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

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8-K - 8-K - BOK FINANCIAL CORP	a20160331bokf8-k.htm

Exhibit 99 (a)

NASD: BOKF

For Further Information Contact:

Joseph Crivelli Andrea Myers

Investor Relations Corporate Communications

(918) 595-3027 (918) 588-7794

BOK Financial Reports Quarterly Earnings of $43 Million

TULSA, Okla. (Wednesday, April 27, 2016) - BOK Financial Corporation reported net income of $42.6 million or $0.64 per diluted share for the first quarter of 2016. Net income was $59.6 million or $0.89 per diluted share for the fourth quarter of 2015 and $74.8 million or $1.08 per diluted share for the first quarter of 2015.

Steven G. Bradshaw, president and chief executive officer, stated, “We earned $43 million in the first quarter despite a number of challenges including a higher loan loss provision necessitated by the extended commodities downturn and its impact on our energy loan portfolio. In addition, a significant decrease in primary mortgage interest rates during the quarter resulted in a higher-than-expected net decrease in the fair value of our mortgage servicing right asset. Finally, expenses were elevated due to a number of noteworthy items in the quarter including accruals for legal matters, higher deposit insurance expense, and a purchase accounting adjustment in one of our merchant banking investments. Despite these challenges, our business fundamentals remained strong and we continued to grow loans, assets under management, net interest income, and operating revenue during the quarter."

Stacy Kymes, executive vice president, Corporate Banking, added, “We expect total loan loss provision for the full year at the high end of our $60 to $80 million guidance range, with the majority of this expected in the first half of the year. This is due to continued credit migration in the energy portfolio, as anticipated. In addition, while loan growth was muted in the first quarter, we continue to have strong new business development pipelines and believe that our targeted loan growth of mid single digits for the full year remains achievable."

First Quarter 2016 Highlights

•

Net interest revenue totaled $182.6 million for the first quarter of 2016, up $1.3 million over the fourth quarter of 2015. Net interest margin increased to 2.65 percent for the first quarter of 2016, compared to 2.64 percent for the fourth quarter of 2015. Average earning assets increased $464 million during the first quarter of 2016, primarily related to a $405 million increase in average loan balances.


•	Fees and commissions revenue totaled $165.6 million for the first quarter of 2016, an increase of $9.8 million over the prior quarter. Mortgage banking revenue increased $9.4 million due to higher loan production volume.


•	Changes in the fair value of mortgage servicing rights, net of economic hedges, decreased pre-tax net income in the first quarter of 2016 by $11.4 million and increased pre-tax net income in the fourth quarter of 2015 by $2.6 million.


•	Operating expense was $244.9 million for the first quarter, an increase of $12.3 million over the previous quarter. Non-personnel expense increased $9.7 million primarily due to several litigation accruals, a post-acquisition valuation adjustment to a consolidated merchant banking investment and higher deposit insurance costs. Personnel expense increased $2.7 million.

•

A $35.0 million provision for credit losses was recorded in the first quarter of 2016 compared to a $22.5 million provision in the fourth quarter of 2015. The additional provision was largely a result of the extended decline in commodity prices and its impact on the energy loan portfolio. Net loans charged off totaled $22.5 million in the first quarter of 2016, compared to $3.0 million in the previous quarter.

•

The combined allowance for credit losses totaled $240 million or 1.50 percent of outstanding loans at March 31, 2016 compared to $227 million or 1.43 percent of outstanding loans at December 31, 2015. The portion of the combined allowance attributed to the energy portfolio totaled 3.19 percent of outstanding energy loans at March 31, 2016, an increase from 2.89 percent of outstanding energy loans at December 31, 2015.

•

Nonperforming assets that are not guaranteed by U.S. government agencies totaled $252 million or 1.59 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2016 and $156 million or 0.99 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2015. Nonperforming energy loans increased $98 million during the first quarter.


•	Average loans increased by $405 million over the previous quarter, primarily due to growth in commercial and commercial real estate loans. Period-end outstanding loan balances increased $81 million to $16.0 billion at March 31, 2016.


•	Average deposits were largely unchanged compared to the previous quarter. Decreased demand and time deposit balances were offset by growth in interest-bearing transaction accounts. Period-end deposits were $20.4 billion at March 31, 2016, a decrease of $670 million from December 31, 2015.

•

The common equity Tier 1 capital ratio at March 31, 2016 was 12.00 percent. Other regulatory capital ratios were Tier 1 capital ratio, 12.00 percent, total capital ratio, 13.21 percent and leverage ratio, 9.12 percent. At December 31, 2015, the common equity Tier 1 capital ratio was 12.13 percent, the Tier 1 capital ratio was 12.13 percent, total capital ratio was 13.30 percent, and leverage ratio was 9.25 percent.


•	The company paid a regular quarterly cash dividend of $28 million or $0.43 per common share during the first quarter of 2016. On April 26, 2016, the board of directors approved a quarterly cash dividend of $0.43 per common share payable on or about May 27, 2016 to shareholders of record as of May 13, 2016.

Net Interest Revenue

Net interest revenue was $182.6 million for the first quarter of 2016, up $1.3 million over the fourth quarter of 2015.

Net interest margin was 2.65 percent for the first quarter of 2016, an increase of one basis point over the fourth quarter of 2015. The yield on average earning assets was 2.92 percent, an increase of 6 basis points over the prior quarter. The loan portfolio yield increased 2 basis points to 3.57 percent. The yield on the available for sale securities portfolio increased 4 basis points to 2.08 percent. Funding costs were 0.40 percent, up 6 basis points compared to the prior quarter. Increased earning asset yields and funding costs were primarily related to the full quarter impact of the increase in the federal funds rate by the Federal Reserve in the fourth quarter of 2015.

Average earning assets increased $464 million during the first quarter of 2016. Average loan balances increased $405 million, primarily due to growth in commercial and commercial real estate balances. The average balance of interest-bearing cash and cash equivalents increased $57 million over the prior quarter. Average interest-bearing deposit balances increased $128 million compared to the fourth quarter of 2015. The average balance of borrowed funds increased $704 million.

Fees and Commissions Revenue

Fees and commissions revenue totaled $165.6 million for the first quarter of 2016, an increase of $9.8 million over the fourth quarter of 2015, primarily due to an increase in mortgage banking revenue.

Mortgage banking revenue totaled $34.4 million for the first quarter of 2016, a $9.4 million increase over the fourth quarter of 2015. Revenue from mortgage loan production increased $8.9 million primarily due to increased volume of mortgage loan commitments during the quarter. Outstanding mortgage loan commitments at March 31 increased $302 million or 50 percent over December 31 as average primary mortgage interest rates were 15 basis points lower than in the fourth quarter of 2015. Total mortgage loans originated during the first quarter decreased $121 million or 9 percent compared to the previous quarter.

Brokerage and trading revenue increased $2.1 million as growth in securities trading, investment banking and retail brokerage fees was partially offset by lower customer hedging revenue. Fiduciary and asset management revenue increased $891 thousand.

Operating Expense

Total operating expense was $244.9 million for the first quarter of 2016, an increase of $12.3 million compared to the fourth quarter of 2015.

Personnel costs increased by $2.7 million compared to the fourth quarter of 2015. Payroll tax expense increased $4.2 million, partially offset by a $2.5 million decrease in incentive compensation expense.

Non-personnel expense increased $9.7 million compared to the fourth quarter of 2015. Other expense increased $6.5 million. We increased litigation accruals by $4.1 million during the quarter for matters previously disclosed in the notes to our financial statements. The additional accruals were based on information received in the first quarter. We also recorded a $2.7 million post-acquisition valuation adjustment to a consolidated merchant banking investment, $1.1 million of which is attributable to non-controlling interests. Deposit insurance expense increased $1.9 million, primarily due to an increase in criticized and classified asset levels, an input to the deposit insurance assessment, related to falling energy prices. Professional fees and services expense also increased $1.4 million. These increases were partially offset by a $2.7 million seasonal decrease in business promotion expense.

Loans, Deposits and Capital

Loans

Outstanding loans were $16.0 billion at March 31, 2016, an increase of $81 million over the previous quarter, primarily due to growth in commercial real estate and commercial balances. Residential mortgage balances were largely unchanged and personal loan balances decreased compared to the prior quarter.

Outstanding commercial loan balances increased $36 million over December 31, 2015. Healthcare sector loans grew by $112 million, manufacturing sector loans were up $44 million and wholesale/retail sector loans increased $30 million. Service sector loans decreased $55 million and energy loan balances decreased $68 million compared to December 31, 2015. Unfunded energy loan commitments decreased by $269 million during the first quarter to $2.1 billion.

Commercial real estate loans grew by $111 million over December 31, 2015. Loans secured by office buildings increased $58 million primarily in the Colorado and Oklahoma markets. Other commercial real estate balances grew by $44 million. Retail sector and residential construction and land development loan balances also increased, partially offset by a decrease in multifamily residential loans.

Deposits

Period-end deposits totaled $20.4 billion at March 31, 2016, a decrease of $670 million compared to December 31, 2015. Demand deposit balances decreased $346 million, interest-bearing transaction deposits decreased $289 million and time deposits decreased $65 million. Among the lines of business, Commercial Banking deposits decreased $519 million and Wealth Management deposits decreased $177 million compared to December 31, 2015. Consumer Banking deposits increased $55 million. The overall decrease in deposits was due to normal post-year-end activity and reductions by our energy-related customers.

Capital

The company's common equity Tier 1 capital ratio was 12.00 percent at March 31, 2016. In addition, the company's Tier 1 capital ratio was 12.00 percent, total capital ratio was 13.21 percent and leverage ratio was 9.12 percent at March 31, 2016. At December 31, 2015, the company's common equity Tier 1 capital ratio was 12.13 percent, Tier 1 capital ratio was 12.13 percent, total capital ratio was 13.30 percent, and leverage ratio was 9.25 percent.

The company's tangible common equity ratio, a non-GAAP measure, was 9.34 percent at March 31, 2016 and 9.02 percent at December 31, 2015. 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 $349 million or 2.18 percent of outstanding loans and repossessed assets at March 31, 2016 compared to $252 million or 1.58 percent at December 31, 2015. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $252 million or 1.59 percent of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2016 and $156 million or 0.99 percent at December 31, 2015, an increase of $96 million.

Nonaccruing loans totaled $242 million or 1.51 percent of outstanding loans at March 31, 2016, up from $147 million or 0.92 percent of outstanding loans at December 31, 2015, primarily due to a $98 million increase in nonaccruing energy loans. New nonaccruing loans identified in the first quarter totaled $179 million, offset by $55 million in payments received, $24 million in charge-offs and $2.2 million in foreclosures and repossessions. At March 31, 2016, nonaccruing commercial loans totaled $175 million or 1.70 percent of outstanding commercial loans, nonaccruing commercial real estate loans totaled $9.3 million or 0.28 percent of outstanding commercial real estate loans and nonaccruing residential mortgage loans totaled $58 million or 3.08 percent of outstanding residential mortgage loans.

Potential problem loans, which are defined as performing loans that based on known information cause management concern as to the borrowers' ability to continue to perform, increased to $460 million at March 31 from $155 million at December 31. The increase largely resulted from a $273 million increase in potential problem energy loans.

Net loans charged off totaled $22.5 million for the first quarter of 2016, up from $3.0 million in the fourth quarter of 2015. Gross charge-offs totaled $24.0 million for the first quarter, compared to $4.9 million for the previous quarter. First quarter charge-offs largely came from the energy loan portfolio. Recoveries totaled $1.5 million for the first quarter of 2016 and $1.9 million for the fourth quarter of 2015.

After evaluating all credit factors, the company recorded a $35.0 million provision for credit losses during the first quarter of 2016, primarily due to continued credit migration in the energy portfolio. Low energy prices have now extended beyond one year and no meaningful recovery is expected in the near term. The company recorded a $22.5 million provision for credit losses in the previous quarter.

The combined allowance for credit losses totaled $240 million or 1.50 percent of outstanding loans and 108 percent of nonaccruing loans at March 31, 2016. The allowance for loan losses was $233 million and the accrual for off-balance sheet credit losses was $6.6 million.

Energy Portfolio Credit Quality

The company's $3.0 billion energy portfolio consists of 82 percent of loans to exploration and production companies, 9 percent to energy services companies and 9 percent to midstream and other energy borrowers. Substantially all of the loans to exploration and production companies are secured by first lien positions in established energy reserves. Only $10 million of these loans are in junior lien positions. None represent higher-risk mezzanine financing or subordinated debt and none are high-yield debt.

The updated OCC Oil and Gas Lending Handbook and the recently completed 2016 shared national credit review heavily weighted loan grading by the ability to repay a borrower's total debt, regardless of collateral position. This change in grading methodology significantly increased nonaccruing and potential problem energy loans during the first quarter. Loss measurement guidance still considers collateral position in each credit. Because substantially all of our energy credits are supported by senior lien positions, the historic relationship between loan classification and loss exposure may be more difficult to correlate. The portion of the combined allowance attributed to the energy portfolio totaled $97 million or 3.19 percent of outstanding energy loans at March 31, 2016. Management believes this is appropriate based on the current risk characteristics of the energy portfolio.

Securities and Derivatives

The fair value of the available for sale securities portfolio totaled $8.9 billion at March 31, 2016, a decrease of $157 million compared to December 31, 2015. At March 31, 2016, the available for sale portfolio consisted primarily of $5.7 billion of residential mortgage-backed securities fully backed by U.S. government agencies and $2.9 billion of commercial mortgage-backed securities fully backed by U.S. government agencies.

At March 31, 2016, the available for sale securities portfolio had a net unrealized gain of $155 million compared to a net unrealized gain of $38 million at December 31, 2015 primarily due to changes in interest rates during the quarter. Net unrealized gains on residential mortgage-backed securities issued by U.S. government agencies at March 31, 2016 increased $67 million during the first quarter to $104 million. Commercial mortgage-backed securities had a net unrealized gain of $38 million at March 31, 2016, compared to a net unrealized loss of $13 million at December 31, 2015.

In the first quarter of 2016, the company recognized a $4.0 million net gain from the sale of $469 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 the current rate environment. The company recognized $2.1 million of net gains from sales of $436 million of available for sale securities in the fourth quarter of 2015.

The company also maintains a portfolio of residential mortgage-backed securities issued by U.S. government agencies and interest rate derivative contracts as an economic hedge of the changes in the fair value of our mortgage servicing rights. Changes in the fair value of mortgage servicing rights are highly dependent on primary mortgage interest rates offered to borrowers and other factors. Changes in the fair value of securities and interest rate derivatives are highly dependent on secondary mortgage rates, or rates required by investors. Changes in the spread between primary and secondary mortgage rates cannot be effectively hedged and can cause significant earnings volatility.

The fair value of mortgage servicing rights decreased by $28.0 million during the first quarter of 2016. Primary mortgage rates fell during the quarter and we narrowed the forward-looking spread between primary mortgage interest rates and yields on mortgage-backed securities. The fair value of securities and interest rate derivative contracts held as an economic hedge increased by $16.6 million during the quarter due to increases in secondary mortgage rates. The fair value of mortgage servicing rights, net of economic hedges, increased $2.6 million in the fourth quarter of 2015, primarily due to an increase in residential mortgage interest rates.

Conference Call and Webcast

The company will hold a conference call at 9 a.m. Central time on Wednesday, April 27, 2016 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 # 10083650.

About BOK Financial Corporation

BOK Financial Corporation is a $31 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, BOK Financial Asset Management, Inc. 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, 2016 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.

Exhibit 99 (b)

BALANCE SHEETS -- UNAUDITED BOK FINANCIAL CORPORATION (In thousands)

	March 31, 2016			Dec. 31, 2015			March 31, 2015
ASSETS
Cash and due from banks	$	481,510		$	573,699		$	490,683
Interest-bearing cash and cash equivalents	1,831,162			2,069,900			2,119,987
Trading securities	279,539			122,404			118,044
Investment securities	576,047			597,836			634,587
Available for sale securities	8,886,036			9,042,733			9,158,175
Fair value option securities	418,887			444,217			434,077
Restricted equity securities	314,590			273,684			212,685
Residential mortgage loans held for sale	332,040			308,439			513,196
Loans:
Commercial	10,288,425			10,252,531			9,391,163
Commercial real estate	3,370,507			3,259,033			2,935,464
Residential mortgage	1,869,309			1,876,893			1,926,999
Personal	494,325			552,697			430,510
Total loans	16,022,566			15,941,154			14,684,136
Allowance for loan losses	(233,156		)	(225,524		)	(197,686		)
Loans, net of allowance	15,789,410			15,715,630			14,486,450
Premises and equipment, net	311,161			306,490			279,075
Receivables	167,209			163,480			183,447
Goodwill	383,789			385,461			377,780
Intangible assets, net	44,944			43,909			33,286
Mortgage servicing rights	196,055			218,605			175,051
Real estate and other repossessed assets, net	29,896			30,731			45,551
Derivative contracts, net	790,146			586,270			462,386
Cash surrender value of bank-owned life insurance	305,510			303,335			296,192
Receivable on unsettled securities sales	5,640			40,193			9,598
Other assets	270,374			249,112			269,728
TOTAL ASSETS	$	31,413,945		$	31,476,128		$	30,299,978

LIABILITIES AND EQUITY
Deposits:
Demand	$	7,950,675		$	8,296,888		$	8,009,577
Interest-bearing transaction	9,709,766			9,998,954			10,108,202
Savings	416,505			386,252			383,790
Time	2,341,374			2,406,064			2,651,778
Total deposits	20,418,320			21,088,158			21,153,347
Funds purchased	62,755			491,192			66,320
Repurchase agreements	630,101			722,444			897,663
Other borrowings	5,633,862			4,837,879			3,727,050
Subordinated debentures	226,385			226,350			348,030
Accrued interest, taxes and expense	148,711			119,584			147,184
Due on unsettled securities purchases	19,508			16,897			25,935
Derivative contracts, net	705,578			581,701			419,351
Other liabilities	212,460			124,284			124,846
TOTAL LIABILITIES	28,057,680			28,208,489			26,909,726
Shareholders' equity:
Capital, surplus and retained earnings	3,228,446			3,208,969			3,266,858
Accumulated other comprehensive income	93,109			21,587			90,303
TOTAL SHAREHOLDERS' EQUITY	3,321,555			3,230,556			3,357,161
Non-controlling interests	34,710			37,083			33,091
TOTAL EQUITY	3,356,265			3,267,639			3,390,252
TOTAL LIABILITIES AND EQUITY	$	31,413,945		$	31,476,128		$	30,299,978

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

	Three Months Ended
	March 31, 2016			Dec. 31, 2015			Sept. 30, 2015			June 30, 2015			March 31, 2015
ASSETS
Interest-bearing cash and cash equivalents	$	2,052,840		$	1,995,945		$	2,038,611		$	2,002,456		$	2,089,546
Trading securities	188,100			150,402			179,098			127,391			140,968
Investment securities	587,465			602,369			616,091			628,489			642,825
Available for sale securities	8,951,435			8,971,090			8,942,261			9,063,006			9,101,464
Fair value option securities	450,478			435,449			429,951			435,294			404,775
Restricted equity securities	294,529			262,461			255,610			221,911			179,385
Residential mortgage loans held for sale	289,743			310,425			401,359			464,269			348,054
Loans:
Commercial	10,268,793			10,024,756			9,685,768			9,634,306			9,308,307
Commercial real estate	3,364,076			3,186,629			3,198,200			2,989,615			2,909,565
Residential mortgage	1,865,742			1,835,195			1,847,696			1,857,464			1,909,998
Personal	493,382			540,418			460,647			423,967			426,712
Total loans	15,991,993			15,586,998			15,192,311			14,905,352			14,554,582
Allowance for loan losses	(234,116		)	(207,156		)	(202,829		)	(198,400		)	(194,948		)
Total loans, net	15,757,877			15,379,842			14,989,482			14,706,952			14,359,634
Total earning assets	28,572,467			28,107,983			27,852,463			27,649,768			27,266,651
Cash and due from banks	505,522			514,629			487,283			492,737			513,734
Derivative contracts, net	632,102			657,780			669,264			475,687			447,565
Cash surrender value of bank-owned life insurance	304,141			301,793			299,424			297,022			294,803
Receivable on unsettled securities sales	115,101			62,228			64,591			94,374			99,706
Other assets	1,379,138			1,435,763			1,396,708			1,454,484			1,348,245
TOTAL ASSETS	$	31,508,471		$	31,080,176		$	30,769,733		$	30,464,072		$	29,970,704

LIABILITIES AND EQUITY
Deposits:
Demand	$	8,105,756		$	8,312,961		$	7,994,607		$	7,996,717		$	7,885,485
Interest-bearing transaction	9,756,843			9,527,491			9,760,839			10,063,589			10,338,396
Savings	397,479			382,284			379,828			381,833			365,835
Time	2,366,543			2,482,714			2,557,874			2,651,820			2,659,323
Total deposits	20,626,621			20,705,450			20,693,148			21,093,959			21,249,039
Funds purchased	112,211			73,220			70,281			63,312			69,730
Repurchase agreements	662,640			623,921			672,085			773,977			1,000,839
Other borrowings	5,583,917			4,957,175			4,779,981			4,001,479			3,084,214
Subordinated debentures	226,368			226,332			226,296			307,903			348,007
Derivative contracts, net	544,722			632,699			597,908			455,431			418,848
Due on unsettled securities purchases	158,050			248,811			90,135			151,369			205,096
Other liabilities	268,705			251,953			240,704			235,173			243,370
TOTAL LIABILITIES	28,183,234			27,719,561			27,370,538			27,082,603			26,619,143
Total equity	3,325,237			3,360,615			3,399,195			3,381,469			3,351,561
TOTAL LIABILITIES AND EQUITY	$	31,508,471		$	31,080,176		$	30,769,733		$	30,464,072		$	29,970,704

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

	Three Months Ended
	March 31,
	2016			2015

Interest revenue	$	201,796		$	184,569
Interest expense	19,224			16,843
Net interest revenue	182,572			167,726
Provision for credit losses	35,000			—
Net interest revenue after provision for credit losses	147,572			167,726
Other operating revenue:
Brokerage and trading revenue	32,341			31,707
Transaction card revenue	32,354			31,010
Fiduciary and asset management revenue	32,056			31,469
Deposit service charges and fees	22,542			21,684
Mortgage banking revenue	34,430			39,320
Other revenue	11,904			10,801
Total fees and commissions	165,627			165,991
Other gains, net	1,560			755
Gain on derivatives, net	7,138			911
Gain on fair value option securities, net	9,443			2,647
Change in fair value of mortgage servicing rights	(27,988		)	(8,522		)
Gain on available for sale securities, net	3,964			4,327
Total other-than-temporary impairment losses	—			(781		)
Portion of loss recognized in other comprehensive income	—			689
Net impairment losses recognized in earnings	—			(92		)
Total other operating revenue	159,744			166,017
Other operating expense:
Personnel	135,843			128,548
Business promotion	5,696			5,748
Professional fees and services	11,759			10,059
Net occupancy and equipment	18,766			19,044
Insurance	7,265			4,980
Data processing and communications	32,017			29,772
Printing, postage and supplies	3,907			3,461
Net losses and operating expenses of repossessed assets	1,070			613
Amortization of intangible assets	1,159			1,090
Mortgage banking costs	12,379			10,167
Other expense	15,039			6,783
Total other operating expense	244,900			220,265

Net income before taxes	62,416			113,478
Federal and state income taxes	21,428			38,384

Net income	40,988			75,094
Net income (loss) attributable to non-controlling interests	(1,576		)	251
Net income attributable to BOK Financial Corporation shareholders	$	42,564		$	74,843

Average shares outstanding:
Basic	65,296,541			68,254,780
Diluted	65,331,428			68,344,886

Net income per share:
Basic	$	0.64		$	1.08
Diluted	$	0.64		$	1.08

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

	Three Months Ended
	March 31, 2016			Dec. 31, 2015			Sept. 30, 2015			June 30, 2015			March 31, 2015
Capital:
Period-end shareholders' equity	$	3,321,555		$	3,230,556		$	3,377,226		$	3,375,632		$	3,357,161
Risk weighted assets	$	23,707,824		$	23,429,897		$	22,706,537		$	22,533,295		$	22,053,246
Risk-based capital ratios:
Common equity tier 1	12.00		%	12.13		%	12.78		%	13.01		%	13.07		%
Tier 1	12.00		%	12.13		%	12.78		%	13.01		%	13.07		%
Total capital	13.21		%	13.30		%	13.89		%	14.11		%	14.39		%
Leverage ratio	9.12		%	9.25		%	9.55		%	9.75		%	9.74		%
Tangible common equity ratio¹	9.34		%	9.02		%	9.78		%	9.72		%	9.86		%

Common stock:
Book value per share	$	50.21		$	49.03		$	49.88		$	48.96		$	48.71
Market value per share:
High	$	60.16		$	74.73		$	70.26		$	71.66		$	61.78
Low	$	43.74		$	58.25		$	57.04		$	59.59		$	52.63
Cash dividends paid	$	28,294		$	28,967		$	28,766		$	28,841		$	28,952
Dividend payout ratio	66.47		%	48.60		%	38.41		%	36.40		%	38.68		%
Shares outstanding, net	66,155,103			65,894,032			67,713,031			68,945,139			68,922,314
Stock buy-back program:
Shares repurchased	—			1,874,074			1,258,348			—			502,156
Amount	$	—		$	119,780		$	80,276		$	—		$	29,484
Average price per share	$	—		$	63.91		$	63.79		$	—		$	58.71

Performance ratios (quarter annualized):
Return on average assets	0.54		%	0.76		%	0.97		%	1.04		%	1.01		%
Return on average equity	5.21		%	7.12		%	8.84		%	9.50		%	9.15		%
Net interest margin	2.65		%	2.64		%	2.61		%	2.61		%	2.55		%
Efficiency ratio	69.05		%	67.93		%	64.34		%	64.21		%	64.91		%

Reconciliation of non-GAAP measures:
¹ Tangible common equity ratio:
Total shareholders' equity	$	3,321,555		$	3,230,556		$	3,377,226		$	3,375,632		$	3,357,161
Less: Goodwill and intangible assets, net	428,733			429,370			430,460			431,515			411,066
Tangible common equity	$	2,892,822		$	2,801,186		$	2,946,766		$	2,944,117		$	2,946,095

Total assets	$	31,413,945		$	31,476,128		$	30,566,905		$	30,725,563		$	30,299,978
Less: Goodwill and intangible assets, net	428,733			429,370			430,460			431,515			411,066
Tangible assets	$	30,985,212		$	31,046,758		$	30,136,445		$	30,294,048		$	29,888,912

Tangible common equity ratio	9.34		%	9.02		%	9.78		%	9.72		%	9.86		%

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

	Three Months Ended
	March 31, 2016			Dec. 31, 2015			Sept. 30, 2015			June 30, 2015			March 31, 2015
Other data:
Fiduciary assets	$	39,113,305		$	38,333,638		$	37,780,669		$	38,772,018		$	37,511,746
Tax equivalent adjustment	$	4,385		$	3,222		$	3,244		$	3,035		$	2,956
Net unrealized gain on available for sale securities	$	155,236		$	38,109		$	144,884		$	89,158		$	152,107

Mortgage banking:
Mortgage servicing portfolio	$	20,294,662		$	19,678,226		$	18,928,726		$	17,979,623		$	16,937,128
Mortgage commitments	$	902,986		$	601,147		$	742,742		$	849,619		$	824,036
Mortgage loans funded for sale	$	1,244,015		$	1,365,431		$	1,614,225		$	1,828,230		$	1,565,016
Mortgage loan refinances to total fundings	49		%	41		%	30		%	40		%	56		%
Mortgage loans sold	$	1,239,391		$	1,424,527		$	1,778,099		$	1,861,968		$	1,382,042

Net realized gains on mortgage loans sold	$	10,779		$	15,705		$	18,968		$	23,856		$	17,251
Change in net unrealized gain on mortgage loans held for sale	8,198			(5,615		)	(251		)	(743		)	8,789
Total production revenue	18,977			10,090			18,717			23,113			26,040
Servicing revenue	15,453			14,949			14,453			13,733			13,280
Total mortgage banking revenue	$	34,430		$	25,039		$	33,170		$	36,846		$	39,320

Gain (loss) on mortgage servicing rights, net of economic hedge:
Gain (loss) on mortgage hedge derivative contracts, net	$	7,138		$	(732	)	$	1,460		$	(1,005	)	$	911
Gain (loss) on fair value option securities, net	9,443			(4,127		)	5,926			(8,130		)	2,647
Gain (loss) on economic hedge of mortgage servicing rights	16,581			(4,859		)	7,386			(9,135		)	3,558
Gain (loss) on changes in fair value of mortgage servicing rights	(27,988		)	7,416			(11,757		)	8,010			(8,522		)
Gain (loss) on changes in fair value of mortgage servicing rights, net of economic hedges	$	(11,407	)	$	2,557		$	(4,371	)	$	(1,125	)	$	(4,964	)

Net interest revenue on fair value option securities	$	2,033		$	2,137		$	2,140		$	1,985		$	1,739

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

	Three Months Ended
	March 31, 2016			Dec. 31, 2015			Sept. 30, 2015			June 30, 2015			March 31, 2015

Interest revenue	$	201,796		$	196,782		$	193,664		$	191,813		$	184,569
Interest expense	19,224			15,521			15,028			16,082			16,843
Net interest revenue	182,572			181,261			178,636			175,731			167,726
Provision for credit losses	35,000			22,500			7,500			4,000			—
Net interest revenue after provision for credit losses	147,572			158,761			171,136			171,731			167,726
Other operating revenue:
Brokerage and trading revenue	32,341			30,255			31,582			36,012			31,707
Transaction card revenue	32,354			32,319			32,514			32,778			31,010
Fiduciary and asset management revenue	32,056			31,165			30,807			32,712			31,469
Deposit service charges and fees	22,542			22,813			23,606			22,328			21,684
Mortgage banking revenue	34,430			25,039			33,170			36,846			39,320
Other revenue	11,904			14,233			12,978			11,871			10,801
Total fees and commissions	165,627			155,824			164,657			172,547			165,991
Other gains, net	1,560			2,329			1,161			1,457			755
Gain (loss) on derivatives, net	7,138			(732		)	1,283			(1,032		)	911
Gain (loss) on fair value option securities, net	9,443			(4,127		)	5,926			(8,130		)	2,647
Change in fair value of mortgage servicing rights	(27,988		)	7,416			(11,757		)	8,010			(8,522		)
Gain on available for sale securities, net	3,964			2,132			2,166			3,433			4,327
Total other-than-temporary impairment losses	—			(2,114		)	—			—			(781		)
Portion of loss recognized in other comprehensive income	—			387			—			—			689
Net impairment losses recognized in earnings	—			(1,727		)	—			—			(92		)
Total other operating revenue	159,744			161,115			163,436			176,285			166,017
Other operating expense:
Personnel	135,843			133,182			129,062			132,695			128,548
Business promotion	5,696			8,416			5,922			7,765			5,748
Charitable contributions to BOKF Foundation	—			—			796			—			—
Professional fees and services	11,759			10,357			10,147			9,560			10,059
Net occupancy and equipment	18,766			19,356			18,689			18,927			19,044
Insurance	7,265			5,415			4,864			5,116			4,980
Data processing and communications	32,017			31,248			30,708			30,655			29,772
Printing, postage and supplies	3,907			3,108			3,376			3,553			3,461
Net losses and operating expenses of repossessed assets	1,070			343			267			223			613
Amortization of intangible assets	1,159			1,090			1,089			1,090			1,090
Mortgage banking costs	12,379			11,496			9,107			8,227			10,167
Other expense	15,039			8,547			10,601			9,302			6,783
Total other operating expense	244,900			232,558			224,628			227,113			220,265
Net income before taxes	62,416			87,318			109,944			120,903			113,478
Federal and state income taxes	21,428			26,242			34,128			40,630			38,384
Net income	40,988			61,076			75,816			80,273			75,094
Net income (loss) attributable to non-controlling interests	(1,576		)	1,475			925			1,043			251
Net income attributable to BOK Financial Corporation shareholders	$	42,564		$	59,601		$	74,891		$	79,230		$	74,843

Average shares outstanding:
Basic	65,296,541			66,378,380			67,668,076			68,096,341			68,254,780
Diluted	65,331,428			66,467,729			67,762,483			68,210,353			68,344,886
Net income per share:
Basic	$	0.64		$	0.89		$	1.09		$	1.15		$	1.08
Diluted	$	0.64		$	0.89		$	1.09		$	1.15		$	1.08

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

	March 31, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015
Commercial:
Energy	$	3,029,420	$	3,097,328	$	2,838,167	$	2,902,143	$	2,902,994
Services	2,728,891		2,784,276		2,706,624		2,681,126		2,592,876
Healthcare	1,995,425		1,883,380		1,741,680		1,646,025		1,511,177
Wholesale/retail	1,451,846		1,422,064		1,461,936		1,533,730		1,405,800
Manufacturing	600,645		556,729		555,677		579,549		560,925
Other commercial and industrial	482,198		508,754		493,338		433,148		417,391
Total commercial	10,288,425		10,252,531		9,797,422		9,775,721		9,391,163

Commercial real estate:
Retail	810,522		796,499		769,449		688,447		658,860
Multifamily	733,689		751,085		758,658		711,333		749,986
Office	695,552		637,707		626,151		563,085		513,862
Industrial	564,467		563,169		563,871		488,054		478,584
Residential construction and land development	171,949		160,426		153,510		148,574		139,152
Other commercial real estate	394,328		350,147		363,428		434,004		395,020
Total commercial real estate	3,370,507		3,259,033		3,235,067		3,033,497		2,935,464

Residential mortgage:
Permanent mortgage	948,405		945,336		937,664		946,324		964,264
Permanent mortgages guaranteed by U.S. government agencies	197,350		196,937		192,712		190,839		200,179
Home equity	723,554		734,620		738,619		747,565		762,556
Total residential mortgage	1,869,309		1,876,893		1,868,995		1,884,728		1,926,999

Personal	494,325		552,697		465,957		430,190		430,510

Total	$	16,022,566	$	15,941,154	$	15,367,441	$	15,124,136	$	14,684,136

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

	March 31, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015

Bank of Oklahoma:
Commercial	$	3,656,034	$	3,782,687	$	3,514,391	$	3,529,406	$	3,276,553
Commercial real estate	747,689		739,829		677,372		614,995		612,639
Residential mortgage	1,411,409		1,409,114		1,405,235		1,413,690		1,442,340
Personal	204,158		255,387		185,463		190,909		205,496
Total Bank of Oklahoma	6,019,290		6,187,017		5,782,461		5,749,000		5,537,028

Bank of Texas:
Commercial	3,936,809		3,908,425		3,752,193		3,738,742		3,709,467
Commercial real estate	1,211,978		1,204,202		1,257,741		1,158,056		1,130,973
Residential mortgage	217,539		219,126		222,395		228,683		237,985
Personal	210,456		203,496		194,051		156,260		149,827
Total Bank of Texas	5,576,782		5,535,249		5,426,380		5,281,741		5,228,252

Bank of Albuquerque:
Commercial	402,082		375,839		368,027		392,362		388,005
Commercial real estate	323,059		313,422		312,953		291,953		296,696
Residential mortgage	117,655		120,507		121,232		123,376		127,326
Personal	10,823		11,557		10,477		11,939		12,095
Total Bank of Albuquerque	853,619		821,325		812,689		819,630		824,122

Bank of Arkansas:
Commercial	79,808		92,359		76,044		99,086		91,485
Commercial real estate	66,674		69,320		82,225		85,997		87,034
Residential mortgage	7,212		8,169		8,063		6,999		6,807
Personal	918		819		4,921		5,189		5,114
Total Bank of Arkansas	154,612		170,667		171,253		197,271		190,440

Colorado State Bank & Trust:
Commercial	1,030,348		987,076		1,029,694		1,019,454		1,008,316
Commercial real estate	219,078		223,946		229,835		229,721		209,272
Residential mortgage	52,961		53,782		50,138		54,135		55,925
Personal	24,497		23,384		30,683		30,373		27,792
Total Colorado State Bank & Trust	1,326,884		1,288,188		1,340,350		1,333,683		1,301,305

Bank of Arizona:
Commercial	656,527		606,733		608,235		572,477		519,767
Commercial real estate	605,383		507,523		482,918		472,061		432,269
Residential mortgage	40,338		44,047		41,722		37,493		36,161
Personal	18,372		31,060		17,609		12,875		12,394
Total Bank of Arizona	1,320,620		1,189,363		1,150,484		1,094,906		1,000,591

Bank of Kansas City:
Commercial	526,817		499,412		448,838		424,194		397,570
Commercial real estate	196,646		200,791		192,023		180,714		166,581
Residential mortgage	22,195		22,148		20,210		20,352		20,455
Personal	25,101		26,994		22,753		22,645		17,792
Total Bank of Kansas City	770,759		749,345		683,824		647,905		602,398

TOTAL BOK FINANCIAL	$	16,022,566	$	15,941,154	$	15,367,441	$	15,124,136	$	14,684,136

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, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015
Bank of Oklahoma:
Demand	$	3,813,128	$	4,133,520	$	3,834,145	$	4,068,088	$	3,982,534
Interest-bearing:
Transaction	5,706,067		5,971,819		5,783,258		6,018,381		6,199,468
Savings	246,122		226,733		225,580		225,694		227,855
Time	1,198,022		1,202,274		1,253,137		1,380,566		1,372,250
Total interest-bearing	7,150,211		7,400,826		7,261,975		7,624,641		7,799,573
Total Bank of Oklahoma	10,963,339		11,534,346		11,096,120		11,692,729		11,782,107

Bank of Texas:
Demand	2,571,883		2,627,764		2,689,493		2,565,234		2,511,032
Interest-bearing:
Transaction	2,106,905		2,132,099		1,996,223		2,020,817		2,062,063
Savings	83,263		77,902		74,674		74,373		76,128
Time	530,657		549,740		554,106		536,844		547,371
Total interest-bearing	2,720,825		2,759,741		2,625,003		2,632,034		2,685,562
Total Bank of Texas	5,292,708		5,387,505		5,314,496		5,197,268		5,196,594

Bank of Albuquerque:
Demand	557,200		487,286		520,785		508,224		537,466
Interest-bearing:
Transaction	560,684		563,723		529,862		537,156		535,791
Savings	47,187		43,672		41,380		41,802		42,088
Time	259,630		267,821		281,426		285,890		290,706
Total interest-bearing	867,501		875,216		852,668		864,848		868,585
Total Bank of Albuquerque	1,424,701		1,362,502		1,373,453		1,373,072		1,406,051

Bank of Arkansas:
Demand	31,318		27,252		25,397		19,731		31,002
Interest-bearing:
Transaction	265,803		202,857		290,728		284,349		253,691
Savings	1,929		1,747		1,573		1,712		1,677
Time	21,035		24,983		26,203		28,220		28,277
Total interest-bearing	288,767		229,587		318,504		314,281		283,645
Total Bank of Arkansas	320,085		256,839		343,901		334,012		314,647

Colorado State Bank & Trust:
Demand	413,506		497,318		430,675		403,491		412,532
Interest-bearing:
Transaction	610,077		616,697		655,206		601,741		604,665
Savings	33,108		31,927		31,398		31,285		31,524
Time	271,475		296,224		320,279		322,432		340,006
Total interest-bearing	914,660		944,848		1,006,883		955,458		976,195
Total Colorado State Bank & Trust	1,328,166		1,442,166		1,437,558		1,358,949		1,388,727

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

	March 31, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015
Bank of Arizona:
Demand	341,828		326,324		306,425		352,024		271,091
Interest-bearing:
Transaction	313,825		358,556		293,319		298,073		295,480
Savings	3,277		2,893		4,121		2,726		2,900
Time	29,053		29,498		26,750		28,165		28,086
Total interest-bearing	346,155		390,947		324,190		328,964		326,466
Total Bank of Arizona	687,983		717,271		630,615		680,988		597,557

Bank of Kansas City:
Demand	221,812		197,424		234,847		239,609		263,920
Interest-bearing:
Transaction	146,405		153,203		150,253		139,260		157,044
Savings	1,619		1,378		1,570		1,580		1,618
Time	31,502		35,524		36,630		42,262		45,082
Total interest-bearing	179,526		190,105		188,453		183,102		203,744
Total Bank of Kansas City	401,338		387,529		423,300		422,711		467,664

TOTAL BOK FINANCIAL	$	20,418,320	$	21,088,158	$	20,619,443	$	21,059,729	$	21,153,347

NET INTEREST MARGIN TREND -- UNAUDITED BOK FINANCIAL CORPORATION

	Three Months Ended
	March 31, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015

TAX-EQUIVALENT ASSETS YIELDS
Interest-bearing cash and cash equivalents	0.53	%	0.29	%	0.28	%	0.25	%	0.27	%
Trading securities	2.47	%	2.86	%	2.70	%	1.85	%	2.55	%
Investment securities:
Taxable	5.53	%	5.41	%	5.49	%	5.49	%	5.51	%
Tax-exempt	2.22	%	1.53	%	1.54	%	1.56	%	1.56	%
Total investment securities	3.51	%	3.03	%	3.04	%	3.05	%	3.04	%
Available for sale securities:
Taxable	2.06	%	2.02	%	1.99	%	1.92	%	1.95	%
Tax-exempt	4.95	%	4.22	%	4.15	%	4.21	%	4.40	%
Total available for sale securities	2.08	%	2.04	%	2.01	%	1.94	%	1.98	%
Fair value option securities	2.38	%	2.32	%	2.30	%	2.17	%	2.28	%
Restricted equity securities	5.85	%	5.95	%	5.95	%	5.82	%	5.79	%
Residential mortgage loans held for sale	3.75	%	3.85	%	3.79	%	3.37	%	3.41	%
Loans	3.57	%	3.55	%	3.54	%	3.65	%	3.59	%
Allowance for loan losses
Loans, net of allowance	3.63	%	3.60	%	3.59	%	3.70	%	3.64	%
Total tax-equivalent yield on earning assets	2.92	%	2.86	%	2.83	%	2.84	%	2.80	%

COST OF INTEREST-BEARING LIABILITIES
Interest-bearing deposits:
Interest-bearing transaction	0.14	%	0.09	%	0.08	%	0.09	%	0.10	%
Savings	0.09	%	0.09	%	0.10	%	0.11	%	0.10	%
Time	1.21	%	1.26	%	1.33	%	1.36	%	1.46	%
Total interest-bearing deposits	0.34	%	0.32	%	0.34	%	0.35	%	0.37	%
Funds purchased	0.27	%	0.11	%	0.08	%	0.08	%	0.09	%
Repurchase agreements	0.05	%	0.04	%	0.03	%	0.03	%	0.04	%
Other borrowings	0.56	%	0.38	%	0.30	%	0.31	%	0.32	%
Subordinated debt	1.26	%	1.13	%	1.04	%	2.21	%	2.52	%
Total cost of interest-bearing liabilities	0.40	%	0.34	%	0.32	%	0.35	%	0.38	%
Tax-equivalent net interest revenue spread	2.52	%	2.52	%	2.51	%	2.49	%	2.42	%
Effect of noninterest-bearing funding sources and other	0.13	%	0.12	%	0.10	%	0.12	%	0.13	%
Tax-equivalent net interest margin	2.65	%	2.64	%	2.61	%	2.61	%	2.55	%

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, 2016		Dec. 31, 2015		Sept. 30, 2015		June 30, 2015		March 31, 2015
Nonperforming assets:
Nonaccruing loans:
Commercial	$	174,652	$	76,424	$	33,798	$	24,233	$	13,880
Commercial real estate	9,270		9,001		10,956		20,139		19,902
Residential mortgage	57,577		61,240		44,099		45,969		46,487
Personal	331		463		494		550		464
Total nonaccruing loans	241,830		147,128		89,347		90,891		80,733
Accruing renegotiated loans guaranteed by U.S. government agencies	77,597		74,049		81,598		82,368		80,287
Real estate and other repossessed assets	29,896		30,731		33,116		35,499		45,551
Total nonperforming assets	$	349,323	$	251,908	$	204,061	$	208,758	$	206,571
Total nonperforming assets excluding those guaranteed by U.S. government agencies	$	252,176	$	155,959	$	118,578	$	122,673	$	123,028

Nonaccruing loans by loan class:
Commercial:
Energy	$	159,553	$	61,189	$	17,880	$	6,841	$	1,875
Services	9,512		10,290		10,692		10,944		4,744
Wholesale / retail	3,685		2,919		3,058		4,166		4,401
Manufacturing	312		331		352		379		417
Healthcare	1,023		1,072		1,218		1,278		1,558
Other commercial and industrial	567		623		598		625		885
Total commercial	174,652		76,424		33,798		24,233		13,880
Commercial real estate:
Residential construction and land development	4,789		4,409		4,748		9,367		9,598
Retail	1,302		1,319		1,648		3,826		3,857
Office	629		651		684		2,360		2,410
Multifamily	250		274		185		195		—
Industrial	76		76		76		76		76
Other commercial real estate	2,224		2,272		3,615		4,315		3,961
Total commercial real estate	9,270		9,001		10,956		20,139		19,902
Residential mortgage:
Permanent mortgage	27,497		28,984		30,660		32,187		33,365
Permanent mortgage guaranteed by U.S. government agencies	19,550		21,900		3,885		3,717		3,256
Home equity	10,530		10,356		9,554		10,065		9,866
Total residential mortgage	57,577		61,240		44,099		45,969		46,487
Personal	331		463		494		550		464
Total nonaccruing loans	$	241,830	$	147,128	$	89,347	$	90,891	$	80,733

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

	Three Months Ended
	March 31, 2016			Dec. 31, 2015			Sept. 30, 2015			June 30, 2015			March 31, 2015

Performing loans 90 days past due¹	$	8,019		$	1,207		$	101		$	99		$	523

Gross charge-offs	$	(23,991	)	$	(4,851	)	$	(5,274	)	$	(2,877	)	$	(2,169	)
Recoveries	1,519			1,870			3,521			2,206			10,523
Net recoveries (charge-offs)	$	(22,472	)	$	(2,981	)	$	(1,753	)	$	(671	)	$	8,354

Provision for credit losses	$	35,000		$	22,500		$	7,500		$	4,000		$	—

Allowance for loan losses to period end loans	1.46		%	1.41		%	1.33		%	1.33		%	1.35		%
Combined allowance for credit losses to period end loans	1.50		%	1.43		%	1.35		%	1.34		%	1.35		%
Nonperforming assets to period end loans and repossessed assets	2.18		%	1.58		%	1.33		%	1.38		%	1.40		%
Net charge-offs (annualized) to average loans	0.56		%	0.08		%	0.05		%	0.02		%	(0.23		)%
Allowance for loan losses to nonaccruing loans¹	104.89		%	180.09		%	238.84		%	230.67		%	255.15		%
Combined allowance for credit losses to nonaccruing loans¹	107.87		%	181.46		%	243.05		%	231.68		%	256.39		%


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

BOK FINANCIAL CORP - FORM 8-K - EX-99 - EXHIBIT 99 - April 27, 2016

Attached files