolio yield decreased 14 basis points from the previous quarter to 3.59 percent primarily due to continued competitive loan pricing and low interest rates. The yield on the available for sale securities portfolio decreased 1 basis point to 1.98 percent. Excess cash flows continue to be reinvested in short-duration securities that are yielding 1.50 percent to 2.00 percent. Funding costs were 0.38 percent, down 1 basis point compared to the prior quarter.

Average earning assets increased $782 million during the first quarter of 2015, primarily related to a $673 million increase in average loan balances. The average balance of fair value option securities and residential mortgage loans held for sale also increased over the prior quarter. The available for sale securities portfolio decreased $60 million. Average deposits increased $551 million over the fourth quarter of 2014. The average balance of borrowed funds increased $66 million.

Fees and Commissions Revenue

Fees and commissions revenue totaled $166.0 million for the first quarter of 2015, an increase of $8.1 million over the fourth quarter of 2014, primarily due to growth in mortgage banking revenue. Brokerage and trading revenue and fiduciary and asset management revenue were both up over the prior quarter, offset by lower deposit service charge revenue, transaction card revenue and other revenue.

Mortgage banking revenue totaled $39.3 million for the first quarter of 2015, an increase of $9.2 million over the fourth quarter of 2014. Mortgage production activity increased in the first quarter due largely to a 24 basis point decrease in average primary mortgage loan interest rates. Revenue from mortgage loan production increased $8.9 million. Total mortgage loans originated during the first quarter increased $301 million or 24 percent over the previous quarter and outstanding mortgage loan commitments at March 31 increased $130 million or 25 percent over December 31. In addition to increases in loan production volume, the percentage of refinanced mortgage loans, which generally are more profitable, increased to 56 percent of first quarter loan production from 37 percent of fourth quarter loan production. Revenue from mortgage loan servicing grew by $364 thousand due to an increase in the volume of loans serviced.

Brokerage and trading revenue totaled $31.7 million, an increase of $1.1 million over the prior quarter. The fourth quarter included a $562 thousand recovery received from the Lehman Brothers bankruptcy. Excluding the impact of this recovery, customer hedging revenue increased by $1.1 million, primarily related to increased hedging activity by our mortgage banking customers. Securities trading revenue increased $654 thousand and retail brokerage fees were up $1.0 million. Revenue growth was mostly offset by a decrease in investment banking revenue.

Fiduciary and asset management revenue continued to grow, up $820 thousand to $31.5 million for the first quarter. Deposit service charges and fees decreased $897 thousand, primarily due to lower overdraft fees. Transaction card revenues were $457 thousand lower than the prior quarter, primarily due to a seasonal decrease in transaction volumes.

Operating Expense

Total operating expense was $220.3 million for the first quarter of 2015, a decrease of $5.6 million compared to the fourth quarter of 2014. The fourth quarter of 2014 included $4.9 million of facilities and personnel costs related to the previously announced closure of 29 grocery store branches.

Personnel costs increased by $2.8 million over the fourth quarter of 2014, primarily due to a $4.2 million seasonal increase in payroll taxes. Incentive compensation expense decreased $3.1 million. In addition, the fourth quarter of 2014 included $800 thousand in costs related to the branch closures.

Non-personnel expense decreased $8.4 million compared to the fourth quarter of 2014. Net occupancy and equipment expense decreased $3.6 million. Approximately $4.1 million was expensed in the fourth quarter related to branch closure costs. Business promotion expense decreased $1.8 million, mortgage banking expense decreased $1.2 million and professional fees and services decreased $1.0 million. The company also made a $1.8 million contribution of developed commercial real estate to the BOKF Foundation during the fourth quarter of 2014. Net losses and operating expenses of repossessed assets were $613 thousand for the first quarter of 2015, compared to a net gain of $1.5 million in the fourth quarter.

Loans, Deposits and Capital

Loans

Outstanding loans were $14.7 billion at March 31, 2015, an increase of $476 million over the previous quarter. Commercial and commercial real estate balances both grew over the prior quarter, partially offset by a decrease in residential mortgage and consumer loan balances.

Outstanding commercial loan balances increased $295 million or 3 percent over December 31, 2014, growing in almost every sector of our commercial loan portfolio. Service sector loans grew by $210 million over the prior quarter. Healthcare sector loans increased $56 million and energy loans grew by $43 million. Manufacturing sector loans increased $28 million over the fourth quarter. This growth was partially offset by a $43 million decrease in wholesale/retail sector loans compared to the prior quarter. Unfunded energy loan commitments decreased by $117 million during the first quarter to $2.7 billion. All other unfunded commercial loan commitments totaled $4.1 billion at March 31, 2015, a decrease of $123 million compared to December 31, 2014.

Commercial real estate loans grew by $207 million or 8 percent over December 31, 2014. Loans secured by office buildings increased $98 million. Loans secured by industrial facilities grew by $50 million and loans secured by multifamily residential properties were up $46 million. Other commercial real estate loan balances increased $26 million. These increases were partially offset by a decrease in retail sector and residential construction and land development loan balances compared to December 31, 2014. Unfunded commercial real estate loan commitments totaled $754 million at March 31, 2015, largely unchanged compared to December 31, 2014.

Norm Bagwell, executive vice president, Regional Banks, stated, "We delivered another quarter of solid loan growth, as total loans were up 3.4 percent in the first quarter and 12.3 percent year-over-year, led by our Texas, Arizona, and Colorado markets. Loan activity remains robust. Accordingly, we continue to forecast low double-digit loan growth in 2015."

Stacy Kymes, executive vice president, Corporate Banking, added, "We continue to believe that our loan portfolio is well-positioned in light of the current commodities downturn. If commodity prices take less than a year to return to a normalized level, we will see some credits migrate to problem loans, but few, if any, material losses in the portfolio. In addition, any spillover impact on the economy in our footprint will be manageable. If the downturn extends beyond one year, there is a greater possibility of loss content in the portfolio and reduced loan demand. However, as of today, our portfolio is strong, we are doing business with high-quality borrowers, and we believe oil and gas industry fundamentals point to a price recovery late this year."

Deposits

Deposits totaled $21.2 billion at March 31, 2015, largely unchanged compared to December 31, 2014. Demand deposit balances decreased by $57 million. Time deposits increased $43 million and savings account balances were up $32 million over December 31, 2014. Among the lines of business, Consumer deposits increased $238 million over December 31. Commercial deposits decreased $75 million and Wealth Management deposits decreased $39 million.

Capital

New regulatory capital rules were effective for BOK Financial on January 1, 2015 and established a 7 percent threshold for the common equity Tier 1 ratio. The Company's common equity Tier 1 ratio was 13.07 percent at March 31, 2015. In addition, the Company's Tier 1 capital ratio was 13.07 percent, total capital ratio was 14.39 percent and leverage ratio was 9.74 percent at March 31, 2015. The impact of the new regulatory capital rules reduced regulatory capital and increased risk weighted assets. However, this impact was partially offset by the effect of improved data granularity in the determination of risk weighted assets.

Under then current regulatory capital rules, at December 31, 2014 the Company's Tier 1 capital ratio was 13.33 percent, total capital ratio was 14.66 percent, and leverage ratio was 9.96 percent.

In addition, the Company's tangible common equity ratio, a non-GAAP measure, was 9.86 percent at March 31, 2015 and 10.08 percent at December 31, 2014. The tangible common equity ratio is primarily based on total shareholders' equity which includes unrealized gains and losses on available for sale securities. The Company has elected to exclude unrealized gains and losses from available for sale securities from its calculation of Tier 1 capital for regulatory capital purposes, consistent with the treatment under the previous capital rules.

Credit Quality

Nonperforming assets totaled $207 million or 1.40 percent of outstanding loans and repossessed assets at March 31, 2015 compared to $257 million or 1.79 percent at December 31, 2014. This decrease was primarily due to the transfer of repossessed assets guaranteed by U.S. government agencies to receivables in accordance with a newly required accounting standard. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $123 million or 0.85 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2015 and $129 million or 0.92 percent at December 31, 2014, a decrease of $6.0 million.

Nonaccruing loans totaled $81 million or 0.55 percent of outstanding loans at March 31, 2015, compared to $81 million or 0.57 percent of outstanding loans at December 31, 2014. New nonaccruing loans identified in the first quarter totaled $14 million, offset by $7.8 million in payments received, $2.8 million in foreclosures and repossessions and $2.2 million in charge-offs. At March 31, 2015, nonaccruing commercial loans totaled $14 million or 0.15 percent of outstanding commercial loans, nonaccruing commercial real estate loans totaled $20 million or 0.68 percent of outstanding commercial real estate loans and nonaccruing residential mortgage loans totaled $46 million or 2.41 percent of outstanding residential mortgage loans.

BOK Financial had net recoveries of $8.4 million for the first quarter of 2015, compared to net loans charged off of $2.2 million for the fourth quarter of 2014. Gross charge-offs totaled $2.2 million for the first quarter, compared to $7.2 million for the previous quarter. Recoveries totaled $10.5 million for the first quarter of 2015 and $5.0 million for the fourth quarter of 2014.

After evaluating all credit factors, the Company determined that no provision for credit losses was necessary during the first quarter of 2015. The combined allowance for credit losses totaled $199 million or 1.35 percent of outstanding loans and 246 percent of nonaccruing loans at March 31, 2015. The allowance for loan losses was $198 million and the accrual for off-balance sheet credit losses was $954 thousand.

Real estate and other repossessed assets totaled $46 million at March 31, 2015, primarily consisting of $19 million of one-to-four family residential properties, $17 million of developed commercial real estate properties, $6.1 million of undeveloped land and $3.2 million of residential land and land development properties.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $9.2 billion at March 31, 2015, an increase of $179 million over December 31, 2014. At March 31, 2015, the available for sale portfolio consisted primarily of $6.7 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.2 billion of commercial mortgage-backed securities fully backed by U.S. government agencies.

At March 31, 2015 the available for sale securities portfolio had a net unrealized gain of $152 million compared to a net unrealized gain of $97 million at December 31, 2014. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies at March 31, 2015 increased $32 million during the first quarter to $130 million primarily due to changes in interest rates during the quarter. Commercial mortgage-backed securities had a net unrealized gain of $6.9 million at March 31, 2015, compared to a net unrealized loss of $15 million at December 31, 2014.

In the first quarter of 2015, the Company recognized $4.3 million of net gains from sales of $335 million of available for sale securities. Securities were sold either because they had reached their expected maximum potential return or to move into securities that will perform better in a rising rate environment. The Company recognized $149 thousand of net gains from sales of $772 million of available for sale securities in the fourth quarter of 2014.

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. The fair value of mortgage servicing rights decreased by $8.5 million due primarily to a 24 basis point decrease in the average primary residential mortgage rate during during the first quarter of 2015. The value of securities and interest rate derivative contracts held as an economic hedge increased by $3.6 million during the quarter. Mortgage interest rate changes decreased the fair value of mortgage servicing rights, net of economic hedges by $6.1 million in the fourth quarter of 2014.

Conference Call and Webcast

The Company will hold a conference call at 9 a.m. central time on Wednesday, April 29, 2015 to discuss the financial results with investors. The live audio webcast and presentation slides will be available on the company’s website at www.bokf.com. The conference call can also be accessed by dialing 1-412-902-6611. A conference call and webcast replay will also be available shortly after conclusion of the live call at www.bokf.com or by dialing 1-412-317-0088 and referencing conference ID # 10063919.

About BOK Financial Corporation

BOK Financial Corporation is a $30 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 The Milestone Group, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management, MBM Advisors 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 appropriateness of the allowance for credit losses and asset impairment as of March 31, 2015 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 -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands)

	March 31, 2015			December 31, 2014			March 31, 2014
ASSETS
Cash and due from banks	$	490,683		$	550,576		$	645,435
Interest-bearing cash and cash equivalents	2,119,987			1,925,266			708,571
Trading securities	118,044			188,700			86,571
Investment securities	634,587			652,360			668,976
Available for sale securities	9,158,175			8,978,945			9,933,723
Fair value option securities	434,077			311,597			160,884
Restricted equity securities	212,685			141,494			85,643
Residential mortgage loans held for sale	513,196			304,182			226,512
Loans:
Commercial	9,391,163			9,095,670			8,051,706
Commercial real estate	2,935,464			2,728,150			2,631,407
Residential mortgage	1,926,999			1,949,512			2,018,675
Consumer	430,510			434,705			376,066
Total loans	14,684,136			14,208,037			13,077,854
Allowance for loan losses	(197,686		)	(189,056		)	(188,318		)
Loans, net of allowance	14,486,450			14,018,981			12,889,536
Premises and equipment, net	279,075			273,833			279,257
Receivables	183,447			132,408			114,437
Goodwill	377,780			377,780			364,570
Intangible assets, net	33,286			34,376			31,561
Mortgage servicing rights	175,051			171,976			153,774
Real estate and other repossessed assets, net	45,551			101,861			95,515
Derivative contracts, net	462,386			361,874			218,507
Cash surrender value of bank-owned life insurance	296,192			293,978			286,932
Receivable on unsettled securities sales	9,598			74,259			18,199
Other assets	269,728			195,252			396,111
TOTAL ASSETS	$	30,299,978		$	29,089,698		$	27,364,714

LIABILITIES AND EQUITY
Deposits:
Demand	$	8,009,577		$	8,066,357		$	7,472,287
Interest-bearing transaction	10,108,202			10,114,355			9,899,656
Savings	383,790			351,431			355,596
Time	2,651,778			2,608,716			2,662,174
Total deposits	21,153,347			21,140,859			20,389,713
Funds purchased	66,320			57,031			1,166,178
Repurchase agreements	897,663			1,187,489			777,108
Other borrowings	3,727,050			2,133,774			1,031,693
Subordinated debentures	348,030			347,983			347,846
Accrued interest, taxes, and expense	147,184			120,211			160,351
Due on unsettled securities purchases	25,935			290,540			39,641
Derivative contracts, net	419,351			354,554			185,499
Other liabilities	124,846			121,051			122,086
TOTAL LIABILITIES	26,909,726			25,753,492			24,220,115
Shareholders' equity:
Capital, surplus and retained earnings	3,266,858			3,245,506			3,103,130
Accumulated other comprehensive income	90,303			56,673			6,795
TOTAL SHAREHOLDERS' EQUITY	3,357,161			3,302,179			3,109,925
Non-controlling interests	33,091			34,027			34,674
TOTAL EQUITY	3,390,252			3,336,206			3,144,599
TOTAL LIABILITIES AND EQUITY	$	30,299,978		$	29,089,698		$	27,364,714

AVERAGE BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
ASSETS
Interest-bearing cash and cash equivalents	$	2,089,546		$	2,090,176		$	1,217,942		$	635,140		$	549,473
Trading securities	140,968			164,502			107,909			116,186			92,409
Investment securities	642,825			650,911			641,375			658,793			671,756
Available for sale securities	9,101,464			9,161,901			9,526,727			9,800,934			10,076,942
Fair value option securities	404,775			221,773			180,268			164,684			165,515
Restricted equity securities	179,385			182,737			142,418			97,016			85,234
Residential mortgage loans held for sale	348,054			321,746			310,924			219,308			185,196
Loans:
Commercial	9,308,307			8,886,952			8,468,575			8,266,455			7,971,712
Commercial real estate	2,909,565			2,665,547			2,691,318			2,622,866			2,605,264
Residential mortgage	1,909,998			1,904,777			1,955,769			1,983,926			1,998,620
Consumer	426,712			424,729			402,916			391,214			372,330
Total loans	14,554,582			13,882,005			13,518,578			13,264,461			12,947,926
Allowance for loan losses	(194,948		)	(190,787		)	(191,141		)	(189,329		)	(186,979		)
Total loans, net	14,359,634			13,691,218			13,327,437			13,075,132			12,760,947
Total earning assets	27,266,651			26,484,964			25,455,000			24,767,193			24,587,472
Cash and due from banks	513,734			528,595			493,200			481,944			473,758
Derivative contracts, net	447,565			352,565			288,682			291,325			287,363
Cash surrender value of bank-owned life insurance	294,803			292,411			290,044			287,725			285,592
Receivable on unsettled securities sales	99,706			69,109			63,277			108,825			114,708
Other assets	1,348,245			1,404,553			1,525,354			1,549,809			1,489,875
TOTAL ASSETS	$	29,970,704		$	29,132,197		$	28,115,557		$	27,486,821		$	27,238,768

LIABILITIES AND EQUITY
Deposits:
Demand	$	7,885,485		$	7,974,165		$	7,800,350		$	7,654,225		$	7,312,076
Interest-bearing transaction	10,338,396			9,730,564			9,473,575			9,850,991			9,900,823
Savings	365,835			346,132			342,488			355,459			336,576
Time	2,659,323			2,647,147			2,610,561			2,636,444			2,686,041
Total deposits	21,249,039			20,698,008			20,226,974			20,497,119			20,235,516
Funds purchased	69,730			71,728			320,817			574,926			1,021,755
Repurchase agreements	1,000,839			996,308			1,027,206			914,892			773,127
Other borrowings	3,084,214			3,021,094			2,333,961			1,294,932			1,038,747
Subordinated debentures	348,007			347,960			347,914			347,868			347,824
Derivative contracts, net	418,848			321,367			270,998			243,619			258,729
Due on unsettled securities purchases	205,096			137,566			124,952			166,521			116,295
Other liabilities	243,370			228,021			214,306			270,220			341,701
TOTAL LIABILITIES	26,619,143			25,822,052			24,867,128			24,310,097			24,133,694
Total equity	3,351,561			3,310,145			3,248,429			3,176,724			3,105,074
TOTAL LIABILITIES AND EQUITY	$	29,970,704		$	29,132,197		$	28,115,557		$	27,486,821		$	27,238,768

STATEMENTS OF EARNINGS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except per share data)

	Three Months Ended
	March 31,
	2015			2014

Interest revenue	$	184,569		$	179,120
Interest expense	16,843			16,478
Net interest revenue	167,726			162,642
Provision for credit losses	—			—
Net interest revenue after provision for credit losses	167,726			162,642
Other operating revenue:
Brokerage and trading revenue	31,707			29,516
Transaction card revenue	31,010			29,134
Fiduciary and asset management revenue	31,469			25,722
Deposit service charges and fees	21,684			22,689
Mortgage banking revenue	39,320			22,844
Bank-owned life insurance	2,198			2,106
Other revenue	8,603			8,852
Total fees and commissions	165,991			140,863
Gain (loss) on other assets, net	755			(2,328		)
Gain (loss) on derivatives, net	911			968
Gain (loss) on fair value option securities, net	2,647			2,660
Change in fair value of mortgage servicing rights	(8,522		)	(4,461		)
Gain on available for sale securities, net	4,327			1,240
Total other-than-temporary impairment losses	(781		)	—
Portion of loss recognized in (reclassified from) other comprehensive income	689			—
Net impairment losses recognized in earnings	(92		)	—
Total other operating revenue	166,017			138,942
Other operating expense:
Personnel	128,548			104,433
Business promotion	5,748			5,841
Charitable contributions to BOKF Foundation	—			2,420
Professional fees and services	10,059			7,565
Net occupancy and equipment	19,044			16,896
Insurance	4,980			4,541
Data processing and communications	30,620			27,135
Printing, postage and supplies	3,461			3,541
Net losses and operating expenses of repossessed assets	613			1,432
Amortization of intangible assets	1,090			816
Mortgage banking costs	9,319			3,634
Other expense	6,783			6,850
Total other operating expense	220,265			185,104

Net income before taxes	113,478			116,480
Federal and state income taxes	38,384			39,437

Net income	75,094			77,043
Net income attributable to non-controlling interests	251			453
Net income attributable to BOK Financial Corporation shareholders	$	74,843		$	76,590

Average shares outstanding:
Basic	68,254,780			68,273,685
Diluted	68,344,886			68,436,478

Net income per share:
Basic	$	1.08		$	1.11
Diluted	$	1.08		$	1.11

FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Capital:
Period-end shareholders' equity	$	3,357,161		$	3,302,179		$	3,243,093		$	3,212,517		$	3,109,925
Risk weighted assets	$	22,053,246		$	21,290,908		$	20,491,089		$	20,216,268		$	19,720,418
Risk-based capital ratios¹:
Common equity tier 1	13.07		%	N/A			N/A			N/A			N/A
Tier 1	13.07		%	13.33		%	13.72		%	13.63		%	13.77		%
Total capital	14.39		%	14.66		%	15.11		%	15.38		%	15.55		%
Leverage ratio	9.74		%	9.96		%	10.22		%	10.26		%	10.17		%
Tangible common equity ratio²	9.86		%	10.08		%	9.86		%	10.20		%	10.06		%

Common stock:
Book value per share	$	48.71		$	47.78		$	46.77		$	46.39		$	45.00
Market value per share:
High	$	61.78		$	68.69		$	69.56		$	70.66		$	70.78
Low	$	52.63		$	56.87		$	63.36		$	61.64		$	61.85
Cash dividends paid	$	28,952		$	29,114		$	27,705		$	27,706		$	27,637
Dividend payout ratio	38.68		%	45.27		%	36.63		%	36.51		%	36.08		%
Shares outstanding, net	68,922,314			69,113,736			69,344,082			69,256,958			69,111,167
Stock buy-back program:
Shares repurchased	502,156			200,000			—			—			—
Amount	$	29,484		$	12,337		$	—		$	—		$	—
Average price per share	$	58.71		$	61.68		$	—		$	—		$	—

Performance ratios (quarter annualized):
Return on average assets	1.01		%	0.88		%	1.07		%	1.11		%	1.14		%
Return on average equity	9.06		%	7.71		%	9.24		%	9.58		%	10.00		%
Net interest margin	2.55		%	2.61		%	2.67		%	2.75		%	2.71		%
Efficiency ratio	64.91		%	67.95		%	67.18		%	64.30		%	60.06		%

¹ March 31, 2015 risk-based capital ratios calculated under revised regulatory capital rules issued July 2013 and effective for the Company January 1, 2015. Previous risk-based capital ratios presented are calculated in accordance with then current regulatory capital rules.

Reconciliation of non-GAAP measures:
² Tangible common equity ratio:
Total shareholders' equity	$	3,357,161		$	3,302,179		$	3,243,093		$	3,212,517		$	3,109,925
Less: Goodwill and intangible assets, net	411,066			412,156			413,256			414,356			396,131
Tangible common equity	$	2,946,095		$	2,890,023		$	2,829,837		$	2,798,161		$	2,713,794

Total assets	$	30,299,978		$	29,089,698		$	29,105,020		$	27,843,770		$	27,364,714
Less: Goodwill and intangible assets, net	411,066			412,156			413,256			414,356			396,131
Tangible assets	$	29,888,912		$	28,677,542		$	28,691,764		$	27,429,414		$	26,968,583

Tangible common equity ratio	9.86		%	10.08		%	9.86		%	10.20		%	10.06		%

FINANCIAL HIGHLIGHTS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Other data:
Fiduciary assets	$	37,511,746		$	35,997,877		$	34,020,442		$	32,716,648		$	31,296,565
Tax equivalent adjustment	$	2,956		$	2,859		$	2,739		$	2,803		$	2,551
Net unrealized gain on available for sale securities	$	152,107		$	96,955		$	42,935		$	85,480		$	15,446

Mortgage banking:
Mortgage servicing portfolio	$	16,937,128		$	16,162,887		$	15,499,653		$	14,626,291		$	14,045,642
Mortgage commitments	$	650,988		$	520,829		$	537,975		$	546,864		$	387,755
Mortgage loans funded for sale	$	1,565,016		$	1,264,269		$	1,394,211		$	1,090,629		$	727,516
Mortgage loan refinances to total fundings	56		%	37		%	26		%	25		%	32		%

Net realized gains on mortgage loans sold	$	17,251		$	17,671		$	17,100		$	12,746		$	9,179
Change in net unrealized gains on mortgage loans held for sale	3,451			618			(3,110		)	5,052			2,797
Change in fair value of mortgage loan commitments	7,529			1,491			(5,136		)	7,581			3,379
Change in fair value of forward sales contracts	(2,191		)	(2,591		)	5,839			(7,652		)	(3,903		)
Total production revenue	26,040			17,189			14,693			17,727			11,452
Servicing revenue	13,280			12,916			12,121			11,603			11,392
Total mortgage banking revenue	$	39,320		$	30,105		$	26,814		$	29,330		$	22,844

Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	911		$	1,070		$	(93	)	$	831		$	968
Gain (loss) on fair value option securities, net	2,647			3,685			(341		)	4,074			2,585
Gain (loss) on economic hedge of mortgage servicing rights	3,558			4,755			(434		)	4,905			3,553
Gain (loss) on changes in fair value of mortgage servicing rights	(8,522		)	(10,821		)	5,281			(6,444		)	(4,461		)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges	$	(4,964	)	$	(6,066	)	$	4,847		$	(1,539	)	$	(908	)

Net interest revenue on fair value option securities	$	1,739		$	912		$	830		$	721		$	790

QUARTERLY EARNINGS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratio and per share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Interest revenue	$	184,569		$	186,620		$	183,868		$	182,631		$	179,120
Interest expense	16,843			16,956			17,077			16,534			16,478
Net interest revenue	167,726			169,664			166,791			166,097			162,642
Provision for credit losses	—			—			—			—			—
Net interest revenue after provision for credit losses	167,726			169,664			166,791			166,097			162,642
Other operating revenue:
Brokerage and trading revenue	31,707			30,602			35,263			39,056			29,516
Transaction card revenue	31,010			31,467			31,578			31,510			29,134
Fiduciary and asset management revenue	31,469			30,649			29,738			29,543			25,722
Deposit service charges and fees	21,684			22,581			22,508			23,133			22,689
Mortgage banking revenue	39,320			30,105			26,814			29,330			22,844
Bank-owned life insurance	2,198			2,380			2,326			2,274			2,106
Other revenue	8,603			10,071			10,320			9,208			8,852
Total fees and commissions	165,991			157,855			158,547			164,054			140,863
Gain (loss) on other assets, net	755			338			1,422			3,521			(2,328		)
Gain (loss) on derivatives, net	911			1,070			(93		)	831			968
Gain (loss) on fair value option securities, net	2,647			3,685			(332		)	4,176			2,660
Change in fair value of mortgage servicing rights	(8,522		)	(10,821		)	5,281			(6,444		)	(4,461		)
Gain on available for sale securities, net	4,327			149			146			4			1,240
Total other-than-temporary impairment losses	(781		)	(373		)	—			—			—
Portion of loss recognized in (reclassified from) other comprehensive income	689			—			—			—			—
Net impairment losses recognized in earnings	(92		)	(373		)	—			—			—
Total other operating revenue	166,017			151,903			164,971			166,142			138,942
Other operating expense:
Personnel	128,548			125,741			123,043			123,714			104,433
Business promotion	5,748			7,498			6,160			7,150			5,841
Charitable contributions to BOKF Foundation	—			1,847			—			—			2,420
Professional fees and services	10,059			11,058			14,763			11,054			7,565
Net occupancy and equipment	19,044			22,655			18,892			18,789			16,896
Insurance	4,980			4,777			4,793			4,467			4,541
Data processing and communications	30,620			30,872			29,971			29,071			27,135
Printing, postage and supplies	3,461			3,168			3,380			3,429			3,541
Net losses (gains) and operating expenses of repossessed assets	613			(1,497		)	4,966			1,118			1,432
Amortization of intangible assets	1,090			1,100			1,100			949			816
Mortgage banking costs	9,319			10,553			7,734			7,960			3,634
Other expense	6,783			8,105			7,032			7,006			6,850
Total other operating expense	220,265			225,877			221,834			214,707			185,104
Net income before taxes	113,478			95,690			109,928			117,532			116,480
Federal and state income taxes	38,384			30,109			33,802			40,803			39,437
Net income	75,094			65,581			76,126			76,729			77,043
Net income attributable to non-controlling interests	251			1,263			494			834			453
Net income attributable to BOK Financial Corporation shareholders	$	74,843		$	64,318		$	75,632		$	75,895		$	76,590

Average shares outstanding:
Basic	68,254,780			68,481,630			68,455,866			68,359,945			68,273,685
Diluted	68,344,886			68,615,808			68,609,765			68,511,378			68,436,478
Net income per share:
Basic	$	1.08		$	0.93		$	1.09		$	1.10		$	1.11
Diluted	$	1.08		$	0.93		$	1.09		$	1.10		$	1.11

LOANS TREND -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands)

	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Commercial:
Energy	$	2,902,994	$	2,860,428	$	2,551,699	$	2,419,788	$	2,344,072
Services	2,728,354		2,518,229		2,487,817		2,377,065		2,232,471
Wholesale/retail	1,270,322		1,313,316		1,273,241		1,318,151		1,225,990
Manufacturing	560,925		532,594		479,543		452,866		444,215
Healthcare	1,511,177		1,454,969		1,382,399		1,394,156		1,396,562
Other commercial and industrial	417,391		416,134		397,339		405,635		408,396
Total commercial	9,391,163		9,095,670		8,572,038		8,367,661		8,051,706

Commercial real estate:
Residential construction and land development	139,152		143,591		175,228		184,779		184,820
Retail	658,860		666,889		611,265		642,110		640,506
Office	513,862		415,544		438,909		394,217		436,264
Multifamily	749,986		704,298		739,757		677,403		662,674
Industrial	478,584		428,817		371,426		342,080		305,207
Other commercial real estate	395,020		369,011		387,614		414,389		401,936
Total commercial real estate	2,935,464		2,728,150		2,724,199		2,654,978		2,631,407

Residential mortgage:
Permanent mortgage	964,264		969,951		991,107		1,020,928		1,033,572
Permanent mortgages guaranteed by U.S. government agencies	200,179		205,950		198,488		188,087		184,822
Home equity	762,556		773,611		790,068		799,200		800,281
Total residential mortgage	1,926,999		1,949,512		1,979,663		2,008,215		2,018,675

Consumer	430,510		434,705		407,839		396,004		376,066

Total	$	14,684,136	$	14,208,037	$	13,683,739	$	13,426,858	$	13,077,854

LOANS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands)

	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014

Bank of Oklahoma:
Commercial	$	3,276,553	$	3,142,689	$	3,106,264	$	3,101,513	$	2,782,997
Commercial real estate	612,639		603,610		592,865		598,790		593,282
Residential mortgage	1,442,340		1,467,096		1,481,264		1,490,171		1,505,702
Consumer	205,496		206,115		193,207		187,914		179,733
Total Bank of Oklahoma	5,537,028		5,419,510		5,373,600		5,378,388		5,061,714

Bank of Texas:
Commercial	3,709,467		3,549,128		3,169,458		3,107,808		3,161,203
Commercial real estate	1,130,973		1,027,817		1,046,322		995,182		969,804
Residential mortgage	237,985		235,948		247,117		251,290		256,332
Consumer	149,827		154,363		148,965		147,322		136,782
Total Bank of Texas	5,228,252		4,967,256		4,611,862		4,501,602		4,524,121

Bank of Albuquerque:
Commercial	388,005		383,439		378,663		381,843		351,454
Commercial real estate	296,696		296,358		313,905		309,421		305,080
Residential mortgage	127,326		127,999		130,045		137,110		131,932
Consumer	12,095		10,899		11,714		12,346		12,972
Total Bank of Albuquerque	824,122		818,695		834,327		840,720		801,438

Bank of Arkansas:
Commercial	91,485		95,510		74,866		71,859		73,804
Commercial real estate	87,034		88,301		96,874		85,633		81,181
Residential mortgage	6,807		7,261		7,492		8,334		7,898
Consumer	5,114		5,169		5,508		6,323		6,881
Total Bank of Arkansas	190,440		196,241		184,740		172,149		169,764

Colorado State Bank & Trust:
Commercial	1,008,316		977,961		957,917		856,323		825,315
Commercial real estate	209,272		194,553		190,812		200,995		213,850
Residential mortgage	55,925		57,119		56,705		60,360		57,345
Consumer	27,792		27,918		24,812		23,330		22,095
Total Colorado State Bank & Trust	1,301,305		1,257,551		1,230,246		1,141,008		1,118,605

Bank of Arizona:
Commercial	519,767		547,524		500,208		446,814		453,799
Commercial real estate	432,269		355,140		316,698		292,799		301,266
Residential mortgage	36,161		35,872		39,256		41,059		42,899
Consumer	12,394		12,883		11,201		7,821		7,145
Total Bank of Arizona	1,000,591		951,419		867,363		788,493		805,109

Bank of Kansas City:
Commercial	397,570		399,419		384,662		401,501		403,134
Commercial real estate	166,581		162,371		166,723		172,158		166,944
Residential mortgage	20,455		18,217		17,784		19,891		16,567
Consumer	17,792		17,358		12,432		10,948		10,458
Total Bank of Kansas City	602,398		597,365		581,601		604,498		597,103

TOTAL BOK FINANCIAL	$	14,684,136	$	14,208,037	$	13,683,739	$	13,426,858	$	13,077,854

Loans attributed to a geographical region may not always represent the location of the borrower or the collateral.

DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands)

	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Bank of Oklahoma:
Demand	$	3,982,534	$	3,828,819	$	3,915,560	$	3,785,922	$	3,476,876
Interest-bearing:
Transaction	6,199,468		6,117,886		5,450,692		5,997,474		6,148,712
Savings	227,855		206,357		201,690		210,330		211,770
Time	1,372,250		1,301,194		1,292,738		1,195,586		1,209,002
Total interest-bearing	7,799,573		7,625,437		6,945,120		7,403,390		7,569,484
Total Bank of Oklahoma	11,782,107		11,454,256		10,860,680		11,189,312		11,046,360

Bank of Texas:
Demand	2,511,032		2,639,732		2,636,713		2,617,194		2,513,729
Interest-bearing:
Transaction	2,062,063		2,065,723		2,020,737		1,957,236		1,967,107
Savings	76,128		72,037		66,798		67,012		70,890
Time	547,371		547,316		569,929		606,248		621,925
Total interest-bearing	2,685,562		2,685,076		2,657,464		2,630,496		2,659,922
Total Bank of Texas	5,196,594		5,324,808		5,294,177		5,247,690		5,173,651

Bank of Albuquerque:
Demand	537,466		487,819		480,023		515,554		524,191
Interest-bearing:
Transaction	535,791		519,544		502,787		489,378		516,734
Savings	42,088		37,471		36,127		36,442		37,481
Time	290,706		295,798		303,074		309,540		320,352
Total interest-bearing	868,585		852,813		841,988		835,360		874,567
Total Bank of Albuquerque	1,406,051		1,340,632		1,322,011		1,350,914		1,398,758

Bank of Arkansas:
Demand	31,002		35,996		35,075		44,471		40,026
Interest-bearing:
Transaction	253,691		158,115		234,063		205,216		212,144
Savings	1,677		1,936		2,222		2,287		2,264
Time	28,277		28,520		38,811		41,155		32,312
Total interest-bearing	283,645		188,571		275,096		248,658		246,720
Total Bank of Arkansas	314,647		224,567		310,171		293,129		286,746

Colorado State Bank & Trust:
Demand	412,532		445,755		422,044		396,185		399,820
Interest-bearing:
Transaction	604,665		631,874		571,807		566,320		536,438
Savings	31,524		29,811		29,768		29,234		28,973
Time	340,006		353,998		372,401		385,252		399,948
Total interest-bearing	976,195		1,015,683		973,976		980,806		965,359
Total Colorado State Bank & Trust	1,388,727		1,461,438		1,396,020		1,376,991		1,365,179

DEPOSITS BY PRINCIPAL MARKET AREA -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands)

	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Bank of Arizona:
Demand	271,091		369,115		279,811		293,836		265,149
Interest-bearing:
Transaction	295,480		347,214		336,584		379,170		409,200
Savings	2,900		2,545		3,718		2,813		2,711
Time	28,086		36,680		38,842		37,666		37,989
Total interest-bearing	326,466		386,439		379,144		419,649		449,900
Total Bank of Arizona	597,557		755,554		658,955		713,485		715,049

Bank of Kansas City:
Demand	263,920		259,121		268,903		254,843		252,496
Interest-bearing:
Transaction	157,044		273,999		128,039		103,610		109,321
Savings	1,618		1,274		1,315		1,511		1,507
Time	45,082		45,210		48,785		40,379		40,646
Total interest-bearing	203,744		320,483		178,139		145,500		151,474
Total Bank of Kansas City	467,664		579,604		447,042		400,343		403,970

TOTAL BOK FINANCIAL	$	21,153,347	$	21,140,859	$	20,289,056	$	20,571,864	$	20,389,713

NET INTEREST MARGIN TREND -- UNAUDITED BOK FINANCIAL CORPORATION

	Three Months Ended
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014

TAX-EQUIVALENT ASSETS YIELDS
Interest-bearing cash and cash equivalents	0.27	%	0.28	%	0.20	%	0.24	%	0.20	%
Trading securities	2.55	%	2.48	%	2.67	%	2.40	%	2.85	%
Investment securities:
Taxable	5.51	%	5.68	%	5.66	%	5.64	%	5.64	%
Tax-exempt	1.56	%	1.56	%	1.56	%	1.63	%	1.67	%
Total investment securities	3.04	%	3.11	%	3.03	%	3.01	%	3.04	%
Available for sale securities:
Taxable	1.95	%	1.97	%	1.94	%	1.94	%	1.90	%
Tax-exempt	4.40	%	4.23	%	3.14	%	4.44	%	3.11	%
Total available for sale securities	1.98	%	1.99	%	1.95	%	1.96	%	1.91	%
Fair value option securities	2.28	%	2.18	%	2.05	%	1.94	%	1.99	%
Restricted equity securities	5.79	%	5.77	%	5.99	%	5.26	%	4.68	%
Residential mortgage loans held for sale	3.41	%	3.87	%	3.79	%	4.63	%	3.46	%
Loans	3.59	%	3.73	%	3.78	%	3.85	%	3.89	%
Allowance for loan losses
Loans, net of allowance	3.64	%	3.78	%	3.83	%	3.91	%	3.95	%
Total tax-equivalent yield on earning assets	2.80	%	2.86	%	2.93	%	3.02	%	2.99	%

COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.10	%	0.09	%	0.10	%	0.10	%	0.10	%
Savings	0.10	%	0.11	%	0.12	%	0.12	%	0.12	%
Time	1.46	%	1.47	%	1.56	%	1.55	%	1.56	%
Total interest-bearing deposits	0.37	%	0.38	%	0.41	%	0.40	%	0.41	%
Funds purchased	0.09	%	0.08	%	0.07	%	0.07	%	0.06	%
Repurchase agreements	0.04	%	0.04	%	0.05	%	0.08	%	0.08	%
Other borrowings	0.32	%	0.32	%	0.34	%	0.40	%	0.40	%
Subordinated debt	2.52	%	2.50	%	2.46	%	2.52	%	2.52	%
Total cost of interest-bearing liabilities	0.38	%	0.39	%	0.41	%	0.42	%	0.41	%
Tax-equivalent net interest revenue spread	2.42	%	2.47	%	2.52	%	2.60	%	2.58	%
Effect of noninterest-bearing funding sources and other	0.13	%	0.14	%	0.15	%	0.15	%	0.13	%
Tax-equivalent net interest margin	2.55	%	2.61	%	2.67	%	2.75	%	2.71	%

Yield calculations are shown on a tax equivalent basis at the statutory federal and state rates for the periods presented. The yield calculations exclude security trades that have been recorded on trade date with no corresponding interest income and the unrealized gains and losses. The yield calculation also includes average loan balances for which the accrual of interest has been discontinued and are net of unearned income. Yield/rate calculations are generally based on the conventions that determine how interest income and expense is accrued.

CREDIT QUALITY INDICATORS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratios)

	Three Months Ended
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Nonperforming assets:
Nonaccruing loans:
Commercial	$	13,880	$	13,527	$	16,404	$	17,103	$	19,047
Commercial real estate	19,902		18,557		30,660		34,472		39,305
Residential mortgage	46,487		48,121		48,907		44,340		45,380
Consumer	464		566		580		765		974
Total nonaccruing loans	80,733		80,771		96,551		96,680		104,706
Accruing renegotiated loans guaranteed by U.S. government agencies	80,287		73,985		70,459		57,818		55,507
Real estate and other repossessed assets:
Guaranteed by U.S. government agencies²	—		49,898		46,809		49,720		45,638
Other	45,551		51,963		51,062		50,391		49,877
Total real estate and other repossessed assets	45,551		101,861		97,871		100,111		95,515
Total nonperforming assets	$	206,571	$	256,617	$	264,881	$	254,609	$	255,728
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	123,028	$	129,022	$	143,778	$	145,124	$	153,011

Nonaccruing loans by loan class:
Commercial:
Energy	$	1,875	$	1,416	$	1,508	$	1,619	$	1,759
Services	4,744		5,201		3,584		3,669		4,581
Wholesale / retail	4,401		4,149		5,502		5,885		6,854
Manufacturing	417		450		3,482		3,507		3,565
Healthcare	1,558		1,380		1,417		1,422		1,443
Other commercial and industrial	885		931		911		1,001		845
Total commercial	13,880		13,527		16,404		17,103		19,047
Commercial real estate:
Residential construction and land development	9,598		5,299		14,634		15,146		16,547
Retail	3,857		3,926		4,009		4,199		4,626
Office	2,410		3,420		3,499		3,591		6,301
Multifamily	—		—		—		—		—
Industrial	76		—		—		631		886
Other commercial real estate	3,961		5,912		8,518		10,905		10,945
Total commercial real estate	19,902		18,557		30,660		34,472		39,305
Residential mortgage:
Permanent mortgage	33,365		34,845		35,137		32,952		36,342
Permanent mortgage guaranteed by U.S. government agencies	3,256		3,712		3,835		1,947		1,572
Home equity	9,866		9,564		9,935		9,441		7,466
Total residential mortgage	46,487		48,121		48,907		44,340		45,380
Consumer	464		566		580		765		974
Total nonaccruing loans	$	80,733	$	80,771	$	96,551	$	96,680	$	104,706

CREDIT QUALITY INDICATORS -- UNAUDITED BOK FINANCIAL CORPORATION (in thousands, except ratios)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Performing loans 90 days past due¹	$	523		$	125		$	25		$	67		$	1,991

Gross charge-offs	$	(2,169	)	$	(7,224	)	$	(2,638	)	$	(3,522	)	$	(2,848	)
Recoveries	10,523			5,036			3,114			5,524			5,360
Net recoveries (charge-offs)	$	8,354		$	(2,188	)	$	476		$	2,002		$	2,512

Provision for credit losses	$	—		$	—		$	—		$	—		$	—

Allowance for loan losses to period end loans	1.35		%	1.33		%	1.40		%	1.42		%	1.44		%
Combined allowance for credit losses to period end loans	1.35		%	1.34		%	1.41		%	1.43		%	1.45		%
Nonperforming assets to period end loans and repossessed assets	1.40		%	1.79		%	1.92		%	1.88		%	1.94		%
Net charge-offs (annualized) to average loans	(0.23		)%	0.06		%	(0.01		)%	(0.06		)%	(0.08		)%
Allowance for loan losses to nonaccruing loans	244.86		%	234.06		%	198.08		%	197.24		%	179.86		%
Combined allowance for credit losses to nonaccruing loans	246.05		%	235.59		%	199.35		%	198.59		%	181.46		%


¹	Excludes residential mortgage loans guaranteed by agencies of the U.S. government.

Approximately $50 million was reclassified from Real estate and other repossessed assets to Receivables on the balance sheet on January 1, 2015 with the adoption of Financial Accounting Standards Board Update No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure ("ASU 2014-14"). Upon foreclosure of loans for which the loan balance is expected to be recovered from the guarantee by a U.S. government agency, the loan balance will be directly reclassified to other receivables without including such foreclosed assets in real estate and other repossessed assets.

BOK FINANCIAL CORP - FORM 8-K - EX-99 - EXHIBIT 99 - April 29, 2015

Attached files